🙌 Jug Jug Jio
Intel's commitment to Airtel and Jio, institutional investors bullish on crypto despite recent slump, and some more updates.
Hey 👋
Welcome to the mesha tribe.
A biweekly newsletter by mesha that brings you valuable insights from finance, business, and tech to help you take your net worth #ToTheMoon🚀
Sounds good? Sign up below 👇
Awesome, let’s get started!
First up,
Market Recap 📈
Indian markets ended on a good note today, with all sectoral indices closing in the green, except FMCG. Meanwhile, the US markets rebounded as investors turn their focus towards an optimistic corporate earnings season.
Sensex: 52,837.21 (+1.22%) ↑
Nifty 50: 15,824.05 (+1.23%) ↑
Dow Jones: 34,798.00 (+0.83%) ↑
Nasdaq 100: 14,842.63 (+0.78%) ↑
Bitcoin: $31,852.25
Top Stories 📰
1. Intel helps Jio and Airtel with 5G 📱
Intel has announced that it's collaborating with Reliance Jio to transition from 4G to 5G as part of their infrastructure deal. The chipmaker giant, which has a Rs 1,894.50 crore stake in the company, will help Jio to roll out its 5G cloud, radio, core, edge, and AI.
Meanwhile, Intel is also working with another rival firm, Bharti Airtel, to develop its 5G network in India by leveraging Airtel's Open-RAN and Virtualized Radio Access Network—technologies that help telcos run their baseband functions as software.
Both Jio and Airtel have begun their 5G trials in India after receiving approval from the Department of Communication. In January, Airtel became the first company to test 5G in India after it demonstrating live 5G network over a commercial network in Hyderabad.
Why it matters? The two telcos are battling it out for the world's second-largest smartphone market, which stands at around 439.42 million. The segment is further expected to grow after Jio announced that it's working with Google to launch a new cost-efficient device to persuade 450 million existing handset users to switch to internet-connected smartphone devices.
2. Most institutional investors want crypto in their portfolio 📈
A recent survey by Fidelity Digital Assets shows that 71% of institutional investors said that they'd buy or invest in digital assets in the future. The study, which examined 1,100 institutional investors, also reported that over 90% of these institutional investors see themselves adding crypto to their portfolios within the next five years.
The country-wise institutional crypto allocation so far:
70% in Asia
56% in Europe
33% in the US
The study comes against the backdrop of a massive crypto selloff triggered by the regulatory scrutiny in the US and China. Bitcoin, the world's most popular cryptocurrency, fell below $30,000 but later climbed over 8% to nearly $32,270 after Elon Musk's comment during the 'The B Word' Bitcoin event.
"I might pump, but I don't dump," said Musk, adding that "outside of Tesla and SpaceX stock, it's my largest holding." He also revealed that Tesla might start accepting Bitcoin as car payments if mining becomes more sustainable. The event also included participation from Twitter CEO Jack Dorsey and Ark Investment Management chief Cathie Wood.
Why it matters? Bitcoin has witnessed a progressive selloff in recent weeks and has been down nearly 55% from its April high of around $65,000. Meanwhile, other digital assets like Ethereum have witnessed a growing investor interest during the same period.
Deal Street 🤑
YouTube purchases Simsim
YouTube has officially entered India's social commerce ecosystem after acquiring Simsim, a Gurugram-headquartered startup that allows small firms to take their businesses online. The deal, estimated to be around $70 million, is part of Google's $10 billion India Digitization Fund that aims to accelerate the adoption of digital services in the country. The two-year-old startup streamlines the purchasing cycle for small businesses by allowing customers to purchase products and encouraging creators to review them on its platform. The deal will allow YouTube to expand its services to small businesses in Tier 2 and Tier 3 cities, while Simsim would benefit from YouTube's massive user base. Recently, other social commerce platforms like Meesho also raised sizable capital, highlighting the growing social commerce ecosystem, expected to reach $16-20 billion by 2025.
Swiggy fetches $1.25 billion in new funding round
Swiggy announced that it raised a $1.25 billion Series J fundraising round, days after rival Zomato launched its Rs. 9,375 crore IPO. Led by SoftBank Vision Fund 2 and Prosus, the round saw participation from new investors like Goldman Sachs, Qatar Investment Authority, and existing investors such as Wellington Management and Accel Partners. The fundraising valued the food delivery startup at $5.5 billion, a $1.9 billion increase from April 2020. Swiggy's business was severely affected by the pandemic last year, but the startup has made significant progress and is now processing orders 30% higher than its pre-pandemic levels. It now plans to use the capital to strengthen its core team, enhance tech and AI capabilities, and build supply chains for newer initiatives.
Tweet Of The Week ✨
Share What You Learn 🤝
If you find this newsletter insightful, forward this email to your friends and colleagues. Or share it on your social media using the link below and let us know your thoughts!
Wanna discuss the above stories yourself? Join us
That’s all for today. See ya next week ✌️