CRED & UPI, IRDAI General Insurance, Zomato investments, India's GDP, Etc.

June 12, 2024

From Startups to Giants: Covering All of India's Business in Less than 5 Minutes

Market Briefs

Main Briefs

CRED's New User Growth Stalls, UPI Payments Provide Hope:

PC: The Financial Express

  • CRED is experiencing stagnation in new user growth.

  • Notable increase in UPI payments.

  • Positive trend in payment feature engagement.

  • Potential offset to user growth slowdown.

Insurance Firms Must Honor Claims Despite Document Gaps: IRDAI:

PC: The Economic Times

  • IRDAI mandates no claim rejection for missing documents.

  • Aims to ensure fair treatment of policyholders.

  • Enhances consumer protection in the insurance sector.

Indian Briefs, You Can’t Miss:

  1. Boosting Cybersecurity and Production: Defense's 100-Day Plan.

  2. MeitY to Address Industry Concerns Over Digital Competition Bill in Upcoming Meeting.

  3. Green Light for Ola Electric: SEBI Approves Rs 7,250 Crore IPO.

  4. Blinkit to Get Rs 300 Crore Investment from Parent Company Zomato.

  5. Market Ban and Fines: SEBI Cracks Down on Former TV Anchor Pandya and Associates.

  6. HCLTech and Germany’s apoBank Strengthen Partnership with $278 Million Deal.

  7. Microfinance Sector Grows 26% in FY 2023-24, Report Reveals.

  8. Shriram Life Declares Rs 201 Crore Bonus for FY24, a 35% Rise.

  9. Steel Demand Expected to Rise 9-12% in FY25, According to Ind-Ra Report.

  10. India’s GDP Growth Forecast Raised by 20 BPS for FY25 by World Bank.

World Briefs

  • Elon Musk Threatens to Ban iPhones, MacBooks at His Companies Over OpenAI Integration.

  • Norway Unveils Europe's Largest Rare Earth Metals Deposit Discovery.

  • Mastercard to Eliminate Card Entry for E-Commerce in Europe by 2030.

AI Briefs

  • AI to Create More Jobs for Developers, Not Replace Them, Says GitHub CEO.

  • Persistent System Teams Up with Google Cloud for Market Expansion in India, US, UK.

  • Mumbai Airport Boosts Passenger Processing with AI-Enabled Cameras.

  • Apple Shares Soar to Record High Following AI Software Reveal.

  • AI News Reader Particle Secures $10.9M Funding, Expands Publishing Partnerships.

  • Mistral AI Raises $640 Million, Boosting Paris AI Startup Scene.

Company Of The Day

Company Name: Battery Smart

PC: Money Control

  • Founder: Pulkit Khurana, Siddharth Sikka

  • Year Of Foundation: Nov 2019

  • Headquarter: Gurgaon, Haryana, India

  • Industry:

    Battery Smart is an EV battery-swapping network that provides Li-ion batteries for electric two and three-wheelers.

  • Why Is It in the News?

    Battery Smart, supported by Tiger Global, has secured $65 million in its Series B funding round. The company plans to utilise the investment to fuel its growth and introduce its battery-as-a-service solution to additional cities.