The Reserve Bank of India (RBI) annual report for 2023-24 has been released. The RBI’s balance sheet highlights that the country’s economic foundation remains strong, and headline inflation is expected to decrease further. The RBI’s balance sheet grew by 11.08% year-on-year, reaching Rs 70.48 lakh crore by March 31, 2024, compared to Rs 63.45 lakh crore in the previous year. The RBI’s net income in FY24 surged to Rs 2.11 lakh crore from Rs 87,420 crore in the preceding year. However, total expenditure dropped significantly to Rs 64,694 crore compared to Rs 1.48 lakh crore in the previous year. The…
Author: Editorial Team
Agritech StartupFarMart Bags INR 24 Cr (about $2.8 million) from Swiss asset manager ResponsAbility Investments. The startup announced it will use the new funds to make its food supply chain more carbon-efficient and to improve its existing supply chain with help from ResponsAbility’s expertise. FarMart, founded in 2015 by Alekh Sanghera, Mehtab Singh Hans, and Lokesh Singh, is an agritech startup. It assists global food brands in buying food directly from farmers. Using its network of 3 million farmers, FarMart helps over 2,000 food manufacturers in six countries purchase more than 90 different food items. Singh is no longer part…
On May 28, the Reserve Bank of India (RBI) launched the PRAVAAH portal, RBI Retail Direct mobile application, and FinTech Repository. These three significant initiatives had been previously announced in RBI’s bi-monthly Statements on Development and Regulatory Policies, specifically in April 2023, December 2023, and April 2024. The PRAVAAH portal, RBI Retail Direct mobile app, and FinTech Repository aim to enhance various aspects of banking and financial services, making them more accessible and efficient for the public. RBI Launched the PRAVAAH Portal The PRAVAAH portal makes it easy for anyone to apply online for various RBI approvals, improving the approval…
Paytm has denied reports on the Paytm-Gautam Adani deal that the Adani Group is planning to buy a stake in its parent company, One97 Communications. According to a report by TOI, Paytm’s founder and CEO, Vijay Shekhar Sharma, met with Adani Group chairman Gautam Adani at his office in Ahmedabad to discuss the deal’s details. However, Paytm has stated that this news is speculative and that no such discussions have occurred. The company said, “the news item is speculative and the company has not engaged in any discussions in this regard.” Following this, Paytm’s stock reacted to the news. Fintech…
In 2024, Bollywood is gearing up to release some of the most awaited movies, expected to be big hits. In 2023, major movie releases like “Pathaan,” “Jawan,” “Gadar 2,” and “The Kerala Story” performed very well at the box office. This year, too, filmmakers are expected to deliver many hits that reach large audiences. Upcoming movies in June 2024 are set to showcase the cinema industry’s financial power and creative talent. If early signs are accurate, moviegoers can look forward to enjoyable trips to the theater. Upcoming Movies in June 2024 Here is a list of highly awaited upcoming movies…
Bengaluru-based space tech startup Pixxel will launch six hyperspectral imagery satellites in 2024. They will use rockets from the Indian Space Research Organisation (ISRO) and SpaceX. According to CEO Awais Ahmed, Pixxel will decide between SpaceX’s rideshare missions and ISRO’s Polar Satellite Launch Vehicle (PSLV) based on when their satellites are ready and the available launch dates. “We are likely to use both SpaceX and PSLV, depending on our satellite readiness and the launch schedules,” Ahmed said. Pixxel to Launch Six Hyperspectral Imagery Satellites in 2024 In January, Pixxel opened a 30,000-square-foot facility in Bangalore called MegaPixxel. They announced plans…
EV ride-hailer BluSmart seeks $300 million to expand its car fleet in the next three years. BluSmart has 7,500 electric vehicles and aims to increase this number to 13,000 by March 2025. It aims to reach 25,000 cars in three years. BluSmart wants to compete with Uber and Ola by expanding its operations beyond Delhi, especially in Bengaluru. The company is also growing internationally, starting in Dubai. Next month, it will launch about 100 Audi electric vehicles there, with plans to expand to 300 EVs, including Tesla cars, by December. EV Ride-hailer BluSmart’s Big Expansion Plans BluSmart, India’s largest electric…
The Gautam Adani-led Adani Group is set to venture into payments and e-commerce to expand its business into fast-growing consumer-facing markets. According to the Financial Times, the conglomerate, known for its involvement in ports to power, intends to apply for a license to operate on India’s Unified Payments Interface (UPI). Additionally, they are in discussions with banks to finalize plans for launching a co-branded Adani credit card. Furthermore, the Adani Group is contemplating offering online shopping services through the government-backed Open Network for Digital Commerce (ONDC). Adani Group Considering Online Shopping via ONDC According to reports from the Financial Times,…
EV startup Zypp Electric secures $15 million to expand its EV rental service to Southeast Asia next year. With plans to enter 15 markets in the next two years, Zypp Electric will start with at least one Southeast Asian market in early 2025. The recent $15 million funding, led by ENEOS, is part of Zypp Electric’s Series C round, aiming for a total of $35 to $40 million within the next six to eight weeks. Zypp Electric’s existing investors, including 9unicorns, IAN fund, and Venture Catalysts, joined the funding round. With this investment, the company aims to grow its fleet…
Indian economy grew at the weakest pace in January-March in a year due to weak demand, according to a Reuters poll of economists. In the previous quarter (October-December), the country’s gross domestic product (GDP) unexpectedly grew by 8.4% compared to a year earlier, primarily due to a sharp drop in subsidies, which artificially boosted net indirect taxes. However, as measured by gross value added (GVA), economic activity showed a more modest 6.5% expansion. Economists in the poll noted that this situation was unlikely to have been repeated in the last quarter, suggesting that the substantial growth seen in the previous…