And we’re on to Thursday, and finally have some news in the industry today. Business seems back to usual with funding announcements & such. Also great to see India taking pro-active measures dealing with COVID-19, as the Govt. decided to restrict Indian borders to only Indian citizens from the 13th of March!
FamPay (oh look another fintech lol) raised $4.7M from Y Combinator, Venture Highway & Sequioa.
They are building, wait for it, a financial product aimed at teenagers. The app will let teenagers get virtual cards, and lets them also order physical cards and it sounds like teens can send money through UPI via the app.
The company, to me, just looks like a pretty skin on top of a banking + UPI app. Also it really feels like this is an India 1Alpha company, targeting the 1% of Indians who would probably get this app for their teenagers.
The one thing to think about is that why wouldn’t parents just open bank accounts at their current banks for their children, let them have cards (debit w/ limited money) & use UPI.
It also looks like the company is pre-launch? Maybe all it takes these days is a Gen Z idea + fintech spin to raise some money.
I do see the social aspect of this (Venmo capitalized on this very well in India) and think it’s definitely very unique and would probably work well with Gen Z, but is social a a feature for this company or a moat? What would happen if Google Pay becomes increasingly more social?
As you would see, if you open this piece, that I corrected the headline for the article.
Roughly half of startups (in some survey) have hired fewer women in the last year “to save on maternity costs”.
Honestly can’t tell y’all how much this upsets me, and these reasons contribute to India not having enough women in the workplace 🤮🤮🤮
By law Indian companies have to give 26 weeks paid leave to new mothers, and 56% of companies wanted the the leave to be reduced in some form (44% wanted to keep it unchanged).
This is definitely unfair to women who work equally hard to fight for their positions in the company and get overlooked for being hired or promoted simply because of their gender.
And I am personally all for Indian companies having a gender-neutral outlook for parental leave (props to Zomato + Others for doing so), and think all startups could likely benefit from that. One’s gender shouldn’t be the reason they aren’t hired at a company, one’s skills + experience probably should.