NPCI cards up sleeve; India off YC radar
Also in the letter:
NPCI woos banks to swipe right on RuPay credit cards
The play:
Why now?
Flexing up:
By the numbers:
FY24 standalone revenue: Rs 3,270 crore (up 24% YoY)
Rs 3,270 crore (up 24% YoY) Net surplus: Rs 1,552 crore
Rs 1,552 crore
Credit card market share (RuPay): Grew from 3% in 2023 to 12% in 2024.
Big picture:
Also Read:
From 66 to 4: Why Y Combinator is backing fewer Indian startups in 2024
Fewer picks:
The flip side:
Groww: around $160M tax bill
Razorpay: around $200 million
Meesho: around $280-300 million
Home comforts:
Also Read:
Sponsor ETtech Top 5 & Morning Dispatch!
Why it matters:
The opportunity:
Reach a highly engaged audience of decision-makers.
Boost your brand's visibility among the tech-savvy community.
Custom sponsorship options to align with your brand's goals.
What's next:
India blocks (then unblocks) Reuters on X
Driving the news:
The catch?
X's response:
The legal backdrop:
X is already in the Karnataka High Court, fighting previous blocking orders, which it says lack transparency. The court heard the matter today and listed it for the next hearing on July 11.
It has also moved to challenge Rule 3(1)(d) of the IT Rules, which grants the government sweeping takedown powers.
JSW Ventures targets Rs 450 crore for third fund amid surge in domestic VC capital
Track record:
Key portfolio plays:
Purplle (beauty ecommerce) — follow-on round
Cureskin (dermatology)
Vetic (pet care)
Growcoms (agritech)
From Fund I: HomeLane and Indus OS (acquired by PhonePe)
Zoom in:
Keeping Count
Other Top Stories By Our Reporters
Syrma SGS readies war chest for new Andhra plant:
AWS launches space accelerator programme in India:
Suhora Tech, Orbital Sidekick ink deal to bring hyperspectral satellite imagery to India:
Green Aero raises funds for India's first hydrogen aircraft engines:
Global Picks We Are Reading
Happy Wednesday! The NPCI is rolling out fresh incentives to push banks to issue more RuPay credit cards. This and more in today's ETtech Morning Dispatch.■ X vs India ft. Reuters■ JSW Ventures' third fund■ Sygma SGS's new plantThe National Payments Corporation of India (NPCI) is dangling fresh incentives to get banks to issue more RuPay credit cards, sources told us.Instead of offering discounted rates like before, NPCI is now handing out cashbacks and issuance-linked rewards. The goal is clear—chip away at the Visa-Mastercard duopoly that still rules India's credit card space.As of May 2025, India had approximately 111 million credit cards in circulation, nearly double the 55 million from December 2019. NPCI wants a bigger bite of this fast-expanding market by nudging both banks and fintechs.NPCI has already built unmatched scale in payments with UPI and RuPay debit cards, though those don't drive direct revenue. Credit cards, on the other hand, offer a shot at serious returns.With new incentives, NPCI is stepping on the gas to shake up India's credit card hierarchy.Garry Tan, CEO, Y CombinatorIndian representation in Y Combinator (YC) has fallen off a cliff . From 66 startups in 2021 to just four in 2024, the decline is stark.YC now requires startups to set up parent entities in jurisdictions such as the US, Canada, Singapore, or the Cayman Islands, founders and industry executives told us. The accelerator is also chasing AI-first and deep tech bets, often built on cutting-edge research and US-based talent, which is another hurdle for Indian teams, they added.Many YC-backed Indian startups are redomiciling to prepare for IPOs. It's costing them a fortune.But, there's more money at home now. Local VCs, family offices, and angels are writing bigger cheques than ever. With deep pools of domestic capital, Indian founders no longer need YC in the same way they once did.ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policymakers, industry insiders and employees.Interested? Reach out to us at spotlightpartner@timesinternet.in to explore sponsorship opportunities.India briefly ordered X (formerly Twitter) to block 2,355 accounts , including its main handle @Reuters, before swiftly backtracking after public backlash.On July 3, the Ministry of Electronics and IT instructed X to block these accounts under Section 69A of the IT Act. The order gave X only one hour to comply without explanation and directed that the blocks remain in place 'until further notice.'Following criticism, the Reuters handles (@Reuters and @ReutersWorld) were restored the same day. The ministry claimed it hadn't ordered the blocks, blaming X for the unnecessary delay in unblocking the accounts.The government's order carried serious consequences. X faced criminal liability for non-compliance and had no room to challenge the directive, even as it was told to act without cause. The company said it is 'deeply concerned' by rising press censorship in India. It is exploring legal actions but pointed out that, unlike individual users, it cannot directly contest these orders under Indian law. X urged affected users to seek legal relief.Sachin Tagra, managing partner, JSW VenturesJSW Ventures is gearing up to raise Rs 400–450 crore for its third fund, sources told us.The firm's second fund, launched in 2020 with a corpus of Rs 300 crore, is now fully deployed. It marked JSW Ventures' shift to a multi-LP setup, with backing from institutional names such as SIDBI, NABARD, and the family office of Ranjan Pai, chairman of Manipal Education and Medical Group. The debut fund, a Rs 75 crore vehicle, was solely backed by the JSW family office.VC fundraising in India is heating up. Accel launched a $650 million early-stage fund in January. A91 Partners closed its third at $665 million. On the corporate side, players like Wipro Consumer Ventures, ICICI Venture, and Info Edge Ventures are doubling down on strategic bets.In June, Meta's Threads had 115.1 million daily active users on its iOS and Android apps, marking a 127.8% annual growth, compared to 132 million X after a year-on-year decline of 15.2%. (Source: TechCrunch The electronics manufacturing services company plans to invest Rs 1,800 crore to establish India's largest multi-layer printed circuit board (PCB) and copper clad laminate (CCL) manufacturing plant in Andhra Pradesh, sources familiar with the matter told us.The 10-week programme will support 40 space-focused startups in the early and growth stages across India, Australia, New Zealand, and Japan with resources, expertise, and guidance on technology and business capabilities.The data collected can be used by SPADE, Suhora's subscription-based SaaS platform, to support applications such as mineral classification, rare earth mapping, petrological surveys, and environmental monitoring.The IIT-Delhi incubated deeptech startup secured $1.6 million from pi Ventures to fund R&D efforts, establish an in-house testing facility, and recruit talent.■ Rubio impersonation campaign underscores broad risk of AI voice scams ( Axios ■ Meet the America Party, Elon Musk's Harebrained Third-Party Scheme ( Wired ■ Why it's so hard to warn people about flash floods ( The Verge
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
23 minutes ago
- Time of India
Kolhapur among 59 districts in India with huge export potential:Exim study
Kolhapur: Kolhapur is among 59 districts in India with untapped potential for exports, said Deepali Agarwal, deputy managing director, Export-Import (Exim) Bank, citing a study by the bank. She was speaking at a programme organised by Shiroli Manufacturers Association in Kolhapur. Agarwal said that Exim Bank data showed that major exported products from Kolhapur in 2024-25 were textiles, machine gears, auto components, jewelry, refined sugar, rice, and casting. "According to a study undertaken by Exim Bank, less than 2% of the districts in India contribute to around 40% of India's exports, and hence there remains significant scope of tapping the 'missing middle export districts. "The study identified 'missing middle export districts' whose exports are between US$ 1 billion and US$ 5 billion. In fact, there are around 59 districts in India out of 750 plus districts that fall under the bracket of 'missing middle export districts', one of them being Kolhapur," said Agarwal. Kolhapur, one of the agriculturally advanced districts in Maharashtra, is today a front runner in manufacturing engineering products, refined sugar, and textiles. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why seniors are rushing to get this Internet box – here's why! Techno Mag Learn More Undo In 2021-22, the exports from Kolhapur amounted to Rs 95.1 billion, and in 2022-23, they increased to Rs 93.7 billion. "The exports from Kolhapur saw a decline after the export ban on sugar; however, Kolhapur's exports increased from Rs 58.9 billion in 2023-24 to Rs 61.8 billion in 2024-25. The data showed that exports from Kolhapur witnessed diversification. In 2024-25, the major exported products from Kolhapur were textiles, machine gears, auto components, jewelry, refined sugar, rice, and casting articles. Together, the top 10 products constituted about 42% of Kolhapur's total merchandise exports, amounting to Rs 25.7 billion during 2024-25," said Agarwal. She mentioned that silver jewelry from Hupari in Kolhapur is also in huge demand in India and abroad. The Kolhapuri Saaj is a specialty of Kolhapur and is exported along with other silver ornaments and idols in silver to countries like the US and Australia. The top official of Exim Bank said that the bank has designed a grassroots initiative and development (GRID) programme to harness the export potential of tier-II cities like Kolhapur. She said that under the programme, the bank supports artisans, craftsmen, weavers, clusters, self-help groups, farmers' producer organisations, and micro-enterprises. Exim Bank also provided assistance to SMAK to set up precision 3D scanning solution and casting simulation technology facility at the common facility centre at SMAK, which will tremendously help small-scale manufacturing units.
Time of India
23 minutes ago
- Time of India
Aircraft with high-speed internet to debut in Kol-Abu Dhabi sector
Kolkata: Flyers from Kolkata will be the first among 100 cities in over 40 countries on the Etihad Airways network to witness in-flight high-speed WiFi facility across all classes. "The international flying experience will change from Sept 26 when we service the Kolkata-Abu Dhabi sector with a new A321LR aircraft instead of the A320 now,"said Etihad chief revenue and commercial officer, Arik De. The brand new narrow-body Airbus A321LR will offer first-class suites, lie-flat business seats, and an economy cabin with 4K touchscreens and high-speed WiFi. "The WiFi facility will enable flyers to not only work online on their laptops but also view or stream their content from OTT accounts," said De, who will take delivery of the first of 40 A321LR aircraft in two weeks. All flyers can access the free chat feature on WhatsApp, Messenger, Instagram and WeChat. Web-based calls and viewing content online is complementary for first-class passengers but fee-based for others. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata There is a regulatory issue: Indian govt policy on satellite coverage needs to be clarified before the airline can offer internet services on board flights in Indian airspace. The Etihad announcement comes days before rival carrier Emirates Airlines is set to introduce premium economy on four of its 11 flights between Kolkata and Dubai from July 18. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo Etihad has twice daily flights on Friday and Sunday and a daily flight on Monday, Wednesday, Thursday, and Saturday between Kolkata and Abu Dhabi. Though it does not have a service on Tuesday, sister airline Air Arabia operates on Tuesday. In the absence of direct flights to Europe or the US, Etihad, Emirates, and Qatar offer connections to the West via Abu Dhabi, Dubai and Doha. While aviation analysts argued that the lack of business class travellers and low yields have discouraged Indian, European, and American carriers from starting direct flights, Etihad is confident of filling up its premium seats. "There are many successful people from Kolkata settled in the US or Europe who want to ensure that their parents travel in comfort," Etihad VP (global sales & distribution) Javier Alija said, adding that around half of the business class passengers were leisure travellers.
Fibre2Fashion
28 minutes ago
- Fibre2Fashion
Understanding the latest US tariff updates from a T-shirt price POV
In a significant move reshaping global trade dynamic, US President Donald Trump has announced a new wave of potential tariffs targeting 14 countries—including key textile and apparel exporters like Bangladesh, Cambodia and Indonesia, in addition to Myanmar, Tunisia, Japan, South Korea, and seven other nations. These countries have been given until August 1, 2025 (extended from the earlier July 9 deadline) to finalise new trade deals with the US or face steep increases in import duties. We consider four top textile and apparel manufacturing countries—China, India, Bangladesh and Vietnam, and in today's context analyse the average import unit price of a T-shirt into the US, based on the latest tariff rates. The 2025 average import unit price is calculated based on the United States' reported import trade values and quantities. These figures reflect CFR (Cost and Freight) terms. Table 1: Understanding the latest US Tariff from a T-shirt price POV *Subject to change with the anticipation of a trade deal announcement. (The above values are indicative cost prices based on the import trade data analysis) Following President Trump's tariff announcement on April 2, various countries responded in different ways. Some, such as China, imposed retaliatory tariffs, while others like India and Vietnam initiated discussions to explore potential trade deals and agreements. A deadline of July 9, which was recently extended to August 1, was set for these negotiations. During this period, tariffs were temporarily suspended, and a universal 10 per cent tariff was applied across all countries. China: Following the reciprocal tariffs announced by the US on April 2, 2025, a period of intense escalation ensued, with US tariffs on Chinese goods rising from an initial 34 per cent to as high as 245 per cent. Subsequently, with trade negotiations, both countries reached a temporary agreement in Geneva last month. Under this accord, the US reduced its tariffs on Chinese imports to 55 per cent, while China lowered its retaliatory tariffs to 10 per cent, marking a significant de-escalation from the previously imposed triple-digit rates by both sides. India: After being included in the US tariff list in April 2025, India has actively pursued a trade agreement. Negotiations are reportedly in the final stages, and a deal could soon be announced. In case a deal is not materialised, Indian products will attract a duty of 26 per cent in the US from August 1. Bangladesh: On July 7, Bangladesh received a formal notice from the US about the impending tariff hike. The new rate of 35 per cent (slightly down from the earlier 37 per cent, announced on April 2) is currently one of the highest among major apparel exporters. Vietnam: Despite securing a trade deal, Vietnam will face a 20 per cent tariff on its exports to the US—a reduction from the previously proposed 46 per cent, but still double the current 10 per cent rate, which is applicable equally to most countries. Observations from Table 1 While India currently has a high tariff of 26 per cent, with the positive developments of a trade deal with the US, it is poised to offer the most competitive pricing and may become even more attractive with a lower price point if a trade deal with tariff of 10 per cent or lesser is finalised. Bangladesh, despite a slight tariff reduction, faces one of the steepest duties among major exporters. Vietnam, even with a trade deal, ends up with the highest T-shirt price due to its elevated base cost and 20 per cent tariff. China could face a substantial impact on final import prices to the US, given its position as the highest-tariffed among key apparel-supplying countries. Nevertheless, it remains relatively competitive with Vietnam, largely due to its low base price, which helps offset the elevated tariff burden. Fibre2Fashion News Desk (AP)
