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<ul><li>Edtech company Byju's is now <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s most valuable unicorn startup with a valuation of $16.5 billion, surpassing fintech company <keyword id="6357120" type="COMPANY" weightage="20" keywordseo="paytm">Paytm</keyword>'s $16 billion valuation.</li><li>Byju's is the 11th most valuable startup in the world.</li><li>The total number of unicorns worldwide is 708 with a valuation of $ 2319 billion. Chinese company Bytedance, the parent company of TikTok, is the most valuable startup in the world with a valuation of $140 billion.</li></ul>Edtech company Byju's is now India's most valuable unicorn startup with a valuation of $16.5 billion, surpassing fintech company Paytm's $16 billion valuation. As per CB Insights data, as of June 2021, Byju's is the 11th most valuable startup in the world. The total number of unicorns worldwide is 708 with a valuation of $ 2319 billion. Chinese company Bytedance, the parent company of TikTok, is the most valuable startup in the world with a valuation of $140 billion. Byju's investors include Tencent Holdings, Lightspeed India Partners and Sequoia Capital India. It has recently raised $350 million from UBS, private equity giant Blackstone, Abu Dhabi state fund ADQ, Phoenix Rising and video conference firm Zoom's founder Eric Yuan. One97 Communications, the parent company of Byju's, has a valuation of $16 billion with investors like Intel Capital, Sapphire Ventures and Alibaba Group. A unicorn company, or unicorn startup, is a private company with a valuation over $1 billion. As of June 2021, there are more than 700 unicorns around the world. Popular former unicorns include Airbnb, Facebook and <keyword id="6355629" type="COMPANY" weightage="20" keywordseo="google">Google</keyword>. The variants include a decacorn, valued at over $10 billion, and a hectocorn, valued at over $100 billion, CB Insights said. Oyo Rooms is valued at $9 billion with investors like SoftBank Group, Sequoia Capital India and Lightspeed India Partners. The National Stock Exchange is valued at $6.5 billion with investors including TA Associates, SoftBank Group and GS Growth. Ola Cabs is valued at $6.3 billion and has investors like Accel Partners, SoftBank Group and Sequoia Capital. Zomato is valued at $5.4 billion with investors including Sequoia Capital and VY Capital. Another food delivery chain, Swiggy, is vaued at $5 billion and its investors include Accel India, SAIF Partners and Norwest Venture Partners. Internet software company Dream11 is valued at $5 billion with investors including Kaalari Capital, Tencent Holdings and Steadview Capital. Logistics company Udaan is valued at $ 3.1 billion and has investors including DST Global, Lightspeed Venture Partners and <keyword id="10387" type="COMPANY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> ScaleUp. Fintech company Razorpay is valued at $3 billion with investors like Y Combinator, Tiger Global Management and Matrix Partners India. Fintech company Pine Labs is also valued at $3 billion with investors namely MasterCard, Temasek and PayPal Ventures. Logistics company Delivery is another firm that is valued at $3 billion with investors including Times Internet, Nexus Venture Partners and SoftBank Group. Policybazaar is valued at $2.4 billion, Renew Power at $2.28 billion, fintech company CRED at $2.2 billion, consumer company FirstCry at $2.1 billion, software company Meesho at $2.1 billion, while <keyword id="3358959" type="COMPANY" weightage="20" keywordseo="ShareChat">Sharechat</keyword> is also valued at $2.1 billion. Edtech copany Unacademy is valued at $2 billion, ecommerce company Urban Company is valued at $2.1 billion, BillDesk at $1.9 billion and DigitInsurance at the same number. Lenskart is valued at $1.5 billion, Five Star Business Finance at $1.4 billion, Rivigo at $1.07 billion, Snapdeal at $1 billion as also Inmobi, Ola Electric, Cars 24, Daily Hunt, Infra Market and Groww. (Sanjeev Sharma can be reached at Sanjeev.s@ians.in) --IANS san/arm

Byju's most valuable startup in India and 11th in the world with a valuation of $16.5 billion

<ul><li><keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">Crypto</keyword> — not stocks — is going to be the asset-class of choice, Lightspeed Ventures said.</li><li>Lightspeed is not alone. Business Insider spoke to a few other VC firms like Pi Ventures and Speciale Invest to understand the rationale for big money chasing crypto.</li><li>Big investors with $100 trillion of capital are getting into <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword>, according to a Bloomberg report dated November 13.</li><li>Check out the latest news and trends in cryptocurrencies on<a href="https://www.businessinsider.in/cryptocurrency"> Business Insider</a>.</li></ul>At a time when the bigger part of the investment community is still cautious, US-based venture capital firm Lightspeed — whose popular investments include OYO, ShareChat and Epic Games — says crypto, not stocks, is going to be the asset-class of choice for the new-to-investing millennials in India and South East Asian markets. Lightspeed has already invested multi-million in blockchain technology, including cryptocurrencies, like FTX, Wintermute, Zerion, DeversiFi and Blockchain.com as of August 2021. “There is a lot more fiat (currency) that is outside of crypto entering crypto so yields in crypto are likely to stay high for the foreseeable future, and that might mean that for the foreseeable future, those that look for high yields — often the younger investors — will gravitate to crypto,” Hemant Mohapatra, partner at Lightspeed, told Business Insider. The venture capital firm believes that the high rate of interest, coupled with crypto regulation being a part of mainstream politics, are just a couple of factors that are going to attract more investors towards this value creation opportunity. “In India as well, years of regulatory pushback has begun to ease off, starting with the Supreme Court of India overturning a prior directive by the Reserve Bank of India (RBI) prohibiting banks from dealing with cryptocurrencies,” Hemant Mohapatra, partner at Lightspeed, said in a<a href="https://medium.com/lightspeedindia/lightspeeds-india-sea-crypto-landscape-7038eaa473e"> blog post</a>. ALSO WATCH: Crypto is crying for regulation because the ads are misleading <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> Lightspeed is not alone in being bullish about crypto According to a <a href="https://www.bloomberg.com/news/audio/2021-11-13/big-investors-with-some-100-trillion-are-getting-crypto-curious">report</a> published by Bloomberg on November 13, institutional investors with a capital of $100 trillion are interested in investing in crypto. Global cryptocurrency monthly trading volumes have also significantly increased in 2021, growing from $271 billion in June quarter of 2020 during the first wave of covid to $2.2 trillion in May 2021. An advertisement by Indian Crypto exchanges, launched in November 2021, said that Indians have ₹6 lakh crore invested in cryptocurrencies triggering a spate of social media conversations on the topic of their legitimacy. <div type="image" title="The partner at a VC firm backing OYO, ShareChat and Epic Games explains why it’s betting big money on crypto ⁠— and he’s not alone" msid="87710484" hostid="261"></div> The craze of crypto currencies is also imminent in India, as one in six urban Indians intend to invest in these virtual tokes in the next six months, according to a consumer research firm <a href="https://www.financialexpress.com/brandwagon/16-urban-indians-currently-own-cryptocurrency-kantar-study/2338566/">Kantar</a>. This has the potential to eat into the larger investment pie according to Shubham Sandeep, principal at investment firm Pi Ventures (known for backing startups like Locus, Agnikul and Google-backed Wysa). This cannot be defined as a capital outflow but more like an opportunity lost for equity investments. “The last generation wanted to invest in real estate, then came the generation of 90s-2010s when their investments went into equity and over the next 10-20 years, the upcoming generation will get their first exposure on investment through crypto,” Sandeep added. He noted that investments are not being diverted from equity to crypto as of now. The volatility of the crypto market has allowed investors to maximise their profits from this underregulated segment. It is also getting much earlier to use these virtual currencies for varied uses. “But it is not for the faint hearted,” Sarabjot Singh Anand, director of computer science and engineering at School of Engineering and Technology, adds. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage growth in 2021 to date </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bitcoin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">127.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ethereum </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">555% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Binance Coin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1628% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Solana </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">53% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cardano </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,071% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Doge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,614.22% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The market still has a long way to go, Avinash Shekhar, co-CEO of ZebPay and a member of Blockchain and Crypto Assets Council (BACC), noted. The remarkable growth and returns of cryptocurrencies is the major reason why $8 billion was invested in this crypto and blockchain domain in 2021 so far. Indian companies — CoinDCX, Coinswitch Kuber and others — have raised half a billion dollars this year as well. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fundraise </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investors </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FTX </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$900 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paradigm, Sequoia Capital, Ribbit Capital </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Circle </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$440 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Fidelity Management and Research Company, Marshall Wace, Digital Currency Group </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ledger </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$380 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10T Holdings, Cathay Innovation, Draper Esprit, Draper Associates, Draper Dragon, DCG </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BlockFi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$350 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bain Capital Ventures, partners of DST Global, Pomp Investments, Tiger Global </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Solana Labs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$314 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Andreessen Horowitz, Polychain Capital, Alameda Research </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> “Cryptocurrencies undoubtedly have the potential to give high returns, but as they say, there is no free lunch. So the high returns come with greater risk.... I personally feel that crypto will become part of most institutional and individual portfolios which will see money flowing out of stocks but stocks will continue to remain an important part of any portfolio,” he added. Regulation is not necessarily a bad thing The India Parliament is <a href="https://www.cnbctv18.com/cryptocurrency/govt-likely-to-move-cryptocurrency-bill-in-parliaments-winter-session-work-on-to-modify-bill-11385552.htm">reportedly</a> planning to debate a new bill on the cryptocurrency bill in the Winter Session. You can read the highlights of what the bill is likely to propose <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-will-still-have-a-few-hurdles-to-clear-before-becoming-a-law-even-if-the-cabinet-approves/articleshow/85397358.cms">here</a>. “Government has pulled back from a blanket ban and we do expect, and welcome, thoughtful regulation to bring crypto safely and broadly to the masses in ways that allows the benefits of crypto to see into tradfi [Traditional Finance] and avoids the common pitfalls and risks that this emerging ecosystem presents,” Mohapatra said. Arjun Rao of Speciale Invest — an investor in The ePlane Company, RocketLane and others — echoed the same, highlighting there is a greater scope of innovation in crypto as well. “We expect more innovation in crypto and conducive regulation to be the main drivers of increase in crypto investing in the coming years, the impact of macro economic trends (like rise in inflation) is harder to predict,” he told Business Insider. SEE ALSO: <a href="https://www.businessinsider.in/science/news/blue-origin-teaches-space-tourists-who-land-in-the-desert-what-to-do-if-their-rocket-lands-next-to-a-cactus/articleshow/87698700.cms">Blue Origin teaches space tourists who land in the desert what to do if their rocket lands next to a cactus</a> <a href="https://www.businessinsider.in/stock-market/news/elon-musk-sold-nearly-7-billion-worth-of-tesla-stock-this-week-and-says-hes-incurring-higher-taxes-on-purpose/articleshow/87699239.cms">Elon Musk sold nearly $7 billion worth of Tesla stock this week - and says he's incurring higher taxes on purpose</a> <a href="https://www.businessinsider.in/tech/news/former-spacex-engineer-accuses-company-of-racial-discrimination-denying-its-claims-that-he-was-fired-for-making-inappropriate-facial-expressions/articleshow/87699444.cms">Former SpaceX engineer accuses company of racial discrimination, denying its claims that he was fired for making inappropriate facial expressions</a>

The partner at a VC firm backing OYO, ShareChat and Epic Games explains why it’s betting big money on crypto ⁠— and he’s not alone

<ul><li><keyword id="6358096" type="DEFINITION" weightage="20" keywordseo="snapchat">Snapchat</keyword> completes two years of its first office in India.</li><li>It has so far witnessed a daily user base growth of 100% for the past 5 quarters.</li><li>Snapchat’s parent company Snap Inc. plans to expand the app’s presence in India with increased hiring, content partnerships and hyperlocal experiences.</li></ul>Snapchat’s parent company Snap Inc. launched its first office in India in August 2019. It has so far reported an upward trajectory in terms of user base in India, a market which its chief executive Evan Spiegel once <a href="https://www.businessinsider.in/snapchat-ratings-drop-to-one-star-on-app-store-after-evan-spiegels-poor-countries-like-india-comment/articleshow/58206334.cms">reportedly said “poor” for Snapchat</a>. In its recent June quarter earnings report, Snap <a href="https://www.businessinsider.in/business/news/snapchats-records-highest-growth-in-users-since-going-public-in-2017/articleshow/84670141.cms" data-type="tilCustomLink">reported </a>a global revenue of $982 million, more than double as compared to the previous year. Snapchat also registered its highest user growth to 293 million daily active users. Earlier this year, Snapchat revealed it has crossed 60 million users in India. “We’re experiencing more than 150% growth in daily active users over the last year and consistently we are in triple-digit growth rate five quarters in a row,” Nana Murugesan, managing director of International markets at Snap Inc. told Business Insider India in an interview. Murugesan did not reveal the current statistics for Snapchat’s user base in India, but added that the company had a “healthy growth” in the country and that India is a “significant part” of their global community. The company is also expanding its team in India to focus on local augmented reality (AR), TikTok-rival Spotlight, partnerships, market development, sales and creative strategy. “What you’re going to see is a significant doubling down of our commitment to India, whether it’s on the teams, on the community, on the partnership, we’re very pleased with our overall India story,” Murugesan said. Hyperlocal experiences Snapchat’s key focus in India is to create hyperlocal and culturally relevant experiences for users, according to Murugesan. It launched the third landmarker lens in India, which can be experienced at India Gate in New Delhi. Snapchat users who are nearby India Gate will be notified to point their camera at it, and the monument will be embellished with the tricolour. Snapchat’s landmarker lens lets users create AR experiences at select popular locations like the Buckingham Palace in London and the Eiffel Tower in Paris. In India there are three Snapchat landmarker lenses including the newly launched one at India Gate, and Gateway of India in Mumbai and Taj Mahal in Agra. The company also has dedicated AR lenses for different religious and cultural festivals in India. It also launched the language learning lens that aims to make learning Bengali, Hindi, Kannada, Marathi, Punjabi, and Telugu easier for users. Snapchat’s language learning lens uses AR and machine learning (ML) to translate objects in real-time in different languages. The app is also available in nine Indian languages -- Hindi, Marathi, Gujarati, Punjabi, Bengali, Kannada, Malayalam, Tamil and Telugu. Partnerships Adding to the company’s strategy of reaching every smartphone user in India, one focus area for Snapchat is partnerships. “Our strategy is to make Snapchat accessible across all smartphones out there,” Murugesan said. Earlier this year, Snapchat partnered with Sharechat to integrate Snap’s camera kit into the startup’s short video platform, Moj. There are 150 Snapchat lenses available on Moj so far. “We shared our augmented reality technology with Sharechat’s Moj, they integrated our technology into their camera. It’s been exciting to see all the momentum out of that. From our partner’s perspective, it’s been a very fruitful and exciting journey as we share Snap’s camera kit,” Murugesan said. A more recent partnership for Snapchat was with Google and Reliance Jio for JioPhone Next. The low-cost 4G smartphone jointly developed by Google and Jio will come with Snapchat lenses integrated into its camera. “What you’re going to see here is JioPhone Next, the camera that will integrate Snapchat’s augmented reality lenses, which will be highly customised for local Indian users. So the people can enjoy lenses which are at the core of Snapchat, in a very native way without having to do anything. That’s going to be a very interesting way for us to engage with a very large part of the Indian demographic,” Murugesan said. This partnership is being looked at as a way for Snapchat to tap into a wider demographic of early 4G smartphone users or those who upgrade from feature phones to 4G smartphones. Murugesan highlighted the fact that Snapchat’s core feature is AR which makes the app “pretty sophisticated” so the company needs to make sure that it works on just about any device and on any network condition. TikTok-rival ‘Spotlight’ Snap’s seriousness for the Indian market can be seen with the company bringing almost every new feature and product here. Earlier this year, it launched <a href="https://www.businessinsider.in/advertising/ad-tech/news/spotlight-snapchats-answer-to-tiktok-and-instagram-reels-launched-in-india/articleshow/81532302.cms">‘Spotlight’</a>, its TikTok-rival, in India. Murgesan said that the company has been seeing a “healthy adoption of Spotlight” in India. Without giving details, he added that the $1 million a day fund has really helped with the adoption of Spotlight. Snap announced it will pay creators up to $1 million a day for using Spotlight based on the number of views the videos get. At Snap’s partner summit in May this year, the company said it paid creators over $130 million globally. It also made changes to the fund saying that creators will now be paid millions per month. “We have seen incredible creativity and growth on Spotlight this year, including a tripling of daily submissions quarter-over-quarter and an all-time high in the daily number of creators posting to Spotlight. We will continue to pay creators millions per month to anyone who makes the top Spotlight Snaps, which is primarily based on engagement and relative performance of Snaps,” Murugesan said. Content partnerships Another area Snapchat has focused on is content partnerships. It has so far partnered with 60 local channels from 32 different publishing partners. Content of different genres ranging from news to Bollywood, beauty, comedy, and art are displayed in the app’s Discover section. It also partnered with comedian Vir Das for a new comedy series ‘VirDas -The Most Epic Max Show’. Another <a href="https://www.businessinsider.in/advertising/ad-tech/news/snapchat-launches-creator-shows-a-series-with-3-5-minutes-long-episodes-features-vir-das-and-anushka-sen-in-its-first-original/articleshow/83603487.cms">creator show</a> it launched was with Indian television actress Ansuhka Sen for a cooking show called “What’s On My Plate”. Snapchat also launched its first non-English Snap Original show ‘Phone Swap India’ which turned out to be a huge hit in India, according to Muregesan who credits the show’s unique concept as the reason behind it. Phone Swap is a reality dating show where the participants have to go through each other’s phones and decide whether they want to go on another date. This show was especially popular with India’s Gen-Z, which is also Snapchat’s core user group. “You will see us do more of these types of things. It was the first time we’ve tried something like this so you’ll probably see us doubling down on these kinds of concepts,” Murugesan added. In addition to Spotlight and content partnerships, Snapchat also launched customised games for users in India. It partnered with MoonFrog Labs to launch a custom version of Ludo Club, and it also made a localised game concept called “Dosa Dash” that is based on one of its popular games, ‘Ready Chef Go’. SEE ALSO: <a href="https://www.businessinsider.in/business/news/snapchats-records-highest-growth-in-users-since-going-public-in-2017/articleshow/84670141.cms" data-type="tilCustomLink">Snapchat records highest growth in users since going public in 2017</a> <a href="https://www.businessinsider.in/advertising/ad-tech/news/snapchat-launches-creator-shows-a-series-with-3-5-minutes-long-episodes-features-vir-das-and-anushka-sen-in-its-first-original/articleshow/83603487.cms" data-type="tilCustomLink">Snapchat launches Creator Shows, a series with 3-5 minutes long episodes; features Vir Das and Anushka Sen in its first original</a>

Snapchat to ‘double down’ on expansion in India as it witnesses over 150% growth in daily active users

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Byju's most valuable startup in India and 11th in the world with a valuation of $16.5 billion

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The partner at a VC firm backing OYO, ShareChat and Epic Games explains why it’s betting big money on crypto ⁠— and he’s not alone

Kritti Bhalla

Snapchat to ‘double down’ on expansion in India as it witnesses over 150% growth in daily active users

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