One quick thing: Now, Eruditus gets its fair value slashed

In today’s newsletter:

• Atomberg scores big with $86 million funding
• Coming soon! EV chargers on national highways
• Paisabazaar pivots to new revenue model

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Even in the dead of funding winter, a fan maker is stirring up winds of change.

As global investors seek to broaden their portfolio beyond conventional sectors, smart fan and appliances manufacturer Atomberg has successfully secured significant funding.

You first read about the round on Moneycontrol!

Smart appliance manufacturer Atomberg has raised $86 million as part of its Series C funding, led by London-based private equity firm Steadview Capital and Singapore's Temasek.

• The round, which was a mix of primary and secondary, valued Atomberg at around $400-450 million
  
  
• About 50-60% of the total funding was primary, Atomberg’s co-founder Shibam Das told us

Atomberg plans to use the funds to boost manufacturing capabilities, support new product launches, and expand offline presence in key regions.

Atomberg reported an over 80% increase in sales to Rs 358 crore in FY22 (2021-22) compared to FY21 (2020-21). 

• Importantly, the company's losses remained unchanged at Rs 39.3 crore, indicating that the company did not burn too much cash for growth.

Das said that the company has achieved profitability in the last 2-3 quarters and anticipates overall profitability in FY24.

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Great news for electric vehicle (EV) owners travelling on the NH-48 (Bengaluru-Pune) section within Karnataka!

Bangalore Electricity Supply Company Limited (BESCOM) is planning to set up fast charging stations at toll plazas to address motorists' concerns regarding the shortage of such infrastructure.

The initiative also aims to tackle the issue of high charging rates offered by private chargers on highways, which can be as high as Rs 25 per unit. In contrast, Bescom will only charge Rs 8 per unit. 

•  Bescom will establish charging stations at 10 toll plazas

Bescom's initiative to boost electric mobility extends beyond highways. It is now setting up an EV charging hub at Bengaluru airport capable of fast-charging up to 20 EVs simultaneously. 

• This project will make it one of the largest EV charging hubs in Bengaluru, according to Bescom.

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There is abundant research on how delayed gratification helps people succeed in the long run. Now, a fintech company is adopting this approach.

When the pandemic struck, PB Fintech’s online credit marketplace Paisabazaar immediately lost 90% of its lead generation revenue because lenders stopped disbursing loans. To make its business more resilient, the company is now shifting to a recurring revenue model.

• Under the previous model, Paisabazaar charged lenders around 3% upfront fees. However, it did not make any additional money during the lifetime of the loan or credit card

• In the new model, Paisabazaar charges a lower upfront fee, but it earns a per-transaction commission throughout the lifetime of its products

Currently, only 12% of Paisabazaar's revenue comes from the recurring model. However, the company plans to increase this number to 33% in the next couple of years.

Paisabazaar has chosen to avoid recent fintech trends such as offering value-added services and innovative credit lines to merchants, as well as Buy Now Pay Later (BNPL) credit options to consumers.

• It, however, has a business loan division that accounts for almost a fifth of its total disbursals, with an average ticket size of Rs 4-5 lakh

• The platform has avoided BNPL because it does not want to be perceived as a checkout product competing with Bajaj Finance – and maintain its identity as a credit marketplace

Paisabazaar reached an annualised loan disbursal rate of over Rs 15,000 crore in the March quarter. Of the Rs 869 crore of operating revenue earned by PB Fintech during the quarter, Paisabazaar accounted for Rs 120 crore.

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With Meta's annual general meeting set to take place on May 31, there will be a heightened focus on their operations in India, particularly in relation to allegations of political biases and the company’s capacity to effectively moderate content within the market.

• Meta shareholders have proposed a voting agenda item at the AGM to address allegations against Facebook regarding the dissemination of hate speech, failure to address risks, and political bias in India

Check out our explainer on the issue.

On May 29, 1992, Apple unveiled the Newton MessagePad, touting it as a groundbreaking product. Despite high expectations, it failed to gain market share and was discontinued in 1998.

Nevertheless, the Newton's shortcomings served as a catalyst for Apple's engineers, leading to the creation of the successful iPad and iPhone. 

• Temasek Holdings has slashed compensation for the team and senior management responsible for the company's investment in collapsed cryptocurrency exchange FTX.
  
  
• Jimbos Protocol was exploited for 4,090 ETH ($7.5 million) just three days after launching its version 2. The hack was made possible due to the protocol's inability to control slippage for the tokens it manages.

Dreaming of a wedding that is truly out of this world? 

Look no further! Space Perspective, a space travel company, is offering couples a once-in-a-lifetime opportunity to tie the knot while gazing down at Earth. 

However, this ethereal experience does come with a hefty price tag, as seat prices start from $125,000 (approximately Rs 1.03 crore). Find out more

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