BUSINESS
India becomes global investment hub for digital shopping
The Indian e-commerce segment registered a whopping growth rate of 175 per cent and reached $22 billion from $8 billion in 2020. The US which attracted $51 billion investments came first followed by China at third position with $14 billion and the UK at fourth position with $7 billion according to the London & Partners analysis of Dealroom.co investment data. The data also indicates that the US and India are two of the world's leading hubs for digital shopping companies with high levels of global investment and unicorns.
Price Woes: Fertiliser subsidy bill set to touch Rs 1.65 lk cr
As per Crisil Ratings, in the past two fiscals, it has paid an additional Rs 1.2 lakh crore and increased the budgeted subsidy. However, the credit ratings agency said that steep rise in raw material prices has been negating this, and another intervention may be needed in this fiscal. Not doing so would take the subsidy arrears to an all-time high of over Rs 75,000 crore by end of this fiscal, it said.
Coinbase unveils NFT marketplace in limited beta
The company said now anyone can check out the first version of Coinbase NFT and explore the vast collection of NFTs on the Ethereum blockchain.
"Beta testers will be able to create a Coinbase NFT profile to buy and sell NFTs using any self-custody wallet, whether that's Coinbase Wallet or something else," said Sanchan Saxena, VP of Product, Ecosystem Products, in a blog post.
Musk's Boring Company raises $675 mn to scale Loop projects
Boring Company is Musk's project to build underground highways to alleviate traffic congestion. The round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.
ITC to invest in D2C community-commerce brand Mylo
Founded in 2017, Mylo, is a full stack community eco-system focused on the parenting journey of young families. Mylo addresses the needs of its consumers through a wide and relevant range of content, health tools, conversations and community sharing features.
Walmart opens platform for Indian sellers to reach 120 mn US consumers
As part of its efforts to expand sourcing from India to $10 billion a year by 2027, Walmart, along with Flipkart and cross-border commerce company Payoneer, has laid out a detailed roadmap for local sellers with export ambitions. "Now is the ideal time for sellers from India to get started as exporters on Walmart Marketplace.
Tesla robots will be worth more than car business: Musk
At Tesla's Texas gigafactory opening earlier this month, Musk had said that a new wave of products, like the Optimus robot, will be introduced in 2023. Musk told analysts during the company's Q1 2022 earnings call late on Wednesday that people did not realise the magnitude of the Optimus robot programme.
Cricket NFT platform Rario raises $120 mn led by Dream Capital
Singapore-based Rario currently has the largest share of cricket NFT rights globally through exclusive partnerships with six international cricket leagues and more than 900 cricketers. The platform said that with the new investment, it will get access to Dream Sports' 140 million users, who will be offered fiat-only products in India, with the potential to create the largest cricket NFT platform globally.
Canadian inflation spikes to 6.7%
Statistics Canada announced on Wednesday that inflationary pressure in the country remained widespread in March, as prices rose across all eight major components, reports Xinhua news agency. Prices increased against the backdrop of sustained price pressure in the country's housing markets, substantial supply constraints and geopolitical conflict, which has affected energy, commodity, and agriculture markets.
Equity benchmark indices extend gains
At 9.55 a.m., Sensex was 0.8 per cent up at 57,473 points, whereas Nifty 0.7 per cent up at 17,252 points. Among the stocks, Coal India, Asian Paints, ITC, IndusInd Bank, and Reliance Industries were the top five gainers, while Nestle India, Hindalco, Tata Steel, Tech Mahindra and ONGC were the top five losers, NSE data showed.
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