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Digital rupee ‘in phases’, Record-breaking year for domestic startups!
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Zomato to be listed on NSE/BSE today2️⃣3️⃣
July 23 is set to be a historic day for India's startup ecosystem as food delivery platform Zomato makes its much-anticipated debut on domestic exchanges.
Zomato had issued shares at ₹76 apiece; this could see co-founder Deepinder Goyal bag well over ₹2,800 crores after the listing.
The IPO, which opened on July 14 and closed on July 16, also set a record for anchor investors and drew the second-highest number of applications ever. The allotment of IPO share allotment to investors took place yesterday (July 22).
India's startup ecosystem has been watching Zomato's IPO performance keenly as it could set the tone for a clutch of other companies to follow, including Paytm, Policybazaar, and Mobikwik.
RBI says the digital rupee will be introduced in phases🏦
The Reserve Bank of India (RBI) is working towards a “phased introduction” of India’s Central Bank Digital Currency (CBDC) and a pilot to test a general-purpose digital currency is a possibility in the near future, RBI Deputy Governor T Rabi Shankar said on Thursday.
What’s a CBDC? CBDC is a form of virtual currency that is issued by a central bank as an alternative to physical currency. Unlike cryptocurrencies such as Bitcoin and Ethereum, CBDCs are backed by the sovereign reserves of nation-states and are thus not subject to the same volatility.
CBDC would reduce dependency on cash, lower the cost of printing cash, and offer a more robust settlement mechanism. Another key advantage is the elimination of "time zone difference” in foreign exchange transactions.
Hot Shorts ⚡
Short video app TikTok may re-launch in India as TickTock. TikTok’s parent firm ByteDance filed a trademark for TickTock. The company has also assured the Central Government that it will follow the new IT rules.
Online trucking platform BlackBuck became the latest member of India's startup unicorn club. BlackBuck has raised Series E funding of $67Mn. With this funding, the startup’s valuation is now over $1Bn.
Indian startups have raised $12.1Bn🧨
It has been a record-breaking year for domestic startups, which have raised $12.1 billion from venture capitalists and private equity firms in just the first six months. India’s startups $11 billion in the whole of 2020, according to data from Venture Intelligence.
A record number of firms have joined the unicorn club as a result of the continuous flow of financing at high valuations.
Tweet of the day🐥
➕ OnePlus Nord 2 5G launched in India, Nord 2 5G comes with a 6.34-inch display that supports 90Hz refresh rate.
🛵 Ola Group Chairman and CEO, Bhavish Aggarwal, has put up a tweet revealing the colors of the upcoming Ola electric scooter. The electric scooter will be offered with 10 color options.
“You’d be surprised with how many opportunities you attract by just smiling more genuinely and more often.“
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