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The <a href="http://www.businessinsider.in/searchresult.cms?query=startup+&amp;sortorder=effectivedate">startup </a>scenario has changed a lot and startups, now are more focused on becoming profitable than just scaling up. They are now putting in place new talent initiatives. 
 
Companies like <a href="http://www.businessinsider.in/searchresult.cms?query=PolicyBazaar&amp;sortorder=effectivedate">PolicyBazaar</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Chaayos&amp;sortorder=effectivedate">Chaayos</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Treebo+Hotels&amp;sortorder=effectivedate">Treebo Hotels</a> are planning to scale up on talent, and be heavily focused on communicating their company vision better. 
 "We will concentrate on performance management and upping the motivation in a fast-growing environment so that the managers perform to their optimum,” <keyword id="1779565" type="UNKNOWN" weightage="20" keywordseo="Rashmi-Daga">Rashmi Daga</keyword>, chief executive at <keyword id="6434843" type="UNKNOWN" weightage="20" keywordseo="FreshMenu">FreshMenu</keyword>, told ET. 
 Similarly, <keyword id="696009" type="UNKNOWN" weightage="20" keywordseo="Policybazaar">PolicyBazaar</keyword> is also looking forward at sprucing up talent and firing redundant employees. Most of its people, across the organisation, have been in the same role for the last four years. In that period, the company has grown 150 times. For the company, the focus will be on the fact that it must keep the annual growth rate as high as 100% while managing its people. 
 
Before all this, many companies sought out a large numbers of youngsters, thinking a degree alone would be enough. 
 "This led to many wrong hiring being made across startups looking to scale up, and consequent layoffs. This year, even investments will be hard to come by from, say, a year ago,” <keyword id="2128273" type="UNKNOWN" weightage="20" keywordseo="Jappreet-Sethi">Jappreet Sethi</keyword>, co-founder of YoStartups, which provides consultation services to startups, to ET. 
 
Now the startup are looking to build skills in-house, and for this, having the right talent in place is essential. Chaayos, which has been four years in operation, will focus on making the culture of the company very strong. 
 "In today's world, anyone can acquire the same technology, infrastructure and paraphernalia to set up a competing business. But it is only the right talent that will make the difference for Chaayos,” CEO <keyword id="2796372" type="UNKNOWN" weightage="20" keywordseo="Nitin-Saluja">Nitin Saluja</keyword>, told ET. 
 
PolicyBazaar will also look to sift out now redundant employees. 
 
"People hit a point where they must either grow to the next level or bow out. We need fresh ideas and a lot of restructuring. We have a 12-18 month approach for this. In some cases, when some people aren't able to make a change within that period, we have to replace them,” Yashish Dahiya, CEO of PolicyBazaar, told ET. 
 
Post-demonetisation, MobiKwik is geared to grow much quicker amid the push for digital payments. 
 "We will hire smarter and spend much more time and resources. The right attitude, the startup-oriented temperament and an uncompromising approach to quality is what we're looking for,” cofounder <keyword id="6587619" type="UNKNOWN" weightage="20" keywordseo="Upasana-Taku">Upasana Taku</keyword>, told ET. 
 There needs to be a focus on behavioural assessment and culture fit for candidates looking to join startups, not just skills, said <keyword id="4250" type="PERSON" weightage="20" keywordseo="Sethi">Sethi</keyword> of YoStartups. Startups need to realise there is no 'perfect' candidate.

Startups now are scaling up talent and hiring people with multiple skill-set

Two of India’s biggest <a href="http://www.businessinsider.in/searchresult.cms?query=mobile+wallet&amp;sortorder=effectivedate">mobile wallet</a> companies have been throwing punches against each other on their respective blogs. It was <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> vs. <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal&amp;sortorder=effectivedate">Snapdeal</a>-owned <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> last Wednesday. 
 
It all started when <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> raised a stinker with the latest Nielsen Informate Mobile Insights Report concerning <a href="http://www.businessinsider.in/searchresult.cms?query=mobile+wallet&amp;sortorder=effectivedate">mobile wallets</a> in India. The report places <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> as the most popular wallet in India, followed by <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a>. 
 
In a blog post titled ‘<a href="https://blog.mobikwik.com/index.php/the-truth-behind-nielsen-mobile-insights/">the truth behind Nielsen Mobile Insights</a>’, Akash Gupta, the GM Marketing at <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> expressed his wrath against research firm Nielson, and how ‘they mock the ecosystem.’ 
 “We reached out to Nielsen to seek clarification. They said it was meant for internal use, but <keyword id="6377963" type="UNKNOWN" weightage="60" keywordseo="Freecharge">FreeCharge</keyword> and <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> were touting it for press and to aid their pending fund-raise”, <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> co-founder <a href="http://www.businessinsider.in/searchresult.cms?query=Upasana+Taku&amp;sortorder=effectivedate">Upasana Taku</a> told Business Insider. 
 
“It really pisses you off if somebody has actually not done the work but go around telling the world they are number #2. They also used it heavily in China where they are trying to raise funds from”, Taku added. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> also posted screenshots of e-mails from Nielsen. 
 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> shot back with a stinging post, titled ‘<a href="https://blog.freecharge.in/2016/06/15/dont-shoot-the-messenger-when-the-message-stings/">Don’t shoot the messenger when the message stings!</a>’ 
 
<keyword id="143842" type="UNKNOWN" weightage="40" keywordseo="Mobikwik">MobiKwik</keyword>’s Allegations: 
· It was a paid research 
· ‘How can a SAMPLE SIZE OF 6000 be even statistically relevant!’ · A <keyword id="490792" type="UNKNOWN" weightage="80" keywordseo="Mobile-wallet">mobile wallet</keyword> is not just a recharge app 
 
FreeCharge’s Defense: 
· It was a syndicated report 
· ‘very robust sample size by any standard’ 
· FreeCharge Wallet app officially launched in September 
 
In a very short time, the size of India’s mobile wallet market has grown significantly. According to a study by research firm RNCOS, the Indian market size for mobile wallet is estimated to rise to Rs. 1,210 crores by 2019. 
 
Payments are turning out to be crucial for India’s <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce&amp;sortorder=effectivedate">e-commerce</a> ecosystem. <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword> is planning to invest Rs 670 crores to build its payments business, while <a href="http://www.businessinsider.in/searchresult.cms?query=Search&amp;sortorder=effectivedate">Paytm</a> is pouring millions into its own. Last year, <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal&amp;sortorder=effectivedate">Snapdeal</a> acquired <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> for $450 million and has not looked back ever since. 
 
This isn't the first time India's startups have had a verbal spat online. Hopefully, it's the last. 
 
<a href="http://2.bp.blogspot.com/-o6jmPIDBE80/VMM6sM5e_PI/AAAAAAAAhjg/9iRZFIxDBk0/s1600/a.png">Image Source</a>

MobiKwik vs. FreeCharge: another war on blogs

It’s that month of year. <keyword id="6358921" type="COMPANY" weightage="60" keywordseo="UPI">UPI</keyword> (<a href="http://www.businessinsider.in/searchresult.cms?query=Unified+Payments+Interface&amp;sortorder=effectivedate">Unified Payments Interface</a>) is in the air. The media’s going gaga about the Next Big Thing in India’s payments space. It’s supposed to go live by the end of this month with 15 participating banks. Mobile-wallet company <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a>’s co-founder <a href="http://www.businessinsider.in/searchresult.cms?query=Upasana+Taku&amp;sortorder=effectivedate">Upasana Taku</a> thinks it’s a bit over-hyped. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Upasana+Taku&amp;sortorder=effectivedate">Taku</a>’s <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> is planning to roll out its UPI support by the end of the month. “UPI can make payments happen faster. It’s a great concept, but it’s won’t change anything overnight. In order for it to have any material value, people need to adopt it. Execution is the challenge here”, she observes. 
 
Taku is clear <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> won’t see a major up-shift because of it's UPI support. “In the first few months, traction will be zero. In a year it can contribute to less than 5%. It might have significant impact only after 2-3 years”, she adds. 
 UPI was launched in April by the National Payments Corporation of India (NPCI). It offers instant, online bank payments, and is seen as a major change to the Indian <keyword id="34510" type="UNKNOWN" weightage="40" keywordseo="financial-sector">financial sector</keyword>. It would allow transactions to take place through a single virtual ID or mobile number authorized by banks, and the Bharat Banking Payment Systems, a utility bill service. 
 
So far, only 2 banks have gone live with it, namely <a href="http://www.businessinsider.in/searchresult.cms?query=Axis+Bank&amp;sortorder=effectivedate">Axis Bank</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Yes+Bank&amp;sortorder=effectivedate">Yes Bank</a>. <keyword id="143842" type="UNKNOWN" weightage="60" keywordseo="Mobikwik">MobiKwik</keyword> competitor Snapdeal’s FreeCharge has partnered with <keyword id="6355975" type="CITY" weightage="60" keywordseo="Axis-Bank">Axis Bank</keyword> to allow its users to make payments through UPI. 
 
“Banks wanted UPI from an image management perspective. It makes them look good. But to do actual work around it, I don’t know. Few have a cost structure that can reach users earning less than Rs. 40k a month”, Taku fumes. 
 
<a href="http://www.oneten.com.au/wp-content/uploads/2016/01/6V12NODFVM.jpg">Image Source</a>

Exclusive: MobiKwik co-founder Upasana Taku says India's biggest payment revolution may fizzle out before it begins

New Delhi, Unicorn Fintech firm <keyword id="143842" type="General" weightage="20" keywordseo="MobiKwik" source="Orion">MobiKwik</keyword> on Tuesday reported its first ever consolidated profit at Rs 3 crore in the first quarter ended June 30, a senior company official said. MobiKwik Co-Founder and COO Upasana Taku told PTI that MobiKwik has become the first fintech firm to post consolidated profit and expects to maintain the momentum throughout the year. "We have registered an adjusted Earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rs 13.6 crore which is 181 per cent increase on a year-on-year basis. "This is the second consecutive quarter when we have posted positive EBITDA and the first quarter when we have posted consolidated profit after tax of Rs 3 crore. We expect to continue the growth momentum and achieve full-year profitability," Taku said. Taku said that she expects other startups also to turn profitable as it will give a boost to the investment environment in the country and sentiments of investors. She said that MobiKwik has been growing consistently without cash burn and margins have been improving quarter over quarter. "Our revenues grew to Rs 177 crores in the quarter, which is 68 per cent higher compared to corresponding quarter last fiscal and contribution margin rose by 108 per cent to Rs 73.9 crore," Taku said. In the March 2023 quarter, MobiKwik had posted revenue of Rs 160 crore and recorded an adjusted EBITDA of Rs 3 crore. "In FY 2022-23, we achieved all the major goals we set for MobiKwik the previous year. First quarter has been a good start to the fiscal year. Our numbers are positive in all parameters, be it adjusted EBITDA, EBITDA or PBT (profit before tax). We expect to deliver over 80 per cent topline growth for this fiscal year," Taku said. Peak XV backed MobiKwik ended the financial year 2022-23 with Rs 560 crore in revenue and became profitable from the fourth quarter of the financial year 2022-23, and its contribution margin rose to Rs 169.5 crore as compared to Rs 42 crores in FY 2021-22, nearly 304 per cent Y-o-Y growth. She said that the company gets about half of the business from payments services which is mainly payment made from wallet service and the rest of the half from distribution of financial services comprising buy-now-pay-later, consumer loans etc. The company at present has over 14 crore registered user base and around 40 lakh merchant partners.

MobiKwik posts first ever consolidated profit in Jun quarter 2023-24

<ul><li>The company posted losses to the tune of ₹83.81 crore for the FY23.</li><li>It’s a completely fresh issue with no offer for sale component.</li><li>The issue proceeds will be used to fund growth, tech, capex and general corporate purposes. </li></ul>Fintech One <keyword id="20054770" type="General" weightage="20" keywordseo="mobikwik" source="keywords">Mobikwik</keyword> Systems has filed a Draft Red Herring Prospectus (DRHP) with SEBI to raise ₹700 crore for its initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords" medley.seotitle="ipo" medley.uid="ipo" medley.msid="19357203" medley.seopath="i/ipo" medley.containers="equity,investopedia" medley.title="IPO">IPO</keyword>). For the fiscal 2022–23, the company’s revenue from operations has increased to ₹539.47 crore against ₹526.56 crore for fiscal 2021–22. Loss for the year decreased by 34.6% from ₹128.16 crore in fiscal 2022 to ₹83.81 crore in fiscal 2023. For the six months ended September 30, 2023, revenue from operations stood at ₹381.09 crore and profit after tax stood at ₹9.48 crore. The IPO has a face value of ₹2 is entirely a fresh issue of equity shares with no offer for sale component. The company, in consultation with the book-running lead managers, may consider a further issue of specified securities including private placement, preferential allotment, rights issue, or any other method aggregating to ₹140 crore as ‘Pre-IPO placement’. If such placement is completed, the fresh issue size will be reduced. Fresh issue to fund growth The proceeds from the fresh issue, to the extent of ₹250 crore will be used for funding growth in the financial services business, ₹135 crore for funding growth in the payment services business, ₹135 crore for investment in data, ML and AI and product and technology, ₹70.28 crore for capital expenditure for the payment devices business, and general corporate purposes. The issue is being made through the book-building process, wherein not less than 75% of the issue shall be available for allocation on a proportionate basis to qualified institutional buyers, not more than 15% of the issue shall be available for allocation to non-institutional investors, and not more than 10% of the issue shall be available for allocation to retail individual bidders. Established by Bipin Preet Singh and Upasana Taku, the fintech caters to businesses and merchants. It has extensive payments and financial services like online checkout, Kwik QR scan and pay, MobiKwik Vibe (Soundbox), MobiKwik <keyword id="20076789" type="General" weightage="20" keywordseo="edc-machine" source="keywords">EDC Machine</keyword>, and Merchant Cash Advance. Its subsidiary <keyword id="20076790" type="General" weightage="20" keywordseo="zaakpay" source="keywords">Zaakpay</keyword> operates a B2B payment gateway for e-commerce businesses and has received RBI approval for its Payment Aggregator (PA) business. MobiKwik provides consumers access to various payment options and financial products in digital credit, investments, and insurance has acquired approximately 18.29 million new users every year, between Fiscal 2021 and September 30, 2023. As of September 30, 2023, the company has amassed 146.94 million registered users and enabled 3.81 million merchants to conduct online and offline payments. Its Payment GMV has grown annually by 32.33%, while MobiKwik ZIP GMV (Disbursements) surged by 354.86% from Fiscal 2021 to Fiscal 2023. As per RedSeer, the company's commitment to growth through cost-effective, technology-driven innovations is evident in its array of scaled products and its ability to maintain one of the lowest employee cost-to-revenue ratios among digital financial service platforms in Fiscal 2023. SBI Capital Markets and DAM Capital Advisors are the book-running lead managers for the IPO, and Link Intime India Private is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

Mobikwik replans market debut with plans of raising ₹700 crore

IPO-bound <keyword id="2808667" type="General" weightage="20" keywordseo="oyo" source="Orion">OYO</keyword> on Thursday said it has appointed <keyword id="10052750" type="General" weightage="20" keywordseo="prakash-padariya" source="Orion">Prakash Padariya</keyword> as the Chief Information Security Officer for IT and security teams. ''In his role at OYO, Prakash will helm a security strategy for OYO's systems globally, including regions such as India, SEA (Southeast Asia), Europe, the USA and the UK,'' the hospitality technology platform said in a statement. At OYO, Prakash will lead the operations for teams working specifically for IT and cyber security services. He will also be responsible for leveraging technologies such as Big Data Analytics and Artificial Intelligence to enhance the cyber security functions. Padariya joins OYO from the Netherlands-headquartered online payment solutions provider PayU, where he had served in a similar role, the statement said. Padariya will directly report to the company's Chief Technology Officer Ankit Mathuria. ''I am super excited to join OYO at this stage where all of travel is transforming and resurging post COVID-19. I am honoured to be a part of this team and can't wait to start developing solutions to enhance the maturity of all of OYO's products to the next level of security and privacy,'' Padariya said. SEE ALSO <a href="https://www.businessinsider.in/retail/news/amazon-and-future-agree-to-discuss-an-out-of-court-settlement-after-nearly-2-years-of-legal-battle/articleshow/89968120.cms">Amazon and Future agree to discuss an out of court settlement after nearly 2 years of legal battle</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-announced-a-partnership-with-sanmina-a-us-based-electronics-manufacturer/articleshow/89960792.cms">Reliance teams up with US-based Sanmina to create a high-tech electronics manufacturing hub in India</a> <a href="https://www.businessinsider.in/business/startups/news/mobikwiks-upasana-taku-says-all-the-companies-that-made-their-grand-entry-into-bnpl-will-have-a-grand-exit-too/articleshow/89960652.cms">INTERVIEW: Mobikwik’s Upasana Taku says all the companies that made their grand entry into BNPL will have a grand exit too</a>

OYO appoints Prakash Padariya as Chief Information Security Officer

India are all set to host the South Africa team for the five <keyword id="7389867" type="General" weightage="20" keywordseo="t20-match-series" source="Orion">T20 match series</keyword>, which will be played across the country in June, shortly after the completion of IPL 2022. The BCCI has already confirmed that the IPL will be held in Mumbai and Pune from March 26 to May 29 and just about 10 days later, the <keyword id="18238" type="General" weightage="20" keywordseo="t20" source="Orion">T20</keyword> series against Proteas will begin. The Apex Council of the BCCI, which met on Wednesday decided on the schedule for the South Africa series and matches are likely to be held from June 9 to 19. During the meeting, the venues were also finalised and Cuttack, Vizag, Delhi, Rajkot and Chennai will host the matches, an Cricbuzz report said. The report also stated that Bengaluru and Nagpur were to get the games in the series but Cuttack and Vizag have been allotted the matches instead, presumably because the two centres missed out on the T20 matches during recent West Indies series. Notably, the BCCI conducted the six matches against West Indies in only two centres -- Ahmedabad and Kolkata -- with an aim to cut down on travel and Covid-19 threat. The Apex Council has also factored in the weather conditions in the country around June and according to information gathered by the board managers (placed before the meeting), there may be slight rain for the first game in Cuttack (as is the seasonal norm in that part of the world at that time of the year). For the second game in Vizag, there is less chance of rain while warm conditions are expected in the other three centres - Delhi, Rajkot and Chennai - during those games. After the South Africa series, Team India will fly to England for an unfinished Test and six white-ball matches. SEE ALSO <a href="https://www.businessinsider.in/retail/news/amazon-and-future-agree-to-discuss-an-out-of-court-settlement-after-nearly-2-years-of-legal-battle/articleshow/89968120.cms">Amazon and Future agree to discuss an out of court settlement after nearly 2 years of legal battle</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-announced-a-partnership-with-sanmina-a-us-based-electronics-manufacturer/articleshow/89960792.cms">Reliance teams up with US-based Sanmina to create a high-tech electronics manufacturing hub in India</a> <a href="https://www.businessinsider.in/business/startups/news/mobikwiks-upasana-taku-says-all-the-companies-that-made-their-grand-entry-into-bnpl-will-have-a-grand-exit-too/articleshow/89960652.cms">INTERVIEW: Mobikwik’s Upasana Taku says all the companies that made their grand entry into BNPL will have a grand exit too</a>

India to host South Africa for five T20Is in June, and all venues have been finalised

Streaming giant <keyword id="128682" type="General" weightage="20" keywordseo="netflix" source="Orion">Netflix</keyword>'s co-founder, chairman and co-CEO <keyword id="566177" type="General" weightage="20" keywordseo="reed-hastings" source="Orion">Reed Hastings</keyword> has announced a $1 million donation to an organisation providing emergency relief to <keyword id="6355101" type="General" weightage="100" keywordseo="ukraine" source="Orion">Ukraine</keyword>. "$1m donation on the way for emergency relief to Razom," wrote the Netflix executive, "thanks to @evgeny_director. Every dollar helps". "@evgeny_directora is Russian-born Evgeny Afineevsky, who directed the Oscar-nominated documentary Winter on Fire: Ukraine's Fight for Freedom for Netflix in 2015." The film documents the unrest in Ukraine in 2013 and 2014 as student demonstrations supporting European integration grew into a violent revolution calling for the resignation of President Viktor F. Yanukovich, an movement that is not unrelated to the Russian invasion and the stiff resistance it now faces. "These people will not be slaves. They will not go back into the former Soviet Union," Afineevsky told Deadline last week, reports deadline.com. "They have a taste of freedom. They became a part of the European society, and they wanted to go a completely different direction (than Moscow)." "That's the direction that they are fighting toward since Maidana... Believing in their freedom, believing in the freedom for the future of their own kids, it just proves that these people will not put their weapons down. They will be fighting until the last drop of blood." The Ukrainian Revolution prompted Russian President <keyword id="43440" type="General" weightage="20" keywordseo="vladimir-putin" source="Orion">Vladimir Putin</keyword> to seize Crimea in 2014 and then to foment revolt in Ukraine's eastern provinces next to the Russian border. Putin declared those provinces part of Russia shortly before he ordered the full-scale invasion of Ukraine last week. The organisation to which the donation is going, Razom for Ukraine, describes itself as "a non-profit supporting Ukrainian people in their pursuit of democracy with dignity, justice, and human rights". Last week, it posted the following tweet about its work in the country: "Razom, together with about 20 orgs, has created a trusted corridor from the US to Ukraine for the delivery of life-saving supplies. The channel connects two warehouses in Poland and Ukraine, from which supplies can then be delivered further". Today, the organisation retweeted <keyword id="78134" type="General" weightage="20" keywordseo="hastings" source="Orion">Hastings</keyword>' announcement with a photo of Afineevsky and a caption that reads, "This is Razom with @evgeny_director what fees like ages ago. But this picture also represents a great friendship that has sustained throughout the years, and until now, when we're so glad to have Evgeny on our side. Thank you." Last month, Hastings and wife Patty Quillin, who is a producer, donated $10 million to scholarship programs at Tougaloo College and Brown University. In 2020, the couple made a combined $120 million donation to the United Negro College Fund, Morehouse College and Spelman College. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-announced-a-partnership-with-sanmina-a-us-based-electronics-manufacturer/articleshow/89960792.cms">Reliance teams up with US-based Sanmina to create a high-tech electronics manufacturing hub in India</a> <a href="https://www.businessinsider.in/business/startups/news/mobikwiks-upasana-taku-says-all-the-companies-that-made-their-grand-entry-into-bnpl-will-have-a-grand-exit-too/articleshow/89960652.cms">INTERVIEW: Mobikwik’s Upasana Taku says all the companies that made their grand entry into BNPL will have a grand exit too</a> <a href="https://www.businessinsider.in/finance/banks/news/what-is-swift-how-does-it-work-why-is-it-important-and-how-nations-are-using-it-to-punish-russia/articleshow/89886091.cms">What is SWIFT, how does it work, why is it important and how nations are using it to punish Russia</a>

Netflix co-founder Reed Hastings announces $1 million donation towards Ukraine relief

New Delhi, Jul 15 () Digital payments company MobiKwik on Wednesday said its net revenue has surged 134 per cent to Rs 379 crore in FY20, and exuded confidence of hitting profitability this fiscal. MobiKwik, which competes against companies like Paytm and Flipkart-owned PhonePe, had clocked a net revenue (primarily income from transactions and income share from financial products) of Rs 162 crore in FY19. "This is the third consecutive year where we have demonstrated higher than 100 per cent growth. Our cash loss has reduced 91 per cent, last year on a revenue of Rs 162 crore, we had lost in cash Rs 98 crore, versus this year's revenue of Rs 379 crore, we have lost only Rs 9 crore in cash," MobiKwik co-founder and COO Upasana Taku told . She added that the actual loss is Rs 45 crore but much of that was paid in stocks, and therefore the cash burnt was Rs 9 crore. Taku said the company is focussing on a profitable growth strategy and has executed on it in the right manner that has helped drive 159 per cent rise in consumer payments (wallet) net revenue to Rs 230 crore and a 216 per cent jump in fintech net revenue to Rs 91 crore. She explained that MobiKwik's wallets business - which has 120 million users - had recorded net revenue of Rs 89 crore in the previous fiscal. User incentives in FY20 grew only 30 per cent, indicating that cost of acquiring and retaining users was low and the company is generating higher spends per user, she added. MobiKwik's merchant-facing payment gateway business (via its subsidiary Zaakpay) registered net revenue of Rs 190 crore in FY20, compared to Rs 101 crore in FY19 on a standalone basis. MobiKwik, which has about 325 employees, operates in three segments -- consumer payments, fintech (includes credit, mutual funds, etc), and payment gateway. In FY20, consumer payments accounted for 63 per cent of the net revenue, followed by fintech (25 per cent) and payment gateway (13 per cent). "March 2020 was a stellar month for us, our lifetime best month and we clocked a revenue of Rs 38 crore but we lost only Rs 8 lakh. So, we were set on an amazing peak and had COVID not happened, we would have already done the same or higher run rate," she said. MobiKwik expects recovery across segments by early September and is confident of showing growth and hitting profits in FY21, Taku noted. Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik has raised over USD 100 million in funding from investors like Sequoia Capital, Bajaj Finance, American Express and Net1. "We are the only independent, large digital payments platform in India that is neither owned nor controlled by a large foreign company...teams (founders and employees own 45 per cent stake. It is a big achievement just to compete in this hyper-competitive market against players with deep pockets," Taku said. She emphasised that MobiKwik is focussed on building out the company and delivering value to shareholders. "On the back of Rs 26 crores raised in early 2019, we have delivered Rs 203 crore in incremental net revenue in FY2020, which is a capital efficiency of 8x," Taku said. SR BAL BAL BAL

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