24 Seven, Ashneer's Comeback, Japan Investments, Moody's Outlook, AI Chatbots, Etc.

Author

Vaishali Sharma
April 13, 2024

 What's Next for 24Seven? Godfrey Phillips' Exit Sparks Speculation:

  • Godfrey Phillips India, parent company of 24Seven, to exit retail business division due to accumulated losses.

  • 24Seven may face closure or seek new investors after the parent company's decision.

  • Revenue for FY23 from retail operations stood at Rs 396 crore, accounting for 9.3% of total revenue.

  • Future plans for 24Seven undisclosed; closure or sale to potential investors likely options.

  • 24Seven operates nearly 145 locations across Delhi, NCR, Punjab, Tri city, and Hyderabad.

  • Offers groceries, prepared meals, drinks, cosmetics, personal hygiene items, music, film, and magazines.

  • Provides services like bill payment, mobile phone recharges, movie tickets, instant photo development, and courier services.

 Ashneer Grover's Comeback: BharatPe Co-founder Launches ZeroPe App for Medical Loans:

  • Ashneer Grover, former BharatPe MD, to launch fintech app ZeroPe for medical loans.

  • ZeroPe offers instant pre-approved medical loans up to Rs 5 lakh in partnership with NBFC Mukut Finvest.

  • The service is exclusively available at partnered hospitals.

  • Third Unicorn, founded by Grover, launched ZeroPe after launching fantasy gaming platform CrickPe in 2023.

  • Grover, along with his wife and Chandigarh-based entrepreneur Aseem Ghavri, founded Third Unicorn in January 2023.

  • Third Unicorn raised $3.5 million in a seed round led by ZNL Growth Fund.

  • ZeroPe aims to compete with digital-first startups offering data-driven medical loans across various healthcare needs.

  • India's digital healthcare market could generate $37 billion in revenue by 2030, with healthcare financing estimated to reach $5 billion.

 Japan's MUFG Eyes $2 Billion Investment in HDFC Bank's HDB Financial Services:

  • MUFG to purchase a 20% stake in HDB Financial Services, a subsidiary of HDFC Bank, for $2 billion.

  • Valuation of HDB Financial expected to be $9-10 billion.

  • Deal to be finalised at the upcoming HDFC Bank board meeting.

  • HDB Financial is owned 95% by HDFC Bank and 5% by employees through ESOPs.

  • Discussions ongoing for years but gained momentum recently.

  • Deal being executed at 5 times book value.

  • HDB Financial's IPO is expected before September 2025 to comply with RBI regulations.

  • Company operates 1,492 branches nationwide, with significant market capitalization.

  • HDB Financial primarily focuses on vehicle loans, loans against property, and personal loans.

  • MUFG is likely to have one board seat initially; final discussions are ongoing.

  • Capital infusion of $1.8-$2 billion beneficial for HDFC Bank.

  • HDB Financial's AUM rose to Rs 83,989 crore as of December 31, 2023.

  • HDFC Bank's overall capital adequacy at 17.99% as of December 31, 2023.

  • Reported net worth of HDB Financial at Rs 11,952 crore as of December 31, 2023.

  • Net worth coverage for net NPAs at around 20 times as of December 31, 2023, according to CRISIL.

Briefs, You Can’t Miss:

  1. SKF, Sona BLW, Sandhar Tech Surge as Elon Musk's India Visit Boosts EV Stocks.

  2. India's Coal Power Project Pipeline Ranks World's Largest After China.

  3. India's Forex Reserves Reach Record High of $648.562 Billion, Up by $2.98 Billion.

  4. SBI and ICICI Potentially to Serve as Third-Party Liaisons for European Banks.

  5. GAIL Chairman Advocates Inclusion of Natural Gas in GST Regime.

  6. Indian Pharmacopoeia Commission Issues Alert on Nimesulide Painkiller Due to Adverse Reactions.

  7. TCS Witnesses Decrease in Headcount by 1,759, Ending Fiscal Year at 601,546.

  8. Moody's Maintains Stable Outlook for India but Notes Rising Political Tensions.

  9. India's Infrastructure Budget for China Border Surges Post-2014: Jaishankar.

  10. GQG, SBI Funds Consider Investments in Vodafone Idea's $2.16 Billion Share Sale.

World Briefs

  • Joe Biden Announces $7.4 Billion Student Debt Relief for 277,000 Borrowers.

  • Hong Kong Nears Approval of First Spot Bitcoin ETFs by April.

  • German home appliances maker BSH Hausgerate GmbH considers India as the second largest emerging market. 

  • Maldives Engages in Talks with India to Facilitate Payment in Local Currency for Imports: Minister.

AI Briefs

  • Meta Begins Trial of AI Chatbot on Instagram and WhatsApp in India.

  • GPT-4 Turbo Released for Paid ChatGPT Users, Offering Enhanced Skills in Writing, Mathematics, Logical Reasoning, and Coding.