Govt to meet startups🤝🏻, PhonePe hits $1 Tn💸, Plans to fill PUBG space🎮
Govt to meet startups🤝🏻, PhonePe hits $1 Tn💸, Plans to fill PUBG space🎮
Govt to meet startups over SVB crisis, PhonePe gets payment aggregator licence, Gaming studios devise major plans, Funding Deals and more.
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Indian government to meet startups over SVB crisis🤝🏻
With a joint statement coming from US regulators, the minister of state for electronics and information technology Rajeev Chandrasekhar, who is expected to meet startups this week, tweeted Monday morning.
The sudden collapse of California-based Silicon Valley Bank has impacted several Indian startups and the central government is planning to meet representatives from these startups after the firms requested an intervention.
Up to 60 Indian startups backed by Y Combinator have deposits of over $250,000 each that are currently trapped in SVB.
PhonePe gets payment aggregator licence, reaches $1 trn annualised payment value run rate💸
Indian digital payments firm PhonePe, founded in December 2015 and now among the country's largest payments apps, hits $1 trillion, or ₹84 lakh crore, annualized Total Payment Value (TPV) run-rate, mainly on account of its lead in UPI transactions, the company announced.
The fintech firm claims to have digitized more than 35 million offline merchants spread across tier 2, 3, 4 cities, and beyond, covering 99 percent of pin codes in India.
Hot Shorts⚡
Super Six Sports Gaming Pvt. Ltd (SSSG), the parent of fantasy sports brand Fantasy Akhada, has raised $11 million (around Rs 90 crore) in a fresh round led by Florintree Advisors.
The Energy Company secures an undisclosed pre-seed round led by LetsVenture.
Gaming studios devise major plans to fill PUBG space🎮
As the Indian government banned the mobile game PlayerUnknown’s Battlegrounds Mobile (PUBG Mobile) in 2020, Pune-based SuperGaming got to work on a similar game called Indus Battle Royale.
With a projected release date sometime this year, Indus Battle Royale aims to fill the void left by the bans on PUBG Mobile and its subsequent India version Battlegrounds Mobile India.
SuperGaming isn’t the only firm attempting this either. Gaming unicorn Mobile Premier League’s (MPL) Mayhem Studios is set to release a similar game called Underworld Gang Wars for Android users in May.
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