What's latest at Musk's Twitter: Elon Musk has now confirmed that Twitter will begin charging $8 per month for its Twitter Blue service, which will provide subscribers with the highly sought-after "verified" badge. 

The price for this may vary by region, adjusted by country “proportionate to purchasing power parity”. The service gets you:

• Priority in replies, mentions, and search
  
  
• Ability to post long video and audio
  
  
• Half as many ads
  
  
• Bypass paywalls at news organisations that team up with Twitter

As Twitter's decision to charge for 'blue ticks' is debated, the National Payments Corporation of India (NPCI) chief Dilip Asbe has pitched its UPI autopay service to handle monthly payments. 

• Cred founder (and Twitter poll-lover) Kunal Shah has referred to Twitter's blue tick a "vanity badge" and said that Elon Musk's decision to charge $8 a month for the verification would end in chaos.

Musk also said Twitter won't reinstate banned accounts for weeks. He added that the platform will not allow anyone back unless there is a clear process.

A paywalled video product is also in the works, which will allow users to charge a fee to access their videos. (We wonder who will be the first adopter of this product!)

In today’s newsletter:   

• PM Modi hails 'brand Bengaluru'
• Byju’s looks to list Aakash
• Freshworks lowers growth forecast

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Bengaluru, which is the startup and information technology hub of India, is the first name that comes to mind when one thinks of tech and talent, said Prime Minister Narendra Modi at Karnataka's Global Investors Meet.

• In a virtual address, Modi said that 'brand Bengaluru' is an established name for tech and talent not just in India, but globally. 

PM Modi also stressed on the growth of the startup sector over the past year, saying that India's youth have created over 100 unicorns and 80,000 startups till date.

• He said that every sector is moving forward with 'Yuva Shakti'. With Rs 5 lakh crore in total investments committed to the state across sectors at the summit, he believes that job prospects for young people will expand further.

Modi said that one of the reasons for the growth of India's technological hub Karnataka across spheres is that it has the 'double engine power' of having the same party in power in the state as in the Centre.

He also said that some of Karnataka's growth numbers are giving tough competition not only to other Indian states but also to some countries around the world.

"This is why Karnataka is consistently one of the top rankers in ease of doing business and is one of the top states attracting Foreign Direct Investment (FDI). A new story of development is being written in Karnataka starting from industry to IT, fintech to biotech, startups to sustainable energy," he said.

It's a hat trick. No, we are not talking about the India vs Bangladesh match, where that would have helped our bowlers. 

It’s the third time this week a Byju’s story has been featured among the top 3 stories in our newsletter. But like we’ve said before there is seldom a dull day for India’s most-valued startup.

In the latest, we understand from our sources that Byju’s is preparing to list its subsidiary Aakash, an offline coaching chain, in the first half of next year

• The size of the IPO could be $1 billion, giving Aakash a valuation of $3.5-$4 billion

• Byju’s is expected to file papers early next year 

• The listing could happen around June 2024

The move to sell a part in Aakash to the public comes at a time when Byju's has delayed its own IPO amid uncertain macroeconomic conditions. Shares of new-age loss-making tech companies like Zomato, Paytm, and PB Fintech, among others, have given poor returns to investors since listing. 

It also comes at a time when Byju’s is battling multiple headwinds- from news of layoffs to slowing growth to piling losses. An Aakash listing in this scenario, is a bright spot, provided it manages to pull it off. 

Essentially, Byju's bought Aakash when offline was dying and is now selling it when online is dying.

A lot could change between now and then, as we enter an increasingly uncertain macro environment. But as things stand, an Aakash IPO could well happen before Byju’s.

SaaS superstar Freshworks reported its September quarter results which showed a growth in revenue of 37% year-on-year to $129 million. 

Now, one might think that the growth is pretty decent and “Aal Izz Well”. It is, but the effects of macroeconomic pressures are beginning to take effect, which is why the company has reduced its growth forecasts for 2022.

While the company experienced growth year-on-year, quarterly growth was just about 5%. In fact, CEO Girish Mathrubootham said that overall macroeconomic conditions slowed expansion activities in Q3 and that they are closely adhering to cost-cutting procedures, including reducing headcount requirements.

Not really, even though keeping caution is key and that's what Freshworks is doing. In fact, experts said that the recession is likely to have serious effects in the coming quarters and it is just starting to set in now. However, companies with strong unit economics and efficient cost-cutting strategies will wade through this macroeconomic pressure and bounce back.

Yes, certainly. Despite fears of a recession in the US, Freshworks' customer retention rate is strong and churn has stabilised. In fact, the number of Freshworks customers contributing more than $5,000 in annual recurring revenue (ARR) increased by 19% year-over-year to 16,713. In addition, the company is experiencing robust expansion in the North American market.

• Changpeng 'CZ' Zhao, CEO of Binance, said that despite a crypto crash that has seen Bitcoin lose almost 70% of its value, from $69,000 to its current level of about $20,000, that cryptocurrency is "probably the only stable thing in this very dynamic environment."
  
  
• Deribit, a cryptocurrency options and futures exchange, has suspended withdrawals following a $28 million hot wallet attack. The exchange highlighted that client assets are safe as losses are covered by Deribit’s reserves.

It's been four years since we have seen the ‘Badshah’ of Indian cinema on the big screen. Looks like the wait is finally getting over. 

On his 57th birthday, Shah Rukh Khan teased his next film Pathaan, which also stars Deepika Padukone and John Abraham in power-packed roles.

If there weren't already enough reasons to admire the ‘Badshah’, his birthday provides another opportunity for fans to honour his life and films. Pathaan's teaser made the day even more special, serving as Khan's thank you to fans.

What surely made us starry-eyed were his short appearances in Lal Singh Chaddha and Brahmastra this year. The roaring response to his cameos in these movies only makes the wait more enticing, because minor appearances don't whet our appetite.

​Here's wishing King Khan a very Happy Birthday!

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