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Paytm, India’s most valuable startup, confirms plan for an IPO

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Paytm, India’s most valuable startup, confirmed to its shareholders and employees on Monday that it plans to file for an IPO.

In a letter to shareholders and employees, Paytm said that it plans to raise money by issuing fresh equity in the IPO, and also sell existing shareholders’ shares at the event. The startup has offered its employees the option to sell their stakes in the firm.

This is the first time the Noida-headquartered firm, which has raised over $3 billion to date, has commented on its plans about the IPO. The startup said in the letter that it has received an in-principle approval from the board of directors to pursue the public market.

Paytm, which is backed by Alibaba and SoftBank, hasn’t shared when it plans to file for the IPO, but has sought shareholders’ response to their intention to sell stakes by the end of the month.

Two sources familiar with the matter told TechCrunch that Paytm plans to raise about $3 billion and is targeting a valuation of up to $30 billion in the IPO. Paytm declined to comment.

Paytm’s letter — obtained by TechCrunch — to shareholders on Monday.

This isn’t the first time Paytm has planned to explore the public route. Exactly 10 years ago, long before Paytm established itself as the largest mobile wallet firm and expanded to several financial and commerce services, the startup had filed with the regulator with intentions to become public. The startup at the time cancelled the IPO plan and instead raised money from VCs to explore new avenues for growth.

A lot is riding on a successful IPO of Paytm — which reported a consolidated loss of $233.6 million for the financial year that ended in March this year, down from $404 million a year ago. (The startup’s revenue fell 10% during this period to $437.6 million.) India’s stock markets are yet to be fully tested for tech startups’ stocks in the country — though retail investors have shown good signs in recent years.

The startup, which competes with Google Pay and Flipkart-backed PhonePe, has realigned its payments strategy in recent years to assume leadership position in merchant payments market.

In a report to its clients late last month, analysts at Bernstein said the startup’s credit tech vertical is likely to lead the next wave of its revenue growth.

An overview of Paytm’s financial services ecosystem (Bernstein)

“With the advent of UPI, there has been a rising narrative that questioned Paytm’s market leadership,” the analysts wrote, referring to the exponential growth of payments stack developed by retail banks in India that has been adopted by several firms including Google and PhonePe (as well as Paytm), and which has somewhat lowered the appeal of mobile wallets in India.

“However, under the hood, Paytm leads on merchant payments and has built an ecosystem of synergistic fintech verticals around its ‘super-app.’ The ecosystem spans payments (wallet/UPI), full-suite merchant acquiring, credit tech, digital bank, wealth, and insurance tech. We believe the super-app battle in India is not a ‘winner takes all’ but a game of execution, business building, and creating a superior customer experience with ecosystem integration,” Bernstein analysts added.

Paytm is the latest Indian giant startup that has expressed an interest in becoming public in recent months. Earlier this year, food delivery startup Zomato said it plans to raise $1.1 billion through an initial public offering. TechCrunch reported last month that Flipkart was in talks to raise over $1 billion in what is expected to be its financial fundraise ahead of an IPO.

This is a developing story. More to follow…

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Source: https://techcrunch.com/2021/06/07/paytm-ipo-shareholders/

Techcrunch

Co-living startup Habyt closes $24M Series B, merges with Homefully

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When WeWork appeared, other entrepreneurs looked at the model and thought that if you could apple co-working to property, then why not apply co-living. Thus, in the US, Common appeared, as did Hmlet in Asia. Imn the EU, Habyt launched, but has already gobbled-up its competitors Quarters, Goliving, and Erasmo’s Room.

It’s now closed a series B round of €20M / $24M, and merged with another competitor, Homefully, founded by Sebastian Wuerz in 2016. The round was backed by HV Capital (formerly Holtzbrink Ventures), Vorwerk Ventures, P101 and Picus Capital.

Founded in 2017 by Luca Bovone, Habyt will now have over 5,000 units across 15 cities and 6 countries. The merged companies will offer fully furnished and serviced living units, coupled with a tech-enabled user-experience and a focus on community, aimed at young professionals between 20 and 35 years old who move jobs and cities fairly frequently.

Luca Bovone, Founder and CEO of Habyt, said: “We have been on an incredible journey in the past year and a half. In spite of less than perfect market conditions we have been able to grow a lot via a very successful M&A strategy that brought us into the position of leaders of our sector in Europe and that still has a lot of potential. This 20M series B round really opens our doors to keep building Habyt both via organic growth and via more M&As. We are now looking at strategic targets in Europe, specifically in France and Italy, and also in other continents, especially in Asia.”

Sebastian Wuerz, Founder of homefully, said: “The coliving market is going through a consolidation phase and Habyt has really seized this opportunity quickly and effectively and is on the best track to become the leader of the sector at a global scale. Joining forces is a crucial step in this direction and I am very excited for the team to be part of this journey.”

Felix Kluehr, Partner at HV said: “We are happy to see that Habyt has emerged as the leading player in the European co-living market and HV is excited to support the team in their ambitious plan to build the leading European coliving company”.

Over an interview, Bovone told me: “It’s like a member’s club. We have a subscription model, where people pay a monthly fee, which is your rent, and then you can, of course, apply for a room somewhere else and know that we have a fairly decent scale across Europe and eventually, also in southern Europe. You are able to move from one place to the other. Our motto is live anywhere.”

He said that the pandemic had meant that people were ditching co-working spaces and “They would prefer to spend 50 to 100 euro more per month on getting better housing where they can work comfortably from home.”

“We are already seeing within our customer base, they want to stay six months in Berlin, three months in Madrid, then move back to Berlin and so on. The traditional housing market just doesn’t allow that to happen. You have contracts with utilities and so on, which you can never break and it’s just an outdated product offering, and we’re trying to tackle that.”

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Source: https://techcrunch.com/2021/06/16/co-living-startup-habyt-closes-24m-series-b-merges-with-homefully/

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A look inside Google’s first store, opening in NYC’s Chelsea neighborhood tomorrow

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There have been plenty of pop-ups over the years, but tomorrow Google’s first store opens in NYC’s Chelsea neighborhood. The brick and mortar model finds the company joining peers like Apple, Microsoft, Samsung and even Amazon, all of whom have a retail presence in Manhattan, including several just around the corner from Google’s new digs.

The new space, which opens tomorrow morning at 10 a.m. local time, fills 5,000 square feet of selling space in Google’s big, pricey West Side real estate investment. The retail location was previously occupied by a Post Office and Starbucks, which vacated the premises once their leases expired under their new corporate landlord.

Image Credits: Photos courtesy of Google and Paul Warchol

The store’s layout is designed to be experiential, highlighting the company’s growing hardware portfolio along with select third-party partners. Essentially it’s a way for the company to get Pixel phones, Home offerings, Stadia, WearOS and the newest addition to the hardware portfolio, Fitbit devices, in front of tourists and locals.

“We really used the pop-ups over the last several years to get a better sense of what are customer expectations for what we can uniquely deliver at Google,” VP Jason Rosenthal said during a press preview week. We’ve taken learnings from our 2016, 2017, 2018 and 2019 pop-ups and really fed that learning into what we’re opening[…] in Chelsea.”

Due to pandemic restrictions, the preview was virtual. And while it’s open to the public this week, the company will be maintaining the standard safety precautions, as the city deals with (knock on wood) the tail end of the pandemic.

And while COVID-19 almost certainly slowed the planned opening, Google promises that things will be in full force starting tomorrow. This follows several weeks of piloting, wherein the store’s 50 or so staffers were put through their paces, while the company put the finishing touches on the experience. Prior to this, Google built a full-size store mockup in a hangar space in Mountain View to test out ideas.

Image Credits: Google and Paul Warchol

In addition to product screens and dioramas lining the 17-foot windows, the company filled the store with “sandboxes” — effectively scenarios like a living room, not dissimilar to what you might find in a large furniture store — albeit better lit. There’s also a gaming area for playing Stadia and a soundproof spot for testing out various Home/Nest products.

Like Apple’s Store, customers can bring in for repair broken devices like Pixels. The company says it’s growing the number of devices that can be repaired on-site, while certain issues, like a broken screen, should be able to be fixed same day.

It seems likely that the store is a pilot in and of itself, with further plans to open additional locations in the U.S. and, perhaps, international markets where the company sells hardware. For now, however, Google won’t discuss the subject beyond tomorrow’s opening in Chelsea.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://techcrunch.com/2021/06/16/a-look-inside-googles-first-store-opening-in-nycs-chelsea-neighborhood-tomorrow/

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Ecommerce

A look inside Google’s first store, opening in NYC’s Chelsea neighborhood tomorrow

Published

on

There have been plenty of pop-ups over the years, but tomorrow Google’s first store opens in NYC’s Chelsea neighborhood. The brick and mortar model finds the company joining peers like Apple, Microsoft, Samsung and even Amazon, all of whom have a retail presence in Manhattan, including several just around the corner from Google’s new digs.

The new space, which opens tomorrow morning at 10 a.m. local time, fills 5,000 square feet of selling space in Google’s big, pricey West Side real estate investment. The retail location was previously occupied by a Post Office and Starbucks, which vacated the premises once their leases expired under their new corporate landlord.

Image Credits: Photos courtesy of Google and Paul Warchol

The store’s layout is designed to be experiential, highlighting the company’s growing hardware portfolio along with select third-party partners. Essentially it’s a way for the company to get Pixel phones, Home offerings, Stadia, WearOS and the newest addition to the hardware portfolio, Fitbit devices, in front of tourists and locals.

“We really used the pop-ups over the last several years to get a better sense of what are customer expectations for what we can uniquely deliver at Google,” VP Jason Rosenthal said during a press preview week. We’ve taken learnings from our 2016, 2017, 2018 and 2019 pop-ups and really fed that learning into what we’re opening[…] in Chelsea.”

Due to pandemic restrictions, the preview was virtual. And while it’s open to the public this week, the company will be maintaining the standard safety precautions, as the city deals with (knock on wood) the tail end of the pandemic.

And while COVID-19 almost certainly slowed the planned opening, Google promises that things will be in full force starting tomorrow. This follows several weeks of piloting, wherein the store’s 50 or so staffers were put through their paces, while the company put the finishing touches on the experience. Prior to this, Google built a full-size store mockup in a hangar space in Mountain View to test out ideas.

Image Credits: Google and Paul Warchol

In addition to product screens and dioramas lining the 17-foot windows, the company filled the store with “sandboxes” — effectively scenarios like a living room, not dissimilar to what you might find in a large furniture store — albeit better lit. There’s also a gaming area for playing Stadia and a soundproof spot for testing out various Home/Nest products.

Like Apple’s Store, customers can bring in for repair broken devices like Pixels. The company says it’s growing the number of devices that can be repaired on-site, while certain issues, like a broken screen, should be able to be fixed same day.

It seems likely that the store is a pilot in and of itself, with further plans to open additional locations in the U.S. and, perhaps, international markets where the company sells hardware. For now, however, Google won’t discuss the subject beyond tomorrow’s opening in Chelsea.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://techcrunch.com/2021/06/16/a-look-inside-googles-first-store-opening-in-nycs-chelsea-neighborhood-tomorrow/

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Tractable raises $60M at a $1B valuation to make damage appraisals using AI

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As the insurance industry adjusts to life in the 21st century (heh), an AI startup that has built computer vision tools to enable remote damage appraisals is announcing a significant round of growth funding.

Tractable, which works with automotive insurance companies to let users take and submit photos of damaged cars that are then “read” to make appraisals, has raised $60 million, a series D that values Tractable at $1 billion, the company said.

Tractable says it works with more than 20 of the top 100 auto insurers in the world, and it has seen sales grow 600% in the last 24 months, which CEO Alex Dalyac told me translates as “well into 8 figures of annual revenue.” He also told me that “we would have grown even faster if it weren’t for Covid.” People staying at home meant far less people on the roads, and less accidents.

Its business today is based mostly around car accident recovery — where users can take pictures using ordinary smartphone cameras, uploading pictures via a mobile web site (not typically an app).

But Tractable’s plan is to use some of the funding to expand deeper into areas adjacent to that: natural disaster recovery (specifically for appraising property damage), and used car appraisals. It will also use the investment to continue building out its technology, specifically to help build out better, AI-based techniques of processing and parsing pictures that are taken on smartphones — by their nature small in size.

Insight Partners and Georgian co-led the round and it brings the total raised by the company to $115 million.

Dalyac, a deep learning researcher by training who co-founded the company with Razvan Ranca and Adrien Cohen, said that the “opportunity” (if you could call an accident that) Tractable has identified and built to fix is that it’s generally time-consuming and stressful to deal with an insurance company when you are also coping with a problem with your car.

And while a new generation of “insuretech” startups have emerged in recent years that are bringing more modern processes into the equation, typically the incumbent major insurance companies — the ones that Tractable targets — have lacked the technology to improve that process.

It’s not unlike the tension between fintech-fuelled neobanks and the incumbent banks, which are now scrambling to invest in more technology to catch up with the times.

“Getting into an accident can be anything from a hassle to trauma,” Dalyac said. “It can be devastating, and then the process for recovery is pretty damn slow. You’re dealing with so many touch points with your insurance, so many people that need to come and check things out again. It’s hard to keep track and know when things will truly be back to normal. Our belief is that that whole process can be 10 times faster, thanks to the breakthroughs in image classification.”

That process currently also extends not just to taking pictures for claims, but also to help figure out when a car is beyond repair, in which case which parts can be recycled and reused elsewhere, also using Tractable’s computer vision technology. Dalyac noted that this was a popular enough service in the last year that the company helped recycle as many cars “as Tesla sold in 2019.”

Customers that have integrated with Tractable to date include Geico in the U.S., as well as a large swathe of insurers in Japan, specifically Tokio Marine Nichido, Mitsui Sumitomo, Aioi Nissay Dowa and Sompo. Covéa, the largest auto insurer in France, is also a customer, as is Admiral Seguros, the Spanish entity of UK’s Admiral Group, as well as Ageas, a top UK insurer.

Japan is the company’s biggest market today Dalyac said — the reason being that it has an ageing population, but one that is also very strong on mobile usage: combining those two, “automation is more than a value add; it’s a must have,” Dalyac said. He also added that he thinks the U.S. will overtake Japan as Tractable’s biggest market soon.

The new directions into property and other car applications will also open the door to a wider set of use cases beyond working with insurance providers over time. It will also bring Tractable potentially into new competitive environments. There are other companies that have also identified this opportunity.

For example, Hover, which has built a way to create 3d imagery of homes using ordinary smartphone cameras, is also eyeing ways of selling its tech (originally developed to help make estimates on home repairs) to insurance companies.

For now, however, it sounds like the opportunity is a big enough one that the race is more to meet demand than it is to beat competitors to do so.

“Tractable’s accelerating growth at scale is a testament to the power and differentiation of their applied machine learning system, which continues to improve as more businesses adopt it,” said Lonne Jaffe, MD at Insight Partners and Tractable Board member, in a statement. “We’re excited to double down on our partnership with Tractable as they work to help the world recover faster from accidents and disasters that affect hundreds of millions of lives.”

Emily Walsh, Partner at Georgian Partners added: “Tractable’s industry-leading computer vision capabilities are continuing to fuel incredible customer ROI and growth for the firm. We’re excited to continue to partner with Tractable as they apply their artificial intelligence capabilities to new, multi-billion dollar market opportunities in the used vehicle and natural disaster recovery industries.”

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Source: https://techcrunch.com/2021/06/16/tractable-raises-60m-at-a-1b-valuation-to-make-damage-appraisals-using-ai/

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