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India’s Unified Payments Interface (UPI) and Singapore’s PayNow are now integrated.

The linkage of the two digital payment systems will allow instant and low-cost transfer of money and cross-border payments/transactions from Singapore to India and vice versa.

And to kickstart the collaboration, Reserve Bank of India Governor Shaktikanta Das and the Monetary Authority of Singapore’s Managing Director Ravi Menon made the first transaction.

Meanwhile, the combined equity market value of Adani Group’s 10 companies slipped below $100 billion on Tuesday, almost a month after the bombshell Hindenburg report was released.

The ports-to-power conglomerate, which has lost about $138 billion in market capitalisation since January 24, is trying to change its narrative.

For this, it has hired top-shelf US crisis communication and legal teams, scrapped its $850-million coal plant purchase, repaid some debt, and more.

ICYMI: Watch this rare footage released more than a century after the foundering of Titanic on the floor of the Atlantic Ocean.

Did you know that James Cameron’s Oscar-winning film Titanic is celebrating its 25th anniversary this year?

In today’s newsletter, we will talk about

• PhonePe-Flipkart split hits Walmart Q4
• FreshToHome raises $104M
• Khatija Rahman on the art of giving

Here’s your trivia for today: Which car is often called the first muscle car?

Ecommerce

PhonePe-Flipkart split sinks Walmart Q4

Walmart International’s business operating income in the fourth quarter plunged by 65.3% mainly owing to the separation of its Indian entities Flipkart and PhonePe.

Operating income for the three months ended January 31 fell to $300 million from about $800 million in the corresponding year-earlier period, primarily because of the “costs incurred for the ownership separation of Flipkart and PhonePe.”

In red:

• Walmart Inc shares fell in early trade on NYSE after the company projected weaker earnings for the ongoing fiscal year.
• It reported a second year of declining profit, signalling a troubled year for the wider retail sector.
• Overall, the US retail giant reported strong revenue growth globally in the fourth quarter, with stores and ecommerce having a strong showing. Total revenue was $611.3 billion—up 7.3%.

D2C

FreshToHome raises $104M

Bengaluru-based fish and meat retailer FreshToHome raised $104 million in its Series D funding round led by Amazon Smbhav Venture Fund. New investors in the round include Dubai-based E20 Investment Ltd, Bengaluru-based Mount Judi Ventures, and Jeddah-based Dallah Albaraka.

Fresh capital:

• FreshToHome will use the capital to expand its presence in the Middle East and North Africa (MENA) region to include Saudi Arabia. It entered the UAE market in 2019.
• The fish and meat direct-to-consumer brand is now valued at $566 million, according to data research platform Tracxn.
• Founded in 2015 by Shahnawaz (Shan) Kadavil, the company has a presence across 160 cities, including seven cities in the UAE.

Inspiration

Khatija Rahman on the art of giving

An acclaimed musician in her own right, Khatija Rahman is closely associated with the day-to-day running of the AR Rahman Foundation. As a school student, she volunteered with the Little Flower School for the Blind, and later with Adyar Cancer Research Institute and as a Youth Red Cross Volunteer.

Key takeaways:

• The AR Rahman Foundation has initiated the Karunamirthasagaram project, based on the book of the same name, a treatise on Tamil music written by Abraham Pandithar.
• Khatija Rahman has collaborated with Irish rock band ‘U2’ on ‘Ahimsa’ and Grammy award-winning musician Rickey Kej on ‘Ilteja’.
• Her recent collaboration with rapper Arivu for Coke Studio Tamil’s Sagavaasi has already clocked over 15 million hits on YouTube.

News & updates

• Flying losses: Spicejet Ltd will consider options to raise fresh capital by issuing securities to qualified institutional buyers amid a string of quarterly losses, dwindling cash reserves, and tightening competition.
• End of an era: Sania Mirza has concluded the final tournament of her career. She exited the Dubai Duty Free Tennis Championships after her doubles partner Madison Keys and she suffered a 6-4 6-0 loss to Veronika Kudermetova and Liudmila Samsonova in the opening match.
• Creativity: TikTok is launching the beta version of a revamped creator fund called the “Creativity Program”, designed to generate higher revenue and unlock more opportunities for creators. It is available to select creators on an invite-only basis, with availability to all eligible creators coming soon.

Which car is often called the first muscle car?

Answer: The Pontiac GTO

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