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Archivo del Autor: Belen De Leon

Equity transcribed: Why Om Malik thinks ‘the VC subsidized life is over’

It’s time for another transcribed edition of Equity. This week for the regularly scheduled episode we had the whole crew pop into the San Francisco studio. Kate Clark, Connie Loizos and Alex Wilhelm were joined by Om Malik, former journalist and current VC at True Ventures.

They convened just after Uber priced, so they had a lot to dig into: The low price, would it pop and would the former CEO and co-founder Travis Kalanick be at the ringing of the bell in New York (he wasn’t).

But it wasn’t all Uber; they talked Carta, Cruise and Harry’s. Below is an excerpt. And come back soon for an emergency episode where Alex and Kate will go deeper on the Uber IPO. For access to the full transcription, become a member of Extra Crunch. Learn more and try it for free. 

Alex: Well, I want to go back to the price really quick because $82 billion is below the 90 we had heard after we’d heard the 120 back in October. So this is a dramatic downgrade in price, which I think as said Om said is actually pretty smart because they’ll have a nice pop and things will get better.

Connie: And also, when you look back, it never really matters that much. I mean, I feel like a couple of people have already pointed this out in the media today. But Google, Facebook, I mean, there’s been so many companies where their IPOs didn’t seem to even go very well. I just don’t think it really is going to matter in the long term what happens tomorrow.

Alex: Well, the difference though is Uber needs to raise a bunch of money to stay alive. I mean, Facebook when they went public had a relatively rough post IPO period, had $1 billion in trailing gap net income. They were fine. Their IPO wasn’t that important aside from the liquidity then. It wasn’t a fundraising metric. At this price, they are going to raise less money than they could’ve at a higher price, and they burn tons of it.

Kate: I think there are a lot of reasons why they probably did lower their targets, but I think one probably has to do with Lyft’s performance. So I think we should just quickly go over. Lyft did release their first earnings report this week, which was pretty interesting. The TL;DR is that they posted first quarter revenues of $776 million on losses of $1.14 billion, which did include 894 million of stock-based compensation related payroll tax expenses, which in other words, just major IPO expenses. So losses were huge, yes. The company’s revenues did surpass Wall Street estimates, which were 740 million. But of course, with all the IPO expenses, losses came in significantly higher.


Source: TechCrunch

India’s most popular services are becoming super apps

Truecaller, an app that helps users screen strangers and robocallers, will soon allow users in India, its largest market, to borrow up to a few hundred dollars in the nation.

The crediting option will be the fourth feature the nine-year-old app adds to its service in the last two years. So far it has added to the service the ability to text, record phone calls and mobile payment features, some of which are only available to users in India. Of the 140 million daily active users of Truecaller, 100 million live in India.

The story of the ever-growing ambition of Truecaller illustrates an interesting phase in India’s internet market that is seeing a number of companies mold their single-functioning app into multi-functioning so-called super apps.

Inspired by China

This may sound familiar. Truecaller and others are trying to replicate Tencent’s playbook. The Chinese tech giant’s WeChat, an app that began life as a messaging service, has become a one-stop solution for a range of features — gaming, payments, social commerce and publishing platform — in recent years.

WeChat has become such a dominant player in the Chinese internet ecosystem that it is effectively serving as an operating system and getting away with it. The service maintains its own app store that hosts mini apps and lets users tip authors. This has put it at odds with Apple, though the iPhone-maker has little choice but to make peace with it.

For all its dominance in China, WeChat has struggled to gain traction in India and elsewhere. But its model today is prominently on display in other markets. Grab and Go-Jek in Southeast Asian markets are best known for their ride-hailing services, but have begun to offer a range of other features, including food delivery, entertainment, digital payments, financial services and healthcare.

The proliferation of low-cost smartphones and mobile data in India, thanks in part to Google and Facebook, has helped tens of millions of Indians come online in recent years, with mobile the dominant platform. The number of internet users has already exceeded 500 million in India, up from some 350 million in mid-2015. According to some estimates, India may have north of 625 million users by year-end.

This has fueled the global image of India, which is both the fastest growing internet and smartphone market. Naturally, local apps in India, and those from international firms that operate here, are beginning to replicate WeChat’s model.

Founder and chief executive officer (CEO) of Paytm Vijay Shekhar Sharma speaks during the launch of Paytm payments Bank at a function in New Delhi on November 28, 2017 (AFP PHOTO / SAJJAD HUSSAIN)

Leading that pack is Paytm, the popular homegrown mobile wallet service that’s valued at $18 billion and has been heavily backed by Alibaba, the e-commerce giant that rivals Tencent and crucially missed the mobile messaging wave in China.

Commanding attention

In recent years, the Paytm app has taken a leaf from China with additions that include the ability to text merchants; book movie, flight and train tickets; and buy shoes, books and just about anything from its e-commerce arm Paytm Mall . It also has added a number of mini games to the app. The company said earlier this month that more than 30 million users are engaging with its games.

Why bother with diversifying your app’s offering? Well, for Vijay Shekhar Sharma, founder and CEO of Paytm, the question is why shouldn’t you? If your app serves a certain number of transactions (or engagements) in a day, you have a good shot at disrupting many businesses that generate fewer transactions, he told TechCrunch in an interview.

At the end of the day, companies want to garner as much attention of a user as they can, said Jayanth Kolla, founder and partner of research and advisory firm Convergence Catalyst.

“This is similar to how cable networks such as Fox and Star have built various channels with a wide range of programming to create enough hooks for users to stick around,” Kolla said.

“The agenda for these apps is to hold people’s attention and monopolize a user’s activities on their mobile devices,” he added, explaining that higher engagement in an app translates to higher revenue from advertising.

Paytm’s Sharma agrees. “Payment is the mote. You can offer a range of things including content, entertainment, lifestyle, commerce and financial services around it,” he told TechCrunch. “Now that’s a business model… payment itself can’t make you money.”

Big companies follow suit

Other businesses have taken note. Flipkart -owned payment app PhonePe, which claims to have 150 million active users, today hosts a number of mini apps. Some of those include services for ride-hailing service Ola, hotel booking service Oyo and travel booking service MakeMyTrip.

Paytm (the first two images from left) and PhonePe offer a range of services that are integrated into their payments apps

What works for PhonePe is that its core business — payments — has amassed enough users, Himanshu Gupta, former associate director of marketing and growth for WeChat in India, told TechCrunch. He added that unlike e-commerce giant Snapdeal, which attempted to offer similar offerings back in the day, PhonePe has tighter integration with other services, and is built using modern architecture that gives users almost native app experiences inside mini apps.

When you talk about strategy for Flipkart, the homegrown e-commerce giant acquired by Walmart last year for a cool $16 billion, chances are arch rival Amazon is also hatching similar plans, and that’s indeed the case for super apps.

In India, Amazon offers its customers a range of payment features such as the ability to pay phone bills and cable subscription through its Amazon Pay service. The company last year acquired Indian startup Tapzo, an app that offers integration with popular services such as Uber, Ola, Swiggy and Zomato, to boost Pay’s business in the nation.

Another U.S. giant, Microsoft, is also aboard the super train. The Redmond-based company has added a slew of new features to SMS Organizer, an app born out of its Microsoft Garage initiative in India. What began as a texting app that can screen spam messages and help users keep track of important SMSs recently partnered with education board CBSE in India to deliver exam results of 10th and 12th grade students.

This year, the SMS Organizer app added an option to track live train schedules through a partnership with Indian Railways, and there’s support for speech-to-text. It also offers personalized discount coupons from a range of companies, giving users an incentive to check the app more often.

Like in other markets, Google and Facebook hold a dominant position in India. More than 95% of smartphones sold in India run the Android operating system. There is no viable local — or otherwise — alternative to Search, Gmail and YouTube, which counts India as its fastest growing market. But Google hasn’t necessarily made any push to significantly expand the scope of any of its offerings in India.

India is the biggest market for WhatsApp, and Facebook’s marquee app too has more than 250 million users in the nation. WhatsApp launched a pilot payments program in India in early 2018, but is yet to get clearance from the government for a nationwide rollout. (It isn’t happening for at least another two months, a person familiar with the matter said.) In the meanwhile, Facebook appears to be hatching a WeChatization of Messenger, albeit that app is not so big in India.

Ride-hailing service Ola too, like Grab and Go-Jek, plans to add financial services such as credit to the platform this year, a source familiar with the company’s plans told TechCrunch.

“We have an abundance of data about our users. We know how much money they spend on rides, how often they frequent the city and how often they order from restaurants. It makes perfect sense to give them these valued-added features,” the person said. Ola has already branched out of transport after it acquired food delivery startup Foodpanda in late 2017, but it hasn’t yet made major waves in financial services despite giving its Ola Money service its own dedicated app.

The company positioned Ola Money as a super app, expanded its features through acquisition and tie ups with other players and offered discounts and cashbacks. But it remains behind Paytm, PhonePe and Google Pay, all of which are also offering discounts to customers.

Integrated entertainment

Super apps indeed come in all shapes and sizes, beyond core services like payment and transportation — the strategy is showing up in apps and services that entertain India’s internet population.

MX Player, a video playback app with more than 175 million users in India that was acquired by Times Internet for some $140 million last year, has big ambitions. Last year, it introduced a video streaming service to bolster its app to grow beyond merely being a repository. It has already commissioned the production of several original shows.

In recent months, it has also integrated Gaana, the largest local music streaming app that is also owned by Times Internet. Now its parent company, which rivals Google and Facebook on some fronts, is planning to add mini games to MX Player, a person familiar with the matter said, to give it additional reach and appeal.

Some of these apps, especially those that have amassed tens of millions of users, have a real shot at diversifying their offerings, analyst Kolla said. There is a bar of entry, though. A huge user base that engages with a product on a daily basis is a must for any company if it is to explore chasing the super app status, he added.

Indeed, there are examples of companies that had the vision to see the benefits of super apps but simply couldn’t muster the requisite user base. As mentioned, Snapdeal tried and failed at expanding its app’s offerings. Messaging service Hike, which was valued at more than $1 billion two years ago and includes WeChat parent Tencent among its investors, added games and other features to its app, but ultimately saw poor engagement. Its new strategy is the reverse: to break its app into multiple pieces.

“In 2019, we continue to double down on both social and content but we’re going to do it with an evolved approach. We’re going to do it across multiple apps. That means, in 2019 we’re going to go from building a super app that encompasses everything, to Multiple Apps solving one thing really well. Yes, we’re unbundling Hike,” Kavin Mittal, founder and CEO of Hike, wrote in an update published earlier this year.

And Reliance Jio, of course

For the rest, the race is still on, but there are big horses waiting to enter to add further competition.

Reliance Jio, a subsidiary of conglomerate Reliance Industry that is owned by India’s richest man, Mukesh Ambani, is planning to introduce a super app that will host more than 100 features, according to a person familiar with the matter. Local media first reported the development.

It will be fascinating to see how that works out. Reliance Jio, which almost single-handedly disrupted the telecom industry in India with its low-cost data plans and free voice calls, has amassed tens of millions of users on the bouquet of apps that it offers at no additional cost to Jio subscribers.

Beyond that diverse selection of homespun apps, Reliance has also taken an M&A-based approach to assemble the pieces of its super app strategy.

It bought music streaming service Saavn last year and quickly integrated it with its own music app JioMusic. Last month, it acquired Haptik, a startup that develops “conversational” platforms and virtual assistants, in a deal worth more than $100 million. It already has the user bases required. JioTV, an app that offers access to over 500 TV channels; and JioNews, an app that additionally offers hundreds of magazines and newspapers, routinely appear among the top apps in Google Play Store.

India’s super app revolution is in its early days, but the trend is surely one to keep an eye on as the country moves into its next chapter of internet usage.


Source: TechCrunch

You're The Worst star Chris Geere talks Detective Pikachu and Doctor Who dreams – CNET

The British actor talks about being in the Pokemon movie and wrapping up You’re The Worst after five seasons.
Source: CNET

Facebook sues South Korean social media analytics company Rankwave – CNET

Rankwave analyzes social media users’ data for marketing.
Source: CNET

These companies may smooth startups’ path to the public market — if they don’t kill each other first

This morning, the SEC approved as the U.S.’s 14th stock exchange Long Term Stock Exchange (LTSE), an outfit that was conceived in 2012 by “Lean Startup” author Eric Ries as a place where public market shareholders who hold onto their shares through thick and thin would be rewarded for their loyalty.

Ries thinks such rewards are important because he believes in public markets. Among other things, by establishing a common currency, being publicly traded enables companies to more easily acquire other companies. It enables employees to more freely sell their shares. It also allows retail investors to participate in the growth of tech companies — growth from which they’ve largely been shut out in recent years as the average time a company remains private has stretched to roughly 12 years.

Indeed, Ries’s biggest issue with public market shareholders is their focus on short-term results, citing it as the primary reason that startups remain privately held for so long. After all, it’s hard to innovate when you’re being sued over disappointing earnings.

Whether LTSE can usher in rules that encourage both companies and shareholders to focus on the longer term remains to be seen. LTSE has not received approval over any kind of listings standards. It hasn’t even submitted these yet.

While ideally, the exchange wants to welcome “values-based” companies that limit executive bonuses and grant more voting power to shareholders who hang on for the ride, Ries seems to recognize that he may have to settle for less owing to some pushback, including from the Council of Institutional Investors, a group of institutions that fear long-term voting could empower company insiders at the expense of other shareholders. During a call today, he told us that LTSE won’t necessarily give more voting power to shareholders. “These rewards could be voting or other things,” he said.

Certainly, Ries will benefit if LTSE takes off. While numerous reports today note that famed VC Marc Andreessen is one of LTSE’s financial backers, the biggest shareholder right now is Ries himself, who owns 30 percent of the for-profit company, according to government filings.

Other major shareholders include John Bautista, a cofounder of Long Term Stock Exchange who is also an attorney with the law firm Orrick; Founders Fund, which owns 14 percent of the company; Collaborative Fund, which owns 7.8 percent; and Obvious Ventures, which owns 6.7 percent. The company has raised roughly $19 million altogether to date.

Ries is hardly alone wanting companies to be able to go public sooner without worrying about activist investors. We’d written about the case for tenured voting in late 2017, noting then that concept has been around for decades.

But while it resonates with founders, few others have embraced the idea. Back in the 1980s, for example, U.S. stock exchanges determined that tenured voting was unnecessarily complicated and too hard to track. Bankers don’t like the idea because anything that looks different to the market is harder to sell.

Meanwhile, another Andreessen-backed startup to make headlines this week — Carta — seems like a bet that LTSE won’t realize its vision completely. The seven-year-old, San Francisco-based startup largely helps private company investors, founders, and employees manage their equity and ownership. But it just raised $300 million in Series E funding at a $1.7 billion valuation led by Andreessen Horowitz largely to become what Carta CEO Henry Ward describes as the world’s largest marketplace for private company shares.

Carta paints the evolution as a natural one given the needs of aging private companies, as well as the fact that so many startups and institutional investors use its platform already.

In fact, Ward, like Ries, talks about democratizing access to more of today’s up-and-coming companies on Carta’s platform. Still, Ries seems more interesting in getting shares into the hands of people who haven’t been able to access them in recent years; Carta seems more interested in more efficiently allowing startups and already wealthy institutional investors to trade shares amongst themselves, using Carta as a hub. (Carta also has exponentially more funding than LSTE, having raised $447 million altogether from VCs.)

Whether either company realizes its bold ambitions will take time to know. Much depends on external factors, like the macroeconomy, and whether outfits like SoftBank keeps showering privately held companies with funding.

In the meantime, it will be interesting to understand whether together LTSE and Carta can together create a safer, smoother, less stressful path for startups to go public, or instead the two wind up locked in a kind of battle for founders’ souls, with Carta enticing companies to stay private, while LTSE pushes for them to get onto its exchange — and out into the broader world.


Source: TechCrunch

Game of Thrones, thank you for giving us stone cold monster Cersei – CNET

Commentary: The Queen of the Seven Kingdoms is the best TV villain ever.
Source: CNET

Detective Pikachu review: The best video game movie ever – CNET

Spoiler-free review: In the latest Pokemon movie, Ryan Reynolds’ electric rodent sleuth leads an entertaining romp with plenty of heart.
Source: CNET

Facebook sues analytics firm Rankwave over data misuse

Facebook might have another Cambridge Analytica on its hands. In a late Friday news dump, Facebook revealed that today it filed a lawsuit alleging South Korean analytics firm Rankwave abused its developer platform’s data, and has refused to cooperate with a mandatory compliance audit and request to delete the data.

Facebook’s lawsuit centers around Rankwave offering to help businesses build a Facebook authorization step into their apps so they can pass all the user data to Rankwave, which then analyzes biographic and behavioral traits to supply user contact info and ad targeting assistance to the business. Rankwave also apparently misused data sucked in by its own consumer app for checking your social media “influencer score”. That app could pull data about your Facebook activity such as location checkins, determine that you’ve checked into a baseball stadium, and then Rankwave could help its clients target you with ads for baseball tickets.

The use of a seemingly fun app to slurp up user data and repurpose it for other business goals is strikingly similar to how Cambridge Analytica’s personality quiz app tempted millions of users to provide data about themselves and their friends.

Rankwave touts its Facebook data usage in this 2014 pitch deck

TechCrunch has attained a copy of the lawsuit that alleges that Rankwave misused Facebook data outside of the apps where it was collected, purposefully delayed responding to a cease-and-desist order, claimed it didn’t violate Facebook policy, lied about not using its apps since 2018 when they were accessed in April 2019, and then refused to comply with a mandatory audit of its data practices. Facebook Platform data is not supposed to be repurposed for other business goals, only for the developer to improve their app’s user experience.

“By filing the lawsuit, we are sending a message to developers that Facebook is serious about enforcing our policies, including requiring developers to cooperate with us during an investigation” Facebook’s director of platform enforcement and litigation Jessica Romero wrote. Facebook tells TechCrunch that “To date Rankwave has not participated in our investigation and we are trying to get more info from them to determine if there was any misuse of Pages data.” We’ve reached out to Rankwave for its response.

Cambridge Analytic-ish

Facebook’s lawsuit details that “Rankwave used the Facebook data associated with Rankwave’s apps to create and sell advertising and marketing analytics and models — which violated Facebook’s policies and terms” and that it “failed to comply with Facebook’s requests for proof of Rankwave’s compliance with Facebook policies, including an audit.” Rankwave apparently accessed data from over thirty apps, including those created by its clients.

Specifically, Facebook cites that its “Platform Policies largely restrict Developers from using Facebook data outside of the environment of the app, for any purpose other than enhancing the app users’ experience on the app.” But Rankwave allegedly used Facebook data outside those apps.

Rankwave describes how it extracts contact info and ad targeting data from Facebook data

Facebook’s suit claims that “Rankwave’s B2B apps were installed and used by businesses to track and analyze activity on their Facebook Pages . . . Rankwave operated a consumer app called the ‘Rankwave App.’ This consumer app was designed to measure the app user’s popularity on Facebook by analyzing the level of interaction that other users had with the app user’s Facebook posts. On its website, Rankwave claimed that this app calculated a user’s ‘Social influence score’ by ‘evaluating your social activities’ and receiving ‘responses from your friends.’”

TechCrunch has found that Rankwave still offers an Android app that asks for you to login with Facebook so it can assess the popularity of your posts and give you a “Social Influencer Score”. Until 2015 when Facebook tightened its policies, this kind of app could ingest not only a user’s own data but that about their Facebook friends. As with Cambridge Analytica, this likely massively compounded Rankwave’s total data access.

Rankwave’s Android app asks for users’ Facebook data in exchange for providing them a Social Influencer Score

Facebook Delays Coming After Rankwave

Founded in 2012 by Sungwha Shim, Rankwave came into Facebook’s crosshairs in June 2018 after it was sold to a Korean entertainment company in May 2017. Facebook assesses that the value of its data at the time of the buyout was $9.8 million.

Worryingly, Facebook didn’t reach out to Rankwave until January 2019 for information proving it complied with the social network’s policies. After receiving no response, Facebook issued a cease-and-desist order in February, which Rankwave replied to seeking more time because it’s CTO had resigned, which Facebook calls “false representations”. Later that month, Rankwave denied violating Facebook’s policies but refused to provide proof. Facebook gave it more time to provide proof, but Rankwave didn’t respond. Facebook has now shut down Rankwave’s apps.

Rankwave claims to be able to extract a wide array of ad targeting data from Facebook data

Now Facebook is seeking money to cover the $9.8 million value of the data, additional monetary damages and legal fees, plus injunctive relief restraining Rankwave from accessing the Facebook Platform, requiring it to comply with Facebook’s audit, requiring that it delete all Facebook data.

The fact that Rankwave was openly promoting these services that blatantly violate Facebook’s policies casts further doubt on how the social network was policing its platform. And the six month delay between Facebook identifying a potential issue with Rankwave and it even reaching out for information, plus another several months before it blocked Rankwave’s app shows a failure to move swiftly to enforce its policies. These blunders might explain why Facebook buried the news by announcing it on a Friday afternoon when many reporters and readers have already signed off for the weekend.

For now there’s no evidence of wholesale transfer of Rankwave’s data to other parties or its misuse for especially nefarious purposes like influencing an election as with Cambridge Analytica. The lawsuit merely alleges data was wrongly harnessed to make money, which may not spur the same level of backlash. But the case further proves that Facebook was too busy growing itself thanks to the platform to properly safeguard it against abuse.

You can learn more about Rankwave’s analytics practices from this 2014 presentation.


Source: TechCrunch

Equity Shot: Judging Uber’s less-than-grand opening day

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

We are back, as promised. Kate Clark and Alex Wilhelm re-convened today to discuss the latest from the Uber IPO. Namely that it opened down, and then kept falling.

A few questions spring to mind. Why did Uber lose ground? Was it the company’s fault? Was it simply the macro market? Was it something else altogether? What we do know is that Uber’s pricing wasn’t what we were expecting and its first day was not smooth.

There are a whole bunch of reasons why Uber went out the way it did. Firstly, the stock market has had a rough week. That, coupled with rising U.S.-China tensions made this week one of the worst of the year for Uber’s monstrous IPO.

But, to make all that clear, we ran back through some history, recalled some key Lyft stats, and more.

We don’t know what’s next but we will be keeping a close watch, specifically on the next cohort of unicorn companies ready to IPO (Postmates, hi!).

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.


Source: TechCrunch

Uber's IPO, the Call to Break Up Facebook, and More News

Catch up on the most important news today in 2 minutes or less.
Source: Wired

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