Yes Bank share price surges. Udaan raises $585mn in latest funding round. RBI widely expected to cut interest rates tomorrow. Microsoft launches new devices in Surface series. Apple to open its first company-owned outlet in Mumbai. Tech giant also promises to relax restrictions for third party application developers.
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Flying High: Bengaluru-based B2B commerce platform Udaan has raised $585mn in its latest funding round led by Tencent, Altimeter Capital, Hillhouse Capital, GGV Capital, Footpath Ventures and Citi Ventures, valuing the company at c. $2.8bn.
The round also saw participation from existing investors including Lightspeed Venture Partners and DST Global.
Udaan offers supply chain, lending, payments and marketing capabilities, enabling sellers to source from large manufacturers and distributors across the country. ET Tech
Udaan began with the understanding that the pulse of the Indian economy, to a large extent, rests on the retail industry. However, despite this, the entire supply chain in the retail industry is highly inefficient. That's the problem that the founders of Udaan have set out to address.
“We want to democratise the entire chain so that there is transparency throughout the process while delivering on efficiency,” says Sujeet, one of the founders. YourStory
Once More!: As per popular consensus, the Monetary Policy Committee (MPC) is expected to cut interest rates once again by 25bps - the fifth in a row, tomorrow.
Any Guesses?: While the jury is still out on how much the rate cut this time would be, a Bloomberg poll of 25 economists showed that a 25-basis-points cut to 5.15% is widely expected. Some even suggested the possibility of a rate cut of up to 40 basis points.
Previously: The MPC has already cut rates by 110 bps so far this year in response to slowing growth and moderate inflation.
Needless to say that effective transmission of the rate cuts to the consumers shall remain key.
Much awaited would also be the RBI’s comments on the growth in the Indian economy and the banking and NBFC crisis. Livemint
There’s a Catch: Now while the RBI is most likely to cut rates tomorrow, a question that looms large is…"if 110 bps cut in the repo rate has not really turned around the investment cycle, will another 50 bps help?” Firstpost
Times Are Changing: Yes Bank share price soared today, reversing the losses incurred in the previous trading session on Tuesday, 1st October before closing at INR42.75 (33.59%).
Yes Bank stock had plunged nearly 23% on Tuesday on the back of heavy selling by investors following allegations of fraud against a housing finance company that Yes Bank has exposure to.
The news comes despite the resignation of Group President Rajat Monga. ToI
All Izz Well: Meanwhile, Yes Bank CEO Ravneet Gill assured investors that the operating metrics and fundamentals of the bank were sound.
"We have enough liquidity, we are very stable and the share price movement of recent days should not become a proxy for how the bank gets perceived", he said.
Gill also said that the bank was in talks with private equity firms, strategic investors and family offices to raise additional capital. Moneycontrol
Surface Pro: Microsoft at its annual event in Manhattan on Wednesday unveiled the Surface Pro 7, the Surface Laptop 3, the Surface Earbuds and the Surface Pro X.
The tech giant also made a surprise announcement of a pair of new dual-screen hardware devices it’s planning to release next year - the Surface Neo laptop and the Duo smartphone. CNET
Check out the entire event and the latest releases here. Quartz
Buying Out Space in Outer Space: US phone maker, Apple is set to
open its first company-owned iconic outlet in India and to this effect, has leased around 25,000 sq ft space that covers three floors of Maker Maxity Mall in the Bandra Kurla Complex, Mumbai.
The upcoming flagship store in BKC will be the largest Apple store in India - over three times the size of its largest franchisee run 8,000 sq ft outlet in Mumbai. ET Tech
Hey Siri!: The tech behemoth has confirmed that it will ease restrictions on developers of third party messaging apps. The company will release an update later sometime this year which will help third party messaging applications to perform better with apple’s AI Siri. Currently, iMessage is the default setting if someone is looking to call or text. Post the update, Siri will open the most used application to call or text rather than iMessage. BBG
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