PhonePe revenue jumps 85%⬆

A Quick Recap of the week.

Hi 👋🏻,

Start your day, the smart way!

Must-read stories from the world of tech & startups delivered to your inbox.

Every day, keep an eye on the Promotions tab for new mail.

---

PhonePe sees 85% jump in revenue, 44% drop in losses for FY21🤠

PhonePe has been dominating the unified payment interface or UPI ecosystem since the beginning of this year with a significant lead over its closest rival Google Pay. The company was also ahead of its competitors during the last four months of FY21 and that clearly reflects in its revenue numbers from the fiscal year ended in March 2021.

The Bengaluru-based payments firm managed to scale up its collection from operations by 85.5% to Rs 690 crore in FY21 from Rs 372 crore in FY20. While the majority of this revenue came from the provision of payments and allied services, PhonePe also collected Rs 3.85 crore from its insurance business. 

National Payment Council of India (NPCI) is also set to regulate the UPI market share and this is bound to impact PhonePe’s dominance in the UPI ecosystem.

---

A Quick Recap of the Week

Monday

• Reliance New Energy buys REC group, 40% stake in SP  group  solar  unit🌞

• Dream11 suspends operations in Karnataka after police lodged FIR🤕

• Mobikwik gets Sebi’s all-clear for Rs 1,900-crore IPO👍🏻

Tuesday

• Rakesh Jhunjhunjwala-backed Akasa Air gets govt approval, to start operations by 2022🛫

• Zostel asks Sebi to reject and suspend Oyo’s $1.2-billion IPO⚖

• CRED looking to raise funds at approx $5.5 billion valuation🤑

Wednesday

• IPO-bound MobiKwik turns unicorn as employees exercise ESOP option💵

• CarDekho enters unicorn club with $250 million funding🚗

• Neo-banking platform Open raises $100 mn from Temasek, Google, others💱

Thursday

• Pristyn Care in talks to close new round at over $1.2 billion valuation🩺

• VerSe Innovation acquires social networking app GolBol in a bid to enhance Josh🤳🏻

• Salman Khan jumps onto the NFT bandwagon with Bollycoin💪🏻

Friday

• Nykaa gets Sebi nod for IPO, may launch Rs 5,300-cr offer by month-end💅🏻

• Delhivery appoints three new independent board directors🚚

• Crypto exchanges start blocking 'suspicious' accounts😼

Funding Deals

• Ishitva, a robotics startup, has raised over $1 million in a Pre-Series A round led by Inflection Point Ventures.

• Bengaluru-headquartered advanced battery-tech and deep-tech start-up Log 9 Materials has concluded its Series A+ funding round of $10 million with $2 million investment from Petronas Ventures.

• Health tech startup Docprime, a subsidiary of PolicyBazaar parent firm PB Fintech, has invested $7.5 million in AI-driven telehealth and wellness platform Visit Health as part of its Series A funding round.

• Unacademy Group-owned Graphy has acquired edtech platform Spayee for $25 million, as it looks to increase its reach and optimize its product offerings.

• leap.club, a community-led professional network for women, has raised $810,000 in a pre-series A round, led by Enzia Ventures and Kunal Shah.

• Edtech startup ForeignAdmits, which offers a personalized study abroad guidance to aspirants, has raised ₹3.5 crore in a seed round led by Unicorn India Ventures.

• M2P Fintech, which provides digital banking infrastructure to other fintech firms and banks, has raised $35 million in a Series C funding round led by Tiger Global at a valuation of $335 million.

• ReshaMandi, a silk-tech startup, has raised $30 million in an equity and debt round led by global alternative investment manager Creation Investments.

• Virtual and hybrid events platform Hubilo has raised $125 million (about Rs 943 crore) in funding, led by Alkeon Capital.

• Edtech startup Creative Galileo has raised $2.5 million in the seed round of funding round led by Kalaari Capital.

• Fraazo, a direct-to-consumer brand in the fresh fruits and vegetables category, has raised $50 million in a Series B fundraising round led by WestBridge Capital.

• Melorra, a direct-to-consumer jewellery brand, has raised $24 million in a round led by 9Unicorns, Venture Catalysts, and Param Capital.

• Insurtech startup GramCover announced that it has raised $7 million in a Series A round co-led by Siana Capital and Inflexor Ventures in a Series A round.

• Arcana Network, a blockchain startup that offers decentralised storage and data privacy platform for Ethereum, has raised $2.3 million led by Republic Crypto and Woodstock Fund.

• AI-driven SaaS platform Toch.ai has raised $11.75 million of funding in a Series A round led by Moneta Ventures, Baring Private Equity India, Binny Bansal, and more.

• SaaS startup TrusTrace has raised $6 million in a Series A round of funding led by Industrifonden and Fairpoint Capital.

• Adtech firm InMobi said it has signed a definitive agreement to buy Appsumer, a UK-based performance insights platform for mobile app advertisers, for an undisclosed amount.

---

Have a wonderful weekend!🥳

Thanks for reading😊

Hit 💜, if you enjoyed the article. You can forward this mail or share it on social media.