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☆ CNBC's Inside India newsletter: What's next for India's regulators?
▼ + stars: | 2024-05-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +6 min

People stand in front of a Reserve Bank of India logo at the Global Fintech Fest in Mumbai, India, 5 September, 2023. Instead, there's been a flurry of activity this month at a number of regulators across India's financial system. That frightened bank investors and immediately knocked off more than 3% from the India Nifty PSU Bank index. "RBI has been tightening the screws," Rajeev Agrawal, hedge fund manager and managing partner at DoorDarshi India Fund, told CNBC's Inside India. We also had hedge fund manager Andrew Holland, who spoke on India's infrastructure projects and the outlook for the country's economy.

Persons: Niharika Kulkarni, there's, Nirmala Sitharaman, SEBI, Rajeev Agrawal, Agrawal, Shailendra Singh, India's, they've, Dinesh Kumar Khara, Andrew Holland, Sri Jegarajah Organizations: Reserve Bank of, Global, Securities and Exchange Board of India, Reserve Bank of India, Futures Industry Association, Bombay Stock Exchange, Reuters, India Nifty, DoorDarshi India Fund, Peak XV Partners, Sequoia Capital, CNBC, CNBC Pro, U.S ., State Bank of India, U.S . Federal Reserve, Center Locations: Reserve Bank of India, Mumbai, India, Sequoia, Sequoia Capital India, Southeast Asia, Maldives, Sri Lanka, Sri, Japan, Indian, Chennai

☆ Watch CNBC's full interview with Shailendra Singh, managing director of Peak XV Partners, one of Asia's biggest venture capital firms
▼ + stars: | 2024-05-16 | by ( Tanvir Gill | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Shailendra Singh, managing director of Peak XV Partners, one of Asia's biggest venture capital firmsPeak XV Partners, formerly Sequoia Capital India and Southeast Asia, has invested in over 400 companies in the technology, software, financial services and consumer space. They include fintech firm Pine Labs, Singapore-based online retailer Carousell, Indonesian ride-hailing giant Gojek as well as Indian edtechs Byju's and Unacademy.

Persons: Shailendra Singh Organizations: XV Partners, Asia's, Sequoia Capital, Labs Locations: Sequoia, Sequoia Capital India, Southeast Asia, Singapore

☆ India 'very favorable' for IPOs, Peak XV says, as economy and investor sentiment stay strong
▼ + stars: | 2024-05-16 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

India offers a "very favorable" environment for companies to launch initial public offerings, said Shailendra Singh, managing director at Peak XV Partners, formerly Sequoia Capital India & Southeast Asia. "My general view is, especially in Indian public markets, the regulatory framework, what Securities and Exchange Board of India does, what Reserve Bank of India does, what other regulators do is actually really good," Singh told CNBC. There were 220 IPOs in India last year, up 48% from 2022, making it the second-largest IPO market in the world, according to an EY report. Though Mainland China took the top spot, the number of IPOs there slid 29% to 302. The Indian IPO market is set to remain strong in 2024, buoyed by optimistic investor sentiment, a robust economy, and expectations of lower inflation and rate cuts, EY said.

Persons: Shailendra Singh, Singh, EY Organizations: Peak XV Partners, Sequoia Capital, Securities, Exchange Board, Bank of, CNBC Locations: India, Sequoia, Sequoia Capital India, Southeast Asia, Bank of India, China

☆ China is still an important market even if investors diversify from it now, says Peak XV
▼ + stars: | 2024-05-15 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

China will remain an important market for investors in the long term, even if other countries are now benefiting from investments flowing out of China amid escalating tensions with the U.S., according to Peak XV Partners, formerly Sequoia Capital India and Southeast Asia. "The China Plus One strategy, in terms of sourcing and so on, is definitely benefiting places like India, Southeast Asia," said Shailendra Singh, managing director of Peak XV Partners, one of Asia's biggest venture capital firms with $9 billion of assets under management. Last year, Sequoia split into three independent geographic units – Sequoia Capital in the U.S. and Europe, Peak XV Partners in India and Southeast Asia and HongShan in China. Peak XV has invested in over 400 companies in the technology, software, financial services and consumer space. They include fintech firm Pine Labs, Singapore-based online retailer Carousell, Indonesian ride-hailing giant Gojek as well as Indian edtechs Byju's and Unacademy.

Persons: Shailendra Singh, Singh, CNBC's Tanvir Gill Organizations: U.S, XV Partners, Sequoia Capital, Asia's, Sequoia, Partners, Labs Locations: China, Sequoia, Sequoia Capital India, Southeast Asia, India, U.S, Europe, HongShan, Washington, Beijing, Singapore

☆ India gives partial relief on tax to online gaming firms
▼ + stars: | 2023-08-02 | by ( Nikunj Ohri | ) www.reuters.com time to read: +1 min

NEW DELHI, Aug 2 (Reuters) - India has decided to levy taxes on online gaming companies on the total funds deposited to play online games and not on every bet, federal Finance Minister Nirmala Sitharaman said on Wednesday, offering some relief to the industry. Last month, India decided to impose a 28% tax on funds that online gaming companies collect from their customers for every bet, shocking the nascent $1.5 billion industry which is backed by global investors. More than 100 gaming companies and top investors like Top Tiger Global and Peak XV, previously known as Sequoia Capital India, wrote to government asking it to reconsider the decision. Sitharaman said the government aims to impose the tax from Oct. 1 and a review of the decision would be undertaken in the next six months. Some industry watchers said the 28% tax is still higher for smaller players to survive.

Persons: Nirmala Sitharaman, Sitharaman, Sudipta Bhattacharjee, Nikunj Ohri, Jan Harvey, Kirsten Donovan Organizations: Top Tiger, Sequoia Capital, Goods, Services Tax Council, Sitharaman, Khaitan, Thomson Locations: DELHI, India, Sequoia Capital India

NEW DELHI, July 21 (Reuters) - Tiger Global, Peak XV and Steadview Capital are among 30 foreign and domestic investors asking Indian Prime Minister Narendra Modi to review a 28% gaming tax, saying the levy would adversely impact $4 billion in prospective investments, a letter showed. India last week announced the tax on the funds that online gaming companies collect from their customers. Games such as fantasy cricket have become increasingly popular in recent years, but have also raised concerns about addiction among players. Tiger Global and Peak XV, previously known as Sequoia Capital India, have invested in Indian gaming companies such as Dream11 and Mobile Premier League. Over 100 gaming firms wrote a letter recently to the finance ministry with a similar request, saying the tax will stifle foreign investment and put $2.5 billion already invested in the sector at risk.

Persons: Narendra Modi, Aditya Kalra, Chris Thomas, Tanvi Mehta, Savio D'Souza, Kim Coghill, Muralikumar Organizations: Tiger, Steadview, Indian, Reuters, Tiger Global, Sequoia Capital, Mobile Premier League, Thomson Locations: DELHI, India, Sequoia Capital India, New Delhi

☆ Indian gaming firms say new tax will stifle foreign investment
▼ + stars: | 2023-07-15 | by ( Aftab Ahmed | ) www.reuters.com time to read: +2 min

NEW DELHI, July 15 (Reuters) - India's new 28% tax on online gaming companies will stifle foreign investment and put $2.5 billion already invested in the sector at risk, more than 100 gaming firms have said in a letter to India's finance ministry. India this week announced the tax on the funds that online gaming companies collect from their customers. Games such as fantasy cricket have became increasingly popular in recent years, but have also raised concerns about addiction among players. Top investors including Tiger Global and Peak XV, previously known as Sequoia Capital India, have invested in Indian gaming companies such as Dream11 and Mobile Premier League. Many Indian ministers view bets on online gaming platforms as a "social evil", Malhotra had said.

Persons: MPL, Sanjay Malhotra, Malhotra, Arpan Chaturvedi, Aftab Ahmed, Aditya Kalra, David Holmes Organizations: Tiger Global, Sequoia Capital, Mobile Premier League, Federal, Reuters, Indian Premier League cricket, Thomson Locations: DELHI, India, Sequoia Capital India

☆ Microsoft-backed AI4Bharat set to raise $12 million funding from Peak XV, Lightspeed
▼ + stars: | 2023-07-07 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

July 7 (Reuters) - AI4Bharat, a start-up backed by Microsoft (MSFT.O), is raising $12 million from venture capital firms Peak XV and Lightspeed Venture to develop artificial intelligence-powered chatbots for Indian languages, according to three people familiar with the matter. Most seed rounds are usually up to $1 million to $2 million. AI4Bharat, Peak XV and Lightspeed did not immediately respond to Reuters' requests for comment. The investment is among the first from Peak XV Partners after rebranding from Sequoia Capital India and SEA following a split with its U.S.-based parent fund last month. Indian AI start-ups have raised $583 million this year, as of June, according to data from Venture Intelligence.

Persons: OpenAI's ChatGPT, Nandan Nilekani, Rudder, Yuvraj Malik Organizations: Microsoft, Lightspeed Venture, Indian Institute of Technology, Infosys, National Payments Corp, XV Partners, Sequoia Capital, SEA, Venture Intelligence, Thomson Locations: Madras, India, Sequoia Capital India, Bengaluru

The resignations of GV Ravishankar of Peak XV Partners, earlier Sequoia Capital India, Russell Dreisenstock of Prosus, and Chan Zuckerberg Initiative's Vivian Wu mean Byju's board now only comprises the founder's family. In a statement to Reuters on Friday, Byju's said it is in discussions with investors about reshaping the board, including the addition of independent directors. A "few" investors had to vacate their board seats as their shareholding dropped below the required minimum threshold, necessitating a board reshuffle, it said. The confirmation of the resignations comes after Reuters and other media outlets reported on Thursday that three Byju's board members had quit recently. On Friday, sources told Reuters that the edtech was asking its three global investors to reconsider their decision to quit its board.

Persons: Russell Dreisenstock, Chan Zuckerberg, Vivian Wu, Byju's, Akriti Sharma, Shivani Tanna, Shounak Dasgupta, Anil D'Silva Organizations: GV, XV Partners, Sequoia Capital, Blackrock, Reuters, Deloitte, Thomson Locations: Sequoia, Sequoia Capital India, Bengaluru

Byju's leadership is in talks with the investors to try to convince them to reverse their decision, the three sources, who declined to be named as the talks are private, told Reuters. Its rise was seen as a boost for India's startup scene as investors including General Atlantic made big bets on Byju's. Two of the sources said the investors took the decision collectively to resign from the board as they were not getting answers from Byju's founder and senior management. The departures mean Byju's board is now only made up of its founder and chief executive Byju Raveendran, his wife Divya Gokulnath, and his brother Riju Raveendran. While the investors are holding talks with Byju's, it has not yet been decided whether or not their decision to resign would change, one of the sources added.

Persons: Chan Zuckerberg, Byju's, Byju Raveendran, Divya Gokulnath, Riju Raveendran, Aditya Kalra, Alexander Smith Organizations: Peak XV Partners, Sequoia Capital, Deloitte, Reuters, Byju's, General Atlantic, Thomson Locations: DELHI, Sequoia Capital India, U.S

[1/2] Horizon Quantum Computing Chief Science Officer Si-Hui Tan and Chief Executive Officer Joe Fitzsimons sit in front of their white board in Singapore in this handout photo taken November 2021. Courtesy Horizon Quantum Computing/Handout via REUTERSOAKLAND, Calif March 31 (Reuters) - Singapore-based software startup Horizon Quantum Computing on Friday said it raised $18.1 million to expand its engineering team and speed up product development. The company, founded in 2018, created a programming language called Helium for quantum computers, designed to make it easier to tackle complex problems. Quantum computers, based on quantum physics, could potentially perform some calculations millions of times faster than the current fastest super computers. Horizon Quantum Computing said it is also planning to open its first European offices in Ireland, where it is building its new engineering center.

☆ This fish farmer-turned-entrepreneur runs a profitable start-up. Here are his tips
▼ + stars: | 2023-03-09 | by ( Sheila Chiang | ) www.cnbc.com time to read: +7 min

Now at 33, Farizy runs Indonesia-based startup eFishery, which developed products such as automatic feeders that help local seafood farmers save costs and improve productivity. Automatic feeders eliminate the problems of manual feeding, which could result in over-feeding or under-feeding. Say no to high cash burnMany startups focus on blistering growth, which usually means a high cash burn rate. When asked about how he runs a successful company, he said: "We don't burn cash unnecessarily." Cash burn refers to a company spending its cash reserves when it is not yet generating profit.

☆ Shopify's startup investments this year include millions into companies that focus on NFTs, Web3 apps, customer-engagement, and financial services
▼ + stars: | 2022-11-03 | by ( Madeline Stone | ) www.businessinsider.com time to read: +12 min

In its press release announcing the new funding, Wati said the investment was Shopify's first in a startup operating in Southeast Asia. The goal is to make Thirdweb's tools available to Shopify merchants who want to bring Web3 products and experiences to their online stores. Shopify recently participated in Gorgias' $30 million Series C round, which valued the startup at $710 million. According to the company, merchants using its technology report a 96% increase in sales on average. Flexport announced it had received a strategic investment from Shopify as part of its $935 million Series E on February 7.

☆ Google's former payments chief just unveiled his plans for a digital family office that relies on AI and already has $90 million in funding from backers like Ribbit Capital and Coatue
▼ + stars: | 2022-11-02 | by ( Asia Martin | ) www.businessinsider.com time to read: +3 min

Caesar Sengupta spent 15 years at Google and was its payments chief before leaving in 2021. Arta is backed by investors such as Sequoia Capital India and Ribbit Capital. Sengupta left Google in April of last year with seven other Google employees to start Arta: Charles Dong, Chirag Yagnik, David Shapiro, Edward Chiang, Felix Lin, Mark Striebeck, and Zelidrag Hornung. "This is so different from what Google does, we left and Google was extremely supportive," said Sengupta. Sengupta and other former Google executives on the Arta team left in the midst of a series of exits of high-ranking Google employees.

☆ A Meta exec quit after 11 years to join Web3 at the peak of its hype. Here's why she's staying through a crypto winter.
▼ + stars: | 2022-10-26 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +6 min

Ex-Meta marketing exec Jennifer Kattula quit after 11 years to "take the leap" into Web3. The call piqued her interest and she began to research crypto and Web3 — both still nascent industries. Former Meta marketing executive Jennifer Kattula, now senior vice president of marketing at Polygon. Interest in Web3 and crypto was peaking, with bullish investors pouring a record $30 billion into crypto ventures that year. But Kattula's first foray into crypto did not go smoothly, and she left Celsius after less than six months in April 2022.

☆ India's got the next big thing in tech, and it could be worth $1 trillion
▼ + stars: | 2021-09-09 | by ( Diksha Madhok | Cnn Business | ) edition.cnn.com time to read: +8 min

Now, Asia's third largest economy is ready for the next big frontier in tech: Coming up with a new generation of software companies like Zoom or Slack. Of India's 10 SaaS unicorns, six reached that milestone in 2020, and investors around the world are paying attention. Thanks to the rise of India's IT industry, software engineering has become one of the most sought-after career options in the country. Despite the euphoria, there are some hurdles Indian companies have to overcome before they can deliver on the $1 trillion promise. SaaS companies, on the other hand, have to say no to 99% of [potential] customers, he added.

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