Cardless Cash Withdrawals

Hitachi and NPCI Launch UPI ATM for Cardless Cash Withdrawals in India

Hitachi Payment Services, a subsidiary of Japan's Hitachi, in partnership with the National Payments Corporation of India (NPCI), has introduced a UPI ATM called the Hitachi Money Spot UPI ATM. These White Label ATMs (WLAs), operated by non-banking entities, allow customers to withdraw cash without using a debit or credit card. Users can withdraw cash from their bank accounts by entering the withdrawal amount on the UPI ATM, scanning a QR code displayed on the screen, and entering their UPI PIN on their mobile phones. This innovation enhances security by eliminating the risk of card "skimming." The NPCI has also introduced various new payment options via UPI to achieve a target of 100 billion monthly transactions.

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One more down from Swiggy Top-Position

Anuj Rathi, who served as the Senior Vice President (SVP) of revenue and growth at Swiggy, has resigned from his position. He had been with Swiggy since 2016 and has prior experience with companies like Flipkart, Snapdeal, and Walmart. This departure is part of a trend of high-level resignations in Indian firms.

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Haldiram's Update of Stake Decision

Haldiram’s denied any report of a stake sale, saying that it is not considering selling the 51% stake in the company to Tata Group’s consumer arm.

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Groww Receives SEBI Approval to Launch Index Fund

Groww, a leading Indian online stockbroking firm, has received SEBI approval to launch its first index fund, the Groww Nifty Total Market Index Fund. This milestone comes after Groww's acquisition of Indiabulls Housing Finance and CCI approval for its parent company's acquisition of Indiabulls Asset Management Company and Indiabulls Trustee Company. Founded in 2017 by former Flipkart employees, Groww offers a range of financial products, including stockbroking, equity-linked savings, SIPs, IPOs, ETFs, and direct mutual funds. This development coincides with Zerodha's submission of draft offer documents for two schemes and follows SEBI's June 2023 circular introducing regulations for online platforms dealing in mutual fund schemes.

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Temasek Holdings Leads $140 Million Funding Round for Ola Electric, Valuing the Company at $5.4 Billion

Singapore's national investment firm, Temasek Holdings, is leading a new $140 million funding round for Ola Electric, an Indian e-scooter manufacturer. This investment values Ola Electric at $5.4 billion, solidifying its position as a leader in the sector. Ola Electric, backed by SoftBank, holds a 32% share of the Indian e-scooter market and competes with rivals like Ather Energy, TVS Motor, and Hero Electric. India aims for 70% of two-wheeler sales to be electric by 2030, a challenging goal considering the current 14% figure. Ola Electric had plans to go public in late 2023 to raise up to $1 billion. Temasek has shown significant interest in India, pledging $10 billion in investments over three years. They have cited India's consistent policy framework and rapid digitization as reasons for their increased investment in the market.

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Foxconn Partners with STMicroelectronics for Semiconductor Factory in India

Foxconn Technology Group, based in Taiwan, has revealed its new partner, STMicroelectronics NV, as part of its endeavor to enter the semiconductor industry. The two companies plan to establish a semiconductor factory in India with a focus on producing 40-nanometer chips used in various devices like cars, cameras, and printers. STMicro's expertise in chip manufacturing will support Foxconn's expansion into the semiconductor sector. Foxconn is also reportedly in discussions with other firms possessing chipmaking technology. This partnership is significant as it follows Foxconn's previous fallout with Vedanta and aims to contribute to India's transformation into a global manufacturing hub, according to Young Liu, Chairman of Foxconn's parent company, Hon Hai Technologies.