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<keyword id="19939134" type="General" weightage="100" keywordseo="Zepto" source="keywords" meta.keywordsubtype="org" meta.entityname="Zepto" meta.hostid="261" meta.entityid="Zepto">Zepto</keyword>, a popular quick-commerce platform which rivals Blinkit and Swiggy Instamart, has secured <keyword id="22972597" type="General" weightage="20" keywordseo="USD-340-million" source="keywords">USD 340 million</keyword> in a follow-on financing round led by <keyword id="20231170" type="General" weightage="20" keywordseo="General-Catalyst" source="keywords" meta.keywordsubtype="org" meta.entityname="General Catalyst" meta.hostid="261" meta.entityid="General Catalyst">General Catalyst</keyword>, pushing the Mumbai-based startup's <keyword id="19896943" type="General" weightage="20" keywordseo="valuation" source="keywords">valuation</keyword> to $5 billion. This fresh infusion of capital comes shortly after Zepto raised $665 million in June 2024, which had then valued the company at $3.6 billion—almost triple its worth from the previous year. The latest round was spearheaded by General Catalyst, with new investors Dragon Fund and Epiq Capital also joining the fray. Existing backers, including <keyword id="22972598" type="General" weightage="20" keywordseo="StepStone" source="keywords" meta.keywordsubtype="org" meta.entityname="StepStone" meta.hostid="261" meta.entityid="StepStone">StepStone</keyword>, Lightspeed, DST, and Contrary, have further increased their investments in Zepto. <keyword id="20291499" type="General" weightage="20" keywordseo="Aadit-Palicha" source="keywords">Aadit Palicha</keyword>, Co-founder and CEO of Zepto, explained that the decision to pursue this follow-on financing was driven by two key factors. "First, we couldn’t miss the opportunity to bring <keyword id="21957857" type="General" weightage="20" keywordseo="Neeraj-Arora" source="keywords">Neeraj Arora</keyword> from General Catalyst on board as our lead investor. Second, strengthening our balance sheet is a strategic move as we continue to show strong growth and operational efficiency," Palicha said according to PTI. Zepto is rapidly expanding its network of dark stores, which currently stands at 370, according to a report in The Hindu. The company plans to increase this to approximately 700 stores by March 2025, thereby strengthening its presence across the top 20 cities in India. In June, Zepto reported crossing the $1 billion mark in annualized Gross Merchandise Value (GMV). Founded in 2021 by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto has rapidly grown into a leading player in the quick commerce sector, drawing significant attention from investors and industry watchers alike.

Zepto secures USD 340 million in latest funding round, boosting valuation to USD 5 billion

<ul><li>This latest round brings <keyword id="20120563" type="General" weightage="20" keywordseo="pocket-fm" source="keywords">Pocket FM</keyword>’s total funding to date to $196.5 million.</li><li>The new funding will aid its plans to expand into <keyword id="19897269" type="General" weightage="20" keywordseo="europe" source="keywords">Europe</keyword> and <keyword id="20923367" type="General" weightage="20" keywordseo="latam" source="keywords">LatAm</keyword> markets in 2024.</li><li>Pocket FM, founded in 2018, has a repository of over 100,000 hours of content. </li></ul>Audio entertainment platform Pocket FM announced on Wednesday that it has raised $103 million in Series D funding — making it one of the chunkiest fundraises of the year yet. The new funding will strengthen Pocket FM's push into the US market and also support global expansion as the company plans to expand into Europe and LatAm markets in 2024. This latest round brings Pocket FM’s total funding to date to $196.5 million, the company said in a release. The latest round was led by Lightspeed with participation from <keyword id="21028203" type="General" weightage="20" keywordseo="stepstone-group" source="keywords">Stepstone Group</keyword>. Pocket FM, founded in 2018, has been hailed as the ‘Netflix for Audio’. It has built a repository of exclusive audio series. It has over 100,000 hours of content, including over 2,000 exclusive audio series and more than 400,000 episodes across genres and languages. “What sets Pocket FM apart is its vision to set up a sustainable and profitable business, backed by its unique pricing strategy. It emerges as a great reference for the entertainment landscape, with its capability to demonstrate strong unit economics. They are not just building a new category but democratizing the entertainment landscape with a tech-driven approach,” said <keyword id="21028204" type="General" weightage="20" keywordseo="harsha-kumar" source="keywords">Harsha Kumar</keyword>, Partner at Lightspeed. The company said that it has surpassed $150 million in annual recurring revenue (ARR), and is growing at 57% quarter on quarter (QoQ). It has clocked over 20 million transactions in 2023. Pocket FM has put up an AI-led strategy for automation, content curation, production, and distribution. The company plans to leverage generative AI to scale its entertainment content offerings and build AI-powered personalized recommendations that enhance the overall user experience. “We identified an unexplored space in the entertainment industry driven by an increasing demand for audio fiction and crafted a playbook to address this opportunity across every key market," said <keyword id="20120566" type="General" weightage="20" keywordseo="rohan-nayak" source="keywords">Rohan Nayak</keyword>, CEO and co-founder of Pocket FM. The company announced its US entry in Q4 of 2022 and its revenue has surpassed $100 million ARR in the US market. The platform has approximately 10 million registered users in the US. "Our robust content library of audio series and a strong consumption behaviour on the platform is shaping the future of entertainment. Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category and create a strong IP playbook. This latest funding validates our vision and the possibilities we bring to disrupt the industry,” said Nayak. It’s raining VC deals Apart from Pocket FM’s over $100 million fundraising deal, fintech Perfios raised $80 million to turn into a unicorn recently. VCs have been writing large-sized cheques this March. On Wednesday, yet another startup – homegrown wearables startup Ultrahuman said that it raised $35 million in a series B funding round. Lithium-ion battery pack maker Lohum also raised $50 million, while personal care brands The Ayurveda and Cureskin raised $27 million and $20 million, respectively. Social media discovery app Hunch too raised as much as $23 million. Apart from Perfios, yet another company, Krutrim AI also turned into a unicorn earlier this year. Sector experts believe that the funding winter <a href="https://www.businessinsider.in/business/startups/news/a-thaw-in-startup-funding-winter-as-two-unicorns-emerge-within-a-quarter/articleshow/108585420.cms">that was set in 2022 is thawing</a>.

In one of the largest deals of 2024, Pocket FM raises $103 mn to strengthen its global push

<ul><li>Existing and new investors invest $200 mn in the quick commerce company ahead of its public listing plans.</li><li>The Series E round was led by <keyword id="18533825" type="General" weightage="50" keywordseo="stepstone-group" source="Orion">StepStone Group</keyword>, which is its first direct investment in an Indian company.</li><li>Startup intends to become cash flow positive ahead of its public listing in 2025. </li></ul> <keyword id="2023017" type="General" weightage="20" keywordseo="unicorns" source="Orion">Unicorns</keyword> are rare animals even in the fiction world and during a <keyword id="6412154" type="General" weightage="20" keywordseo="funding-winter" source="Orion">funding winter</keyword> they become rarer. At a time when startups are left in the cold by venture capital funds, <keyword id="12437554" type="General" weightage="100" keywordseo="zepto" source="Orion">Zepto</keyword> has become India’s 84th unicorn with its latest fundraise. India had 83 unicorns at the start of the year but several startups have lost that tag with down rounds and cuts in valuation. The quick commerce player, started by two teenagers two years ago, has raised $200 million through a Series E round at a valuation of $1.4 billion. The latest round is entirely primary. The agenda is to build a good capital base ahead of a potential listing in 2025. With this round, the startup has brought on board a bunch of new investors. This round was led by StepStone Group and this investment into Zepto is their first direct investment in an Indian company). Additionally, Goodwater Capital, a consumer-focused venture capital firm based in California, joined the round as a new investor. Notably, existing investors, like Nexus Venture Partners, Glade Brook Capital, Lachy Groom and more, doubled down on their investments in Zepto with meaningful follow-on investments. Says <keyword id="12778880" type="General" weightage="50" keywordseo="aadit-palicha" source="Orion">Aadit Palicha</keyword>, Co-founder &amp; CEO of Zepto, said, “This business is about execution and we are succeeding because our execution is strong. Our culture of deep frugality and worshiping customers has gotten us here, but there is still so much for us to achieve. We are in this to build a generational company and it truly feels like this is just the beginning.” The startup is looking at becoming EBITDA (earnings before interest, taxes, depreciation and amortisation) positive over the next 12-18 months. And by early 2015, Zepto is looking to launch its initial public offering and take the company public. Earlier this month, Meesho, a homegrown e-commerce marketplace, became the first horizontal e-commerce company in India to turn profitable. In May, the startup retrenched 251 people as it was looking to cut costs. It had earlier handed pink slips to 300 employees in August last year. Talking to Business Insider, Palicha said that not only does the company seek to become EBITDA positive but Zepto will be cash flow positive by the time it hits public markets. Even though Zepto is pursuing profitable growth, it has not resorted to any retrenchment to cut costs. In a bear market like this, Palicha said that they learned that there is no either or when it comes to growth and profits. The current funding winter has taught these founders many things early on. Palicha says: “We have become better entrepreneurs in a bear market.The quality of decisions we took were not the same as they are today.” Like many startups Zepto too seems to have realised that it cannot burn cash to grow revenues. The company has said that its cash burn is near zero, the cost of acquiring customers is down 70% compared to last year. Zepto is present in seven cities right now. The startup’s revenues are to the tune of $50-60 mn per month. The startup plans to enter new cities once the existing ones become profitable. <keyword id="12442402" type="General" weightage="50" keywordseo="kaivalya-vohra" source="Orion">Kaivalya Vohra</keyword>, Co-founder &amp; CTO of Zepto, says, “Even with this capital, we want to maintain our discipline, avoid complacency, and push hard to hit EBITDA positivity. In that journey, the biggest drivers of P&amp;L improvement for us are based on technology and product. We are building one of the best supply chain product stacks in the country today and we are investing heavily in customer-facing product as well. This technical excellence is in our DNA, and I’m excited about the next phase of building.”

What Funding Winter? Zepto raises $200 mn to become the first unicorn of 2023

<ul class="summary-list"><li>Maven's chief financial officer has left the women's health unicorn one year after taking the role.</li><li>The startup plans to bring in a new CFO with public market experience, per a source with knowledge.</li></ul>Maven Clinic is swapping out its chief financial officers on the heels of a fresh funding round as the women's health startup inches closer to an IPO.Maven is bringing in a new finance head with experience leading a public company, according to a source with direct knowledge of the change.Kristina Campbell, Maven's former CFO, left the startup in October, according to her LinkedIn. She joined Maven a year prior, in October 2023.Earlier this month, Maven notched a $1.7 billion valuation with $125 million in new funding from the private equity firm StepStone Group. Business Insider <a target="_blank" href="https://www.businessinsider.com/womens-health-unicorn-maven-clinic-raising-new-funding-stepstone-2024-9">first reported</a> the round in September.The identity of Maven's incoming CFO isn't known. Maven declined to comment for this story. Campbell didn't respond to requests for comment.Maven launched 10 years ago to provide virtual care to women and families through employers and health plans, including for fertility, pregnancy, and menopause. It's since raised over $425 million from investors such as Sequoia Capital, General Catalyst, Lux Capital, and Oak HC/FT.As the highest-valued women's health startup, Maven is expected to be <a target="_blank" href="https://www.businessinsider.com/maven-ipo-chrissy-farr-womens-health-startup-prediction-2023-12">a candidate for the next wave of digital health IPOs</a>. The startup's hopeful future exit would be a boon for the women's health market, which remains a small fraction of all healthcare funding.Some of Maven's peers haven't fared as well in a tighter venture market. Fertility startup Kindbody is reportedly looking to raise more funding at a <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-21/fertility-startup-kindbody-set-to-cut-valuation-letter-shows">$600 million</a> valuation, a massive markdown from the <a target="_blank" href="https://kindbody.com/kindbody-announces-100-million-in-new-funding-to-further-accelerate-growth/">$1.8 billion</a> valuation it landed in March 2023.Before Maven, Campbell spent over two years as the CFO of the cryptocurrency exchange Ripple. She left the company amid its <a target="_blank" class="" href="https://www.businessinsider.com/xrp-price-today-ripple-crypto-bitcoin-sec-gary-gensler-2024-3">legal battle with the SEC</a> after the agency accused Ripple of selling its XRP token as an unregistered security.Campbell has now joined entertainment payroll startup Wrapbook as its CFO, according to her LinkedIn profile. Wrapbook raised a <a target="_blank" href="https://www.hollywoodreporter.com/business/business-news/wrapbook-fund-bessemer-venture-partners-1236009642/">$20 million</a> funding round in September at a valuation of $750 million.

Exclusive: Maven Clinic is swapping out its finance chiefs as the women's health unicorn looks ahead to an IPO

Quick commerce company <keyword id="19939134" type="General" weightage="100" keywordseo="Zepto" source="keywords">Zepto</keyword> on Friday said it has raised <keyword id="22130274" type="General" weightage="20" keywordseo="USD-665-million" source="keywords">USD 665 million</keyword> (about Rs 5,560 crore) in the latest funding round that valued the firm at USD 3.6 billion, almost triple than its worth a year back. The massive fundraise comes less than a year after the Mumbai-based startup raised USD 235 million at a valuation of USD 1.4 billion. The funding round saw participation from new investors like Avenir, Lightspeed, and Avra, alongside existing investors Glade Brook, Nexus, and StepStone, Goodwater, and Lachy Groom. "We've gone from 0 to 1 billion-plus in sales, or GMV, in 29 months, that is faster than any other internet company before us... Even on a base of over a billion dollars at this point, we are growing 100 per cent-plus year on year. And that for us is one of the big drivers of this fundraise," Zepto co-founder and CEO Aadit Palicha told PTI. Attributing the growth to the performance of the quick commerce firm, the young entrepreneur said, "This is largely because of the input excellence we've built across the supply chain. "Whether it is sourcing excellence, mother hub efficiency, line haul utilisation, or our last mile, the innovation that we've done, or forecasting, we're in this place where even as we've been able to grow, we've been able to drive efficiency to get the business to pretty much close to full operating cash flow positive today." He said the overall business is close to operating at break-even cash flow. Nearly 75 per cent of the company's stores are fully EBITDA positive as of May 2024, he said. "Over the next 12-18 months, although it might fluctuate, but we'll still be pretty close to operating cash flow positive, and the idea is to keep in that direction, get the business to a place where we can list next 9-12 months," he said. Zepto co-founder and CTO <keyword id="12442402" type="General" weightage="20" keywordseo="Kaivalya-Vohra" source="Orion">Kaivalya Vohra</keyword> said the firm plans to hire top talent across engineering, product, growth, finance, operations, and category management. "If you are looking for a high growth, high meritocracy and high intensity culture where you can convert hard work and ambition into disproportionate career growth, Zepto is the place for you," he said.

Zepto raises USD 665 million; Valuation nearly triples to USD 3.6 billion

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! Today we remember the thousands who lost their lives in the September 11th attacks. But for some younger people, the darkest day in American history <a target="_blank" href="https://www.businessinsider.com/how-9-11-become-gen-z-favorite-internet-meme-joke-2024-9">has become fodder for memes</a>.In today's big story, we're <a target="_blank" href="https://www.businessinsider.com/kamala-harris-donald-trump-presidential-debate-takeaways-2024-9">recapping the big presidential showdown</a> that was followed by <a target="_blank" href="https://www.businessinsider.com/taylor-swift-endorses-kamala-harris-2024-8">one very big celebrity endorsement</a>.What's on deck:<ul><li>Markets: JPMorgan's Jamie Dimon offers an update on <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-succession-planning-priority-2024-9">how his succession planning is going</a>.</li><li>Tech: These AI startups can help you start a side hustle <a target="_blank" href="https://www.businessinsider.com/new-passive-income-side-hustle-from-ai-startups-tiktok-youtube-2024-9">on YouTube and TikTok</a>.</li><li>Business: How Wall Street's bogeyman came for <a target="_blank" href="https://www.businessinsider.com/megabus-coach-usa-bankruptcy-what-happened-greyhound-private-equity-debt-2024-9">the millennial-favorite Megabus</a>.</li></ul>But first, the candidates are taking the stage.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">Under my skin</h2><div type="image" title="Photo collage of Donald Trump and Kamala Harris" height="1437" width="1917" msid="113265045" hostid="261" sizebytes="164688"></div>Kamala Harris and Donald Trump sure made the most of their first time together.The vice president and former president squared off in a wide-ranging discussion that touched on everything from the economy to immigration to foreign policy. Here's a rundown of <a target="_blank" href="https://www.businessinsider.com/kamala-harris-donald-trump-presidential-debate-takeaways-2024-9">the biggest moments from the night</a>.However, a key exchange during the debate wasn't about either candidate's policies. When discussing immigration, Harris took a shot at Trump's rallies, saying that people leave them early "<a target="_blank" href="https://www.businessinsider.com/kamala-harris-trolled-donald-trump-about-rally-crowd-size-2024-9">out of exhaustion and boredom</a>."Trump seemed rattled by the jab, which Jon Stewart described as an attack on "<a target="_blank" href="https://www.businessinsider.com/jon-stewart-kamala-harris-donald-trump-debate-crowd-size-rage-2024-9">Trump's most cherished family member</a>." Trump responded with his own attack about Harris' rallies, but his demeanor also took a noticeable turn for the remainder of the debate.Ultimately, Harris' strategy of baiting Trump <a target="_blank" href="https://www.businessinsider.com/harris-trump-rage-presidential-debate-strategy-reaction-election-2024-9">to get strong reactions out of him and throw him off his game seemed to work</a>, writes Business Insider's Brent D. Griffiths.However, Trump supporters quickly criticized ABC moderators David Muir and Linsey Davis for what they described as a "3-on-1 debate," citing their fact-checking of some of Trump's statements but none of Harris' comments.It wasn't just about Harris trying to get under Trump's skin.Another big topic of the night was abortion. Harris made clear her intention to <a target="_blank" href="https://www.businessinsider.com/harris-trump-abortion-presidential-debate-women-reproductive-rights-2024-9">restore Roe v. Wade if she were to win the White House</a> and pressed Trump on if he'd support a national abortion ban.And while the two candidates basically don't agree on anything, Harris took one page out of Trump's book. The vice president <a target="_blank" href="https://www.businessinsider.com/kamala-harris-facical-expressions-lauhging-at-trump-debate-2024-9">had some noticeable facial expressions during the debate</a>, something the former president has been known for.To be clear, the debate likely won't change the mind of a good chunk of voters — but even Elon Musk said that Harris' performance "<a target="_blank" href="https://www.businessinsider.com/elon-musk-kamala-harris-exceeded-expectations-debate-versus-trump-2024-9">exceeded most people's expectations</a>." (He still thinks Trump will do a "far better job," though.)In a race as tight as this one, it might not take much to swing the election one way or another.Which is why it might not be the last time we see these two on stage together. The Harris campaign said following the debate the vice president would <a target="_blank" href="https://www.businessinsider.com/harris-campaign-wants-second-debate-with-donald-trump-2024-9">participate in another one in October</a>.One debate, however, was enough for one very influential potential voter. Shortly after the debate, Taylor Swift <a target="_blank" href="https://www.businessinsider.com/taylor-swift-endorses-kamala-harris-2024-8">endorsed Harris in a post on Instagram</a> — and it took just one hour for the Harris-Walz campaign to <a target="_blank" href="https://www.businessinsider.com/harris-walz-campaign-sells-taylor-swift-inspired-friendship-bracelets-2024-9">start selling friendship bracelets</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Exclusive: Women's health unicorn Maven Clinic is <a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a49786833e8643c2a26e1fea2535fb5f&amp;_e=xn_Cr_oMVkZYXC-FlJ4lBsNIrM78MUO8s5USI3-_4qjhuvov2Fvxwq451CdRhmQ64EoO__deayDfAcQ9RxKR0h2pPOhnUMCFYuOrXjIiYE83M7d9sHR24BZRD5rq7lK4Avy1NwqVa0-7HhpGUKlnPf469d4YUcBRZmRjge2MpLLOxkUbBmXMRGWj-ESuAcgJdJkEfJWVGuq_GFVc7b0_9CnXc-xRsbEAXsY8zlZCDypEWahmqwPuT7jHll055svUXaYU-N5US4B3MfpM-ZgOOBQ0Ls1iXirbyCFTVCRfEOvo1KdRCuanTYk1HA-sh2ZmZtkLJh4X64cU6Ht2u4Hhf1Rd0GaKeiRdv3riM5qsX4hXzuK8AU2g-FogKTRVdEqwfwiNw7mj2En1NEn8P4ruSHYiVUhLtxwz0g51gSbh6P6NJiFrCm6Yc-w1f05EhqwoJs8CStx4Cmxaqwm5HuEr7w%3D%3D">raising over $100 million from PE firm StepStone</a>.</li><li>Two Delta planes collide on Atlanta airport taxiway, <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a49786833e8643c2a26e1fea2535fb5f&amp;_e=xn_Cr_oMVkZYXC-FlJ4lBsNIrM78MUO8s5USI3-_4qjQdlYWrD2EbFbJCnw3iut2UpX_-cF4svHjxJZKk9w3aCtLBOPuE-hJjQuMCEU7orrstGt1ZHcQd0cVpnUBXcabgP8pXyHRWTeoOS5xKCKOvaEwFGO1sSbFbSf0qi9l9xXyQvtHhs8zuj5Dsaf3hb3N7gyuvaseNgqZTjUjopAmtLhD1zbMGcvIajEtpJ58VOUScFZjZHSxBPLW0Mj1HlNhLGR3EtKM0xlYp7bQcdvLcG-zeWKUBfYc8FMGF7hvs9Wi3luy2tJCnmx_Ry5CvvThJulvrRgl05KG_8Mh7BkG8eJESWZJpWFrjCR8ff_EvT1-ImhnNYdeUOkEnl2mDllahG5kdnEUB0o5uIXbZmbVvSc0Wjp9eNIIPeBBQyMzOHSoSUR2B7PbZsLWn4ASlMDH">knocking the tail off one of the jets</a>.</li><li>An ex-Sony exec said laid-off employees should <a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a49786833e8643c2a26e1fea2535fb5f&amp;_e=xn_Cr_oMVkZYXC-FlJ4lBsNIrM78MUO8s5USI3-_4qgysOLaAn5KO-0pnxUiouHaSH_T66bff8tMYxRKotB6r5RMRC2p6mhjt7U15XGlkwDrlWjiGgTTu-gRhGolhuCjPtXjq3LckTBQ4Fff6gCGFJqpXxYTGhrgCEKJU4TURGB88mYhhQVtj0KuWluc7PoqhfzB39UKHBzY08XsUQ0r21b0kcFzqbvtpQi6T8ZKd03ajjak-eEU_hVzDSUawl-hdgWC1ZliBi22M1marQoneTN1n14xtxxPjkYP20nsCvbvFFjqkmj3FPQOMP6Pf4FefiSOcM__7m99RysWRKCtO8J3KHM8oiitFAa7BCGq4EUBBuMJe7JOQBSk7nPUFTWGvqTTDcxOGnIdcas4q1qTXZ7AcgHi0rvoB7dLgwn_Kis7LP7B4-xIwjtavg0Y_KXH8e1oYztpq-4-I4dmHqUyFA%3D%3D">'go to the beach for a year' or 'drive an Uber.'</a></li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Jamie Dimon" height="1000" width="2000" msid="113265258" hostid="261" sizebytes="206188"></div><ol><li>Jamie Dimon's top priority: finding his replacement. The JPMorgan boss is extremely focused on <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a49786833e8643c2a26e1fea2535fb5f&amp;_e=xn_Cr_oMVkZYXC-FlJ4lBsNIrM78MUO8s5USI3-_4qgfA-92mOtqEvcy2dX_XJan09zYqGVqWwlPEHocEl_JmNM7rrfbmQ2TZxCpMbP6l5xyMnt3cG3ryyj-3H_t9ZIaGsb2pz_avJRnOnEpo6vs79GMi9hsCCFPIGiSJqEWaZmk6yTMbRpAA8wN3DKZIPe88VCEXJdi_B3N2nFH21DlK3g-hbWYZoYUp5SyhHYM2WaHCjcAK7Bq9qj0oWvYD36w4E4G0UIO9yUte5MeC78JgDVkMajHDFPaEO6EfR2HARYRKmpVriGYn0WyV4kenbUqTQ2vgPcMZsdk3mZkHeObwxI8j14iXpv_l-pJjTQK3u3-o8wU_2-PPd-v6cDMXOGqe73O08rhxzwdtw32DSA83AH5Sj4zLoO_oAhxvMyUZXD7N7PaXdiiBdQBHShBsQpv">finding a successor to lead the bank</a>, as his name's been floated by both Harris and Trump for a spot in the White House.</li><li>Goldman Sachs sees greenlights for the bull market. Yes, macro and policy uncertainty pose some risk to stocks. But the bank is still optimistic that the <a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a49786833e8643c2a26e1fea2535fb5f&amp;_e=xn_Cr_oMVkZYXC-FlJ4lBhseQoothe89F0G8k5X6JWyEI8xOcEg1Jj9ydXJOe3WmayVN_nxE6MsyRg2eRqJqkt5zhtPYEK-le8DWzhs1o63PcF2AlEaoxBbqCdPK6samlu90SM12PYRsMU9BHSQwAvrzepd9Oz4qgrP-fqSADRf3bmToATTr7TDCxS-dXq4Ou5ivkHIi_Df3rw750g5O-MJg9peDhdiVJbqYH3x4v6izEkdt8BZ5ZXs_cT4N-rYAIf8vMxV1RIf2NF_S8Mgtlv1WLJ3HrZI3fwPp5wwMbl9iCDNFtHX0X7AYcAF2jh1faqmJaqR9tsEPE3yU2atKC2l8zf1BxzjtPv07wABEaLa2Ulrlg1gPp9tvgS-C972OMHwsu0pKa-WGB27hbaCl2PZSqpSHWuzogPD75xjxb-WcwXMHBhgN_Cm2gfzX3l0sJh1KYWHHfnJrnUSvp_UybCvJgxeY5W7mMaB0eB5wddQ%3D">chance of a bear market returning are low</a>.</li><li>Apple to $4 trillion? Wedbush analyst Dan Ives believes the <a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a49786833e8643c2a26e1fea2535fb5f&amp;_e=xn_Cr_oMVkZYXC-FlJ4lBhseQoothe89F0G8k5X6JWyEI8xOcEg1Jj9ydXJOe3Wm8vl5CAvVP2PTLDKdawiK3de115_Mo-Eoy9Tr3mSk1W9hlxbg8vdPPYo9EDXu0CJ1ywjZcqHgvOSSL6wwTXzu6mxV7NgtgGHjma42j5E9FllDdpMsztV7QT2V9OgGYzrz-cytFgkQY_lWkCqnusx217aAFNIGpE9CDD1bYP5ufz7aQeN2leAO-Am9y7iCbpSGiyQkomp4qkYzRAyrpRruDidX7YKx8_2buBq5ShOzZCG688WiZI8YsejkLT3a-MHQUiaIkSYdCBAKdXBG_cyHBQnhnVxtKi5OO1yppEXVdLaHmbTcaxm_O2SY7lMMFHR-0x3rEMK55EeW4YIWNOCpa8dAnsdueiwzg_DbCzE-YRjmnwzvo6Y_tg4C3nS-KxqFBzNg6C9DvnFyf_NEyRyMnrhpztQL0yz9Y_KqnEgodxY%3D">tech giant's market cap could reach $4 trillion next year</a> after getting a look at the iPhone 16's AI features. "Apple launching AI coupled by a massive pent up upgrade cycle is creating this new era of iPhone growth," Ives said.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Photo illustration of smartphone with chat bubbles and like buttons around it" height="1500" width="2000" msid="113265044" hostid="261" sizebytes="565864"></div><ol><li>How to succeed on TikTok and YouTube without really trying. AI startups are pitching a new passive-income side hustle: revenue-generating automated videos for YouTube and TikTok. They may clog up social media with <a target="_blank" href="https://www.businessinsider.com/new-passive-income-side-hustle-from-ai-startups-tiktok-youtube-2024-9">even more generic AI videos</a>.</li><li>Apple just made geriatric tech a whole lot cooler. The new AirPods 2 will soon be able to <a target="_blank" href="https://www.businessinsider.com/appls-airpods-may-have-just-killed-the-hearing-aid-2024-9">serve as a hearing aid</a>, a move that could cut both costs and stigma associated with hearing loss.</li><li>EV infrastructure is improving, but drivers still won't switch. Despite improvements in electric-vehicle range and expansion of charging infrastructure, <a target="_blank" href="https://www.businessinsider.com/ev-charging-range-improving-americans-still-dont-want-electric-cars-2024-9">the EV industry can't entice potential new buyers</a>. Hybrids are still the top choice for green-car enthusiasts.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Megabus falling off a cliff" height="1500" width="2000" msid="113265256" hostid="261" sizebytes="319492"></div><ol><li>How Megabus went mega-bust. Millennials' once and former favorite budget travel option hit a bump in the road in the mid-2010s when the bus market slowed. Throw in an ill-timed private equity buyout and a pandemic, and <a target="_blank" href="https://www.businessinsider.com/megabus-coach-usa-bankruptcy-what-happened-greyhound-private-equity-debt-2024-9">those blue double-deckers became a thing of the past</a>. (The rest of the intercity bus industry isn't doing too hot, either.)</li><li>Costco's app finally got a key upgrade for shoppers. The wholesaler has been quietly rolling out a new feature on its app and website that lets shoppers check a product's in-store availability. <a target="_blank" href="https://www.businessinsider.com/costco-app-update-in-stock-items-warehouse-availability-2024-9">Find out if an item is in stock near you</a>.</li><li>Work meeting anxiety is real. Here's where it comes from — and how to beat it. Confidence and speaking up are key to career advancement, and not doing so can hold you back. A career expert shared <a target="_blank" href="https://www.businessinsider.com/how-to-beat-meeting-anxiety-according-to-a-recruiter-2024-9">key strategies to beat the nerves</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>The best week of the year to <a target="_blank" href="https://www.businessinsider.com/housing-market-when-to-buy-home-prices-competition-supply-mortgage-2024-9">buy a home</a> is coming up.</li><li>TikTok could be banned from the US in months. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tiktok-ban-app-american-us-not-worried-2024-9">TikTok doesn't seem worried</a>.</li><li>Apple failed to mention one pretty big iPhone concern at its Glowtime event — <a target="_blank" href="https://www.businessinsider.com/apple-iphone-16-here-but-china-questions-remain-2024-9">and that's a problem</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Secretary of State Antony Blinken and the UK Foreign Minister meet with Ukrainian president Volodymyr Zelenskyy in Ukraine.</li><li>The MTV Music Video Awards, hosted by Megan Thee Stallion, airs on MTV.</li><li>Monthly CPI data is released.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

A debate with bad blood

<ul class="summary-list"><li>"House of the Dragon" season 2 premieres Sunday on HBO.</li><li>The show's first season was dense, fast-paced, and full of time skips. </li></ul>Warning: spoilers ahead — obviously — for all of "House of the Dragon" season one."House of the Dragon" season two is finally almost here — but it's been a few years since season one aired on HBO.If you're anything like us, you probably need a bit of a refresher on everything that happened in the show's complex, time-hopping first season. Season one served as a kind of prequel to the true action of "House of the Dragon": the Targaryen civil war known as the Dance of the Dragons.We've got a comprehensive summary of everything particularly important that happened in season one of "House of the Dragon," from King Viserys becoming the heir to the throne over his cousin Rhaenys to Aemond Targaryen and his dragon Vhagar killing Rhaenyra's son Lucerys and his dragon Arrax.Here's everything you need to know before diving into "House of the Dragon" season two.<h2 id="14751dd4-6b10-4fb1-b36e-444085355fc2">Aegon the Conqueror has a prophetic vision that's been passed down the Targaryen royal line.</h2>Viserys tells his daughter Rhaenyra about a prophecy passed down the Targaryen line: "A Song of Ice and Fire," which should be a familiar name.In Aegon's prophecy, a threat will descend on Westeros from the North — a long and dangerous winter. According to his vision, that threat can only be defeated by a realm united with a Targaryen on the Iron Throne.<h2 id="32500ec7-93d6-4097-96b4-aeb0043a2b8c">The Grand Council names Viserys Targaryen the heir to the Iron Throne after King Jaehaerys, over Rhaenys Targaryen.</h2><div type="image" title="paddy considine as viserys targaryen in house of the dragon. he's a middle aged man with silver blonde hair, grey stubble, and wearing a crown" height="1280" width="1707" msid="111040544" hostid="261" sizebytes="134098"></div>Near the end of the first century of Targaryen rule, a Grand Council convened to determine the path of succession following King Jaehaerys. Both of Jaehaerys' sons were dead, and the council decided that Viserys Targaryen would be his heir rather than Rhaenys Targaryen, his eldest descendant, a daughter.Viserys assumed the throne after Jaehaerys, while Rhaenys came to be called the "Queen Who Never Was."<h2 id="14aa53c2-2779-4783-a512-6fe1ff171ddc">Viserys names his daughter Rhaenyra his heir over his brother Daemon before he has two sons with his second wife, Alicent Hightower.</h2>The relationship between Viserys and his brother, Daemon, is strained following the death of Viserys' newborn son, Baelon. Daemon calls him "Prince for a day," which is the final straw in the two's strained relationship, following the City Watch's excessive use of violence under Daemon's orders.As a result, Viserys names Rhaenyra as his sole heir, which Daemon takes very badly. But everyone else pledges to Rhaenyra as the future ruler.Following his wife Aemma's traumatic death during childbirth, Viserys is pressured to marry Laena Velaryon, but instead, he chooses Alicent Hightower (Emily Carey), who also happens to be Rhaenyra's closest friend. This is the inciting moment that starts to divide the girls.Over the years, Alicent gives birth to three Targaryen children: Aegon, Aemond, and Helaena.<h2 id="10eaa5f0-4046-45ed-b8fb-fb9873296b5f">Daemon Targaryen and Corlys Velaryon defeat the Triarchy in the Stepstones.</h2><div type="image" title="matt smith as daemon targaryen, standing in an open doorway with a sword and wearing a makeshift crown. his hair is cropped short" height="1280" width="1707" msid="111040548" hostid="261" sizebytes="130482"></div>The Triarchy is an alliance between the cities of Lys, Myr, and Tyrosh that takes over the Stepstones to control the shipping lanes. Corlys Velaryon (Steve Toussaint) and Daemon work together to battle the Triarchy, but they struggle to wipe them out with Daemon's dragon, Caraxes, because they keep retreating into the caves.Daemon surrenders himself to get the army's leader, Craghas Drahar — AKA the Crabfeeder (Daniel Scott-Smith) — out into the open. With a little help from Laenor Velaryon (John MacMillan) and his dragon, Seasmoke, Daemon wipes out a wave of Triarchy soldiers before butchering the Crabfeeder in a cave.He emerges victorious by dragging out the Crabfeeder's bisected torso.<h2 id="6fc6d9ab-d1b0-4829-bfdb-e81dba01bbba">Rhaenyra marries Laenor Velaryon, Corlys Velaryon's son — but has a sexual encounter with Ser Criston Cole.</h2>Under pressure from Viserys to marry, Rhaenyra entertains several potential suitors as a young woman, but none of them are to her fancy. She arrives at King's Landing at the same time as Daemon, who returns from the war in the Stepstones. She and Daemon venture into the city together in plain clothes, and they're spotted kissing at a pleasure house — unfortunately, word makes its way back to Otto Hightower.When Rhaenyra returns to her room, she has sex with Ser Criston. Alicent confronts Rhaenyra after hearing the rumor that she had sex with Daemon, which Rhaenyra vehemently denies. After hearing the report from Otto, Viserys sends Daemon back to his wife in The Vale and tells Rhaenyra that she's to wed Laenor Velaryon, Lord Corlys' and Rhaenys' son. However, he also strips Otto of his position as the Hand of the King.Rhaenyra and Laenor establish an understanding — their marriage will afford both of them the freedom to make their own sexual pursuits. But all's not well at their wedding: Alicent learns from Ser Criston that Rhaenyra was not a maiden when she was wed and arrives at the wedding dinner in green — for a Hightower, the color of war.Laenor and Rhaenyra are wed, but not before Ser Criston brutally kills Laenor's paramour, Joffrey, at the celebration.<h2 id="5939311c-03fd-4014-ba60-65d622af78f4">Rhaenyra and Laenor have three sons together — but they're actually Ser Harwin Strong's bastards.</h2><div type="image" title="A woman and man (Princess Rhaenyra and Ser Laenor) in a grand room." height="1280" width="1707" msid="111040551" hostid="261" sizebytes="82808"></div>Years later, Rhaenyra has given birth to three sons: Jacaerys, Lucerys, and Joffrey, all under her marriage with Laenor.However, it's an open secret that none of those children look like Laenor — in fact, they rather resemble Ser Harwin Strong.Rhaenyra's sons each bond to a dragon: Jacaerys to Vermax, Lucerys to Arrax, and Joffrey to Tyraxes.<h2 id="d33c77e8-fdc0-4966-ad96-0e0e8e29e255">Viserys expels Otto Hightower as his Hand, appointing Lyonel Strong — but later takes Otto back.</h2>Otto Hightower, Alicent's father, became the Hand of the King under King Jaehaerys, Viserys' predecessor. He retains the position under Viserys until the King expels him in season one, episode four, wary of his self-serving political maneuvering.Viserys appoints Lyonel Strong as the new Hand. Lyonel attempts to resign in episode six, saying that his son Harwin Strong has brought disgrace. Viserys doesn't let him do so but does grant him leave to escort Harwin to Harrenhal, the seat of House Strong. Unfortunately for both, Larys Strong has edged his way into Alicent Hightower's inner circle, and he orchestrates a fire to kill both Lyonel and Harwin.After Lyonel's death, Otto reassumes the position of Hand, though Alicent cautions her son Aegon II to dismiss some of his council as he assumes the throne.<h2 id="880ec977-2cae-4afa-a69c-25e019da67df">Daemon kills his first wife and marries Laena Velaryon, who dies after giving birth to two daughters.</h2><div type="image" title="matt smith as daemon targaryen, kneeling in front of his pregnant wife, laena targaryen, played by nanna blondell. daemon has his hands over laena's belly, and she's looking down at him" height="1280" width="1707" msid="111040542" hostid="261" sizebytes="71490"></div>Daemon murders his first wife, Lady Rhea of The Vale, with whom he never consummated their marriage. After Rhaenyra's wedding, he marries Laena Velaryon, Lord Corlys and Rhaenys' daughter. They have two daughters: Baela, who is bonded to the dragon Moondancer, and Rhaena, who is unbonded.Laena goes into labor while giving birth to their third child while the family resides in Pentos, but the birth goes wrong. Laena chooses to face Vhagar, her dragon, and commands her to kill her by fire. With seemingly great reluctance, Vhagar does.<h2 id="69696271-476e-4dd3-99c2-0bad16dad99f">Alicent and Viserys' second son Aemond claims Vhagar, Laena Velaryon's dragon.</h2>After Laena's death, the Targaryen and Velaryon families attend her memorial at Driftmark. While there, Aemond, Alicent, and Viserys' second son bonds with Vhagar, Laena's dragon.Baela, Rhaena, Jacaerys, and Lucerys confront Aemond for having stolen Vhagar, when one of Laena's daughters should have been the one to bond with her. The conflict ends with Aemond hurling insults about Rhaenyra's sons' parentage and Lucerys cutting Aemond across the eye.The adults judge the conflict, and Alicent demands one of Lucerys' eyes in return for Aemond's. That doesn't happen, but Alicent does wound Rhaenyra with a knife.<h2 id="d4ed3fcb-0051-4d2b-a947-166936102a5d">Many of the Targaryen and Velaryon children are betrothed to one another.</h2>As the children grow older, there are a few betrothals at hand. Rhaenyra proposes that Jacaerys, her eldest son, and Helaena, Alicent and Viserys' daughter, be wed to help bring peace to their families. Alicent decides instead to betroth Helaena to Aegon II, her brother. They are eventually wed and have children together.Jacaerys and Lucerys, meanwhile, are betrothed to Daemon and Laena's daughters, Baela and Rhaena, respectively. Aemond is a free agent, though Aegon appears to offer him as a marriage prospect for one of the Baratheon daughters to secure House Baratheon's support in the war.<h2 id="33bc10e4-db71-4981-a6f3-4e386113c7a8">Daemon and Rhaenyra help fake Laenor's death and marry.</h2><div type="image" title="matt smith and emma d'arcy as daemon and rhaenyra targaryen, dressed in beige and red wedding garb and pressing their foreheads together. rhaneyra has a heacpiece on her head" height="1280" width="1707" msid="111040547" hostid="261" sizebytes="68288"></div>Shortly after Laena Velaryon's funeral, Rhaenyra and Daemon conspire to fake Laenor Velaryon's death with the help of Ser Qarl, his paramour. Laenor's parents, Corlys and Rhaenys, discover a burned corpse in a Driftmark fireplace — and, crucially, suspect that Rhaenyra is somehow responsible. Qarl and Laenor presumably leave together to live somewhere across the Narrow Sea, never to be heard from again.That opens the door for Rhaenyra and Daemon to marry at the end of episode seven. Rhaenyra eventually gives birth to two of Daemon's sons: Aegon III and Viserys II. In the season one finale, she prematurely gives birth to a stillborn child — her only daughter, Visenya.<h2 id="0dc4a796-d1a2-41cc-85e7-93b1ce6c3e44">Lord Corlys' ailing health causes a conflict over the Velaryon succession.</h2>Lord Corlys was grievously wounded at sea six years after Laenor's death, making the matter of Velaryon succession an imminent concern. Vaemond, Corlys' brother, does not want Rhaenyra's son Lucerys — who Corlys previously recognized as his heir — to take the Driftmark throne because he believes that Lucerys is a bastard (not wrong!).The matter makes its way to King's Landing, where Vaemond and Rhaenyra make their cases in front of an ailing Viserys. Rhaenyra asks Rhaenys to back her in exchange for betrothing her sons Jacaerys and Lucerys to Rhaenys' granddaughters, Baela and Rhaena.Ultimately, Vaemond accuses Rhaenyra's sons of being bastards before the King, and Daemon chops off half his head. Lucerys is established as the heir to Driftmark.<h2 id="e2be1d07-1ea8-4aea-8913-338230f3b9ee">Viserys' illness finally takes him, and Alicent installs her son Aegon II on the throne.</h2><div type="image" title="tom glynn-carney as aegon targaryen, standing in front of a crowd at his coronation and holding up a sword. behind him are his mother, wife, and ser criston cole, as well as a three headed golden dragon banner" height="1280" width="1707" msid="111040545" hostid="261" sizebytes="55008"></div>In episode eight, it's very clear that Viserys doesn't have long left after suffering from a degenerative disease. He has open wounds across his face, he's missing his right eye, his left arm, and several fingers.During his final moments, he mistakes Alicent for Rhaenyra and starts talking about Aegon Targaryen's prophecy that has been handed down over hundreds of years through the line of succession to Viserys.However, Alicent thinks he's referring to her son, Prince Aegon, and mistakenly believes that Viserys is telling her that Ageon is now the heir to the throne.In episode nine, it's confirmed that the Small Council had actually been planning for Aegon to take the throne all along. But unlike Simba in "The Lion King," Aegon really, really does not want to be king, and he goes into hiding. However, he's eventually dragged back to the Red Keep to do as he's told, and a coronation is planned.<h2 id="cdd110a7-b687-4b77-9398-fa49dafacfbe">Mysaria, the White Worm, helps the royal family find Aegon.</h2><div type="image" title="sonoya mizuno as mysaria in house of the dragon. she's a relatively young woman, wearing a blue shawl and with neat hair, sitting at an outdoor tavern table" height="1280" width="1707" msid="111040552" hostid="261" sizebytes="86098"></div>"House of the Dragon" introduces Mysaria (Sonoya Mizuno) as a prostitute Daemon sees. In episode two, Daemon steals an egg and occupies Dragonstone, saying that he intends to take Mysaria as his second wife and that she carries his child. Mysaria, however, isn't too happy about being used as Daemon's political pawn — she came to him for liberation. She leaves him.Years later, Daemon again encounters Mysaria in King's Landing after his night out with Rhaenyra. But her most significant role in "House of the Dragon" happens in episode nine, after Viserys' death. Mysaria, who now has a functioning information operation, hears from a source in the castle about the King's death and secures Aegon II. She then bargains with Otto Hightower: Aegon's location, in exchange for protection for the children in Flea Bottom.Unfortunately, things don't turn out well for her, and she appears to get burned to death on Larys Strong's orders.<h2 id="6c2e1172-ffc9-4d97-8cf3-2aa40a482562">Rhaenys doesn't take the opportunity to kill Aegon while leaving King's Landing.</h2>In one of the first season's most memorable moments, Rhaenys (Eve Best) breaks out of her quarters in the Red Keep with the help of Ser Erryk (Elliot Tittensor), at the same time as most of the civilians are ushered into the Dragonpit to watch Aegon's coronation.Rhaenys uses this to her advantage by heading down into the caverns under the Dragonpit to reunite with her dragon, Meleys. She causes chaos when Meleys bursts through the floor of the arena, killing a number of people in the process. Although she has the opportunity to kill Alicent, Aegon, Otto, and the rest of the Greens, Rhaenys chooses to let them live.<h2 id="abdfc225-d2ff-40d1-ab58-1e5b8a32a66f">Rhaenyra is reluctant to start the war — but Aemond kills her son Lucerys.</h2><div type="image" title="rhaenyra, emma d'arcy, holding her sun lucerys, elliot grihault, in front of a strategy war table. she's looking at him intensely, and cracling his neck" height="1280" width="1707" msid="111040554" hostid="261" sizebytes="62990"></div>After Aegon II assumes the Iron Throne, Rhaenyra is reluctant to be the one to start the war, and knows that bringing dragons into the fray is an irreversible decision. Her council takes stock of their supporters and, most importantly, their dragons, which outnumber those under the Greens' possession.Rhaenyra sends her eldest sons to secure support from a few key houses: Jacaerys to House Arryn and House Stark and Lucerys to House Baratheon. Both of them pledge to act only as messengers and not fight.Unfortunately, when Lucerys arrives at Storm's End to speak with Lord Borros Baratheon, Aemond has beaten him to the punch and offered a betrothal to one of the Baratheon daughters in exchange for his support. Lord Borros rebuffs Lucerys, but doesn't allow them to fight. Lucerys flees on his dragon, Arrax, and Daemon pursues him on his much, much larger dragon Vhagar.At first, it seems like Aemond only intends to toy with Lucerys. But Arrax attacks Vhagar of his own volition, and both Aemond and Lucerys lose control of their dragons. Vhagar tears Arrax — and Lucerys — to pieces with her teeth.That's about where things end in season one, leaving plenty of aftermath for "House of the Dragon" to tackle in season two.

A comprehensive recap of everything that happened on 'House of the Dragon' season 1

<ul><li><keyword id="12437554" type="General" weightage="100" keywordseo="zepto" source="Orion">Zepto</keyword> elevates <keyword id="184778" type="General" weightage="80" keywordseo="ankit-agarwal" source="Orion">Ankit Agarwal</keyword> as CPO to improve customer experience and drive innovation across categories.</li><li>Zepto’s new CPO has also been a founder in the past, with Orinko, trying to build India’s first ever fruits and vegetables consumer brand.</li><li>Zepto turned the first unicorn of 2023 with a valuation of $1.4 bn last month and is working towards a public listing over the next 12-18 months. </li></ul> Quick commerce player Zepto on Monday announced the elevation of Ankit Agarwal as the company’s Chief Product Officer. A major part of Zepto’s journey ahead will be driven by innovation in product and technology. Ankit Agarwal, CPO, Zepto, explains, “We're not following trends; we're setting them. I'm excited to be part of that team that is revolutionising commerce in India.” Kaivalya Vohra, Co-founder and CTO, Zepto, said, “Ankit joined us about a year ago and in that time he has built strong rigour within the fulfilment charter. We've been able to ship world class technology over the last year; everything from building our entire last mile stack in-house to building and rolling out a warehouse management system in &lt;6 months, and many other needle-moving initiatives.” With 13+ years of product experience in companies such as Flipkart, Delhivery and Infra.Market, Ankit joined Zepto in August 2022 as SVP of Product to lead the entire fulfilment charter, spanning the entirety of supply chain, last mile and finance tech. Ankit has also been a founder in the past, with Orinko, trying to build India’s first ever fruits and vegetables consumer brand. With Ankit’s elevation, he will now own product end-to-end, from consumer to supply chain and last mile. The quick commerce player has its job cut out after it became a unicorn last month. Zepto is India’s 84th unicorn with its latest fundraise. India had 83 unicorns at the start of the year but several startups have lost that tag with down rounds and cuts in valuation. The quick commerce player, started by two teenagers two years ago, has raised $200 million through a Series E round at a valuation of $1.4 billion. The latest round is entirely primary. The agenda is to build a good capital base ahead of a potential listing in 2025. With this round, the startup has brought on board a bunch of new investors. This round was led by StepStone Group and this investment into Zepto is their first direct investment in an Indian company). Additionally, Goodwater Capital, a consumer-focused venture capital firm based in California, joined the round as a new investor. Notably, existing investors, like Nexus Venture Partners, Glade Brook Capital, Lachy Groom and more, doubled down on their investments in Zepto with meaningful follow-on investments.

Zepto appoints Ankit Agarwal as chief product officer to drive innovation in fulfilment

The country's shrinking population is a grim omen for the rest of the worldChina's population is shrinking. While the massive country is still home to 1.4 billion people — nearly one out of every five people on Earth — China's National Bureau of Statistics announced that its population <a href="https://www.insider.com/china-population-shrinking-first-time-60-years-2023-1">shrank in 2022</a>, falling by roughly 850,000 people. This shocking statistic is only the start of China's population decline. This year India is set to surpass China's population, and in a few years it will surpass China's working-age population — people 20 to 69. The United Nations has estimated that if China's birth rate remains at its super-low level and the country fails to position itself as an attractive destination for migrants, the country will lose nearly half of its population by the end of this century, a contraction of roughly 700 million people. Strong growth in its working-age population over the past several decades allowed China to become <a href="https://www.mckinsey.com/featured-insights/china/china-and-the-world-inside-the-dynamics-of-a-changing-relationship" target="_blank" rel="noopener">the world's factory</a> — over 70% of solar panels, 60% of farm machines, and 25% of robots are constructed with components from Chinese suppliers. Because of its manufacturing prowess and importance to supply chains, China's shrinking working-age population has enormous, direct effects on the global economy. It's also an omen for the US and Europe: If they don't turn around their shrinking birth rates, they face the same economic fate as China.<h2>Fewer children, fewer workers</h2>For decades China's fertility rate — the number of live births per woman — has declined, helping slow the country's population growth. In 2022, it hit the lowest level on record, 1.1 children per woman. In the main population centers of Beijing and Shanghai the fertility rate cratered to 0.7 children per woman. China's <a href="https://www.scmp.com/economy/china-economy/article/3135510/chinas-one-child-policy-what-was-it-and-what-impact-did-it" target="_blank" rel="noopener">one-child policy</a>, which restricted couples to only one child, is not solely to blame (though it played a small role). When the one-child policy was implemented nationwide in 1980, the fertility rate had already fallen to 2.6 from more than 6 children per woman in 1970. In 1991, it fell below 2.1 children per woman, the level needed to keep the population stable over time. At that moment a demographic timer was set, and now the alarm is ringing.The specter of population decline has for years worried the Chinese government, leading the country to relax its restrictive one-child policy <a href="https://www.bbc.com/news/world-asia-china-57303592" target="_blank" rel="noopener">in 2016</a>. The Chinese government began encouraging its citizens to have up to three children by <a href="https://www.nytimes.com/2021/05/31/world/asia/china-three-child-policy.html" target="_blank" rel="noopener">enticing them</a> with cash incentives, discounted real estate, and extended maternity leave. But it appears those efforts have been largely unsuccessful.Unlike many developed economies in the West, China and other major economic powers in Asia aren't using immigration to offset declining fertility. Instead, they're closing themselves off. The proportion of <a href="https://publications.iom.int/books/world-migration-report-2022" target="_blank" rel="noopener">migrants as a percentage of the total population</a> in Japan in 2020 was only 2%. In India it was 0.3%, and <a href="https://www.migrationdataportal.org/international-data?i=stock_perc_&amp;t=2020" target="_blank" rel="noopener">in China it was as low as 0.1%</a>. It is <a href="https://www.businessinsider.com/8-of-the-countries-where-its-hardest-to-become-a-citizen-2018-9">practically impossible</a> for foreigners to obtain Chinese citizenship. In contrast, 17% of people living in Germany in 2021 <a href="https://www.destatis.de/DE/Themen/Gesellschaft-Umwelt/Bevoelkerung/Migration-Integration/Tabellen/liste-migrationshintergrund-geschlecht.html#116670" target="_blank" rel="noopener">were born abroad</a>, and a third of them had obtained German citizenship.Fewer children and fewer immigrants means fewer workers in the long term. The UN forecasts suggest the workforce in China will shrink more in the coming years than it will in almost any other country, and the precipitous population drop will set the stage for a reversal of its decades of strong economic growth, meaning living standards can't improve as quickly. This is a gigantic challenge for the Chinese economy — and for Xi Jinping's ambitious plans to make China the world's largest economy and dominant superpower.The shrinking workforce has already caused the government to shift its economic focus. After decades of export-led, labor-intensive manufacturing growth, the government's 14th five-year plan — the latest set of growth targets and economic reforms set by the Chinese Communist Party, in 2021 — focused on orientating the economy toward its domestic market and investing in higher-value-add products. Instead of being an intermediate step in the global supply chain — importing raw goods and parts, using cheap labor to manufacture finished products, and then shipping that merchandise abroad — Beijing wants its own workers to produce those final goods and sell them to shoppers in its own country.This shift is imperative because so much of the Chinese economy is dependent on an ever growing population. Take the demand for real estate: In the past two decades, Chinese people have invested <a href="https://fortune.com/2021/12/02/chinese-real-estate-investing-home-ownership-evergrande/" target="_blank" rel="noopener">70% of their wealth</a> in real estate. In the US, that share is only 35%. The construction and real-estate sector accounts for roughly a quarter of China's total economic output. China builds like no other country: It has built entire cities from scratch, and it consumes <a href="https://cembrgroup.com/wp-content/uploads/sites/2/2022/01/2021-IN-FIGURES-V1.pdf" target="_blank" rel="noopener">half of the concrete produced worldwide</a>. And China is apparently planning further growth: In 2017, <a href="https://www.businessinsider.com/china-empty-homes-real-estate-evergrande-housing-market-problem-2021-10">65 million empty apartments</a> — enough to house the population of France or California — were waiting for young families. But how long will demand for real estate last? Who will move into the empty apartments when the population shrinks? What will happen to this massive industry when the number of Chinese consumers declines and there are fewer people to continue investing? And what will happen to the elderly Chinese people who have tied up so much of their wealth in their homes?A shrinking workforce wouldn't just hurt China's economy — it would have spillover effects for the US and Europe. China's manufacturing sector, for example, would likely struggle to maintain its recent growth streak. So in the coming decades, China's economy would not lift global growth rates as it has in the past. Productivity growth in the country could also stagnate. Economists have long tracked the correlation between population density and innovation — a larger population means a larger pool of potential entrepreneurs — so a shrinking population means China's ability to disrupt markets could decline as well. Taken together, China's slowing economy would have severe knock-on effects for the rest of the world. <h2>The trouble with closed borders </h2>China's population decline also serves as an omen for countries that have birth rates at or below the replacement level, such as the US and many places in Europe. Europe is facing the same demographic turning point as China — the continent's population is projected to decline by 21%, or 157 million people, by the end of the century. Nigeria is set to overtake Europe as the third-largest labor force later this century.Among today's largest economies, only the US has a projection of positive population growth, though at very low levels. But the projected growth is due not to increasing fertility but to immigration. Pew Research Center has <a href="https://www.pewresearch.org/hispanic/2015/09/28/modern-immigration-wave-brings-59-million-to-u-s-driving-population-growth-and-change-through-2065/" target="_blank" rel="noopener">estimated</a> that in the second half of the century, one-third of the US population — more than 100 million people — will be migrants and their US-born children.And immigrants to the US punch above their economic weight. More than <a href="https://www.shrm.org/executive/resources/articles/pages/companies-with-immigrant-roots.aspx#:~:text=We%20find%20that%2044.6%20percent,by%20the%20children%20of%20immigrants." target="_blank" rel="noopener">40% of the 500 largest US companies</a> were founded by immigrants or their children, from tech giants like Google to the wholesale chain Costco to the jeans brand Levi's. The influence of immigrants on American prosperity is not relegated to the startup scene; the story of the rags-to-riches millionaire — or at least of middle-class success — is repeated frequently. This is impressively demonstrated by a <a href="https://www.aeaweb.org/articles?id=10.1257/aer.20191586" target="_blank" rel="noopener">recent study</a> that followed millions of parents and their children and found that the children of immigrants of almost every nationality achieved social advancement at least as often as their peers from nonimmigrant families. For immigrants at least, the American dream is alive and well.That said, immigration is notoriously hard to forecast and is increasingly politicized. But without an injection of immigrants, the working-age population in the US is likely to decline, harming the country's economy. But if American policymakers can keep the door open to new residents, the US will be one of the few industrialized nations that won't have to contend with a shrinking population, which could prove a decisive factor in its race against China for dominance in the global economy.The <a href="https://www.businessinsider.com/great-labor-shortage-looming-population-decline-disaster-global-economy-2022-10">Great People Shortage</a> is not an abstract threat — it has very real consequences. Already, many companies are facing major challenges in filling their open positions, especially in crucial industries like healthcare and education. And in the coming years, both in China and in the West, many more sectors and fields will struggle to find workers. The lack of train drivers, teachers, engineers, doctors, firefighters, nurses, and programmers will have more far-reaching consequences down the road. With fewer employees, companies will produce or perform less, resulting in fewer sales, less economic growth, and ultimately less prosperity for everyone. And in China, the problem exists on a far more dramatic scale. Unless nations manage to turn things around, the problem will only accelerate, and it could spell disaster for the economy.<a href="https://www.businessinsider.com/author/sebastian-dettmers">Sebastian Dettmers </a>is the CEO of StepStone, which is owned by Axel Springer, the parent company of Insider. He is also the author of <a href="https://www.amazon.de/Die-gro%C3%9Fe-Arbeiterlosigkeit-schrumpfende-Bev%C3%B6lkerung/dp/3959725957/" target="_blank" rel="noopener">a new book</a> on the future of the world's population.<a href="https://www.businessinsider.com/author/chris-forman">Chris Forman</a> is the founder and CEO of Appcast, which was acquired by StepStone in 2019. He is a recognized expert in recruiting and talent management.<a href="https://www.businessinsider.com/author/andrew-flowers">Andrew Flowers</a> is the lead labor economist at Appcast. He is a recognized expert on economic policy, the US labor market and macroeconomy.

China will lose half its population by the end of the century &mdash; and the ripple effects will be catastrophic

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Warning: Spoilers ahead for Game of Thrones season six episode seven.<a href="http://www.techinsider.io/game-of-thrones-the-hound-alive-2016-6">The Hound may have returned to "Game of Thrones" in season six episode seven</a>, but he wasn't the only character book readers were excited to see. The character Brother Ray (Ian McShane) who show watchers saw with the Hound was based off of Septon Meribald, a fairly important character in George R.R. Martin's&#xa0;book "<a href="https://www.amazon.com/Feast-Crows-Song-Fire-Book-ebook/dp/B000FCKGPC?ie=UTF8&amp;btkr=1&amp;ref_=dp-kindle-redirect">A Feast for Crows.</a>" Unfortunately, Ray's time on the show was cut short after only one episode and he didn't even make perhaps one of the greatest speeches in the entirety of George R. R. Martin's series.<div></div><div></div><div></div><div></div>In the books, Septon Meribald is a priest for the Faith of the Seven who ministers to the small folk in villages around Westeros and comes into contact with Brienne and Podrick in the Riverlands. His speech about "broken men," or wartime outlaws, discusses what happens to a person during times of war and poverty. Fans were pumped to see the monologue come to the screen, especially because the episode "The Broken Man" was named after the speech itself.And yet, he died before he had the chance to give it.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Bryan Cogman, the writer of episode seven, as well as McShane both talked about how the speech was cut for unclear reasons."The speech itself didn't make it into the episode, but it inspired the character and some of his dialogue,"&#xa0;<a href="http://www.ew.com/article/2016/06/05/game-thrones-the-hound-interview">Cogman told Entertainment Weekly</a>. "So the title of the episode is a nod to that speech - kind of like when we called episode 205 'The Ghost of Harrenhal,' even though that term wasn't spoken out loud in the show.""Well, they wrote a two-page speech - so that's why they invited me," <a href="http://www.ew.com/article/2016/06/05/game-thrones-ian-mcshane-hound">McShane said about the missing speech to Entertainment Weekly</a>. "It's a big soliloquy, like in Deadwood, and they needed to get somebody who could do that. It was really well written."One can only wonder why it was cut.If you're curious, you can read a snippet of the beautiful Septon Meribald monologue from "A Feast for Crows" below:"There are many sorts of outlaws, just as there are many sorts of birds. A sandpiper and a sea eagle both have wings, but they are not the same. The singers love to sing of good men forced to go outside the law to fight some wicked lord, but most outlaws are more like this ravening Hound than they are the lightning lord. They are evil men, driven by greed, soured by malice, despising the gods and caring only for themselves. Broken men are more deserving of our pity, though they may be just as dangerous. Almost all are common-born, simple folk who had never been more than a mile from the house where they were born until the day some lord came round to take them off to war. Poorly shod and poorly clad, they march away beneath his banners, ofttimes with no better arms than a sickle or a sharpened hoe, or a maul they made themselves by lashing a stone to a stick with strips of hide. Brothers march with brothers, sons with fathers, friends with friends. They've heard the songs and stories, so they go off with eager hearts, dreaming of the wonders they will see, of the wealth and glory they will win. War seems a fine adventure, the greatest most of them will ever know."Then they get a taste of battle."For some, that one taste is enough to break them. Others go on for years, until they lose count of all the battles they have fought in, but even a man who has survived a hundred fights can break in his hundred-and-first. Brothers watch their brothers die, fathers lose their sons, friends see their friends trying to hold their entrails in after they've been gutted by an axe."They see the lord who led them there cut down, and some other lord shouts that they are his now. They take a wound, and when that's still half-healed they take another. There is never enough to eat, their shoes fall to pieces from the marching, their clothes are torn and rotting, and half of them are shitting in their breeches from drinking bad water."If they want new boots or a warmer cloak or maybe a rusted iron halfhelm, they need to take them from a corpse, and before long they are stealing from the living too, from the smallfolk whose lands they're fighting in, men very like the men they used to be. They slaughter their sheep and steal their chickens, and from there it's just a short step to carrying off their daughters too. And one day they look around and realize all their friends and kin are gone, that they are fighting beside strangers beneath a banner that they hardly recognize. They don't know where they are or how to get back home and the lord they're fighting for does not know their names, yet here he comes, shouting for them to form up, to make a line with their spears and scythes and sharpened hoes, to stand their ground. And the knights come down on them, faceless men clad all in steel, and the iron thunder of their charge seems to fill the world . . ."And the man breaks."He turns and runs, or crawls off afterward over the corpses of the slain, or steals away in the black of night, and he finds someplace to hide. All thought of home is gone by then, and kings and lords and gods mean less to him than a haunch of spoiled meat that will let him live another day, or a skin of bad wine that might drown his fear for a few hours. The broken man lives from day to day, from meal to meal, more beast than man. Lady Brienne is not wrong. In times like these, the traveler must beware of broken men, and fear them . . . but he should pity them as well."When Meribald was finished a profound silence fell upon their little band. Brienne could hear the wind rustling through a clump of pussywillows, and farther off the faint cry of a loon. She could hear Dog panting softly as he loped along beside the septon and his donkey, tongue lolling from his mouth. The quiet stretched and stretched, until finally she said, "How old were you when they marched you off to war?""Why, no older than your boy," Meribald replied. "Too young for such, in truth, but my brothers were all going, and I would not be left behind. Willam said I could be his squire, though Will was no knight, only a potboy armed with a kitchen knife he'd stolen from the inn. He died upon the Stepstones, and never struck a blow. It was fever did for him, and for my brother Robin. Owen died from a mace that split his head apart, and his friend Jon Pox was hanged for rape.""The War of the Ninepenny Kings?" asked Hyle Hunt."So they called it, though I never saw a king, nor earned a penny. It was a war, though. That it was." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/game-of-thrones-season-6-episode-6-details-2016-5">5 details you may have missed in the sixth episode of 'Game of Thrones'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZybmZ1MzE6qTCDOzag9AmSawTuTfacMd" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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