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Much excite, very wow: Meme coin volumes jump on local bourses

Economic TimesEconomic Times · 1y ago
Much excite, very wow: Meme coin volumes jump on local bourses
Medial

The trading of meme coins has seen a surge on Indian cryptocurrency exchanges, driven by the recent resurgence in the global crypto market. Meme coins like Shiba Inu, Dogecoin, Floki, Vita Inu, Doge Bonk, and PepePAD accounted for around half of the total trading value on the top three Indian exchanges. While these highly volatile and risky coins had a 30% share in the value of crypto trades in India, their popularity has increased as investors look for quick returns. Despite their low prices, meme coins have been gaining value rapidly, boosted by social media communities. The rise of meme coins indicates a shift in investor interest towards these assets, but speculative buying may also be a factor.

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UPI daily transactions cross 500 Mn mark

EntrackrEntrackr · 11m ago
UPI daily transactions cross 500 Mn mark
Medial

Unified payments interface (UPI) has crossed the milestone of processing 500 million transactions on a daily basis for a couple of times in August. This is a significant jump in daily volume as the Indian government has set the ambitious target of clocking 1 billion transactions per day by 2026-27. As per data published by the NPCI, UPI crossed 500 million transaction count on August 2 and August 5. However, this is the third instance when UPI achieved the milestone. The previous was on July 2, 2024, according to UPI data analyzed by Entrackr. To recall, UPI first crossed 500 million transactions on a monthly basis for the first time in November 2018 and it took less than six years to achieve the same feat on a daily basis. This also shows that the NPCI has developed a robust platform which can handle ever-growing scale. Currently, there are very few companies in India and overseas that are capable of processing over 50 crore transactions on a daily basis. “0.5 Bn/day. Time to revise the India Vision from 1 billion / day to 100 Bn/month,” said NPCI CEO Dilip Asbe on X. In July, UPI transactions rose 3.95% month-on-month to 14.44 billion from 13.89 billion in June. Volume wise, PhonePe had 48.3% market share in UPI as of June followed by Google Pay and Paytm with 36.7% and nearly 8% market share, respectively. A bunch of new players such as CRED, NAVI, Groww, Slice and recently launched Flipkart UPI are also clocking decent volumes in UPI. The volume breakup for July is yet to be published. NPCI has also launched a credit line on UPI facility in which ICICI Bank is one of the leading banks with other five to six lenders. Recently, NPCI chief operating officer (COO) Praveena Rai said that UPI is adding up to 6 million new users every month. Besides India, NPCI has launched the instant payments services in foreign countries including Singapore, France, Mauritius, Nepal, Bhutan, Sri Lanka and the UAE.

Amazon-backed M1xchange raises $10 Mn from Filter Capital

EntrackrEntrackr · 2m ago
Amazon-backed M1xchange raises $10 Mn from Filter Capital
Medial

M1xchange has raised Rs 84 crore ($10 million) from Filter Capital through a secondary transaction to support its digital supply chain finance operations targeting micro, small, and medium enterprises (MSMEs). The latest funding round comes two months after Jindal Stainless and its subsidiary, Jindal Stainless Steelway Limited, acquired a 9.62% stake in M1xchange. The firm has raised over $47 million to date from investors including SIDBI Venture, Amazon, IndiaMART, BEENEXT, and Mayfield. Founded by Sundeep Mohindru and Vivek Misra, M1xchange operates as a Trade Receivables Discounting System (TReDS) platform, facilitating invoice financing of approximately Rs 10,000 crore ($1.2 billion) monthly for MSMEs, corporates, and financiers. Since its inception in April 2017, the platform claims to have facilitated over Rs 1.75 lakh crore ($20 billion) in invoice discounting and onboarded 50,000 MSMEs, 2,800 corporates, and 66 financial institutions, including banks and NBFCs. The firm reported a 100% year-on-year growth in transaction volumes. For the fiscal year ended in March 2024, M1xchange reported a 91% jump in its operating revenue to Rs 56.47 crore against Rs 29.52 crore in FY23. During the period, it managed to control its losses by nearly 50% to Rs 3.98 crore. Filter Capital, a growth investment firm, focuses on technology-driven businesses in India, including fintech, SaaS, and logistics. Its portfolio includes Capillary Technologies, Chalo Mobility, LoadShare Networks, and THB.

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