Indian startups saw a funding revival in 2024, reaching $11.3 billion, slightly up from $10.7 billion in 2023. While VC firms have ample capital, they are cautiously deploying funds, prioritizing profitability and strong governance. Zepto led funding with $1.4 billion, but overall deal closures were uneven throughout the year. Investors remain optimistic about India's growth potential.
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The Reserve Bank of India cut its key repo rate by 25 basis points to 6.25%, the first cut in nearly five years. This decision from the Monetary Policy Committee aims to stimulate economic growth and offers relief to borrowers with lower EMIs. The move is in response to reduced economic growth and inflation management challenges.
Udaan, a B2B e-commerce startup, secured a fresh $75 million in funding led by existing investor M&G, maintaining a $1.8 billion valuation. The company is also negotiating an additional $25 million in funding. The investment will enhance Udaan's supply chain and vendor partnerships.
India and the US are set to begin negotiations for a bilateral trade agreement aimed at doubling trade to $500 billion by 2030. Commerce Minister Piyush Goyal emphasized the potential for mutual concessions and tariff reductions to facilitate this growth, with negotiations expected to start soon and a strong agreement anticipated within 6-8 months.
Tesla reported lower than expected profits Wednesday but confirmed key 2025 benchmarks, saying it will return to sales volume growth and move forward with fully autonomous driving. But Tesla expects growth in 2025, saying in its earnings release that "with the advancements in vehicle autonomy and the introduction of new products, we expect the vehicle business to return to growth in 2025."
ICICI Bank reported a 15% rise in standalone net profit to Rs 11,792 crore for Q3 of FY2024, compared to Rs 10,272 crore in the same period last year. Total income rose to Rs 48,368 crore, with improved asset quality as gross NPAs dropped to 1.96%.
Commerce and Industry Minister Piyush Goyal shared that a German chemical firm plans to invest USD 1.5 billion in India. A state has already identified land for the investment, aimed at boosting FDI. The government’s efforts to improve business conditions and resolve legal issues were highlighted as attracting global investments.
India's copper demand is set to grow by 7% due to renewable energy and infrastructure projects. With a gap between domestic production and consumption, the country imports 500,000 tonnes annually. Major companies are investing in copper production. The closure of Vedanta's Sterlite plant significantly impacted supply, turning India into a net importer.
Zara's only independent store in Mumbai has closed due to economic unfeasibility after its rent exceeded Rs 30 crore per year. The store, situated in the heritage Ismail building, opened in 2017. Zara will continue to operate its other three Mumbai outlets located in shopping malls, as well as strengthening its online presence.
SEBI updates rules for credit rating agencies, switching to 'working days' for compliance deadlines. The new guidelines require press releases within seven working days, adjust timelines for delays in debt servicing, and mandate faster tagging of 'issuer not cooperating' and debt servicing confirmation.
The National Restaurant Association of India (NRAI) plans to take legal action against food delivery companies Zomato and Swiggy, alleging unfair market advantages through private labelling and separate ventures like Blinkit Bistro and Swiggy Snacc. NRAI claims these practices violate marketplace neutrality and threaten the restaurant ecosystem.