Good morning, Bengaluru!
☁️ Today’s weather: High: 27 ℃ | Low: 20 ℃ | Partly cloudy sky.
🧐 Did you know? The city produces 220 tonnes of textile waste every day.
💰 Fintech funding
Bengaluru led the country’s fintech investments in 2024 with $524 million, accounting for 41% of the total $1.9 billion raised nationwide.
What’s it about? Despite a 33% drop from the $2.8 billion raised in 2023, the city’s robust tech ecosystem and talent pool have kept it at the forefront of India’s fintech evolution. Key investors such as Peak XV Partners, LetsVenture, and Y Combinator focused heavily on Bengaluru-based startups, particularly in early-stage funding.
- Among the top funding rounds, DMI Finance raised $334 million in Series E funding, followed by Credit Saison’s $144 million Series D.
- Digital lending continued to lead the sector, accounting for 64% of total funding and driving financial inclusion across India.
Sectorial trends: In addition to digital lending, alternative lending also attracted significant investments, with $1.21 billion raised, reflecting only a minor 4% dip from 2023. However, investment tech saw a more modest $320 million, while payment startups experienced a sharp decline, securing just $194 million compared to $836 million the previous year.
🚌 Electric AC buses
Bengaluru Metropolitan Transport Corporation (BMTC) has launched trial runs of its first-ever electric air-conditioned buses.
What’s it about? This initiative, supported by a ₹150 crore state-government grant, involves a partnership with Ohm Mobility Private Limited, a subsidiary of Ashok Leyland, which will supply 320 buses under a Gross Cost Contract (GCC).
- These low-floor electric buses aim to replace the ageing Volvo fleet currently used on airport and premium routes.
- The trial phase features five buses running on the Kadugodi-Majestic route.
Specs and plans: These buses can travel up to 200 kilometres at full charge, which takes 60–70 minutes. Opportunity charging, lasting about 45 minutes, is conducted during the day at Kempegowda Bus Station, while overnight charging is planned at Depot 18 in ITPL.
🏢 PG hike planned
Residents of paying guest accommodations (PGs) and private hostels are preparing for a rental increase as the PG Association has announced plans to address rising operational costs.
What’s it about? The hike is attributed to escalating costs of essential commodities, utilities like water, groceries, and rents for private buildings, which have made it challenging for PG owners to maintain facilities.
- The PG Association has indicated that a meeting with PG owners will be held in the next three to four days to finalise the rate adjustment.
- The decision comes after years of stable rents, even during the COVID-19 pandemic.
Expected increase: For now, a uniform and moderate 5% increase has been proposed by the Association but the actual percentage may vary depending on discussions and individual PG locations.
🏢 N-iX’s new centre
The software solutions company N-iX has opened a new development centre in Bengaluru as a part of its global growth strategy.
What’s it about? The centre aims to enhance service capabilities, leveraging Bengaluru’s vast IT talent pool and strategic advantages to drive innovation and deliver impactful results for global clients.
- The Bengaluru centre is designed to capitalise on India’s strategic advantages, including lower operational costs and a favourable time zone.
- The Bengaluru centre will integrate with N-iX’s existing operations in Europe and the Americas, to ensure consistency in quality and technical excellence.
Why Bengaluru? The centre will enable N-iX to provide real-time updates and continuous service for clients in the US and Europe, even during off-hours. Such round-the-clock productivity will ensure seamless delivery and maintenance activities for N-iX’s global clientele.
📊 Today’s Poll
(Only subscribers can participate in the polls)
Do you drive to your workplace?
- I drive to my workplace.
- I do not drive to my workplace.
❓ Today’s Question
(Only subscribers can submit their answers)
Where should the US consulate be located and why?
Reply to this email with your answers.
🗞️ In other news…
- Mask sales have surged in the city amidst HMPV concerns.
- A hoax bomb threat call was made to the office of the city’s Police Commissioner with the accused being later arrested.
- The BDA has been ordered to complete the Hebbal flyover within 100 days.
- BBMP shut down 830 commercial properties over non-payment of taxes.
🛋️ Local Lounge
Yesterday’s Poll:
- I have gone fishing: 25.0%
- I have never gone fishing: 75.0% 🏆
That’s it for today. Have a great day!