FM Sitharaman begins her historic 7th Budget speech🪙
FM Sitharaman begins her historic 7th Budget speech🪙
1.25 lakh DPIIT-recognised startups, Bluelearn shuts operations, PhonePe, Google Pay see marginal decline, Funding Deals and more.
Good morning and welcome to Tuesday’s edition of Rise & Shine!
“A surplus of effort could overcome a deficit of confidence.”
— Sonia Sotomayor
Today’s quote emphasizes the power of effort in overcoming self-doubt and building confidence.
Sotomayor’s words remind us that consistent effort and hard work can help us push through moments of self-doubt. Even when confidence is lacking, determination and persistence can carry us forward.
Tech Updates
Finance Minister Nirmala Sitharaman has begun her historic seventh Budget speech in Lok Sabha
Finance Minister Nirmala Sitharaman has begun presenting her seventh consecutive Union Budget 2024-25 today (on July 23) during the Budget Session of Parliament. Notably, Sitharaman makes history as the first finance minister to present seven consecutive Budget speeches. She now surpasses former Prime Minister Morarji Desai's record of six consecutive budgets as finance minister between 1959-64.
Out of 1.25 lakh DPIIT-recognised startups, over 13,000 are in AI, IoT, robotics & nanotech: Economic Survey
From around 300 startups in 2016, the number of Department for Promotion of Industry and Internal Trade (DPIIT)-recognised startups have increased to more than 1.25 lakh by March 2024. These startups are reported to have created over 12.42 lakh direct jobs creating significant economic impact, as per the Economic Survey of 2023-2024.
Edtech startup Bluelearn shuts operations, to return 70% of capital
Social learning platform Bluelearn on Sunday announced that it has shut down its operations as the firm found it tough to grow fast. The three-year-old firm will return 70% of the capital it raised to its investors. The Bengaluru-based startup had raised nearly $4 million across two rounds from Elevation Capital, Lightspeed, Titan Capital, 2am VC.
PhonePe, Google Pay see marginal decline, Paytm records flat growth
Digital payments platforms PhonePe and Google Pay saw a marginal decline in their total volume and value processed through Unified Payments Interface (UPI) in June while the third largest player Paytm recorded a flat growth in the last month.
Overall, UPI saw a marginal dip of 1% in total transaction volume to 13.9 billion in June from 14 billion in May.
Funding Deals
Education-focused non-banking financial corporation (NBFC) Auxilo has secured Rs 100 crore (approximately $12 million) in a debt financing round. Dezerv Securities pumped in Rs 26.39 crore while MAS Financial Services and CredAvenue Securities (Yubi) participated with Rs 25 crore each.
Workspace solution provider Incuspaze has raised around $8 million led by the India Inflection Opportunity Fund (IIOF) and other financial institutions in its maiden funding round.
HR technology platform Umwelt.AI has secured $125K in a seed funding round led by Upekkha.
📌 Short Story: Effort Overcomes Doubt
Sarah, a new manager, felt overwhelmed by her new responsibilities and doubted her ability to lead her team effectively.
Instead of succumbing to her lack of confidence, she decided to put in extra effort. She attended leadership workshops, sought mentorship, and spent extra hours planning and preparing.
Over time, her dedication paid off, and she became a respected and confident leader, demonstrating that effort can indeed bridge the gap left by a lack of confidence.
Tweet of the day🐥
As you go through your day, remember that your effort can be the key to overcoming any doubts you may have.
Rise & Shine is here to inspire you to put in that extra effort and achieve your goals.
Have a determined and productive Tuesday!
Thanks for reading till the end!