PhonePe, a prominent digital payments platform, has announced a strategic collaboration with PickMe, Sri Lanka’s premier ride-hailing service. This partnership heralds a new era of convenience for Indian travelers in Sri Lanka, as it introduces UPI-based QR payments for seamless transactions on PickMe rides.
Jiffry Zulfer, CEO of PickMe, expressed excitement about the collaboration, citing its alignment with PickMe’s vision to revolutionize Sri Lanka’s transportation sector while fostering economic growth and providing additional income streams for drivers.
The initiative follows PhonePe’s recent endeavor in conjunction with LankaPay, facilitating UPI payments across LankaQR merchant points via the PhonePe App. Powered by the Unified Payments Interface (UPI) and LankaPay National Payment Network, these transactions cater to the needs of Indian tourists and entrepreneurs in Sri Lanka.
Speaking at the launch event, Santosh Jha, the High Commissioner of India to Sri Lanka, highlighted the significance of the UPI launch in fostering digital collaboration between the two nations. He underscored India’s support for Sri Lanka’s digital initiatives, including the development of its Unique Digital Identity Program and other components of the Digital Stack, which hold immense potential for transformative change.
Jha encouraged Sri Lankan companies to engage with Indian counterparts to harness the UPI stack for innovative solutions across various sectors, from hotel and cab bookings to delivery services and beyond.
Former NITI Aayog CEO and India’s G20 Sherpa, Amitabh Kant, has pinpointed the Bengaluru-Mysuru region as the prime ecosystem for semiconductor design and manufacturing within India.
Speaking at the India Global Innovation Connect event in Bengaluru on June 6, Kant underscored the region’s robust infrastructure, abundant supply of electricity, and essential minerals, positioning it as the most conducive location for establishing semiconductor fabrication plants.
“In India, no other location offers a superior ecosystem for semiconductor manufacturing than the Bengaluru-Mysuru belt in Karnataka. With its abundant supply of minerals, water resources, and consistent electricity, this region has the potential to emerge as the leading hub for both manufacturing and global design,” remarked Kant.
Addressing the proposed site for the country’s inaugural quantum computing tech park, Kant affirmed Karnataka’s suitability for this burgeoning technology hub.
He underscored the government’s strategic focus over the next five years on upskilling the youth in emerging technology domains, stating, “The forthcoming five-year tenure of this government will prioritize skill development and apprenticeship, generating new employment opportunities in emerging sectors beyond the traditional information technology landscape.”
Kant also advocated for the proliferation of upskilling startups to train young engineers in high-demand technologies. “We require a greater number of engineers to spearhead a new wave of Indian startups. To achieve this, we must cultivate at least 2 million developers proficient in domains such as artificial intelligence (AI) and data science. Engineering curricula must swiftly adapt to meet contemporary demands,” he added.
Discussing the INR 1 Lakh Cr R&D fund announced in Budget 2024, Kant revealed that the fund is set to become operational within the next three to four months. These remarks come amid an escalating global competition for semiconductor dominance, with India endeavoring to carve out a significant presence in this critical sector.
The central government’s initiatives, including the INR 76,000 Cr production-linked incentive (PLI) scheme for semiconductor manufacturing and INR 6,000 Cr allocation for India’s Quantum Computing Mission, aim to harness emerging technologies to foster innovation and fortify the startup ecosystem.
Coca-Cola, the global beverage giant, is gearing up for a significant expansion with the establishment of a new greenfield plant in Telangana’s Peddapalli district. This venture, set to receive an investment of Rs 700 crore, will be spearheaded by Hindustan Coca-Cola Beverages (HCCB), the company’s wholly-owned bottling arm. The decision follows productive discussions between senior executives, including Jonathan Reif, Head of Fiscal Policy at Coca-Cola, and a ministerial delegation led by Minister Sridhar Babu, held at Coca-Cola’s headquarters in Atlanta, United States.
Minister Sridhar Babu lauded the move, highlighting its potential to catalyze industrial growth beyond Hyderabad, aligning with the government’s vision of decentralized development. Emphasizing Telangana’s commitment to facilitating multinational companies’ expansion endeavors, the Minister underscored the government’s dedication to providing essential infrastructure, utilities, permissions, and skilled manpower for the forthcoming facility.
HCCB’s CEO Juan Pablo Rodriguez and senior executives had previously discussed expansion plans, including the establishment of the Rs 700 crore greenfield plant, with Chief Minister A. Revanth Reddy and Minister Sridhar Babu, receiving assurance of government cooperation and support.
In addition to this new venture, HCCB is on the brink of commencing commercial production at its recently constructed Rs 1,600 crore manufacturing facility near Hyderabad, a testament to the company’s steadfast commitment to bolstering its operational footprint in the region.
Telangana already hosts one of HCCB’s largest plants in Ameenpur, which witnessed a Rs 142 crore investment for expansion in 2020. Moreover, in April 2022, the company inked a Memorandum of Understanding (MoU) with the state government, committing to invest Rs 1,000 crore in a new greenfield plant in Siddipet, further solidifying its long-term commitment to the region’s economic growth and development.
The National Company Law Tribunal (NCLT) has granted its seal of approval to the merger of Air India and Vistara, marking the birth of one of the globe’s most expansive airline conglomerates. Under this historic agreement, Singapore Airlines will secure a significant 25.1% stake in Air India. Vistara, a joint venture between Tata Group and Singapore Airlines, adds substantial weight to this transformative merger.
Merger Milestones
Air India anticipates finalizing the merger by year-end, a strategic move announced back in November 2022. The Chandigarh branch of the NCLT has meticulously greenlit a composite scheme of arrangement, orchestrating the integration of Air India, Vistara, and Talace under the esteemed Tata Group umbrella.
Dissolution
Upon completion of merger formalities, Vistara, as the Transferor Company, will gracefully dissolve without necessitating winding-up procedures. Timely acquisition of pending approvals, including security checks and FDI clearance, remains paramount within this operational framework.
Regulatory Framework
To pave the way for seamless integration, key regulatory prerequisites demand attention. Within a nine-month timeline, companies must secure Foreign Direct Investment (FDI) approval from Singapore Airlines, alongside requisite security clearances as per Civil Aviation Regulations (CARs) stipulated by the Ministry of Civil Aviation and DGCA.
Regulatory Green Lights: Both the Competition Commission of India (CCI) and the Directorate General of Civil Aviation (DGCA) have accorded their blessings to the merger scheme, marking a significant regulatory milestone. The unanimous support from creditors, shareholders, and regulatory bodies underscores the robust foundation of this transformative merger.
Stakeholder Endorsement
Further bolstering the merger’s momentum, stakeholders, including the Income Tax Department, have bestowed their favorable endorsement, signaling a harmonious alignment with the envisioned trajectory of this historic amalgamation.
Nykaa, the leading beauty and wellness e-commerce platform, has unveiled a significant move by granting 4.05 lakh stock options through its Employee Stock Option Policy (ESOP) scheme, just ahead of its eagerly anticipated fourth-quarter financial results due tomorrow.
Founded by Falguni Nayar, Nykaa’s parent company, FSN E-Commerce Ventures Limited, officially disclosed this development in a filing with the Bombay Stock Exchange (BSE). According to the announcement made on May 20, 2024, the Nomination and Remuneration Committee of FSN E-Commerce Ventures Limited approved the granting of these stock options, amounting to approximately Rs 7.13 crore based on the current trading price of Rs 176 per share.
Nykaa’s foray into the ESOP landscape dates back to October 2022 when it initiated its ESOP scheme. This recent allocation of stock options underscores the company’s strategic vision to attract and retain top-tier talent in a fiercely competitive market.
Notably, Nykaa isn’t the only player harnessing the power of ESOPs to motivate its workforce. In a similar vein, Zomato, the food delivery giant helmed by Deepinder Goyal, unveiled plans to establish an additional ESOP pool comprising 18.26 crore employee stock options. This move, equivalent to around 2% of Zomato’s fully diluted outstanding share capital, aims to cater to the needs of its workforce, especially senior management personnel at Blinkit, over the next five years.
Indian Oil Corporation (IOCL) experienced a surge of 3.14%, reaching Rs 159.25, subsequent to the announcement of its collaboration with Sun Mobility, Singapore, forming a joint venture for the battery swapping business in India.
IOCL disclosed that its board of directors has greenlit the establishment of a joint venture entity dedicated to the battery swapping enterprise within India. This endeavor will be structured as a private limited company, with a precise 50:50 partnership between IOCL and Sun Mobility, Singapore.
The joint venture will primarily focus on providing battery-as-a-service solution (BAAS) for vehicles, including two-wheelers, three-wheelers, and four-wheelers, each weighing less than 2 tonnes (small format electric vehicle – SFEV).
The initial capitalization of the joint venture stands at Rs 2 lakh, comprising 20,000 equity shares valued at Rs 10 each, to be contributed equally by both partners.
Explaining the strategic rationale behind this move, IOCL highlighted the growth in India’s electric two-wheeler and three-wheeler markets. The adoption of battery swapping technology is anticipated to play a pivotal role in fueling the expansion of electric vehicles (EVs) in the country.
Indian Oil Corporation, a government-owned entity, holds a significant stake of 51.50% as of March 31, 2024. Despite this positive development, the company witnessed a downturn in its standalone net profit, which went by 51.90% to Rs 4,837.69 crore in Q4 FY24 compared to Rs 10,058.69 crore in Q4 FY23. Similarly, revenue from operations (excluding excise duty) saw a decrease of 2.47% to Rs 1,97,978.23 crore in the quarter ending March 31, 2024, down from Rs 2,02,994.07 crore in Q4 FY23.
In 2016, four employees from Flipkart, Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, took a bold leap of faith. They left their secure jobs to embark on a mission to simplify investing for millions in India. This mission gave birth to Groww in 2017, a platform designed to democratize financial investment by making it accessible and straightforward for the average Indian. Here’s a closer look at the founders, the journey of Groww, and the investors backing its ambitious vision.
Groww’s Founders
Lalit Keshre spearheads Groww as its CEO, focusing on product development and enhancing customer experience. Before Groww, Lalit was instrumental in launching Flipkart Quick and the Flipkart Marketplace. He also has a background in entrepreneurship with Eduflix, an online learning platform, and was part of Ittiam Systems. Lalit is an alumnus of IIT Bombay. As the COO, Harsh Jain drives growth and business strategies at Groww. Prior to this venture, he contributed to product management at Flipkart and co-founded a storytelling startup. Harsh holds a B-Tech in Electrical Engineering and a Masters in Information and Communication Engineering from IIT Delhi, along with an MBA from UCLA School of Management. Neeraj Singh oversees product development and customer research at Groww. An engineering enthusiast, Neeraj previously worked as an engineering manager at Flipkart, where he developed the customer returns and refund system. He holds a BE in Information Technology from ITM, Gwalior, and a PG Diploma in Advanced Computing from CDAC. Ishan Bansal manages the financial operations of Groww. His professional background includes corporate development roles at Flipkart and Naspers. Ishan is a BITS Pilani graduate, has an MBA in Finance from XLRI, Jamshedpur, and is a CFA charter holder.
The History of Groww
The inception of Groww was driven by the founders’ realization that investing in financial products in India was unnecessarily complex. Despite nearly 200 million people having investable income, only 20 million actively invested. Groww set out to change this by providing a platform that simplifies investing, making it more approachable for the masses. After extensive market research and numerous experiments to perfect the user experience, Groww launched in 2017 as a direct mutual fund distribution platform. Within a year, it became one of the country’s most popular mutual fund investment platforms. Responding to user demand, Groww expanded its offerings in 2020 to include stocks, digital gold, ETFs, intraday trading, and IPOs. Today, Groww serves over 15 million users across 900+ cities in India.
Funding and Investor Details
Groww has attracted significant investment from renowned firms in the fintech space, validating its vision of democratizing investing in India. In October 2021, Groww raised $251 million in Series E funding at a valuation of $3 billion. This round was led by ICONIQ Growth, with participation from Alkeon, Lone Pine Capital, and Steadfast, along with existing investors like Sequoia Capital India, Ribbit Capital, YC Continuity, Tiger Global, and Propel Venture Partners. Similar substantial funding rounds have been secured in the past, showcasing strong investor confidence in Groww’s mission and potential.
Lalit Keshre’s Inspiring Journey
Lalit Keshre’s journey from a farming background in Lepa village, Madhya Pradesh, to leading India’s largest brokerage firm is a testament to perseverance and ambition. Encouraged by his father to pursue education, Lalit excelled academically, eventually earning a spot at IIT Bombay. Before Groww, Lalit faced setbacks with an earlier startup but used those experiences to fuel his next venture. His role at Flipkart as a product manager laid the groundwork for his entrepreneurial vision. Despite the success at Flipkart, Lalit chose to follow his entrepreneurial dream, leading to the creation of Groww. Under Lalit’s leadership, Groww has grown to offer a wide array of investment options, including stocks, mutual funds, ETFs, IPOs, US stocks, futures and options, fixed deposits, and gold. His story is a powerful example of how resilience and an entrepreneurial spirit can transform personal dreams into a platform that significantly impacts a nation’s financial landscape.
In the corridors of India’s infrastructure sector, a transformative force was quietly taking shape. In 2016, Souvik Sengupta and Aaditya Sharda, visionaries driven by a shared purpose, embarked on a mission to revolutionize the industry’s age-old practices. Their brainchild, Infra.Market, emerged as a beacon of innovation, rewriting the rules and redefining success in the construction domain.
Souvik Sengupta and Aaditya Sharda, armed with a blend of financial acumen and technological prowess, embarked on a journey to disrupt the status quo. Their collaborative spirit and unwavering determination laid the cornerstone for Infra.Market’s inception, with Souvik spearheading operations and Aaditya pioneering technological advancements.
From its nascent stages, Infra.Market grappled with the formidable hurdles inherent in reshaping a traditional industry. Skepticism lingered as stakeholders hesitated to embrace digital transformation, while logistical complexities posed logistical challenges. Yet, Souvik and Aaditya’s resilience and resourcefulness propelled them forward, turning obstacles into opportunities for growth.
Infra.Market’s evolution was marked by strategic mergers and acquisitions, fortifying its market presence and diversifying its offerings. Notably, the acquisition of Binani Cement’s subsidiary in 2019 fueled the company’s cement supply capabilities, while subsequent endeavors broadened its portfolio and expanded its reach.
Leveraging cutting-edge technology, Infra.Market revolutionized procurement processes, enhancing efficiency and transparency across the value chain. Through data analytics and machine learning, the company empowered stakeholders to make informed decisions, driving sustainable growth and fostering industry-wide transformation.
Current Investment Landscape
In a remarkable testament to its enduring vision and unwavering trajectory, Infra.Market, a pioneering force in the construction materials sector, has secured a monumental $50 million funding round from the esteemed Mars Unicorn Fund. This latest infusion of capital, at a valuation of $2.5 billion, not only underscores the company’s formidable growth but also solidifies its position as a cornerstone in India’s infrastructure resurgence.
Ruchi Kalra and Asish Mohapatra, both alumni of the prestigious Indian Institute of Technology (IIT), embarked on a journey filled with ambition and determination. Despite facing 73 rejections, they remained undeterred, driven by their vision to revolutionize the start-up landscape.
Their path was not without challenges. As they ventured into the world of entrepreneurship, they encountered numerous obstacles, including skeptical investors and fierce competition. However, they refused to succumb to adversity, using each rejection as an opportunity to refine their strategies and strengthen their resolve.
With unwavering perseverance, Kalra and Mohapatra navigated through the storms, eventually establishing two unicorn companies, Ofbusiness and Oxyzo. These mergers were not just about financial success but also symbolized the amalgamation of their dreams, expertise, and resilience.
Their perseverance paid off as their unicorns soared to unprecedented heights, amassing a combined net worth of Rs 52,000 crore. Kalra’s leadership skills and Mohapatra’s strategic acumen propelled their ventures to become India’s most successful start-up duo. Their journey from rejection to success became an inspiration for aspiring entrepreneurs worldwide.
Current Landscape
Today, Oxyzo stands as a beacon of success in the fintech realm, witnessing a staggering 47% surge in profits to INR 290 crore in FY24. With a steadfast commitment to innovation and customer-centric solutions, Kalra and Mohapatra continue to redefine the norms of entrepreneurship, leaving an indelible mark on India’s start-up ecosystem.
Meesho, a social commerce platform in India, was founded in December 2015 by two IIT Delhi graduates, Vidit Aatrey and Sanjeev Barnwal. The idea for Meesho originated when Vidit and Sanjeev noticed the significant potential in small businesses and individual entrepreneurs who were leveraging social media platforms like Facebook and WhatsApp to sell their products. Recognizing the gap in the market for a dedicated platform to support these sellers, they set out to create a solution tailored to their needs.
The journey of Meesho wasn’t devoid of obstacles. One of the primary challenges was gaining the trust of the sellers and convincing them to transition from informal selling on social media to a structured platform. There was also the technical challenge of building a scalable and user-friendly platform that could cater to the needs of sellers who might not be very tech-savvy.
Furthermore, Meesho had to educate the market about the concept of social commerce. They needed to prove the viability of their business model, which was based on the commission they earned from the sales made through their platform. Competing with established e-commerce giants like Amazon and Flipkart also posed a significant challenge.
Despite these challenges, Meesho experienced rapid growth. The platform’s user-friendly interface, coupled with the immense support and resources provided to the sellers, such as logistics and payment solutions, helped attract a large number of users. The company also focused on leveraging the vast network of small businesses and resellers across India, tapping into the country’s entrepreneurial spirit.
The turning point for Meesho came when it received backing from prestigious investors. In 2016, they received seed funding from Y Combinator, which provided not just financial backing but also mentorship and networking opportunities. This was followed by multiple rounds of funding from prominent investors such as Sequoia Capital, SAIF Partners, Shunwei Capital, and DST Global.
Meesho continued to innovate and adapt its platform to better serve its users. They introduced a range of features aimed at simplifying the selling process, such as inventory management, order tracking, and customer engagement tools. Additionally, Meesho expanded its product categories, allowing resellers to offer a broader range of items, including fashion, electronics, home goods, and more.
The company also made strategic moves to strengthen its position in the market. One such move was its partnership with Facebook in 2019, which resulted in an investment from the social media giant. This partnership not only provided Meesho with additional capital but also significant exposure and credibility in the social commerce space.
Meesho has been strategic about mergers and acquisitions to expand its capabilities and market reach. In 2021, the company acquired the fashion marketplace Voonik. This acquisition allowed Meesho to enhance its fashion vertical and offer a more comprehensive range of fashion products to its resellers and customers.
