Ten years of Jan Dhan Yojana; Inside stockbroking platform BlinkX

Hello,

It’s CoinSwitch versus WazirX. 

Almost a month after the cyberattack on WazirX, CoinSwitch has decided to sue its rival cryptocurrency exchange platform to recover trapped funds. CoinSwitch has around $9.65 million worth of assets stuck on WazirX’s platform.

In the aftermath of the attack—where $230+ million worth of digital assets were stolen—WazirX had proposed a controversial “socialised loss” strategy to distribute the loss across its entire user base.

Looks like it didn’t sit well with its rival. 

Meanwhile, WazirX’s parent entity, Zettai Pte Ltd, has filed for a moratorium with the High Court of Singapore, as it proceeds to restructure its liabilities to address users’ concerns about cryptocurrency balances and recovery.

The road to recovery is long.

In other news, PhonePe CEO Sameer Nigam said that a cap on UPI market share is stopping the fintech giant from going public. Here’s why.

ICYMI: Meet the boy who broke the bronze-age vase. 

Elsewhere, monthly internal town halls at Google are now moderated by AI! Yes, that’s correct. And it lets leaders avoid tougher questions. 

On the other hand, AI can’t even spell strawberry!

Not so smart now, are we?

In today’s newsletter, we will talk about 

• Ten years of Jan Dhan scheme
• Stockbroking platform BlinkX
• The making of Uni Seoul

Here’s your trivia for today: Which land mammal has the most teeth?

Interview

Ten years of Jan Dhan scheme

Women are among the most visible beneficiaries of the Pradhan Mantri Jan Dhan Yojana (PMJDY), launched by Prime Minister Narendra Modi in 2014.

They hold 55.6% of the total 53.13 crore PMJDY bank accounts, M Nagaraju, Secretary of the Department of Financial Services, Ministry of Finance said in a conversation with YourStory Founder and CEO Shradha Sharma. 

Key takeaways:

• PMJDY scheme offers basic bank accounts with no minimum balance requirements, free RuPay debit cards with Rs 2 lakh accident insurance, and an overdraft facility of up to Rs 10,000, with no account opening or maintenance charges.
• The scheme was launched to ensure every Indian household has access to banking facilities, and further expand the scope of financial literacy and social security cover.
• Uttar Pradesh, Bihar, West Bengal, and Madhya Pradesh are the leading beneficiaries of the scheme. 

<Funding Alert>

Startup: ProFinTech 

Amount: $1.4M

Round: Seed

Startup: Laiqa 

Amount: Rs 15 Cr

Round: Seed

Startup: The Hive Hostels

Amount: Rs 11.5 Cr

Round: pre-IPO

Enterprise

Inside stockbroking platform BlinkX

Global brokerage firm JM Financial’s fifty-year legacy in the Indian financial services sector has created trust among its customers. It now wants to extend this trait in the digital world as well.

The financial services firm forayed into the digital broking space two years ago by creating a separate brand called BlinkX to offer services such as stock trading, applying for IPOs, and futures and options. The app also empowers traders with cutting-edge tools and real-time data to make informed investment decisions.

Money:

• JM Financial started actively looking into the digital broking segment in 2021, and BlinkX was formally launched in October of 2022. The app went live in May 2023.
• BlinkX has around 40,000 accounts on its platform, and it claims these are high-quality customers who actively trade with strong ARPU with encouraging renewal rates.
• As part of its future plans, BlinkX is looking to bring newer financial instruments to the platform, which include mutual fund investments.

Startup

The making of Uni Seoul

India has a Korean retail boom, with Korean products across categories—from snacks and sauces to cosmetics and clothing—finding favour among the Indian youth.

Childhood friends Mohit Khurana and Gaurav Karmani are betting on this burgeoning Korean Wave in the country with their Uni Seoul lifestyle brand. 

With love:

• The Uni Seoul brand strives to embody the vibrant, stylish, and innovative spirit of South Korea, combining functionality with superior quality and design.
• Bootstrapped with an initial investment of Rs 2 crore from personal savings, Uni Seoul offers a range of Korea-inspired lifestyle products, priced between Rs 99 and Rs 999. 
• Uni Seoul has over 700 SKUs, including home items, stationery, plush toys, beauty products, and fashion accessories. 

News & updates

• Merger: Walt Disney Co and Reliance Industries won CCI approval for an $8.5 billion merger of their Indian media assets after assuaging regulatory worries about their grip on broadcasting rights for cricket. A detailed order will be issued in the coming days, clearing what was seen as the biggest hurdle for the deal.
• Milestone: Berkshire Hathaway Inc. became the first US company outside the tech sector to surpass $1 trillion in market value. Shares of Warren Buffett’s conglomerate rallied this year on strong insurance results and economic optimism. 
• Bets: Traders in the US equity options market expect Nvidia's upcoming earnings to spark a more than $300 billion swing in the shares of the world's most dominant AI chipmaker. Options pricing shows traders anticipate a move of around 9.8% in Nvidia’s shares on Thursday, a day after it reports earnings.

Which land mammal has the most teeth?

Answer: Giant armadillo. It typically has up to 100 teeth in its jaws.

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