From Wakefit's journey to the rise of cybercrimes in India, here are our most-read stories of the week
What the year looked like for startups and sports, RBI's curbs on uncontrolled credit growth, are some of the stories that piqued the interest of our readers this week
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1) Sleep tight
In 2016, Ankit Garg and Chaitanya Ramalingegowda cofounded Wakefit, a Bengaluru based D2C home and sleep solutions brand. Initially, they rolled out a ‘30-day free trial’. The idea was disruptive: Take the mattress, use it for 14 days, and if it doesn’t work, return it. The move attracted a lot of scepticism. “What if the buyer didn’t return the mattress?†was one of the questions that didn’t have an answer. Today, the company is eyeing Ebitda profitability and revenue of Rs 1,100 crore by FY24. Here’s it’s journey.
2) The China story
Last December, the world had pinned its hopes on a China-led recovery. After thousand days of lockdown enforced by its government’s draconian zero-Covid policies, the world’s second largest economy was opening its borders for business, and this was seen as a lifeline for a global economy that was navigating demand headwinds. Twelve months later most investors are twiddling their thumbs as the fire fizzled out amidst unfolding economic chaos. However, a new $112 billion stimulus package hopes to boost the economy in the coming year. 
A major chunk of cybercrimes happening in India right now are related to banking and finance. According to a survey by the Future Crime Research Foundation (FCRF), an IIT Kanpur-incubated nonprofit, 77.4 percent of the cybercrimes from January 2020 to June 2023 were linked to online financial frauds like UPI frauds, debit/credit card/SIM swaps, and internet banking-related frauds. But there are still many cases unrecorded. Naandika Tripathi walks us through the current state of cybercrime in India. 
The Reserve Bank of India (RBI), over the past 18 months, has done enough to ensure that there are curbs on uncontrolled credit growth, particularly in the unsecured consumer and personal loans space. This is the segment which India’s youth is tapping to meet their aspirational needs, seeking short-term loans, demand for which have spiralled post the pandemic. The clear signal to lenders is that there is a need to be aware of the risks and they need to have the ability to themselves and the lending ecosystem from the rising concerns of unsecured retail loans. Salil Panchal explains why lending is a business that needs discipline. 
In a year when large global names that drove the funding frenzy of previous years were absent, favourable government policies and a fast-growing local economy will help India’s startups succeed. "While the funding slowdown in 2023 presents challenges for the Indian tech startup ecosystem, we remain optimistic about the future,†Neha Singh, co-founder of Tracxn says. 
From 100-plus medals in the Asian Games to best-ever performances in the world championships, 2023 has been a year of key positives for Indian sports. And we aren't even talking about cricket. “It’s one of the most progressive years for Indian sport, with many reasons to celebrate,†says Vijay Lokapally, senior journalist and author. “The year 2023 proved that the investments made by the government, and also a few private corporates, in talent scouting, training programmes, identification of the right coaches etc, are praiseworthy and are bearing fruit. The year 2024 will be an exciting year to look forward to.†
Dr Rajiv Dang's journeys to renowned wildlife habitats to pursue some of the earth's most beautiful creatures have rewarded him with many awe-inspiring moments. 
