Introduction:
Staying up-to-date with the latest tech news is essential in today’s fast-paced business world. From innovative product launches to industry mergers, our weekly roundup of business and tech news updates provides valuable insights into the latest trends shaping the future of technology.
1. Zerodha to Launch New Asset Management Business with Smallcase
Nithin Kamath, the billionaire and leader of India’s largest stock broking firm Zerodha, has announced the formation of a joint venture with fintech platform smallcase to launch a new asset management business (AMC). The partnership aims to democratize asset management in India by making it more accessible and affordable for retail investors. Zerodha has already disrupted the brokerage industry in India by offering commission-free trading, and the new venture is expected to further shake up the market.
2. PhonePe Raises Additional $100 Million in Fundraising with General Atlantic and Co-Investors
PhonePe, a digital payments and financial services decacorn, has secured an additional $100 million in a new tranche of its ongoing $1 billion fundraising. The investment, at a pre-money valuation of $12 billion, comes from General Atlantic and its co-investors. The funds will be used to expand PhonePe’s merchant network and build new product offerings in areas such as insurance and wealth management.
3. Indian Government Sanctions Rs 40,710 Crore in Loans for Stand-Up India Scheme
The Indian government has sanctioned as much as Rs 40,710 crore in loans to over 1.8 lakh accounts under the flagship Stand-Up India Scheme. The scheme aims to promote economic empowerment and job creation by providing loans to Scheduled Castes, Scheduled Tribes, and women entrepreneurs. The loans are provided at a concessional rate of interest and can be used for setting up new enterprises or expanding existing ones.
4. EY Germany Fined 500,000 Euros and Banned from Auditing Public Interest Companies for Two Years
The German arm of EY, one of the world’s Big Four accounting firms, has been fined 500,000 euros ($544,630) after acting as the auditor for collapsed payments company Wirecard. EY has also been banned from auditing companies of public interest for two years. The Wirecard scandal has been described as one of the biggest corporate frauds in recent history and has raised questions about the effectiveness of regulatory oversight.
5. Curefoods Raises Rs 300 Crore in Funding from Binny Bansal’s Three State Ventures and Others
Cloud kitchen giant Curefoods has raised Rs 300 crore in funding from Flipkart Co-founder Binny Bansal’s Three State Ventures, IronPillar, Chiratae Ventures, ASK Finance, and Winter Capital. The funds will be used to expand the company’s presence across India and invest in technology and supply chain infrastructure. Curefoods operates a network of cloud kitchens that offer a range of cuisines through delivery platforms.
6. Chaayos Appoints Avinash Choudhary as Head of Marketing
Chaayos, a leading chain of tea cafes in India, has appointed Avinash Choudhary as Head of Marketing. Choudhary has more than a decade of expertise as a seasoned marketer and has previously worked with companies such as PepsiCo and Britannia Industries. He will be responsible for driving the brand’s growth and expanding its customer base.
7. Electric Vehicle Adoption in India Stands at Only 1%, Says Moody’s Report
India ranks as the fourth-largest car market in the world, but electric vehicle (EV) adoption stands at only around 1%, according to a Moody’s report. The report highlights the challenges facing the EV market in India, including high upfront costs, lack of charging infrastructure, and range anxiety. The Indian government has set a target of achieving 30% electric vehicle penetration by 2030, but achieving this target will require significant policy support and investment.
8. Magenta Raises $22 Million in Funding Led by bp and Morgan Stanley India Infrastructure
Magenta, a company specializing in electric mobility solutions, has secured $22 million in funding from a group led by the UK-based bp and Morgan Stanley India Infrastructure-managed investment fund. This will allow Magenta to expand its operations and improve its offerings in the electric mobility sector.
9. Indian Government Has No Plans to Regulate Growth of Artificial Intelligence, Says IT Minister
With the emergence of Artificial Intelligence (AI) as a major player in the tech industry, India’s IT Minister Ashwini Vaishnaw has stated that the government has no current plans to introduce regulations or laws governing AI growth in India. This approach reflects the government’s stance on fostering innovation and encouraging investment in the AI sector.
10. Mukesh Ambani Regains Spot as Asia’s Richest Person, According to Forbes Billionaire 2023 List
According to Forbes Billionaire 2023 list, Reliance Industries Chairman Mukesh Ambani has regained his title as Asia’s richest person after the value of Gautam Adani’s wealth took a massive hit due to allegations made by Hindenburg Research. This highlights the volatility of the stock market and the significant impact that external factors can have on a person’s wealth.
11. Bangalore to Launch First Grocery and Food Delivery Service, with Plans for Expansion to Other Cities and Categories
The city of Bangalore is set to become the first to launch grocery and food delivery services, with other cities and categories to follow soon.
12. RBI Allows Pre-Sanctioned Credit Lines at Banks through UPI, Mimicking Credit Cards
In a significant move, the Reserve Bank of India (RBI) has allowed pre-sanctioned credit lines at banks to be operated through UPI, a step seen as enabling UPI to function like credit cards.
13. Cash Burn Doubles for Food and Grocery Delivery, Fintech, and Edtech Startups, Reaching ₹30,304 Crore in FY22
According to a study tracking the financials of the 50 most-funded tech ventures, food and grocery delivery, fintech, and edtech startups had the highest cash burn rate, with their cash burn more than doubling in FY22 to reach ₹30,304 crore (around $5 billion) from ₹14,386 crore the previous year.
14. Maharashtra Government Forms Committee to Draft Regulations for App-Based Ride-Hailing Services like Ola and Uber
The Maharashtra government has formed a six-member committee to draft regulations for app and web-based ride-hailing services such as Ola and Uber, which may include a pricing cap and a system for customer grievance resolution.
15. Pune Residents Can Now Buy Alphonso Mangoes on EMI, Known for Their Great Flavor and High Price
Pune residents can enjoy the delicious Alphonso mangoes, known for their excellent flavor and high price compared to other types, without breaking the bank thanks to the availability of EMI options. The Alphonso season has just begun.
16. Byju’s Owned Aakash Educational Services Expects to Triple Revenue and Profits in FY23, Targeting Rs 3,000 Crore in Revenue
Byju’s-owned Aakash Educational Services (AESL) anticipates tripling its revenue and profits, with an aim to end FY23 with a massive Rs 3,000 crore in revenue.
17. Early-Stage Startups with Fewer than 20 Employees Looking to Expand Workforce in 2023, According to FICCI and Randstad India Survey
According to a survey by FICCI and Randstad India, despite ongoing layoffs, early-stage startups with fewer than 20 employees are looking to expand their workforce in 2023, with 80% of such startups actively seeking to hire.
18. India Needs $540 Billion Investment by 2029 to Meet Renewable Energy Targets, According to S&P Global Ratings
S&P Global Ratings estimates that India needs $540 billion of investment between 2020 and 2029 to meet its ambitious targets for electricity generation from renewable sources.
19. Invesco Slashes Valuation of Food Tech Giant Swiggy from $10.7 Billion to $8 Billion Amid Market Challenges
Invesco, one of the top investors in food tech giant Swiggy, has reduced the company’s valuation from $10.7 billion to $8 billion amid challenging market conditions.
20. Apple Triples iPhone Production in India to Over $7 Billion, Seeking to Decrease Dependence on China for Manufacturing
In the last fiscal year, Apple tripled iPhone production in India, reaching over $7 billion. Nearly 7% of iPhones are now made in India as Apple seeks to decrease its reliance on China for iPhone manufacturing amid US-China tensions.
21. Ready-to-Eat Meal Provider Yu Plans to Launch 8-10 New Products Within the Next Year
Yu, co-founded by Bharat Bhalla and Varun Kapur, specializes in ready-to-eat meals, offering breakfast, lunch, and dinner options such as instant noodles, pastas, oats, halwa, and desserts. The company plans to launch 8-10 new products within the next year.
22. Union Finance Minister Urges American Businesses to Invest in India for Fair and Transparent Economy
Union Finance Minister of India, Nirmala Sitharaman, has encouraged American businesses to invest in India, highlighting that the country fulfills the criteria for a fair and transparent economy.
23. Funding for Indian Startups Drops 75% to $2.8 Billion in Q1 2023, According to Tracxn Report
According to a report by market intelligence platform Tracxn released yesterday, funding for Indian startups dropped 75% to $2.8 billion in the first quarter of 2023, compared to $11.9 billion during the same period in the previous year.
24. Bengaluru to Get India’s First 3D-Printed Post Office at Cambridge Layout in Ulsoor
Larsen & Toubro is constructing India’s first 3D-printed post office in Cambridge Layout, Ulsoor, Bengaluru. The building will be a pioneering project for the company, which has previous experience constructing 3D-printed structures.
25. GarudaAerospace Becomes First Indian Company to Receive Subsidy for Manufacturing Agricultural Drones, in Line with Government Initiative.
GarudaAerospace, an Indian drone startup, has become the first company in the country to receive a subsidy for manufacturing agricultural drones. The subsidy is part of the government’s efforts to encourage the use of drones in agriculture.
26. Mercedes-Benz India Reports Record Sales of 16,497 Units in FY22-23
Mercedes-Benz India has reported record sales of 16,497 units in FY22-23, a 37% increase from the previous year’s sales of 12,071 units.
27. Air India Partners with KSU Aviation for TaxiBot Operations at Delhi and Bengaluru Airports
Air India has collaborated with KSU Aviation to introduce TaxiBot operations for its Airbus A320 aircraft at Delhi and Bengaluru airports.
28. Italian Data Protection Authority Bans OpenAI’s ChatGPT Over Privacy Concerns
OpenAI’s ChatGPT has gained immense popularity, but the Italian data protection authority has banned its use over data privacy concerns.
29. Yulu Partners with Zomato to Provide Electric Scooters for Food Delivery
Yulu, an electric-bike sharing startup, has partnered with food delivery company Zomato to offer 25,000-35,000 units of its custom-made electric scooter, DeX, to delivery partners on rental plans.
30. Reliance-owned Ajio to Launch Low-priced Fashion Marketplace Similar to Meesho
Reliance-owned Ajio, led by Mukesh Ambani, reportedly plans to launch a new marketplace similar to Meesho that will focus on low-priced, longtail fashion items.
31. Byju’s Reportedly Raises $700 Million in Funding at Same Valuation
According to a report by Financial Express, Edtech giant Byju’s has raised $700 million in funding at its previous valuation of $22 billion.
32. Apple to Open First Official Indian Store in Mumbai to Target Fastest-Growing Smartphone Markets
In an effort to tap into the world’s fastest-growing smartphone markets, Apple has announced the opening of its first official store in Mumbai, India.
33. Reliance and Reliance Jio Raise $2 Billion Add-On Foreign Currency Facility
Reliance Industries and its telecom subsidiary Reliance Jio have reportedly raised an additional $2 billion in foreign currency facility, just days after securing a $3 billion financing, according to reports.
34. Reliance Retail to Onboard Former Amul MD RS Sodhi for Grocery Business Expansion
According to TOI, Reliance Retail, led by Isha Ambani, is planning to bring on board RS Sodhi, former MD of Amul, to aid in scaling its grocery business in the fruits and vegetables segment.
35. India’s Goods Exports Reach USD 447 Billion in FY22-23, Says Commerce and Industry Minister
Commerce and Industry Minister Piyush Goyal recently stated that India’s goods exports have reached USD 447 billion in the current fiscal year, surpassing the USD 422 billion recorded in the previous year.
36. Serum Institute of India Resumes Covishield Production Due to Rising COVID-19 Infections
- Adar Poonawalla, the CEO of Serum Institute of India (SII), announced on Wednesday that Covishield production has resumed due to a surge in COVID-19 cases.
Conclusion:
In conclusion, the tech news landscape in India continues to be vibrant with exciting developments across a range of sectors. From fintech to electric mobility, digital payments to cloud kitchens, the country is seeing tremendous growth and investment.
