PhonePe's Robust Revenue📈, Netflix's Subscriber Surprise📺
Small Town E-commerce Surge, AI Copyright Battle, Singularity Ventures, Funding Deals and more.
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Tech Updates
PhonePe Reports Strong FY23 Revenue at Rs 2,914 Crore💰
In FY23, PhonePe, the digital payments giant backed by Walmart, experienced remarkable growth with consolidated revenue reaching Rs 2,914 crore, marking a significant 77% surge. Additionally, PhonePe announced that its payments business is progressing toward achieving an Ebitda-positive level. 💳
Indian E-commerce Set to Reach $160 Billion, Fueled by Small Towns🌐
A collaborative report by logistics firm Ecom Express and the Indian School of Business's Institute of Data Sciences predicts a significant surge in online spending in India. By 2025, driven primarily by increased internet penetration in smaller towns, Indians are anticipated to spend between $140-160 billion on online purchases. 💻
Netflix Surprises with 9 Million New Subscribers Amid Price Hike📺
Despite raising subscription prices in the United States, Britain, and France, Netflix experienced a surge in new customers, with nearly 9 million subscribers joining globally in the third quarter. The unexpected growth pushed the company's shares up by 13%. ✨
Music Publishers Sue AI Firm Anthropic Over Copyrighted Lyrics Usage🎵
Universal Music, ABKCO, and Concord Publishing filed a lawsuit against artificial intelligence company Anthropic in Tennessee federal court. The music publishers allege that Anthropic misused a vast amount of copyrighted song lyrics to train its chatbot Claude, leading to copyright infringement concerns. ⚖️
Singularity Ventures Secures Rs 500 Crore in First Close of Second Fund🚀
Asset management firm Singularity Ventures has achieved the first close of its Rs 1,500-crore fund, reaching Rs 500 crore. The fund, dedicated to growth-stage startups, marks a significant milestone in Singularity's investment strategy. 💰
Funding Deals
Wealth and asset management firm Neo has raised $35 million in a growth investment round from Peak XV Partners. This is one of the largest investments by Peak XV in 2023.
Fingerprint, a startup that helps developers build security solutions through device intelligence application programming interfaces (APIs), has raised $33 million in a Series C funding round led by Nexus Venture Partners.
Showroom B2B, a supply chain platform in the fashion and apparel sector, has raised $6.5 million in a pre-Series A funding round led by Jungle Ventures with participation from Accion Venture Lab, Saison Capital and ICMG Partners.
Fixed-income investment platform Tap Invest (formerly Leaf Round) has raised $2 million in its seed round led by Turbostart. Snow Leopard Ventures alongside angel investors like Kunal Shah and Kashyap Shah have also participated in the round.
Tweet of the day🐥
“Have patience. All things are difficult before they become easy.”
Thanks for reading till the end!