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India finds its third gaming unicorn in Games24x7

<ul><li>Celebrating the skill and passion of every online gaming enthusiast, the actor will feature in the new campaign #RahoEkKadamAage.</li><li>It will span across TV, digital and social media platforms.</li></ul><keyword id="8913431" type="General" weightage="20" keywordseo="Games24x7" source="Orion">Games24x7</keyword> announced <keyword id="6354563" type="General" weightage="80" keywordseo="hrithik-roshan" source="Orion">Hrithik Roshan</keyword> as the brand ambassador for <keyword id="3555149" type="General" weightage="100" keywordseo="rummycircle" source="Orion">RummyCircle</keyword>. As part of the partnership, Hrithik will be seen in multimedia campaigns by RummyCircle, spanning across TV, digital and social media platforms. Announcing the association, <keyword id="4877162" type="General" weightage="20" keywordseo="bhavin-pandya" source="Orion">Bhavin Pandya</keyword>, Co-Founder and CEO of Games24x7 said, “We are very excited to partner with Hrithik, one of India’s biggest stars. Hrithik has had a remarkable career which is an epitome of versatility as he makes the right moves at the right time. His dynamism, talent and widespread appeal have made him really stand out. This resonates well with Games24x7 as we are constantly differentiating ourselves by providing awesome game playing experiences.” Speaking on his engagement, Hrithik Roshan said, “Rummy is a game of skill that requires intellectual acumen, patience, and tact. What I like is that these are the same skills that you need, to overcome the challenges at various points in life. So, in a way, the game is a fun way to build life skills. This campaign highlights that whenever one encounters unexpected difficulties in life, they can overcome it with the right approach. I am happy to be associated with RummyCircle and Games24x7 for this splendid campaign.” Initiating the association, the brand will be unveiling the new campaign #RahoEkKadamAage starring Hrithik via a high decibel television commercial starting 29th January. The campaign highlights real life scenarios where Hrithik Roshan demonstrates mental dexterity to find a way out of unforeseen situations. Since its launch in 2009, the online skill gaming platform has partnered with talented personalities to further strengthen its engagement with millions of players across the country. RummyCircle is India’s largest online skill gaming platform for playing the nation’s favourite card game: Rummy. With free to play tournaments as well as cash prizes on offer, RummyCircle provides an opportunity for players to test their skills and adroitness. Excellent UI/UX, customized player journeys and superior technology make RummyCircle an unparalleled destination for players seeking thrill, fun and entertainment.

Games24x7 ropes in Hrithik Roshan as the brand ambassador of RummyCircle

<ul><li>In our last feature from the series where we crystal-gazed into 2022 and brought to you some key trends that will impact the industry, we speak to experts from the Indian <keyword id="6357332" type="General" weightage="20" keywordseo="gaming" source="Orion">gaming</keyword> industry.</li><li>They share their thoughts of a few big trends that will dominate the industry in 2022.</li></ul>As we enter 2022, we can only look back and wonder at the meteoric rise online gaming has seen in India in the past two years. While gaming had been witnessing growth, albeit a relatively slow one, before the lockdown, it was during the locked-at-home phase that many across the country not only discovered the joys of gaming, but also realised they could make a healthy living out of it. If most reports coming out in the last one year are to be believed, India will see an even faster growth for the industry in the next few years, and now Bharat is joining in this growth. A recent report by <keyword id="7087972" type="General" weightage="20" keywordseo="mobile-premier-league" source="Orion">Mobile Premier League</keyword> (MPL), an <keyword id="2440542" type="General" weightage="20" keywordseo="esports" source="Orion">esports</keyword> and skill gaming platform revealed that India’s tier-III cities and towns have witnessed a significant rise in the number of online gamers in 2021. The top 30 of them reported up to 170% more gamers compared to 2020. Some of the small towns have more than 100% to up to 200% growth in online gamers. Another report by Sequoia India and BCG said that while the gaming industry in India is currently smaller than that of the US and China and is 1% of the global gaming market, it is generating $1.5B revenue and is expected to triple to over $5 billion by 2025 on the back of the ‘mobile first’ phenomenon. This massive growth has also led to a new breed of influencers who are being followed by hundreds of thousands of engaged audiences. YouTube’s recently released list of top Indian creators on its platform featured 5 gamers. And things are just about starting to get heated. To understand where this highly dynamic industry is headed in this next year, we reached out to a few prominent voices from the industry and this is what they had to say: Lokesh Suji, Director, Esports Federation of India &amp; Vice President of the Asian Esports Federation (AESF) India was a sleeping giant till Covid-19 happened, and now we have established ourselves as a market that cannot be ignored; Stakeholders like the brands, investors, authorities and so on, were just sitting on the fence and observing. But with a market of at least 450 million online gamers, the potential of video games and esports cannot be ignored. The year 2021, has been the inflection point for video games in India. While esports evolves itself into various business models, Non-fungible token (NFT) will be one big trend to watch out for in 2022. Video Games is the best use case for NFTs, customization of the skins, virtual avatars, in-game items/rewards etc. all this already exists in video games (so-called metaverse) and is now starting to be converted into NFTs. One of the key drivers for the meteoric growth of Video Games has been live streaming and esports, and such content creators and/IP holders will eventually look at converting the best of gameplays/streaks/moments into NFTs, which not only help increase monetization for content creators, video game developers etc. but also be a catalyst in terms of retention of fans and users respectively. Anirudh Pandita, Founder, <keyword id="820765" type="General" weightage="20" keywordseo="Loco" source="Orion">Loco</keyword> Gaming has now arrived as a truly mainstream entertainment experience and has become the primary source of entertainment for India’s young generation. 2021 saw the rise of esports and game streaming, and 2022 will see this multiply. In 2021, we saw the arrival of BGMI which all Indian fans were waiting for and in 2022, we will see multiple big publishers release games for India. In 2021, we saw esports go to new heights and we will see continued growth in the sector in the next year as prize money as well as number of games will increase. Game streaming saw the entry of hundreds of thousands of new streamers and millions of viewers, and this trend should accelerate in 2022, with individual streams rivaling those of major traditional sports. Lastly, with blockchain providing interesting use cases, we expect to see interesting new use cases come out to help creators and consumers. We, at Loco, have always aimed at paving the way for gaming to go from a niche hobby to a mainstream national interest- which the year 2021 has helped realize. We are confident that with this, India will cement its place on the global gaming map in 2022. Abhishek Aggarwal, Co-Founder &amp; CEO, <keyword id="12415204" type="General" weightage="20" keywordseo="trinity-gaming" source="Orion">Trinity Gaming</keyword> The gaming industry is progressing, taking complete advantage of the latest developments in technology, software, better internet services, gadgets, cloud technology and more. In the Indian scenario, there is an explosive growth of gamers in this booming industry with creative and engaging content being an important aspect of the system. With more games introduced and with more people joining the pool, more brands are shifting their focus on marketing their brands through these young creators who have an enormous fan following across the age group of 15-30 which is the most targeted audience in advertising terms for both endemic and non-endemic brands. Gaming content has begun to penetrate the Tier II, Tier III locations, and beyond, giving vernacular content creators a chance to grow. With Hindi &amp; Tamil being the two most popular languages in streaming in India, it will surely gain more prominence in the coming time. More people will watch game streaming. Audiences tend to admire their creators and feel more connected to them due to their high level of engagement. The future of gaming beholds a lot and a stronger and classified gaming ecosystem is on the rise. Tarun Gupta, Founder, <keyword id="10820861" type="General" weightage="20" keywordseo="ultimate-battle" source="Orion">Ultimate Battle</keyword> Games and gaming content are highly engaging and we're seeing a huge spike in average and concurrent viewership for gaming content. The consumers are very dynamic and their attention span size has decreased noticeably in GenZ. We see short gaming video content to witness a never seen before hype in the gaming community. The mobile gaming market is expanding in tier 2 and tier 3 cities and we'll witness a rise in engagement in games, viewership, and content creation. Young gamers will play engaging games, consume fast-paced engaging content, and want to socialize with gamers often simultaneously. This will lead to more virtual world socialization among the young generation and higher consumption of gaming content. As such, 2022 will usher higher inclination by brands into the gaming industry to target the young age group of 18 to 25. With many startups and organizations focusing on gaming and esports, we'll see a spike in Esports events and team IPs being created. This will boost the gaming ecosystem in India and open multiple opportunities in careers for gamers and IT professionals. Roland Landers, CEO, <keyword id="3634002" type="General" weightage="20" keywordseo="All-India-Gaming-Federation" source="Orion">All India Gaming Federation</keyword> The Indian gaming industry along with the M&amp;E segment has now become one of the fastest growing sectors in India with around 7.3 Bn downloads in recent years. It has emerged as an important avenue due to a multitude of favorable factors such as young and tech-savvy population, affordable availability of feature-packed smartphones, better internet connectivity, and an overall technological development. The move has also accelerated the growth of multi gaming format in the online gaming space. The Indian gaming industry is expected to reach 3 billion by 2025 and is now projected to grow faster than the global online gaming segment. The industry currently employs 40,000 people in direct jobs and by 2024 the online skill gaming industry is expected to employ around 2 lakh people. This growth will further lead to revenue generation for the country, driven by ease of payment, better security and instant withdrawal of winnings etc. As the regulatory landscape is also evolving and positive judgments are expected from many states, we as an industry leader look forward to an exciting year for this sunrise sector. With its exponential growth, the gaming industry will also attract international investors to invest in the Indian market. Sameer Barde, CEO - E Gaming Federation <div type="image" title="IMG-20220110-WA0005" msid="88826278" hostid="261"></div> Online gaming will become increasingly mainstream and find acceptance as a source of entertainment in 2022. This year, we anticipate a growth rate of over 35 % for the sector as a whole. However, for this to happen, we hope to see government stakeholders accepting the need for regulation to protect the player and industry interests. Increasing monetization and adoption of new-age technology including blockchain and NFTs in the gaming ecosystem will be seen. We expect a larger number of players moving from free-to-play to paying-to-play, in-game purchases, and skill gaming. Industry players will develop new and exciting games for users based on traditional games and Indian themes, keeping the PM’s vision in mind. Additionally, e-Sports being a medal sport in the forthcoming Asian Games in September will result in a significant increase both in terms of acceptance and interest. All in all, we at EGF are excited and believe that this will be a bellwether year for the entire industry. Bhavin Pandya, CEO and Co-Founder, <keyword id="8913431" type="General" weightage="20" keywordseo="Games24x7" source="Orion">Games24x7</keyword> The Indian online skill gaming industry is poised for tremendous growth. With the right support particularly in the form of progressive policy structures, gaming can spur a second software revolution in India. As of today, this industry offers direct employment to almost 50,000 people. It is also a major source of taxation for the exchequer. In addition, the sector has multiplier benefits for several other domains including fintech, banking, semiconductors, animation, and other aspects of Information Technology. The sector has witnessed significant investments from marquee international investors and accounts of several Unicorns. With the right encouragement and support, India can emerge as a global pioneer in gaming technology. Ankur Singh, CEO and Founder, Witzeal We believe that the gaming sector will continue to expand with the high end adoption of AI and data science to understand and provide users experiences they wish for. Future of gaming will likely be based upon newer technologies like Blockchain and its active usage would prove fruitful in the years to come. Another key trend to look forward to is the penetration of gaming in rural areas because the penetration of internet and smartphones is on a gradual rise. Yashash Agarwal, Co-Founder and CEO, <keyword id="3212361" type="General" weightage="20" keywordseo="Gamezop" source="Orion">Gamezop</keyword> <div type="image" title="RIC_8498" msid="88758667" hostid="261"></div> Blockchain gaming is shaping up to be a very interesting space. We are already seeing very interesting games emerge with blockchain and NFTs at the heart of all the action. Games like Axie Infinity have popularized the Play to Earn mechanic and they have been able to scale engagement as well as monetization to huge numbers. Take it one step further and we see that decentralization is fundamentally changing how companies operate: all the way from raising money, to day-to-day governance. This is most notable in DAOs (Decentralized Autonomous Organisations), which follow a bottom-up, community-driven management style. We are excited to see the blockchain gaming projects that emerge from India! Vaibhav Odhekar, COO &amp; Co-Founder, <keyword id="2734866" type="General" weightage="20" keywordseo="POKKT" source="Orion">POKKT</keyword> The gaming industry is constantly evolving, and its popularity will continue to rise. In the last three years, the sector has welcomed 500 million new gamers globally. New technological breakthroughs such as virtual reality have provided another dimension towards entertainment in this domain. For many young folks, the industry has also become a viable career option. Talking about the trends- The audience will continue to diversify in the coming years. So, instead of a male/female audience bias, we'll have a nearly 50-50 gender split, with a lot more older people joining the online gaming space. India is expected to create more global content. Although the percentage is extremely low right now, as more high-quality content is created in India, the trend will improve. Also, e-Sports as a category will grow in popularity. In 2022, there will be a significant increase in the number of movies released worldwide. So, the biggest trend we anticipate to see is a lot more games based on movie franchises. Gaming has its own history of adapting films and gamers are enthralled by such games. Video games are a vast medium that covers a wide variety of genres and experiences that can only be experienced in games, along with contributions from a population from all over the world. Even while many modern games are inspired by movies, they are nevertheless unique in their own way and we expect them to expand in the coming years.

Gaming: What to expect from the Indian gaming and e-sports industry in 2022

New Delhi, March 31 (IANS) <keyword id="2041256" type="General" weightage="100" keywordseo="youtube-tv" source="Orion">YouTube TV</keyword> on Thursday announced that it has started rolling out picture-in-picture (<keyword id="876679" type="General" weightage="80" keywordseo="pip" source="Orion">PiP</keyword>) to its iPhone and <keyword id="101239" type="General" weightage="80" keywordseo="ipad" source="Orion">iPad</keyword> app. "We are happy to share that picture-in-picture is now rolling out to your iOS 15+ devices. Simply select a video to watch and swipe up from the bottom of the screen to return to the device's homepage. The video can scale down and move across your screen," the firm said in a tweet. However, picture-in-picture support is not yet available for all mobile users of the YouTube application. "We really appreciate your patience while we worked on enabling this key feature for your iOS 15+ devices. We hope you enjoy this easy way to stream," the firm added. PiP makes watching videos easier, people can use their iPhone or iPad to multitask while also watching. The feature will allow the video to stay on the screen in a minimised player with concentrated playback controls. In addition, <keyword id="6355629" type="General" weightage="50" keywordseo="google" source="Orion">Google</keyword> has also been testing picture-in-picture for standard YouTube content with its premium subscribers, but the feature has not yet rolled out beyond those who have a subscription. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/india-finds-its-third-gaming-unicorn-in-games24x7/slidelist/90557732.cms">India finds its third gaming unicorn in Games24x7</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/google-pay-now-has-tap-to-pay-for-upi-heres-how-to-use-it/articleshow/90540195.cms">Google Pay now has Tap to Pay for UPI — here’s how to use it</a>

YouTube TV brings picture-in-picture support for iPhones and iPads

Scrip of Axis Bank rose during the post-noon session on Thursday, a day after the lending major said it will acquire <keyword id="6400347" type="General" weightage="20" keywordseo="citibank" source="Orion">Citibank</keyword>'s consumer businesses in India. The deal is subject to regulatory approvals. Accordingly, the share price of Axis Bank rose to Rs 757.90 per stock, up Rs 7.70 or 1.03 per cent at 1.15 p.m. from its previous close. On March 30, Axis Bank said it will acquire Citibank's consumer businesses in India, subject to regulatory approvals. The boards of Axis Bank and Citibank have approved the deal, comprising the sale of the consumer businesses of Citibank India, which includes <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword>, retail banking, wealth management and consumer loans, as well as sale of consumer business of Citi's non-banking financial company, Citicorp Finance (India) Ltd, comprising the asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio. Post the acquisition, Axis Bank will have 28.5 million savings accounts, over 2.3 lakh 'Burgundy' customers and 10.6 million cards. The acquired portfolio would increase Axis Bank's credit card customer base by 31 per cent with an additional 2.5 million cards. Axis Bank is presently the third largest private sector bank in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-lost-over-9-million-subscribers-in-january-but-that-is-a-good-thing/articleshow/90557442.cms">Reliance Jio lost over 9 million subscribers in January, but that is a good thing – Here’s why</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/india-finds-its-third-gaming-unicorn-in-games24x7/slidelist/90557732.cms">India finds its third gaming unicorn in Games24x7</a>

Axis Bank's stocks rise after acquiring Citibank's consumer business in India

<ul><li>Ambassadors Sourav Ganguly, Ajinkya Rahane, VVS Laxman, Shane Watson and Rashid Khan, will announce the campaign on April 6, 2021.</li><li><keyword id="106133" type="PERSON" weightage="20" keywordseo="Ranveer-Singh">Ranveer Singh</keyword> joins these cricketers today. </li></ul>Games24x7 has announced Bollywood actor Ranveer Singh as brand ambassador for its fantasy sports platform-My11Circle. After a tepid 2020, where not much sport was played, there is immense excitement amongst cricket fans at the prospect of several important tournaments being scheduled in 2021. Ranveer will be unveiling a brand-new campaign for <keyword id="8310599" type="UNKNOWN" weightage="20" keywordseo="My11circle">My11Circle</keyword> on April 6th. Bhavin Pandya, Co-founder and CEO of Games24x7, the parent company of My11Circle said, "Films and cricket are two of India's biggest passions. With the start of the T20 season, we are extremely proud to have Ranveer Singh on board. His energy, passion for cricket and excellence at his craft epitomize young and aspirational India. The new campaign led by Ranveer will be a tribute to young Indians and their ardour for the game.” Ranveer, the multi-award-winning actor who has starred in some of the biggest hits of Indian cinema, describes himself as an avid cricket fan. Commenting upon his association as brand ambassador of My11Circle, Ranveer said, “As a cricket aficionado, I am excited to be a part of the latest My11Circle campaign, which celebrates the fervour of the Indian cricket fan. Forming teams comprising the best players is one of the most engaging pursuits for cricket fans like me. It provides an immense vicarious thrill and calls upon one to use one's knowledge of the sport derived from skilled analysis of past performances and playing conditions. I hope that this creative and energetic campaign will extend the awesome game playing experiences on My11Circle to more sports enthusiasts." Ranveer's appointment comes close on the heels of My11Circle announcing Indian Test Vice Captain Ajinkya Rahane as their brand ambassador. One of the major fantasy sports platforms in India, My11Circle, is known for launching an innovative offering every T20 cricket season. It is the fantasy sports platform of Games24x7, India's largest multi-game platform, with a user base of more than 70 million skill gamers and a portfolio that spans skill and casual games. Ranveer is the latest addition in the illustrious group of My11Circle's brand ambassadors, which also includes former Indian captain Sourav Ganguly, Indian Test vice-captain Ajinkya Rahane, legendary batsman VVS Laxman and allrounders, Shane Watson and Rashid Khan. Commenting on the new campaign, Saroj Panigrahi, Vice President, My11Circle said: "We are delighted to welcome Ranveer Singh to the Games24x7 family. His unmatched energy and commitment to entertain reflects My11Circle's brand philosophy. Over 17 million sports enthusiasts have enjoyed using their knowledge of the game to pit their wits against their heroes such as Sourav Ganguly, Shane Watson, Rashid Khan, and VVS Laxman. Our latest campaign, scheduled to be launched on April 6th on <a href="http://www.my11circle.com/">www.my11circle.com</a>, is the perfect amalgam of entertainment and cricket skills, and an earnest endeavour to make cricket fans feel special."

My11Circle onboards Ranveer Singh as its brand ambassador before the upcoming T20 season

New Delhi, March 31 (IANS) <keyword id="10387" type="General" weightage="100" keywordseo="microsoft" source="Orion">Microsoft</keyword> on Thursday launched its 'Startups Founders <keyword id="6590294" type="General" weightage="80" keywordseo="hub" source="Orion">Hub</keyword>' in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> to support founders at every stage of their journey with access to more than $300,000 in benefits. Startups in the country will also be able to gain mentorship and skilling opportunities with industry experts and 'Microsoft Learn' initiative. The company said that the Hub is available to all startups in India, including those without third-party validation or funding. "As a platform company, our cloud services and solutions are designed to empower founders to concentrate on what they do best - innovate at their own pace," said <keyword id="1668247" type="General" weightage="50" keywordseo="sangeeta-bavi" source="Orion">Sangeeta Bavi</keyword>, Director-Startup Ecosystem, <keyword id="28250" type="General" weightage="50" keywordseo="microsoft-india" source="Orion">Microsoft India</keyword>. Microsoft for Startups Founders Hub has been created following extensive research and conversations with hundreds of founders who explicitly shared their need for access to a digital ecosystem. "We look forward to how our new offering will support more founders in <keyword id="21718" type="General" weightage="50" keywordseo="asia" source="Orion">Asia</keyword> and provide access to the technology, tools, and resources they need to build and run their business," Bavi added. As the third largest ecosystem for startups in the world, India is home to nearly 100 unicorns with a total valuation of over $320 billion. To date, the country has close to 67,000 startups that are officially recognised by the Department for Promotion and Internal Trade. Microsoft is also partnering with companies like OpenAI, a global leader in AI research and deployment, that develops AI systems to provide startups with exclusive benefits and discounts. The Hub is designed specifically for early-stage startups to lower the barriers of business creation, said Microsoft. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/india-finds-its-third-gaming-unicorn-in-games24x7/slidelist/90557732.cms">India finds its third gaming unicorn in Games24x7</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/youtube-tv-brings-picture-in-picture-support-for-iphones-and-ipads/articleshow/90559830.cms">YouTube TV brings picture-in-picture support for iPhones and iPads</a>

Microsoft to support Indian entrepreneurs, launches 'Startups Founders Hub' in India

<ul><li>Fourteen Indian companies turned <keyword id="152045" type="General" weightage="20" keywordseo="unicorn" source="Orion">unicorn</keyword> between January and June 1, 2022.</li><li>Forty four companies hit this milestone throughout 2021.</li><li>India currently ranks third in overall unicorns created, with the USA taking a lead.</li></ul>The Indian startup valuations have taken a hit since April this year. Yet India has still managed to create more unicorns in the first five months of 2022 compared to the year before. According to a recent report by market intelligence provider Tracxn, 14 Indian companies turned unicorns — companies valued over a billion dollars — between January and June 1, 2022. Last year, the number stood at 13 during the same time frame. Notably, 2021 was the best year for Indian startups especially in terms of unicorn creation. Forty four companies hit this milestone in 2021, representing a four-fold increase from the 11 unicorns created in 2020. India currently ranks third in overall unicorns created, with the US taking the lead. China ranks second and India has overtaken the United Kingdom, in terms of unicorn creation. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Month of unicorn round </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fractal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SaaS (software-as-a-service) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lead School </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edtech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DarwinBox </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SaaS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DealShare </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ecommerce </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ElasticRun </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Logistics Service </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LivSpace </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Interior Design </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">XpressBees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Logistics </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uniphore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SaaS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hasura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SaaS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CredAvenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fintech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amagi Media Labs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SaaS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oxyzo Financial Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fintech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Games 24x7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gaming </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Open Financial Technology </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fintech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 2022 </td></tr></tbody></table>Source: Venture Intelligence <cmsannotation type="cmsannotation" annotationid="75 unicorns in 75 weeks" comment="subhead" text="75 unicorns in 75 weeks">75 unicorns in 75 weeks</cmsannotation> Earlier this year, the minister of commerce and industry Piyush Goyal had said that the Indian startup ecosystem should aim to raise 75 unicorns in 75 weeks to the 75th anniversary of Independence. While the target did seem possible as the country witnessed the entry of 10 unicorns in the first 53 days, things have slowed down since then. The ongoing Russia-Ukraine war, impending recession fears, and Fed rate interest hikes caused a <a href="https://www.businessinsider.in/business/startups/news/the-worst-for-indian-startups-is-yet-to-come-be-prepared-for-layoffs-unicorn-slowdown-and-startup-shutdowns-in-2022/articleshow/91681195.cms">funding slowdown in the Indian startup ecosystem</a>. The investors are cautious about spending their money, leading to correction in stock prices. With this, the Indian startup ecosystem has been preparing for a funding winter by increasing their runway. Several companies — including <a href="https://www.businessinsider.in/business/startups/news/about-8000-people-have-been-impacted-by-startup-layoffs-in-india/slidelist/91682916.cms">Ola, Unacademy, Cars24, Vedantu, MFine and others</a> — have laid off a chunk of their workforce. Gaurav Munjal, the co-founder and CEO of edtech unicorn Unacademy, believes that the slowdown in<a href="https://www.businessinsider.in/business/startups/news/unacademy-ceo-gaurav-munjal-asks-employees-to-prepare-for-a-funding-winter-that-could-last-24-months/articleshow/91812288.cms"> funding can last anywhere between 12-24 months</a>. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/ril-maruti-suzuki-tata-motors-bajaj-auto-among-stock-to-watch-out-for-on-june-2/slidelist/91953190.cms" style="">RIL, Maruti Suzuki, Tata Motors, Bajaj Auto among stock to watch out for on June 2</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-could-remain-the-vendor-of-choice-even-if-recession-comes-say-analysts/articleshow/91952813.cms" style="">Infosys could remain the ‘vendor of choice’ even if recession comes, say analysts</a> <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambanis-jio-lags-behind-airtel-which-is-the-top-telecom-brand-in-india/articleshow/91935279.cms" style="">Mukesh Ambani's Jio lags behind Airtel which is the top telecom brand in India</a>

India created 14 unicorns in the first half of 2022 — before funding slowdown hit them

<ul><li>The <keyword id="13510971" type="General" weightage="20" keywordseo="Taki-social-network" source="Orion">Taki social network</keyword> rewards its users to engage on the social network, giving them <keyword id="11965944" type="General" weightage="20" keywordseo="crypto-tokens" source="Orion">crypto tokens</keyword> in exchange. </li><li>The <keyword id="13510972" type="General" weightage="20" keywordseo="Taki-token" source="Orion">Taki token</keyword> is built on the <keyword id="12270972" type="General" weightage="20" keywordseo="Solana-blockchain" source="Orion">Solana blockchain</keyword> for fast and inexpensive transactions. </li><li>The overall idea is to mesh the ideas of a traditional social network with crypto tokens, according to the company. </li></ul><keyword id="80438" type="General" weightage="100" keywordseo="taki" source="Orion">Taki</keyword> is a new social network that, at first sight, seems to mimic Twitter and Facebook – after all, there are only so many ways to create a timeline of posts. But this social network comes with a twist – it rewards its users in the form of crypto tokens, not likes or comments. Building a social network is not an easy task, and neither is creating a crypto token that stands out in a sea of cryptocurrencies and tokens. But bringing the two together could seem like a novel idea that might just help a company stand out from the rest. “Taki is designed to be a secure, safe and tech superior product that enables social enthusiasts to consume, invest, share, transact and build a token-based content portfolio,” said <keyword id="13510970" type="General" weightage="50" keywordseo="sakina-arsiwala" source="Orion">Sakina Arsiwala</keyword>, co-founder, Taki. Taki aims to achieve just that. The Taki crypto token is built on the <keyword id="1905050" type="General" weightage="50" keywordseo="solana" source="Orion">Solana</keyword> blockchain, promising fast and inexpensive transactions. The Solana blockchain is also one of the most energy-efficient blockchains in the world, addressing concerns of power efficiency as well. To be fair, though, there have been dime a dozen apps and services that have tried to attract users using in-app coins. But Taki is different in the sense that it actually uses crypto tokens – also called Taki – which can be converted into actual money once these tokens are listed on crypto exchanges. <cmsannotation type="cmsannotation" annotationid="Creating a “user economy” and a positive feedback loop" comment="subhead" text="Creating a “user economy” and a positive feedback loop">Creating a “user economy” and a positive feedback loop</cmsannotation> Interestingly enough, users can also create their own crypto tokens instead of relying solely on Taki. In a conversation with Business Insider, Taki co-founder Sakina Arsiwala described this concept as “user economy”, giving creators and influencers the power to leverage their audience, thanks to their own crypto tokens. Users who like a post made by anyone on Taki can reward them using Taki tokens. Additionally, to motivate users to post rewarding content and their followers to reward these creators, Taki has a reward-sharing concept in place. According to Arsiwala, a small portion of rewards is also shared amongst the followers of Taki users, creating a positive feedback loop. She calls it a form of dividend for the followers. Users who want to cash out can do so by converting their Taki tokens to any other cryptocurrency or fiat on cryptocurrency exchanges, once the Taki tokens are listed. Arsiwala says her company is working with crypto exchanges to get the Taki token listed. This process encourages creators to post engaging content, and their followers to reward this content. Solana has also partnered with Taki to set up a $2.5 million fund to bring creators on the platform. Wider fundraising details are not known yet, though. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-lost-over-9-million-subscribers-in-january-but-that-is-a-good-thing/articleshow/90557442.cms">Reliance Jio lost over 9 million subscribers in January, but that is a good thing – here’s why</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-11-pro-5g-review-excellent-display-great-battery-life-but-slightly-pricey/articleshow/90533447.cms">Redmi Note 11 Pro+ 5G review – excellent display, great battery life but slightly pricey</a> <a href="https://www.businessinsider.in/business/startups/news/india-finds-its-third-gaming-unicorn-in-games24x7/slidelist/90557732.cms">India finds its third gaming unicorn in Games24x7</a>

Taki is a social network that brings the old ‘engage to earn’ model in a new package, with crypto tokens as rewards

<ul><li><keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword> is all set to acquire US-based Citibank's consumer business in India for ₹12,325 crore.</li><li>Axis Bank would benefit from Citibank’s mostly ultra high net worth customers in the credit card space, which would eventually make it the third largest player after <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and SBI.</li><li>Analysts say the deal would add 31% to its credit card customer base i.e., 2.5 million.</li></ul>Axis Bank may soon join the top league, at least in the credit card space, after one of the biggest deals in the Indian financial services space. The private sector bank is all set to acquire US-based Citibank's consumer business in India for ₹12,325 crore. Analysts believe that the lender will boost its credit card and retail business post the acquisition. There will be a 31% increase to Axis Bank’s credit card base and significant increase to customer spends, says a report by ICICI Securities. It says Axis Bank will become close to becoming the third player in terms of the credit card number outstanding post the deal. “It (the deal) will consolidate Axis Bank’s position in the credit card market – taking its market share up by close to 400-500 basis points by number of cards and spends. It will elevate Axis Bank to the #3 position by credit card receivables,” said Kotak Institutional Equities. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metrics </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current position </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change post deal (Pro forma) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit card market share </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.80% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.52% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Outstanding cards </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.1 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.6 million </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Further, analysts at Kotak Institutional Equities believe that Axis Bank’s market share in the credit card business will increase to 16% from 12% currently. <div type="image" title="axis bank market share" height="900" width="1200" msid="90563745" hostid="261"></div>At the same time, Citibank’s credit card book is more profitable than Axis Bank’s existing book based on the higher spends led by most ultra high net worth individuals in its customer base. So at the end of the day Axis Bank’s credit card customer base will improve significantly because of the addition of Citibank’s wealthy individuals, which will improve average spend and thereby profit. “Further, the bank has indicated that the overlap on the cards book is not significant given that Citi’s strength is in the top-8 markets (primarily affluent and super affluent customers), while Axis’ strength is in deeper geographies (primarily mass and mass affluent customers, with affluent customers at 11%). Hence, the bank is confident of large customer additions,” said a report by Kotak Institutional Equities. Morgan Stanley reportedly said that the deal would strengthen the bank's franchise and reduce gap versus peers while maintaining an ‘overweight’ rating. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage firm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jefferies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,040 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,080 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹930 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹960 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,050 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Following the development, shares of the bank were up nearly 1% at ₹757 per share at 2:15 p.m., on March 31. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/india-finds-its-third-gaming-unicorn-in-games24x7/slidelist/90557732.cms">India finds its third gaming unicorn in Games24x7</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-lost-over-9-million-subscribers-in-january-but-that-is-a-good-thing/articleshow/90557442.cms">Reliance Jio lost over 9 million subscribers in January, but that is a good thing – Here’s why</a>

Axis Bank may soon become the third largest credit card player after HDFC Bank and SBI post the Citibank deal

New Indian unicorns get rarer in 2022 as funding winter sets in

<ul><li>Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> announced that the government will set up an Animation, Visual Effects, <keyword id="6357332" type="General" weightage="100" keywordseo="gaming" source="Orion">Gaming</keyword> and Comics (<keyword id="1920258" type="General" weightage="80" keywordseo="avgc" source="Orion">AVGC</keyword>) promotion task force for boosting talent in the animation and gaming sector.</li><li>We speak to experts from the industry to understand the larger implications of the move and how it will help the industry.</li></ul>During her Union Budget speech yesterday, Finance Minister Nirmala Sitharaman announced that the government will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force for boosting talent in the animation and gaming sector. Sitharaman said the AVGC sector will provide a huge opportunity for young professionals and also create new job opportunities for the youth. “The AVGC sector offers immense potential to employ youth. An AVGC Promotion taskforce with all stakeholders will be set up to recommend ways to realize this and build domestic capacity for serving our markets and the global demand,” Sitharaman said during her speech. The move is expected to attract new talent and give them the required support to take the AVGC sector global. The AVGC sectors, and especially the gaming industry has been witnessing a healthy growth. Most industry reports have predicted that the next few years will contribute to immense growth for the industry. A recent report by Sequoia India and BCG had said that while the gaming industry in India is currently smaller than that of the US and China and is 1% of the global gaming market, it is generating $1.5 billion revenue and is expected to triple to over $5 billion by 2025 on the back of the ‘mobile first’ phenomenon. So the government’s move comes at an opportune time. To understand the larger implications of the move, we spoke to experts from the gaming industry and here’s how they thought the government's move will give a boost to the segment: <keyword id="2388996" type="General" weightage="20" keywordseo="sai-srinivas" source="Orion">Sai Srinivas</keyword>, Co-Founder and CEO, Mobile Premier League It is very encouraging to see that the Union Budget has taken into consideration some of the long-pending suggestions for the Animation, Visual Effects, Gaming, and Comics (AVGC) sector, while noting the strong potential this industry holds for employment-generation as well as taking ‘Made in India’ game titles global. We welcome the Hon’ble Finance Minister's announcement to set up an AVGC Promotion Task Force to provide a much-needed boost to the sector. This announcement highlights the need to build capacity to serve both domestic and global markets, and is a strong indicator of the impetus that the government is willing to provide for its growth. It is also heartening to see the government's commitment to work with the industry, allowing for a balanced approach that accommodates the needs of all stakeholders and strengthens the ecosystem holistically. A progressive tax regime, predictable regulatory framework and supportive funding policies will allow the industry to compete on the world stage and fulfil the Hon’ble Prime Minister’s vision for the Indian digital gaming sector to be a global powerhouse. Moreover, it will also help develop a workforce of young and employable AVGC professionals to usher in the next tech revolution from within India. With a renewed focus on the AVGC sector, blended financing for deep tech and IT, hardware and electronics manufacturing combined with deployment of 5G and affordable internet in underserved areas, it is clear that the government is committed to take the Indian startup ecosystem to the next level. We are hopeful that with the positive support of the government, the coming years will see online gaming, VFX and esports startups leading the charge in the global economy. By developing deep tech intellectual property and exporting services, they can help cement India’s position as a world leader in the sector. Rajan Navani, Vice Chairman and Managing Director, JetSynthesys I strongly welcome the formation of a AVGC task force for promotion, something that we as an industry have been pushing for a long time. It is high time that animation, visual effects and gaming are recognised as an industry because of the sheer potential that they carry. Skyrocketing further owing to the pandemic, these industries have the power to create large employment as well as give Indian gaming companies an opportunity to become globally competitive and play an increasingly larger role at a global level. Building a task force that will address the needs of this industry across various ministries would be a very proactive approach towards strengthening this industry, in my opinion. The aim to rollout 5G services in FY 2022-23 along with affordable broadband services and efficient connectivity to allow equal access to e-services in remote and urban areas has also been long due. The focus of Hon FM on new emerging technologies particularly like Blockchain and AI, a word which was repeated several times during the speech is again a very positive move to show that digitalisation is truly the future, and a strong focus area for government. Digitalisation was applied across agriculture, healthcare, skills, education and appeared in various shapes and forms throughout the budget speech. Additionally, the national tele-mental health programme is a great initiative by the government as the COVID-19 pandemic has impacted the mental health of people to an unfathomable extent. Various channels and platforms like ThinkRight.me by JetSynthesys and others in the space can together help tackle India's mental health issues. In all, we’re truly excited about the future of digital India and what this means to JetSynthesys which is here to play a key role in the daily digital lives of a billion Indians. As a country, we hope to move forward with jet speed and transform our country into an atmanirbhar, technologically and digitally forward nation. Vishwalok Nath, Director, World Esports Cup We welcome the steps by the Finance Minister of India as part of Budget 2022-2023 including the creation of the AVGC task force. We hope that this task force can help promote the creation of a robust infrastructure for game development with gradual benefits to the esports community. We are also looking forward to the 5G spectrum auction this year. 5G can further promote the latest innovations and mass adoption of technologies like cloud gaming in the country. There is a huge scope of employment for the youth in the gaming industry. Esports/Video Games is a versatile industry and there is a huge scope for professional gamers as well as other jobs like casters, commentators, and other support staff appointed by the esports tournaments like producers, editors, analysts, product managers, game testers, referees, production crew members, event managers, social media managers, etc. Lokesh Suji, Director, Esports Federation of India &amp; Vice President, Asian Esports Federation It is encouraging to finally see the seriousness from our Government towards this sector which has been long neglected. This will definitely help in setting up the policies which would encourage and build our capacities and capabilities to export to the rest of the world; leading to more domestic video game development studios and more investments in the AVGC sector. Spectrum auctions for 5G is a welcome move for the gaming industry as well, 5G can disrupt the industry by enhancing the live streaming of games and cloud gaming as well. The task force should consist largely of people who have been part of the ‘Video Game’ industry and are playing an active role in shaping up the Indian video game industry. <keyword id="263906" type="General" weightage="20" keywordseo="jehil-thakkar" source="Orion">Jehil Thakkar</keyword>, Partner and Media and Entertainment Sector Leader, Deloitte India The setting up of the AVGC promotion task force announced in the Union Budget will help India achieve its potential of achieving 20 lakh jobs according to Deloitte projections. These are critical skills for growth of the metaverse and India is poised to take advantage of this ecosystem. Sagar Nair, Co-Founder &amp; CEO, Qlan It is this continued acceptance that will lead to the progress of the Indian gaming and esports industry. First was esports’ entry in the Asian Games as an official event followed by a government dedicated task force to work with the AVGC sector. I have no doubt that these initiatives as part of the national budget policy highlight the true potential of the Indian gaming &amp; esports segment not only in India but also on the global circuit. The statement clearly indicates the backing of homegrown game developers, tournament organizers, and esports companies and recommendations from the appointed task force will help build domestic capacity for serving out markets and the global demand as well. Sunil Yadav, CEO, PlayerzPot The AVGC sector is one of the fastest growing sectors in India, and attracts a huge interest from a large cross section of the population. The announcement of the new AVGC task force is a welcome one, as we expect it will help to build domestic capacity and also serve the global demand. The task force has come at the right time, for those pursuing a career in gaming as the sector is booming right now and needs more talented youngsters to grow. With the government introducing digital rupee and a visible trend in crypto adoption, NFT’s will grow significantly. 5G services auction within FY 22-23 across the country will play an important role in the growth by further penetrating in the markets and also enhancing the gaming experience. As the honorable minister mentioned in her budget presentation, the gaming sector has the potential to become the torchbearer of 'Create in India' &amp; 'Brand India', on the same lines we were hoping for transparent and progressive regulation that will help differentiate games of skill from those of chance, because this is a key area of concern for the industry as a whole. Dilsher Singh Malhi, Founder &amp; CEO, Zupee The creation of the AVGC promotion task force is a welcome move. The initiative with industry participation will help in establishing uniform, progressive policies that will promote growth and investments in the sector, which in turn, will lead to job creation, revenue generation, and engagement opportunities. This will be a crucial step towards bridging the digital divide and unlocking a fully connected and empowered digital India. We believe that this initiative will pave the way for the Indian gaming industry to establish itself on a global stage. Rahul Tewari, Chief Financial Officer, Games24x7 The gaming industry welcomes the decision to set up a task force for Animation, Visual Effect, Gaming and Comics. AVGC taskforce can provide the long-term policy impetus and bring together the various stakeholders to turbocharge the vibrant ecosystem in gaming and animation. India has a deep and very high-quality talent pool of developers and creative artists who will transform India into a global player in the interactive entertainment space in the coming years. We hope this paves way for regularity clarity for gaming, a sector that has contributed immensely to India’s start-up success in the last few years. Manish Agarwal, CEO, Nazara Technologies Ltd. The government’s announcement of an AVGC task force to seek recommendation to create the way forward is a welcome move. As we know, India presently commands around 10% of the global AVGC market and has the potential to reach 20-25% by 2027. This taskforce will facilitate employment for the youth, build domestic capacity to serve the Indian markets and also meet global demand. <keyword id="3471731" type="General" weightage="20" keywordseo="roland-landers" source="Orion">Roland Landers</keyword>, CEO, The All-India Gaming Federation I am pleased that the government has announced a progressive budget; stating the gaming industry as a sector that generates various job opportunities for the youth while boosting the economy of the country. The ideas proposed for the sector are very encouraging. We are thrilled and look forward to the AVGC task force that will give a major boost to the game development sector by building scale and adding to the overall online skill gaming industry’s momentum. AIGF and the skill games council of domain experts will be happy to assist, if need be, in playing a consultative role for the same Likewise, the tax extension to four years will benefit the entire start-up ecosystem in online gaming which is in the excess of 300 companies. Furthermore, the Hon’ble FM’s announcement of the digital rupee launch will increase purchases of virtual goods in games through microtransactions. Finally, 5G auctions when implemented will enhance the gamer experience dramatically as well as facilitate the adoption of new technologies in gaming. Overall, the budget has opened more avenues for the gaming industry.

The gaming industry lauds the government’s decision to set up an Animation, Visual Effects, Gaming and Comics promotion task force

<ul><li>India has banned 118 Chinese apps including Tencent's PlayerUnknown's Battlegrounds (PUBG) as border tensions with China continue to flare up. </li><li>We speak to Indian gaming apps and digital experts to understand what it means for the industry. </li><li>They believe that it is time for Indian Gaming Companies to capitalise and use this opportunity to win the game. </li></ul>In the wake of mounting border tensions between China and India, the government of India ordered a ban on Battle Royale title game PlayerUnknown's Battlegrounds (PUBG) yesterday. According to the Ministry of Electronics and Information Technology, PUBG has been banned along with the other apps under Section 69A of the Information Technology Act, on grounds that they engage in activities which are prejudicial to the sovereignty and integrity of India, defense of India, the security of the state and public order. As of May, Tencent’s PUBG had been downloaded 34.2 million times of which India accounted for 35.8% — 12.24 million installs, according to data provided by Sensor Tower. It has seen a global revenue gain of $1.3 billion, which is nearly Rs 22,457 crore with the highest number of downloads in India. The gaming industry in India is also at its peak right now. As per ‘The Power of Mobile Gaming in India,’a report released by the Mobile Marketing Association (MMA) and Kantar IMRB in association with POKKT, the mobile gaming industry in India is projected to reach $934 million in 2022 and the number of gamers is expected to swell up to 368 million by 2022. While gamers took to social media to mourn the loss of the game, experts are rejoicing at the government’s decision. They said that there are plenty of fish in the sea to fill PUBG’s void and the move will only bring India-made games to the forefront. They also said that it may be a setback for gamers who made a living from that platform but they will eventually find another home like former TikTokers have. Here is what experts had to say about PUBG’s ban: Roland Landers, CEO, All India Gaming Federation: Any decision taken by the government in order to protect the safety, security and sovereignty of the Indian cyberspace is welcome. The move would safeguard the interests of Indian mobile and internet users while presenting a great opportunity for indigenous homegrown game development studios to showcase their talent and create exciting game formats as part of the #Vocalforlocal and #Aatmanirbhar initiatives. We are confident that games like Rogue Heist, a multi-player online shooter game, designed and developed entirely in India and many others similar to this will fill the gap. Anirudh Pandita, Founder, Pocket Aces (Owner of Loco): The Indian gaming industry has been seeing rapid growth with users from across the country taking to esports and mobile gaming in a big way. We are seeing talented gamers showcase their skills through games such as PUBG, Call of Duty, Freefire and more. We’re confident that the recent ban on PUBG has been made by Government after much deliberation and with good reason. That means streamers and gamers now have to develop their skills on other games. We are confident that our gaming community will rise to the challenge and that our great nation will produce even better and bigger talent. Loco is more determined than ever to serve the Indian gaming community. We stand by our streamers and are working hand in hand with them at this moment to chart out a new course for Indian gaming. Our platform empowers users to stream games and showcase their talent to India. 100% Made in India, Loco will amplify its efforts towards making India a gaming superpower. Yash Pariani, CEO, Indian Gaming League (IGL): This may seem like a loss to the Esports community, however, in the interest of national security, the country must take whatever precautions they deem necessary. There are plenty of other games to fill the void for PUBG and IGL have started capitalising on the recent surge of demand for these other games as soon as the ban was announced. Games such as Call of Duty (COD) Mobile, Free Fire and Fortnite may see a surge in users in India. While we may see some players move to other platforms such as PUBG PC, the majority who prefer the mobile version will be sticking to similar games on the same platform which would be COD Mobile. This will affect millions of gamers, it will have the same effect as it did when TikTok was banned for the influencers that had made a living from that platform, however, for the time being, we will see PUBG influencers and players switching to other games to make a living, it may be a set back for them but eventually, their audiences will also respond to the change. With this ban in effect, we may even see a version of the game that the audiences have grown to know and love, be developed here itself from India. Piyush, CEO &amp; Founder, Rooter: We welcome this move by our government to safeguard Indian users' data and protect the country against the potential threat these apps pose to our national security. This ban opens up tremendous opportunities for the Indian gaming ecosystem to align their businesses with the government’s Atmanirbhar Bharat strategy and also enable gaming and eSports platforms to grow faster." Stating that the company anticipated the ban and kept investing in other games, he said, "Most of the users and content creators on our platform engage in games other than PUBG. Rooter had less than 10% PUBG streamers and it was a conscious effort on our part to ensure that we focus more on other games like Free Fire and Call of Duty. Both the games have strong engagement on Rooter and most of their top streamers are part of our user base. That said, in the last two and a half months, Rooter has witnessed unprecedented growth by adding nearly 3 million users. This ban will further fuel the growth, which will help us become a dominant player in the market. Sowmya Iyer, Founder &amp; CEO, DViO Digital: Online gaming in India is at a very interesting threshold where it’s gaining a strong foothold as a subset of the Entertainment Industry. With a combination of deep mobile phone penetration, an increase in active internet users &amp; the youngest population at hand, we are seeing that the interest in gaming &amp; the number of gamers is on an exponential rise. Perhaps as a testament to this growing gaming fever in India, the digital ad spends of such games have also grown exponentially, sometimes even surpassing the actual cost of making the game. And as for marketing on these platforms, gaming has revolutionized the way we consume content &amp; has brought forth a whole new world of engaged &amp; engrossed users which is a gold mine for brands and marketers. Leading the computing &amp; online gaming movement in India, we had PUBG but with the ban, we can see the potential for the Indian Gaming Companies to fill in very well. Players like Games 24X7, Nazara Technologies are pushing the boundaries in terms of providing Indian gamers with fantastic gaming options and content. As we see a huge surge in people adopting games and engaging with games as an entertainment medium, the big shot OTT platforms like Disney, Flipkart, Amazon, etc are also taking gamification as a focus area. Statistics show India went from having just 25 gaming companies in 2010 to grow more than 250+ companies in a decade’s time which means we have the potential to create engaging content &amp; conquer the gaming industry. Now that PUBG successfully hooked a whole generation to the gaming scene in India, it’s time for the Indian Gaming Companies to capitalize &amp; use this opportunity to win the game! GD Prasad, Associate Vice President, Dentsu Webchutney: PUBG has permeated the digital media ecosystem in a way that no other game being played in India has. This is a game that has as many people watching gameplay footage on YouTube and Instagram as it does actual players. It has helped catapult a fresh set of influencers with millions of followers and subscribers and a streaming community with as many viewers. Money and politics aside, it will be interesting to see how this community adapts to the situation. I believe, we will see many changes to mobile gaming in India as a result of this move. PubJio in the making? Well, you never know! Shradha Agarwal Co-founder &amp; COO, Grapes Digital: The banning of more than 100 additional apps by the indian Government with any linkages to China, is certainly going to create unrest and affect the livelihoods of many. These apps, including PubG was not only a gaming platform but a subsistence. For PubG, India was its largest market with content creators in the universe of gaming. PUBG has helped the hardcore mobile gaming market in India to grow exponentially in all 3 metrics — users, usage and monetisation. For the first time in India, we were seeing sizable in-app purchase revenues from a single game and the ban of PUBG amongst all the other apps, will directly impact the business model for many, thereby affecting their livelihood. The ripple effect will also be felt by event organizers, marketing agencies and influencers who were using PUBG and game streaming to optimize and monetize their livelihood, surely had become a way of life and existence. With a quarter of lifetime PUBG installed in India and more than 40 million monthly active users in the month of July, according to one of the top mobile insight firms, will lead to immense uncertainty with the overnight ban of these apps. However, this move by the government was expected to come anytime soon, following the ban of TikTok. Karan Gupta, Managing Director, Zirca Digital Solutions: The Ministry's move to ban the 118 China-backed apps, while keeping in mind India's national security, will no doubt come as a shock to gamers, especially those on the PUBG platform. PUPG has been extremely successful in the country because of its mobile-first strategy, captivating the youth and attracting huge advertising revenue opportunities over the past year. The gaming market will undoubtedly see the rise of various alternative gaming apps (including some homegrown ones) which will fill the void that the ban has brought about. Though it may bring about further fragmentation in the mobile gaming industry in the short term, Indian gamers will definitely find alternate gaming apps and advertising money will follow them. MPL Spokesperson: Every such development can be an opportunity for our ecosystem. We have a very strong game developer ecosystem here in India. We have partnered with close to 30 already and the number is only growing. Rogue Heist, India's first home-made Battle Royale game, has already been called a "PUBG rival" and has been doing well on our platform for over three months now.

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