India's GDP grows 20.1%🔼

BillDesk was acquired for $4.7 Bn, Nifty Hits 17000 for First Time

Sep 01, 2021

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India's GDP grows 20.1% in April-June📈

Indian economic growth touched a record high in the quarter through June, reflecting a very weak base last year, a rebound in consumer spending, and improved manufacturing in spite of a devastating second wave of Covid cases, government data showed on Tuesday.

Gross domestic product rose 20.1% in the three-month period, compared with a record contraction of 24.4% in the same quarter a year earlier.

This is India's fastest growth since official quarterly data started being released in the mid-1990s, which is up sharply from 1.6% in the previous quarter, but a bit slower than the Reserve Bank of India's 21.4% projection.

Prosus buys Billdesk for $4.7 billion💰

Technology investor Prosus NV said on Tuesday it had agreed to buy Indian payments platform BillDesk for $4.7 billion to complement its own PayU business.

BillDesk, one of India's largest payment platforms, had 2.71 billion Indian rupees ($37.05 million) in after-tax net profit for the year ended March 31, 2021, Prosus said.

Prosus backed PayU acquires BillDesk for $4.7 billion in biggest payments space buyout in India

After the acquisition, the combined entity will emerge as the leading online payments provider globally and in India by total payment volume (TPV).

Founded in 2000 by three former Arthur Andersen executives — M N Srinivasu, Ajay Kaushal and Karthik Ganapathy — BillDesk is one of the very few profitable internet companies in India.

OTO Capital, a startup that helps customers buy or lease two-wheelers, has raised $6 million in a Series A investment round.
Sparks Studio, a virtual extracurricular platform, has received a $125,000 investment from San Francisco-based Y Combinator, which has previously funded firms such as Airbnb, Meesho, and Razorpay.

Nifty Hits 17000 for First Time, Fastest 1000-pt Gain Ever🤩

The benchmark NSE Nifty50 hits a fresh record high at 17,018, up 81.40 points, 0.48 percent. The benchmark Nifty50 added 1000 points in just 19 days.

On the sectoral front, the Bank Nifty index added half a percent to trade at 36,505.15. The top Nifty sectoral gainers were Nifty Metal, Nifty PSU Bank, and Nifty Healthcare index, rising up to 1.24 percent.

The 30-share BSE benchmark Sensex has surged over 4,000 points so far this month to scale the 57,000 mark for the first time on Tuesday as the bull run continues in the equity market.

The sharp rally in both BSE and NSE reflects the strong sentiment in the market despite the ongoing global and domestic worries.