BUSINESS
Freshworks surpasses $500 million ARR in 2022, plans to break even by Q3 of 2023
During Q4 of 2022, GAAP loss from operations was at $60.6 million, compared to $56.4 million in the fourth quarter of 2021.
BUSINESS
Digital Lenders meet Meity officials to seek more clarity on app ban directive
Several industry players also say that the ban is more to do with the platforms that are hosting the app like Google Play and Aptoide.
BUSINESS
EV startup Zypp Electric raises $25 million in funding led by Gogoro
The round includes a $20 million equity round and a $5 million debt round for fleet expansion from global impact fund IIX and a large national bank.
BUSINESS
We need to grow first: Sameer Nigam on whether PhonePe will become a bank
Last October, Walmart-owned PhonePe announced that it completed the process of moving its domicile from Singapore to India.
BUSINESS
There is a rhyme and a reason why the loan app bans are happening: PhonePe’s Sameer Nigam
The Ministry of Electronics and Information Technology (MeitY) has issued a directive to app stores to block more than 200 loan and betting apps.
BUSINESS
AI startup Entropik raises $25 million in Series B led by Bessemer, SIG Capital
Entropik is planning to use the funds raised towards bringing innovation in consumer research for global brands and for expanding their footprint across the US, Europe, and Asian markets.
BUSINESS
Google reviewing MeitY directive to block loan, betting apps: Sources
Along with online lending platforms like Kissht and PayU-backed LazyPay, Meity's ban list includes Kreditbee, Ola Avail Finance, and a few home loan and B2B lending apps.
WORLD
Sri Lanka has removed a lot of fuel subsidies to survive economic crisis: Power Minister
The country has introduced system to ensure the power ministry stays connected with the finance ministry and the central bank to discuss and get an estimate on what to set aside for energy imports, Kanchana Wijesekera said.
BUSINESS
Budget 2023: Fintechs cheer simplified KYC process, DigiLocker expansion
The steps taken to simply KYC will in turn simplify digital spending and investment processes, say fintech startups and investors.
BUSINESS
Budget 2023: DigiLocker services to be extended to fintech sector
Budget 2023-24: To expand the benefits of DigiLocker, a separate entity DigiLocker will be set up for MSMEs
BUSINESS
Electric two-wheeler sales to touch 22 million by 2030
The government has been the force behind EV adoption with schemes like FAME and PLI, which should be continued for the next few years, a report by Redseer Strategy Consultants has said
BUSINESS
Economic Survey 2023: Digital public infrastructure can add up to 100 bps to GDP growth rate
Low-cost accessibility through Aadhaar, the success of citizen-centric services like Unified Payments Interface, large-scale adoption and reach of DigiLocker and MyGov, and the vaccine journey through Co-Win are important and successful milestones in India’s public digital infrastructure journey
BUSINESS
Economic Survey 2023: More than 1.1 billion bank accounts eligible to share data on account aggregator platform
Economic survey 2023: While the AA framework was released by the RBI back in 2016, the buzz around this has been growing louder. The AA framework is currently live across over 110 crore of bank accounts, the survey noted.
BUSINESS
India has become our largest site outside US, says Boeing India President Salil Gupte
Today the demand for aircraft has jumped high. There is no surprise that Air India is looking for more aircraft, says Gupte
BUSINESS
There is a thin line between hustle and hubris: KM Birla on building startups
Metrics still matter, even in the absence of perfect analogues. There is still value to investing in building a view to core metrics - operating profits, gross margins, and cash flows, KM Birla said.
BUSINESS
PhonePe's investors coughed up Rs 8,000 crore in taxes to shift domicile from Singapore to India: CEO Sameer Nigam
At least 20 existing unicorns want to come back to India and domicile here if regulations get much easier, says PhonePe CEO Sameer Nigam on Youtube Live on January 25.
BUSINESS
NBFC Avanse Financial Services raises Rs 800 crore from Kedaara Capital
The funds would be used to expand the company's presence and outreach by lending to students and towards the development of the Indian education ecosystem, the lending firm has said
BUSINESS
Event management platform Hubilo lays off 35% of its workforce
Hubilo will now be focussing more on physical events as the pandemic-led lockdowns and restrictions are removed. The firm had around 330 employees before the layoffs.
BUSINESS
Sequoia announces Spark 02 fellowship for 12 female startup founders from India and SEA
Spark 02 founders will also have access to select Surge sessions and get mentorship from Sequoia India and Southeast Asia portfolio specialists across hiring, product, legal, finance, product, technology, and marketing
BUSINESS
AI firm Mad Street Den raises $30 million led by Avatar Growth Capital
Founded in 2016 by Ashwini Asokan and Anand Chandrasekaran, Mad Street Den has created AI-based solutions, through its Vue.ai and blox.ai business units, that help retailers grow their business by reducing operational costs through automation and data management.
BUSINESS
Davos 2023 | Bharat Forge plans 700 MW more green power: Amit Kalyani, Deputy MD
Renewable energy and EV players are wanting to quickly start buying green steel-based products for their own consumption
BUSINESS
Logistics startup Porter to offer insurance, vehicle loans to drivers through partnerships
Earnings data generated by the firm to help NBFCs and insurtechs underwrite loans. The company is looking to get into the used vehicle facilitation market to offer finance options for trucks and LCVs, co-founder and CEO Pranav Goel, has said
BUSINESS
RBI to PayU India: Reapply for payment aggregator licence, simplify corporate structure
This comes two months after the Reserve Bank of India rejected the application of Paytm Payments Services for licence to operate as a payment aggregator.
BUSINESS
Enterprise SaaS firm Actyv.ai raises $12 million in pre-series A funding
In December 2022, the total BNPL throughput crossed $100 million at Actyv. The company claims to have partnered with more than 20 leading financial institutions
