🎮 e-Gaming Under Govt's Radar & EdTech’s Offline Leap!

Dive into today's StartupChai for a quick tour of the dynamic desi startup landscape. From the central government's decisive move to regulate e-gaming, ensuring only the virtuous play in India's virtual realms, to Physics Wallah's fearless foray into more brick-and-mortar centers amidst financial flux. Meanwhile, fintech upstart Yenmo catches Y Combinator's eye with a savvy solution for mutual fund holders, and Paytm's corridors see yet another high-profile exit. Plus, Garuda Aerospace's Trishul takes to the skies, hinting at an IPO horizon. Grab your chai, and let's decode the day’s startup stories.

What Matters

Zara Hatke, Zara Bachke: Central Government to Regulate e-Gaming

The central government will be regulating e-Gaming directly after refusing to allow the industry to regulate itself. If the government launches an independent regulator, there is a strong chance that only registered companies will be allowed to offer e-Gaming in India.

National Law University (NLU) is working on guidance that will be presented to MeitY.

Why, you might ask?

The government hasn’t been happy with companies launching games that involve real money. Moreover, different states have launched their own rules, muddying the waters even more. The most recent rumors claim that MeitY is determined to take the lead and has turned down multiple offers from powerful figures in the industry.

If the games involve real money, official approval will be required. However, there's no need to worry if you're just having fun with some light gaming that doesn't require real money.

Let's see what the future has in store for desi gamers.

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Jo Jeeta Wahi Sikandar: Physics Wallah shrugs off profit drop, plans more offline centers

CEO Alakh Pandey's creation, Physics Wallah, is causing some furor in the field of edtech startups. Pandey is moving full steam ahead with plans to develop offline facilities despite a decline in profits. He's not holding back either, announcing that they will open as many offline centers as they can.

Pandey claims it takes 3 years for an offline center to reach its potential so short term drop in profit is not something he is worried about. He's proving that he's in it for the long run by throwing himself into the enterprise with a large capex.

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Fintech Frenzy: Yenmo raises $500K led by YC

The fintech wizards at Yenmo have secured a substantial $500K in funding, and who is spearheading this endeavor? Not anybody else but the titans of the Silicon Valley, US-based Y Combinator. Yenmo was in YC’s most recent batch.

Yenmo has built an irresistible offer if you are a mutual fund holder. Need cash but don’t want to sell the fund and pay capital gains tax on it?

No problem! Yenmo will lend you money against your mutual fund holdings, which is a win-win for everyone.

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Kabhi Alvida Na Kehna: Paytm Senior VP Praveen Sharma resigns from Paytm

Praveen Sharma, Senior VP at Paytm, recently turned in his letter of resignation. He joins a recent string of high profile departures from Paytm though the company is denying any plans for layoffs. It's left us wondering what's next for Paytm and Sharma. Only time will tell.

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Eagle’s Eye: Garuda Aerospace unveiled Trishul, a border patrol surveillance drone

Garuda Aerospace recently made headlines with the introduction of Trishul, a state-of-the-art drone for border police surveillance. There have been ongoing rumors about an upcoming IPO for the company.

It turns out that Agnishwar Jayaprakash, who founded the company, is a former competitive swimmer. Talk about making waves, both in and out of the water.

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Fundraising and Financials

• Turning digits into dough: Trust Fintech bags INR 18 Cr with a fabulous eight-player investor lineup.

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