Amrish Rau
@amrishrau
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Building Fintech & @PineLabs . All investments thru White Venture Cap. CEO/Co-founder Citrus Pay, PayU, FDC. Squash father...Seen a million balls hit the wall.
Joined November 2013
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Pinned Tweet
In a startup, the new team member:
-joins the founder, not the company
-joins the mission, not the business
-joins the value, not the valuation.
Treat them well and you will have the culture of your startup..
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If startup gets high valuation without creating value, creating actual value feels pointless and hurts in the long run.
In some cases getting success too early can also be a problem. For a youth or a startup.
If youth gets fame without skill, getting skilled feels pointless and only hurts in the long run.
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Indian merchants are aspirational. They want this, plus that.
UPI QR spread quickly thru our country. Merchants wanted one device for UPI transaction confirmation and a separate POS to accept Cards. And both at super low prices
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If WFH continues for another 18 months, Goa will be the new Bangalore
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HDFC and HDFC Bank merge and no one gets to know. On other hand, two founders shake hands over a beer in Bangalore and everyone knows by the end of the day 😀
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For years we have heard of countries which come together in a calamity.
India will come together like never before to fight these tough times. Give it 10 days, and we will witness one of the best fight backs by any country. Hope spreads faster than anything else.
#India
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Min age to open individual bank account is 18 yrs. That’s just too late. Financial smartness has to come earlier
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Indian startups doing charity in their unique way. Not just large money donations (passive), but also dedicating their time, resources and network (active) to make a difference. Its a great time to be an enterprenuer in India !
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What did you get done this week?
This was one of the messages from Elon Musk to the Twitter CEO, Parag Agrawal. Many were surprised and some found it to be offensive. In Sales world, you are only as good as your last quarter and in some cases, as your last week.
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Edtech in India is getting good investments. This will translate into better remuneration for teachers. In turn, this will bring brilliant minds to academics. Leading to well educated students.
The story isn’t about valuation. It’s about changing grass root education in India
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-Car sales down, Ola/Uber rising
-Restaurants closing, food delivery increasing
-Traders struggling, market places thriving
-Demand down but consumption up
Economy is not struggling, business models are changing. India is in transition.
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Many young employees are averaging 1.5yr/company. Its difficult to develop domain knowledge or your technical craft if you don’t stay long.
It’s only when you invest time in a relationship, you get the expected result
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Currently listening to a founders pitch. Large number of founders now pitch in Hindi because they feel they can truly showcase their enthusiasm & excitement.
Love that!
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The startup scene has played a massive role in stopping the brain drain from India. Many smart engineers staying back to build amazing
#startups
.
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Indian startups will make the stock markets exciting and how. In 5 years, the NSE will be a vibrant mix of SaaS, Analytics, Consumer & Fintech stks. Some crazy growth stks
Till then, watch the cement, steel and banking stocks. And one more - watch the paint (stk) dry too
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SBI has played a significant role in my career. I started my career selling ATMs to SBI. In sales it’s said, if you are the account manager for SBI, your career is set. Over 20 yrs I won & lost many deals there. I even had a failed JV attempt with them 1/3
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Our support engineer in a remote part of UP quit. It was so good to hear that! About a 2 yr back he had ranted that the sale people aren't selling correctly. I responded and did a zoom. He came prepared with 10 slides. He had spelling mistakes all over, but advice was spot on 1/4
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Only way to get over the frustration of missing AirBnB & DoorDash
-Invest now in young Indian tech startups
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The unimaginable has happened. TCS market capitalisation is now more than that of IBM
IBM market Cap 119.5B
TCS market Cap 120B
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Salary expectation is at an all time high. Young talent with good work ethics are getting amazing offers. Its better to hire expensive, great talent and be tough in their evaluation, than, hire average and end up never letting them go because you can't find talent at that salary
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Txn in just 2 secs ! Regular Android Phone accepting Card payments. Have a look.
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30K Fintech professionals will reach GFF today. They will debate, discuss and dream Fintech ideas & monetisation.
They will go back and do Credit. 😀
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With children online schooling and wife working, the house is beginning to feel like WeWorks. Living room is the breakout area.
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The story is not just about Whitehat Jr selling for 300 Mn in 20 months
The amazing story is that Whitehat Jr got to ARR of 150Mn in 20 months !
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Talk about understanding your target market. Casio has come up with calculator with GST keys for merchant ease.
#UX
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Citi exiting Global markets is a sign that the massive “Global consumer Bank” play is over. Among many reasons, the rise of FinTech and fast pace of tech change has led to this.
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Most big techs, as a process, conduct 6-8 interviews when they hire a person.
However when they let people go, they don’t take the courtesy of a single call.
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Smoke on the water. Fire in the sky. The world is collapsing around the startups. Founders are under tremendous stress as valuations tumble. Job cuts are coming and salaries will be under pressure.
The noise around seems to be saying this 1/5
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We will recruit, train & employ, every year, at least 3 past Asian games athletes/Olympians. As sports person retire & look to build a second innings, they deserve an opportunity in emerging sectors. Sometimes this is tough and
@PineLabs
will do our best to give them new avenues
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Musk wants to put humans on another planet.
Zuckerberg wants to lead humans in the virtual world
Choose your aspirations carefully
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We raised $285Mn. We want to thank puri kaaynath for backing us and supporting us. Our teams, families, customers and investors 🙏
@singh_sequoia
@GuptPiy
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All the recent global tech CEOs are from product or tech background. Very few with sales or finance background.
What have you solved lately, and what have you built lately?
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This gentleman came up to discuss a traffic violation in Shimla.
“Device Humara, payments Humara, App humare App Store Pe.. aur Challan aap kaato ge?”
Sorry, not happening.
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He spent 5 yrs with us. Few as a service engineer and finally as a fintech resource. Its heartening when a team member learns a new domain, grows new skills and flies away. Companies should be happy. They made a difference in someone’s life. 4/4
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The difference over the last 2-3 years is that IPO is not considered as an EXIT.
Its a milestone on a bigger journey, and founders continue to dream and build big. Its time to stop doubting the Indian startup scene. It has truly arrived and its thriving...
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In these heady days, never forget -
Business model creates value. Valuation doesn’t create business model
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Always remember, there is more to entrepreneurship than just doing Lending…
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It feels nice to give early employees an exit on their ESOPs.
Its feels amazing when they refuse to take it up and hold on to their ESOPs.
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macha lenge
pel lenge
raita fele ga
updated vocabulary after a week of speaking to engineers
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We announced today a $600Mn total round close. Big support by Fidelity, BlackRock, IIFL, Kotak Fund, Neuberger & Treeline. Continued investment in Offline to Online for India and Consumer BNPL in SEA with Fave
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Just got off a call with a friend who has been bit by the entrepreneurship bug. He had the usual question - Is this the right time to Startup? My thoughts back to him:
- India is in its golden years. Economy is doing well. GDP is growing at healthy pace, Per capita income is
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Every time I am expecting an international money transfer into my Indian bank account, I feel like I should go to their office and personally help them locate where the money has dropped.
It’s sheer chaos.
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Basically Sam has done the same as an Indian employee.
Take a new job offer contract and not show up on the day of joining.
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Indian businesses need Credit
Credit businesses need clean Collections
Collection requires strong laws
Strong laws require firm action from Government
Loose laws are single handedly impacting flow of credit
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Recurring txns will require 2FA for all txns above 5K. Everytime!
At this point, RBI is protecting my money more fiercely than my mom
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-NPCI txns at all time high
-Account aggregator launched
-RBI opening up prepaid ~ as neo bank
- Govt exploring Crypto currency status
Indian FinTech is buzzing. Govt & RBI is trying many innovation. Keeping up is getting tough. What a time to build!
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Power of the brand. Apple Card has Goldman Sachs and MasterCard giving up their revered brand colours. Just to be on the Apple partnership
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All men who don’t see the value of 15 mins grocery delivery are :
- not doing much work at home
- haven’t been speaking to the wife
- think that things turn up magically at home
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RBI has come out shining
- took hard & clear stance on crypto
- didn’t invest in Cryptos
- on-ramp/off-ramp friction for exchanges
- supported sandbox for Blockchain
- earliest CBDC in the world
There is a method and it’s prudent
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Today we announce a new round led by Lone Pine Capital, founded by the legendary Stephen Mandel. This round values
@PineLabs
$2Bn+. We are very excited as this adds to our pristine investor set. Thank u
@Sequoia_India
@Temasek
@Mastercard
@Paypal
@ActisLLP
1/5
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Startup Success formula :
- Idea (tod)
- time it well (waqt)
- market environment (maahol)
- will (jigar)
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Public infrastructure (eg UPI) has allowed fintechs and health techs to accelerate their products.
In turn, fintechs and health techs are solving for tough problems that Bharat faces.
This is the new public - private partnership.
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It’s time. 3 years back, Naspers (buyer) gave us a responsibility to deliver a safe acquisition. Acquisition of our own startup - Citrus ! Few thoughts :
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A regular quarterly reminder..
Based on Q3 results, HDFC Bank is now run rating ~Rs 50,000 crores PAT
Profit After Tax
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In Indian startup world, there is no 1-10.
It’s always freakin 0-1
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Rate of change is insane. If a startup doesn’t spend time to research, reflect and plan, it will struggle. Being reactive is not an option anymore.
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Happy to announce that Alpha Wave Ventures has joined us in our journey. They invested a total of $150Mn.
We are fortunate to build in the FinTech space and realise we have much to do! LFG
@PineLabs
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Don’t just notice Ritesh, pay heed to the new Indian youth !
A 26 yr old drop out, having built largest hospitality company, has put $2 Bn to buy back his dream. Forget exits, he dreams of Scaling to new heights.
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If you are an entrepreneur starting up and looking for HNI angels, don’t forget to ask the engineers in the team...
😀
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My son ! Just won Asian Circuit Gold tournament in Singapore
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Today, we announced the acquisition of Setu, a company that has been consistently raising the bar on innovation in the world of payments and financial services. Fintech today is everywhere, and every company wants to be a fintech company
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The role played by
@UPI_NPCI
yesterday in helping
#fintechs
was amazing. They were available for 24 hrs nonstop.
@dilipasbe
is a rockstar who seldom hides behind the typical regulatory red tape. Thanks !
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Satya Nadella continues to be the most aggressive and nimble CEO of current times.
Without behaving obnoxious.
We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners. We look forward to getting to know Emmett
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The young India (those in 20s & early 30s) have no time for status, wealth signaling, degree show off and most importantly in one upmanship and politics.
It’s all about knowledge and freedom.
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This is
@TheJupiterApp
Bombay office. It used to be the Citrus office
As
@PineLabs
is doing up a new office in BKC,
@guptajiten
has been kind to house our team
The really special thing he did, was to keep my room as it used to be in Citrus. He didn’t give it to anyone else ❤️
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IMPS limit increase to 5 lakhs will open new opportunities in B2B payments. UPI on 🔥 🔥 🔥
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No startup in india can reach sustainable profitability by cost cutting
Only way to solve for it is by improving unit economics & Revenue
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It’s just dawning on Indian Fintech that maybe the bankers weren’t slow and rigid after all.
They were just meticulous and meeting RBI’s regulations.
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In startups, engineers are more aggressive than sales people…
Engineers have evolved to work in action packed startups. Sales folks are still adjusting.
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Job trick
- negotiate for the right salary
- negotiate for the stock options
- convert 50% of the salary to more stock options
Go all In…
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HERO. The man who delivered minimum 20% growth for 20 years.
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Car delivery 5-6 month wait
Real estate prices up 10%
Consumer durables sales al time high
Heavy vehicle record sales
and what were your saying about the economy ? 👂🏼
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India has does best when when we build quietly and fight like under dogs.
Holds good for startups, cricket or the nation.
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“Hire better. Who you hire will decide the fate of your startup.”
Everyone gets it. No one follows it.
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In a company, startup or otherwise, vocal disagreement is fine.
Silent disagreement is a problem.
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In China leadership suspended the entrepreneur’s IPO
In USA the entrepreneur suspended the leadership’s account.
#power
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Ok. Feels good to know that all board rooms have a problem with Wires ...
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When Bangalore is flooded : surface temperature, Lang grab, interconnected lakes, clogging, land authority inefficiency etc etc
When Bombay is flooded : aaj high tide hai.
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WFH could solve for productivity, but will never deliver for team spirit and the winning feeling..
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@kunalb11
Most successful people have significantly lesser struggle than their parent. In many cases due to their parents itself.
Infact, less struggle and privilege has a direct correlation to success.
I know this doesn’t sound good. But it’s plain fact.
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India is a tough market. Both, financially and emotionally. Hindustan Lever says 30% of the products they sell are priced between Rs 5-10.
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Every investment is a proud one, and many PNL team members contributed to pull it together. However for me, this is a humbling moment. From having started as selling tech to SBI, to getting them to join us and back our vision for FinTech India. Forever grateful 🙏
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We set up a no question asked fund for COVID impacted employees. Today, we had a team member reach hospital & needed support.
@PineLabs
HR team was ready.
Many are not going to hospital as they fear the unknown. Step in & support in simplest way- take the pressure of money away
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Greatest awareness is knowing who will go to War for you, and who won’t
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UPI is killing the candy biz
Before UPI, shopkeepers would trade toffees for loose cash.
These small amounts over days did wound up to becoming large sums of money. With UPI, this stopped
People paid exact amount with no scope for change, ultimately eating up the toffee sales
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Many in middle management jobs, well fed cats, mid 30s folks, want to startup. It’s an itch. Great time. Easy to say - stay hungry, stay foolish. In reality, how do you chuck it all away and yet, safe land? Sharing some thought … 1/6
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Don’t like the management team
Don’t like the execution
Don’t like the current product features
Don’t like the economics
And still be ready to pay $43Bn to buy the asset! That takes conviction
@elonmusk
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Its fine for business houses to not fund startups.
But its not fine for these Businesses to not pay interns and not pay for Proof of Concepts by small startups. It's just not cool.
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Banks have started charging for UPI. This is not surprising. Making MDR zero has second degree effects of mis-selling, systemic risk and stifling entrepreneurship
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After many decades, India has the economic power to prioritise human life over livelihood
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