Indian Startup News Ep 58: All about NUE - NPCI Competitors, Starlink at $99 & Flipkart IPO via SPAC

This week in Indian Startup News, All about New Umbrella Entity, Paytm processes 1.2 billion transactions, SpaceX’s Starlink pre-booking for $99 and Flipkart expands grocery service and explore IPO via SPAC route.

In acquisition news, Flipkart in talks to acquire Cleartrip, Delhivery acquires Primaseller and Reliance acquires majority stake in skyTran.

In funding news, Groww in talks to raise $100 million, PolicyBazaar raises $45 million, Cashify raises $15 million, Apna.co raises $12.5 million, Euler Motors raises $4 million, The ePlane Company raises $1 million and Clairco raises $577,000.

00:00 Introduction
00:30 All about New Umbrella Entity Licenses
04:52 Paytm processes 1.2 billion transactions
06:38 SpaceX’s Starlink pre-booking for $99
07:52 Flipkart expands grocery service and explores IPO via SPAC route
08:25 Flipkart in talks to acquire Cleartrip
09:15 Delhivery acquires Primaseller
09:33 Reliance acquires majority stake in skyTran
10:04 Groww in talks to raise $100 million
10:56 PolicyBazaar raises $45 million
11:40 Cashify raises $15 million
12:25 Apna.co raises $12.5 million
13:22 Euler Motors raises $4 million
13:32 The ePlane Company raises $1 million
13:42 Clairco raises $577,000

All about New Umbrella Entity Licenses: The Reserve Bank of India (RBI) is doling out New Umbrella Entity (NUE) licenses as the central bank is looking to create a consortium of companies that could compete with the NPCI and create better digital payments systems and technologies that will be compatible with NPCI’s Rupay and UPI to turn India into a cashless and digital economy. Companies like Reliance, Tata Group, Amazon, Paytm and Ola have formed their own consortiums to apply for the NUE licenses.

SpaceX’s satellite internet service Starlink is available for pre-booking in India for $99: SpaceX’s satellite internet service Starlink is now available for pre-booking in India for $99. While the internet service will only be available in India by 2022. Starlink currently offers speed in 50-150 Mbps range but it will be increased to 300 Mbps soon.

Paytm processes 1.2 billion transactions: India’s most valuable unicorn Paytm claims to have emerged as the leading mobile payments provider by volume – processing more than 1.2 billion transactions last month. While PhonePe and Google Pay lead the UPI payments, Paytm claims the top spot in the consolidated mobile payments space.

Flipkart expands grocery service and explores IPO via SPAC route: Flipkart has expanded its grocery delivery service to more than 50 cities and is also looking to take the SPAC route to IPO in the US.

Flipkart in talks to acquire Cleartrip: Flipkart is in talks with online travel agency Cleartrip for acquisition as the ecommerce giant looks to expand its product offering.

Delhivery acquires Primaseller: Logistics unicorn Delhivery has acquired a SaaS-based platform Primaseller that provides an omnichannel inventory management software.

Reliance acquires a majority stake in skyTran: Reliance has doubled its stake in the US-based skyTran from 26.3% to 54.46% for $26.76 million.

Groww in talks to raise $100 million: Online investment platform Groww is in talks with Tiger Global Management to raise $100 million at a valuation of about $1 billion.

PolicyBazaar raises $45 million: Online policy aggregator PolicyBazaar has raised $45 million through secondary share sale from Bay Capital, IIFL Wealth, White Oak Global Advisors and Cyrus Poonawalla Group.

Cashify raises $15 million: Online platform for selling used smartphones Cashify has raised $15 million from Olympus Capital Asia.

Apna.co raises $12.5 million: Professional networking platform for blue-collar workers Apna.co has raised $12.5 million Sequoia Capital India, Greenoaks Capital, Lightspeed India and Rocketship.vc.

Euler Motors raises $4 million: EV startup Euler Motors which is gearing up to launch its first electric cargo three-wheeler has raised Rs 30 crore ($4 million) as a part of its ongoing series A round led by Inventus India and Jetty Ventures.

The ePlane Company raises $1 million: The ePlane company has raised $1 million from Speciale Invest, Naval Ravikant, Java Capital, FirstCheque.vc, and Indian Institute of Management Ahmedabad’s CIIE incubator.

Clairco raises $577,000: Air purification startup Clairco has raised Rs 4.2 crore ($577,000) from Anicut Angel Fund, Max Group and AngelList.

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