Good morning. Welcome to your daily Earlybird digest, where you can learn about business, tech, and startups from the comfort of your couch.

In today’s edition:

• Colossal billionaire losses

• CEO successions

• First overseas payment link with Singapore

MARKETS

*Stock data as of market close. Source.

• Markets: If you think you’re having a not-so-great time, 10 of Indian billionaire Gautam Adani's stocks took an even sharper turn south, losing roughly 57% of their market value in less than a month. What makes it not-so-great is the Rs 11 lakh crore-shaped hole left on their combined market cap following continued sell-offs in February.

BUSINESS

Kotak Mahindra Bank is on the hunt for a new CEO

💔In a move that's stirring separation anxiety in India's financial sector, Kotak Mahindra Bank has announced that it's seeking a new CEO to replace its namesake founder, Uday Kotak.

The move is in compliance with the Reserve Bank of India's (RBI) directive, which limits the tenure of private bank executives.

In a quest to fill in some very big shoes, the bank has engaged the services of global executive search firm Egon Zehnder to assist in the hunt for a new leader. The keys to the kingdom will fall to the emergent runner from a pool of both internal and external candidates.

As the search begins, all eyes are on who will replace the charismatic and long-serving business lead.

FINANCE

UPI and Singapore’s PayNow hold hands and spark new cross-border payments

💸India's Unified Payments Interface (UPI) and Singapore's PayNow have announced a partnership that will revolutionize cross-border payments. The alliance will enable users to transfer funds seamlessly between the two systems, bypassing traditional banking channels and making it way less troublesome to move the moolah. Here's what you need to know about this epic crossover.

Partnership Details

• UPI and PayNow will work together to establish a payment linkage between the two systems and create a seamless payment experience

• The partnership aims to provide faster, cheaper, and more secure transactions for both businesses and individuals

• The duo also aims to promote trade and investments between the two countries and benefit each other’s economies

What does this mean for the financial world?

• The partnership will set a precedent for future payment linkages, encouraging the adoption of new digital payment systems globally

• It will transform the way international business is conducted, making it more accessible, efficient, and affordable

• The collaboration between India and Singapore is a testament to their strong economic ties and shared commitment to promoting innovation in both fintech and delicious spice-based cuisines

HOSPITALITY

Oyo to double premium hotels in India in 2023

Oyo, the Gurugram-based unicorn, is set to double its range of premium hotels in India by 2023, as the company aims to diversify and consolidate its foothold in the hospitality industry.

Here's what we know:

• Oyo is known for its budget hotels, but it currently offers 1800 premium hotels in India under its Oyo Townhouse and Collection brands.

• The expansion is part of the firm's plan to remain competitive and differentiate itself in the Indian hospitality industry.

• Oyo's growth has been impacted by the pandemic, but it recently raised $660 million in a funding round to explore new opportunities and revenue streams.

With Oyo's grand expansion plan, it looks like luxury may soon become more affordable for Indian travelers. Can the company handle the heat of competition in the premium segment?

AROUND THE WORLD

• 🤝 How do you sneak a US president into a warzone without anyone noticing? Biden made an unannounced visit to Kyiv ahead of the one-year anniversary of Russia's invasion of Ukraine. This marks the first time a US President has visited a war zone where the American military was not fighting. Biden met with Ukrainian President Zelensky, offering support and promising to release an additional $460m in military aid.

• 🌏 Two major aftershocks hit Turkey and Syria again… Dozens of buildings collapsed in the 6.3 and 5.8 magnitude quakes. This comes two weeks after another earthquake claimed almost 45,000 lives. Turkey estimates over 100,000 structures have been damaged or destroyed. US Secretary of State, Antony Blinken, toured the region, committing $100M in aid to Turkey and Syria.

• 📞 Telecoms gear maker Ericsson is planning to cut about 1,400 jobs in Sweden as part of a broader plan to reduce costs globally. The company aims to reduce costs by $880 million by the end of 2023.

QUICK BYTES

• 😧Exports cost more money now? India's Finance Ministry has clarified that merchandise exporters will have to pay 18% GST on shipping, which is very not cash money.

• 😲Imports cost LESS money now?? Indian Railways is considering a tariff policy change to attract FMCG and computer parts companies to use its freight services, in an effort to increase revenue.

• 🚗Yes, yes. EV is all the rage. A new report predicts that electric vehicle charging revenue will exceed $300 billion globally by 2027, driven by government incentives and automaker commitments.

FUNDING

• Edtech firm NxtWave makes a splash with its latest funding round, netting a whopping $33 million (that's about Rs 272 crore for you non-numerically inclined folks) thanks to a swell of support from private equity firm Greater Pacific Capital and existing venture investor Orios Venture Partners.

• In their pursuit of helping small businesses manage their financial transactions, Indian fintech firm Mintoak is cashing in on good karma and a $20 million raise led by PayPal Ventures.

• Robotic process automation start-up Scrut Automation is on a roll too, having secured $7.5 million in a round led by MassMutual Ventures.

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