One quick thing: CBDC transactions top 1 million per day in December 

In today’s newsletter: 

• Stock exchanges on high alert after Khalistan threat call
• IPO-bound Swiggy gets an Invesco boost
• ONDC hits 5M transactions in December

P.S.: The Windows keyboard, as we know it, is set to undergo an overhaul. Scroll down for deets!

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As the 31st anniversary of the devastating 1993 bomb blasts approaches, India's infrastructure faces renewed threats from malicious actors.

In recent days, several individuals have received threatening calls from an unknown international number, hinting at potential "destruction" targeting the BSE and National Stock Exchange (NSE).

In response, the Department of Telecommunications (DoT) conducted an investigation and has directed the Finance Ministry and the Securities and Exchange Board of India (SEBI) to enhance the cybersecurity infrastructure of the exchanges. 

• In addition, the DoT has instructed operators to block calls originating from the specific international number

The telephonic message, claiming to be from Khalistani separatist leader Gurpatwant Singh Pannun, alleged that India has committed "transnational terrorism" and threatened to "break the backbone of the economy."

The Ministry of Home Affairs and Indian Computer Emergency Response Team (CERT-In) informed the DoT about suspicious calls, sources told us. 

• Following this, the DoT initiated a probe and directed telecom companies to analyse calls coming from the concerned number

The analysis confirmed the international nature of the calls and revealed that several citizens had received calls from the same number.

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Swiggy's valuation has been on a rollercoster ride.From a high of $10.7 billion to a low of $5.5 billion, the company has gone through it all. 

Now, the food tech giant's valuation is on the move again.

Invesco, an investor in Swiggy, marked up the company’s valuation for the second consecutive time as of October 31, 2023,  regulatory filings showed.

• Swiggy is now valued at $8.3 billion, up from $7.85 billion in July last year, as per Invesco

Despite the increase, the current valuation of $8.3 billion is lower than Swiggy’s valuation of $10.7 billion in January 2022, implying that there is more ground to cover.

• For Swiggy, the second consecutive valuation markup follows back-to-back valuation cuts

Swiggy experienced its first significant valuation change at the end of January 2023. 

• Invesco reduced Swiggy's valuation from $10.7 billion to $8 billion, in line with the downturn in publicly traded tech stocks

• The valuation was further lowered to $5.5 billion in the next review as growth in the food delivery market slowed

Other investors, such as Baron Capital, also altered the company's valuation. The investor initially lowered Swiggy's valuation to $6.5 billion before subsequently raising it to $8.5 billion.

Invesco has also revised the valuation of fintech firm Pine Labs.

• In 2021, Invesco invested in Pine Labs at a valuation of around $3 billion

• However, the investment firm said that the startup's valuation had increased to $4.4 billion as of October 2023

While this marks an increase in Invesco's books, Pine Labs, which last raised money at a valuation of $5 billion, still has more ground to cover.

Find out more

In its first full year of operations, the Open Network for Digital Commerce (ONDC) has gone from being yet another government project to an upstart everyone is keenly watching.

The government-backed network crossed 5 million transactions in a month across ride-hailing and retail purchases for the first time in December, sources told us.

• Of the 5.5 million transactions last month, 2.1 million were in the retail category, while 3.4 million were in the mobility category

This is in stark contrast to early 2023 — when retail accounted for only 5-10%, while the mobility category dominated with 90-95% of all ONDC transactions.

Many may recall the first two weeks of May when ONDC generated a considerable buzz—some of it negative—on social media by offering larger discounts than Zomato and Swiggy. 

• As a result, food delivery swiftly became the dominant sub-category within retail on ONDC, accounting for 90% of orders

That’s changing now. In December, both food delivery and fashion purchases were neck-to-neck, each cornering a third of all retail orders.

• The remaining orders came from emerging categories such as grocery, cosmetics, electronics, and homecare
  

While 2023 focused on laying the groundwork for ONDC by onboarding a substantial initial wave of buyers, sellers, and platforms, 2024 will be a crucial year in determining its scalability. 

• To this end, ONDC aims to achieve a monthly run rate of up to 8 million transactions by the end of FY24.

Dig deeper

• Elvis Presley is returning to the stage as a virtual hologram in a new immersive concert experience called Elvis Evolution, using AI and holographic projections created from his personal photos and videos.
  
  
• Intel has set up a new independent company named Articul8 AI, backed by DigitalBridge Group and other investors, focusing on its AI software efforts, stemming from collaborative work with Boston Consulting Group, utilising a generative AI system designed to analyse text and images.

• Amazon founder Jeff Bezos and a slew of venture capitalists have invested $74 million in Perplexity, an AI search startup that's challenging Google. Interestingly, Google's chief scientist Jeff Dean and former YouTube CEO Susan Wojcicki are also investors in the startup in a personal capacity.

Your Windows keyboard is set to undergo a major makeover for the first time in nearly 30 years!

Microsoft aims to make 2024 the year of the AI PC, kicking things off with a brand-new Copilot key destined to become a staple of PC keyboards.

• This dedicated key, positioned next to the right-hand Alt key, will offer instant access to Microsoft's Copilot AI assistant

The first set of devices featuring the key will be showcased at the upcoming CES 2024 on January 9, with availability starting in late February. Read more

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