Flipkart - Mass Job Opportunities
With mega festive sales around the corner, Flipkart on Monday announced that it will create over 1 lakh seasonal job opportunities across its supply chain to cater to the high demand. This includes opportunities at fulfillment centers, sortation units, and delivery hubs.
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Digital e-rupee (e₹) & UPI's Interoperability by SBI
The State Bank of India (SBI) has introduced interoperability on the Unified Payments Interface (UPI) for their digital rupee (e₹), also known as the Central Bank Digital Currency (CBDC). This move includes 13 banks participating in the Reserve Bank of India's (RBI) CBDC pilot project. Initially launched in the wholesale segment on October 31, 2022, with nine banks, the pilot was extended to the retail segment in November 2022, with eight banks participating. The digital rupee is essentially a tokenized digital version of the Indian rupee, and merchants can use a single interoperable QR code to accept CBDC payments, making it convenient for Scan & Pay transactions.
Amazon Invests $15 Million + $3M in India
Amazon has committed to allocating $15 million from its Right Now Climate Fund to support nature-based projects in the Asia-Pacific (APAC) region. Out of this, $3 million will be invested in India to aid communities and conservation efforts in the Western Ghats. Amazon's first project in India will collaborate with the Centre for Wildlife Studies (CWS) to establish the Wild Carbon program, which aims to assist 10,000 farmers in planting and maintaining trees. This initiative aligns with Amazon's participation in The Climate Pledge, a commitment to achieve net-zero emissions by 2040, ahead of The Paris Agreement's deadline. The Climate Pledge currently boasts over 400 signatories from various industries and countries, including nine from India.
Paytm's new Gadget for Merchants
Paytm has introduced the Paytm Card Soundbox, designed for merchants to accept mobile and card payments, including major card networks. This device offers a "tap and pay" solution, combining audio-based confirmations with an LCD display. It addresses the challenges of card acceptance and transaction alerts, bridging the gap between mobile and card payments. The device supports payments up to ₹5,000 and offers customizable alerts in 11 languages, providing a simple and efficient solution for merchants.
IndiGo to Establish Aircraft Leasing Unit at IFSC GIFT City with ₹30 Crore Investment
IndiGo is following Air India's lead by planning to establish an aircraft leasing unit at the Gujarat-based International Financial Services Centre (IFSC) GIFT City, with an intended investment of ₹30 crore. This move is pending approvals and is in line with India's goal to enter the global aircraft leasing market. The IFSC GIFT City offers attractive incentives, including tax benefits, which make it an appealing location for such ventures. Currently, Ireland and China are leaders in global aircraft leasing. IndiGo's order book includes around 970 aircraft, and it recently placed an order for 10 more Airbus A320 NEO family aircraft.
Zerodha Founders Invest in Nazara Technologies, Shares Surge to 52-Week High
Nazara Technologies experienced a significant boost in its shares, rising over 12% to a 52-week high, following an investment announcement from Zerodha's founders. Kamath Associates and NKSquared, investment funds managed by Zerodha's co-founders, will collectively hold a 2.7% stake in Nazara Technologies after this funding round. The company's current market cap stands at ₹5,528.1 crore post-allotment. Notably, Nazara Technologies had shown strong revenue growth, increasing from ₹223.1 crore in Q3 FY23 to ₹254.4 crore in Q1 FY24. This investment comes at a challenging time for the online gaming industry, which was grappling with a 28% GST rule imposed by the government, leading to debates on defining games as "games of skill" or "games of chance." In July, Nazara, along with other industry leaders, urged the government to reconsider this amendment.
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