GOOGLE INVESTS IN WALMART
MCA probe report on Byju’s; Walmart on Flipkart, PhonePe profitability
An investigation by the central government into Byju's cleared the edtech firm of financial fraud charges, according to a report by Bloomberg. The Ministry of Corporate Affairs, however, denied it on Wednesday evening. This and more in today's ETtech Top 5.
UPI transactions set new record, scale 14 billion peak in May
The Unified Payments Interface (UPI) network, operated by the National Payments Corporation of India (NPCI), has achieved a significant milestone by processing a record 14.04 billion transactions in May, surpassing the 13.3 billion transactions recorded in April. In terms of value, UPI facilitated transactions amounting to ₹20.45 lakh crore in May, compared to ₹19.64 lakh crore in April, as per the data released by NPCI on Saturday.
UPI transactions scale 14 billion peak in May
The record high transactions come after a month-on-month dip in volumes in April to 13.3 billion, with the network dropping 1% from 13.44 billion in March. In May, the average daily transaction value was Rs 65,966 crore with average daily volumes at 453 million. UPI is the fastest growing digital payments channel in the country.
Adani's fintech play: Gautam Adani likely in talks with Vijay Shekhar Sharma to acquire stake in Paytm's parent co
Gautam Adani, chairman of the Adani Group, is reportedly looking into acquiring a stake in One97 Communications, the parent company of Paytm, according to sources cited by The Times of India. Paytm's founder and CEO, Vijay Shekhar Sharma, met with Adani in Ahmedabad to discuss the details of the potential deal.
Not engaged in any discussions: Paytm issues clarification on report claiming Adani in talks to acquire stake in company
One97 Communications responds to speculation of Adani Group chairman Gautam Adani considering acquiring a stake in Paytm's parent company. The company clarifies that no discussions are ongoing, emphasizing compliance with SEBI regulations.
Online eats into offline; Agnikul defers rocket launch
The rapid adoption of quick commerce and food delivery apps is eating into the sales of retail, and quick service restaurants. This and more in today’s ETtech Top 5.
- Go To Page 1
Google invests $350 million in Flipkart as part of nearly $1 billion funding round
Flipkart secures $1 billion funding with investments from Google and Walmart. Walmart, which holds an 85% stake, invested $600 million in the round. Valued at $35-36 billion, Flipkart plans to expand with Google's cloud collaboration.
Google’s $350-million Flipkart bet; Canva CEO interview
Ecommerce major Flipkart has closed its nearly $1-billion funding round with Google coming on board. More on this in today’s ETtech Top 5.
Wall St Week Ahead-Earnings bolster US stocks but crucial inflation report looms
Still, some investors worry the rally could stall without evidence that inflation is cooling again. While Fed Chairman Jerome Powell has reassured markets the central bank is unlikely to raise rates anytime soon, months of strong inflation have led to concerns that policymakers will not cut them this year.
Digit IPO coming soon; TCS’ Krithivasan earnings
Bengaluru-based insurtech startup Go Digit General Insurance has announced that its IPO will open on May 15 and close on May 17. This and more in today’s ETtech Top 5.
UPI Service providers sought regulatory intervention to make transactions remunerative
The UPI payment ecosystem is currently under the sway of two major players – Google Pay, commanding a substantial 47% market share, and PhonePe, a Walmart subsidiary, holding a significant 37% share. This duopoly underscores the competitive landscape and the uphill battle faced by smaller players.
BHIM looks to bulk up with ONDC to take on digital payment heavyweights
NPCI-built app to foray into ecommerce space via separate division. Despite marketing challenges, BHIM aims to improve user experience through partnerships and new initiatives like BHIM 2.0.
Hiring by global capability centres in India slows amid western disturbances
Mumbai's GCC hiring in India slowed down in FY24, impacted by global uncertainties. Despite high attrition and talent demand, centers took a cautious approach. Experts attributed the slump to a cautious approach by companies since 2023 amid multiple global headwinds - inflation, geopolitical conflict, supply side challenges and high interest rates. Xpheno data show that with 16-18% average attrition, GCCs in FY24 had a gross talent demand for over 250,000 people.
ETtech In-depth: Decoding the UPI growth story through the eyes of a duopoly
If the third largest UPI payment app further loses market share, there is a high chance that the likes of PhonePe and Google Pay will benefit, skewing the market share dynamics even more, industry insiders said.
Big Tech, few Indian entities oppose ex-ante regulation under new law; others lend their support
Digital firms including Apple, Google, Meta, Amazon, Flipkart, and Uber resisted ex-ante obligations under a new digital competition law. Some home-grown companies like Oyo, Zomato, and Swiggy had reservations, while others endorsed the framework. The Govil panel has now recommended separate digital competition legislation with an ex-ante framework after holding meetings with a cross-section of stakeholders, including the large digital players who had submitted their views.
UPI transaction fee debate resurfaces as PhonePe & Google Pay cash in on Paytm's fall
The dominance of PhonePe and Google Pay in the UPI market has sparked discussions about introducing fees on merchant transactions. Fintech companies argue that a merchant discount rate (MDR) is needed for long-term sustainability. Introducing fees could incentivize smaller players to compete and attract bigger platforms, benefiting the overall UPI ecosystem.
Flipkart eyes quick-commerce entry; No point Googling ‘swadeshi’
Flipkart has been working to cut down the timeline of its deliveries across categories for some time now. The firm rolled out same-day delivery of products across several categories at no extra cost from February.
Govt looks for a fix in Google vs Indian apps; NPCI eyes evenly-sliced UPI pie
As Google and Indian internet firms face off on billing, the government is seeking a return to the status quo and a “long-term solution”. This and more in today’s ETtech Morning Dispatch.
Zepto, Blinkit to bulk up carts; no let up in Google vs Indian apps tussle
Quick-commerce platforms Blinkit and Zepto are set to expand beyond groceries, adding categories like fashion and electronics. This and more in today’s ETtech Morning Dispatch.
Vijay Shekhar Sharma: Can the whiz-kid from Aligarh rock again?
Vijay Shekhar Sharma, the founder and CEO of Paytm, has built the company from a startup to India's biggest mobile payments company. However, a recent regulatory move by RBI banning Paytm's payments bank for violations has put the company's future at risk. Sharma's focus on growth and big numbers may have led to regulatory compliance issues, but his determination and resilience may help Paytm survive this setback.
KKR’s big bet on BookMyShow; Free Fire Max tops esports sweepstakes
Private equity fund KKR is in advanced talks to pick up a significant minority stake in online ticket-booking platform BookMyShow. This and more in today’s ETtech Morning Dispatch.
Dunzo’s survival hinges on Reliance; Q&A with Instacart founder Apoorva Mehta
Reliance Retail, which is an investor in Dunzo, is yet to sign off on a much-needed capital infusion in the cash-strapped company. All about this and more, in today’s Morning Dispatch.
Amazon’s Amit Agarwal on funding India investments; who’s 2023’s model startup founder?
Amazon India’s senior executive Amit Agarwal told ET in an interaction that the ecommerce giant’s newer investments in the country are going into technology and services to bring more shoppers online. This and more in today’s ETtech Morning Dispatch.
Advertising big shots are now relying on AI to market to the masses
Generative artificial intelligence (AI), which can be used to produce content based on past data, has become a buzzword over the past year, capturing the public's imagination and sparking interest across many industries.
Amazon Ads eating into Google, Meta’s digital marketing pie
Digital advertisers in India shifting up to 20% of their budget from duopoly to ecommerce major; experts see trend continuing
Tiger trail at Flipkart ends in $3.5 billion profits; 28% GST: differences emerge among gaming firms
Happy Monday. Tiger Global, the New York-based investment fund, has booked total gains worth $3.5 billion following a complete sale of its Flipkart shares to Walmart. This and then some in today’s ETtech Morning Dispatch.
ETtech Deals Digest: Funding drought persists as startups raise just $1.06 billion in May
The funding numbers for May were bolstered by late-stage investments in app development startup Builder.ai and Walmart-owned fintech major PhonePe. These two deals together accounted for a third of the total inflow in May.
Google sets billing option deadline; Flipkart head of new biz Adarsh Menon quits
Despite an ongoing legal tussle with startup body Alliance of Digital India Foundation, Google has asked Indian app developers to adopt one of its three billing options, failing which it warned that apps may be removed from the Play Store. This and more in today’s ETtech Top 5
Walmart, others face $1B tax bill for PhonePe relocation; Google told to deposit 10% of CCI fine
Google, which is appealing a ruling and Rs 1,337 crore fine imposed by India’s competition watchdog in October for alleged abuse of its dominance in the mobile OS market, has now been asked to deposit 10% of this sum with the National Company Law Appellate Tribunal. The NCLAT has also refused to stay the fine, and will next hear Google’s appeal on February 13.
Load More
