1947 Tech 🇮🇳: 186
Crypto is here to stay in India
1. Indian startups raised $4.6 Bn in Jan: Entrackr Monthly Funding Report
Entrackr has done a great job in complaining the monthly report. Excellent read.
The Indian startup ecosystem had attained new heights in 2021 in terms of funding, acquisitions and ESOP buyback events. And the upward trend seems to have stretched into this year as well. Indian startups scooped up close to $4.6 billion in total fundraising in January according to our data tracking platform Fintrackr.
Overall, 202 startups announced their funding last month which includes 43 growth stage and late-stage startups, 129 early-stage firms, while 30 did not disclose their transaction details. This is more than a fivefold jump in the amount raised by Indian startups as compared to January last year which saw a fund inflow of $807 million across 85 startups including 14 undisclosed deals.
2. India proposes 30% tax on crypto and NFTs income
Certainly a step in the right direction.
India on Tuesday announced plans to launch a digital currency by next year and tax cryptocurrencies and NFTs as the country moves closer to recognizing cryptocurrencies as legal tender in the world’s second largest internet market.
Income from the transfer of any virtual assets will be taxed at 30%, the nation’s finance minister Nirmala Sitharaman said Tuesday. To capture details of all such crypto transactions, she also proposed a 1% tax deduction at source on payments made related to purchase of virtual assets.
“No deduction in respect of any expenditure or allowance shall be allowed while computing such income except cost of acquisition. Further, loss from transfer of digital asset cannot be set off against any other income,” she said in one of New Delhi’s most remarkable tech and business-focused federal budgets. “Gift of virtual digital asset is also proposed to be taxed at the hand of the recipient.”
The proposal comes at a time when the purchase of cryptocurrencies and NFTs are quickly making inroads in India despite regulatory uncertainty in the nation.
Binance-owned WazirX said last month that yearly trading volume on its platform exceeded $43 billion in 2021, at an “1,735%” growth from 2020.
Worth your attention:
Chargebee raises $250 Mn led by Tiger and Sequoia at $3.5 Bn valuation Link
Moglix raises $250 Mn at $2.6 Bn valuation Link
Google to invest over $700 Mn in Airtel to boost Android adoption Link
Upskilling platform Scaler tops $700 million valuation in new funding Link
Boat set to float Rs 2,000-crore IPO, eyes $1.5–2 billion valuation Link
Fintech veterans Amrish Rau, Jitendra Gupta launch $40 million fund with Sweta Rau Link
BharatPe likely to fire co-founder Ashneer Grover amid fraud concerns Link
Economic Survey 2022: At least 14,000 new startups recognised in India, up 20 times in five years Link