One important thing:  Zomato’s new initiatives head Rahul Ganjoo has quit after a five-year stint, marking the second big exit at the food delivery and restaurant discovery platform. 

• Siddharth Jhawar, who was serving as the head of the intercity food delivery service, left the company last week.

In today’s newsletter: 

• Paytm, PB Fintech, Delhivery: What will SoftBank do?
• LTI, Mindtree merger gets approval 
• Govt wants desi cloud for sensitive data

Bonus: It's Children's Day! What better day than today for parents to talk to their children about money? Don't miss our special collection of stories about what parents can do. Scroll below for more deets!

(P.S. Zerodha co-founder Nithin Kamath also makes an appearance with his money mantras for the young)

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SoftBank, one of India's most prolific VC investors, is preparing for a soft landing of shares worth billions of dollars in its portfolio companies that will be put up for sale in the next two weeks.

The Japanese investor will gradually reduce its stake in Paytm, PolicyBazaar, and Delhivery—three of its public portfolio companies—in order to prevent panic selling. Together, these holdings total $1.8 billion.

This comes at a time when the shares of all three companies have fallen 30-60% since their initial public offerings, with investors reducing their exposure to loss-making companies.

• SoftBank invested approximately $2.2 billion in these three companies and sold shares worth $560 million in their initial public offerings (IPO)
  
  
• SoftBank's investment in Paytm is the only one that is losing money
  
  
• So far, SoftBank's investments in Delhivery and PolicyBazaar have resulted in a 2X return

SoftBank has invested approximately $11 billion in Indian startups through its two vision funds, and nearly $3.5 billion prior to that. It has invested in more than 21 of the country's 106 unicorns.

Read more about its stakes in the three companies here.

SoftBank's decision to take its time in reducing its investments comes as the Japanese investment conglomerate seeks to monetise assets amid mounting losses at its Vision Fund Investment unit.

Masayoshi Son, the founder of the Japanese investment conglomerate, spoke about monetising assets to offset Vision Fund losses in his last earnings call speech on November 11.

• SoftBank made a profit for the first time in three quarters after selling a portion of its stake in its crown jewel, Alibaba Group Holding.

What started as a hostile takeover of Mindtree by the Larsen & Toubro group in 2019 concluded today with the approval of the merger of LTI and Mindtree.

• Beginning November 14, LTIMindtree will operate as a single entity.

Following Mindtree's takeover, it was speculated that the two companies would merge, which was finally announced in May this year.

LTIMindtree, the merged entity, is the country's fifth-largest IT Services company by market capitalisation and sixth by revenue.

• Mindtree CEO Debashis Chatterjee to be CEO of the combined entity
  
  
• Mindtree CFO Vinit Teredesai appointed as CFO

• LTIMindtree now uniquely positioned to compete for larger deals
  
  
• The focus of the combined entity will be on cross-selling and upselling
  
  
• The L&T Group says the merger will help it in achieving its goal of increasing IT-enabled services to 25 percent of the company's total business by 2026
  
  
• LTIMindtree to generate $5 billion in revenue by next year

When the Personal Data Protection Bill 2019 was withdrawn in August, it was welcomed by lobbying groups representing Big Tech, who had been concerned about the draft's strict data localisation norms.

The industry wants free cross-border data flow, and they lobbied for it in the now-withdrawn PDP Bill, and they will continue to do so in future policies such as the Digital India Act and others.

• Although little is known about how the policy will be implemented, it appears increasingly clear that government data and sensitive data, such as those related to defence, will be stored locally.

The Indian government is looking to set up a National Government Cloud, specifically to address the issue of where to store sensitive data.

"The first step towards data localisation for the government is to store all data being generated by various Central government, State government and PSU agencies within India," said the National Informatics Centre, a body under India’s IT ministry in a tender. 

The Indian government will essentially have its own, exclusive cloud space for its various State governments, departments, ministries, and so on.

• A public-private partnership (PPP) model will be used to set up hyperscale data centres across the country, with the NIC serving as the technical partner.

Go deeper

• Investigators from the Bahamas' government are looking into the collapse of the cryptocurrency exchange FTX to see if any "criminal misconduct occurred," according to the Royal Bahamas Police.
  
  
• Binance CEO Changpeng Zhao said that the industry needs new rules that are stable and clear in light of recent events and people "cutting corners." "We're in a new industry, we've seen in the past week, things go crazy in the industry," Zhao told a gathering of G20 leaders at the summit in Bali. "We do need some regulations, we do need to do this properly, we do need to do this in a stable way."
  
  
• Cryptocurrency exchange AAX has suspended operations, citing a scheduled upgrade that was delayed by volatile market conditions. "AAX will continue our best efforts to resume regular operations for all users within 7-10 days to ensure the utmost accuracy," the company said.

Everyone has a complex relationship with money. Despite being a crucial life skill, it is sadly not taught in many schools. 

Hence, it becomes crucial for parents and guardians to instil in their kids the importance of saving money and giving them the tools they'll need to become financially secure.

Zerodha boss Nithin Kamath, who started trading at the age of 17, has some good money mantras for children and young adults. 

Also, here’s a round-up of our articles on personal finance, ranging from tips on how to talk to your kids about money to investment advice for young parents who want to safeguard their child's future.

• Investment for children, from Edelweiss CEO Radhika Gupta, who plans SIP for 4-month-old son
  
  
• Your child’s age is crucial when you start investing for future goals
  
  
• How to talk money with your children?

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