1947 Tech 🇮🇳: 83
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
1. Why Y Combinator Went 8,725 Miles Away From Mountain View To Find The Next Big Startup
This year, Y Combinator had two stops on its trek to find the next big startup: Mountain View and Bengaluru (also known as Bangalore).
As the famed early-stage accelerator ups the amount of startups it invests in each year, India has become a focus. In this summer’s batch, 12 startups were from India, compared to five from the same time period a year prior. Applications to the accelerator from India increased by 50 percent
The WhatsApp wave
There were tons of massive tech companies that were built on top of WeChat in China. WeChat as a distribution channel.
In India, WhatsApp is WeChat of China.
Meesho, Digi-Prex, Vahan and many more are riding the WhatsApp wave.
2. Ribbit capital: India’s 9-month-old CRED raises $120M to help people improve their financial behavior
Fintech in India is going to be a massive space and Ribbit capital gets it. Just in the last 7 days, Ribbit capital has written two cheques.
BharatPe, a New Delhi-based firm that is enabling hundreds of thousands of merchants to start accepting digital payments for the first time link
Cred: Bangalore-based startup that is building solutions to incentivize credit card users in India to become more responsible with money and thereby improve their credit score.
3. Smartphones remain a must-buy even in overall slowdown season
Indians love their smartphones and Tech entrepreneurs and VCs love smartphone penetration. It is a win-win situation in India.
The smartphone market saw the highest-ever Q2 shipment of 36.9 mn units, registering a 9.9% yearly increase.
It seems like nothing can stop innovation in India