Tech updates for 4th week of August 2022

Tech updates for 4th week of August 2022

Latest trending news about Facebook, Bengaluru-based startup GoSats, Edtech startup Sunstone, The Indian fintech sector, and 5G launch news

Facebook is reportedly losing its grip as one of the top 10 apps in the US.

As per the analysis done by TechCrunch, it says that iPhone App Store data shows that the Facebook app has lost traction in the App Store’s Top Charts. The report says that Meta-owned Facebook is struggling to maintain its position among the top 10 apps in the US app store for this year. It also specifies that youngsters are attracted and are shifting to newer social media networking environments like TikTok and now BeReal, currently the No.1 non-gaming app on the US App Store.

Bengaluru-based startup GoSats is rewarding Indians in Bitcoin for online purchases.

If you are making an online purchase, it’s quite common for you to hear about receiving rewards in the form of cashback or a discount. But what really excites here is that you receive a bitcoin as a reward for every transaction you make on this app. 

The platform has more than 120 apps, including Flipkart, Amazon, Swiggy, Big Basket, and Myntra, and claims to have 1,50,000 users onboarded to date.

GoSats are quite simple to use. There are 2 ways to shop. One, by purchasing brand vouchers and then using these vouchers on the respective brand’s online or offline store; and second, by directly shopping within the app as on any e-commerce platform.

Roshan, the founder of GoSats, says rewards programmes motivate consumers to receive benefits from spending their money with a brand. He calls the cashback ‘Satback’. It means cashback given in the form of Satoshis. Satoshis is to Bitcoin what paisa is to the rupee, 10 Crore Satoshis is equivalent to 1 Bitcoin. In the future, the company might allow its users to stake their rewards, which means they could re-invest their rewards and earn more incentives.

Edtech startup Sunstone raises $35 million in funding led by WestBridge Capital.

Edtech startup Sunstone, which offers higher education programmes, has raised $35 million in funding led by WestBridge Capital with participation from Alteria Capital.

Sunstone has tie-ups with colleges and private universities through its higher education programmes, which were founded by Ashish Munjal and Piyush Nangru. It works with corporates to develop industry-ready programmes for both postgraduate and undergraduate students.

The startup claims to be present in 35 locations and to have partnerships with 40 institutions. Over the next two years, it plans to create capacity in 100 cities.

The Indian fintech sector now has a 14% global funding share.

According to a report, the Indian fintech market has received $29 billion in funding across 2,084 deals, holding the No. 2 spot in terms of deal volume and capturing 14% of the global funding.

According to the "State of the Fintech Union 2022" report by the Boston Consulting Group (BCG) and Matrix Partners India, India's CAGR in the fintech industry surged by 20%, which was higher than that of the US, the UK, and China, which had growth of 16%, 15%, and 105%, respectively.

India is now third behind China (8,870) and the US (22,290 fintech companies) with a total of 7,460 fintech companies.

There are 23 unicorns in the India fintech ecosystem (out of 106 in total) that have reached a scale to establish a strong position in the global financial services market and be benchmarked for their speed of innovation, customer inclusion, and growth.

Ahead of the 5G rollout in India, PM Modi made a big announcement about the 6G launch.

Prime Minister Narendra Modi made big announcements about 6G services in India. Announcements were made during the Grand Finale of the Smart India Hackathon 2022. Earlier, Telecom Minister Ashwini Vaishnaw announced that 5G services would be rolled out in India by October 12. Jio, Airtel, and even Vodafone have already set up their trial sites in the 13 cities that are expected to get 5G networks.

As per reports, Jio, Airtel, and even Vodafone have already set up their trial sites in the 13 cities that are expected to get 5G services. Airtel and Jio have claimed to be the first operators to roll out 5G services in India.


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