🤯 a change is coming
Apple's latest 'top-notch' releases, Facebook's big decision, Cred's new funding round, and some more updates.
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First up,
Market Recap 📈
Indian benchmark indices recovered some previous losses but still ended lower dragged by RIL and Infosys. Meanwhile, US stocks were mixed as investors contemplated rising inflation, corporate earnings, and China's property sector outlook.
Sensex: 60,923.50 (-0.55%) ↓
Nifty 50: 18,178.10 (-0.48%) ↓
Dow Jones: 35,609.34 (+0.43%) ↑
Nasdaq 100: 15,388.71 (-0.14%) ↓
Bitcoin: $65,570.20
Top Stories 📰
1. The big 'Metaverse' move 📛
Breaking news: Facebook is about to get a new name.
According to reports, CEO Mark Zuckerberg plans to rebrand Facebook during the annual Connect conference on October 28 to emphasize the company's efforts on building the metaverse. Facebook's blue logo will likely appear as one of the many products under a parent company that manages groups such as WhatsApp, Instagram, Oculus, and others.
What is Metaverse? It’s a shared virtual world environment made more lifelike by using virtual reality (VR) or augmented reality (AR) which people can access using avatars. You can hold online meetings, play games, buy clothes, land, or other digital assets using cryptocurrencies....the possibilities are limitless. The project is so massive that Facebook even announced plans to hire 10,000 workers over the next five years in Europe.
The revelation comes as the social media giant finds itself in a massive shitstorm of epic proportions, from growing regulatory scrutiny to whistleblower leaking internet company documents. And if that wasn’t enough trouble, Facebook also received a $69.4 million fine from UK regulators for failing to provide the required information of its recent takeover of animated graphics startup Giphy.
Why it matters? Rebranding as a strategy isn't new. In 2015, Google renamed itself Alphabet to emphasize that it's not just a search engine but a conglomerate with a complex portfolio of businesses. Even Snapchat remarketed itself as Snap Inc. as it unveiled its newly launched series of video-enabled sunglasses. Both these companies are hugely successful now, so the question remains: will this be enough for Facebook’s recovery?
2. Apple's 'Unleashed' Event 📱
It's been a month since Apple made some big announcements during its virtual 'California Streaming' event. But it seems that the iPhone maker isn't done yet as it's back with some really cool news surrounding AirPods, chips, and MacBook Pros.
Here's everything we know:
MacBook Pros: Apple announced two new MacBook Pros available in 14-inch and 16-inch models. It did away with the Touch Bar and introduced a surprise, surprise...small notch at the top with an improved 1080p FaceTime camera. Apple also included an HDMI port, three Thunderbolt ports, a headphone jack, and an SD card slot (Finally!)
M1 Pro and M1 Max: After introducing a surprisingly fast chip with the M1 last year, Apple doubled down on its chip game and added two new custom ones—the M1 Pro and M1 Max. These chips promise some massive jump in performance as Apple says the Pro has 33 billion+ transistors, while the Max has 57 billion transistors.
New AirPods: Apple launched a new version of AirPods that support spatial audio and are sweat- and water-resistant. It also bumped up its battery life, promising a runtime from 5 hours to 6 hours on a single charge.
Other Announcements:
Apple's new Apple Music Voice Plan will allow you to access Apple Music with Siri for just $4.99 per month.
HomePod Mini will now be available in three different colours—yellow, orange, and dark blue.
Why it matters? With the holiday season just on the horizon, Apple wants to put its best tech forward. But given the global supply crunch and shortage of semiconductors, will it be able to deliver on these promises? We'll just have to wait and see.
Deal Street 🤑
Policybazaar IPO receives SEBI's approval
PB Fintech Ltd, the parent company of online marketplaces Policybazaar and Paisabazaar, has received SEBI's approval to raise ₹6,017 crore ($809 million) through an initial public offer. The company, which filed its draft prospectus with the regulator in August, plans to raise ₹3,750 crore by issuing fresh shares and the remaining Rs 2,267 crore through an offer for sale from its existing shareholders. The 2008-founded company has previously achieved its unicorn status in 2018 after fetching $238 million in a SoftBank-led funding round. Policybazaar has around 4.8 crore registered users who purchased over 1.9 crore policies from its insurance partners. It intends to use the new capital towards making acquisitions and strategic investments and expanding its international presence.
Cred crosses $4 billion valuation
Bengaluru-based fintech startup Cred raised $251 million in a Series E funding round co-led by Falcom Tiger Global and Tiger Management. New investors such as Marshall Wace and Steadfast, and existing investors including Insight Partners, Dragoneer, and DST Global, participated in the funding round. The latest fundraise brings the company's valuation to $4.01 billion, up from $2.2 billion in April this year. Founded by Kunal Shah in 2018, Cred is a credit card payment company that allows users to earn rewards for paying their bills. The company has since expanded its portfolio of services in lending, e-commerce and brand discovery. It plans to use the fresh funds towards expanding its existing range of products and growing financial services offerings.
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