Today’s Chai Pe Charcha: Tesla Delays India Plans, PayU Gets RBI Nod, Flipkart Ventures Invites Applications and more

Grab your steaming cup of today’s Startup Chai as Tesla's anticipated entry hits a speed bump with plans stalling amidst a shift to low-cost cars. Meanwhile, fintech giant PhonePe pivots investments towards the lucrative insurance sector. PayU secures RBI's nod to operate as a payment aggregator, while BharatPe unveils the versatile 'BharatPe One' payment device.

The GST Council mulls retaining a 28% tax on online gaming, stirring debate. Flipkart Ventures opens doors for its third 'Flipkart Leap Ahead' cohort, igniting entrepreneurial dreams. Amidst it all, the pulse of fundraising beats strong, shaping the future of Indian innovation.

Read more to get the full scoop and relax with our freshly brewed memes.

What Matters

“Tesla ke ghar der hai, andher nahi”: Elon Musk may not drive Tesla to India anytime soon

Tesla's anticipated entry into India hits a roadblock as the focus shifts to manufacturing low-cost vehicles from existing factories, delaying plans for new facilities.

Despite the setback, Elon Musk's vision for more affordable electric cars signals a promising future for Tesla enthusiasts in India, albeit with a bit of a wait. As anticipation builds, Indian consumers eagerly await the day when Tesla's electric cars grace the streets of their cities.

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“Take Me Higher Higher, Set Me on Fire”: PhonePe Channelled Majority Of Past Year’s Investment Into Insurance Vertical

PhonePe takes a bold stride into the insurance sector, channeling over INR 426 Cr into its insurance broking service, reflecting a strategic shift in investment focus.

With a hefty equity injection exceeding INR 1,000 Cr, PhonePe underscores its commitment to expanding its insurance offerings. The digital payments giant also fuels growth in its subsidiary, PhonePe Wealth Broking, with a substantial investment of INR 287 Cr.

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“Ghar Ghar Mein PayU”: PayU Gets RBI’s In-Principle Authorisation To Operate As A Payment Aggregator

PayU clinches an in-principle nod from the RBI to operate as a payment aggregator, signaling a major milestone for the company. With the green light from RBI, PayU gears up to onboard a fresh wave of merchants, ushering them into the world of seamless digital payment services.

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“Yahan Sab Milta Hai”: BharatPe Launches ‘All-In-One’ Payment Device ‘BharatPe One’

BharatPe introduces a new payment companion with 'BharatPe One', combining a point-of-sale system, QR code scanner, and speaker all in a single device for seamless transactions. Rolling out in over 100 cities initially, BharatPe aims to expand distribution to 450 cities within the next six months, promising widespread accessibility across India.

As the fintech competition heats up, BharatPe stakes its claim in the market with this innovative all-in-one solution.

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“Bach Ke Rehna Re Baba”: GST Council Likely To Retain 28% Tax On Online Gaming In June Meeting

Get ready gamers, as the GST Council gears up to maintain the 28% tax on online gaming during its upcoming June meeting.

With government revenue from online gaming skyrocketing in recent months, the decision aims to ensure continued robust taxation. Online gaming startups like Gameskraft and Dream11, which have received notices to pay INR 1.12 Lakh Cr GST, brace themselves for further potential impacts on their operations and revenue streams.

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“Umeedon Wali Dhoop, Sunshine Wali Asha”: Flipkart Ventures Invites Applications for Third ‘Flipkart Leap Ahead’ Cohort

Exciting news for budding tech entrepreneurs as Flipkart Ventures unveils applications for its third 'Flipkart Leap Ahead' cohort. With a mission to propel early-stage startups to new heights, the accelerator program offers not only equity investments but also invaluable mentorship.

From April 22 to May 26, 2024, aspiring startups across India have the chance to join the journey towards innovation and success with Flipkart Ventures.

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Fundraising and Financials

1. LetsTransport accelerates its logistics solutions with $22 Mn raised in its Series E round led by Bertelsmann India Investments, joined by a consortium of prominent investors including Rebright Partners and NB Ventures.

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2. Bengaluru's Boba Bhai, renowned for its bubble tea and QSR offerings, sees its valuation skyrocket to INR 50 Cr following a successful seed funding round of INR 12.5 Cr.

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3. Adukale, the D2C snacks sensation, secures INR 11 Cr in pre-Series A funding, spearheaded by Force Ventures and backed by Aanya Ventures, alongside notable angel investors.

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4. India's Plane, an open-source project management platform, secures a significant $4M in seed funding from OSS Capital, fueling its mission to revolutionize project management solutions.

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5. Karban Envirotech, specializing in energy-efficient electronic appliances, secures a robust seed funding of Rs 8.93 crore led by Titan Capital, Rainmatter, and All In Capital.

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6. Samunnati, a Tamil Nadu-based agri-finance startup, secures $5 million in debt funding from Enabling Qapital, bolstering its mission to empower farmers across India.

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