Headout said it will use the funds to accelerate its journey to $1 billion in annual sales by expanding to 500 cities in the next 24 months, to launch new verticals for domestic short-haul travel and build the next generation of technology products.
Globally, central banks have been exploring CBDCs since 2019, but only China has taken the plunge. But, unlike China which has clamped down on trading and mining of cryptocurrencies, India has paved the way for both.
While some in the crypto industry believe official recognition will bring in millions of users, including institutional investors who have been on the fence so far, others say the high tax rate could deter traders and cause them to flee Indian crypto exchanges.
There has been a substantial increase in allocation towards education in this budget, with many policy announcements that will make learning more accessible, equitable and affordable in India.
Industry body ELCINA or Electronic Industries Association of India said that there is a larger promise in the Budget for the sector.
Experts pointed out that the government's digital push would in turn lead to more IT and technology projects being awarded, benefiting Indian and global technology companies.
Crypto is an asset class and an investment product. Trading crypto requires specific skills and cannot be compared to gambling.