Modi sweeps India in historic win; Paytm Payments Bank turns profitable
In what was the largest democratic election process in history, Prime Minister Narendra Modi led the National Democratic Alliance (NDA) to a historic victory in the 2019 General Elections, winning over 349 seats out of 542 by 10 pm IST.
As counting of votes began, the benchmark BSE Sensex rallied nearly 800 points and the NSE Nifty soared over 200 points to hit their record highs in early trade. Amid market euphoria, the rupee also appreciated 26 paise to 69.40 against the US dollar in opening trade.
As the 17th Lok Sabha is formed, so will the fate of the country for the next five years. In the last five years, our startup ecosystem has seen several highs and lows. Last year alone, we added eight unicorns. And in 2019, we already have three new members in the unicorn club. In fact, as of last year, India also moved up 23 ranks in ease of doing business. But, stakeholders believe we can do more.
Political stability in India - much needed for businesses - has begun with the NDA storming back to power. And this means good tidings for the Startup India mission. PM Modi can now comfortably finish his unfinished agenda, which he had started in the previous term. There are hopes that Startup India would get a big boost, and entrepreneurs would sprout across the country to create much-needed employment.
By 2020, India is poised to become the world's youngest country with an average age of 29 years. As a matter of fact, nearly 15 million Indians are said to have voted for the first time in this election. And major political parties have been bending over backwards to woo this new generation. And guess what? GenZ voters have a long list of expectations from the newly-elected government.
The Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) recorded a historic win as India wrapped up the largest democratic election process. Almost 600 million voted in the 2019 General Elections - roughly three times the population of Brazil - out of a total of 900 million eligible voters. We take a look at the reactions from the startup and entrepreneur community.
Paytm Payments Bank Limited (PPB) completed only its second year of operations and is already profitable. In a statement, the company announced that it recorded a profit of Rs 19 Crore for the financial year 2018-2019. It also said it captures 19 percent market share in terms of mobile banking transactions as of March 2019. Paytm Payments Bank also has a market share of 32 percent for UPI transactions.
Mumbai-based Contagious Online Media, which owns and operates original video content startup The Viral Fever (TVF), has raised $5 million (Rs 34.6 crore) from Tiger Global Management, through its Internet Fund III. The New York-based investment firm had previously infused $6 million in the startup last June, and $10 million in February 2016.
India and US-focussed Nexus Venture Partners, which invests $500,000 to $10 million in early growth stage companies, made another close of $353.5 million for its fifth VC fund. The firm needs $96.5 million more to achieve its total target of $450 million for the fund.
For the first time, India installed more mobile apps than any other country. Latest data from Sensor Tower reveals that India installed 4.5 billion apps in the first quarter of 2019, also witnessing the most number of new installs on Google Play Store worldwide. Current internet sensation ByteDance's TikTok was the most-downloaded app in the country.