Morning Alert..
*Indian fintech start-up funding fell 47% in 2022, says Tracxn report*
Fintech start-ups in India raised a total of $5.65 billion in 390 rounds in 2022, a decline of 47 per cent in terms of funding amount and 29 per cent in the number of rounds, compared with 2021, according to a report by Tracxn, a market intelligence platform. The drop in funding, the report says, can be attributed to the decline in late-stage funding from $8.3 billion in 2021 to $3.7 billion in 2022, a 56 per cent fall. Fintech start-ups recorded 13 funding rounds of over $100 million in value, a 50 per cent decline from 26 rounds in 2021. Further, only four such start-ups received unicorn status in 2022, compared with 13 in 2021. Yet, India received the third-highest amount of funding in the fintech sector, behind only the US and the UK. Growth in the space was expected to continue in the long run, propelled by a large unbanked population and rising mobile phone usage, the report added.
*Govt support needed till EV penetration reaches desired level: Girish Wagh*
Support provided by the government to promote electric and zero emission vehicles through schemes such as FAME II, need to be continued till penetration of such automobiles crosses a particular threshold with a good level of localisation, according to Tata Motors Executive Director Girish Wagh. There is also a case to consider the extension of the FAME II scheme, which will come to an end next year and include bigger electric buses to avail of subsidy, he told PTI. "The government has done a terrific job to promote, or more than promote I would say, ignite electric vehicle or zero emission vehicle demand. Whether it is FAME phase I, phase II, now PLI and state level incentives, a lot of policy measures, the government has really done a terrific job," he said.
*SoftBank-backed Inmobi lays off 50-70 staffers, cites performance as reason*
SoftBank-backed Inmobi has fired about 50-70 people on performance metrics. According to a source, the employees impacted are from Inmobi and the firm’s lock screen-based content provider Glance. This comes even as the company announced that it will skip increments for CY23 and also undertake recruitment only when required. The Inmobi group has a total headcount of 2,600. An email sent to the company asking about the firings and salary increments said, “InMobi / Glance is in the market actively hiring talent for the ambitious plans that we have.
*Commodity play*
Gold – Rs 56763/10gm, Silver – Rs 68119/kg, Brcrude – Rs 6524/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 773/kg.
*Corporate News*
AEL's strongest growth is ahead of us, says Gautam Adani on FPO.
Hero Electric looks to raise nearly Rs 2,000 crore to drive expansion.
SGX Nifty indicates positive start to Indian markets trading at 18153 levels up by 109 points or 0.60%.
Sector in focus – Banks, Metals, Chemicals & Real-Estate.
