India-made chips🧑🏻🔧, NRIs can use UPI💸, Tata reviews🦸🏻
Govt may seek deals for India-made chips, NRIs from 10 countries can use UPI, Tata reviews super app strategy, Funding Deals and more.
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Govt may seek deals with other countries for India-made chips🧑🏻🔧
The centre is planning inter-governmental talks to seek commitments from other nations to procure made-in-India semiconductor chips.
These discussions are likely to be held with countries that don’t have extensive semiconductor manufacturing capacities and currently procure chips from nations such as China and Taiwan.
The idea is to get industries in those nations to either buy or give preference to India-made chips, they said.
“We are looking at this to ensure that the semiconductor chips manufactured in India have demand globally,” said a senior government official, adding that the talks are at a “very initial and exploratory stage right now”.
NRIs from 10 countries can use UPI with domestic accounts, int’l phone numbers💸
Non-resident Indians (NRIs) from 10 countries can now use UPI to send and receive money if their domestic bank accounts are linked to their phone numbers abroad.
The list of countries includes Singapore, Australia, Canada, Hong Kong, Oman, Qatar, US, Saudi Arabia, United Arab Emirates, and the United Kingdom.
Retail payments umbrella body the National Payments Corp. of India (NPCI) said it could extend this to other countries in future. It has asked members participating in UPI to ensure that only those accounts complying with the Foreign Exchange Management Act use this facility.
Hot Shorts⚡
Edtech firm Lead has raised Rs 160 crore in funding via a mix of long-term capital from Alteria Capital and Stride Ventures, and working capital financing from banks, including Standard Chartered Bank, HDFC Bank and ICICI Bank.
Blue and grey-collar job portal WorkIndia has raised $12 million in its pre-Series B funding led by SBI Holdings, Tokyo, Yamauchi No.10 Family Office, the founding family of Nintendo, Persol, and Insitor.
Peepul Tree, a live-commerce platform that connects India’s artisans and their craftsmanship to global consumers, has raised seed funding of $6 million in a round led by Elevar Equity.
Bengaluru-based casual gaming startup Giga Fun Studios has raised $2.4 million in a seed round led by gaming-focused venture capital fund Lumikai and Fireside Ventures.
Metaverse-based startup Trezi has raised over $2 million in a funding round led by World V and YourNest Venture Capital, along with two other investors, Auxano Capital and She Capital.
Boingg, a D2C kids-focused furniture brand, has raised Rs 2 crore in its pre–Series A round led by Inflection Point Ventures.
Tata reviews super app strategy as sales may miss target by 50%🦸🏻
Tata Group’s ambitious super app is expected to meet just half the sales target in its first year, forcing the Indian corporate to review its digital strategy.
Tata Digital’s online platform Tata Neu, which went live in April 2022, will see sales of about $4 billion in FY23, just half of the $8 billion target set at the start of 2022.
The underwhelming performance of a project that Tata Group Chairman Natarajan Chandrasekaran championed as the future of the $128 billion conglomerate shows the uphill task of taking on entrenched ecommerce rivals such as Amazon and Flipkart.
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