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Hello,

Walmart’s fourth-quarter earning has an Indian flavour.

During the earnings call, CEO Doug McMillon described the annual sales event of its Indian ecommerce subsidiary Flipkart as the “best Big Billion Days ever,” saying that it positively affected its growth in Q4.

Walmart’s ecommerce sales from international business grew by 44% and the segment reported net sales of $32.4 billion—an annual growth of 17.6%.

Meanwhile, Truecaller reported that India accounted for 75.8% of its total net sales for FY23. The caller identification app’s AI assistant in India led to a 19% increase in paying users and a 23% increase in subscription revenue globally in the fourth quarter.

Elsewhere, spacetech company Skyroot Aerospace has launched the Kalpana Fellowship designed specifically for women in the space sector. It will enable women engineers to work hands-on with spacetech projects and receive mentorship.

In other news, the Indian hotel industry’s revenue is expected to grow 7-9% in FY25, according to credit rating agency ICRA. It estimated that the pan-India occupancy of premium hotels will be at a decadal high of 70-72% by the end of the current fiscal year.

Lastly, a woman in Canada was reunited with her wallet she lost eight months ago when she dropped it in the ocean.

Talk about the power of manifestation!

In today’s newsletter, we will talk about 

• Sameer Nigam talks all things fintech
• Paytm’s shares surge 5% again
• Women save on bus rides, spend on family

Here’s your trivia for today: Which country do corgi dogs originate from?

Interview

Sameer Nigam talks all things fintech

PhonePe’s reverse flip to India in October 2022 was a landmark one as it triggered the mini-trend of startups moving their domiciles back to India. On why he chose Bengaluru when Mumbai is India’s financial hub, Founder Sameer Nigam highlights Bengaluru’s “structural advantages”. 

“When you’re a 20-something economic migrant working in startups, you want reasonable housing,” Nigam shared in a fireside chat with YourStory Founder and CEO Shradha Sharma at the Mumbai Tech Week 2024. 

Tête-à-tête:

• Nigam, whose entrepreneurial career started in India’s commercial capital with Mime360, also noted that “Mumbai is culturally richer than Bengaluru, and there are a lot more experiences to be had here.”
• He calls the soon-to-be-launched Indus Appstore “India’s first branded horizontal app store” that will offer users an alternative to the current $50-billion duopoly of Google Play Store and Apple App Store.
• While many have termed RBI’s regulatory action against Paytm “disproportionate”, Nigam stated, “On the innovation side, RBI lets us lead. On the regulatory side, they have more data than us [fintechs].”

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Sameer Nigam, Founder and CEO, PhonePe

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Funding Alert

Startup: Vidyut

Amount: $10M

Round: Equity and debt

Startup: AutoVRse

Amount: $2M

Round: Seed

Fintech

Paytm’s shares surge 5% again

The shares of Paytm’s parent company One97 Communications surged, hitting the upper circuit of 5% for the third consecutive session on Tuesday. The company’s share price rose to Rs 376.45 and Rs 376.25 on the BSE and NSE, respectively.

The development comes after reports suggesting that the Enforcement Directorate has not yet found any foreign exchange violations while investigating Paytm Payments Bank Ltd.

Some respite:

• On Monday, the shares of One97 Communications surged 5% after announcing a collaboration with Axis Bank to continue merchant settlements.
• According to a research report by Bernstein, Paytm is expected to experience minimal impact on its overall business, with the prospect of a revival in its wallet and FASTag services through new banking deals.
• In the wake of the developments, Finance Minister Nirmala Sitharaman has decided to meet heads of fintech companies next week to persuade them to strictly follow regulatory norms.

Report

Women save on bus rides, spend on family

Around two-thirds of women have saved over Rs 400 a month through the Zero-Ticket Bus Travel Scheme, which was introduced in Tamil Nadu in 2021 to provide free bus travel to women, according to a study by Citizen Consumer and Civic Action Group.

The study surveyed 3,000 women across six cities in Tamil Nadu.

Positive impact:

• The study highlighted that 20% of the women were able to save Rs 600-800 a month, and considering that 90% of them earned less than Rs 20,000 per month, the savings are not insignificant.
• It also stated that the women mostly spent the money saved on household necessities, food for the family, and education. Only 18 women spent on leisure or personal care.
• Close to 55 lakh passengers are said to be using the state bus services in Tamil Nadu every day. Of this, 35 lakh commuters are from Chennai alone.

News & updates

• New king: Chipmaker Nvidia dethroned Tesla as Wall Street’s most traded stock, adding to its prominence after becoming the third-most valuable US company and showing more evidence of how central AI-related bets have become to investors.
• First step: A patient implanted with Neuralink’s brain technology can now control a computer mouse just by thinking, the company’s founder Elon Musk said. Neuralink has developed a brain implant designed to help humans use their neural signals to control external technologies.
• Busting hacks: Apple cautioned that putting wet devices in a bag of rice could “allow small particles of rice to damage your iPhone.” The company also recommended against using other well-known hacks, such as using an external heat source to dry the phone or sticking a cotton swab into the connector.

Which country do corgi dogs originate from?

Answer: Wales.

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