1947 Tech 🇮🇳: 111
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
“Never let a good crisis go to waste,” said Winston Churchill!
A lot is happening in India. The whole country is going digital.
1. India going digital
UPI democratized online payments in India. The Indian government is back in action. This time to democratize MSMEs' lending and healthcare.
Sahay — UPI of lending link
Bharat Health Stack — UPI of healthcare link
Sahay and Bharat health stack are looking to leverage Aarogya Setu App. India’s contact tracing app built by the government.
The Indian government is pretty darn good at building tech products. So good that Google wants US Federal Reserve to follow India’s UPI example
Aarogya Setu App gained 100M users in 41 days.
Yup, 100M in 41, you heard it right.
2. General Atlantic to invest $870M in India’s Reliance Jio Platforms
Nearly $9B raised in a month.
You must be wondering what is going on?
Well, here is the thing: The parent company Reliance had taken a massive debt to fuel Jio’s growth.
They are looking to pay down the debt, zero net debt by March 2021
3. Govt allows direct listing of Indian companies in foreign stock exchanges
Reforms = growth!
Great news for the Indian startup ecosystem.
Build locally, stay locally. At the same time expand globally.
Ideal for any startup.
This move is expected to benefit local startups and companies which are looking to raise capital from foreign markets. Until now, many Indian companies used to incorporate in overseas markets such as Singapore and London with an intention to list directly on foreign exchanges.
The latest reforms will perhaps stop this trend and encourage the companies to incorporate locally. Many startups including Grofers, Cars24, Udaan, Pine Labs, Craftsvilla, and Droom are registered in Singapore.
4. Interesting charts
“There are decades where nothing happens, and there are weeks where decades happen.” — Vladimir Lenin.
Imagine how it is going to play out in India? A country that barely has malls and supermarkets.
Leapfrogging. Rapid digitization.
For the very first time, India overtakes China in fintech funding.
Worth your attention:
IMF projects India to be fastest growing major economy link
70% of Indian startups will run out of money in less than 3 months link
Game changer: Kotak Mahindra Bank becomes first Indian lender to allow video KYC link
India’s Khatabook raises $60 million to help merchants digitize bookkeeping and accept payments online Link
AngelList India head Utsav Somani launches micro VC fund to back 30 early-stage startups Link