India has 61,400+ startups now🥇, PhonePe's 6.6 Bn transctns💸, Paytm's fall🤒
India has 61,400+ startups now🥇, PhonePe's 6.6 Bn transctns💸, Paytm's fall🤒
India now has more than 61,400 startups, PhonePe drives 6.63 bn transactions in Q4, Warren Buffett is also losing money on Paytm, Funding Deals & more.
Morning folks🙋🏻♂️
Start your day, the smart way!
Rise & Shine is your daily dose of tech news and motivation, all rolled into one.
Let’s get started
At least 14,000 new startups recognised in FY22: Economic Survey🏆
India now has more than 61,400 startups that are recognised by the Department for Promotion of Industry and Internal Trade (DPIIT), with at least 14,000 recognised during fiscal 2022, according to the Economic Survey 2021-22.
What’s the Economic Survey? It’s the Finance Ministry’s annual report card of the economy, which examines the performance of several sectors and suggests future moves. It also puts forward a GDP growth projection.
India is home to the world’s third-largest startup ecosystem after the US and China, the survey said. A record of 44 Indian startups achieved unicorn status in 2021, taking the overall tally of startup unicorns in India to 83.
PhonePe drives cumulative 6.63 bn transactions in Q4 2021💸
Digital payments and financial services platform PhonePe drove a cumulative 6.63 billion transactions in the fourth quarter of the calendar year 2021, a 26 percent quarter-on-quarter (QoQ) jump, it said in its Pulse Q4 2021 Report.
Money transfers with UPI reached 2.72 billion while merchant payments registered a 37% QoQ growth hitting 3.15 billion transactions during the quarter, according to the report. Maharashtra became the first state to cross 1 billion transactions in a quarter, with Pune accounting for 38% of overall transactions from the state.
The online merchant transactions category saw 32 percent QoQ growth hitting 655 million transactions. 25 million merchants were digitised across 15,700 towns and villages in India during the quarter, it said.
Hot Shorts⚡
Anicut Capital has raised Rs 140 crore from the Small Industries Development Bank of India (SIDBI) for its second debt fund.
Homegrown social media networking app MemeChat secures over $1 million in its second round of funding led by Beenext, Stanford Angels & Entrepreneurs, 9unicorns, Founders Room Capital, Gaurav Munjal, Roman Saini and Abhishek Goyal.
Telecom operator Bharti Airtel has announced an agreement to acquire about 25% equity stake in technology startup Lavelle Networks.
Not just IPO investors, even Warren Buffett is losing money on Paytm🤒
The collapse in the shares of Paytm following India’s largest initial public offering is proving an expensive lesson even for the firm’s early backers.
Paytm shares have tumbled 58% since the stock listed on November 18. That has cut the valuation of its parent One 97 Communications Ltd. to $7.8 billion from $20 billion.
SoftBank Group Corp.’s 2017 investment valued the Indian company at about $7 billion.
Berkshire Hathaway Inc. invested in One 97 when the company was valued at more than $10 billion in 2018.
The Paytm stock closed at Rs 903.05 on Friday. Jack Ma’s Ant is the biggest shareholder with a 25% stake.
Tweet of the day🐥
🚀 Join our Telegram channel for daily market highlights.
Other Top Stories
🎵 Spotify to add content advisory to podcasts that discuss Covid
💬 WhatsApp group admins will soon be able to delete messages for all
'Procrastination is the foundation of all disasters.'
- Pandora Poikilos
Thanks for reading😊
We'll be back with more interesting stories and updates tomorrow.
You can forward this on WhatsApp by clicking here.
Hit 💜, if you enjoyed the article.