🏦 How HDFC Bank works with startups; Go First turbulence threatens India's aircraft leasing dreams

The most interesting news selected specially for you! 21 April 2024 [View in Browser]( POWERED BY Hello, YourStory will host its first-ever developer conference, [DevSparks 2024]( in Bengaluru on May 4. The tech summit will host 1,000+ developers, engineers and technologists, and showcase the latest developer innovations in the emerging tech ecosystem. In today's newsletter, we will talk about: - HDFC Bank’s startup outreach - Go First turbulence threatens India's aircraft leasing dreams - Dr Ranjan Shetty on investing in health - Why pick Kasauli for solo travel? - Will funding winter thaw in 2024? Here’s your trivia for today: Who was the oldest British monarch to ascend the throne? --------------------------------------------------------------- --------------------------------------------------------------- Interview HDFC Bank’s startup outreach per Sunali Rohra, head of government and institutional banking, startups and gig banking at HDFC Bank, profitability, and not just ideas, will be at the centre of startup funding conversations going forward. "In business, profit has always been fundamental. That is beginning to become key again not just in India, but the world over," she says in an interview with Shradha Sharma. Startup needs: - HDFC Bank extends products, including loans and insurance, to startups through a network of over 8,000 branches. - The bank has also set up a regulatory reporting desk with the RBI, as part of its retail FX trade desk, which helps funded startups easily make regulatory filings for the inward remittances they receive. - It offers lending to startups too, under the Credit Guarantee Scheme for Startups, and has introduced an insurance policy product specifically for them. [Read More]( --------------------------------------------------------------- From the CapTable A year into bankruptcy, Go First’s case threatens to ground India’s aircraft leasing dreams Despite its aircraft gathering dust for nearly a year now, bankrupt domestic carrier Go First received a reprieve last week when the NCLT granted it another 60 days to complete its corporate insolvency resolution process (CIRP). This extension further draws out Go First’s CIRP, which has already gone beyond the 330-day timeframe stipulated by India’s Insolvency and Bankruptcy Code (IBC). This has put the lessors of the airline’s 54 aircraft—who have been fighting in the courts to regain possession of their aircraft—in a tough spot. The airline reportedly owes its lessors over Rs 2,600 crore. Crucially, the battle for possession of aircraft between the lessors and the airline is happening at a time when India has been pushing to make GIFT City in Gujarat a hub for aircraft leasing. Go First’s case, experts say, may put the brakes on India’s efforts to tap into an industry that could offer a $100 billion financing opportunity in the coming 20 years. Key takeaways: - Go First will soon complete a year since it filed for bankruptcy, with the airline getting a 60-day extension for the process last week - While this offers hope for the airline’s revival, the lessors of its aircraft are a frustrated lot - Despite India being a signatory to an international treaty that protects aircraft lessors, they cannot gain access to and possession of the airline’s grounded fleet due to India’s bankruptcy code - Experts say this standoff is also hurting India’s efforts to make GIFT City in Gujarat a hub for aircraft leasing [Continue Reading]( --------------------------------------------------------------- Health Dr Ranjan Shetty on investing in health Just as consistent and sustained investments generate returns over an extended period, investing in health also requires strategic planning. Dr Ranjan Shetty, Head of Department and Consultant in Interventional Cardiology at Manipal Hospital, Bengaluru, refers to this approach to fitness as 'SEP' or 'Systematic Exercise Planning' Wake-up call: - Cardiovascular disease is the number one cause of death in India. Between 2021 and 2024, several public figures, including singer KK, actors Daniel Balaji, Rituraj Singh, and Sidharth Shukla, died after suffering a heart attack. - Data from the National Crime Records Bureau (NCRB) shows that 32,457 individuals succumbed to heart attacks in 2022 in the country, a 12.5% increase over the previous year. - Dr Shetty believes in the power of compounding to slowly accumulate strength in the body and get stronger. The allied factors that matter, according to him, are age and family history of ailments. [Read More]( --------------------------------------------------------------- Travel Why pick Kasauli for solo travel? pathways, stunning views, and old-world charm make the cantonment town of Kasauli in Himachal Pradesh an easy choice for those seeking peace and solitude. And if it gets too quiet, the bustling marketplace and the vibrant cafés will liven things up with their sights and sounds. Wanderlust: - The hill station—which is reminiscent of its colonial past—is about 77 km from Shimla and 65 km from Chandigarh. - Kasauli is a walker’s paradise. So, if one’s idea of a solo trip involves long walks in tranquil settings and breathing in cool and clean air, then this is the place to be. - If one is in the mood for some adventure, Gilbert Trail is worth checking out—it’s a unique nature and trekking trail with refreshing, lush green sights. [Read More]( --------------------------------------------------------------- Analysis Will funding winter thaw in 2024? Indian startup ecosystem is going through a harsh funding winter, much like the Ice Age, which has intermittent periods of warmth. Venture capital (VC) investors believe 2024 could be that period of warmth for startups waiting for capital to flow easily. Yagnesh Sangharajka, Co-founder and CFO, 100X.VC, says, “There is a measured approach of investing now, and it is likely there will be a significant uptick from the October quarter of this year.” Easing woes: - In February this year, startups signed a total of 121 deals and raised $890 million. In contrast, March saw 86 deals at $921 million, showing that capital inflow is slowly yet steadily rising. - The VC community is ensuring more due diligence before investing, and gone are the days when founders could command lofty valuations. - While the sun shines for early and growth-stage startups, funding woes have not eased for late-stage companies. For instance, in the first quarter of 2024, only Shadowfax and PocketFM raised over $100 million. [Read More]( --------------------------------------------------------------- News & Updates - [Above average:]( China reported faster-than-expected economic growth in the first quarter—along with some numbers that suggest things are set to get tougher for the rest of the year. GDP climbed 5.3% in the period, accelerating slightly from the previous quarter and beating estimates. - [Profits:]( Netflix’s profits have soared more than $2.3 billion in the first three months of this year, partly thanks to a crackdown on password sharing. The streaming giant added 9.3 million customers in the first quarter, bringing its total number of subscribers to almost 270 million. - [Best airport:]( Singapore’s Changi Airport has lost its pole position as the world’s best airport to Doha’s Hamad International Airport, according to air transport rating firm Skytrax. It is the third time Hamad International Airport clinched the top spot, after winning the title in 2021 and 2022. Did you know? Who was the oldest British monarch to ascend the throne? Answer: King Charles III, at 73 years old. We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, [sign up here](. For past editions of the YourStory Buzz, you can check our [Daily Capsule page here](. [Feedback]( [Unsubscribe]( [Newsletters](