5G in 50 Towns: Vaishnaw🗼; Blume Ventures closes $250 Mn fund💰; RBI's new feature for UPI💱
5G Services Deployed In 50 Towns: AV, Blume Ventures closes its largest India-dedicated fund, RBI announces new feature to make UPI easier, Funding Deals and more.
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5G Services Deployed In 50 Towns So Far: Ashwini Vaishnaw🗼
In nearly two months since the launch of 5G services in the country, telecom operators have expanded the service to 50 towns across India.
“Telecom Service Providers (TSPs) have started providing 5G services in the country from 01.10.2022 onwards and as of 26.11.2022, 5G services have started in 50 towns,” said Union Communications Minister Ashwini Vaishnaw in Parliament while replying to a question about 5G rollout.
On a question about the tariffs charged for 5G services, Vaishnaw said that the operators were currently providing the service for 5G-enabled devices at no extra cost.
Blume Ventures closes its largest India-dedicated fund at $250 million💰
Early-stage venture capital firm Blume Ventures has made the final close of its fourth India-dedicated fund with a corpus of $250 million, its biggest so far.
Founded by Kartik Reddy and Sanjay Nath, Blume typically invests in pre-seed to pre-Series A funding rounds of technology companies.
Despite the global macroeconomic downturn, many venture funds focused on the region have raised record amounts of capital.
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Delhi NCR-based LegalPay, a legal and insolvency financier, has launched the country’s first-of-its-kind equity fund Justice and Inclusion (JAI) Fund of $2 million.
Swageazy, an enterprise-focused gifting platform, has raised Rs 7 crore in its seed round led by Info Edge Ventures.
RBI announces new feature to make UPI payments easier💱
The Reserve Bank of India (RBI) has announced a new feature for UPI payments, through which a merchant can make multiple debits from a customer’s account, up to a specified maximum, once the customer consents to block this sum in their bank account.
The new functionality will make it easier for customers to pay for goods and services online.
For instance, if you book a hotel room, you might be first required to pay a booking amount before making the full payment at the end of your stay. With the new feature, the hotel will be able to create a mandate to deduct both amounts from your account at the correct time without you having to open your UPI app twice.
This will only be done after the merchant receives your consent to block those funds in your account.
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