PhonePe goes international🌐, Paytm hit 20% upper circuit📈, Vedanta 🤝🏻 Foxconn
PhonePe users can make payments outside of India, Paytm hit 20% upper circuit, Vedanta will play lead, Funding Deals and more.
Start your day, the smart way with Rise & Shine!
1 Mail | 2 Mins | 3 Stories.
Join now for free!
PhonePe users can make UPI payments in countries outside of India🌐
Digital payments major PhonePe on Tuesday said it has launched support for 'UPI international' payments, allowing its users to pay foreign merchants using the unified payments interface (UPI) infrastructure.
The launch lends support in foreign countries where UPI has been launched, including the United Arab Emirates (UAE), Singapore, Mauritius, Nepal and Bhutan.
“UPI International is the first major step in letting the rest of the world experience UPI too. I am sure this launch will prove to be a game-changer and will completely transform the way Indians travelling overseas pay at merchant outlets abroad,” said Rahul Chari, cofounder and chief technology officer (CTO), PhonePe.
Paytm shares hit 20% upper circuit on first-ever quarterly profit📈
Shares of digital payments service provider Paytm hit the upper circuit of 20% as the stock rose to Rs 669.6 in Tuesday's trade on the BSE.
The fintech firm has reported its first-ever quarterly operating profit three quarters ahead of guidance. Further, its losses narrowed in the third quarter (Q3) of the current fiscal.
For Q3, the payment gateway services provider reported a consolidated net loss of Rs 392 crore, down from Rs 779 crore in the year-ago period. Operating profit improved by Rs 424 crore from the year-ago period, and the margins improved to 2% of revenue.
Ushur, a Santa Clara, CA-based company providing an AI-powered Customer Experience Automation (CXA), raised $50M in Series C funding led by Third Point Ventures with participation from existing investors Iron Pillar, 8VC, Aflac Ventures and Pentland Ventures.
Emotional artificial intelligence (AI) startup Entropik has secured $25 Mn in a Series B funding round led by Bessemer Venture Partners and SIG Venture Capital.
Electric vehicle and clean energy startup Simple Energy has raised over $20 million in the ongoing bridge round.
Digital loan platform LoanTap has raised Rs 24 crore ($2.9 million) from global investment institution Lighthouse Canton.
Skilling platform Cusmat has raised $3.5 million in a Series A round led by Arkam Ventures along with participation from Unitus, Better Capital, Venture Catalysts, MapMyIndia, 9 Unicorns, We Founder Circle, Mumbai Angels Network, Dholakia Ventures, Ice VC, and Legacy asset LLP.
Farm advisory platform BharatAgri has raised Rs 14 crore in an extended Series A round led by Capria Ventures.
Vedanta will play lead in Foxconn JV with 63% stake🏭
There is no change in the shareholding structure of the joint venture between Vedanta Group and Foxconn Technologies for the manufacture of semiconductors and display units in India, a senior Vedanta group executive told.
The oil-to-metals group will continue to hold 63%, while Foxconn will own 37%, Akarsh Hebbar, global managing director of the display and semiconductor business, said in an exclusive interview.
“The government is okay with Vedanta being a junior partner, but not an operating partner, in the venture,” a senior government official had told.
Tweet of the day🐥
Other Top Stories
🤑 Apple offers ‘Buy Now, Pay Later’ service testing to retail employees
🏦 Paytm Payments Bank allows users to link RuPay credit cards to UPI
"Don't rush anything. When the time is right, it will happen."
Thanks for reading😊
Share with your friends/colleagues, if you enjoyed the newsletter. It’s FREE!!!