Multiplex spends rose 173 percent year-on-year (YoY) between April 2022 and March 2023, bolstered by the release of mass-appeal films like 'Pathaan' and 'KGF2'.
Spends on flight tickets rose 83 percent YoY, spends on dining out more than doubled, while broadband spending dropped by almost 80 percent. These are just some of the findings of Razporpay's latest payments report for the year ending March 2023.
Speaking to CNBC-TV18, Rahul Kothari, Chief Business Officer at Razorpay believes that rise in spends will continue to happen despite inflation and slower growth. He expects a shift to online payments to drive the growth further.
"A significant part of the rise in spends will continue to happen because the trend indicates that while inflation and slower growth might affect the way people are spending offline and online, India will continue the momentum of resurgence. However the overall shift of payments from cash to digital means is also one of the primary drivers which will continue to drive the growth over the next few years," Kothari said.
Also, Vikram Gupta, Managing Partner of IvyCap Ventures and Swarup Bose, Founder & CEO of Celcius Logistics discussed how they plan to utilise their Series A fundraise of Rs 100 crore. Earlier, the startup had raised Rs 35 crore from investors like Mumbai Angels, Supply Chain Labs, Endurance Capital and others.
Moreover, Saket Modi, Co-Founder & CEO of Safe Security, discussed the road ahead for the company as well as how they plan to utilise their Series B fundraise of $50 million. Cyber security is a $170 billion industry and is growing at over 16 percent year on year. Cyber security is also one of the top 10 concerns of boards around the world, according to World Economic Forum.
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