Rise of Buy-Now-Pay-Later💸
India’s first crypto unicorn, Reliance Industries to invest $50 million and more.
Rise n Shine comes in your inbox every day with curated tech and business news snippets to kick-start your day.
Sign up below for free 👇🏻
Let’s get started:
Biggies bet on buy-now-pay-later for free credit to customers💲
Flipkart, Amazon, Paytm, Byju's, and others are betting big on India's new, fast-growing buy-now-pay-later (BNPL) segment ahead of the festive season.
During the pandemic, millions of Indians have turned to online shopping, but many do not have credit cards. They opt for interest-free credit from companies like Zest Money, Simpl, Lazypay, Pine Labs, and Capital Float.
As of July, the sector had seen total funding of around $17.7 million in India this year. According to industry tracker Tracxn, there are 33 BNPL-focussed startups in India.
CoinDCX is India’s first crypto unicorn🤑
CoinDCX became India's first cryptocurrency unicorn after raising ₹6.70 billion ($90 million) from investors, despite local authorities' opposition to crypto assets. The funding values the company at $1.1 billion, making it the latest entrant to the unicorn club.
Mr. Gupta plans to use part of the funds to double his team in the next six months to about 400 people in India, where investments in crypto grew to nearly $6.6 billion in May from some $923 million in April 2020, according to Chainalysis.
The exchange has 3.5 million users, having more than doubled its user base in the past two months.
Hot Shorts ⚡
The Tata Group is set to enter semiconductor manufacturing, aiming for a slice of the high-tech electronics manufacturing market pegged at $1 trillion, its chairman said.
API Holdings, the parent company of India's largest online pharmacy PharmEasy, is exploring an initial public offering (IPO) in Mumbai that may raise up to $1 billion, according to Bloomberg. Thyrocare Technologies Ltd. was recently acquired by the firm for Rs 4,500 crore.
Reliance Industries to invest $50 million in Ambri🔋
Mukesh Ambani’s Reliance New Energy Solar Ltd will invest $50 million in Ambri Inc, a renewable energy storage company in the United States. Reliance Industries Ltd’s wholly-owned subsidiary Reliance New Energy Solar will acquire 42.3 million shares of preferred stock in Ambri.
The new energy venture of Mukesh Ambani’s Reliance Industries also said that it is in discussions with Ambri for an exclusive collaboration to set up a large-scale battery manufacturing facility in India, which could add scale and further cut costs for Reliance’s green energy initiative.
Tweet of the day🐥
✅ Zomato announced on Tuesday that its consolidated net loss for the quarter ending June 30, 2021, increased to Rs 356 crore.
✅ Retail investors in India may soon be able to trade in US stocks through the NSE International Exchange (NSE IFSC).
‘If you want to live a happy life, tie it to a goal, not to people or things.’
- Albert Einstein
Thanks for reading😊
Hit 💜, if you enjoyed the article. Liked it? Share it with your friends🤗
If you have any questions or feedback, please contact us by replying to this email.