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Adani to invest $150 Bn🤑; Slice stops users' cards💳; Indian Startup Ecosystem at 3 Lakh Cr: Goyal💸
Adani group to invest $150 Bn in pursuit of $1 Tn valuation, Slice temporarily stops users' cards, Indian Startup Ecosystem valued at Rs 3 Lakh Cr: PG, Funding Deals and more.
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Gautam Adani's group to invest $150 billion in pursuit of $1 trillion valuation🤑
Gautam Adani's group will invest over $150 billion across businesses ranging from green energy to data centres. It chases the dream to join the elite global club of companies with $1 trillion valuations.
Recently, Adani Group Chief Financial Officer Jugeshinder 'Robbie' Singh revealed detailed the growth plans of the group, which started off as a trader in 1988 and expanded rapidly into ports, airports, roads, power, renewable energy, power transmission, gas distribution, and FMCG and more recently into data centres, airports, petrochemicals, cement, and media, at an investor meet organised by Ventura Securities Ltd in New Delhi.
The market capitalisation of Adani Group was around $16 billion in 2015 and, it has surged to $260 billion in 2022 - an increase of over 16x in seven years.
Slice temporarily stops users' cards to adhere to RBI's digital lending rules💳
In order to adhere to the Reserve Bank of India’s new guidelines on digital lending, fintech startup Slice has communicated to customers that it would temporarily stop the operation of its cards next month, as it transitions to a new system.
Slice has asked users to open a prepaid account that will be linked to their cards.
The country's banking regulator announced new rules on August 10 for third-party platforms, such as prepaid payment instruments (PPIs) like wallets and cards which issue credit products. It has set November 30 as the deadline for the platforms to adhere to the new guidelines.
Jashvik Capital, an India-based growth private equity (PE) firm, has announced the first close of its maiden $350 million fund, which it launched in July this year.
Carapace, a protocol to connect buyers and sellers of protection against default risk for under-collateralized DeFi loans, has secured $2.5 million led by NFX, Titan Capital and other investors.
Indian Startup Ecosystem Valued at Rs 3 Lakh Cr: Piyush Goyal💸
Touting homegrown startups, Union Minister Piyush Goyal said that the Indian startup ecosystem was currently valued at around INR 3 Lakh Cr.
“…the fact that we are probably 110-plus unicorns, about 75 or so soonicorns which are on their way to becoming unicorns, is truly a remarkable achievement. The last time we did a valuation of our startup ecosystem, it came to about USD 368 billion, that’s nearly three lakh crore rupees,” he was quoted.
Despite the global headwinds, Indian startups continue to march ahead. The country currently stands third globally in terms of the number of unicorns, behind the US and China.
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"Ambition is the path to success. Persistence is the vehicle you arrive in."
- Bill Bradley
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