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Hello Reader,

The Reserve Bank of India (RBI) will commence its first pilot of Digital Rupee in the wholesale segment today. 

RBI has identified nine banks to participate in the Operationalisation of Central Bank Digital Currency-Wholesale (e₹-W) Pilot. To be sure, the CBDC is aimed to complement, rather than replace, current forms of money and will be exchangeable with the rupee.

Meanwhile, domestic indices reflected global cues ending the day in the green, with BSE Sensex closing  above 60,000 while Nifty50 ended over 18,000.

ICYMI: An “ultra-rare” 1913 Liberty Head Nickel was sold for $4.2 million.

Value is in the eye of the buyer?

In today’s newsletter, we will talk about 

• Live commerce is here to stay
• Dunzo’s business nearly doubles
• Amazon Pay of Middle East

Here’s your trivia for today: What is the name of Donald Duck’s sister?

Ecommerce

Live commerce is here to stay

Harnessing the reach of influencers and their following, live commerce gives the customers a better understanding of the product, making the experience more personal.

While still in the nascent stages, over 2,500 content creators in India are active on live commerce platforms. Brands like Myntra, SUGAR Cosmetics, Roposo, Meesho, and Nykaa now want a piece of the pie.

Lure of live commerce: 

• Amazon India also launched its live commerce feature with 150 content creators at the start of the festive season.
• Around 65% of the customers joining live commerce on Flipkart are from Tier II and beyond.
• India’s live commerce will see Gross Merchandise Value (GMV) of $4-5 billion by 2025, according to RedSeer Consulting.

Earnings

Dunzo’s business nearly doubles

Hyperlocal delivery startup Dunzo grew its business by 94% in FY22, primarily on the back of quick commerce service Dunzo Daily.

“In FY22, we focused on putting Dunzo Daily on the q-commerce map in India. Our planned investments in people, delivery network and infrastructure supported our ambitious growth,” said CEO and Co-founder Kabeer Biswas.

Key metrics:

• Dunzo Daily grew by 27X within the year and now constitutes 60% of Dunzo’s overall business.
• Intra-city express package delivery D4B registered a growth of 57% while also driving 50% higher profitability per order.
• Dunzo plans to focus on growing its quick commerce business while moving towards stronger unit economics.

Startup

Amazon Pay of Middle East

In the Middle East, one can transfer money either in cash or through online transfer. The region doesn’t have the penetration of a payment method like Unified Payment Systems. 

Faisal Toukan, his sister Sarah Toukan, and his friend Andrew Gold started Dubai-based fintech startup Ziina to solve for this gap. Ziina is a digital wallet, similar to Paytm and Amazon Pay.

On the click:

• Ziina app follows a P2P model and allows users to send and receive payments.
• It also makes the payment experience social by allowing users to send texts, emojis, photos, and GIFs.
• The team has launched a business product that allows companies to send money to other businesses via the wallet. 

News & updates

• Hustling change: Elon Musk has ordered Twitter staff to work around the clock to implement a charge on users to keep their verified “blue tick”, as the new owner of the social media company seeks to stamp his mark on the business.
• Feeling vulnerable: A swathe of hacks on some of Australia’s biggest companies has made the country a target for copycat attacks just as a skills shortage leaves an understaffed, overworked cybersecurity workforce ill-equipped to stop it, technology experts said.
• Under strain: Hong Kong’s economy recorded its worst quarter in more than two years as weak demand and pandemic isolation battered the financial hub and increased the likelihood the city will end the year in contraction for the third time since 2019.

What you should watch out for

• SpaceX’s Falcon Heavy launch at 7:10 pm. You can watch it live on the company’s YouTube channel.
• Seat belts in rear seats become mandatory in Mumbai starting today.
• World Vegan Day.

What is the name of Donald Duck’s sister?

Answer: Della Duck. Sometimes called Dumbella Duck, she was first introduced in 1937.

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