Startups and digital services are growing fast in India, and Paytm, Nykaa, Amazon Pay, and Battery Smart are seeing growth potential.
Paytm sees over-subscription for IPO
According to Reuters, India's Paytm has seen 1.89 times oversubscription for its IPO - the largest fintech IPO in the Asia-Pacific region. After having raised US$1.1 billion from anchor investors, the company received US$2.64 billion for the remaining shares on offer.
Cosmetics startup Nykaa share price surges 96% on first trading day
According to Reuters, India's Nykaa has reached almost US$14 billion in valuation. Shares of FSN E-Commerce Ventures, who owns the beauty and grooming unicorn, surged to INR2,205.8 (US$30) on its first day of listing last week from its initial price of INR1,125.
Amazon Pay India sees improvement for FY21
According to business intelligence platform Tofler, as cited by Business Standard, Amazon Pay India reported a 29% surge in revenue for FY21 and a net loss of INR15.16 billion. The payment service is rapidly expanding in India where Wal-Mart's PhonePe, Paytm, and Google Pay are strong competitors.
Ericsson, Nokia, Cisco might get approval from NCSC
According to Economic Times, India's National Cyber Security coordinator (NCSC) has yet to approve telecom devices and products from vendors such as Ericsson, Nokia, and Cisco, but they are said to be among the first batch to be approved. China's Huawei and ZTE, however, have not completed documentation needed for approval.
Battery Smart raises US$7 million
According to Inc42, Battery Smart has raised US$7 million in funding. The battery-as-a-service startup provides under-2-minute battery swap services and has over 100 battery swapping stations in the Delhi-NCR region.
