👊🏻 Only 17 out of 80 (Issue 029)

Read online

In today’s Issue 📥 :

• Only 17 out of 80 wear the crown.

• What money can’t buy?

• They really were doing nothing.

• Applies for the same role.

India’s unicorn squad’s profitability’s a letdown, only 17 out of 80 wear the crown; with just 6 startups listed, success is still not found.

☕ Good morning! Sippers,

The profitable start-ups include Zerodha, Zoho, Firstcry, Billdesk, and a few others. They have made profits ranging from Rs 215.4 crore to Rs 2,747 crore between FY21 and FY22.

Tracxn’s data also revealed that around 16 start-ups have moved away from their unicorn status in the last two years, either due to acquisitions or listings on stock exchanges. Companies like Tata1mg, Blinkit, Rivigo, BigBasket, Flipkart, and ShopClues saw their unicorn status changing because of acquisitions.

Moreover, Paytm, Zomato, Nykaa, Delhivery, PolicyBazaar, and Five Star Business Finance made their debut on the stock markets in the last two years. However, their valuations dipped post their listing.

Despite India having the third largest start-up ecosystem globally, funding has been sliding, especially for late-stage start-ups. In 2021, start-ups raised $42 billion from global investors. But, the current year has seen a funding dip, with global VCs sitting on dry powder worth $590 billion available for investment.

Stay tuned for more updates on India’s start-up ecosystem.

Note: Tracxn classifies all tech companies as start-ups and has collated unicorns as per valuation.

IMPROVEMENT SIP

What money can’t buy?

Italian billionaire Brunello Cucinelli has achieved great success in business, but he knows that there are some things that money can’t buy. In an interview, he shared his thoughts on three things that are priceless: fitness, diet, and looking after your soul.

First and foremost, Cucinelli emphasizes the importance of fitness. Regardless of your financial status, you cannot buy physical health. You have to put in the time and effort to stay in shape. This can involve exercise, healthy eating, and taking care of your mental health. As he puts it, “You have to keep fit, whether you’re rich or not.”

The second thing that money can’t buy, according to Cucinelli, is diet. You cannot pay someone to be on a diet for you. While it may be tempting to hire a personal chef or nutritionist, ultimately, it is up to you to make healthy choices and stick to a nutritious diet. As Cucinelli notes, “You cannot pay someone to be on a diet for you.”

Finally, Cucinelli emphasizes the importance of looking after your soul. This involves taking care of your mental and emotional well-being, as well as nurturing your relationships with others. While there are many things that can contribute to a healthy soul, ultimately, it is up to you to prioritize self-care and make time for the things that matter most. As he puts it, “No one can possibly treat your soul but you yourself.”

HOT SIP

A woman applies for the same role after her company listed the position for $90,000 more than her current salary, and goes viral.

We wanted to bring to your attention an interesting story that has been making the rounds on social media. Kimberly Nguyen, a 25-year-old user experience writer for Citigroup, recently went viral after she discovered that her employer was advertising her current job title for a salary that was much higher than her current pay.

Nguyen, who earns $85,000 a year on a contract basis, noticed on LinkedIn that her company was looking for someone to fill her same role with a salary range of $117,200 to $175,800. This was up to $90,000 more than what she was earning. She then shared the job posting with her coworkers and took to Twitter to call out the discrepancy, which has since garnered 12.8 million views.

The story gained attention as the city of New York recently implemented a new salary transparency law, which requires employers to provide a salary range for any job postings. Nguyen claims she had been asking for a raise “for months” but was told Citigroup didn’t have the budget to increase her salary.

Nguyen’s tweet caught the attention of Citigroup’s HR department, and she was eventually called in for a meeting. Citigroup defended its use of Photon, a contractor service, to negotiate pay rates on behalf of its contractors, adding that they have no control over contractor salaries.

Nguyen’s story highlights the vulnerability of contractors in today’s job market and the lack of transparency in salary negotiations. As more cities begin to implement salary transparency laws, it will be interesting to see how employers adapt and whether this will lead to a fairer distribution of wages.

SMALL SIPS

New Material: According to the New Scientist, an assistant professor named Ranga Dias at the University of Rochester in New York and his colleagues claim to have made a material from hydrogen, nitrogen, and lutetium that becomes superconductive at a temperature of just 69 degrees Fahrenheit and a pressure of 1 gigapascal. That is nearly 10,000 times the atmospheric pressure on Earth’s surface, but still a far lower pressure than any previous superconducting material.

Bans solo trekking: Nepal will ban solo trekking for foreigners from April 1, making it mandatory to take a guide along to ensure the safety and well-being of the visiting guests.

BBC Reinstates: Gary Lineker will return as presenter of the flagship BBC football show Match of the Day, the broadcaster said Monday, ending a crisis sparked by his criticism of the UK government’s new asylum policy.

Meta: has announced another round of layoffs in 2023. Last year, the company fired as many as 11,000 employees and it is now all set to sack 10,000 more workers. Meta has announced the latest layoff news in a blog post and the tech giant has also apologized for its latest decision. Meta’s CEO Mark Zuckerberg also confirmed that restructurings and layoffs in tech groups will be done in late April, and business groups will be affected in late May.

Female Billionaires: India is home to the fifth-highest number of female billionaires in the world. India has nine female billionaires, with Savitri Jindal being the richest woman in India with a net worth of $17.3 billion.

With CHAI ☕

Ceo: CryptoQuant CEO reveals $1 Billion buying pressure on BTC, ETH, and BNB.

How to: calculate The ROI Of SEO For Your Marketing Strategy.

Aww: On Sundays, I don’t work vibes.

It’s Interesting: All human beings are 99.9% identical genetically.

TWEET