SEPTEMBER:

FDI Equity Inflows Decline 34% To $10.94 Billion In April-June 2023

India recorded a significant 34% decline in Foreign Direct Investment (FDI) during Q1 FY23-24,
dropping from $16.58 billion to $10.94 billion. Key sectors like tech, telecom, auto, and pharma saw
reduced investments. This trend raises concerns for India's investment climate, emphasizing the
need for proactive measures to attract foreign capital.

Bajaj Auto’s Subsidiary Receives RBI Approval for NBFC Operations

Bajaj Auto's subsidiary, Bajaj Auto Consumer Finance, has received regulatory clearance from the
Reserve Bank of India (RBI) to launch its non-banking financial institution (NBFC) operations, allowing
it to expand financial services without accepting public deposits. The certificate of registration was
issued on August 31, 2023, marking a significant milestone for the company, which had sought this
diversification since July of the same year.

CCI Clears Air India-Vistara Merger

The Competition Commission of India (CCI) has granted approval for the merger of Tata SIA Airlines
(Vistara) with Air India, marking a significant milestone in India's aviation industry. This historic
merger, involving Tata Sons Pvt. Ltd. and Singapore Airlines, aims to rejuvenate Air India's operations
and enhance its competitiveness. The transformation of Air India is expected to be completed by
March 2024, promising passengers improved services and an expanded route network.

AUGUST
Zepto is first Indian unicorn of 2023, raises $200 million at $1.4 billion valuation

Zepto, an online grocery delivery startup, has achieved unicorn status in 2023 by raising $200 million
in a Series-E funding round, resulting in a valuation of $1.4 billion. The funding, led by StepStone
Group, a US-based investment firm, also saw participation from Goodwater Capital and existing
investors like Nexus Venture Partners and Glade Brook Capital. Zepto, operating in the quick
commerce sector, aims to expand further with a focus on maintaining profitability through
technological advancements and product enhancements. Despite industry challenges, Zepto's
disciplined approach sets it on a growth trajectory

OpenAI’s First Acquisition Is an AI Design Company

OpenAI has acquired Global Illumination, a New York-based AI startup known for innovative creative
tools and infrastructure. This move enhances OpenAI's capabilities and commitment to advancing AI
technology. With a portfolio including collaborations with tech giants like Instagram and Google,
Global Illumination's expertise is set to benefit OpenAI's mission of pushing AI research boundaries
and providing improved tools for developers.

Wipro Launches Center Of Excellence On Generative AI at IIT Delhi

Wipro, in partnership with IIT Delhi, has inaugurated a Center of Excellence (CoE) dedicated to
Generative Artificial Intelligence (AI). This initiative reinforces Wipro's commitment to innovation and
its $1 billion investment in AI-led innovation through the Wipro ai360 ecosystem. The CoE, located
within IIT Delhi's Yardi School of Artificial Intelligence, aims to foster talent, drive innovation, and
advance Generative AI.

Viacom18 Completes Merger Of JioCinema and Voot OTT Platforms

Viacom18 has successfully merged its OTT platforms, JioCinema and Voot, with an impressive 90% of
Voot Select subscribers smoothly transitioning to JioCinema. This merger consolidates Viacom18's
OTT presence, and Voot is no longer a standalone platform. Users are redirected to JioCinema,
providing a unified and streamlined user experience. This strategic move underscores Viacom18's
commitment to delivering diverse and high-quality content to its audience.

Meta’s VR technology is helping to train surgeons and treat patients, though costs remain a hurdle

Virtual reality (VR) is proving beneficial in healthcare, with doctors using it for training and pain
management. VR simulations help medical professionals practice surgeries with zero risk to patients,
improving surgical skills. Furthermore, VR is used to alleviate pain by redirecting patients' attention
from physical and emotional distress. Organizations like Cedars-Sinai and the U.S. Department of
Veterans Affairs are exploring various applications of extended reality, indicating the potential utility
of VR in healthcare.

JULY
Razorpay launches first international payment gateway in Malaysia

Razorpay, the Indian fintech giant, has acquired Malaysian fintech startup Curlec for $20 million,
rebranding it as 'Curlec by Razorpay.' This move marks the launch of Razorpay's first international
payment gateway in Malaysia, addressing digital payment challenges in emerging markets and
expanding its reach to over 5,000 businesses, aiming for a $2 billion annualized Gross Transaction
Value (GTV) by 2025. Razorpay offers developer-friendly APIs and seamless payment solutions for
online businesses in India.

CarTrade Tech to acquire OLX India’s auto business for ₹537 cr

Mumbai's CarTrade Tech will purchase OLX India's auto sales business for ₹537 crores, expecting
synergistic benefits. The deal, acquiring a 100% stake in Sobek Auto Pvt Ltd., is finalize in the next
month. CarTrade Tech operates a multi-channel auto platform, boosting its position in the Indian
online auto marketplace.

Meta Launches $250K Mixed Reality Fund for 5 Indian Startups

Meta has initiated a Mixed Reality (MR) program in India, offering a $250,000 grant to support local
startups and developers in creating MR applications. Participants will receive monetary grants,
mentorship, and the chance to become part of Meta's developer ecosystem, aiding the growth of XR
technology in India. This program aims to accelerate VR and MR adoption, encouraging innovation
and accessibility in virtual experiences. Selected developers will incorporate Meta's features into
their applications, enhancing the XR landscape in the country.
€500 million in EU’s first phase funding for India green energy

The European Investment Bank (EIB) plans to invest €1 billion in India's renewable energy sector,
with an initial €500 million in the first phase. Focusing on green hydrogen and solar panels, this
investment underscores India's significance as a destination for EIB's climate-focused funding. EIB has
previously allocated approximately €4 billion to India, with a significant portion dedicated to
infrastructure projects like metro rail systems. India is actively pursuing green hydrogen initiatives to
combat climate change and boost clean energy production.

JUNE
Tata Technologies, SBFC Finance, and Gandhar Oil Refinery IPOs Approved by SEBI

The Securities and Exchange Board of India (SEBI) has given the green light for the initial public
offerings (IPOs) of Tata Technologies, SBFC Finance, and Gandhar Oil Refinery. Tata Technologies' IPO
marks Tata Group's first public issue in two decades. While Tata Technologies is planning an Offer for
Sale (OFS) IPO, SBFC Finance aims to raise Rs 1,200 crore through a combination of fresh issuance
and OFS. Gandhar Oil Refinery's IPO includes a fresh issue and an OFS to fund capacity expansion and
repay debt.

Apple to launch its credit card in India

Apple Inc is in discussions to launch its credit card, Apple Card, in India, partnering with HDFC Bank.
The plans are in the early stages, and Apple has engaged with HDFC Bank's CEO and the Reserve
Bank of India to address legalities. The Apple Card offers cashback incentives for various types of
transactions and features a unique card number for each device.

World’s Largest Car Exporter Title Shifts from Japan to China

In the first quarter of 2023, China emerged as the world's largest car exporter, surpassing Japan, with
1.07 million vehicles exported, marking a significant increase from 2022. This shift is driven by the
growing demand for electric vehicles and increased sales to Russia. Chinese car manufacturers
expanded their market share in Russia as rivals like Volkswagen and Toyota withdrew due to the
Ukraine conflict.

Tata Group Signs $1.6 Billion EV Battery Plant Deal in Gujarat

Tata Group has signed a deal to build a lithium-ion cell factory in Gujarat, India, with a $1.6 billion
investment, marking India's first lithium-ion cell manufacturing gigafactory. This initiative aligns with
India's goal to achieve 100% electric vehicle adoption and a 50% reduction in carbon emissions by
2030, reducing its reliance on battery imports and boosting domestic EV production.

Google faces charges from EU for engaging in anti-competitive ad-tech practices

The European Union (EU) has charged Google for engaging in anti-competitive adtech practices and
may require the sale of its adtech business. The EU's statement of objections points to practices
favoring Google advertising services and could result in a fine of up to 10% of Google's annual global
turnover. Google, which generates 79% of its revenue from advertising, disagrees with the charges
and has a few months to respond, potentially settling with stronger remedies.
MAY
Credit Suisse Group AG and UBS Group AG’s proposed merger approved by CCI

The Competition Commission of India (CCI) has given the green light to the proposed merger
between Credit Suisse Group AG and UBS Group AG. UBS is known for its wealth management, asset
management, and investment banking services, while Credit Suisse specializes in wealth
management and investment banking in India. This merger will involve the absorption of Credit
Suisse by UBS to create a unified legal entity. CCI is the regulatory authority responsible for ensuring
fair market competition and overseeing mergers and acquisitions in India.

Amazon Web Services Announces $12.7 Billion Investment in India’s Cloud Infrastructure by 2030

Amazon Web Services (AWS) will invest $12.7 billion in India's cloud infrastructure by 2030 to meet
surging demand. This substantial commitment is anticipated to contribute $23.3 billion to India's
economy. AWS aims to foster digital skills, renewable energy projects, and support India's journey
towards becoming a global digital powerhouse, building upon its prior $3.7 billion investment
between 2016 and 2022.

Zomato Partners with ICICI Bank to Launch Zomato UPI, Streamlining Payments for Users

Zomato, a food and grocery delivery company, has joined forces with ICICI Bank to introduce Zomato
UPI, simplifying payment processes for users within the Zomato app. This partnership aims to
eliminate the need for users to switch to external payment apps, enhancing convenience. Zomato's
move to reduce reliance on cash on delivery (COD) orders and improve customer satisfaction aligns
with the evolving food delivery market.

EU regulators approve Microsoft’s $69 billion acquisition of Activision Blizzard

The European Union's regulatory body, the European Commission, has given its approval for
Microsoft's acquisition of Activision Blizzard, valued at $69 billion. Microsoft offered remedies in the
cloud gaming sector to address antitrust concerns, allowing users to stream purchased Activision
games on any cloud platform. While this approval is a significant step, Microsoft still faces scrutiny
from the U.S. Federal Trade Commission and other regulators regarding competition concerns.

Mastercard Takes Over as ICC’s Global Sponsor, Replacing BharatPe

Mastercard has secured the role of global sponsor for the International Cricket Council (ICC), taking
over from BharatPe, which held the sponsorship from June 7, 2021, until the end of 2023. With this
new partnership, Mastercard gains a significant presence with extensive branding opportunities and
the privilege of offering exclusive customer experiences during the upcoming ICC Men’s ODI World
Cup 2023 in India. This move reflects Mastercard's ongoing efforts to establish a strong presence in
sports sponsorship.