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It made perfect sense for Zomato to go down the fintech route. Until it didn’t.
Manage episode 438126635 series 3423246
There was once a time, not very long ago, when every company wanted to be a fintech. Food delivery, ride hailing, e-commerce – companies that you would not otherwise associate with financial services.
And when you think about it, it does add up. A couple years ago, fintech was where the money was at. Indian fintechs received nearly 9 billion dollars in funding in calendar year 2021. It was one the hottest sectors in the country.
The inside joke among venture capitalists was how founders could raise a round of funding just by mentioning “financial services” in their pitch deck. What were earlier standalone businesses would now exist as mere features on their apps. People in the industry came up with a catch-all term – fintech-as-a-feature. Take Ola for instance.
Zomato seemed to be going down that path too. In 2022, it had applied for a non-bank financial company or NBFC licence with the Reserve Bank of India.
But since then, things have changed. From 2022 onwards, the amount of money being raised by fintechs has dipped considerable. In 2022, they raised about 5.4 billion dollars, then in 2023, this amount fell to 2 billion.
What's going on?
Tune in to find out.
P.S The Ken's podcast team is hiring! Here's what we're looking for.
Daybreak is now on WhatsApp at +918971108379. Send us a hello with your name and since when you've been listening to us and be a part our community. Also, if you have any recommendations for this Thursday's Unwind segment, send them to us as texts or voice notes.
Want to be part of the Daybreak community? Introduce yourself here.
Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.
309 episodes
Manage episode 438126635 series 3423246
There was once a time, not very long ago, when every company wanted to be a fintech. Food delivery, ride hailing, e-commerce – companies that you would not otherwise associate with financial services.
And when you think about it, it does add up. A couple years ago, fintech was where the money was at. Indian fintechs received nearly 9 billion dollars in funding in calendar year 2021. It was one the hottest sectors in the country.
The inside joke among venture capitalists was how founders could raise a round of funding just by mentioning “financial services” in their pitch deck. What were earlier standalone businesses would now exist as mere features on their apps. People in the industry came up with a catch-all term – fintech-as-a-feature. Take Ola for instance.
Zomato seemed to be going down that path too. In 2022, it had applied for a non-bank financial company or NBFC licence with the Reserve Bank of India.
But since then, things have changed. From 2022 onwards, the amount of money being raised by fintechs has dipped considerable. In 2022, they raised about 5.4 billion dollars, then in 2023, this amount fell to 2 billion.
What's going on?
Tune in to find out.
P.S The Ken's podcast team is hiring! Here's what we're looking for.
Daybreak is now on WhatsApp at +918971108379. Send us a hello with your name and since when you've been listening to us and be a part our community. Also, if you have any recommendations for this Thursday's Unwind segment, send them to us as texts or voice notes.
Want to be part of the Daybreak community? Introduce yourself here.
Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.
309 episodes
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