Blinkit set for pivot🍅, Asia's largest EV battery R&D unit🔋, RBI wants crypto ban🚫
Blinkit to integrate with Zomato Hyperpure, Ola to invest Rs 4000 Cr in Asia's largest EV battery R&D unit, RBI wants crypto ban, govt needs global support: FM, Funding Deals and more.
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Blinkit to integrate with Zomato Hyperpure in fresh pivot🍅
Blinkit is shutting down warehouses again, this time to integrate its operations with food delivery major Zomato, which is in the process of acquiring the Gurgaon-based quick commerce startup.
Blinkit is expected to shut most of its own backend fulfilment warehouses and merge them with Zomato’s business-to-business restaurant supply business Hyperpure.
In March, the company had halted its business and shut many dark stores, only to open new ones so that it could keep its 10-minute delivery promise.
The move was seen as an attempt to better compete with Mumbai-based Zepto, which at that time was aggressively promoting 10-minute delivery.
Ola to invest Rs 4000 Cr in Asia's largest EV battery R&D unit in Bengaluru🔋
SoftBank Group-backed Ola Electric is planning to invest around Rs 4,000 crore ($500 million) to set up Battery Innovation Center (BIC) in Bengaluru to develop a futuristic and localised cell technology.
Spanning across half a million square feet, BIC will be one of the world's largest cell R&D centres and will recruit top industry talent, including 500 PhDs and engineers at full strength, Ola said in a statement.
The Battery Innovation Center will be the largest cell R&D facility in Asia, claims the Bangalore-based company. The unit will be up and running next month.
As part of its broader electrification push, the firm plans to invest in companies with advanced cell and battery technology, alongside the 50 Gwh battery plant.
Hot Shorts⚡
Lal10, a wholesale cross-border marketplace for Indian artisans to sell their goods, has raised $5.5 million in its pre-Series A debt and equity round led by Yuj Ventures (Xander Group) and Beyond Capital Ventures.
Plaeto, a health focused, D2C footwear brand for children has secured Rs 40 crores in Series A round of funding led by Florintree Advisors.
Swizzle, a new-age alco-bev solutions provider startup, has raised an undisclosed amount of seed funding from multiple angel investors.
➡️ Check out our LinkedIn space to read more on the funding deals.
RBI wants crypto ban, govt needs global support for regulation: FM📊
While the Reserve Bank of India has made it clear that it wants a complete ban on crypto assets, the Indian government needs global collaboration if such a ban or regulation is to be put into effect, Finance Minister Nirmala Sitharaman said on Monday.
Lok Sabha query: Addressing questions on crypto in the Lok Sabha, she said, “Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.”
She said that this was in view of the RBI’s stand on crypto, adding the central bank has recommended a total ban on cryptocurrencies.
Sitharaman said in the RBI’s view, cryptocurrencies are not currencies as every modern currency must be issued by a central bank.
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