CII on Crypto👩🏻💻, Udaan JioMart war⚔, MapmyIndia IPO📊
Crypto ‘securities’ of a special class, JioMart is up against Udaan, MapmyIndia IPO oversubscribed, Funding deals and more.
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Treat crypto as a special class of securities, CII urges government⚖
The Confederation of Indian Industries (CII) said on Thursday that the government should treat cryptocurrencies as a special class of securities with its own regulations.
It said that existing securities regulations should not be applied to crypto and that “a new set of regulations would be appropriate, keeping in mind their jurisdiction-less and decentralised character.”
The CII’s suggestion comes as the government is set to introduce the cryptocurrency bill in the ongoing winter session of Parliament. The bill seeks to prohibit all “private” cryptocurrencies in India and create a framework for India’s official digital currency to be issued by the Reserve Bank of India.
Since news of the bill’s imminent introduction in Parliament broke a few weeks ago, various crypto players and industry bodies have been lobbying the government.
Like CII, the Internet and Mobile Association of India (IAMAI) also pushed for cryptocurrencies to be classed as assets and banned from being used as currencies.
B2B e-com startup Udaan gives Reliance's JioMart a run for its money🛒
Udaan, the business-to-business (B2B) e-commerce startup is giving tough competition to Reliance’s online grocery platform JioMart to capture the market. Nearly 45% of the total 301 retailers interviewed by Kotak Institutional Equities mentioned that they selected Udaan as a distribution partner versus around 33% for JioMart.
Kotak Institutional Equities surveyed 100 grocery retailers in Gurugram who have been in a partnership with JioMart for an average of the past six months. The report said JioMart seems to have captured a decent 26% market share after being in a partnership with these stores for an average of about six months.
Besides JioMart, Bengaluru-based Udaan competes with e-commerce giants Amazon India, Flipkart, and the Tata group for a share in the grocery market. It is eyeing the grocery market to be worth $850 billion by 2025 and will focus on community grocery e-commerce (CGE) to tap the sector growing sharply in the pandemic, according to the sources.
Polygon announced a $400 million acquisition of Mir, a project focusing on zero-knowledge proofs.
Direct-to-consumer dental-tech startup 'Snazzy' has raised $2.2 million in a funding round from YCombinator, Form Capital, Goodwater Capital, and ANIM Fund.
Direct-to-Consumer personal and home care products startup Clensta has raised Rs 20 crore funding from Hem Angels part of Hem Securities Ltd, Venture Catalysts and Inflection Point Ventures.
MapmyIndia IPO subscribed 2.02 times on day 1📊
The initial public offering (IPO) of CE Info Systems, which runs MapmyIndia, opened for public subscription on Thursday with a price band of Rs 1,000-1,033 a share. The three-day issue will close on December 13 and the company's shares are expected to list on exchanges on December 21.
The offer was fully subscribed within a few hours and by the end of the first day of bidding, it was subscribed 2.02 times. The company received more than 1.42 crore bids across both the stock exchanges for the 70.45 lakh shares on offer.
New Delhi-based MapmyIndia, backed by Qualcomm Inc. and Japanese digital mapmaker Zenrin, provides digital maps, geospatial software and location-based IoT technologies. Its customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress and the Goods and Service Tax Network. Apple uses MapmyIndia maps as do Paytm, PhonePe, McDonalds, Grofers and Cars24.
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