Market summary: đ
India pulled back a little after a rather solid start to the week on Monday. US added some more, with key earnings looking good.
US:
S&P 500 -Â up 0.37%
Nasdaq - up 0.42%
India:
Nifty 50 - down 0.23%Â
Sensex - down 0.18%
Whatâs brewing hot? â
â We want more â more than $32 billion in capital came chasing for a chance at Nykaaâs IPO, oversubscribing the bid by 80x. Thatâs more than 2.5 times the bids put in for Zomato. Institutional investors and high-net worth buyers poured in with more enthusiasm than retail â less hyper, more substance!. And on the same note, Policybazaarâs ongoing bid got fully subscribed and over on Day 2, with still 1 more day to go. âď¸
â Disneyland adventure â China locked the gates on 30,000 people inside a Disneyland theme park, after one of them apparently was found to be infected with COVID. All 30,000 are now being tested before theyâre allowed to leave, which could take a few days. âAs fireworks exploded above, they waited for nasal swabsâ - says WSJ. Canât make this up.Â
Delhivery delivers its docs đ
What happened â logistics services player, Delhivery, joins the long list of startups to file its docs with SEBI for a $1B+ IPO, at a valuation of over $6 billion.Â
Indiaâs digital-commerce explosion over the past decade needed modern logistics infrastructure to function â with better monitoring, simpler pricing, more visibility, more uptime, and wider reach relative to the antiquated models of the Blue Darts, Gatis, and a million other fragmented smaller players. Delhiveryâs managed warehouses, transportation, and last mile services filled that gap.
Business is growing a healthy ~30% annually, making about $514 million in revenue, still losing money (~$54 million) but fiscally under control. Hereâs the DRHP for the nerds.Â
Big picture â if youâre bullish on ecommerce in India, but donât think discounts and freebies are healthy, the âinfrastructure guysâ can be a good alternative.
Airtelâs earnings brought some smiles đĽ
Sucks to be a telco stock-investor in India, but folks counting on Airtel to check Jioâs supremacy got some relief yesterday after Airtel put up decent revenue and profit growth numbers for the last 3 months.Â
Quick look:Â
Revenue of âš28,326 crores, up 5.4% vs. last quarter
Net Profit of âš1,134 crores, up a massive 300% QoQ, in part due to a âš722 crore one-time gain from spectrum sale to Jio
Added 8.1 million 4G customers, taking total count to 192.5 million
Best part, average revenue per user grew to âš153 from âš146. Not good for consumersâ wallets, but Jioâs deep discounting had put the entire freaking industry into a loss-spiral, and Airtel crawling out of that hole is welcome.
Fintech paying its bills â Airtelâs paymentâs bank turned a profit for the first time, which is highly commendable considering the wafer thin margins and intense competition in the space. đ
Big picture â overall, a good day, in a bad year. With Airtelâs massive debt and aging infrastructure, the battle with Jio is long from done though.
Neobanking wars, lezzzz go đ¸Â
After Fi Money raised a round yesterday, competitor neo-bank Jupiter is loading its rifle for a snipe â prepping for a $100 million round from QED investors, Sequoia and Tiger Global, doubling valuation to $700 million.
Just 3 months back, Jupiter had raised $45 million from the worldâs largest neobank, NuBank. Still in beta, Jupiter has raked in deposits of over âš100 crore from the 150K+ users on its waitlist, who are slowly being onboarded.
Verdict â plenty of low hanging fruit for multiple players to thrive here. Good luck to all.Â
While, weâre talking about startups đ
Coinbase made a rare India acquisition â buying out Agara, a SaaS startup building a voice-assistant based customer service platform.Â
Brands basically use Agaraâs tech to address customer questions via voice on their apps. Agara has about 200 customers, and the deal values them around $40 million. If anything, this is another strong vote of confidence for the enterprise SaaS market here.
Closing out â Indiaâs net-zero surprise đż
India surprised the UN Climate Change Conference in Glasgow, Scotland, by announcing commitments to become net-zero carbon emitters by 2070.
Emerging economies typically find this hard to balance, given the trade-offs that come with clean-development and economic growth, but Indiaâs move for the past few years â including the audacious shift away from coal, and towards renewables (targeting 50% of all energy production by 2030) has been promising!Â
Anyway, 120 countries are on the accord, with the US and Europe to hit net-zero by 2050, and China by 2060. India is the 4th biggest emitter of CO2 behind these 3 regions, but on a per capita basis, we're much much lower.
What else are we snackinâ đż
đ Expanding TAM â Amazon is ready to launch its first satellites to space as part of Project Kuiper by 2022, to bring satellite-internet more widely.
đ AWS of Chargers âTesla will now allow other electric cars to charge their batteries at its Supercharger stations, as it looks to become a charging-infra provider.
Aight folks its Diwali time and since the markets are closed for the next 2 days we thought weâd chill some too! So no NL for a couple days, and weâll see yâall straight on Monday, like clockwork!
Hope yâall have an awesome time with your loved ones! Happy Diwali đŞ
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