Startup news and updates: daily roundup (Aug 27, 2021)

Processing about 1.5 billion transactions a month: PhonePe

Fintech major PhonePe on Thursday said it is processing almost 1.5 billion transactions a month, and about 80 percent of its users are from Tier-II cities and beyond.

Speaking at Walmart's Converge event, PhonePe founder and Chief Executive Officer Sameer Nigam said an increasing number of customers in the country are embracing digital financial services.

Government launches e-SHRAM portal to maintain database of 38 crore unorganised sector workers

Union Minister for Labour and Employment Bhupender Yadav on Thursday launched the e-SHRAM portal to maintain a database of 38 crore workers in the unorganised sector.

Through the portal, the government aims to register 38 crore unorganised sector workers such as construction labourers, migrant workforce, street vendors and domestic workers, among others.

Pharma industry to surpass $60B by FY24: Care Ratings

The COVID-19 pandemic push will lead to an 11 percent annual growth for the pharma sector over the next two years, and help it surpass $60 billion from around $45 billion in FY21, according to a report.

The domestic pharma industry globally ranks third in terms of volume and 13th in value terms, which is primarily because of the predominance of generics.

Cuba to recognise and regulate cryptocurrencies for payments

On Thursday, the Cuba government said it will recognise and regulate cryptocurrencies for payments in the nation.

According to reports, a resolution was published in the country's Official Gazette, which stated that the Central Bank will set rules for cryptocurrencies and determine how to licence providers of related services within the nation.