One quick thing: Byju's undertakes another round of layoffs after performance review.

• Meanwhile, online poker platform Spartan Poker lays off 125 people after 28% GST blow 

In today’s newsletter:

• 'Trouble-fluencers' for Zerodha, Upstox, others
• The Bansals are back in e-commerce 
• Inside track of Peak XV's founder retreat

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If you haven't heard the word "finfluencer" or haven't seen at least one YouTube ad that makes you feel bad about not investing, you must be living under a rock!

• However, concerns have been raised about the regulatory oversight of such activities, particularly when these finfluencers collaborate with leading brokerages

 As the financial world becomes more democratised through social media, an interesting regulatory challenge has emerged.

Leading brokerages like Zerodha, Angel One, Motilal Oswal Financial Services, and Upstox have entered into partnerships with ‘illegal’ finfluencers.

• Finfluencers refer clients to these brokerages through links and earn a cut of the fees

The partnerships between finfluencers and brokerages exist in a regulatory "gray area." While the brokerages maintain these collaborations, they do so with cautious ambiguity.

• Some consider the practice to be legally questionable, awaiting further clarification from Sebi

Finfluencers often preface their content with disclaimers stating that their discussions are for educational purposes only and that they are not registered investment advisors.

• Legal experts say finfluencers can still be held liable for their advice, even if they claim it is for educational purposes

Even discussing stock ideas can be construed as investment advice, requiring registration, according to Sebi’s regulations.

Find out more

While you read about the troublemakers in the element above, let’s now talk about how the Bansals continue to reign supreme in the Indian startup ecosystem.

Mukesh Bansal, who founded Myntra and Cultfit, has teamed up with Zomato’s Mohit Gupta for a new venture in the premium fashion space.

• Bansal and Gupta are in advanced talks to secure $50 million from Peak XV and Accel, sources told us
  
  
• The duo are already eyeing a post-money valuation of $100 million
   
• The new firm will focus on the Gen Z shopper base

While Bansal will remain based in Bengaluru, Gupta will drive execution from Delhi.

Moving on from one Bansal to another. Binny Bansal, who became a billionaire just by selling his entire stake in Flipkart, is starting up again.

Binny Bansal is looking to incubate a startup in cross-border e-commerce, sources told us.

• He wants to build a global firm that can work with commerce companies and provide them backend support
  
  
• Bansal is not looking to raise external capital and will bootstrap the venture with his own wealth (he has netted $1-1.5 billion after all)
   
• He is also looking to a hire a CEO for his latest venture

One of India's largest venture capital (VC) firms, following a split from one of the world's major VC firms, organised the country's largest founder meet-up today.

In the wake of its split from storied Silicon Valley giant Sequoia Capital, Peak XV Partners (previously Sequoia Capital India) organised a gathering of nearly 250 portfolio founders today.

• This was also the first in-person meetup organized by Peak XV after the split

The gathering unfolded against the backdrop of a startup landscape fraught with challenges and uncertainties.

However, Shailendra Singh, the Managing Director of Peak XV, struck an optimistic tone in his opening remarks. Singh expressed bullishness about India's potential over the next few decades.

Also read: Global profit-sharing agreement dissolved, will double down on India: Peak XV's Shailendra Singh

Singh emphasised the need for companies to not only create free cash flows, but also to nurture a "right culture", which is woven together by the "right teams."

• He further encouraged founders to have clear product propositions and to embrace a multi-decade perspective
  
  
• Singh also stressed the importance of building defensible moats and of prioritising problem-solving over monetary gains

He also underlined the founders' duty to keep a sharp focus on the economic engine, while also having a deep understanding of capital allocation.

In 2019, Flipkart co-founder Sachin Bansal acquired a non-banking financial company (NBFC) and a microfinance institution (MFI) from the founders of Chaitanya, with a billion dollars in cash and the ambition to create a digital-first bank. However, the RBI rejected his application for a universal banking licence last year.

• The NBFC is in the business of providing personal loans and housing loans

The MFI, on the other hand, is a rural women-focussed player with a physical presence and feet-on-street collections. Bansal, however, wanted to run a 100% digital bank.

• The MFI business was a strategic and cultural misfit, and it made sense to sell it to another MFI that focused on rural India

Meanwhile, Bansal’s NBFC, Navi Finserv, has seen its June quarter revenue double to Rs 439 crore and reported a net profit of Rs 26 crore. The company’s loan book comprising personal and home loans stood at Rs 6,444 crore.

• Microsoft plans to start selling a new version of Databricks software that helps customers make AI apps for their businesses.
  
  
• Opera's iOS web browser update integrates Aria, their AI assistant developed in partnership with OpenAI.

Looking for a way to spice up your weekend? Then look no further than these two new releases.

First up is Guns & Gulaabs, a dark comedy crime thriller set in the violent and criminal 1990s era. The story follows characters as they navigate the chaos of this time period, finding love, laughter, and even a little bit of hope along the way. The series stars a stellar cast, including Dulquer Salmaan, Rajkumar Rao, Gulshan Devaiah, and Adarsh Gourav. Stream it on Netflix

And if you're a fan of AP Dhillon, then you won't want to miss AP Dhillon: First of a Kind. This documentary takes you on a journey through the life of the singer and rapper, from his humble beginnings in Punjab to his rise to fame. Watch it on Amazon Prime Video

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