BYJU's renews jersey deal 🏏, Advantage in CBDC says FM 💰, Flipkart 🤝🏻 Google Cloud
BYJU's renews jersey deal 🏏, Advantage in CBDC says FM 💰, Flipkart 🤝🏻 Google Cloud
BYJU’S renews BCCI jersey deal, Clear advantages in a digital rupee-FM, Flipkart partners with Google Cloud, Funding Deals, What is Decacorn? & more.
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BYJU’S renews BCCI jersey deal, to pay 10% extra🏏
Indian cricketers will continue to wear edtech firm BYJU’s brand name on their jerseys. BCCI has extended the sponsorship rights of the edtech firm until the October-November 2023 ODI World Cup.
The extension will enable BYJU’S to continue marketing its brand on the Indian jerseys for a slew of marquee events, including this year’s T20 World Cup scheduled in Australia and next year’s ODI World Cup.
Under the new deal, the edtech decacorn💡 will pay the Indian cricket board approximately 10% more than the current value.
Interestingly, this comes barely a year after the International Cricket Council (ICC) announced BYJU’S as its global partner till 2023. The move was part of the edtech company’s renewed focus on its global ambitions. The startup is operational in 7 countries and the move could help bolster its prospects across the globe.
BYJU’S is India’s most valued edtech startup valued at over $21 Bn valuation.
Learn with R&S 💡
What is a decacorn?
A decacorn is a startup, which has a current valuation of over $10 billion (about ₹75,000 crore). What separates decacorns from unicorns (valuation of $1 billion) is their evolved business and revenue model as well as the growth rate. The fact that they have received large investments is because they have shown an incredible growth rate, compared to the competition. Food delivery giant, Swiggy recently became a decacorn after it’s valuation crossed $10.7 billion.
We see clear advantages in central bank-driven digital currency: FM💰
Finance Minister Nirmala Sitharaman said on Tuesday that launching a 'digital rupee' was a conscious call taken in consultation with the Reserve Bank of India (RBI) and the government sees clear advantages in a central bank driven digital currency.
"It was a conscious call taken in consultation with the Reserve Bank of India… we would like them to design it the way they would like to do it, but this year we expect the currency to come out from the central bank itself," Sitharaman said at the India Global Forum's annual summit.
RBI launches UPI for feature phones: Meanwhile, the Reserve Bank of India Governor Shaktikanta Das announced the launch of UPI payments through feature phones. While UPI is already India’s most popular digital payments platform, this will take it to parts of rural India where most people still lack smartphones.
The feature, called UPI123Pay, will offer payments through IVR Number, missed-call-based transactions and sound-based payments. The central bank also announced the rollout of a 24x7 helpline for digital payments called DigiSaathi.
Hot Shorts⚡
IT company Info Edge, which owns platforms such as Naukri.com and Jeevansathi, has acquired a 76% stake in online dating company Aisle Network for Rs 91 crore.
Edtech unicorn Emeritus, a part of the Eruditus Group has secured $350 million in debt financing from Canada Pension Plan Investment Board.
Acefour Accessories, a travel accessories company has raised $1.5 million in a seed funding round led by Enam Holdings.
B2B logistics startup Oorjaa has raised around Rs 9 crore in a Pre-Series A round led by Inflection Point Ventures.
Flipkart in strategic alliance with Google Cloud to speed up innovation☁
India's e-commerce giant, Flipkart on Tuesday entered into a multi-year strategic alliance with Google Cloud to fast-track its innovation and cloud strategy.
The partnership is expected to enable Flipkart into its next phase of growth, whereas, boost its vision of onboarding India's next 200 million shoppers and lakhs of sellers.
By leveraging Google Cloud's secure and scalable global infrastructure and advanced networking technologies, Flipkart will be able to deliver robust app access and performance even during peak purchase seasons with heightened traffic.
Also, Flipkart will continue to advance the pace of new product development by building on Google Cloud, furthering its expansion into Tier 2 and Tier 3 markets in India.
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