Hello, In a major policy pivot at the central bank, the Reserve Bank of India raised the repo rate by 25 basis points to 5.50% on Wednesday. This is the first time in nearly four years that the RBI has raised the repo rate, and the first hike under Governor Sanjay Malhotra. Citing persistent inflation and currency depreciation, the unanimous MPC decision was accompanied by a surprise shift to "calibrated tightening." The message is clear: the central bank is shifting to defence, and further rate hikes are firmly back in play. Malhotra on Wednesday said levying a “small fee” in the form of merchant discount rate (MDR) will not have a "major impact" on UPI transaction volumes. His comments come about a month after the government allowed charging of the MDR under which transactions above Rs 2,000 will attract a fee of 0.4%. Moving on to the fintech industry, RBI has officially removed Paytm Payments Bank Ltd (PPBL) from the list of recognised scheduled banks following the cancellation of its banking licence. The move comes after months of regulatory scrutiny of the company. Elsewhere, Google Cloud India Managing Director Sashikumar Sreedharan has stepped down from his role to pursue an external opportunity, with Amit Kumar named as the interim head of the company's India operations, a senior company official said on Wednesday. Lastly, debt platform for startups and SMEs, Recur Club, has announced a Rs 500 crore fund to facilitate growth capital for D2C brands in the current financial year. Based on the current average ticket size of approximately Rs 3 crore, the fund is expected to support 150-170 D2C brands, depending on their individual financing requirements, per a statement. Meanwhile, India’s quick-commerce market is projected to grow from $13 billion this year to $90 billion by 2031, according to a Google-Redseer report. In today’s newsletter, we will talk about India’s $90B quick commerce opportunity Celebrating the New Tech Order at TechSparks Here’s your trivia for today: Which Dutch multinational corporation, founded in 1891 to manufacture carbon-filament lightbulbs, grew into a global consumer electronics and medical device giant? (Scroll down for answer) Ecommerce India’s quick-commerce market is expected to grow from $13 billion this year to $90 billion by 2031, per a joint report by Google and Redseer Strategy Consultants. Titled Think Quick Commerce: Unlocking the $90B Opportunity, the report projects that India’s monthly active quick-commerce buyers will clear 100 million over the next five years. That momentum is already showing up in real time: quick-commerce sales are expected to surge 110% year-on-year during the current festive season, capturing roughly 18% of all online festive shopping in India. Key takeaways: Quick commerce currently claims about 6% of total retail spending in Indian metros, but researchers expect that share to climb to between 20% and 23%. Rather than just using delivery apps for last-minute snacks or forgotten ingredients, metro households are increasingly placing full pantry-replenishment orders. Beyond major metropolitan hubs, apps are targeting a market of roughly 200 million online shoppers across more than 300 smaller cities. <Funding Alert> Startup: Lumio Amount: $12M Round: Series A Startup: Quanfluence Amount: $10M Round: Undisclosed Startup: Sunfox Technologies Amount: $7M Round: Series A TechSparks India’s flagship technology and startup summit, TechSparks 2026, returns to Bengaluru under the theme "The New Tech Order." As the tech landscape undergoes massive shifts—driven by localized AI, deeptech innovations, indigenous defence manufacturing, and cloud-native SaaS—this year's event brings together top founders, policy leaders, tech executives, and investors to map out what's next. Key takeaways: Top leaders like Karnataka Ministers Priyank Kharge and Krishna Byre Gowda, along with Bihar Chief Secretary Pratyaya Amrit, will address how policy and state-backed infrastructure are accelerating India's innovation engine. Startups such as Ammunic Systems, which is developing domestic electronic fuzes, and VC firms like Speciale Invest will highlight India’s rapid push toward technological self-reliance. Leaders from Amagi (cloud SaaS for broadcasting), CleverTap (AI-driven user engagement), and The Executive Centre will discuss how modern enterprises are rethinking hybrid work. News & updates Luxury EV: Tata Motors-owned luxury carmaker Jaguar has launched its new all-electric vehicle called Type 01. The launch marks a new direction for the company, which was criticised in November 2024 when it revealed a series of changes ahead of becoming a fully electric brand. Investment talks: Commerce and Industry Minister Piyush Goyal has held a series of meetings with top US firms in New York, including Blackstone, and invited them to explore investment opportunities in India, an official statement said on Wednesday. Which Dutch multinational corporation, founded in 1891 to manufacture carbon-filament lightbulbs, grew into a global consumer electronics and medical device giant? Answer: Philips We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, sign up here. For past editions of the YourStory Buzz, you can check our Daily Capsule page here.