Interim Budget Boost for Startups π
Temasek Exits PB Fintech, Paytm's Challenges, Latest Funding Deals and Zeno on happiness.
Hello Flow Seekers and Harmony Embracers!
"Happiness is a good flow of life"
- Zeno
Envision a life where happiness isn't a distant destination but a continuous flow within the currents of existence.
Join us as we explore the transformative philosophy that happiness is found in the seamless alignment with the rhythms of life.
Get ready to embrace the beauty of flow and discover the joy that accompanies a harmonious journey.
Tech Updates
Key takeaways for startups in the Interim Budget 2024
Eligible startups, as per the criteria set out by the DPIIT, can avail a tax holiday for three out of seven years. Additionally, the benefit of carrying forward losses for startups was increased to 10 years, providing a longer window for startups to offset losses against future profits. The budgetary allocations for the Fund of Funds for Startups stood at INR 1,000 crore, indicating continued support for startup financing.
More on Budget 2024 in the Sunday edition!
Temasek Holdings exits PB Fintech for βΉ2,425 crore
Singapore-based global investment firm Temasek Holdings Pte Ltd on Thursday sold its entire stake in PB Fintech, which operates PolicyBazaar and PaisaBazaar, in a transaction valued at βΉ2,425.4 crore.
Paytm admits hypergrowth led to compliance, tech lapses
A day after the Reserve Bank of India effectively barred all services offered by Paytm Payments Bank, the leadership of One 97 Communications, an associate company of the bank, alluded to issues around setting up controls regarding compliance and technology in a way that could satisfy the banking regulator, as a reason which attracted the penal action.
RBI action on Paytm indicates tough times ahead for fintech startups
Founders, investors, and the larger fintech community are not only in a state of shock but also in alert mode as the RBI's action against Paytm Payments Bank points towards the regulatory environment getting stricter. They took to public platforms to highlight the potential ramifications of such a move.
Funding Deals
Consumer electronics brand boAt has raised undisclosed funding from Bollywood actor Ranveer Singh. With this investment, boAt has also announced a strategic partnership with Singh.
Enterprise conversational and generative AI platform Kore.ai has secured $150 million in a funding round led by FTV Capital along with participation from Nvidia and existing investors such as Vistara Growth, Sweetwater PE, NextEquity, Nicola and Beedie.
π Short Story: The River of Happiness
In a tranquil valley, a philosopher named Alex lived by Zeno's wisdom.
Alex, navigating life's twists and turns with grace, inspired the community to see happiness as a river that flows within.
The valley, inspired by Alex's joyous alignment, began to see that happiness wasn't an isolated island but a constant companion on the journey downstream.
Tweet of the dayπ₯
As we conclude this week's journey, reflect on the beauty of happiness in the flow of life.
Thank you for being part of our community, where together, we seek joy in the currents of existence.
Stay tuned for next week's exploration into new philosophies that promise to enrich our perspectives and inspire us on the journey ahead.
Feel free to share it with someone who could use a little inspiration. Let's pass on the good vibes and make someone's day!
Thanks for reading till the end!
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