- India and Singapore have launched a cross-border payment linkage between their digital payment systems, UPI and PayNow, to allow real-time and low-cost fund transfers between the two countries.The system, which was originally planned to launch in July 2022, went live on Tuesday. Citizens in India…
- Over the years and in the years following the COVID pandemic when remote work became a standard in many companies, flexibility, and great work-life balance in the workplace have remained highly sought-after benefits among top professionals in the tech industry.Based on this we have aggregated a…
- Telecom equipment manufacturer Ericsson is set to lay off 8,500 workers worldwide as a cost-cutting measure, according to Forbes citing a memo sent to its employees. This follows the company's announcement to reduce its workforce in Sweden by around 1,400 positions on Monday making it the
- The Draft by Techloy brings you data-driven news and insights into technology across the world's largest emerging markets from trusted sources.This week (end)'s edition was curated by Yeb and edited by Loy.Nigerians are going to the polls to elect their next President this weekend,
- Northern Africa secured $1.1 billion or 23% of the total startup funding raised on the continent in 2022, tied with Eastern Africa in terms of the number of deals at 232, and ranking third on the continent, according to a report by Africa: The Big Deal.Egypt dominated the
- The European Union's executive arm, the European Commission, has banned the social media app, TikTok on official devices used by staff amid concerns over cybersecurity, according to a report by Reuters.According to the report, the ban also implies that European Commission staff cannot use the…
- Buk, a Chilean human resources startup, has announced the raise of a $35 million venture capital funding round from Base10 Partners joining the existing investors, Greenoaks and SoftBank Latin America Fund.Buk’s CEO, Jaime Arrieta, celebrated the round in the current market context and celebrated…
- Dubai-based gift card marketplace YOUGotAGift has raised $3 million in funding from newly established revenue-based investment platform Tenami Capital for expansion in the Middle East.YouGotaGift offers a range of online card gifts from more than 400 brands through email, SMS and its app. It…
- Saudi Arabian transportation solutions provider Telgani has successfully closed its Series A funding round of $6 million, co-led by Hala Auto and Elm Company.The startup which was launched in 2019, offers car rental options and transportation solutions via its website and app, with a focus on fast…
- The European Investment Bank (EIB) will invest $27 million in the Middle East Venture Fund IV, which was launched by Middle East Venture Partners (MEVP). The new venture capital fund will increase equity investment in e-commerce, health and education technology companies across the Middle East and…
- Google parent Alphabet will cut 240 jobs from its operations in Ireland as part of a reduction in its global workforce, a report by Bloomberg stated.The layoffs by the Silicon Valley tech firm will affect roughly 4% of its 5,500 employees in Ireland, where its headquarters for Europe,
- Amazon has led a $104 million Series D financing round in Indian online meat delivery startup FreshToHome. This new round takes FreshToHome’s all-time funding to over $250 million.Launched in 2015, Bengaluru-headquartered FreshToHome is an online meat delivery startup that aims at revolutionalizing…
- Tencent's cloud computing arm, Tencent Cloud, has announced that it has signed a Memorandum of Understanding with Ankr, a web3 infrastructure provider, to jointly develop a suite of blockchain API services.This new suite of blockchain API services will be deployed on top of Tencent Cloud's
- M-Pesa, a mobile financial service offered by Kenyan telecoms giant Safaricom, is making strides in the remittance market through a partnership with e-commerce giant Amazon.The service, launched in 2007, has grown to become a major financial service provider in the East African region, with over 50…
- Scrut Automation, an India-based risk compliance automation platform, has raised $7.5 million in a round led by MassMutual Ventures with participation from existing investors, including Lightspeed and Endiya Partners increasing their stake.Launched in 2021 by Aayush Ghosh…
- The Bank of Israel has published regulatory principles for stablecoin activity in the country, detailing how it aims to supervise cryptocurrencies tied to the value of other assets like the US dollar.The recommendations seek to allow the use of stablecoins while managing inherent risks and…
- WhatsApp is reportedly working on a “Newsletter” feature that will allow users to subscribe to newsletters directly from the messaging app.Wabetainfo noted that the feature is still in the early stages of development and is currently being tested on the beta version 2.23.5.3 of
- Facebook-parent Meta Platform is reportedly planning a new round of layoffs that could affect thousands and flatten its organization structure, according to a Washington Post report on Wednesday.This new announcement follows a previous 11,000 or 13% employee cut made by the tech giant in November…
- Kratos Studios, an India-based web3 gaming startup co-founded by Manish Agarwal and Ishank Gupta, has raised $20 million in a seed funding round led by Accel, to reach a valuation of $150 million.Founded last September, Kratos is a Web3 gaming Decentralised Autonomous Organisation (DAO) that allows…
- India’s PC market inclusive of desktops, notebooks, and workstations posted a marginal 0.3% YoY growth in 2022 to 14.9 million units, after a steep YoY decline of 28.5% in the fourth quarter, new data from the International Data Corporation (IDC) shows.The IT market intelligence
- UAE-based fintech startup, Tabby, has announced the closure of its operations in Egypt, just five months after launching its buy now, pay later (BNPL) service in the country.The decision is in response to Egypt's tough macroeconomic environment caused by the falling value of the Egyptian pound,…
- NxtWave, a Hyderabad-based edtech startup, has secured $33 million in a Series A funding round led by international private equity firm Greater Pacific Capital (GPC). The round also saw participation from existing investor Orios Venture Partners.This marks the second round of funding for the…
- The Philippines' smartphone market declined 8.6% year-over-year (YoY), shipping 16.3 million units in 2022, according to an International Data Corporation’s (IDC) report.According to industry analysts "both consumer and vendor confidence have been seriously dampened as inflation progressively…
- South African car subscription company, Planet42, has raised $100 million in a mix of equity and debt financing to scale its business and provide affordable car access to people excluded from traditional car financing.Founded in Estonia, Planet42 offers rent-to-buy car subscriptions and uses…
- Chinese electric vehicle (EV) startup Nio intends to build 1,000 battery-swapping stations in China in 2023 to bring the total number of such facilities to 2,300 by year-end 2023, according to a report by Reuters.The development, which was confirmed by the startup's Founder and Chairman
- Egyptian fintech startup Hollydesk has secured $1 million in venture debt financing to expand its expense management platform for small and medium-sized businesses in the country.The platform offers a suite of tools for tracking and managing expenses, automating approval workflows, and generating…
- The Central Bank of Nigeria (CBN) is reportedly in talks with blockchain firm R3 to develop a new system for its digital currency, the eNaira, with the aim of keeping full control of the initiative.eNaira, which is Nigeria's first digital version of its national currency, has been
- Bangladesh’s smartphone shipments declined 23% YoY in 2022, according to the latest research from Counterpoint.The market intelligence group highlighted, weak consumer demand, rising inflation, global supply chain disruptions, increased import duties and newly imposed value-added tax (VAT) as the…
- Kenyan HR payroll startup Workpay has raised $2.7 million in a pre-Series A funding round to expand its services in 40 African countries, almost double its current reach.Launched in 2019, Workpay offers tools for employers to manage employees' time, attendance, and leave days, as well as process
- Ride-hailing company Bolt has reportedly laid off 20 staff members from its Nigerian subsidiary, Bolt Nigeria, according to anonymous sources within the company.The layoffs come a day after Bolt announced plans to recruit 326 new staff globally, including three managerial positions in Nigeria. Bolt…
- The European artificial intelligence (AI) market is expected to grow despite the global inflationary environment, geopolitical tensions in Ukraine, IT budget cuts, and macroeconomic uncertainty, based on projections by the International Data Corporation (IDC).In its recently published report, AI…
- Ride-hailing app inDrive has secured $150 million in a debt funding round from General Catalyst to develop new business verticals.Founded in Russia, but with a now established base in the US, inDriver is a global mobility and urban services platform that connects drivers and passengers and allows…
- Mintoak, a SaaS platform that provides merchant services in India and other markets, has raised $20 million in a Series A round led by PayPal Ventures, bringing its total raise to date to $25.8 million. Founded in 2017, Mintoak offers a Software-as-a-Service platform for merchant services. It…
- Apple continues to lead the US smartphone market in the third quarter of 2022 as the market recovered from semiconductor shortages witnessed in 2021, according to the latest research by the market intelligence Counterpoint.Smartphone shipments in the North American country grew 5% YoY with Apple…
- Crypto-focused quantitative hedge fund, Galois Capital, has announced its closure and will be returning its remaining money to investors, according to documents seen by the Financial Times.Galois Capital had managed approximately $200m in assets before it became one of the highest-profile victims…
- Microsoft is reportedly planning to integrate artificial intelligence technology into Windows 11 in the next few years to bolster the utility and overall user experience, a report by Windows Central said.This comes as the company has already said that it plans to add artificial intelligence to many…
- As the world moves away from fossil fuels, the Middle East and North Africa (MENA) region, particularly the GCC countries, are increasingly pushing towards technology and green solutions.MENA countries are committing to net-zero efforts, with Saudi Arabia pledging over $186 billion in green growth…
- China's securities regulator, the China Securities Regulatory Commission (CSRC), has released new rules governing the overseas listings of domestic companies. According to the rules announced late Friday, companies must comply with national security measures and personal data protection laws before…
- Sending Labs, a new startup focused on the creation of decentralized applications (dapps) built around communication has raised $12.5 million in a seed funding round to launch the Web3 communications stack.The round was co-led by Insignia Venture Partners, MindWorks Capital, and Signum Capital and…
- Shein, the Chinese online fashion group, is projecting its revenue to more than double to almost $60bn by 2025. The company aims to convince investors that it is on track for a successful initial public offering this year.According to a management presentation recently shown to investors and seen by
- Gurugram-based end-to-end SaaS platform GetWork has raised Rs 7 crore ($1.75 million) in a Pre-series A round from Samarthya Investment Advisors, NVS Wealth Managers, and Artha Venture Fund, it said in a statement.According to the release, this round follows a previously raised seed round of Rs two…
- Ride-hailing platform Bolt has announced it has exceeded one billion rides on its platform across seven African countries, where it operates ride-hailing and delivery services. Additionally, the company plans to invest €500 million ($572 million) in its operations on the continent over the next two…
- Startup accelerator and early-stage investor Startup Wise Guys has closed the first €25 million of €45 million diversified funds that will be used across its various geographies and vertical-focused funds to support its new strategy focused on global markets that remain underserved by capital…
- Chinese PC maker Lenovo has reported a 24% revenue decline for the third quarter of its FY 22/23, its largest revenue fall in 14 years as global demand for electronics slumped, according to a Reuters report.Revenue fell 24% YoY to $15.3 billion in the third quarter of
- Chipper Cash, the African cross-border payments and crypto startup, has undergone a second round of layoffs within three months. The first round affected its engineering team, and the second round impacted almost one-third of the workforce, approximately 100 employees.Chipper Cash's Vice President…
- Japan will start a pilot programme to test the use of a digital yen in April, joining a growing number of countries seeking to launch their own central bank digital currencies (CBDC), the Japan central bank announced last Friday.The long-anticipated move follows two years of experiments that the…
- Kenyan construction tech startup Jumba has raised $4.5M in a seed funding round to expand its one-stop marketplace for sourcing construction materials.The B2B platform simplifies the supply chain process by enabling construction material retailers to restock and real estate developers to access the…
- Meta has launched a new paid verification subscription service for Instagram and Facebook users for $11.99 a month on the web and $14.99 a month on iOS.According to CEO, Mark Zuckerberg, Meta Verified will be introduced in Australia and New Zealand this week, and more countries will
- Snap, the parent company of social media app Snapchat, announced at its Investor Day event on Thursday that its monthly active users (MAUs) have grown to over 750 million, a significant milestone for the company.This figure places Snapchat ahead of competitors such as Pinterest, which has 450…
- Co-Creation Hub (CcHUB), Africa's largest innovation hub, has launched a $15 million accelerator program named "The Edtech Fellowship Program." It will back and support 72 startups across Nigeria and Kenya for the next three years, according to a statement from the company.The program aims to
