The Unified Payments Interface (UPI) registered a record 6.57 billion (657 crore) transactions worth ₹10.72 lakh crore in August, the National Payments Corporation of India (NPCI) data showed on Thursday. The growth in UPI volumes is up almost 100% (year-on-year) and amounts transacted grew by 75% YoY in the month of August. "With the acceptance of card payments via UPI the transaction volumes are bound to grow strongly and the average value per transaction too will increase. Through this growth, the NPCI systems have been robust and have rendered uptime that stands among the best in the payments industry. NPCI is on track to achieve their vision of 1 billion transactions per day," said Rajesh Mirjankar MD and CEO, Kiya.ai. The country crossed 6 billion transactions for the first time last month, logging 6.28 billion transactions worth Rs 10.62 lakh crore. Prime Minister Narendra Modi last month hailed the achievement of <keyword id="4052276" type="General" weightage="20" keywordseo="upi-transactions" source="Orion">UPI transactions</keyword> crossing 6 billion in July -- the highest ever since its launch six years back. "This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the COVID-19 pandemic," Modi had said in a tweet. In FY22, UPI processed more than 46 billion transactions amounting to over ₹84.17 trillion, thus breaching the $1 trillion mark. UPI's target is to process a billion transactions a day in the next five years. The UPI facility was launched on April 11, 2016, by then Reserve Bank of India Governor Raghuram Rajan. Recently, the NPCI mandated that all UPI-based applications obtain consumers' prior authorisation before recording their location. Any time a client gives permission to record their location, the permission must be properly communicated to the UPI, else the company will take stern action. This rule must be followed by all members by December 1 and applies to domestic UPI transactions between individuals. "UPI continues to penetrate further in the payment ecosystem as reflected by an increase in the number of UPI transactions by approx 5 per cent (on-month) and value of such transactions increasing by approx one per cent (month-on-month). The mass adoption of UPI is driving financial inclusion with respect to payments in India," said Swapnil Bhaskar, Head of Strategy, <keyword id="3673134" type="General" weightage="20" keywordseo="niyo" source="Orion">Niyo</keyword>, a <keyword id="8467319" type="General" weightage="20" keywordseo="neobank" source="Orion">neobank</keyword> for millennials.

UPI transactions reach 657 crore in August worth ₹10.72 lakh crore

Digital banking <keyword id="2461546" type="COMPANY" weightage="20" keywordseo="FinTech">fintech</keyword> startup <keyword id="3673134" type="PERSON" weightage="20" keywordseo="NiYO">Niyo</keyword> on Thursday said it has acquired Bengaluru-based personal finance startup Index for an undisclosed sum. The Index team including founders <keyword id="333085" type="PERSON" weightage="20" keywordseo="Anand-Krishna">Anand Krishna</keyword> and Kumar Siddhartha will join Niyo. Niyo said it plans to integrate Index's personal finance tracking features into its products especially NiyoX, that will give users access to 360 degree view of their earnings, savings, investments, insurances in a single view. Customers will also get the nudges to plan their expenses, pay bills and save. "The aggregation and analytical capabilities of Index will help expand NiyoX's functionality to equip users with the valuable insights they need to meet their financial goals," said Vinay Bagri, Co-Founder and CEO of Niyo. This is Niyo's second acquisition after acquiring Goalwise around mid-2020. Niyo recently launched its 2-in-1 savings and wealth account NiyoX in partnership with Equitas Small Finance Bank. NiyoX is a zero balance account and is specially designed for millennials, with an industry-best interest rate of 7 per cent, 0 per cent commission on mutual funds, and a full wealth management suite built right into the app, the company said. In two months of its launch, NiyoX saw over 200,000 customer account openings. "Niyo is the market leader in neo-banking in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> and Index will only strengthen that leadership position. The technology, cultural and team fit is excellent, and we're really looking forward to working with Vinay, Virender and Team Niyo," said <keyword id="6356845" type="PERSON" weightage="20" keywordseo="krishna">Krishna</keyword>, Co-Founder and CEO of Index. SEE ALSO <a target="_blank" class="c-link" href="https://www.businessinsider.in/india/news/india-covid-vaccine-policy-changes-june-21-yoga-day-pm-modi/articleshow/83308314.cms">These are the changes in India’s vaccine policy that will kick in from June 21</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/stock-market/news/pnb-housing-finance-shares-hit-upper-circuit-six-days-in-a-row-but-the-potential-upside-could-be-limited-now/articleshow/83305929.cms">PNB Housing Finance shares hit upper circuit six days in a row, but the potential upside could be limited now</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/india/news/heres-why-fuel-prices-in-india-may-not-come-down-in-a-big-way/slidelist/83299743.cms">Here’s why fuel prices in India may not come down in a big way ⁠— at least not this year</a>

Fintech startup Niyo buys Bengaluru-based personal finance startup Index

<ul><li>The millennial-focused <keyword id="11998402" type="General" weightage="20" keywordseo="fintech-niyox" source="Orion">fintech NiyoX</keyword>, has launched a quirky video campaign which demystifies banking and simplifies financial planning.</li><li><keyword id="3673134" type="General" weightage="20" keywordseo="niyo" source="Orion">Niyo</keyword>’s video for the #BennyBanksOnNiyoX campaign has been conceptualized, produced and executed by Big Bad Wolf Studios.</li><li>The music for the song has been composed and produced by Sickflip.</li></ul>In its bid to celebrate the on-boarding of 500,000 customers, NiyoX has collaborated with leading playback singer <keyword id="230937" type="General" weightage="20" keywordseo="Benny-Dayal" source="Orion">Benny Dayal</keyword> to create a millennial money anthem. The millennial-focused <keyword id="2461546" type="General" weightage="20" keywordseo="fintech" source="Orion">fintech</keyword> has launched a quirky video campaign which demystifies banking and simplifies financial planning. The music video is part of #BennyBanksOnNiyoX campaign and takes millennials on a musical journey that decodes saving, spending and investing while highlighting NiyoX’s industry-best features that can enhance customers’ financial quotient. Benny’s quirky and unconventional style lends to Niyo’s ideology of reinventing banking. The lyrics of the song were penned down to resonate with millennials and communicate through rap music – a genre which has been trending lately. <div type="Youtube" id="bV6TGP3cWLs" title="Benny Dayal Banks on NiyoX! #SmartChuNiyo" thumbUrl="https://i.ytimg.com/vi/bV6TGP3cWLs/mqdefault.jpg"></div> The #BennyBanksOnNiyoX campaign through the music video with Benny Dayal has been facilitated in partnership with BookMyShow. Niyo Chief Marketing Officer Vineet Sethi said, “We are delighted to collaborate with Benny. His popularity extends across the country, and his music have always struck a chord with millennials. As a brand, it has been our constant endeavor to communicate with our audience in ways they relate to. Besides being entertaining, the music video also ties back to our brand and what it stands for. Through this creative musical collaboration, we wish to simplify banking and investments for NiyoX customers.”Commenting on this collaboration, singer Benny Dayal said, “This is has been quite an exciting and enriching experience to come on-board with a young fintech platform that decodes banking for the millennials. NiyoX is breaking stereotypes and bringing alive new ways of reaching out to the young and trendy millennial population and I am glad to be a part of this change.” Speaking on the collaboration, Marzdi Kalianiwala, Senior Vice President – Product &amp; Design, BookMyShow said, “We are thrilled to partner with Niyo to conceptualise and execute this brand campaign that marks an important milestone in the company’s journey and this is the latest in our growing repertoire of offerings across entertainment and media.” The NiyoX banking app in partnership with <keyword id="3458767" type="General" weightage="20" keywordseo="equitas-small-finance-bank" source="Orion">Equitas Small Finance Bank</keyword> helps is fulfilling millennials’ aspirations through its unique 007 banking that offers industry-best features such as - 0 balance savings account, 0 commission on mutual funds and upto 7% interest on savings – enabling the young customers to open the two-in-one savings and wealth accounts in only 100 seconds.

NiyoX collaborates with singer Benny Dayal to create a Millennial Money Anthem

Kolkata, Mar 5 () Niyo Bharat, a fintechplatform which facilitates opening of zero balance salaryaccounts for blue-collar workers, is targetting a customerbase of 50 lakh across the country in the next two years, anofficial said on Thursday.Presently, it has 15 lakh customers and tied up withYes Bank and DCB Bank for opening salary accounts, he said."We are now targetting the blue-collar workers of WestBengal for which Niyo has tied up with 59 corporates oremployers in the state. We will help these employers opensalary accounts for their workers with either of the twobanks," Niyo Bharat's business head Darpan Sharma toldreporters here.He said the company offers prepaid cards, co-brandedwith both the banks, to the account holders, for bankingtransactions.Sharma said the account holders would also be able tocarry out financial transactions including payment of billsand availing small ticket loans through the Niyo Bharat appwhich is available in 10 languages.The typical salary bracket for the targetted bluecollar workers is Rs 8,000 to Rs 12,000 per month, he said.Owned by Finnew Solutions Private Ltd, Niyo Bharatcharges Rs 200 annually for each prepaid card holder, he said.Sharma said the other business vertical of the companyis Niyo Global Card, which is a rupee-denominated travel cardfor those going overseas.The present customer base of Niyo Global Card is twolakh, which is expected to reach 10 lakh in two years, headded. DC BDCNN NN

Niyo Bharat aims at 50 lakh customer base in two years

New Delhi [India], July 4 (ANI): <keyword id="74204" type="General" weightage="100" keywordseo="iffco" source="Orion">IFFCO</keyword> has launched a massive nationwide campaign for procuring 2500 unites of "IFFCO <keyword id="13077188" type="General" weightage="20" keywordseo="kisan-drones" source="Orion">Kisan Drones</keyword>" as spray solutions for spraying its revolutionary products Nano Urea and Nano DAP inspired by PM Narendra Modi's vision of 'Sahkar Se Samriddhi.' This addition of Kisan Drones will lead to the development of around 5,000 rural entrepreneurs that are identified by IFFCO to be trained for spraying drones. It is being seen as a huge step for the upliftment of the rural economy and also as a step towards Sustainable Agriculture and Holistic Cooperative development. To access the technical capabilities, manufacturing capacity, manufacturing process, quality processes, training curriculum, and infrastructure, the IFFCO management has hired a reputed consultant -- Drone Federation of India, New Delhi. Drone Federation of India evaluated the specifications and mentioned that the technical specifications of agri drones being procured by IFFCO for a spray of Nano fertilizers are in accordance with industry standards. One drone is expected to cover 20 acres per day for spraying IFFCO Nano fertiliser, WSF, Bio-stimulants like Sagarika, Agro-chemicals, etc. with backup. IFFCO said it will procure 2500 electric three-wheelers (loader type) under L-5 category Electric Vehicle 3 Wheelers to carry the drones to the farmers' field along with the Nano fertilisers and associated utilities. These EV three-wheelers are environment friendly. This will also support PM PRANAM Scheme to reduce chemical fertiliser doses and to enable states for more assistance under this scheme. In extension to this and to strengthen this nationwide campaign, IFFCO has also ordered Tractor Mounted Boom Sprayers, Tractor Mounted Hose Reel Sprayers, HTP Power Sprayers with Gun, Static/ Portable Sprayer, Niyo Sprayers for foliar application of Nano fertilisers. The Nano fertilisers are applied on various crops through foliar application using Agricultural Sprayers and Drones. The Drones &amp; Sprayers can be used for any kind of spray application. Further, IFFCO said it has introduced and invested in various pathbreaking agro-technologies including Nanotechnology based fertilizers, promotion of Agri-drones, rural e-commerce, digitally enabling farmers and farms, IoT. IFFCO aims to be the flag-bearer of modern Indian agriculture. (ANI)

IFFCO forays into agri-drones through 'IFFCO Kisan Drone'

<ul><li>In the September ending quarter, the value of VC deals stood at $2.7 billion.</li><li>This quarter’s VC deal value is much lower than that of Q3, 2021 where it peaked to $15.9 billion.</li><li><keyword id="12740525" type="General" weightage="20" keywordseo="Fintech-investment" source="Orion">Fintech investment</keyword> continued to buck the trend as seen in many big deals, says <keyword id="50041" type="General" weightage="20" keywordseo="KPMG" source="Orion">KPMG</keyword>.</li><li>Globally, <keyword id="4522808" type="General" weightage="20" keywordseo="VC-investment" source="Orion">VC investment</keyword> dropped to a low not seen since the second quarter of 2020.</li><li>KPMG expects these challenges to continue in the fourth quarter, and deals will also take more time to close. </li></ul><keyword id="10940579" type="General" weightage="20" keywordseo="Venture-capital-investments-in-India" source="Orion">Venture capital investments in India</keyword> have been ‘quiet’ both in terms of deal count and value in the September ending quarter, says a KPMG report. For the June-September quarter this year, the total deal value of VC investments stood at $2.7 billion. This is significantly lower than what it was in the same period last year at $15.9 billion. However, deal values peaked in Q3 of 2021 and have been falling since then. But the Q3 deal value in 2022 fell sharply as compared sequentially too – from Q2’s $7.4 billion. Yet, there is a silver lining. “VC investment in India has softened this quarter across most industry verticals. Fintech investment however continued to buck this trend garnering significant investor attention as evidenced in the number of big deals,” said Nitish Poddar, partner and nation leader of private equity at KPMG India. The largest deal of the quarter was a $210 million investment in edtech UpGrad, and a $165 million investment into eyeglass prescription company, Lenskart. Neo-bank platform Niyo too raised $130 million during the quarter. “Fintech was one of the most attractive sectors of investment in India, this quarter. In addition to Niyo, online automobile insurance company InsuranceDekho raised $100 million, and digital lending company EarlySalary raised $97 million,” the report said. In spite of slowing, India is one of the few countries where VC activity is still resilient along with China and Japan, says the report. <img src="https://lh5.googleusercontent.com/fnfBQ1TOEsX5Ldk3tGReUwqHWCjmljcKaA8HGQY6WlCIU62wxWloYQYITCsDqKJrEoro1ER6NM4mAr6wY27WKMiB3MRs3610FnmPNslBQnWLmM3cqlEp4O373MeaRBh471GvicvPaOlWEIY2iWz4ktdLwEpayVMWbsAbpuSE-zp0RdNXGOVPST_tAQ" /> Every region had at least one over $1 billion mega deal Globally, VC investment dropped to a low not seen since the second quarter of 2020 – in the thick of the pandemic. This in spite of mega deals seen across every region like $1.9 billion raised by SpaceX in the US, $1.4 billion raised by Celonis in Germany and $1.2 billion raised by Sunwoda EVB from China. The overall VC funding for the quarter stood at $87 billion for Q3 globally, falling sharply from $136 billion in Q2. On a year-on-year comparison, the fall is even higher from $190 billion in Q3 of 2021. This quarter also saw a lot of down rounds where funds were raised at lower valuations, the report said. “Companies that have high valuation will have to work hard to keep them. On the positive side there is a lot of dry powder in the market. The strong companies and resilient ones will continue to attract funding and they will prosper,” said Jonathan Lavender, global head of KPMG. As per the report, the energy, healthcare and biotech sectors continued to witness good VC activity along with, while consumer focussed companies lost traction due to high inflation, interest rates and strengthening case for a global recession. KPMG also expects these challenges to continue in the fourth quarter as well. “Deals will take more time to complete as investors conduct robust due diligence, particularly on forecasts. While the IPO door is expected to remain firmly shut, there could be an upswing in M&amp;A activity as companies consider alternative exit plans,” the report said. <img src="https://lh4.googleusercontent.com/TlWL2WZS4hcIIZIDLi143Yu2nXP-QOvHM5-5efH-KEdMo0jT1wUg6Kfb428g7k3VWqA_Z76QnxwHpCwCzFyjE3KUh3yCgregIVC2G3Ae-dwI8hmL3ZjRZtug_DGkdu3pmg6vU3lk5ZHxxebdEB84Vvv8z8DerowtPW8SJaLssQJrqz1bAaXKf0DLEg" /> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gold-and-silver-for-medium-to-long-term-as-investment/articleshow/94986756.cms" style="">'Gold and Silver for medium to long term as investment'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-bags-project-from-best-to-install-over-1-million-smart-meters-in-mumbai/articleshow/94982223.cms" style="">Adani Transmission bags project from BEST to install over 1 million smart meters in Mumbai</a>

VC investments in India soften across all verticals, except fintech: KPMG

<ul><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> has outrightly denied reports that one of its majority shareholders <keyword id="9541717" type="UNKNOWN" weightage="20" keywordseo="Ant-Group">Ant Group</keyword> may sell its entire 30% stake in the startup. </li><li>A Reuters report stated that amid growing tensions between India-China, Ant Group was mulling a possible exit from the Vijay Shekhar Sharma-led company. </li><li>With rising border tensions between India and China, Indian startups with Chinese investments have come under a lot of scrutiny. </li></ul>Indian digital payments leader Paytm has denied reports that one of its majority shareholders Ant Group may sell its entire 30% (worth $4.8 billion) stake in the startup. A <a href="https://in.reuters.com/article/ant-group-paytm/exclusive-chinas-ant-considers-paytm-stake-sale-amid-tensions-with-india-sources-idINKBN28C17R">Reuters report</a> citing sources stated that amid growing tensions between India-China, Ant Group was mulling a possible exit from the Vijay Shekhar Sharma-led company. The Indian government has so far banned almost <a href="https://www.businessinsider.in/tech/apps/news/indian-government-has-banned-220-chinese-apps-so-far-including-pubg-mobile-aliexpress-tiktok-shareit-and-more/articleshow/79390031.cms">220 Chinese apps</a> this year. However, a Paytm spokesperson denied the report. "The information is absolutely false and misleading. There has been no discussion with any of our major shareholders ever, nor any plans, about selling their stake or becoming the controlling shareholder. Our mission is to empower half a billion Indians with digital financial services and pursue the vast opportunity presented by the digital financial revolution in our country. We are seeing a dramatic increase in revenues and acceleration of our path to breakeven,” a Paytm spokesperson told Business Insider. The rising tension between India and China at the Ladakh border has led the government in New Delhi to crack down on foreign direct investments (FDI) from China. Paytm had earlier <a href="https://www.businesstoday.in/current/corporate/paytm-founder-vijay-shekhar-sharma-hails-ban-on-59-chinese-apps-faces-backlash/story/408416.html">faced backlash</a> on Twitter as well for its investments from the Chinese giant. Chinese investors have pumped in an estimated $4 billion into India’s tech startups, which includes bets on 18 out of the country’s 30 unicorns, according to a Gateway House report. The scepticism around Chinese investments in India has been rising, which affects some of the biggest startups in India like Paytm, Ola, Byju’s and more. China’s biggest funds and their bets in India <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tencent </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Byju’s, Ola, Dream11, Flipkart, Hike, Swiggy, Udaan, Niyo, Gaana, Doubtnut, Khatabook, MX Player, Pine Labs, Pocket FM, Practo, MyGate. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Alibaba </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm, Bigbasket, Paytm Mall, Snapdeal, Zomato, Healofy, Ticketnow, Rapido, Vidooly, Xpressbees </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hungama, Sharechat, Rapido, ZestMoney, Oye! Rickshaw, City Mall, Marsplay Internet </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/breather-for-flipkart-as-supreme-court-stays-order-for-cci-probe-over-alleged-abuse-of-dominant-position/articleshow/79528982.cms">Breather for Flipkart as Supreme Court stays order for CCI probe over alleged abuse of dominant position</a> <a href="https://www.businessinsider.in/business/corporates/news/burger-king-in-india-isnt-competing-with-just-dominos-or-mcdonalds-the-roadside-chola-bhatura-vendor-is-a-peer-too/articleshow/79526057.cms">INTERVIEW: Burger King in India isn’t competing with just Domino's or McDonald’s⁠, the roadside chola bhatura vendor is a peer too⁠</a>

Paytm denies report that Ant Group may dump its stake worth almost $5 billion as India-China tension escalates

<ul><li>The recent standoff at the Indo-China border has already seen a call for ban on Chinese products as well as uninstalling Chinese or Chinese-funded apps in India. </li><li>Experts believe that this will put a hold on further tech investments in India and thus, startups need to prepare themselves.</li><li><keyword id="417650" type="PERSON" weightage="20" keywordseo="Chinese-investors">Chinese investors</keyword> have pumped in an estimated $4 billion into India’s tech startups which includes bets on 18 out of the country’s 30 unicorns.</li></ul>From the India-China tensions at the border to the Indian government’s recent restrictions on FDI stating that prior government approval is required for any investment from a bordering country, the startup ecosystem has a lot to worry about. The rising scepticism about China and its investors affects some of the biggest startups in India like <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword>, Ola, Byju’s and more. China’s biggest funds and their bets in India <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tencent </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Byju’s, Ola, Dream11, Flipkart, Hike, Swiggy, Udaan, Niyo, Gaana, Doubtnut, Khatabook, MX Player, Pocket FM, Practo, MyGate. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Alibaba </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm, Bigbasket, Paytm Mall, Snapdeal, Zomato, Healofy, Ticketnow, Rapido, Vidooly, Xpressbees </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hungama, Sharechat, Rapido, ZestMoney, Oye! Rickshaw, City Mall, Marsplay Internet </td></tr></tbody></table>Source: Gateway House Tensions at the borders and India’s tech ecosystem The recent standoff at the <a href="https://www.businessinsider.in/policy/foreign-policy/news/three-reasons-why-china-showed-aggression-against-india-on-border-according-to-a-former-diplomat/articleshow/76462632.cms">Indo-China border</a> has already seen a call for ban on Chinese products as well as uninstalling Chinese or Chinese-funded apps in India. Experts believe that this will put a hold on further tech investments in India and thus, startups need to prepare themselves. “The immediate impact of this can be observed in business relations as well, with contract cancellations, trade deficit and fundings being put on hold. To mitigate this direct impact on the startup ecosystem, startups will have to scout for other avenues for big-ticket investments while seeking support from investors from newer geographies. Companies which fall under the portfolio of Chinese investors will also have to look for new alternatives as their transactions will get delayed due to these macro events,” said Roma Priya, Founder of Burgeon Law. Chinese investors have pumped in an estimated $4 billion into India’s tech startups which includes bets on 18 out of the country’s 30 unicorns, according to a Gateway House report. And even though some of India’s companies like Sharechat even have ‘<keyword id="3758" type="ENTERTAINMENT" weightage="20" keywordseo="Made-in-India">Made in India</keyword>’ in their Google Play store listing, the funding for the startup is from China. What makes <keyword id="417799" type="PERSON" weightage="20" keywordseo="Chinese-investment">Chinese investment</keyword> attractive? With India having the next big internet users, Chinese funds have been betting on the country’s virgin internet users and the lack of an Indian major investment fund only aids their growth. Most of India’s startups – from Paytm to Ola and Swiggy, Zomato – are still reporting heavy losses, which means they would require investments with minimal investor pressure. “China provides the patient capital needed to support the Indian start-ups, which like any other, are loss-making. The trade-off for market share is worthwhile,” said a report by Gateway House. The damage was done from even before the border clash Earlier in April, the change in FDI regulations said that prior approval of the Indian government will now be required for FDI into India (direct or indirect) by an entity of a country which shares a land border with India, i.e., China, Pakistan, Bangladesh, Nepal, Bhutan, Myanmar and Afghanistan. And this would have a direct impact on India’s startup ecosystem which relies on Chinese investments. “Chinese investors like Alibaba, Tencent and others will be heavily impacted. (i) Rights issuances; (ii) share buybacks; (iii) exits of existing investors from an Indian company which result in an increment in a Chinese investor’s stake will now require prior approval of the Indian government, although there may be no fresh inflow of FDI. Private equity and venture investors may not be able to effectively exercise call options, rights of first offer, anti-dilution or ratchet provisions.” said a report by the law firm Majmudar &amp; Partners. However, China has for long now routed its investments through subsidiary companies. “Chinese funds and companies often route their investments in India through offices located in Singapore, Hong Kong, Mauritius etc.: for example, Alibaba’s investment in Paytm was by Alibaba Singapore Holdings Pvt. Ltd. These don’t get recorded in India’s government data as Chinese investments,” said a report by Gateway House. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/heres-a-look-at-some-of-the-indian-smartphone-companies-that-could-make-a-comeback/slidelist/76465362.cms">Indian mobile companies that Boycott China campaign can bring back</a> <a href="https://www.businessinsider.in/thelife/news/here-are-the-five-books-that-will-help-you-decode-the-india-china-relations/articleshow/76462237.cms">Here are the five books that will help you decode the India China relations — beyond just the border dispute</a>

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UPI transactions reach 657 crore in August worth ₹10.72 lakh crore

IANS

Fintech startup Niyo buys Bengaluru-based personal finance startup Index

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NiyoX collaborates with singer Benny Dayal to create a Millennial Money Anthem

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Niyo Bharat aims at 50 lakh customer base in two years

PTI

IFFCO forays into agri-drones through 'IFFCO Kisan Drone'

ANI

VC investments in India soften across all verticals, except fintech: KPMG

Katya Naidu

Paytm denies report that Ant Group may dump its stake worth almost $5 billion as India-China tension escalates

Sanchita Dash

From Paytm to Byju’s to Dream11 ⁠— Chinese investors have big money in India’s biggest startups

Sanchita Dash