1947 Tech Newsletter 🇮🇳

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1947 Rise☀️: 205

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1947 Rise☀️: 205

Q2 || OneCard || Crypto & the pod with the founder of Pocket Aces and Loco

shiva singh sangwan
Jul 19, 2022
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1947 Rise☀️: 205

1947tech.substack.com

1. Funding in startups dropped by 17% to $6 billion in April-June: Nasscom

Funding in startups dropped by 17 per cent on quarter-on-quarter basis to USD 6 billion (about Rs 47,800 crore) in the April-June period, industry body Nasscom has said.

According to the Nasscom quarterly investment factbook on tech startups compiled in association with PGA Labs, deals also dropped by about 17 per cent due to dampened market sentiments but despite reduction in deal value, funding in growth stage continued to increase. The report said, “16 large ticket size deals helped generate a total funding of USD 6 billion in the second quarter (Q2) of calendar year (CY) 2022. Startup ecosystem witnessed the birth of 4 new unicorns in Q2 CY22, taking the tally to 20 unicorns in the first half.”

Around 26 per cent of the total funding went to fintech segment. “Large ticket deals like CRED and Dailyhunt resulted in overall increase in total investments in fintech and media and entertainment sectors, contributing around 45 per cent of total funding in Q2, CY22,” the report said.

Fifty-two per cent funding was in the ticket size of USD 100 million or above with Dailyhunt and ShareChat raising big rounds. Growth stage deals contributed 58 per cent of the total funding during the reported quarter as the investors backed startups have already reached a certain scale, the report said.

Funding in startups dropped by 17% to $6 billion in April-June: Nasscom

2. OneCard enters unicorn club, raises over $102 million, led by Temasek Holdings

OneCard’s parent FPL Technologies closed its Series D funding round of over $102 million led by Singapore-based Temasek Holdings (via MacRitchie Investments). The mobile-first credit card brand is now valued at over $1.4 billion.

Temasek invested around Rs 375 crore ($48 million as per dollar rates on July 13). Matrix Partners, QED Investors, Hummingbird Ventures, Sequoia Capital, and Sarv Investments also participated in this round, as per regulatory filings assessed by Moneycontrol.

FPL Technologies was founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi in 2019. While OneCard’s competitors in this space would be brands like Slice, Uni, Indiabulls Dhani, and PayU’s LazyPay, the company had maintained that it doesn’t offer Buy Now Pay Later solutions. It offers co-branded credit cards with banks and issues them only to customers with credit history and a good score, which it tracks through its other product OneScore, a credit score tracking and management app.

OneCard enters unicorn club, raises over $102 million, led by Temasek Holdings

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A podcast

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Shiva Singh Sangwan @shivassangwan
New Pod is Live ☀️ Hear out (@anipandita)'s journey so far on 1947 Rise. The founder of @GetLocoNow & @PocketAcesH!! - The founding story of Pocket Aces and Loco - The magical outcome he holds for Loco - His Frameworks - If money and attention are not needed anymore & More
4:00 AM ∙ Jul 19, 2022
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Click here to list the full episode

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Worth your attention:

  1. Layer one blockchain startup 5ire raises $100 million at $1.5 billion valuation Link

  2. India’s central bank wants to ban cryptocurrencies, government says Link

  3. Sequoia, Tiger Global lead startup funding in Apr-Jun; fintechs attracted most funds: Nasscom… Link

  4. Layer one blockchain startup 5ire raises $100 million at $1.5 billion valuation Link

  5. Crypto players plan new industry body as IAMAI dismantles lobby group Link

  6. Slice fundraising on hold as RBI note triggering uncertainty for sector Link

  7. AI co Detect bags $28 million funding from Prosus, others Link

  8. IAMAI dissolves Blockchain and Crypto Assets Council, to no longer represent crypto exchanges Link

  9. Juspay cofounder’s startup Hyperface raises $9 million in funding from 3one4 Capital, others Link

  10. AI platform for mental health Wysa raises $20 million in funding Link

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