Virgo Daily Horoscope Today, December 07, 2024 predicts appreciation at workSyrian government services come to a 'complete halt' as state workers stay home
A fugitive gains fame in New Orleans eluding dart guns and nets
NYC's Mayor Warms to Trump and Doesn't Rule Out Becoming a Republican
Happy Tuesday! Rising stress in unsecured lending tightens the ropes for digital loan startups. This and more in today’s ETtech Morning Dispatch. Also in the letter: ■ BookMyShow profit jumps ■ IT sector spending seen rising ■ Uber's strategic loyalty move Higher borrowing costs leave a strain on new-age NBFC profits The growing stress in the unsecured consumer lending industry is making life tough for digital lending startups which typically offer unsecured personal and business loans to consumers who are not catered to by banks and traditional lenders. Headline numbers: The net profit reported in the September quarter results by new-age non-banking finance companies (NBFCs) have shown either a decline from last year or mostly remained flat, as the macroeconomic situation in the country shows signs of stress. Be it consumer lending startups like Kreditbee and Fibe or business lending players like Kinara Capital and Lendingkart, profits have been harder to come by in the second quarter of this fiscal. Also Read: ETtech Exclusive: Inside the cash crisis, big valuation cut at Lendingkart Sectoral impact: A slowdown in the fintech lending sector might have two major impacts: It might push many borrowers into informal financing channels as demand for loans remains high. It will also disrupt other businesses like credit bureaus, account aggregators and technology service providers who depend on fintech lenders for business. Higher cost of doing business: Industry insiders told us that fintech lenders have seen their borrowing costs go up anywhere between 150 and 300 basis points (bps) across the spectrum. 100 bps is equivalent to 1%. Rating agencies have also built in this increase in the cost of borrowing in their calculations while underwriting these firms. For players operating in the secured credit space, costs have remained steady or climbed up slightly. Also Read: Digital lending sector sees slowdown in growth, higher bad loans as regulator increases scrutiny Prosus in talks to lead $50 million round in fintech firm Jar L-R, Misbah Ashraf and Nishchay AG, cofounders, Jar Prosus, the Dutch-listed investment fund from South Africa’s Naspers, has picked its next fintech bet , adding to new investments in India. Let’s get you the details. Deal brewing: The Swiggy and Meesho backer is in advanced talks to lead a $50 million funding round in for Jar, a fintech startup specialising in digital gold savings. This marks Prosus’ third significant deal in the Indian fintech and financing sector this year, following investments in Mintifi and Vastu Housing Finance . India in focus: Despite a turbulent run with Byju’s—leading to a $500 million write-off—Prosus is increasing its deal activity in India. CEO Fabricio Bloisi has doubled down on the market, reaffirming plans to back early-to-late-stage startups and eye IPO opportunities over the next 12-18 months. Besides the fintech bets, it also backed IPO-bound jewellery maker Bluestone this year , as first reported by ET. What’s Jar: Started in 2021, Bengaluru-based Jar enables users to save small amounts for digital gold investments. Its gross sale run-rate touched Rs 100 crore in October for its newly launched jewellery brand Nek. Also Read: Tiger Global leads fresh funding in fintech startup Jar, valuing it at $300 million Beyond gold: With its foray into Nek, which also sells lab-grown diamonds, Jar is tapping into the investment-oriented buying patterns of middle-class India. It will scale its lending business–through partners–next year once the round closes. Also Read: ETtech Exclusive | Closing new deals in India despite Byju's debacle: Prosus CEO Fabricio Bloisi BookMyShow FY24 revenue jumps 43% on live events growth; online ticketing drives profitability Ashish Hemrajani, founder, BookMyShow Online entertainment ticketing platform BookMyShow posted a 43% year-on-year (YoY) increase in its scale, primarily led by the nearly two-fold growth in its live events segment. More details: The Mumbai-based company, which turned profitable in FY23 , saw its net profit expand during FY24 mainly because of rapid topline growth. The company posted operating revenue of Rs 1,397 crore, and net profit of Rs 109 crore in FY24, according to its financial statements sourced from Tofler. Driving factors: Online ticketing remains the largest contributor to BookMyShow's revenue and profit. Live events, reported a loss of Rs 138 crore in FY24. Advertising and marketing revenue surged 107% to Rs 83 crore, up from Rs 40 crore and food and beverage sales jumped 800% to Rs 9 crore, compared to Rs 1 crore in FY23. Total revenue climbed 39% to Rs 1,430 crore in FY24, from Rs 1,026 crore in FY23. Growing competition: Going ahead, BookMyShow, the current leader in India's entertainment ticketing market with a 75% market share, may face strong competition from Zomato, which recently acquired Paytm's ticketing business for Rs 2,048 crore. On September 5, ET reported that this acquisition created uncertainty regarding KKR's planned investment of $250-300 million in BookMyShow to acquire a significant minority stake. Indian IT sector eyes revival with boost in client spending India's $254 billion IT services sector anticipates a modest recovery in client spending despite global uncertainties, with banking, financial services and insurance (BFSI) and digital transformation leading the way. Driving the news: IT spending is projected to grow by 1-3% in the January to March quarter (Q4) for BFSI, retail/consumer packaged goods (CPG), hi-tech and public sector digital transformation, according to research firm UnearthInsight. Keeping tabs: Infosys and HCLTech revised revenue guidance upward, reflecting early signs of recovery. Mid-tier firms like Persistent Systems and Coforge are expected to outperform tier 1 peers, driven by emerging tech like generative AI and cybersecurity. Sector watch: Gartner forecasts 11.2% growth in Indian IT spending for 2025, propelled by software, IT services, and technologies like data analytics and cybersecurity. IT hiring trends reversed, with 17,500 additions in Q2, reflecting sector optimism. Other Top Stories by Our Reporter Dara Khosrowshahi, CEO, Uber Uber to hitch a ride on its loyalty plan to stay ahead: Uber’s move to bring its global membership programme to India could help the ride-hailing platform boost its competitive position, at a time when it is facing increasing rivalry from the likes of WestBridge-funded Rapido, BluSmart and Google-backed Namma Yatri, mobility industry executives and investors said. India to address low representation in global internet governance fora, says minister Jitin Prasada: Correcting India’s underrepresentation in global internet governance fora where key decisions are made is a priority for the government, as India has one of the world’s largest internet user bases, minister of state for electronics and information technology Jitin Prasada said on Monday. Global Picks We Are Reading ■ China launches antitrust probe into Nvidia ( FT ) ■ Taking on the Tyranny of the Tech Bros (Wired) ■ How WhatsApp ate the world ( Rest of World )
Johnson City Schools recently named three educators to represent the district in the state’s search for the 2025-26 Teacher of the Year. Towne Acres fifth-grade teacher Karen Bunch, Indian Trail Career Explorations teacher Brandie Wishon-Sanchez and Science Hill history teacher Ben Davenport have been named the district-wide Teachers of the Year. The three will now compete to be named Regional Teachers of the Year, and will have the opportunity to advance to grand division and statewide competitions if they win locally. Before the competition heats up, the three took the time to answer five questions about their careers and the importance of education. Five Questions with Karen Bunch Towne Acres fifth-grade teacher Karen Bunch was named one of the District-Level Teachers of the Year. A Knoxville native, Bunch has a bachelor’s degree in education and a master’s degree in curriculum and instruction from the University of Tennessee. Bunch has been a teacher for 32 years, with 31 of them spent at Towne Acres. Bunch currently resides in Kingsport with her husband, Michael, and their five cats. When outside of school, she spends her time reading, cooking, traveling and watching UT games with her friends and family. What led you to pursue a career in education? I have wanted to be a teacher for as long as I can remember. I loved ‘playing school’ with my stuffed animals and even had my own chalkboard! Several of my teachers inspired me to pursue leadership roles, which sparked the teaching bug! What is your favorite part of your job? My favorite part of being a teacher is seeing the lightbulb moment firsthand when a student ‘gets it’. That is such a rewarding experience for me! What is your favorite lesson or unit to teach in your classroom? This is my first year teaching fifth grade math, but I love seeing how my students have progressed from basic multiplication facts to more complex skills like multiplying decimals and fractions. It’s been fun learning with them! From my past years in third grade, I loved teaching physical science with exploration and hands-on activities. What is one piece of advice you share with students? Everyone makes mistakes. It’s how you recover that matters. What is one common misconception about being a teacher? One common misconception about being a teacher is work hours. Although our work hours are 8:00 a.m. to 3:30 p.m. with weekends, holidays and summers off, most teachers willingly go way beyond the contracted hours to provide for their students. Five Questions with Brandie Wishon-Sanchez Indian Trail Career Explorations teacher Brandie Wishon-Sanchez was named one of the District-Level Teachers of the Year. Originally from San Diego, California, Wishon-Sanchez spent most of her early childhood in Guam until moving to Charleston, South Carolina at the age of seven. Wishon-Sanchez moved to Tennessee when she was 16 after her father retired from the Navy. Wishon-Sanchez has a bachelor’s degree in social work and child psychology and a master’s degree in art and teaching. Wishon-Sanchez has been teaching for 24 years. When she’s not in the classroom, she enjoys dancing and spending time with family. What led you to pursue a career in education? As a child, I excelled academically but struggled behaviorally in school. I was the kid who talked too much, had too much attitude and was often sent out of class. Growing up at a time when ADHD wasn’t well understood, I never had a teacher who took the time to sit down, listen and truly understand what was going on with me. That experience shaped my decision to become an educator. I chose this profession to be the teacher I never had—the one who holds students accountable, but also provides the support and understanding they need. My goal is to be there for students, especially those who feel unseen, and to be part of the solution rather than giving up on those who need someone in their corner. What is your favorite part of your job? My favorite part of teaching is the opportunity to connect with students and watch them discover what they want to do in the future. As a career exploration teacher, I love guiding students as they create projects like commercials, video blogs and new business products. I also cherish my role in Hawk's Academy, where I work closely with students who need more behavioral support. Building relationships with these students, who often don’t get the chance to connect deeply with others, is incredibly rewarding and reminds me why I chose this profession. What is your favorite lesson or unit to teach in your classroom? One of my favorite lessons to teach is preparing eighth-grade students for the professional world. In this unit, they learn how to fill out applications, create resumes and navigate the do’s and don’ts of interviewing. The highlight is when community partners come in to conduct real interviews with the students, grading them on key skills like handshakes, confident answers and managing nerves. What is one piece of advice you share with students? One piece of advice I always share with each of my students is to never take life for granted. I encourage them to choose joy and gratitude daily, even during tough times. I always stress that every day if they can find the smallest thing to be thankful for it can lead to a more rewarding and fulfilling life. What is one common misconception about being a teacher? A common misconception about teaching is that it’s like babysitting and easy since we have ‘summers off,’ but nothing could be further from the truth. Having had a few careers and jobs in the past, I can say with all my heart that teaching is the most challenging, exhausting and frustrating job—and yet it’s also the most rewarding, endearing, loving and exciting career I have ever had. Every day, we get the privilege to wear so many hats for our kids. We become their parents, therapists, coaches, advocates, and so much more, we pour everything we have into helping students succeed and grow. Five Questions with Ben Davenport Science Hill history teacher Ben Davenport was named one of the District-Level Teachers of the Year. A Johnson City native, Davenport attended Science Hill High School and graduated in 2001 before going on to receive a bachelor’s degree in history from UT, a master’s degree in teaching from ETSU and an educational specialist degree from Union Commonwealth University. When outside the classroom, Davenport enjoys watching sports, traveling to new places and spending time with family. What led you to pursue a career in education? I visited a high school classroom as a college student and appreciated the interactions and learning that was happening. I have always had a desire to know and learn more. I think that I had positive role models in my life from my family and teachers, and as I got older I realized that those people had a direct effect on my future. I wanted to help others as they helped me, so it was a natural fit. What is your favorite part of your job? Each day is unique, and I love the challenge of teaching. I love the times when the lightbulb goes off in a student's head and they learn something new. I love when they can connect past events to the current day. I love seeing their critical thinking and analytical skills grow. This is the only profession that has an impact on all professions. What is your favorite lesson or unit to teach in your classroom? I love teaching about World War II. My grandfather was a WWII vet and his generation experienced the hardships of the Great Depression and were asked to sacrifice for the greater good to fight totalitarian regimes. Teaching students about the war at home and abroad helps students know about resiliency, sacrifice, empathy and what America can achieve when united for a cause. It shows how great this nation can be when we work together, not against one another. What is one piece of advice you share with students? Teaching history gives me all kinds of avenues to help students learn from the past. The best advice I can give them is to make a positive impact where they are and to have confidence in themselves. What is one common misconception about being a teacher? There are two misconceptions that come to mind immediately. First, students and teenagers are not as respectful or well behaved as they used to be. I find that kids by and large are good people. They want to help others, they are respectful of adults and they will work hard. They are motivated (and distracted) in many different ways, but I see great kids every single day at Science Hill. The second misconception is that teachers, especially experienced ones, can just ‘show up and teach’. Teachers have to constantly adapt and evolve how they teach and even what they teach. You have to be ready for different learning styles, different technology, different content and even different types of classrooms. Answers have been edited for length and AP style. Stay Informed: Subscribe to Our Newsletter Today