Flipkart's New UPI Service, Byju's Frozen Employee Payments And More Stories You Can't Miss From The Weekend

Flipkart Launches In-House UPI Service

Flipkart has launched its own UPI-based digital payments service, “Flipkart UPI,” in partnership with Axis Bank, aiming to simplify UPI payments for its users directly within its platform.

This service, initially available for Android users, is designed to offer a seamless and cost-effective payment option, integrating loyalty rewards like Supercoins, cashback and brand vouchers.

This move comes after Flipkart’s demerger with PhonePe and signifies the ecommerce giant’s effort to reduce its reliance on a few UPI players, enhancing payment convenience and security for its customers

Byju’s Can’t Pay Salaries From Rights Issue

Edtech major Byju’s, an Indian edtech startup, is facing difficulties in paying its staff due to an inability to access funds from a recent rights issue, caused by a legal dispute with some investors.

CEO Byju Raveendran communicated this delay in salary payments to employees, attributing the issue to challenges from both a capital shortage and legal restrictions placed on the newly raised funds.

The National Company Law Tribunal of India has intervened, instructing Byju’s to hold the funds in an escrow account pending resolution of the dispute. This development is part of a series of setbacks for Byju’s, once valued at $22 billion, including governance and financial management controversies, auditor resignation, and legal actions by lenders and in the US.

See Also: Apple Wants To Match Samsung’s Milestone with ₹70,000 Cr Revenue Target

Google’s App Removal in India Contested

Google’s recent removal of several Indian apps from its Play Store has sparked controversy, with India’s Information Technology Minister, Ashwini Vaishnaw, stating such actions “cannot be permitted.”

The decision to delist apps, including prominent ones like Matrimony.com’s Bharat Matrimony and job search app Naukri, came after these apps reportedly failed to comply with Google’s in-app payment guidelines.

This issue stems from a broader dispute over Google’s service fee payments, with Indian startups and authorities pushing back against the tech giant’s fees. The situation reflects ongoing tensions between Indian companies and global tech platforms over market practices and regulations

India’s Q3 GDP Growth Analysis

India’s Q3 GDP growth for the October-December period outpaced estimates, recording an 8.4% increase, the fastest in one and a half years, primarily due to a significant reduction in subsidies, particularly for fertilizers.

However, economists caution that this figure may overstate the actual growth trends, as the gross value added (GVA) during the same period was 6.5%.

The discrepancy between GVA and GDP growth rates highlights a divergence, raising concerns about the sustainability of this growth, with underlying factors such as a decline in agricultural activity and a disparity between investment and consumption growth rates.

Read Next: Mobile Mandis On Indian Roads: How This Odisha Man’s ‘Swadesh’ Story Revolutionised Rural Markets

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesGovernmentMacro Economic EventsRegulationsLegalEconomicsStartupsMarketsTechByju'sFlipkartGoogle