MCMINIS
What is a SaaS Magic Number?
BUSINESS
Budget 2023: Here's what EV ecosystem wants from FM Nirmala Sitharaman
The EV sector is looking forward to a slew of sops, including the extension of the FAME-II scheme beyond 2024, and a reduction in GST.
BUSINESS
Fintech startup Paysharp gets RBI’s in-principle approval for payment aggregator licence
In the last three months, several fintech players, including Open, Infibeam, and Cashfree, got the nod for payment aggregator licence.
BUSINESS
Delhi, Bengaluru see highest number of Uber trips in 2022: Report
The most popular product in terms of the number of trips was Uber Go, with Uber Auto coming in a very close second - showing the growing preference for App commute, for vehicles typically hailed off the roads earlier.
BUSINESS
Lending firm Money View raises $75 million in Series E funding led by Apis Partners
The firm is currently operating at an annualized disbursal run rate of $1.2 billion and is presently managing AUMs of over $800 million.
BUSINESS
Data science startup Tredence raises $175 million in funding led by Advent International
The San Jose-based company plans to use the funding to build on its growth momentum, strengthen vertical capabilities, and expand its customer base.
BUSINESS
Ola Electric to produce domestic lithium-ion cells by 2023, targets initial plant capacity of 5GW
Ola Electric will become cash positive next year, according to founder Bhavish Aggarwal, who also stated that ANI Technologies' ride-hailing business, Ola Cabs, will go public in the second half of 2023.
BUSINESS
Worldline ePayments India gets RBI’s in-principle approval for payment aggregator licence
A payment aggregator provides payment services to merchants and e-commerce sites by accepting payment instruments from customers.
BUSINESS
Wipro Consumer Care plans to invest Rs 100 crore in growing D2C startup ecosystem
Several packaged consumer goods makers have acquired D2C startups in 2022 or looking to invest. Marico, for instance, has acquired male grooming company Beardo, beauty brand JustHerbs and breakfast and snacks maker True Elements.
BUSINESS
SaaS firm Facilio plans to increase workforce in India, bets big on energy-saving segment
Facilio is opening a new 40,000-sq ft space in Chennai. The new office has a fully automated facility management system in place.
BUSINESS
Wipro Consumer Care acquires Kerala-based packaged food brand Nirapara
The segment is a Rs 70,000-crore market and only 12 percent is covered by the organised sector, says Anil Chugh, who is the appointed president of the Food Business at Wipro Consumer Care.
BUSINESS
Razorpay pauses onboarding of online payment merchants after RBI advisory
Razorpay expects to resume onboarding after a few weeks
BUSINESS
SaaS major Freshworks lays off around 90 employees amid macroeconomic pressures
Freshworks joins the list of global and Indian SaaS firms like Salesforce, Zendesk and Chargebee that have recently announced layoffs.
BUSINESS
G-20 Summit 2023: Maceoeconomic impacts of RBI’s CBDC and its use cases is priority, will be discussed in the coming days
The G-20 Finance and Central Bank Deputies Meeting, under the Indian Presidency, was held in Bengaluru, Karnataka, during December 13-14, 2022, under the co-chairship of Secretary, Economic Affairs, Ajay Seth and Deputy Governor, Reserve Bank of India, Michael Patra.
BUSINESS
Global edtech market is poised to touch $300 billion by 2029: Report
Amid the slowdown in the Indian market, many edtech players expanded abroad and acquired paying customers in North America, SEA, and Middleeast.
BUSINESS
Bengaluru residents and auto drivers bear brunt of commission and licence issues of Ola, Uber and Rapido
Multiple auto drivers said that they have quit Ola, Uber and Rapido and are looking for alternatives.
ANNOUNCEMENTS
Bengaluru to build its own tech and innovation museum near Baiyyappanahalli
The experiential and interactive museum will be built on the lines of the Bezos Centre of Innovation in Seattle and Peres Centre for Peace & Innovation in Tel Aviv, said Bommai
BUSINESS
Funding in SaaS startups up 5 times YoY, to $500 million, in November 2022
SaaS startups have raised $5 billion to date in funding since the beginning of 2022, according to data research and analysis firm Venture Intelligence.
BUSINESS
EV financing startup Vidyut raises $4 million in seed funding
Founded in 2021 by Gaurav Srivastava and Xitij Kothi, Vidyut aims to make commercial EV ownership affordable and a risk-free proposition for customers through its ownership plans
BUSINESS
UPI clocks 19.65 billion transactions at Rs 32.5 trillion in Q3 2022: Worldline’s India Digital Payments Report
Overall, In Q3 2022, UPI, Debit and credit cards, and prepaid payment Instruments like Mobile Wallets, and prepaid cards executed 23.06 billion transactions amounting to Rs 38.32 trillion.
BUSINESS
Rohan Murty’s venture Soroco wants to make white collar work more effective
Founded in 2014 by Infosys founder NR Narayana Murthy’s son Rohan Murty, Arjun Narayan and George Nychis, Soroco has built a product called Scout that generates a work graph, which maps how teams experience digital work
BUSINESS
Karnataka govt cannot over-regulate app-based aggregators by deciding revenue sharing models: IAMAI
The industry body said that the 10% commission cap is affecting businesses and suggested the government hold periodic bi-annual meetings with app-based aggregators like Ola, Uber, and Rapido.
BUSINESS
Hard cash, made easy | Digital Rupee will enhance financial inclusion: Fintech industry
Digital currencies have many benefits like zero currency loss and lower operational costs associated with physical cash management.
BUSINESS
Coimbatore Saas firm Kovai.Co rules out layoffs, will be cautious on new hires, spends
SaaS firm looking to add 40-50 people in 2023 and eyes revenues of $30 million by 2025.
