One important thing: Apple is loosening its iron grip on the App Store by allowing developers more leeway in pricing their apps.

• Subscription app developers can now choose from 600 new price points, with an additional 100 higher-end price points available "upon request." This will be extended to all other apps and in-app purchases by mid-2023.

• Apple is also making it easier to manage currency and taxes across the App Store's 175 global storefronts. 

In today’s newsletter: 

• Indian govt pulls up WhatsApp
• Vedantu layoffs cross 1,000
• VCs continue piling up billions

What did India search on Google this year? Scroll below for more deets!

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The government will do its bidding one way or another. That’s the message Meta policy chief Nick Clegg got when he visited the corridors of power in Delhi last month, according to sources. 

• In his whirlwind tour, Clegg packed his itinerary with meetings — ministers, senior government officials and tech policy wonks. But, as Elon may ask, what did he get done that week? 

The government told Clegg that it can keep going to the courts, but the traceability obligation will be enforced one way or another.

• Last year, WhatsApp challenged a law requiring it to trace messages, which is still sub judice

• One of WhatsApp’s arguments has been that traceability would force it to break its end-to-end encryption feature 

• The government has now told Clegg that it can suggest language for a new traceability law that it can live with, according to sources

• According to sources, government officials told Meta representatives that it wants traceability and not breaking of the encryption feature

Clegg received another reality check when the government praised Google for complying with content takedown orders while criticising Meta, according to sources.

• Meta was also told to make efforts to process and complete content takedown orders within one hour of receiving such official communication

• In addition, the government told Meta that it needs more fact-checkers in India in proportion to the country's population and the user base it has on its social media platforms

Edtech, one of the brightest sectors of the pandemic, appears to be losing its lustre this year, owing to a combination of declining demand for their services and a funding dry run.

Vedantu has laid off an additional 385 employees, bringing the total number of layoffs for the year to 1,000.

• While layoffs happened across verticals, learning content, HR (human resources) and sales enablement were the worst-hit
  
  
• Vedantu is aiming for profitability next year and is betting heavily on offline and hybrid ventures as demand for online learning has declined

Meanwhile, Vedantu's closest competitor, Byju's, is looking to restructure its $1.2 billion loan from last year as it struggles with steep losses and cost-cutting targets.

• Byju’s appointed an adviser to discuss tweaks in covenants of the term loan B with creditors
  
  
• Byju’s is seeking more lenient terms, including lower coupon and more time to repay
  
  
• Creditors are getting concerned about the company’s ability to repay and many have sold down the loans

Byju's, Vedantu, and Unacademy wanted to disrupt traditional offline education by moving everything online.

The asset-light online model initially demonstrated enormous potential, and the pandemic accelerated its growth.

But, just when it appeared that the pandemic was turning out to be a boon for the edtech sector, the tide turned. Following the pandemic, students began returning to physical tuition centres.

As a result, in order to keep up with the growth trajectory, online learning companies had to venture into offline teaching, which went against their core model. Wonder if the future of the edtech sector is headed for pure offline play!

There appears to be no end to the amount of money flowing into the hands of India-focused venture capitalists. The Indian venture capital ecosystem currently has more than $7 billion in dry powder.

Blume Ventures, which has backed companies like Unacademy, Slice, Purplle, Spinny, and Ola, is the latest to join the fray, having announced today that it has raised $250 million.

• Sequoia Capital, Accel, Elevation Capital, and Matrix Partners, are others on the list of VCs to raise a large fund amid macroeconomic headwinds

This new fund is Blume's largest to date. Previously, the VC firm raised funds with a corpus of $20 million, $60 million, and $102 million.

• The new fund is backed by Blume Ventures' previous LPs, which include family offices, sovereign wealth funds, and emerging market fund of funds 
  
  
• The fund was oversubscribed from its initial target of $200 million
  
  
• In November, Blume announced the first closed of the new fund at $105 million

The growing amount of dry powder comes as startups struggle to raise funds and cut costs in order to survive the impending funding winter.

Customers and merchants in India have had free access to digital payments since 2016, thanks to the Unified Payments Interface (UPI).

So, when the pilot for the retail Central Bank Digital Currency (CBDC), or e₹-R, went live on November 1, many people wondered, "How is this experience different from UPI?"

Today, following the announcement of the RBI's monetary policy, Governor Shaktikanta Das chose to address this frequently asked question.

"Any UPI transaction involves the intermediation of the bank. In CBDC, like for paper currency, you will draw the digital currency and keep it in your wallet in your mobile. When you make a payment at a shop or to another individual, it will move from your wallet to their wallet. There is no routing or intermediation of the bank," Das said.

Read more

Meanwhile, here are five things you should know about the retail CBDC pilot that is currently underway.

It was on this day in 1972 that the United States launched Apollo 17, the sixth and final moon mission.

Quick trivia: Everyone knows about the first time humans set foot on the Moon, but what about the last time?

• The crew of Apollo 17 reached the Moon on December 11, 1972, with Flight Commander Eugene Cernan being the last man on the Moon. (Picture credit: NASA)

Book recommendation: The Last Man on the Moon: Astronaut Eugene Cernan and America's Race in Space

• Crypto and Web3 venture firm a16z has appointed former CFTC commissioner Brian Quintenz as the company’s new head of policy a year after hiring him as senior advisor for its crypto team.
  
  
• The classic Windows media player Winamp has integrated music NFTs into its platform in its most recent update. The new feature of Winamp will allow users to play audio files embedded in their non-fungible tokens.

With several major sporting events taking place this year, it's not surprising that sports-related topics dominated what people in India searched for on Google.

The Indian Premier League (IPL) cricket tournament remained the top trending query for the third consecutive year, while other cricket tournaments such as the Asia Cup and the T20 World Cup also made it to the list. The ongoing FIFA World Cup and the Commonwealth Games are also featured on the list 

• Brahmastra: Part One - Shiva and K.G.F: Chapter 2 are the most searched movies in India.

Read the entire list 

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