One quick thing: Ola Electric shares jump 20% after listing, locked in upper circuit on debut

Hello there! In today's edition, we bring you exclusive coverage from the inaugural Moneycontrol Startup Conclave.

The event featured a combination of keynote speeches, panel discussions, and inspiring talks from experts in the fields of policy, venture capital, and entrepreneurship.

Here’s a quick rundown of everything that was discussed at the event.

• The current funding drought in growth stage startups is due to a lack of enough investable companies, top venture capital investors said. "There have not been many $50 million plus investments in tech in the last 15 months. We are looking very hard," said Sumer Juneja, who spearheads SoftBank Vision Fund's bets in India. Sanjay Nayar, private equity veteran and founder of Sorin Investments, also dismissed any concerns of a funding winter and said that the real problem is the lack of enough good assets to invest in.
  
  
• Karnataka IT-BT Minister Priyank Kharge announced an upcoming entrepreneurship support programme, potentially a first in the country. The initiative will provide a monthly stipend of Rs 25,000 for a year to individuals who leave their jobs to pursue entrepreneurship. While acknowledging that the amount may seem modest given high inflation, Kharge emphasised that it aims to cover domestic expenses. He also praised the success of the Karnataka government's Elevate program, describing it as "the most-loved scheme for startups."
  
  
• Zepto CEO and co-founder Aadit Palicha compared the company's current position to Amazon's in the late 90s and early 2000s, suggesting that the quick commerce firm has the potential to achieve a valuation of $50-80 billion. Palicha emphasised that while the opportunity is significant, success will hinge on precise execution. He acknowledged that other companies in the past had similar potential but failed to capitalise on it. He added that Zepto plans to remain focused solely on its core business without diversifying into adjacent areas for the foreseeable future.
  
  
• Mobile payments firm PhonePe will likely achieve near profitability at the consolidated level in FY24, the company CEO Sameer Nigam said. PhonePe’s various businesses like Pincode, Indus, lending, and insurance are now structured as subsidiaries and the group will see near profitability at the group level for the last financial year, Nigam said.
  
  
• At a time when the quick commerce sector is gaining prominence, founders and investors have been divided on where the industry growth is coming from. While some believe the rapid delivery market is growing at the cost of e-commerce, others say it is eating into the share of mom-and-pop (kirana) stores. However, Swiggy group CEO and co-founder Sriharsha Majety disagrees, asserting that quick commerce isn't diminishing the share of kirana stores.
  
  
• Lalit Keshre, co-founder and CEO of the discount broking firm Groww, expressed support for the Securities and Exchange Board of India's (SEBI) consideration of restrictions on Futures and Options (F&O) trading, emphasising that regulators' primary duty is to protect consumers. He noted that Groww’s vision aligns with SEBI’s and highlighted that investor protection is crucial for long-term growth.
  
  
• Bhavin Pandya, co-founder and co-CEO of Games24x7, said that the future of the online gaming industry will depend on how well companies leverage technology to engage users. "We are in a space where technology is growing rapidly. Every second word coming out of people's mouths these days is AI/ML and data science" Pandya said.

You can catch all the updates from Moneycontrol Startup Conclave in our liveblog or watch the recap of the event.