There were several important developments in the startup space during the day. Here are the top startup updates that took place today:
1. UPI crosses 2 billion transactions in October
The number of UPI (Unified Payments Interface) transactions exceeded the 2 billion mark in October, said the National Payments Corporation of India (NPCI) on Sunday. The organisation tweeted on its official page that the total transaction value of UPI increased from less than Rs 3.3 lakh crore in September to over Rs 3.86 lakh crore in October.
NPCI is an umbrella organisation for all the retail payment systems in India including BHIM, IMPS and RuPay.
2. PhonePe hits 250 million user mark, registers 925 million transactions in October
Flipkart-owned fintech platform PhonePe has crossed the 250 million registered user milestone. The company reported over 100 million monthly active users (MAU) and 2.3 billion app sessions in October, a statement said.
”PhonePe had a record month in October, processing 925 million transactions – its highest so far – with an annual TPV (total payment volume) run rate of USD 277 billion. PhonePe also processed 835 million UPI transactions in October, for a market-leading share of over 40 percent,” it added
3. Paytm Mall Shopping kick starts Diwali Special Maha Shopping Festival
Homegrown e-commerce online-to-offline (O2O) platform Paytm Mall announces Diwali Special Maha Shopping Festival from November 3 to November 16.
This festive season, Paytm Mall has tied up with over 5,000 brands and leading banks to offer the best deals and discounts to customers on over 10 lakh products.
The company has partnered with Citibank and ICICI Bank to offer a flat 10 percent cashback up to Rs 3,000 on credit card and debit card payments. ICICI Bank customers will further enjoy this offer on EMI transactions
4. Home health care industry expected to continue growing at 15-19 % a year to touch $11-13 billion by 2025: RedSeer
According to a report by homegrown consulting firm Redseer Consulting, home health care industry is expected to continue growing at 15-19 percent a year to touch $11-13 billion by 2025 from $5.4 billion currently.
Home healthcare solutions can be up to 40 percent less costly as compared to hospitals as they utilise available capacity in patient homes. A hospital-like ICU setting at home costs just around $107 to $143 per day, according to RedSeer’s report.
Further, home healthcare can reduce unnecessary hospital visits by up to 65 percent and reduce the overall operational costs of Hospitals by 20 percent. Additionally, it has also been seen that patients have a faster recovery cycle.
5. Inito clears US FDA regulatory pathway for Fertility Monitor
Bengaluru-based medical technology startup Inito has cleared the regulatory pathway of the United States Food and Drug Administration (FDA) for Fertility Monitor.
With this, Inito claims to be the first designed, engineered and manufactured in India home diagnostic device to achieve this milestone. This paves the way for the product’s launch in the US, and also allows access to countries that have signed the Mutual Recognition Agreement (MRA) with the FDA.
6. TagHive’s digital app ‘Class Saathi’ makes strides across Maharashtra, Haryana and Odisha
Samsung-funded South Korean company Taghive has signed a Memorandum of Understanding with Kaivalya Education Foundation (KEF) to introduce a virtual learning engagement system for government school students.
This digital technology backed system aims to bring enhanced efficacy and engagement for 900 schools under the KEF umbrella across Maharashtra, Haryana and Odisha, supported by Edelgive, Tata Communications Ltd (TCL) and other donors.
All schools will install TagHive’s flagship clicker-based solution ‘Class Saathi’ for the students of grades 3 and 5. Over 10,000 students will be able to access ‘Class Saathi’ and 1,500 teachers will be able to conduct baseline, mid-line and end-line assessments in Mathematics and Language based subjects.
7. US will 'vigorously defend' TikTok executive order despite ruling
The US Commerce Department says it would “vigorously defend” an executive order that seeks to bar transactions with Chinese-owned short video-sharing app TikTok after a federal judge halted the action.
US District Judge blocked the Commerce Department order set to take effect on November 12 that would have effectively barred ByteDance-owned TikTok from operating in the United States.
8. EU antitrust chief does not see breakup of tech giants: Paper
Splitting up large tech companies such as Google and Facebook will not be necessary, Europe’s antitrust chief was quoted as saying on Sunday.
European Competition Commissioner Margrethe Vestager is due to announce new draft rules for the digital sector on Dec. 2 and will then have to reconcile her proposal with those from member countries and the European Parliament.