Start Your Day with YS Buzz: Your 8 AM Snapshot of Today's Top Startup News! 01 February 2024 [View in Browser]( Hello, It’s Budget day! Over the past week, YourStory spoke to entrepreneurs and startups across sectors to understand the mood of the ecosystem ahead of the interim Budget 2024. Tax reforms and regulatory clarity continue to top the stakeholders’ wishlist. Here’s what else we [found](. Meanwhile, Dalal Street is cautiously optimistic. Yesterday, Indian benchmark indices ended in green after a volatile session ahead of the interim Budget. At the day’s close, the Sensex was up 612.21 points or 0.86% at 71,752.11, and the Nifty was up 203.60 points or 0.95% at 21,725.70. Join us for live coverage of the Budget speech [here]( and follow us on Twitter with the hashtag #Budget2024WithYS to stay up to date! In other news, the Reserve Bank of India has [barred]( Paytm Payments Bank from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others, after February 29. The reason: Persistent non-compliance and continued material supervisory concerns, says RBI. Elsewhere, ecommerce company Flipkart rolled out a [same-day delivery]( option for multiple product categories across 20 cities including Ahmedabad, Bengaluru, Mumbai, Patna, and Vijayawada. The move will put it in competition with rival Amazon’s same-day delivery feature which is available to Prime customers. [ICYMI:]( Short naps are good, but microsleeping—sleep that lasts mere seconds—could be a sign of a deeper problem. In today’s newsletter, we will talk about - Climate-tech sector’s asks from Budget
- Inside Pidilite’s corporate VC arm
- Streamlining financial management Here’s your trivia for today: Founded in 1920, the Australian airline Qantas is among the oldest in the world. What does the name stand for? --------------------------------------------------------------- Union Budget Climate-tech sector’s asks from Budget growth was one of the ‘Saptarishi’ or seven guiding principles of Budget 2023. It focused on areas such as fuel, energy, mobility, equipment, and power usage, and was hopeful of providing “large-scale green job opportunities”. This year, the climate-tech industry is hoping for government support and incentives from today’s Budget. Green push: - Given that green hydrogen is central to the government’s vision to reach net zero emissions by 2070, the industry is hoping for some tax breaks on importing equipment needed for production, especially solar photovoltaic modules which currently attract 40% duty.
- Budget 2024 needs to look at LPG as a necessary alternative to oil and gas, as well as electricity in the automotive industry, say experts.
- More tax breaks, especially on imported technology that help combat climate change and make processes more eco-friendly have been an industry-wide ask from the government. [Read More]( --------------------------------------------------------------- Funding Alert 1) UGRO Capital: Rs 250 Cr| Non-Convertible Debentures 2) Wiz Freight: Rs 125 Cr| Series B 3) AquaConnect: $4M| Pre-Series B --------------------------------------------------------------- Investor Inside Pidilite’s corporate VC arm manufacturer Pidilite Industries' corporate venture capital arm, Pidilite Ventures, has been investing in startups for the last three years. To date, it has invested $35 million in 10 startups in the home segment providing products and services such as furniture, interior design, building construction, and painting. “This is a good vehicle to access innovation in the startup ecosystem and focus on areas where we are traditionally involved,” says Sanket Parekh, Director, Pidilite Ventures. Investment thesis: - Pidilite Ventures has partnered with 100X.VC, which provides the investment framework while the decision-making rests with Pidilite.
- Through the early-stage VC firm, startups get exposure to the best practices of the industry while Pidilite stands to gain considerable knowledge on customer preferences and other trends.
- It has not set aside any funding amount for investment purposes and draws upon the balance sheet of the parent company to put money into any startup. [Read More]( --------------------------------------------------------------- Startup Streamlining financial management began its journey in 2006 as a retirement plan for its co-founders, most of whom are former bankers. The enterprise treasury-tech company caters to the end-to-end digitisation of cash flow, treasury, risk, trade finance and supply chain finance functions. Bridging the gap: - IBSFINtech says multiple corporates and banks use its core technology platform, which enables the CXOs and treasurers to improve control and visibility, mitigate operational risk, and drive automation.
- The platform also provides decision support systems to help customers manage risks and comply with statutory regulations.
- It uses technologies like Machine Learning, Robotic Process Automation, analytics, and Management Information Systems. [Read More]( --------------------------------------------------------------- From the CapTable RuPay rises despite merchant pushback; Will govt patronage continue as elections loom? RuPay—India’s homegrown card network operated by the National Payments Corporation of India (NPCI)—scaled new heights in December 2023, with monthly credit card spending surpassing Rs 10,000 crore for the first time. UPI-linked RuPay cards, which have driven adoption of the indigenous card network in the past one year, accounted for roughly 50% of this, according to RBI’s latest card bulletin. RuPay’s share of overall monthly credit card spending (which stood at Rs 1,65,000 crore in December) has also doubled from 3% to 6% in a little more than a year. Additionally, the total number of RuPay cards in circulation crossed the 10-million mark, taking the network’s share of India’s credit card market up to 10.2%. For context, there were 98 million active credit cards at the end of 2023, per RBI, with this number expected to cross the 100-million milestone this month.) The ubiquity of UPI—which processed payments worth Rs 18,23,000 crore in December—along with RBI’s October 2023 draft circular that lets users choose their preferred card network if their bank is offering a card in multiple variants, are among the factors driving RuPay adoption across the country. Key takeaways: - RuPay credit cards are growing in usage, riding on the availability of UPI linking as well as merchant rewards and offers.
- Almost 11 of India's top public and private banks have jumped onto the 'credit card on UPI' bandwagon; some are even issuing corporate credits cards on RuPay.
- The government sees RuPay as India's answer to the "US hegemonies" of VISA, Mastercard, and Amex, and will continue to push adoption.
- RuPay is expected to feature prominently in the lead-up to the elections as the government pitches indigenous technologies more strongly. [Continue Reading]( --------------------------------------------------------------- Namaste Doston, TechSparks ki duniya mein aapka phir se swagat hai! TechSparks, YourStory's flagship event, is set for its exciting return to Mumbai at the Grand Hyatt on February 29 and March 1, 2024. It's more than just a conference; it's a hub for the brightest minds in startups and tech. Here, you'll have the chance to engage with India's top investors and business innovators. Whether you're looking to pitch your ideas, seek funding, or form new partnerships, TechSparks is the place to be. This event is an incredible opportunity for networking with a select group of motivated individuals and leaders. It's a platform to share ideas, learn from industry pioneers, and contribute to shaping the future of tech in India. [Get Your Passes Today!]( --------------------------------------------------------------- News & Updates - [Reshuffling:]( H&M unexpectedly announced a change of leadership on Wednesday with company veteran Daniel Ervér taking over as CEO from Helena Helmersson as the Swedish fashion retailer's performance lags those of bigger rival Inditex and fast-growing online player Shein.
- [New support:]( A state-backed property project in China has received the first development loan under a so-called whitelist mechanism and two more major cities have eased home-buying curbs, state media reported, as concerns mount about the liquidation of Evergrande.
- [A possible first:]( Norway’s giant wealth fund, the world’s largest, touted the possibility that Danish drugmaker Novo Nordisk and US rival Eli Lilly could be on course to become the first healthcare members of the trillion-dollar club. Here's what else we have for you Breaking chains, building dreams: How SPJIMR's FinNovate Accelerator transforms BFSI In association with SPJIMR ð Accelerate your fintech startup with SPJIMR's FinNovate Accelerator programme! Uncover how key insights, funding opportunities, and expert mentorship are reshaping the future of finance, and how this unique accelerator supports fintech startups in the seed to Series A phase. [Read More]( Did you know? Founded in 1920, the Australian airline Qantas is among the oldest in the world. What does the name stand for? Answer: Queensland and Northern Territory Aerial Services Ltd. The Australian airline is the oldest in the English-speaking world and originally served the Queensland and the Northern Territory. We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, [sign up here](. For past editions of the YourStory Buzz, you can check our [Daily Capsule page here](. [Feedback]( [Unsubscribe]( [Newsletters](