Microsoft partners with ISRO🚀; BharatPe’s revenue jumps 169%📊; RBI selects Six Fintechs to Tackle Financial Fraud⚔️
Microsoft partners with ISRO to Fuel Growth, BharatPe’s FY22 revenue jumps 169%, RBI selects Six Fintechs to Tackle Financial Fraud, Funding Deals and more.
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Microsoft partners with ISRO to Fuel Growth of Spacetech Startups in India🚀
Tech giant Microsoft is all set to fuel space tech startups in India. At the future-ready technology summit 2023, Microsoft CEO Satya Nadella showcased several cloud-based and AI-powered projects and also revealed its plans to foster Indian startups in the space tech domain.
The company has signed a memorandum of understanding with ISRO (Indian Space Research Organisation) to fuel space tech startups using technology tools and platforms.
With this partnership, Microsoft will help ISRO to strengthen its vision towards getting the most out of space tech startups in the country.
Microsoft will work closely with the startups identified by ISRO and will onboard those companies to its Startup Founders Hub platform to support them at every stage.
BharatPe’s FY22 revenue jumps 169%; loss widens to Rs 5,594 crore📊
Fintech unicorn BharatPe’s revenues jumped 169 percent from Rs 119 crore in FY21 to Rs 321 crore in FY22. However, it also saw its losses widen to Rs 5,594 crore. The company shared that the loss is due to a change in the fair value of compulsorily convertible preference shares.
BharatPe also shared that it will continue to invest in new business verticals including PostPe and Swipe, both of which were started about a year ago. The company also revealed that the monthly disbursal rate is around Rs 1,200 crore across all the products.
“We facilitated disbursals of around Rs 4,500 crore in 2021-22 and are on track to do Rs 15,000 crore across the merchant and consumer side this year and remain on track to be operationally positive in the next few months,” the statement read.
Hot Shorts⚡
CarDekho’s insurance unit InsuranceDekho has raised Rs 300 crore or $36.5 million led by West Street Global (an investment arm of Goldman Sachs group).
Contract lifecycle management (CLM) startup SirionLabs has topped up its Series D round of funding with a $25 million investment from California-based private equity firm Brookfield Growth.
EV charging aggregation startup ElectricPe has raised $5 million in a Pre-Series A funding round led by investors such as Green Frontier Capital, Blume Ventures and Micelio Fund, with participation by Dubai-based NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels.
Bengaluru-based gamified savings platform Fello has raised $4 million in its latest funding round. The round was led by US-based Courtside Ventures, with participation from Entrepreneur First, Ycombinator, Kube Venture and Upsparks.
RBI selects Six Fintechs to Tackle Financial Fraud⚔️
The Reserve Bank of India has selected six fintech entities as part of a regulatory sandbox initiative that aims to prevent and mitigate financial fraud.
The selected entities for the ‘Test Phase’ are Bahwan Cybertek, Crediwatch Information Analytics, Wibmo, napID Cybersec and Trusting Social. Besides, banking major HSBC has also been selected, in collaboration with Wibmo, by the RBI.
In simple terms, regulatory sandboxes allow companies to test new products or services in a controlled regulatory environment. This enables companies to scale up their offerings, innovate, bring efficiency and devise solutions for new-age problems.
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