Tech & Startups
PB Fintech shares soar 7%, scale fresh 52-week highs
PB Fintech's shares surged by as much as 7% to reach a fresh 52-week high due to the business growth plans revealed in its first virtual meeting with analysts. The company, which owns Policybazaar platform, plans to fill gaps in the market by using data and technology, giving it an edge in addressing India's underpenetrated market. Product innovation is expected to drive its faster-than-industry growth. Kotak Institutional Equities has maintained its positive stance with a 'buy' rating and a fair value of INR725.
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Little by little, India is chipping away at the Great Wall. Last week, research firms raised their 2024 forecast for wearable device shipments from India on account of the exponential increase in demand and fall in average selling prices. Part of the reason companies can maintain a low price is because they are ramping up local assembly of products, a move that is costing China. This and more in today’s ETtech Top 5.
The crisis at Byju’s is experienced first-hand by its employees, who now stare at an uncertain future as their employer battles one problem after the other. Indeed, the Byju’s blast radius may singe other businesses, like digital lending. This and more in today’s ETtech Morning Dispatch.
“Are you really surprised?" an edtech founder said, implying that industry executives have seen this blow-up coming for a while. “This will have an impact on other startups, especially in the current market where money is tight,” the entrepreneur said.
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Sequoia weighs La Renon Healthcare exit
Plans are still on the drawing board and the storied Silicon Valley venture capitalist (VC) may not necessarily follow through with them, the sources cautioned. Menlo Park-headquartered Sequoia Capital had invested a sum of $16 million in Pankaj Singh-founded La Renon Healthcare in June 2015 at a valuation of around $100 million.
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