💸 Dilip Asbe on NPCI, UPI going global

Start Your Day with YS Buzz: Your 8 AM Snapshot of Today's Top Startup News! 12 April 2024 [View in Browser]( Hello, The earnings season is almost upon us. Tata Consultancy Services, which will publish its Q4 FY24 financial results today, expects revenue to rise on large deals, with margins seen improving due to cost optimisations, and deal wins continuing into the new fiscal year. In other news, inflation is easing faster than expected but is not fully defeated, [IMF chief]( Kristalina Georgieva said, urging central bankers to carefully calibrate their decisions on cutting interest rates to incoming data. Georgieva said headline inflation for advanced economies was 2.3% in the final quarter of 2023, down from 9.5% just 18 months ago, and the downward trend was expected to continue in 2024. Speaking of the IMF, [Ethiopia]( already struggling with high inflation, may have to decide on a big currency devaluation sooner rather than later to secure a rescue loan from the IMF. It is the third African state in as many years to default on its debt in December. Meanwhile, the International Association of Credit Portfolio Managers, which surveyed managers at over 135 financial institutions in more than 30 countries, reported that 51% of participants expect [corporate defaults]( to pick up in North America while 57% expect this to be the case in Europe. Lastly, archaeologists have uncovered new artworks at the ancient city of [Pompeii]( and they say they are some of the finest in the world! In today’s newsletter, we will talk about - Dilip Asbe on NPCI, UPI going global - Singularity Growth invests in Indian startups Here’s your trivia for today: When did the first space shuttle launch happen? --------------------------------------------------------------- --------------------------------------------------------------- Interview Dilip Asbe on NPCI, UPI going global Payments Interface (UPI) will conquer the world. Or so believes Dilip Asbe, the MD and CEO of the National Payments Corporation of India (NPCI), which runs and operates UPI. He insists India can build cross-border "digital payment pipes" using UPI. “We have solid digital payment highways in India. The government and the Reserve Bank of India are looking to build similar highways cross-border…,” shared Dilip Asbe in a recent fireside chat at TechSparks Mumbai. Expanding reach: - In March 2024, UPI’s total transaction value stood at Rs 19.78 lakh and the number of transactions (payments) at 13.4 billion. However, Asbe believes there is ample opportunity to grow. - NPCI and its global arm, NPCI International, are assisting the government and the RBI in taking UPI global. International entities have also signed a few partnerships. - Asbe wants the NPCI, banks, and fintechs to invest consistently to create a scalable, robust, safe, and secure payment. That’s what will lead to the 10X growth of UPI. [Read More]( --------------------------------------------------------------- Funding Alert 1) Recykal: $13M|Pre-Series B 2) goFlux: $6M|Series A 3) Butterfly Learnings: Rs 32 Cr|Series A --------------------------------------------------------------- Funding Singularity Growth invests in Indian startups Equity (PE) firm Singularity Growth has invested about Rs 400 crore in five companies, including Lohum, Akshayakalpa, Classic Legend, Qucev, and Edville DC. The PE firm also announced a commitment of additional investment in an undisclosed company. Capital inflow: - The investments stem from the newly launched Singularity Growth Opportunities Fund II, which has a total corpus of Rs 2,000 crore. - The fund targets emerging growth opportunities across various sectors, including energy transition, consumer, financial services, enterprise software, and manufacturing. - Lohum secured $54 million (Rs 450 crore) in a Series B funding round from Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, among other investors in March this year. [Read More]( --------------------------------------------------------------- News & Updates - [Market cap:]( Shares of Google parent Alphabet is heading back toward what would be a record $2 trillion market value—a milestone surpassed only by Microsoft, Apple, and Nvidia in the US. It rallied back from last month’s low when the shares dropped on concerns that the tech leader was falling behind in AI. - [Access:]( Apple opened its iPhone repair process to include used components. Starting this fall, customers and independent repair shops can fix the handset using compatible components, including the battery, display, and camera—which Apple requires to be configured for full functionality. - [Check:]( Amazon CEO Andy Jassy on Thursday published his annual shareholder letter, where he pledged to look for ways to keep costs in check even as the company doubles down on investing in new growth areas like AI. Here's what else we have for you Unlocking success: Key lessons from Brio Technologies round table on GenAI powering businesses In association with Brio and Google Cloud Hosted by Brio Technologies in association with YourStory, this roundtable discussion included everything from the applications of GenAI to the challenges faced by organisations and best practices that can be leveraged to ensure improved business outcomes. Know more about its transformative potential in driving business success. [Know More]( Did you know? When did the first space shuttle launch happen? Answer: On April 12, 1981, NASA launched the first space shuttle, Columbia. 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](