Happy Independence Day!
Happy Independence Day!
Ecom Express approves Rs 2600 Cr IPO, Ola Electric reports Rs 1644 Cr revenue, PhonePe and G-Pay dominate UPI, Funding Deals and more.
Good morning and welcome to Thursday’s edition of Rise & Shine!
“The most courageous decision that you can make each day is to be in a good mood.”
- Voltaire
On this special day, as we celebrate the 78th Independence Day of India, we also reflect on a quote by Voltaire that underscores the power of choosing positivity.
Today, let us commemorate freedom and the liberty to choose our attitude daily.
It’s a declaration of independence from external circumstances and a commitment to personal happiness and peace.
Tech Updates
Ecom Express board approves Rs 2,600 Cr IPO
Logistics firm Ecom Express appears close to file draft red herring prospectus as it has received board’s approval for initial public offering worth Rs 2,600 crore via a mix of fresh issue and offer for sale. The Gurugram-based company already appointed bankers including Kotak Capital, IIFL, Axis Capital, and UBS for the IPO.
Ola Electric reports Rs 1,644 Cr revenue in Q1 FY25; losses fall 17%
Electric scooter maker Ola Electric on Wednesday reported a 32% jump in revenue for the first quarter of fiscal year 2025 to Rs 1,644 crore. Net loss widened to Rs 347 crore for the quarter ended June 30, from Rs 267 crore a year ago.
PhonePe and G-Pay dominate UPI volume in July
Unified payments interface (UPI) saw a 3.95% month-on-month growth in volume to 14.44 billion in July from 13.89 billion in June. While PhonePe and Google Pay maintained their market share in the last month, Paytm registered a minor decline. PhonePe clocked 6.98 billion transactions in July followed by Google Pay and Paytm with 5.34 billion and 1.12 billion transactions, respectively. This translates into 48.3% market share for PhonePe, 37% for Google and 7.82% for Paytm.
Funding Deals
Singapore-based saving and investment platform Syfe has raised $27 million (Rs 226 crore) in funding from Valar Ventures and Unbound, and new investment from two UK family offices.
Smart mobility company Six Sense Mobility has raised Rs 6 crore in its seed round from Piper Serica VC, an angel investment firm based in Mumbai.
Special Feature: Independence Day Reflections
As India marks its 78th year of independence, we celebrate the strides we've made and our resilience.
Just as our nation once fought for and gained its liberty, we battle daily for control over our inner state.
Choosing joy and a positive outlook can be as revolutionary as any fight for freedom, transforming our lives and influencing those around us.
Tweet of the day🐥
Today, as you celebrate Independence Day, take a moment to appreciate both our collective freedoms and the personal freedoms that allow you to choose your mood and outlook.
Let's honor this day by embracing the liberty to be happy, to spread positivity, and to impact the world around us positively.
Rise & Shine is here to inspire and remind you of the strength found in positivity, today and every day.
Have a joyful and reflective Independence Day and a positive Thursday!
Thanks for reading till the end!