Upstox, Pine Labs, Uber, Tata, MDH-Everest, Bitcoin, Indonesia, Dell, etc.

Main Briefs

Wealth Management Startup Upstox Expands into Insurance Market

• Upstox enters insurance distribution: Initially focusing on term life insurance.

• Future plans: Expansion into health, motor, and travel insurance.

• Partnership: HDFC Life is among the first insurers to join Upstox's platform.

• Company goals: To make the platform simple, secure, and intuitive for wealth management.

• Financial offerings: Stocks, IPOs, F&O, commodities, currencies, fixed deposits, P2P lending, government bonds, NCDs, gold, and insurance.

• Financial milestone: Achieved breakeven in FY23 with revenue crossing Rs 1,000 crore.

• Growth target: Aiming for a tenfold increase in client base over five years.

• Industry context: Fintech companies like PhonePe are also heavily investing in insurance.

• Market penetration: Insurance penetration in India is 4.2%, with a reliance on traditional purchasing methods.

• Competition: Upstox competes with Zerodha and Groww in the wealth management space.

EPFO Adds 15.4 Million Formal Jobs in FY 2023-24, Payroll Data Shows

• EPFO created 15.4 million formal jobs in 2023-24, an 11.4% increase from 2022-23.

• In March 2024, EPFO saw a net addition of 1.44 million members.

• 56.83% of new members in March 2024 were aged 18-25, primarily first-time job seekers.

• Approximately 0.2 million new female members were added in March 2024.

• 1.18 million members exited and rejoined EPFO, reflecting job-switching behavior.

• Significant growth observed in employment across various industries, particularly expert services.

• Data indicates a trend towards a more inclusive and diverse workforce.

• The payroll data is provisional and continuously updated.

Briefs, You Can’t Miss:

1. Pine Labs receives Singapore court approval to move its domicile to India.

2. Global surplus dims the sparkle of Indian lab-grown diamonds.

3. Inspections launched on Everest and MDH units following spice bans.

4. New job opportunities and contract hiring surge in the EV industry.

5. IT companies seek top talent for AI and finance roles; significant pay increases expected.

6. Inventory of MDH and Everest spices reduced by retailers following bans.

7. Rare Rabbit's Rs 500 crore funding may see participation from Nikhil Kamath, Manyavar family office.

8. Uber India secures license to launch bus services in Delhi.

9. Tata Motors' subsidiaries team up with Bajaj Finance to offer financing to passenger and EV dealers.

World Briefs

• Nasdaq tops U.S. stock indexes as Nvidia rises before key earnings report.

• Bitcoin surges 82.3% from 2023’s January low, maintaining strong momentum.

• Indonesia now served by SpaceX satellite internet, launched by Elon Musk.

• Apple sets date for annual developers conference: June 10

AI Briefs

• Safety sidelined for product innovation at OpenAI, former leader asserts.

• AI integration in Windows highlighted with Microsoft's launch of Copilot+ PCs.

• GPT-4o launch drives significant revenue increase for ChatGPT mobile app.

• New PCs and Nvidia servers mark Dell Technologies' enhanced AI strategy.

• Samsung Electronics appoints new leader for its chip business.

Company Of The Day

Company Name: Rare Rabbit

Founder: Mr. Manish Poddar & Mrs. Akshika Poddar

Year Of Foundation: 2015

Headquarter: Bangalore, Karnataka, India

Industry: The brand celebrates men who defy stereotypes and expectations. Rare Rabbit has created a distinctive style and attracted a devoted following of creative individuals, stylish celebrities, and royalty.

Why Is It in the News?

Rare Rabbit, a men's clothing and fashion label, is in the final stages of securing its initial institutional funding amounting to INR 500 Cr. The funding is spearheaded by A91 Partners, and it is expected that Ravi Modi, the founder of Vedant Fashions, and Nikhil, the co-founder of Zerodha, will also be participating in this funding round.