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Hello,

UPI is spreading its wings. 

NPCI International Payments has now partnered with Google India Digital Services to establish UPI-like digital payment systems in other countries. The goal is to also enhance the use of UPI payments for travellers abroad.

Meanwhile, the government disbursed Rs 4,415 crore under PLI schemes for eight sectors, including electronics and pharma, till October this fiscal. Also, Ola Electric said it received a domestic value addition certificate under the PLI scheme for the automobile and auto component industry.

Elsewhere, Nazara Technologies revealed that its board has approved a 10.77% stake acquisition in Kofluence to help the gaming firm develop an influencer-led game discovery platform. 

Now, onto the battle of the tech giants. 

Samsung will unveil its much-awaited Galaxy S24 today at its Unpacked event. On the other hand, Apple’s mixed-reality headset, the Vision Pro, is set to go on sale starting February 2. 

Did you know? Last year, Apple beat Samsung’s 12-year streak to become the world’s largest seller of smartphones. 

In 2023, Apple commanded a 20% market share, followed by Samsung at 19.4% share, a report from International Data Corp said.

Last but not least, startups and enterprises can now enhance their brand engagement by partnering with YourStory and advertising on our YS Buzz and Weekly Wrap newsletters. Click here to know more. 

In today’s newsletter, we will talk about 

• Capria’s AI push for portfolio startups
• Another profitable exit for SoftBank
• Protecting women against cyber-bullying

Here’s your trivia for today: Which countries still have the Shilling as currency? 

Venture Capital

Capria’s AI push for portfolio startups

Gen AI will be a key determinant for the success or failure of a startup in the near future, believes Will Poole, Managing Partner at early to growth stage venture capital firm, Capria Ventures. 

The firm, which announced the close of its $100 million Fund II in September, has been working closely with its portfolio companies to implement Gen AI-led solutions to increase the Total Addressable Market and efficiency. 

Being efficient:

• Last September, Capria merged with its Indian counterpart, Unitus Ventures. It now has over 350 startups in its portfolio across India, Southeast Asia, Latin America, the Middle East, and Africa.
• From its latest fund, the firm plans on backing 20-25 early growth-stage tech startups.
• According to Poole, Gen AI will help democratise access to the internet for non-English speakers, opening up information, commerce, and other interactions, especially in the Indian context.

Investment

Another profitable exit for SoftBank

SoftBank Group has fully divested from insurtech platform Policybazaar (PB Fintech Ltd), yielding a more than three-fold return on its investment. The Masayoshi Son-led investment giant poured about $199 million over the years into the insurance aggregator platform and exited the company with more than $630 million for its troubles.

The CapTable looks at the story beyond the headline. 

Key takeaways:

• SoftBank’s banner exits on Zomato and PB Fintech come when the Japanese investment giant is preparing for more partial exits in India. Three of its Indian portfolio companies—Ola Electric, FirstCry, and Swiggy—are eyeing public listings in 2024.
• While Ola Electric and FirstCry have already filed their draft papers with SEBI, Swiggy—yet to publish its draft prospectus—has appointed seven investment banks and is planning to raise more than $1 billion from its public listing slated to happen later this year. 
• A majority of SoftBank’s investments in the country came after 2015, and the investor has not cut a single cheque since mid-2022, focusing on monetisation instead.

Inspiration

Protecting women against cyber-bullying

After two decades of using the internet for work and expression, Sanjukta Basu, a Delhi-based feminist researcher, journalist, and gender consultant, has joined hands with the Centre for Media Studies (CMS) and UNESCO to offer the country a training manual titled ‘Promoting Online Safety of Women Journalists in India’. 

Basu, who has authored the manual, delves into the important aspects that constitute gender trolling and their impact on women’s online space and identity, the legal frameworks available to them, the roles and responsibilities of stakeholders, and training tools and activities. 

Online safety:

• The manual also quotes Ritu Kapur, Founder, The Quint, experiencing online and offline harassment, wherein she talks about how trolling feels almost the same as sexual harassment faced in the workplace or on the street.
• It defines trolling and the history of cyber hate—the kind the internet enables alongside free speech, the reasons behind this violence, and who the stakeholders who are supposed to make the internet safer for women are.
• Basu believes women should keep in mind the laws related to defamation, sedition, hate speech, those against provoking enmity between two communities, obscenity and other media laws that are applicable to print, electronic, and digital platforms.

News & updates

• Approval: Cryptocurrency exchange Gemini has been awarded crypto registration to launch its services in France, the company told CNBC exclusively. The firm, founded and owned by twins Tyler and Cameron Winklevoss, said it was approved as a virtual asset services provider by French markets watchdog Autorite des marches financiers (AMF).
• Big slump: China’s population decline has accelerated, with a second year of record-low birthrates. The total number of people in China dropped by 2.75 million—or 0.2%—to 1.409 billion in 2023, the National Bureau of Statistics said on Tuesday. 
• Price cut: Tesla on late Tuesday trimmed prices for its Model Y cars across several countries in Europe, a week after announcing similar price cuts for its Model 3 and Model Y cars in China. The company reduced prices on its cars sold in Germany, France, Norway, and the Netherlands.

Which countries still have the Shilling as currency? 

Answer: Four. Kenya, Uganda, Tanzania, and Somalia.

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