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Tata Digital to get Rs 3462 Cr💰, WinZo opposes SRO🎮, Fintechs must uphold people's trust: PM💸
Tata Group to pump in another Rs 3,462 cr, WinZo opposes self-regulatory structure, Fintech industry must work on safety: PM, Funding Deals and more.
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Tata Group to pump in another Rs 3,462 crore in Tata Digital💰
Tata Group's ecommerce flagship Tata Digital is increasing its authorised share capital from Rs 15,000 crore to Rs 20,000 crore, according to a regulatory filing last week, setting the stage for fresh capital infusion by its parent Tata Sons.
Tata Digital has already taken board approval in the past month to receive an investment of Rs 3,462 crore in tranches from Tata Sons. This will take the issued share capital of Tata Digital to Rs 15,934 crore, leaving the company the headway to obtain additional equity infusion of around Rs 4,000 crore.
In its filing with the Registrar of Companies (RoC) on September 14, Tata Digital said the company was raising the money to repay existing debt and make investments in other ‘bodies corporate’, apart from business activities and other general corporate requirements.
In March, Tata Digital had increased it from Rs 11,000 crore to Rs 15,000 crore.
WinZo opposes self-regulatory structure for online gaming🎮
E-gaming startup WinZo has opposed the idea of joining a self-regulatory organisation (SRO) for e-gaming firms, two sources briefed on the matter told. The development comes amid efforts by the government to draft rules for online gaming companies.
WinZo had written to the Minister of State for Electronics and IT Rajeev Chandrashekhar in June, expressing its views on the self-regulatory structure, the sources said.
WinZo identifies itself as a real-money gaming platform that is skill-based and not chance-based. Its founder Saumya Singh Rathore told the company was opposed to an SRO structure.
The platform hosts about 100 skill-based, third-party games, including fantasy cricket, football, chess, carrom, racing and others. Its main contention is the outsized influence certain gaming companies in the sector would have over the SRO.
Dltledgers (Distributed Ledgers Technology Pte Ltd), a blockchain-based, multi-enterprise supply-chain business network (MESCBN) platform has raised $8.5 million in a funding round led by the family office of the Tata Group and Centrum.
Holiday home fractional ownership platform ALYF has raised $1.5 million or Rs 11.25 crore seed capital led by 9Unicorns and Venture Catalysts.
Burger centred quick service restaurant (QSR) chain Biggies Burger has secured Rs 5.5 crore in seed round led by Indian Angel Network (IAN).
Fintech industry must work relentlessly on safety to uphold people's trust: PM💸
Prime Minister Narendra Modi said India’s fintech industry has earned goodwill by being an enabler of inclusion, and there is a need for continued focus to empower the poorest of the poor by taking quality financial services to them. He added the sector needs to work relentlessly on safety and reliability to uphold people’s trust.
In his message at the Global Fintech Fest, Modi said the sector has shown what can be achieved when a government that encourages innovation comes together with the energy of young and inventive minds.
"Innovation for inclusion has been our mantra, leading to the revolution in public delivery ensured by the JAM Trinity, success of UPI in making digital payments a way of life, and India's global rise in the fintech and startup space as a hub of innovation and investment," PM Modi said.
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