Paytm Money Growth 📈, US G20 Praise 🤝, Angel Tax Rules 📑

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to today's edition of the NextBigWhat Daily IndiaTech News! Today's top stories include Paytm Money's growth, US Ambassador's comments on G20 success, and new Angel Tax rules. 💰 🇺🇸 🤝 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Paytm Money achieves 2X scale growth and Rs 40 Cr profit in FY23 🇮🇳 IndiaTech - Paytm Money’s operating revenue increased to Rs 131.3 crore during FY23, up from Rs 64.1 crore in FY22. - The firm’s profit was Rs 42 crore in FY23 compared to a loss of Rs 10.72 crore in FY22. - The company saw a rise in advertising and subcontract expenses, but costs associated with services like connectivity and KYC decreased. US Ambassador Praises India’s G20 Success, Emphasizes Closer Cooperation 📈 India Business - US Ambassador Eric Garcetti lauds India’s ‘most successful’ G20 Summit. - Garcetti emphasizes need for India and the US to work more closely on ambitious goals. - He notes that foreign direct investment flows are two-way, creating jobs in both countries. PhonePe’s App Store: 3+1 questions [NBW Newsletter Ad]( nextbigwhat brings you curated news, product and tech trends across a range of industries. PhonePe has announced the launch of its upcoming app store (Indus), which is the result of its earlier acquisition of IndusOS. The PR so far has been about anti-Google stand. [Read]( BharatPe Co-founder Urges Finance Ministry to Repeal Alleged Rs 55k-cr Tax Notice to Gaming Companies 🇮🇳 IndiaTech - Ashneer Grover, co-founder of BharatPe, criticizes the alleged Rs 55,000-crore GST demand from online gaming firms, claiming only lawyers would benefit from it. - Large GST demands have been served to Dream11, Play Games 24×7, Head Digital Works and others for purported tax evasion. - Grover referred to the demand as ‘retrospective tax’, and urged the Finance Ministry to address the issue as it’s not conducive to India’s goal of a $5-trillion economy. RBI Has No Information on Digital Rupee Usage, Reveals RTI Inquiry 🇮🇳 IndiaTech - The Reserve Bank of India (RBI) has no data on e-rupee retail usage, according to an RTI response. - Despite promoting the digital rupee as an alternative to private cryptocurrencies, the lack of information on its usage is worrisome. - The RBI also refused to share pertinent details regarding the e-rupee retail pilot citing ‘fiduciary responsibility’. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Air India Plans Uniform Overhaul by Year-End, Famed Saree Uniform May Be Phased Out 📈 India Business - Air India is considering refreshing crew uniforms, possibly phasing out the traditional saree. - Designer Manish Malhotra is to oversee the new look, with other traditional outfits like churidars under consideration. - The change follows a recent rebranding, including a new logo, after the Tata Group acquisition. Exorbitant Retail Prices for iPhone 15 Pro and Pro Max in India 🇮🇳 IndiaTech - Increasing demand of iPhone 15 series has Indian retailers charging up to ₹32,000 over MRP. - Counterpoint data predicts 25% of Q4 iPhone 15 shipments in India will be Pro models, a 4% rise from last year. - Prices vary by model and storage, but average overselling prices range from ₹5,000 to ₹6,000 for Pro variants and up to ₹20,000 for Pro Max variants. GIC in Negotiations to Lead $40 Million Series C Funding for Indian Startup Vegrow 🇮🇳 IndiaTech - Singapore’s sovereign fund, GIC, is contemplating leading a $40M Series C investment round in Vegrow. - Vegrow is an Indian startup operating a B2B marketplace for fruits, working with over 20,000 farmers. - Previously, Vegrow raised Series B funding from Prosus Ventures at a valuation of $170 million. Final Angel Tax Rules for Domestic and Foreign Investors Unveiled by Finance Ministry 📈 India Business - The Indian Finance Ministry has announced finalized regulations for determining the value of angel investment in unlisted companies. - The revised rules, effective from September 25, 2023, apply to resident and non-resident investors and include angel tax on overvalued shares. - The Centre aims to consider future prospects in company valuations and allows flexibility in methods, while ensuring the fair market value of shares with a 10% margin as taxable premium. AppyHigh Introduces Affordable AI-Enabled Apps for Solopreneurs and SMBs 🇮🇳 IndiaTech - AppyHigh launches AI-powered productivity and creativity bundle involving apps like ‘Imagine Go’, ‘Pixel Go’ and ‘Mage AI’. - Bundle features include AI image generator, AI photo editor, chat assistant, and Avatar maker. - Aimed at boosting productivity and outcomes, this cost-efficient toolkit aims to empower users with advanced app tools. Indian Govt. mandates new registration system for hardware importers 🇮🇳 IndiaTech - IT hardware firms must provide detailed import data from November 1, according to a new ‘import management system’. - The system aims to reduce dependence on imports, encourage domestic production, and might lead to a quota-based system tied to local output. - Apple, a high volume importer, may boost India’s electronics exports to maintain its import quotas. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](