Today’s Tech Check- “UPI Transactions Dip, TIFIN’s MyFi Debuts in India, Cautio’s Rs 6.5 Cr Pre-Seed Success, Growth Sense Secures $600K Funding, and Indian Startup Funding Remains Flat at $5.3 Bn”
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1. “UPI Transactions See Marginal Dip To 13.89 Bn in June”
- UPI transactions declined slightly to 13.89 billion in June, a 1% MoM decrease.
- Year-over-year, UPI transactions increased by 49%.
- PhonePe leads the UPI market with a 48.87% share, followed by Google Pay and Paytm.
- PhonePe processed the highest number of transactions (6.5 billion) in April.
- India processes approximately 46% of global digital transactions.
- UPI accounts for nearly 80% of India’s digital payments.
- NPCI and the Indian government are promoting UPI’s adoption through features like UPI Lite and BillPay Connect.
- UPI infrastructure is expanding internationally to countries like Nepal, France, and New Zealand.
#digital #billion #Google #News #UPI #B2G
2. “US fintech platform TIFIN debuts in Indian market with conversational AI assistant MyFi”
- TIFIN launches MyFi, an AI-driven investment assistant in India.
- MyFi offers customized guidance based on user’s portfolio using research and AI models.
- MyFi is tailored specifically for the Indian market and compliant with SEBI regulations.
- Founded by Vinay Nair, TIFIN aims to revolutionize wealth management in India.
- MyFi compatible with Android and iOS, accessible to millions of Indian mutual fund investors.
- MyFi’s subscription-based model starts at Rs 299/month.
- TIFIN recently raised $109 million and employs over 100 people in India.
#AI
3. “Cautio secures Rs 6.5 Cr in pre-seed round led by Antler and 8i Ventures”
- Cautio, a visual telematics startup, raised Rs 6.5 Cr in pre-seed funding led by Antler, 8i Ventures, and AU Bank.
- Cautio aims to address road safety concerns in India’s mobility and transportation space with its cost-effective video telematics products.
- India ranked first globally in road fatalities in 2022, with overspeeding accounting for 70% of deaths.
- Co-founders Ankit Acharya and Pranjal Nadhani bring experience from Namma Yatri, Bounce, Bounce Infinity, Dream11, and Urban Company.
#accounting#funding#safety#startup
4. “Growth Sense raises $600,000 in funding led by marquee angel investors, micro VCs, industry veterans”
- Growth Sense secures $600,000 funding, led by notable angel investors and industry experts.
- Existing investors witness over 3.5x wealth increase in the past year.
- Growth Sense supports startups through its ventures in technology, advertising/branding, and legal/compliance services.
- Co-founders Kapadia, Sarda, and Bhasin aim to enhance value for portfolio companies.
- Growth Sense recently invested in Accelerate India, an initiative promoting global entrepreneurship.
#technology#advertising#entrepreneurship#entrepreneur#startup#funding#Funding Fusion
5. “At $5.3 Bn, Indian Startup Funding Stays Flat YoY In H1 2024”
- Indian startup funding remained flat at $5.3 Bn H1 2024, a 1.8% decline YoY.
- Funding improved 20% sequentially from H2 2023, indicating a slow recovery.
- Fintech and enterprise tech sectors dominated, with Bengaluru being the top-funded hub.
- Seed and growth-stage startups drove funding, while late-stage funding fell 18% YoY.
- Merger and acquisition (M&A) deals declined to 37 in H1 2024.
- Investors prioritized profitability and sustainability in their funding decisions.
#sustainability#News#decision#startup#Startup#funding#enterprise
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