UPI - Yes! 💯

UPI Milestone Achievement for August

The UPI interface has gained significant popularity in recent years, resulting in a milestone achievement of processing 10 billion payments in August, as per the latest data from NPCI.

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Free Fire India Relaunches After Regulatory relaxation 

Singapore-based game developer Garena is relaunching its game Free Fire as "Free Fire India" after it was blocked by Indian authorities over regulatory concerns in February 2022. The ban was part of a larger action that saw 54 Chinese-linked apps banned in India. Free Fire faced a similar fate, but the reasons were not explained. Garena is now using Yotta's servers to address security and privacy concerns. The game is a battle royale style where players compete on a fixed map. The return of Krafton's Battlegrounds Mobile India in May may have influenced Garena's decision to relaunch. The ban in 2022 caused Sea Ltd, Garena's parent company, to lose $16 billion in market cap in a day.

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Video Call features in X (formerly Twitter)

Elon Musk, Chairman and CTO of X (formerly known as Twitter), announced plans to introduce video and audio call features to the app, aiming to transform it into a super app. This move follows cost-cutting measures and signals a revamp attempt for the struggling social media platform. X acquired licenses in seven US states for its payment functions and implemented changes to become a global address book. Under Elon's leadership, X has faced financial challenges and team morale issues. The company lost more than half of its revenue driven by advertisers, leading to a significant workforce reduction of around 75% by August.

Amazon's Multi-Channel Fulfillment for D2C Brands Beyond its own Platform

Amazon's latest feature, Multi-Channel Fulfillment (MCF), allows Direct-to-Consumer (D2C) brands to utilize Amazon's fulfillment services even when they're not on the platform. This move enables Amazon to attract more D2C brands, especially SMEs lacking delivery infrastructure. Previously limited to the Amazon marketplace, the Fulfillment by Amazon (FBA) program expanded with MCF's introduction. Simplified order tracking, tax invoicing, and shipping processes benefit sellers. The service covers all serviceable pin codes in India. Additionally, Amazon introduced Amazon SahAI, an AI feature utilizing generative AI models to assist sellers with backend workload management, though its rollout timeline is pending.

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Adani Group Stock Hit After OCCRP Report

Adani Group's stock price faced a significant hit following a report by the Organised Crime and Corruption Reporting Project (OCCRP), known for being supported by a controversial hedge fund manager. The report accused Adani Group of stock manipulation and close ties with PM Modi. It also revealed that a portion of Adani stocks controlled by offshore funds was actually overseen by Vinod Adani and associates. Adani Group dismissed the report as "recycled allegations" based on a past incident with Hindenburg Research. Adani Power, Adani Green, and Adani Energy Solutions saw 3-5% drops in share prices, while Adani Enterprises fell over 2% at market opening.

India's Russian Oil Imports Dip, Saudi Arabia's Rise

India's import of Russian oil hit a seven-month low due to planned refinery maintenance, while imports from Saudi Arabia reached a multi-month high. Despite buying Russian oil in bulk amid the Ukraine war, rising prices and reduced discounts led to a 20% drop in Russian oil imports to 1.6 million barrels per day. Conversely, India's oil imports from Saudi Arabia surged from 520,000 to 825,000 barrels per day. Anticipated higher fuel demand during upcoming festivals and reduced OPEC production could lead India to consider other partners like the US to meet energy needs.