We bring you the weekly dose of important Indian startup news of the week.
One of the most interesting Indian startup news of the week was, PhonePe reporting, that it has processed over 1 Mn daily transactions worth over $15.4 Mn (INR 100 Cr) every day in November. Also, the app has achieved a total Payments Volume (TPV) annual run rate of $6.1 Bn (INR 40K Cr) within 14 months of its launch. The company is targeting to double this metric by March 2018.
Another important story of the week was Amazon Wholesale India, reporting $1.08 Bn (INR 7000 Cr) worth sales in FY 16-17. Interestingly, Amazon India has credited this success to current ecommerce FDI guidelines.
Important Indian Startup News Stories Of The Week
Paytm Infuses Funds Into Payments Bank And Paytm Mall
Paytm Payments Bank planning to expand its offline distribution network by allowing trusted local partners to act as potential cash-in and cash-out points. For the same, it has committed to invest $466.5 Mn (Rs 3000 crore) in the next three years. The announcement came in just a week after launching the banking process formally and announcing an investment of $500 Mn in KYC (Know Your Customer) operations. Making it an important Indian startup news for the week.
In another development, Paytm also indicated its sights on becoming a leading ecommerce player in the country with its unit Paytm Mall. It was announced that the company will infuse $2.5 Bn into the ecommerce unit in the period of next five years and is eyeing the top spot that is currently being fought over between Flipkart and Amazon.
Google Launches New India Specific Products
Underlining its intention to woo the world’s second-largest Internet economy, the tech giant will roll out the latest version of its payments app Tez in coming months. The new version will allow users to make payments of utility bills directly through the app. The company unveiled a couple of more India centric products such as Android Oreo – a new smartphone experience for entry-level devices, Google Go-a new search app and a new “two-wheeler mode” in Google Maps for India.