Good morning. It’s that time of day again. Where one headline leads to another and the next thing you know, you’ve finished the whole bag of chips.

For all things tech, business and startup, we’ve got you.

In this edition:

• 🏦 Axis Bank on track to acquire Citibank India

• 📦️ Amazon’s new delivery network

• 🔄 Flipkart plays Uno reverse card on salary hike

MARKETS

*Stock data as of market close. Source.

• Markets: Ruh-roh, the Nifty just took a tumble! India's key stock index experienced its biggest weekly decline in 10 months. However, a pullback rally could be in the cards if Nifty climbs above 17,500. Technical analysts suggest that a move past that level could signal a trend reversal, setting the stage for a comeback. Keeping an eye on those charts for you.

ACQUISITIONS

Axis Bank scoops up Citibank's Indian business

🏦In a bold move to expand its presence in the Indian market, Axis Bank has acquired Citibank's business operations in the country. The deal is expected to be completed by March 1, pending regulatory approvals.

What we know

• Axis Bank has acquired Citibank's retail banking business, including credit cards and loans, and its commercial banking business.

• Axis is also set to be the proud new owner of seven offices, 21 branches, and 499 ATMs formerly under Citi.

• The acquisition will also help Axis Bank gain a stronger foothold in key metropolitan areas such as Mumbai and Delhi.

Why it matters

• This acquisition is a significant move for Axis Bank, as it seeks to compete with other major players in the Indian banking sector such as HDFC Bank and ICICI Bank.

• The acquisition will help Axis Bank expand its product offerings and improve its digital capabilities.

• For Citibank, the sale of its Indian business operations is part of its ongoing strategy to exit non-core markets and focus on its more profitable businesses.

SHIPMENTS

Amazon joins India's ONDC network for faster and cheaper deliveries

📦️Amazon has announced its plans to join India's One Nation One Card (ONDC) network, a government initiative that aims to streamline logistics and transportation across the country. The move is expected to improve Amazon's delivery services, making them faster and more cost-effective.

Here's what you need to know

• The ONDC network is a digital platform that allows different modes of transportation, such as railways, airlines, and roadways, to be integrated into a single system.

• The platform enables companies like Amazon to track shipments and optimize transportation routes, leading to faster and more efficient deliveries.

• By joining the ONDC network, Amazon is expected to reduce its logistics costs, which will help the company stay competitive in the Indian e-commerce market.

• The network is expected to be operational by the end of this year, and Amazon is one of the first e-commerce companies to join the platform.

☕️The bottom line. This move is part of Amazon's efforts to expand its operations in India, where the e-commerce market is projected to grow rapidly in the coming years. With the ONDC network, Amazon can improve its delivery services and provide better value to its customers.

INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH

• ✋Flipkart holds off on appraisals for select staff. Indian e-commerce giant, Flipkart, is withholding salary increases for some of its employees due to the impact of the pandemic on its business.

• 💉AIIMS making medical business is a thing. AIIMS Delhi, the premier medical institution in India, is set to promote entrepreneurship among medical students with a new startup policy on widespread business exposure.

• 💰️Fullerton India reported a 41% increase in its total disbursals during the first nine months of FY23, along with a 34% rise in assets under management (AUM).

• 💸 Tiger Global sells 1.7% stake in Delhivery via open market for Rs 414 crore

FUNDING DEALS

Catch up on the Indian funding flows from the past 24hrs:

• CarTrade, the Indian online car marketplace, is revving up its growth engine by unveiling a new venture arm with plans to invest INR 750 crore to fuel acquisitions and steer ahead of the competition.

• Mindgrove, an Indian edtech startup, receives a $2.3M seed from Sequoia Capital to help grow its roots and expand its reach.

• Dawntown, sneaker marketplace startup, raises $500k from Sujit Jain and Bollywood actor Sanjay Dutt to open multiple retail outlets in India to augment the offline sneakers shopping experience for its consumers.

WORLD

Headline Explorer

🛰️ Samsung is letting your smartphone talk to satellites. Samsung has launched its 5G New Radio (NR) modem technology, promising faster and more efficient connectivity. This will enable seamless communication between satellites and terrestrial networks, providing a wide range of applications from connected cars to smart factories.

✂️ Netflix is cutting prices in over 100 territories, with some reductions as high as 50%. The move comes amid growing competition in the streaming market. If this sounds familiar, it’s because Netflix had already slashed subscription fees in India back in 2021 in a bid to attract more usership. But to answer your question, no, India is not on the new list (yet).

😈 ChatGPT impostors are targeting users. Scammers are taking advantage of the popularity of ChatGPT by creating fake apps that promise to provide similar services. These wannabe AI chat assistants are diabolically programmed to steal personal data and/or install malware on users' devices. To not get beaned, users are advised to stay cautious when downloading apps and only use trusted sources.

📝 Notion AI goes public. Notion AI, a language model that is NOT an evil ChatGPT rip-off, is now available to the public. Notion AI uses advanced algorithms to quickly generate summaries and insights from lengthy documents, positioning itself as a coveted productivity asset.

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