Today's Tech Check- "UPI Transactions Dip, TIFIN's MyFi Debuts in India, Cautio's Rs 6.5 Cr Pre-Seed Success, Growth Sense Secures $600K Funding, and Indian Startup Funding Remains Flat at $5.3 Bn"
1 July, 2024
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1. “UPI Transactions See Marginal Dip To 13.89 Bn in June”
UPI transactions declined slightly to 13.89 billion in June, a 1% MoM decrease.
Year-over-year, UPI transactions increased by 49%.
PhonePe leads the UPI market with a 48.87% share, followed by Google Pay and Paytm.
PhonePe processed the highest number of transactions (6.5 billion) in April.
India processes approximately 46% of global digital transactions.
UPI accounts for nearly 80% of India's digital payments.
NPCI and the Indian government are promoting UPI's adoption through features like UPI Lite and BillPay Connect.
UPI infrastructure is expanding internationally to countries like Nepal, France, and New Zealand.
#digital #billion #Google #News #UPI #B2G
2. “US fintech platform TIFIN debuts in Indian market with conversational AI assistant MyFi”
TIFIN launches MyFi, an AI-driven investment assistant in India.
MyFi offers customized guidance based on user's portfolio using research and AI models.
MyFi is tailored specifically for the Indian market and compliant with SEBI regulations.
Founded by Vinay Nair, TIFIN aims to revolutionize wealth management in India.
MyFi compatible with Android and iOS, accessible to millions of Indian mutual fund investors.
MyFi's subscription-based model starts at Rs 299/month.
TIFIN recently raised $109 million and employs over 100 people in India.
#AI
3. “Cautio secures Rs 6.5 Cr in pre-seed round led by Antler and 8i Ventures”
Cautio, a visual telematics startup, raised Rs 6.5 Cr in pre-seed funding led by Antler, 8i Ventures, and AU Bank.
Cautio aims to address road safety concerns in India's mobility and transportation space with its cost-effective video telematics products.
India ranked first globally in road fatalities in 2022, with overspeeding accounting for 70% of deaths.
Co-founders Ankit Acharya and Pranjal Nadhani bring experience from Namma Yatri, Bounce, Bounce Infinity, Dream11, and Urban Company.
#accounting#funding#safety#startup
4. “Growth Sense raises $600,000 in funding led by marquee angel investors, micro VCs, industry veterans”
Growth Sense secures $600,000 funding, led by notable angel investors and industry experts.
Existing investors witness over 3.5x wealth increase in the past year.
Growth Sense supports startups through its ventures in technology, advertising/branding, and legal/compliance services.
Co-founders Kapadia, Sarda, and Bhasin aim to enhance value for portfolio companies.
Growth Sense recently invested in Accelerate India, an initiative promoting global entrepreneurship.
#technology#advertising#entrepreneurship#entrepreneur#startup#funding#Funding Fusion
5. “At $5.3 Bn, Indian Startup Funding Stays Flat YoY In H1 2024”
Indian startup funding remained flat at $5.3 Bn H1 2024, a 1.8% decline YoY.
Funding improved 20% sequentially from H2 2023, indicating a slow recovery.
Fintech and enterprise tech sectors dominated, with Bengaluru being the top-funded hub.
Seed and growth-stage startups drove funding, while late-stage funding fell 18% YoY.
Merger and acquisition (M&A) deals declined to 37 in H1 2024.
Investors prioritized profitability and sustainability in their funding decisions.
#sustainability#News#decision#startup#Startup#funding#enterprise
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