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New Delhi: The <keyword id="21833060" type="General" weightage="20" keywordseo="Fintech-ecosystem" source="keywords">Fintech ecosystem</keyword> of the country now cumulatively valued at over USD 100 billion, is at a pivotal stage of evolution, with the potential to create two to three times its current value over the next decade, as per a report by <keyword id="20058186" type="General" weightage="20" keywordseo="BCG" source="keywords" meta.keywordsubtype="org" meta.entityname="BCG" meta.hostid="269" meta.entityid="BCG">BCG</keyword> and Z47. The report highlighted that India remains one of the top three global Fintech destinations, with the ecosystem witnessing exponential growth across all levels. It added that over the past four years, the number of <keyword id="22974213" type="General" weightage="20" keywordseo="Minicorns" source="keywords">Minicorns</keyword> (valuation at least USD 1 million but less than USD 1 billion) in the country has increased by 3.5 times, while the number of <keyword id="19944451" type="General" weightage="100" keywordseo="Unicorns" source="keywords">Unicorns</keyword> and Soonicorns (startup that is growing quickly and has the potential to become a "unicorn" valued at USD 1 billion) has tripled. The report noted that in 2023, the country's Fintech market achieved a revenue size of USD 25 billion, marking a 56 per cent year-on-year growth which is a remarkable contrast to the global Fintech growth rate of just 13 per cent during the same period. However, the report also added that despite generating over USD 100 billion in value within the last decade, Indian Fintechs are still considered to be in the "middle" phase of their development, especially when compared to traditional incumbents who have created USD 600 billion+ in value over 30 to 50 years. The report mentioned that now the growth and the further expansion of the fintech ecosystem in the country is expected to come from the Tier 2 cities where majority of the Indian population resides. "With 63 per cent of the Indian population outside the top cities, huge opportunity exists to serve Bharat with next wave of penetration expected to come from Tier 2 cities" the report added. As Fintechs mature, profitability has become a central focus across the sector, with over 40 per cent of founders and CXOs (Chief Experience Officers) prioritizing unit economics alongside market expansion. Those preparing for or currently undergoing the IPO process are increasingly emphasizing governance, investment in infrastructure, and security. The report noted that in a recent survey of over 60 executives from top Fintechs, the majority cited market share expansion and growth as key priorities, especially for early and growth-stage companies. Post-IPO stage Fintechs, however, are placing greater emphasis on profitability and investments in technology, infrastructure, and security. "Mature Fintechs preparing for or in the IPO journey are emphasizing governance, investment in infrastructure, security Across survey of 60+ Executives of top Fintechs, market share expansion &amp; growth emerged as priorities for early and growth stage" added the report. Notably, the report stated that the profitability outlooks are improving year-on-year across all segments, with Neobank and InsurTech showing the most significant positive shifts since 2022. However, the industry is not without its challenges, particularly in the realm of cybersecurity. Over the past two decades, more than USD 20 billion has been lost to cyber and digital attacks.

Minicorns, Unicorns tripled in USD 100 billion Indian fintech ecosystem: BCG, Z47

<ul class="summary-list"><li>Jeanne Pastrano quit her $200,000-a-year job in New York after feeling burned out.</li><li>After a six-month break, she said she felt rejuvenated and was ready to get back to work.</li></ul>This as-told-to essay is based on a conversation with Jeanne Pastrano, a 37-year-old mom based in New Jersey. <a target="_blank" class="" href="https://www.youtube.com/watch?v=D9HAqNr5VuM">Pastrano quit her job</a> in April after feeling burned out. This story has been edited for length and clarity. Business Insider has reviewed compensation documentation for her previous job and her current job as a strategic account manager at Sardine. People would always tell me, "You make being a <a target="_blank" class="" href="https://www.businessinsider.com/stay-at-home-mom-works-part-time-morning-routine-2024-4">working mom</a> look so easy." Maybe I did — but that doesn't mean it was easy.I'm 37. I have two boys, ages 10 and 12, and I was an account manager at <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/adyyf-stock">Adyen</a>, a financial technology company, up until April. I liked my job and made around $200,000. We lived in New Jersey, and I worked in New York.As a working mom, you put up a face of strength because if you don't, a lot of things will fall apart. The only way to keep it together is to be very organized and stay on top of things all the time — and that is what I did. It doesn't mean at the end of the day, you're not exhausted.I felt like I was stretching myself too thin. When I was at home, I was thinking about work. When I was at work, I was also thinking of a million things I had to do for the house for the kids. Over time, it definitely piles up, just that feeling of inadequacy in both capacities.And for the majority of my career, up until recently, I was the primary breadwinner, so my family depended on my income. There's that weight of, "Everything is dependent on me," and I wanted to break free of that. Even when my husband's career took a turn, and he started taking over the majority of the things financially, I just wanted to get that break. I also had a hunger to experience being a full-time mom.<a target="_blank" class="" href="https://www.businessinsider.com/quit-6-figure-coo-job-gave-up-apartment-moved-home-2024-8">Quitting my job</a> wasn't an easy decision. I was at a good place career-wise at a very stable company. It was months and months of planning and preparing financially. But I knew that if I didn't take a break, I would always have the feeling of wanting one.<h2 id="68500c05-36a6-4fc6-9f91-f0fcc5494ddf">I had a hard time slowing down during my sabbatical</h2>The first day not working actually slapped me in the face. In my first three months of being unemployed, I was still running. I'd been on the hamster wheel for too long.I had household projects and volunteer work. I'm very active at church. I had to take on more work at home with the kids.I never really slowed down, and I was still feeling overwhelmed. Chores were still piling up; to-do lists were still piling up. Three months in, I wondered how I was still so busy after quitting my job. And I realized it was my fault. I didn't know how to not work.Eventually, I was able to slow down a bit more. I was able to just be with the kids more in the summer and we were able to travel. This was the first time I traveled without a job — where there's still that anxiety to check email and stress over once you're back in the office, there will be a million fires you have to put out. So that was very refreshing.I thought I was leaving for good, but in those six months, I actually appreciated the 9-to-5. Sometimes, we like something, but we just need a breather.I never thought I'd be this ready to go back to work or able to revive that excitement I had early in my career, but I feel like I'm already there after six months of my sabbatical.Some people work 20, 30 years without that real break. I can't imagine. Now I can see myself working another 5, 10 years, with just vacations here and there.<h2 id="cee44ea0-edcc-40e7-a605-e83b3cd391e7">Getting back into the workforce was easier than I expected</h2>About five months in I started to interview and was looking for the same type of role. I knew I wanted a fully remote job.I know the perception is that it might be hard to get back into work, but I was so pleasingly surprised that that was not the case for me. After six weeks of interviewing, I got an offer from a fintech startup — making about the same as I was before, with more equity opportunities.I was very transparent about my career break on LinkedIn and in interviews. Surprisingly, all of the interviews were so positive about it. They totally understood. I shared exactly why I was taking a break, and that seemed to resonate with them. It is almost like everybody knew what I was talking about because, at some point in their careers, they felt it.If someone is able to financially, I would absolutely recommend a sabbatical if you've gotten to a point in your career where you just need a break. I feel like that's why there's an official sabbatical offered at some companies.I'm so grateful that I was able to get that break and refresh myself, and then end up with basically my dream job that I was looking for.

I quit my $200K fintech job to take 6 months off. It was just what I needed — and surprisingly easy to find a new role

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/category/google">Google</a> seeks "superstar" engineers eager to learn and adapt, says CEO Sundar Pichai.</li><li>Job seekers often face a tougher tech job market; firms are demanding more entry-level roles.</li></ul>If you <a target="_blank" class="" href="https://www.businessinsider.com/hiring-picks-up-in-fall-low-openings-hurting-job-seekers-2024-9">want to work</a> at Google, you'd better be hungry — figuratively and literally.Sundar Pichai, CEO of Google parent Alphabet, said that people aspiring to work at the search giant in an area like engineering need to be not only excellent but also willing to learn, grow, and adapt to new situations.The company is looking for "superstar software engineers," Pichai said in an <a target="_blank" class="" href="https://www.youtube.com/watch?v=pW6yJOqFiVQ&amp;t=305s">interview</a> on "The David Rubenstein Show: Peer to Peer Conversations."It also seems that Googlers' hunger should go beyond the metaphorical.When asked about the free food for the company's employees, Pichai said the company's longtime practice of offering meals to workers has set a standard in Bay Area workplaces. He added that he could recall multiple times early on in his time at Google when he met someone in a company café, got to talking, and then got excited about an idea."It sparks creativity. It creates community," Pichai said, adding that the benefit that comes out of it "far dwarfs the cost associated with it."Alphabet had more than 179,000 employees as of the end of June.When it comes to adding to those numbers, Pichai said he was proud that when the company extends an offer to a would-be employee, almost 90% of people say yes.<h2 id="998e690e-42e6-47ca-b03f-59b3cbd7d4af">Landing a job in tech</h2>Of course, it's little surprise that most candidates would take the job, given that it's a prestigious company. It's also not surprising that many job seekers would be eager to sign because it's become difficult for some <a target="_blank" class="" href="https://www.businessinsider.com/job-seeker-applied-more-than-2000-roles-2024-9">tech veterans</a> to find jobs in the industry after a hiring slowdown.It's also grown harder for many people just starting out to land jobs in fields like tech because, as Business Insider previously reported, many employers have ratcheted up what they expect from entry-level workers. Some firms want workers to have years of experience, even in starter roles.Jason Henninger, a managing director at Heller Search, a recruiting firm focused on executive tech leaders, previously told BI that many tech employers have, for several years running, been boosting what they look to see from those seeking <a target="_blank" class="" href="https://www.businessinsider.com/entry-level-jobs-tech-roles-require-years-of-experience-2024-10">entry-level gigs</a>.Tech veteran David Jolles previously told BI that he'd moved to the Atlanta area after about four decades in Silicon Valley. It's been about a year and a half since he was <a target="_blank" class="" href="https://www.businessinsider.com/finding-job-awful-right-now-drop-in-openings-tough-search-2024-9">laid off</a> as a project manager at a fintech company. Jolles hoped that the move would help him find work in another industry."Wherever you go, they seem to be hiring," he said, referring to his new home.<h2 id="f923e364-abf8-4c5a-bf2e-7c6842aedf3c">Finding ways to stand out</h2>Getting a job at high-profile companies often requires candidates to find <a target="_blank" href="https://www.businessinsider.com/how-prepare-job-interview-applicant-questions-google-recruiter-2023-11">ways to stand out,</a> according to former Google recruiter Nolan Church. He previously told BI that, little surprise, people who want to nail a job interview should make sure they're prepared. That involves spending time on an employer's website and reading about the organization's values and mission."I think it's amazing when candidates can come in and say, 'I was listening to your founder say [fill in the blank]' and then give specific examples of what they heard," Church said.Beyond that, he said, job candidates should have stories ready about topics like a successful project they completed or a career highlight. Having such anecdotes on hand helps job candidates "show their deep inner fire, their motivation, and what drives them most," Church said, adding that it makes an interview feel more conversational and engaging for both sides."I've never seen it backfire," he said.Do you have something to share about what you're seeing in the workplace or in your job search? Business Insider would like to hear from you. Email our workplace team from a nonwork device at <a target="_blank" href="mailto:thegrind@businessinsider.com">thegrind@businessinsider.com</a> with your story, or ask for one of our reporter's Signal numbers.

Google's CEO explains what the company looks for in entry-level job applicants

In the ever-evolving landscape of <keyword id="6354241" type="General" weightage="20" keywordseo="financial-services" source="Orion">financial services</keyword>, technology has become the cornerstone of innovation, efficiency, and customer service. Indian financial services company, <keyword id="6377963" type="General" weightage="20" keywordseo="freecharge" source="Orion">Freecharge</keyword>, offers over 100 million users a whole range of services, from purchasing gold and investing in mutual funds to paying utility bills and recharging their phones - all from the comfort of their digital devices. And this fast-moving company leverages <keyword id="1815769" type="General" weightage="20" keywordseo="slack" source="Orion">Slack</keyword> as its AI-powered platform for work, ensuring its team stays aligned, engaged, and productive, as it seeks to continue its growth in a competitive market. Consumers now have more alternatives for managing and investing their money. Gone are the days of choosing one major bank and paying a slew of fees. It is now a buyer's market and the success of financial technology (or fintech) is determined by which institutions can best adapt their services to specific consumers. For most businesses, embracing the “tech” in fintech has become imperative, be it altering internal operations with new digital tools and processes or launching new products powered by machine learning to meet longer-term, bigger-picture goals. Fintech executives can now better serve their staff and customers by implementing company-wide digital changes and innovations. In a recent conversation with Sanjay Jain, Freecharge's Chief Technology and Product Officer- DBAT, we discovered how the company has transformed its operations by leveraging the many functionalities of Slack. The conversation covered a variety of topics, including faster product development, increased cooperation, better issue resolution, and a favourable impact on compliance and <keyword id="145060" type="General" weightage="20" keywordseo="data-security" source="Orion">data security</keyword>. <div type="image" title="13" msid="110069505" hostid="261" sizebytes="20066" caption="&amp;lt;p&amp;gt;Sanjay Jain&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Accelerated product development" comment="subhead" text="Accelerated product development">Accelerated product development</cmsannotation> According to Sanjay, you need best-in-class technologies if you want your DevSecOps teams to ship code swiftly and resolve issues promptly. However, development teams now deal with more tools, data, and geographically dispersed colleagues than ever before; this means that time is spent more on establishing context for each issue when it should rather be spent adding value. To achieve the objective of creating a lean, mean development machine, you need to create an environment in which the relevant team members have access to the data and resources they require at precisely the right time. Before integrating Slack into their workflows, Freecharge faced challenges with a prolonged product release lifecycle, taking 6 to 7 months. "With Slack, this timeline drastically reduced, allowing us to launch 3 to 5 products every quarter, marking a significant leap in our go-to-market strategy," says Sanjay. <cmsannotation type="cmsannotation" annotationid="Efficient collaboration and compliance" comment="subhead" text="Efficient collaboration and compliance">Efficient collaboration and compliance</cmsannotation> A star quality that made the case for Freecharge adopting Slack is its cross-functional collaboration, especially when managing multiple products across multiple teams. “It was just seamless,” quipped Sanjay. When Freecharge switched to using Slack in 2020, it became easier for the company to align with members across different teams, due to its ease of integration and user experience. Prior to Slack, Sanjay mentioned that getting all the team members along on daily standups was a nightmare but Slack’s workflow feature sends auto reminders and notifications on specific channels and that led to a simpler process and more effective time management. The other major challenge that Freecharge faced was documentation. When simultaneous discussions take place between product and business teams, a lack of proper documentation can create hurdles. But with Slack channels providing conversation histories, discussion points, and shared documents, it drastically improved the experience. Additionally, Slack’s canvas feature enhances collaboration, allowing teams to create, organise and share essential information. Instead of being buried deep in a sea of disparate email threads, all the information for each topic is centrally located and easily accessible. Additionally, app integrations such as calendars and emails, made it easier for teammates at Freecharge to access what they needed within Slack instead of having multiple tabs open. Sanjay says "Slack emerged as a catalyst for seamless collaboration within Freecharge, streamlining internal workflows and processes." When asked about data sharing and privacy, Sanjay explained that: "The platform not only facilitated communication, but also contributed significantly to maintaining regulatory compliance and data security, crucial aspects in the highly regulated industry of fintech." <cmsannotation type="cmsannotation" annotationid="Issue resolution and customer satisfaction" comment="subhead" text="Issue resolution and customer satisfaction">Issue resolution and customer satisfaction</cmsannotation> Rapid response is essential for financial customer support at Freecharge. Customers want help right away, and money is an emotional commodity. Freecharge can elevate support tickets to the relevant channels using Slack; this technique is crucial for VIP support requests from significant clients. Through Slack, Freecharge’s customer support teams are also able to obtain information from the appropriate sources in no time. If a customer support person cannot find the answer in a knowledge base, they can quickly connect via Slack with the relevant professional. Previously, alerts from customer support were sent by email, and as a result notifications were easy to miss, and every problem was a complex maze of searching for the appropriate individuals and looping them into different email threads. Today, Freecharge has integrated everything together in Slack. “Slack's quick response capabilities played a crucial role during high traffic events like big billion days and festive seasons. By swiftly addressing customer complaints and resolving issues, Freecharge achieved a notable boost in customer satisfaction, positively impacting overall metrics,” adds Sanjay. One of the biggest differentiators for Slack is the platform it provides for developers to create a sound <keyword id="6354778" type="General" weightage="20" keywordseo="banking" source="Orion">banking</keyword> experience by digitally transforming critical operations through custom apps. Sanjay emphasises: “Slack's impact has extended beyond operational efficiency. It has catalysed a culture of innovation at Freecharge, allowing us to test and implement new concepts rapidly.” Freecharge uses Slack as its digital headquarters, enabling its workers to automate procedures and find quicker solutions to problems. Developers can boost SLA performance and speed up time to resolution by coordinating their tools and communication on Slack. An added bonus would be that new responders have instant access to the historical context of an issue without interrupting ongoing investigations. Increasingly in fintech, where customer demands drive innovation and collaboration among teams, the role of workplace tools becomes paramount. And at Freecharge, Sanjay is gung-ho on Slack’s integration, primarily due to the vast impact that it has brought about – in the pace of product development, issue resolution, and the scale of innovation. Since integrating Slack into their operations over the past few years, Freecharge can attest to the positive impact it has had on their business. It has helped them deliver and thrive in an increasingly competitive environment. Freecharge is now able to launch products every quarter and that has provided them a boost in go-to-market strategies. The improved speed in issue resolution has led to stronger metrics and, most importantly, the collaborative environment fostered by Slack has allowed teams across the board to stay aligned and work together to map a stronger blueprint. As Freecharge continues to pave an innovative way forward in modern banking, Slack provides a solid platform to build both a cutting-edge product and culture. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

Beyond banking: How Slack is reshaping financial services for the digital age

New Delhi, <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword>, one of the most recognised faces of India's fintech industry, has seen a fair share of controversies. Sharma launched <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> - an acronym for 'pay through mobile' - offering mobile recharges. He launched wallet services in 2011 but the big push came with the 2016 demonetisation. He took out front-page ads in top newspapers with Prime Minister Narendra Modi's photo, calling demonetisation the "boldest decision in the financial history of independent India". With fewer currency notes in circulation, Paytm was on a roll. Sharma made a splash in 2018 by getting USD 300 million investment in Paytm from <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword>'s Berkshire Hathaway. *Controversies* Paytm was mired in controversies with its Chinese connection following huge investments from Alibaba Group. The Chinese internet firm became the biggest shareholder in Paytm with a 34.7 per cent stake before the company's initial public offer. Alibaba group firm Antfin sold around 5 per cent shares to lower its stake below 25 per cent to comply with regulatory requirements at the time of IPO. To shed its Chinese-owned entity image, Paytm in August 2023 announced that founder and CEO Vijay Shekhar Sharma would acquire a 10.3 stake in Antfin through his overseas entity Resilient Asset Management BV which will make him the largest stakeholder in the company with 19.42 per cent stake. In return, Resilient issued a debt instrument --optionally convertible debentures, to Antfin thereby maintaining the economic interest of Alibaba group firm. With this transaction, Antfin's direct stake in Paytm was reduced to 13.5 per cent. Antfin further sold 3.6 per cent in Paytm to bring its shareholding to less than 10 per cent and at present holds 9.89 per cent of the fintech firm. The company's market cap has eroded drastically since the time of its listing. The company's IPO opened on November 8, 2021, in the price band of Rs 2,080-2,150 per share. The Paytm IPO made history with over Rs 18,300 crore share sale 'making it the largest public issue in India's corporate history. But the company's stock made a weak debut in the market on November 18 and hit a lower circuit after recording about 20 per cent decline during trading hours. It finally closed at Rs 1,560, down by about 27 per cent, compared to its issue price of Rs 2,150. Since then, Paytm shares have not been able to cross even half the mark of the issue price. After the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s January 31 move, One97 Communications shares tanked around 40 per cent to close at Rs 487.05 on BSE on Friday. Billionaire businessman <keyword id="19952201" type="General" weightage="20" keywordseo="warren-buffet" source="keywords">Warren Buffet</keyword>'s Berkshire Hathaway sold its stake in Paytm at a loss of 31 per cent per share in November 2023. Berkshire Hathaway had invested in Paytm for about Rs 1279 per share but sold it for Rs 877.29 apiece. At present, Cayman Island-registered SAIF III Mauritius Company Limited is the single largest direct shareholder in Paytm with a 10.83 stake followed by Sharma's Resilient Asset Management BV with a 10.29 per cent stake. SAIF Partners is led by Chinese-origin entrepreneurs with Andrew Y Yan as its managing partner. *Paytm run-ins with RBI* RBI on June 19, 2018, prohibited Paytm Payments Bank from opening any new account and wallet with effect from June 20, 2018, on account of supervisory concerns, which were lifted by RBI on December 27, 2018, with effect from December 31, 2018. The Office of Banking Ombudsman issued a show-cause notice dated March 6, 2019, for Paytm Payments Bank's failure to monitor a certain account maintained with it which had shown a sudden increase in the velocity of daily transactions involving immediate transfer to other banks. The actions were found to be in the violation of RBI's provisions on KYC. RBI rejected Paytm Payments Services Ltd's (PPSL) application to operate as a payment aggregator on November 25, 2022. The banking regulator asked the firm to re-submit applications within 120 days after it gets government approval on investment made by OCL into PPSL as per FDI guidelines. The regulator asked PPSL to continue operations with the condition that no new merchants should be onboard. After completion of 120 days, RBI again granted PPSL an extension but without removing the bar on new merchant onboarding. RBI issued a show cause notice to PPBL on July 29, 2021 for submitting false information to RBI confirming completion of the transfer of the Bharat Bill Payment Operating Unit ("BBPOU") by OCL to PPBL on August 28, 2017. The actual transfer of the BBPOU business by the Company to PPBL was completed only by March 31, 2021. RBI on October 1, 2021, imposed a penalty amounting to Rs 1 crore on PPBL for a contravention of the Payment and Settlement Systems Act, 2007. RBI imposed a penalty of Rs 5.93 crore on PPBL on October 10, 2023, after it found several non-compliances including banks failure to identify beneficial owners in respect of entities on-boarded by it for providing payout services. RBI found that PPBL did not monitor payout transactions and carry out risk profiling of entities availing payout services, breached the regulatory ceiling of end of the day balance in certain customer advance accounts availing payout services. The banking regulator found that PPBL reported a cyber security incident with delay and failed to implement device binding control measures related to 'SMS delivery receipt check'. PPBL video-based customer identification process infrastructure failed to prevent connections from IP addresses outside India.

Vijay Shekhar Sharma: The controversies of the architect of fintech

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hi! Kamala Harris' VP pick is in, tapping Minnesota Gov. Tim Walz <a target="_blank" href="https://www.businessinsider.com/kamala-harris-names-tim-walz-vice-president-pick-minnesota-2024-7">as her running mate</a>. Here's how <a target="_blank" href="https://www.businessinsider.com/business-leaders-respond-kamala-harris-selects-tim-walz-vp-2024-8">the business world is reacting</a>.In today's big story, we're looking at our annual list of the most promising startups.What's on deck:<ul><li>Markets: The trade that helped upend markets <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-carry-trade-yen-boj-interest-rates-selloff-2024-8">can still do a lot more damage</a>.</li><li>Tech: YouTube's biggest star is <a target="_blank" href="https://www.businessinsider.com/youtuber-mrbeast-embroiled-in-controversy-involving-staff-amazon-show-2024-8">starting to collapse</a>.</li><li>Business: A weaker job market could give employers cover to <a target="_blank" href="https://www.businessinsider.com/economic-fears-job-cuts-employers-less-flexible-with-workers-2024-8">pull back on work perks we've come to enjoy</a>.</li></ul>But first, this one has some promise.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Up-and-comers</h2><div type="image" title="Image of top startup founders" height="900" width="1200" msid="112349968" hostid="261" sizebytes="138082"></div>Remember these names.Business Insider spoke to dozens of venture capitalists to compile its <a target="_blank" href="https://www.businessinsider.com/most-promising-startups-2024-according-top-vcs-2024-8">annual list of the most promising startups</a>.We identified 85 young companies that are on the rise based on recommendations from 50 top VCs. Investors highlighted their portfolio companies and startups they had no financial ties to.Surprise! AI-focused startups made up a majority of the list. Leena Rao, who oversaw the list and leads BI's VCs and startups team, estimated about 80% of the startups included are focused on AI.But there is some nuance amid the AI frenzy. Instead of large-language models or all-purpose AI tools, these startups focus on specific sectors. From coworking spaces to weather prediction to military defense, they want to leverage AI in a niche.Outside of AI, some familiar faces remain. Healthcare and fintech are still a draw even as AI has overtaken the startup community.<div type="image" title="A sparkling cardboard robot" height="1000" width="1332" msid="112349970" hostid="261" sizebytes="49520"></div>As differentiated as AI startups try to be, the market has undeniably become oversaturated.That's par for the course in startup world. When investors are willing to throw a ton of cash at an idea, people try to replicate it.Hype builds until there are too many startups and not enough market share. Then comes consolidation. A new trend emerges. Rinse and repeat.But unlike previous trends — social-media apps of the late aughts or the 2010s' personal-finance tools — AI comes with a massive price tag. It's not cheap to run AI models. It's also not immediately clear how they can generate revenue.Historically, the tech industry doesn't mind burning cash for the sake of growth and innovation, but times are different.We're no longer in the <a target="_blank" href="https://www.businessinsider.com/zirp-end-of-cushy-big-tech-job-perks-mass-layoffs-2024-2">zero interest rate phenomenon</a>, and the biggest companies in the world are struggling to pitch investors on their AI investments being worth it.Now, cracks are starting to show in the AI ecosystem despite being less than two years into the revolution.That's not to say AI is overblown. The tech will have a massive impact on the world. But the industry will have to navigate some rough waters in the meantime.It's tough to say who will make it out alive, but these startups have a better shot than most.<h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in markets</h2><div type="image" title="stock market plunges against globe" height="1000" width="2000" msid="112349972" hostid="261" sizebytes="109976"></div><ol><li>Woah, we're halfway there! Unwinding the widely popular carry trade that relied on the Japanese yen <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-carry-trade-yen-boj-interest-rates-selloff-2024-8">will still take some time</a>, according to JPMorgan. Arindam Sandilya, the bank's cohead of global FX strategy, said speculative investors unwinding the trade are only "50% to 60% complete."</li><li>The AI hype bubble might be about to burst. The panicked sell-off in stocks might mark the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-ai-stocks-bubble-recession-prediction-economy-outlook-2024-8">beginning of the end of the AI craze</a> among investors, market strategist Paul Dietrick said. He pointed to similarities between the recent sell-off and the dot-com crash.</li><li>Some Wall Street strategists smell blood in the water. As some investors panic, strategists at firms like UBS and Oppenheimer <a target="_blank" href="https://www.businessinsider.com/stock-market-crash-investing-strategy-volatility-economy-earnings-growth-ubs-2024-8">see a lot of upside for US stocks</a>. "Such sell-offs can offer an opportunity to 'catch babies tossed out with the bath water,'" wrote John Stoltzfus, the chief investment strategist at Oppenheimer.</li></ol><h2 id="545818b4-6561-4465-a6aa-94bbe2d1ae4f">3 things in tech</h2><div type="image" title="AI Hand holding a scale." height="690" width="1378" msid="112349963" hostid="261" sizebytes="49296"></div><ol><li>Prosecutors used an AI tool to send a man to prison for life. Now the person who created it is under investigation. Adam Mosher claimed his AI crime tool Cybercheck helped cops and prosecutors with thousands of cases. But <a target="_blank" href="https://www.businessinsider.com/ai-crime-tool-cybercheck-founder-adam-mosher-investigation-2024-8">serious questions have been raised about the program and its reliability</a>, and Mosher is now being investigated for false testimony.</li><li>YouTube's biggest star is embroiled in some beastly scandals. Jimmy Donaldson, the creator known as MrBeast, is at the center of <a target="_blank" href="https://www.businessinsider.com/youtuber-mrbeast-embroiled-in-controversy-involving-staff-amazon-show-2024-8">some major workplace controversies</a>. Participants on his reality show claim neglectful on-set conditions, and his former employee is accused of inappropriately messaging a minor.</li><li>Big Tech reform is coming, but Washington won't be the one doing it. Congress can't or won't act, so people who want Big Tech companies to change their ways <a target="_blank" href="https://www.businessinsider.com/big-tech-antitrust-courts-not-congress-2024-8">are trying to do it through the courts</a>. But it's unclear whether courtroom challenges will have any real, lasting impact.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="An old, cobweb-covered briefcase with an American flag tie resting on top, surrounded by pink slips marked 'Notice of Termination" height="1000" width="2000" msid="112349975" hostid="261" sizebytes="73158"></div><ol><li>Panic! At the job market. A weaker-than-expected jobs report triggered fears of an imminent recession, a nasty wake-up call that <a target="_blank" href="https://www.businessinsider.com/jobs-report-labor-market-hiring-layoffs-quits-recession-sahm-rule-2024-8">danger is a lot closer than we thought</a>. That means employees may have to brace themselves for brutal layoffs and <a target="_blank" href="https://www.businessinsider.com/economic-fears-job-cuts-employers-less-flexible-with-workers-2024-8">kiss goodbye that four-day workweek dream</a>.</li><li>Uber is on the up. After years of losses, <a target="_blank" href="https://www.businessinsider.com/5-reasons-why-uber-is-now-profitable-2024-8">the company reported better-than-expected second-quarter earnings</a> on Tuesday. Its core business, ride sharing, is booming and its delivery bets are paying off. Plus, Uber's <a target="_blank" href="https://www.businessinsider.com/uber-ads-reaches-1-billion-annual-revenue-run-rate-2024-8">ad business hit a $1 billion annual run rate</a> — and there's still room to grow.</li><li>Elon Musk's war with advertisers just hit a turning point. <a target="_blank" href="https://www.businessinsider.com/elon-musk-x-lawsuit-advertisers-boycott-antitrust-2024-8">X is suing a group of advertisers</a>, accusing them of violating antitrust law through an advertising boycott. The platform has lost billions in ad revenue since their departure.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/google-netflix-openai-executives-host-kamala-harris-fundraiser-2024-8">Google, Netflix, and OpenAI execs are hosting a fundraiser for Kamala Harris</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/nvidia-doj-investigation-runai-big-tech-crackdown-antitrust-acquisition-competition-2024-8">Even Nvidia can't escape the government's crackdown on Big Tech</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ravin-jesuthasan-why-companies-enforce-rto-mandates-future-of-work-2024-8">A future-of-work expert explains why some companies are willing to risk losing talent to get workers back to the office</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/gen-z-favorite-work-perk-having-own-desk-to-decorate-2024-7">Assigned desks are now a work perk — and Gen Zers are making themselves right at home</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/several-top-news-sites-shun-openai-searchgpt-search-engine-2024-8">The New York Times and other top news sites block OpenAI's new SearchGPT web crawling bot</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Fortune 500 ranking of world's largest corporations released.</li><li>First batch of Chinese G60 Starlink satellites reportedly launches today. The endeavor is in direct competition with the US's Elon Musk-backed Starlink.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

In an oversaturated market for AI companies, these startups have the best shot at surviving

For any business to grow successfully, digitisation is the key. As mobile payments are becoming mainstream, <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> has played a key role in this transformation, empowering millions of merchants with comprehensive payment instruments. The fintech giant has been driving innovation with solutions for merchants to easily adopt in a technology-first world. Paytm Card Machine has emerged as a preferred choice among merchants, enabling them with a one-stop solution for all their business needs. With Paytm Card Machine, customers can make payments with multiple payment modes including UPI, Wallet, Credit /Debit card, and Net Banking. While card swiping machines have been in place before mobile payments came into the play, Paytm Card Machine’s all-in-one features has made the company’s card machine more popular among merchants. The smart device can be used anywhere from restaurants, cafes or even while out on deliveries. <div type="Youtube" id="d7SKxzr1CuQ" title="How Paytm Card Machine Transformed in-store Payments For Merchants" thumbUrl="https://i.ytimg.com/vi/d7SKxzr1CuQ/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=d7SKxzr1CuQ]]></url></div> The portable Paytm Card Machine eases payments acceptance for merchants and is packed with features that enables them to manage the whole store from the device. It allows merchants to easily print bills and track sales as it comes with an in-built scanner and printer wherein a merchant can also print GST compliant bills. Additionally, the in-built scanner of Paytm Card Machine allows merchants to scan the barcodes on the products and details like quantity, price and the product name will reflect in the bill. This helps in reducing time and effort for merchants in manually adding these details, ensuring hassle-free and quick billing. Moreover, the all-in-one Paytm Card Machine is also capable of customising solutions based on merchants’ needs and industry specific requirements for those in retail, hotel and restaurants, ticketing etc. The device can also be used to track sale performance and track inventory. Paytm has also partnered with more than 20 banks to enable special offers and discounts for customers on the purchase of high ticket items. Adding to it, Paytm All-in-One card machine is a portable device that not only allows merchants to accept card and QR payments but also has EMI feature enabled, driving affordability for consumers. This means while buying a product a consumer can also convert the cost of purchase into small repayments making it an affordable purchase. It also helps the merchant retain their customers while increasing the ticket size of transactions. Paytm’s operating performance of July showed a strong growth momentum in the merchant payment volume (GMV) and increase in devices deployed across the country. Its leadership in in-store payments has strengthened with 82 lakh devices deployed as of July 2023, an increase of 3.8 lakh devices from last month and 41 lakh devices year-on-year. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Fintech pioneer Paytm is expanding its in-store payments leadership with its All-in-One Card Machine

Global mobility fintech startup <keyword id="20582833" type="General" weightage="20" keywordseo="moove" source="keywords">Moove</keyword> on Wednesday said it has raised $10 million in new debt funding from leading venture debt fund <keyword id="19952355" type="General" weightage="20" keywordseo="stride-ventures" source="keywords">Stride Ventures</keyword> to expand its <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> footprint. The fresh capital will be utilised to scale the Indian fleet to over 5,000 and expand into new markets including Delhi, Pune and Kolkata, the startup said in a statement. "Our vehicles have completed over 4.2 million trips, significantly impacting India's mobility sector. With the robust support of Stride Ventures, we stand on the cusp of transforming vehicle ownership nationwide, propelling our mission forward," said <keyword id="20582834" type="General" weightage="20" keywordseo="binod-mishra" source="keywords">Binod Mishra</keyword>, Regional Managing Director, India and South Asia, Moove. Gurugram-headquartered Moove has established its presence in Bengaluru, Mumbai and Hyderabad. "Our alliance with Moove is set to transform vehicle ownership accessibility throughout India, marking a significant leap towards social and economic advancement," said <keyword id="20582835" type="General" weightage="20" keywordseo="apoorva-sharma" source="keywords">Apoorva Sharma</keyword>, Managing Partner at Stride Ventures. Operating in nine markets across Africa, the Middle East, Europe and Asia, Moove has emerged as Uber's top vehicle supply partner in Europe, the Middle East and Africa (EMEA) and its largest global fleet partner. Currently, over 30 million trips have been completed in Moove-financed vehicles globally, said the startup. The company uses technology and productivity data to build an integrated, revenue-based vehicle financing platform for mobility entrepreneurs in emerging markets around the world who have limited or no access to a vehicle or vehicle financing. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/poco-oneplus-top-indian-smartphone-shipment-growth-but-overall-reading-flat/articleshow/107681294.cms">Poco, OnePlus top Indian smartphone shipment growth but overall reading flat</a> <a href="https://www.businessinsider.in/tech/mobile/news/seven-out-of-top-10-smartphones-sold-worldwide-in-2023-were-iphones/articleshow/107617907.cms">Apple domination: Seven out of top 10 smartphones sold worldwide are iPhones</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-february-2024/slidelist/107220575.cms">Samsung to Nothing – The upcoming smartphones hitting Indian market in February</a>

Mobility fintech startup Moove raises $10 mn to expand India footprint

<ul><li>In 2022, there were a record-breaking 74 billion <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> transactions, the highest in <keyword id="1399736" type="General" weightage="20" keywordseo="digital-payment" source="Orion">digital payment</keyword> volumes.</li><li>There has been a huge rise in digital payments with 9.3 billion transactions in June 2023, with a total transaction value of ₹1,475 lakh crore.</li><li>Fintechs disbursed 10 times higher consumption loans in FY 2022-23 as compared to FY 2018-19.</li></ul> India has cemented its position as a pioneer in developing and integrating digital infrastructure. Stats show that 1.3 billion individuals have enrolled in Aadhaar, which stands as the world's largest and most expansive unique digital identity program in the world. According to a research report by TransUnion CIBIL there is more. In 2022, there were a record-breaking 74 billion UPI transactions, the highest in digital payment volumes in the world. The Indian smartphone usage for financial services has increased. Data shows that there were 28 billion app downloads in 2022 in the country which accounted for 5% of total global app downloads. One in three Indians own a smartphone – over 667 million smartphone owners in 2022 in India, as per the data. India also had 531 million net-commerce users and out of this almost half shopped online in the reported year, thus making it a sheer volume attraction for the <keyword id="35621" type="General" weightage="20" keywordseo="e-commerce" source="Orion">e-commerce</keyword> industry. <cmsannotation type="cmsannotation" annotationid="Digital adoption has led to an e-commerce boom" comment="Subhead" text="Digital adoption has led to an e-commerce boom">Digital adoption has led to an e-commerce boom</cmsannotation> A rise in digital penetration, rise in the young population and increase in per capita income are mega trends which have accelerated the transition to digital. Digital adoption has led to a boom in e-commerce, because India has the lowest cost per GB of mobile Internet data in the world at only ₹13, 531 million social media users. 77 million Indians shop through social media platforms with users shopping through social media platforms having gone up 36% since last year. Active Internet users largely spend their time on a few activities- entertainment (85%), communication (77%), social media (70%), net commerce (52%) and online shopping (34%). Simultaneously there has been a huge rise in digital payments with 9.3 billion transactions in June 2023, with a total transaction value of ₹1,475 lakh crore. What is more, 36% of digital payment users are from rural India. <cmsannotation type="cmsannotation" annotationid="Fintechs fuel consumption through personal and consumer loans" comment="Subhead" text="Fintechs fuel consumption through personal and consumer loans">Fintechs fuel consumption through personal and consumer loans</cmsannotation> Another prominent trend is the rise of <keyword id="5565417" type="General" weightage="20" keywordseo="fintech-lending" source="Orion">Fintech lending</keyword> which has fuelled consumption through personal and consumer loans. As of March 2023, personal loans (54.2%), business loans (24.3%), consumer loans (6.5%) and other loans (15.8%) constituted the Fintech lending portfolio. A strong focus on personal lending has thus helped fintechs to scale faster than any other lender in this segment. Fintechs disbursed 10 times higher consumption loans in FY 2022-23 as compared to FY 2018-19. Number of fintechs has grown from 33 in 2018-19 to 70 in 2022-23. Fintech NBFCs (non-banking financial companies) are also able to provide loans in a faster and more efficient manner due to higher digitisation, KYC check and risk checks with automated scoreboards. 57% of personal loans and 70% of consumer durable loans are processed on the same day in FY 2022-2023. Also younger borrowers are taking more loans from fintech lenders with the percentage of population taking loans from fintech lenders who are below the age of 25 going up to 52% in FY 2022-FY 2023 from 21% in FY 2018- FY 2019.

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In an oversaturated market for AI companies, these startups have the best shot at surviving

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