CoinDCX Unveils CoinDCX Prime, Acko's Trademark Battle, PhonePe Partners with PickMe and more

From CoinDCX's personalized investment platform to RBI's digital payments intelligence initiative, innovation is booming. Meanwhile, trademark battles and valuation woes plague big players like Acko and BYJU'S. PhonePe and Google Pay continue to dominate UPI transactions, while Brigade REAP offers promising startups a chance to shine.

Grab your simmering cup of StartupChai and unwind with our hand-brewed memes.

What Matters

“Stepping Out”: CoinDCX Unveils CoinDCX Prime To Offer Personalised Investment

CoinDCX has introduced CoinDCX Prime, tailored for investors with an investment volume exceeding INR 50 Lakh. The Prime program enhances current offerings with VIP trading fee discounts and efficient OTC desk order execution.

Members will also benefit from the lowest trading fees and no additional charges on asset custody or holding gains, ensuring a more seamless and cost-effective investment experience.

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“Walking On A Thin Ice”: RBI To Set Up Digital Payments Intelligence Platform After Surge

In response to a surge in digital payments, the RBI is establishing a Digital Payments Intelligence Platform to enhance fraud protection. A committee has been formed to explore the development of this digital infrastructure, with recommendations expected within two months.

This move aims to provide network-level intelligence to bolster customer security in the evolving payment ecosystem.

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“Sambhal Ke Rehna Padta Hai”: Acko Seeks Indian Govt's Intervention In Trademark Breach

Acko, the Amazon-backed insurer, is seeking the Indian government's help after Shenzhen MengLang Technology applied for the Acko trademark in China. Acko has appealed to the Ministry of Corporate Affairs, clarifying no connection with the Chinese entity and requesting intervention.

Their trademark application was denied in China due to its "first-to-file" policy, prompting Acko to take action to protect its brand.

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“Mai Kya Karu, Haaye”: Prosus Stake In BYJU'S Has Zero Value As Per HSBC

HSBC has declared Prosus' $500 million investment in BYJU'S to be worthless, citing ongoing legal issues and a severe funding crisis. This follows Baron Capital Group's drastic reduction of BYJU'S fair value by 99.85%.

The once-promising edtech giant is now grappling with significant financial and legal challenges, raising concerns among major investors.

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“Jhuk Ke Rehna Padega Mere Saamne”: NCLAT Dismisses Appeal Petition Of Investors Against BYJU'S

The NCLAT dismissed investors' appeal against BYJU'S, as they had already filed a contempt petition for alleged violations.

This appeal followed the NCLT's April 23 order, which declined to issue an injunction against BYJU'S. The embattled edtech giant faces mounting legal cases, insolvency proceedings, mass layoffs, a looming debt crisis, and valuation markdowns, exacerbating investor concerns.

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“Saathi Haath Badhana”: PhonePe Partners Sri Lankan Ride-Hailing Major PickMe To Offer UPI

PhonePe has partnered with Sri Lankan ride-hailing giant PickMe, allowing Indian travelers to make UPI payments for rides using their PhonePe accounts. This collaboration aims to enhance PhonePe's international presence and serve the increasing number of Indian tourists visiting Sri Lanka.

Despite a 77% YoY jump in operating revenue to INR 2,914 Cr in FY23, PhonePe's losses also rose by 39% YoY to INR 2,795.3 Cr.

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“Sabki Chori Pakdi Jaayegi”: Telangana Food Safety Dept Raids 'Unhygienic' Blinkit Warehouse

In a recent raid by the Telangana Food Safety Department, a Blinkit warehouse was found to be "disorganized, unhygienic, and dusty." Authorities also discovered cosmetic products stored alongside food items and food handlers operating without proper headgear or gloves.

Despite these issues, Blinkit reported impressive revenue growth, reaching INR 769 Cr in Q4 FY24, up from INR 363 Cr the previous year.

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“Bhaari Mistake Ho Gaya”: PB Fintech CEO Yashish Dahiya Gets Show Cause Notice From SEBI

PB Fintech CEO Yashish Dahiya received a show cause notice from SEBI regarding a $2 million investment in Dubai-based YKNP Marketing Management in 2022. PB Fintech maintained that the investment wasn't deemed unpublished price sensitive information (UPSI) due to its "non-material value."

YKNP offers services such as lead generation, sales consulting, co-sourcing, and sales outsourcing.

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“Badhai Ho Badhai”: PhonePe accounted for 48.6% of the total UPI transactions in May, while the share for Google Pay stood at 37%

In May, PhonePe and Google Pay dominated the UPI transaction space, handling 85% of all transactions.

PhonePe led with 683.19 crore transactions, capturing 48.6% of the market, while Google Pay accounted for 37%. Paytm saw a 2% increase in transactions to 114 crore, and Navi's UPI transactions nearly doubled, rising from 1.5 crore in April to 2.97 crore in May.

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“Safalta Ki Seedhi”: Accelerator programme Brigade REAP opens applications for COHORT 16

Brigade REAP has kicked off applications for Cohort 16, with mentorship sessions starting on July 10, 2024.

If you're in the construction, hospitality, green tech, or proptech space, this 16-week hybrid program could be your ticket to startup success, offering tailored support to take your venture to the next level.

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1. Hero MotoCorp is set to increase its stake in Ather Energy by acquiring an additional 2.2% for INR 124 crore, valuing Ather at $675 million, slightly lower than its reported $750 million valuation from May 2022.

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2. Maino.ai, a digital marketing technology platform, secures $1.8 million in funding, led by India Quotient Advisers LLP, with participation from angel investors Karan Bedi and Janhavi Parikh, among others.

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3. Despite an increase in electric vehicle (EV) sales, Ather Energy witnessed a marginal year-on-year decline in turnover for FY24, amounting to INR 1,753.8 Cr, compared to INR 1,780.9 Cr in the previous year, according to exchange filings by Hero MotoCorp, its parent company.

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