BUSINESS
India's startup economy stares at deepening funding winter in 2023
Although some startups, like fintech platform KreditBee ($200 million), Foodtech platform HealthKart ($135 million) and HRtech software-as-a-service (SaaS) platform BetterPlace ($40 million), raised decent funds in December last year and in the beginning of January, the scene overall is grim as VC money has squeezed.
Optimistic about growth, RBI says fundamentals of Indian economy sound
"The global economy is facing formidable headwinds with recessionary risks looming large. The interplay of multiple shocks has resulted in tightened financial conditions and heightened volatility in financial markets. "The Indian economy is confronting strong global headwinds.
India's guard rails against recession continue to be strong
In such a scenario, it was just not possible to expect global markets to perform. They too were under pressure. Dow Jones lost 3,425.86 points or 9.43 per cent to close at 32,912.44 points. NASDAQ was indeed very weak and lost 5,178.52 points or 33.10 per cent to close at 10,466.48 points. Looking at what happened in the US, India is clearly an outperformer.
Despite losing market share, The New India Assurance continues to lead industry
As per the data released by the industry lobby body General Insurance Council, The New India had earned a gross premium of Rs 26,092.47 crore as against Rs 25,477.44 earned during the previous year corresponding period. It should also be noted that the other three government owned general insurers -- The Oriental Insurance, United India Insurance and National Insurance -- have also lost market share to the private sector during the period under review.
Indian economy to grow at 7% in FY23, 6% in FY24
The NSO, while releasing the first advance estimates of National Income for 2022-23, said that the "Real GDP (gross domestic product) or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated at Rs 157.60 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 147.36 lakh crore, released on May 31, 2022. The growth in real GDP during 2022-23 is estimated at 7 per cent as compared to 8.7 per cent in 2021-22".
Indigo expands its fleet to 300 aircraft
Speaking on the occasion, Pieter Elbers, Chief Executive Officer, IndiGo said: "We are excited to announce that our fleet size now stands at 300 aircraft, giving wings to our ambitions. We have recently expanded operations across west, east, and north-east India as well as the middle east.
Mercedes-Benz India sold 15,822 units in 2022
According to the company, it has retained its leading position in the luxury car market in India by selling 15,822 units last year, up from 11,242 units sold in 2021. The key models that drove the growth in 2022 were the C-Class, E-Class, S-Class limousines and the GLA, GLC, GLE and GLS sport utility vehicle (SUV).
Government announces auction of sovereign green bonds in two tranches
"As announced in the Union Budget 2022-23, the government of India, as part of its overall market borrowings, will be issuing Sovereign Green Bonds (SGrBs), for mobilising resources for green infrastructure. The proceeds will be deployed in public sector projects which help in reducing the carbon intensity of the economy," the Finance Ministry said in a statement.
KreditBee closes $200 mn Series D from Advent International, MUFG Bank, others
Last month, the company raised tranche 1 of Series D from MUFG, Japan's largest bank, along with existing investors Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Venture Investments. KreditBee said the additional capital raised will be deployed towards scaling the existing business and diversifying its product offering by venturing into digitally enabled financial products.
India pips Japan to become world's third-largest auto market
In 2022, according to the preliminary data, India sold at least 4.25 million new vehicles compared to 4.2 million sold in Japan. India's sales volume will further increase with the inclusion of upcoming commercial vehicle Q4 sales data from Tata Motors and other manufacturers.
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