India’s infrastructure output grows 3.2pc y/y in August

Reuters | Published: 01:42, Oct 01,2016


India’s annual infrastructure output grew 3.2 per cent in August, mainly aided by a pick up in the production of fertilisers and cement, government data showed on Friday, reports Reuters.

The output growth for July was revised down to 3.0 per cent from 3.2 per cent announced earlier, the data showed.

In the first five months of the current fiscal year to August, the output growth came in at 4.5 per cent.

Cement production grew 3.1 per cent year-on-year in August, faster than a 1.4 per cent rise in the previous month, while fertiliser output grew 5.7 per cent compared with a 4.3 per cent contraction in July.

Infrastructure output, which comprises eight sectors such as coal, crude oil and electricity, accounts for nearly 38 per cent of India’s industrial output.

Indian bitcoin company raises $1.5 million from US, Indian investors

Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and US investors, the company announced on Thursday.

The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013.

Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest US bitcoin company and runs an exchange and a wallet service, among other businesses.

Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with US investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub.

Digital Currency Group was founded by one of the top US bitcoin investors Barry Silbert, while Boost VC is run by US-based Adam Draper, the son of billionaire entrepreneur Tim Draper.

‘We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India,’ Sunny Ray, Unocoin’s co-founder and president told Reuters in an interview.

‘So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days.’

Unocoin raised about $2,00,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru.

Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform.


More about:

Want stories like this in your inbox?

Sign up to exclusive daily email