PhonePe dominates the UPI ecosystem💸
PhonePe dominates the UPI ecosystem💸
Ebanx to start India operations, Public Banks set for deploying GenAI systems, Paytm nears $2.5 bn in m-cap, Funding Deals and more.
Greetings, dear readers!
"Believe you can and you're halfway there."
- Theodore Roosevelt
Today, we're inspired by the words of Theodore Roosevelt, reminding us of the power of belief in achieving our goals.
With unwavering faith in ourselves, we can overcome any obstacle and embark on the journey towards success.
Let's dive into this edition with renewed confidence and determination, knowing that belief in ourselves is the first step toward reaching our dreams.
Tech Updates
PhonePe dominates the UPI ecosystem with 49% market share in April
Digital payments platform PhonePe has continued to be the number one player in the unified payments interface (UPI) ecosystem with a market share of close to 49% in April 2024 across P2M (person to merchant) and P2P (person to person) transactions. PhonePe has maintained the leadership position in the overall UPI transactions for more than 40 months (since November 2020).
Brazilian payment company Ebanx set to start India operations with Yes Bank
Brazilian payments major Ebanx has signed a deal with Yes Bank to set up a cross-border merchant payment infrastructure in India for global brands looking to sell to consumers here. Indian consumers can use the Ebanx system to pay for such purchases with local currency using local payment methods including card payment modes such as RuPay cards and Unified Payments Interface (UPI).
PSBs set to develop road map for deploying GenAI systems
Public sector banks (PSBs) are gearing up to implement generative AI systems with a detailed strategy and pilot programs planned for this fiscal year. Lenders will also establish AI-friendly policies and governance systems, focusing on capability development.
Paytm nears $2.5 billion in market cap as shares tumble
Shares of Paytm parent One 97 Communication continued to fall for the ninth straight session on the BSE, with the fintech’s market capitalisation nearing $2.5 billion, down from nearly $20 billion at the time of its initial public offering (IPO).
Funding Deals
Fintech company Lendingkart has raised $10 million by way of external commercial borrowing from a fund managed by a global impact investment manager and member of the Schroders Group 'BlueOrchard'.
Bengaluru-based log analytics startup Parseable has raised $2.75 million in its seed round led by Surge and NP-Hard Ventures.
BharatRohan, an agtech firm focused on drone-based hyperspectral remote sensing, has raised $2.3 million in pre-IPO round from Villgro Innovation Foundation, Caspian, RevX, and Venture Garage.
Cornext, which is building a fodder ecosystem to support dairy cattle farmers, has raised $2.2 million in a seed round from Omnivore.
Actor and entrepreneur Suniel Shetty-backed re-engineered tyre startup Regrip, has bagged $2 million in funding from Qatar-based venture capital SiriusOne, Inflection Point Ventures, and Let's Venture.
ICON, an internet-first direct-to-consumer luggage and travel accessories (LTA) startup, has raised $1.2 million in its seed round led by DSG Consumer Partners with participation by a clutch of angel investors.
Eternz, a curated vertical marketplace for jewellery, has raised $1.15 Mn in its pre-seed round led by Kae Capital, with participation from Gemba Capital, IIMA Ventures, TDV Partners, and Venture Lab.
Knit, a unified API platform for SaaS businesses, has raised $1 million in a seed funding round led by Endiya Partners, along with participation from Axilor Ventures and angel investors.
Select Brands, incubated at JITO Incubation and Innovation Foundation (JIIF), has secured Rs 6.5 crore in its Pre-Series A funding round led by Agra Gwalior Pathways and Airen Holdings.
trackNOW, a fleet management and telematic tracking solution company, has raised undisclosed funds in its seed round from GI Ventures and BluSmart co-founder Anmol Jaggi.
Gyan Live, an educational platform dedicated to state-level government exam preparation in Gujarat, has raised strategic investment from Classplus, a B2B edtech platform.
💪🏻 Short Story: The Power of Belief
In a bustling city, John reflected on Theodore Roosevelt's words as he prepared for a crucial presentation.
Despite the nerves, he reminded himself of his capabilities and the countless hours of preparation he had put in.
With each step toward the meeting room, his confidence grew, fueled by the belief that he could succeed.
Tweet of the day🐥
Believe in yourself, dear readers, for you hold the key to unlocking your greatest potential.
Stay tuned for our next edition, where we will continue to explore the wisdom that guides us on our journey.
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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