RBI clears UPI credit lines💸, India's $11 Bn Fashion Boom💃🏻

Sep 06, 2023

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🌐 RBI Paves the Way: Banks Dive into 'Pay Later' Game 💳🏦
- In a significant development, the Reserve Bank of India (RBI) has given the green light for Indian banks to offer pre-sanctioned credit lines via the United Payment Interface (UPI). This move empowers banks to venture into the 'Buy Now Pay Later' (BNPL) arena, typically dominated by fintechs and NBFCs. Get ready for banks to revolutionize your small recurring payments experience! 💰📲
🌍 UPI and RuPay Go Global: India Explores LatAm and Africa 🌐💳
- India is making big moves on the global stage! The country is currently in discussions with multiple nations in South America and Africa to bring the Unified Payment Interface (UPI) and RuPay cards to international shores. 🌏💰
👗 India's Online Fashion Market Soars to $11 Billion! 💃🌟
- The Indian online fashion and lifestyle market has reached an impressive $11 billion. What's even more exciting? It's projected to skyrocket at a 25% CAGR, aiming for a whopping $35 billion by 2028. 🚀👕
💳 Pine Labs vs. Paytm: The Terminal Tussle Begins! 💥
- The payment giants, Pine Labs and Paytm are clashing in the realm of physical merchant payments. Both unveiled innovative products on Monday, making it clear they're ready for a showdown in the lucrative offline merchant sector. 💼🛒

Pepperfry announced that it has raised around $23 million from existing investors, including institutional investors and family offices over the past three months. The firm, however, did not disclose the names.
B2B fish and seafood company Captain Fresh has scooped up $20 million in an extended Series C round led by Japan-based SBI Investment and Evolvence Capital. Internal investors: Accel, Matrix Partners India, Prosus Ventures and Tiger Global also participated in the round.
HRtech startup Atomicwork has raised $11 million in a seed funding round led by Blume Ventures and Matrix Partners India with participation from Storm Ventures, Neon Fund, and prominent angel investors from Silicon Valley and India.
Mumbai-based interior design startup Flipspaces has raised $4 million in its pre-Series B round led by Prashasta Seth, former CEO of IIFL AMC.
Cirkla, a sustainable packaging company, has raised $3 million in a pre-seed funding round led by Matrix Partners India and Stellaris Venture Partners, with participation from angel investors.
Solar company Ellipsol has raised Rs 2.5 crore in a seed funding round led by Capital A. The funding round also saw the participation of the Grand Anicut Fund and other investors.

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🚀 That's a wrap for today's tech rollercoaster! Hope your day's charged up!

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