Hello,
A new high for UPI!
Monthly transactions on the platform surpassed the 10-billion mark in August, revealed NPCI data. This milestone comes nearly eight years after its launch in 2016.
In other news, India’s beauty and personal care (BPC) segment is expected to touch $30 billion by 2027 making up for about 5% of the global $660 billion BPC opportunity, according to a report by Redseer and Peak XV Partners.
Meanwhile, BYJU’S troubles continue to grow. The edtech firm has reportedly not cleared pending payments to Salesforce, Tableau, and Tooljet, and as a result, its employees have lost access to the CRM (customer relationship management) companies’ data management tools.
Oh, and despite the rising inflation, the world continues to see the rise of millionaires. In 2022, 1.1% of all of the world’s adults had a net worth of $1 million or more, up from 0.6% in 2012. Here’s a graphic charting their growth.
Lastly, India is set to launch the Aditya L1 mission, the country’s first space venture to study the Sun today. Watch the event live here.
In today’s newsletter, we will talk about
- VC funding in August declined 64%
- Why it’s a good time for live music
- Läderach now in New Delhi
Here’s your trivia for today: What was the name of the world’s first antivirus software, which was designed in 1972 to eliminate the first computer worm called “Creeper”?
Venture Capital
VC funding in August declined 64%
August saw a 64% decline in venture capital funding compared to the same period a year ago as large value transactions continued to evade the Indian startup ecosystem.
The total VC funding for August stood at $396 million—one of the lowest in the last year. In comparison, the number stood at $1 billion in the same time period in 2022.
Key takeaways:
- On a month-on-month basis, VC funding declined by 25% as the figure for the month of July stood at $529 million.
- Zepto’s $200 million funding round proved to be the saving grace in August 2023. The online grocery delivery startup accounted for 50% of the total venture funding raised during the month.
- In terms of cities that raised the highest funding during the month, Mumbai stood at number one with a total of $207 million fundraise, followed by Delhi-NCR at $64 million, and Bengaluru at $54 million.
<Top Funding Deals of the Week>
Startup: MediBuddy
Amount: $18M
Round: Undisclosed
Startup: SatSure
Amount: $15M
Round: Undisclosed
Startup: CredRight
Amount: Rs 78 Cr
Round: Equity and debt
Music
Why it’s a good time for live music
Kochi-based indie music band When Chai Met Toast, which recently had a successful tour of the United States and United Kingdom, is optimistic about the growth of live music in India.
“Live performance is booming in a huge way … It’s a good time to be in the music industry,” says guitarist Achyuth Jaigopal.
The right notes:
- Formed in 2016, When Chai Met Toast is a quartet well-known for its upbeat and heartwarming numbers such as Joy of Little Things and Khoj and introspective ones like Who Are You.
- While its music is primarily in English, some of the songs are also interspersed with Tamil, Malayalam, and Hindi lyrics.
- The band is especially thrilled about its recent show at The Garage in London—considered an iconic music club and venue for indie music and rock and pop acts.
Luxury
Läderach now in New Delhi
No list of premium Swiss chocolates is complete without the mention of Läderach. The brand offers a range of decadent treats–from pralines and truffles to chocolate slabs, and its signature FrischSchoggi (fresh chocolate) is available in flavours like almond, hazelnut, macadamia, cornflakes, and cranberry, among others.
Läderach has now entered India with its first outpost at DLF Emporio Mall in New Delhi.
Sweet tooth:
- For the store in Delhi, Läderach has partnered with Dharampal Satyapal Foods (DS Foods), the confectionery arm of a multi-business corporation and one of India’s leading FMCG conglomerates, DS Group.
- Läderach’s chocolates can easily fall into the luxury category, with their gift boxes (500 gms) being priced upwards of Rs 1,900. The FrischSchoggi chocolate hampers (full slab) are upwards of Rs 11,090.
- Apart from its new outlets that will be announced after scouting premium locations in the country, the brand is also working on limited editions of its classic pralines.
News & updates
- Policy update: The X social media platform formerly known as Twitter will start collecting the biometric and employment information of its users, according to an update to the company’s privacy policy. X said the changes will come into effect on September 29.
- Turbulent exit: Walgreens Boots Alliance CEO Rosalind Brewer has stepped down less than three years after taking the helm at the pharmacy chain. The retailer said that its board and Brewer mutually agreed for her to step down.
- A likely sale: Saudi Arabia’s plans to list more shares of Aramco, the world’s most valuable oil company, appear to be on again. The kingdom is considering selling a stake of about $50 billion, which would be the largest offering in the history of capital markets.
What was the name of the world’s first antivirus software, which was designed in 1972 to eliminate the first computer worm called “Creeper”?
Answer: Reaper, created by Ray Tomlinson, the programmer who also implemented the first email program on ARPANET.
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