Paytm’s parent company, One97 Communications, is among the nine stocks newly incorporated into the MSCI Global Standard Index. Following its inclusion, One97 Communications observed its shares reaching the highest level this month.

Paytm shares are presently trading at INR 912.30, reflecting a 2% increase. The stock has registered a remarkable 72% gain in the year 2023.

IIFL Alternative Research estimates potential stock inflows at $140 Mn, while Nuvama Alternative and Quantitative Research anticipates inflows of $162 Mn.

Recently, Paytm announced a 49% year-on-year decrease in its consolidated net loss, amounting to INR 291.7 Cr for the quarter ending September 2023. Operating revenue experienced a significant 31% surge, reaching INR 2,518.6 Cr, propelled by robust expansion in the payments and financial services sector.

Meanwhile, shares of Paytm slumped as much as 10.6% to INR 882.1 during the intraday trading on the BSE on October 23 after the company released its Q2 FY24 earnings.

In addition to Paytm, IndusInd Bank, Tata Motors ‘A’ (Tata Motors DVR), and Suzlon Energy shares are also among the nine stocks included in the MSCI Global Standard Index.

As per the latest announcement by the global index provider, other stocks added to the MSCI India Index include APL Apollo Tubes, Macrotech Developers, Persistent Systems, Polycab India, and Tata Communications.

The changes in constituents for the MSCI Global Standard Indexes will take place at the close of November 30, 2023.

At the same time, MSCI has not removed any stocks from the India index.

Passive funds globally monitor the Morgan Stanley Capital International (MSCI) indices. Any additions or upward adjustments in stock weightages within these global benchmarks are likely to attract inflows from passive funds aligned with these indexes.

Morgan Stanley Capital International or MSCI is known for its stock indices. The MSCI Index includes stocks from developed markets worldwide, as defined by MSCI. It covers securities from 23 countries but excludes stocks from emerging and frontier economies, making its global scope somewhat narrower. In contrast, the MSCI All Country World Index (ACWI) incorporates both developed and emerging nations. Additionally, MSCI offers a Frontier Markets index, which includes another 31 markets.

The MSCI India Index is crafted to gauge the performance of the large and mid-cap segments within the Indian market. Encompassing 122 constituents, the index effectively spans about 85% of the entire Indian equity universe.

The post Vijay Shekhar Sharma-Led Paytm Makes Into MSCI Index appeared first on Inc42 Media.

The Income Tax (I-T) Department in India is currently conducting investigations into the Indian units of Apple, Google, and Amazon regarding potential tax non-payment. 

Authorities, as part of a probe initiated in 2021, have sought detailed clarifications from several tech giants concerning their transfer pricing (TP) practices, as per an ET report. 

The department is contemplating a tax demand of over INR 5,000 Cr, having rejected numerous justifications provided by the companies in question.

The Indian arms involved in the matter are Apple India Pvt Ltd, Amazon Seller Services India Pvt Ltd and Google India Digital Services Pvt Ltd.

The central issue in this case revolves around the methods used for transfer pricing (TP) adjustments, which the tax department believes may lead to significant tax liabilities. This investigation covers multiple assessment years and is currently under scrutiny and legal process at various levels. 

According to an ET report, both Amazon and Apple have engaged PwC for representation in this matter. 

Transfer pricing principally aims to curb price manipulation in transactions within corporate groups, thereby reducing tax evasion. By setting transfer prices at arm’s length, or market rates, countries attempt to prevent corporations from shifting profits to low-tax areas. This practice encompasses dealings with both tangible and intangible assets. Compliance with transfer pricing laws in their operational jurisdictions is crucial for companies to mitigate tax-related complications and maintain equitable business operations.

The Income Tax Department is reportedly investigating the three technology behemoths regarding transactions associated with advertisement, marketing, and promotion expenses, payments for royalty, trading and software development segments, as well as marketing support services.

Apple, headquartered in Cupertino, California, holds the title of the world’s most valuable company, boasting a market capitalisation just shy of $3 Tn. Alphabet Inc, the parent company of Google, holds the fourth position in the valuation rankings, while Amazon holds the fifth spot.

In the case of Apple, the focus of the tax investigation primarily centres on the Indian arm’s procurement of finished products from its original equipment manufacturers and subsequent sales in the domestic market.

“While the company argues this is not an international transaction and thus falls outside the purview of taxation, the department contends it to be a deemed international transaction,” a person familiar with the matter informed ET. “The department found that the taxpayer wasn’t paying any royalty on trading, as the assessee couldn’t prove exploitation of the intellectual property, resulting in the royalty amount being benched to nil.”

In the case of Apple India, on expenses related to trading segments, the Income Tax Department has rejected the company’s justifications, leading to an alleged tax liability of hundreds of crores, according to another tax official.

Despite this, the company has seen a significant surge in net profit, increasing by 76% to INR 2,229 Cr, marking the fastest growth in net profit for the company in India over the past five years. Analysts anticipate a rapid increase in the percentage of iPhones manufactured in India, currently over 7%, in the coming years.

These cases go through different resolution stages, such as the dispute resolution panel, Commissioner of Income Tax (Appeals), Income Tax Appellate Tribunal (ITAT), and potentially the high court and Supreme Court. Companies can also choose the Mutual Agreement Procedure (MAP) for an alternative tax dispute resolution under Direct Tax Avoidance Agreements (DTAA).

The post India Tax Probe: Apple, Google, And Amazon May Face INR 5,000 Cr Tax Demand appeared first on Inc42 Media.

The Department of Telecommunications (DoT) is seeking additional details from Amazon regarding its satellite communication licence application. This includes seeking clear information on key aspects like setting up satellite gateways, along with data storage and transfer protocol, ET said in a report.

The Indian government is currently reviewing the application submitted by Amazon’s Project Kuiper for a Global Mobile Personal Communication by Satellite Services (GMPCS) licence. 

This approval would allow Amazon to deliver an array of services including broadband, voice, and messaging directly from space, catering to both individual consumers and businesses. 

In October, Amazon marked its entry into the Indian satellite communication sector by beginning the approval process with the Indian National Space Promotion and Authorisation Centre (IN-SPACe). Through its satellite communication division, Project Kuiper, Amazon applied to the Department of Telecommunications (DoT) for the GMPCS licence.

Amazon intends to provide customers in India with broadband services ranging from 100 Mbps to 1 Gbps through its broadband-from-space services, set to launch by the end of the upcoming year. Project Kuiper, in collaboration with Amazon, plans to introduce satcom services in India concurrently with its global launch. 

“We have sought details from Amazon on some points like satellite gateways and data. This is part of a process as we analyse the application,” an official told ET. 

In addition to DoT, the Ministry of Home Affairs (MHA) will also conduct a thorough security review of Amazon’s application. Following the acquisition of all essential details, an inter-ministerial committee will finalise the decision regarding Amazon’s licence grant. 

The 2023 Space Policy of India permits private entities operating low-earth orbit (LEO) and medium-earth orbit (MEO) satellite constellations to introduce high-speed broadband services from space within the nation. 

Amazon has sought the necessary regulatory clearances from the Indian National Space Promotion and Authorisation Centre (IN-SPACe). Amazon joins the list of contenders seeking to provide space communication services in India, following in the footsteps of Bharti-backed OneWeb, Reliance Jio’s satellite communication arm, and Starlink. This move highlights the growing competition in India’s nascent broadband-from-space market.

According to a Financial Express report, Jio Satellite Communications and Bharti Enterprises’ OneWeb have received government clearance to offer broadband internet services via satellite. Both companies have successfully acquired pan-India Internet Service Provider (ISP) licences, essential for providing internet access through satellite or mobile networks.

Starlink, owned by Elon Musk, is anticipated to receive the GMPCS (global mobile personal communication by satellite) licence in the near future.

The post DoT Seeks Clarity From Amazon On Satellite Communication Licence Application appeared first on Inc42 Media.

The Centre will soon launch the India AI programme to encourage use of artificial intelligence by Indian startups to solve problems, union minister of state for electronics and information technology Rajeev Chandrasekhar said.

Speaking at the Nasscom Future Forge event, Chandrasekhar said, “The India AI programme will be a very well-funded, conceived and architected programme. It will take the focus of our startup ecosystem on real-life use cases in agriculture, security and governance.”

Quoting sources, Business Standard reported that the programme will be launched on December 11. India is set to host a three-day AI summit from December 12 to 14 in New Delhi.

Chandrasekhar also emphasised the importance of deeptech in driving the next phase of growth in India’s startup ecosystem and innovation. He said the digital economy’s contribution to the GDP has grown from 4.5%-5% in 2014 to 11.5% today, with a projected increase to 20% by 2026.

Earlier this month, while speaking at the AI Safety Summit 2023, Chandrasekhar said that a consensus on the do’s and don’ts of AI among democratic nations must be reached to ensure that the countries are not left playing catch-up in a rapidly evolving world of innovation.

In July this year, India AI, an independent business unit (IBU) under the Digital India Corporation, signed a Memorandum of Understanding (MoU) with social media giant Meta to foster collaboration in the fields of artificial intelligence (AI) and other emerging technologies. 

In October, MeitY signed three MoUs with tech giant IBM to accelerate innovation in areas such as artificial intelligence (AI), semiconductor, and quantum technology. 

According to NITI Aayog, AI has the potential to contribute $1 trillion to India’s economy by 2035, while also creating future job opportunities. 

Meanwhile, Indian startups have also jumped on the AI bandwagon to leverage the technology to improve user experience and offer new services and features. Flipkart, Swiggy, and ixigo are among the Indian startups that have started using AI.

The post Centre To Launch India AI Programme Soon, Says MoS Rajeev Chandrasekhar appeared first on Inc42 Media.

Mumbai-based Quickwork has raised $2.5 Mn in its pre-series A2 funding round led by DMI Alternative Investment Fund – The Sparkle Fund and NIS Ventures Group.

Founded in 2015 by Deepak Arjan Bhatia, Dr Milind R Agarwal, Krish Advani, and Omkar Sathe, Quickwork provides a no-code automation and API integration platform that allows enterprises to automate workflows, publish APIs and manage conversations. 

With an intuitive interface and a wide range of pre-built connectors, Quickwork claims it helps organisations streamline operations and embark on digital transformation seamlessly. The startup claims to have over 1,500 pre-integrated apps on the platform. 

In a statement, Quickwork said the fresh investment will be used to enhance the features of its platform and invest in research and development. It also plans to enter new markets, forge strategic partnerships, and scale its operations to cater to the growing demand for no-code automation and API integration solutions.

Quickwork claims its services are used in nearly 145 countries and the startup counts Freshworks, Cipla, and Axis Bank among its customers.

Commenting on the fundraise, Quickwork founder and CEO Dr Milind R Agarwal said, “With the backing of DMI Sparkle Fund and NIS Ventures Group, we are poised to accelerate our product development both around enhancing user experience and hyper scaling our cloud DevOps infrastructure, expand our market presence across the globe, and continue empowering businesses worldwide to harness the power of automation.” 

The fundraise comes at a time when SMEs as well as corporates are digitising most of their job functions and banking on automation to boost productivity. As per a recent report, artificial intelligence (AI) and automation will necessitate reskilling and upskilling of 16.2 Mn workers in India by 2027, while also creating 4.7 Mn new tech jobs in the same period.

The rise in demand for automation solutions from enterprises had resulted in an increase in the number of startups in the domain and also funding activity.

In September, Atomicwork raised $11 Mn to help enterprises automate workflows. Prior to that, US-based Cilio Technologies acquired Noida-based end-to-end digital transformation and product development startup AutomationFactory.AI. 

The post Quickwork Raises $2.5 Mn To Provide Enterprises A No Code Platform To Automate Workflows appeared first on Inc42 Media.

Ecommerce giant Amazon has launched its last mile fleet programme in India with 100% electric vehicles (EVs), a global first for the company. The programme will assist over 300 Delivery Service Partners (DSPs) in conducting customer deliveries without emitting any tailpipe emissions.

Amazon’s global last-mile fleet programme, successful in North America and Europe, is now launching in India with custom-designed electric EVs to provide DSPs with convenient access to reliable, high-quality zero-emission vehicles for last-mile deliveries.

The India fleet launches ahead of Diwali, and more electric three and four-wheel vehicles will be added over time.

The programme in India provides DSPs with access to customised EVs suitable for last-mile deliveries, with maintenance, charging, and parking also provided. The vehicles are also equipped with advanced safety features, supporting the well-being of Amazon’s delivery partners and the communities they serve. Data generated by the vehicles allows Amazon to optimise deliveries for safety and punctuality.

“We are committed to be net-zero carbon by 2040, and decarbonising our delivery network is an important part of getting us to that goal,” said Abhinav Singh, VP of Operations, Amazon India.

Tom Chempananical, director of Global Fleet and Products, at Amazon, said, “These vehicles will raise the bar for last-mile delivery services, helping us deliver packages to our customers safely, reliably and efficiently.”

The ecommerce giant plans to incorporate a significant portion of last-mile delivery vans into the programme over the next two years, eventually including all such vans. In the initial phase, the company introduced Mahindra Zor Grand three-wheeler EVs, specially equipped for Amazon’s last-mile deliveries. 

Mahindra Zor Grand is an emission-free electric three-wheeler designed for efficient last-mile logistics. With a roomy 170 cubic feet delivery box and a strong 400kg payload capacity, it’s well-suited for handling daily shipments, especially in areas with poor air quality.

Amazon has rolled out over 6,000 electric vehicles for package delivery in over 400 Indian cities, aiming to increase this fleet to 10,000 by the close of 2025.

This development aligns with the government’s efforts to promote EV adoption in India to reduce carbon emissions.

In October, India saw over 70,000 electric two-wheeler registrations, marking a four-month milestone. Month-on-month, these registrations grew by 9.8%, reaching 70,248 units according to Vahan data as of October 31.

Global businesses are also emphasising ESG (Environmental, Social, and Governance) factors, which are driving greater focus on increasing EV adoption.

Flipkart, Zomato, and Swiggy, have also partnered with several EV manufacturers to fast-track the adoption of EVs in their logistics fleet.

For instance, Amazon’s rival Flipkart has also said that it will deploy 25,000 EVs by 2030 to electrify its fleet. 

Similarly, Swiggy has partnered with Taiwanese battery-swapping solutions provider Gogoro to promote its electric smart scooters for last-mile delivery across India. 

In recent times India has seen the launch of several cleantech startups that have come up with out-of-the-box solutions to contribute to India’s clean energy goals. Some of these startups include, 75F, Ace Green Recycling, CleanMax Enviro Energy Solutions, GPS Renewables, ION Energy, and more.

Amazon is actively exploring low-carbon fuels, embracing energy-efficient innovations, and investing in renewable energy projects to reduce emissions from electricity generation. Recently, the ecommerce giant revealed a 198-megawatt wind farm in Osmanabad, Maharashtra, India, marking its 50th renewable energy project in the country and pushing its capacity past 1.1 gigawatts.

The company aims to power its global operations with 100% renewable energy by 2025.

The post Amazon Electrifies Indian Roads, Unveils EV Fleet For Zero-Emission Deliveries appeared first on Inc42 Media.

The Indian government is working to expedite approvals for Tesla’s potential entry into the country, with a goal of providing all the necessary clearances by January 2024. 

A recent meeting conducted by the Prime Minister’s Office reviewed the upcoming phase of electric vehicle (EV) manufacturing in India, which includes Tesla’s investment proposal, an ET report said.

The world’s leading electric car manufacturer has been engaged in discussions with the Indian government around its broader expansion into the Indian market, covering multiple aspects of EV manufacturing.

Tesla has been attempting to enter the Indian electric car market for a while. However, India’s focus on local EV manufacturing has posed hurdles for Tesla. Earlier this year, Musk met with Prime Minister Narendra Modi and expressed optimism about Tesla’s prospects in India. 

From renting office space in Pune to meeting the top government officials and ministers, Tesla is gradually taking the necessary steps to launch the business in the country soon. 

In August, Tesla officials also met union minister Piyush Goyal to discuss the acceleration of its plans to establish a manufacturing plant in the country.

The company is also planning to source EV components worth $1.7 Bn to $1.9 Bn this year from local vendors. The EV giant also plans to set up a battery storage facility in India. 

In addition to Tesla, Audi and Mercedes-Benz are also in the queue to grab the opportunities in the Indian EV ecosystem. 

The increasing demand for EVs in India has attracted both global and domestic tech companies, along with emerging startups. Acer, the Taiwanese tech giant, recently entered the Indian EV market by licensing its brand to eBikeGo, a mobility startup. Additionally, VinFast unveiled plans to invest $150 Mn – $200 Mn in India to establish a CKD assembly unit.

Currently, international players like MG Motor, Renault SA, Nissan, Volkswagen, and BYD are among the leading players in the electric car market in the country.

Following a reported 300% increase in EV sales in 2022, as stated by Road Transport and Highway Minister Nitin Gadkari, companies and startups have been entering the space. Gadkari also projected that the Indian EV market could achieve a valuation of $266 Bn by 2030. With 3 Mn registered EVs, the country witnessed a significant surge in EV sales, growing by 131% from 25,100 units to 58,076 units.

India presently has approximately 3 Mn registered EVs (according to Vahan), and it’s expected that sales will reach 10 Mn EVs by 2030, creating jobs for 50 Mn people.

India hosts more than 700 EV startups, illustrating the industry’s vibrant landscape. Since 2015, Indian EV startups have raised close to $2.5 Bn in funding.

Concurrently, established ICE manufacturers have also accelerated their transition to the electric vehicle segment.

The post Tesla’s India Entry: Govt Asked To Fast-Track Approvals By Jan 24 appeared first on Inc42 Media.

Coinbase Ventures-backed DeFi wallet app Okto has allocated a $5 Mn treasury fund to lure users of crypto exchange Valuld. As part of this, Okto will give a 2% bonus for users who choose to transfer their assets from Vauld to the wallet app. 

Vauld, a Singapore-based crypto exchange, suspended all withdrawals, trading and deposits on the platform last year as the crypto market collapsed following the Terra Luna crash. 

Okto is a DeFi app that provides a keyless, self-custody wallet across multiple chains. It seeks to streamline the realm of decentralised finance (DeFi) by offering a secure, user-friendly, and inventive approach to asset management.

Last year, crypto unicorn CoinDCX announced the launch of Okto to expand its presence in the DeFi and web3 ecosystem. 

Commenting on the move, Okto founder Neeraj Khandelwal said, “While this $5 Mn fund represents one of our initiatives to support the crypto ecosystem, our overarching vision is to empower the web3 community through cutting-edge technology-backed platforms and apps designed to tackle the broader challenges within the ecosystem.”

Founded in 2018 by Darshan Bathija and Sanju Soni Kurian, Vauld is backed by investors such as Valar Ventures, Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Robert Leshner, and Cadenza Capital. Last year in July, Vauld announced its decision to suspend operations temporarily as part of a business restructuring aimed at safeguarding the interests of all stakeholders.

The persistent turmoil in the crypto market and ongoing regulatory ambiguities have also affected crypto startups in India. Three crypto startups – Pillow, Flint Money, and WeTrade – were forced to cease their operations in the past few months.

Besides this, the introduction of 30% tax on profits generated from crypto transactions and 1% TDS (Tax Deductible at Source) on crypto transactions exceeding INR 10,000 have also hurt crypto startups.

To add to the woes, the Reserve Bank of India (RBI) has been a staunch critic of cryptocurrencies and has repeatedly called for a ban on them.

The post Crypto Wallet Okto Looks To Lure Vauld Users With $5 Mn Treasury Fund appeared first on Inc42 Media.

upGrad cofounder and chairperson Ronnie Screwvala, Edelweiss Mutual Fund CEO Radhika Gupta, and Acko’s Varun Dua, have joined Shark Tank India as the new sharks, for the upcoming third season. This brings up the total number to 12 this season.

Season three, currently in production, also features Ritesh Agarwal (founder and Group CEO of Oyo Rooms), Deepinder Goyal (founder and CEO of Zomato), and Azhar Iqubal (cofounder and CEO of Inshorts) as sharks.

Gupta serves as the CEO and managing director at Edelweiss Mutual Fund since 2017. Under her leadership, the company has grown into one of India’s leading mutual fund houses.

On the announcement, Gupta tweeted, “Founded a company. Building another one. And investing in many others that are building the India of tomorrow. Love everything about entrepreneurship and want to do everything to cheer for those who are building this country. This weekend at Shark Tank India is just about that. Super excited to learn, share and be part of the magic of new.”

She further clarified on X that her investments in Shark Tank will be in a personal capacity.

Meanwhile, upGrad has garnered support from prominent investors, including Temasek, Lupa Systems led by Murdoch, the International Finance Corporation, and IIFL. Established in 2015 by Screwvala, the edtech unicorn has raised over $650 Mn in funding to date.

The edtech startup has lately been in the news for all the wrong reasons. In July, GST officials visited upGrad’s office, which the startup termed as a routine survey. Prior to that, it laid off 40% of workforce at its subsidiary Harappa Education. It also fired 120 employees at its video learning arm upGrad Campus in March this year. 

On the other hand, the Bengaluru-based insurtech unicorn Acko, founded in 2016 by Varun Dua and Ruchi Deepak, is a digital insurance policy provider. It entered the coveted unicorn club in 2021 after raising $255 Mn in Series D round led by General Atlantic and Multiples Private Equity Fund. 

Acko, which sells automobile, health, and travel insurance on its platform, has raised around $458 Mn to date. 

Acko saw its net loss more than double in the financial year ending on March 31, 2023. The startup reported a loss of INR 738.5 Cr for the fiscal year 2022-23 (FY23), marking a 53% increase from INR 482.3 Cr in FY22, primarily due to an increase in expenses.

Other sharks in season three include — Aman Gupta (cofounder and CMO of boAt), Anupam Mittal (founder of People Group), Namita Thapar (executive director of Emcure Pharmaceuticals), Peyush Bansal (cofounder and CEO of Lenskart), Vineeta Singh (cofounder and CEO of Sugar Cosmetics) and Amit Jain (cofounder and CEO of CarDekho).

The former Shark Tank judge and BharatPe’s Ashneer Grover recently expressed his thoughts on the latest season of Shark Tank.

In response to a promo video for the third season of this popular reality show, Ashneer Grover humorously criticised the show for its emphasis on quantity over quality.

“Shark Tank 3 feels like an ‘audition’ for Shark Tank 4! There’s a life lesson – don’t change something that’s already working well and create unnecessary problems. Let’s hope that the increased quantity doesn’t compromise the quality!” he tweeted.

Shark Tank India has transformed its judges into celebrity CEOs, a phenomenon detailed in a recent Inc42 story. Our analysis found a 68X surge in Instagram followers for the Sharks, spotlighting not just the individuals but their businesses as well. However, experts caution that the companies run by these celebrity CEOs must offer substantive value beyond their newfound stardom to sustain growth.

The post Shark Tank Season 3: upGrad’s Ronnie Screwvala, Acko’s Varun Dua, Edelweiss MF’s Radhika Gupta Join As Sharks appeared first on Inc42 Media.

Airtel Digital’s chief executive officer Adarsh Nair has tendered his resignation following a five-year stint with the telecom operator.

Airtel Digital is the digital services arm of Bharti Airtel. Nair was also the chief product officer of the company.

“We wish to inform you that Nair, chief product officer of the company has resigned and accordingly, ceases to be a senior management personnel of the company. His resignation has been accepted on November 03, 2023 and he will be relieved from his duties upon closure of business hours on February 15, 2024,” Bharti Airtel said in an exchange filing.

As per his resignation letter, Nair plans to relocate to the US in the early part of the upcoming year.

Nair, in the letter to Airtel MD Gopal Vittal, said, “I am deeply grateful to Airtel, Sunil and you for the multitude of opportunities given to me over the past 5 years in crafting and scaling our digital organisation.”

As per his LinkedIn profile, Nair scaled Wynk Music app to 75 Mn users and built fintech app Airtel Finance, Xstream video app, cloud communication platform Airtel IQ, and Airtel IOT platform.

Earlier this month, Bharti Airtel reported a consolidated net profit of INR 2,093.2 Cr on operating revenue of INR 37,043.8 Cr in Q2 FY24. The revenue for India business stood at INR 26,995 Cr, while average revenue per user for mobile stood at INR 203 per month.

Meanwhile, Jio Platforms, which houses Airtel’s rival Jio Infocomm Ltd, reported a 12% year-on-year increase in consolidated net profit to INR 5,297 Cr in Q2. ARPU stood at INR 181.7 per month.

Airtel’s 5G services are currently available across 5,000 towns and 20,000 villages and the company is aiming to roll out 5G services across the country by March 2024. 

The post Airtel Digital CEO Adarsh Nair Resigns appeared first on Inc42 Media.

In a meeting, Rajeev Chandrasekhar, Minister of State for Electronics and IT, and his Dutch counterpart Alexandra van Huffelen, State Secretary for Kingdom Relations and Digitalisation of the Netherlands, deliberated on approaches to stay ahead in a swiftly innovating global landscape.

In a statement, Chandrasekhar said, “We must come to a consensus on the do’s and don’ts of AI among democratic nations to ensure that we are not left playing catch-up in a rapidly evolving world of innovation. We need to establish an institutional framework between countries that will define the guardrails for platforms, further enhancing accountability.” 

Chandrasekhar, who is representing India at AI Safety Summit 2023 in the UK further emphasised the importance of guiding Artificial Intelligence (AI) with principles focusing on safety, user trust, and platform accountability in an official statement on November 2.

The minister has also extended invitations to all nations for the upcoming Global Partnership on Artificial Intelligence (GPAI) and India AI summits scheduled for December 2023.

Chandrasekhar highlighted India’s leadership role as the chair of the Global Partnership on Artificial Intelligence (GPAI).

“We have maintained that AI should be guided by principles of safety & trust for users, and accountability for platforms,” Chandrasekhar said at the summit.

Chandrasekhar reiterated the vision of Prime Minister Narendra Modi, highlighting the imperative use of AI to positively transform people’s lives while ensuring safety, trust, and accountability to mitigate potential harm to users.

During the summit on November 1, all participating nations reached a consensus and endorsed The Bletchley Declaration. This document places a significant emphasis on the alignment of AI systems with human intentions and advocates for a comprehensive exploration of AI’s full potential.

The minister engaged in bilateral meetings with counterparts from the UK, Australia, the Netherlands, and Ireland.

During his discussions with Viscount Camrose, the UK’s Minister of State for AI and Intellectual Property, they extensively addressed potential risks associated with AI-related user harm and committed to ongoing collaborative efforts to make substantial advancements in this sector in the coming months, as outlined in the official statement.

This comes after Prime Minister Narendra Modi called for building a global framework on the ethical usage of AI while addressing the B20 Summit India 2023. 

The summit aims to bring together international governments, leading AI companies, civil society groups and experts in research to consider the risks of AI, especially at the frontier of development.

Amid the global AI boom, India has emerged as one of the fastest-growing AI talent hubs worldwide. A recent report from LinkedIn confirms the country’s rise in AI expertise.

“Singapore, Finland, Ireland, India, and Canada are experiencing the fastest rate of AI skills diffusion,” said LinkedIn’s ‘Future of Work Report – AI at Work’, adding that the number of  AI-skilled members was 9X higher globally in June 2023 compared to January 2016.

Additionally, according to a recent study conducted by ServiceNow and Pearson, AI and automation will necessitate reskilling and upskilling 16.2 Mn workers in India by 2027, while creating 4.7 Mn new tech jobs in the same period.

As AI continues to thrive, startups are racing to keep pace. Infibeam Avenues, a fintech startup, has accelerated its plans to establish an in-house ecosystem to support its AI ambitions.

Joining this AI wave are prominent Indian organisations like Tech Mahindra, Infosys, Zomato, and Flipkart. According to Inc42, India is home to over 70 generative AI startups, which have collectively secured funding exceeding $440 Mn since 2019.

The post MoS Rajeev Chandrasekhar Advocates For Unified AI Guidelines Among Democratic Nations appeared first on Inc42 Media.

Fintech SaaS startup Perfios has appointed Sumit Nigam as chief technology officer (CTO) and Anu Mathew as chief people officer (CPO) as part of its initial public offering (IPO) plans.

The startup said the leadership appointments are part of its strategic preparation for its public listing over the next 18-24 months. 

Nigam, who assumed the role of CTO in July, has over two decades of experience in technology leadership. Nigam earlier worked with organisations like BigBasket, Walmart Global Tech, Informatica, and Dell EMC. 

In his new role, he will be instrumental in guiding the startup’s technological advancements with a focus on enhancing its comprehensive suite of SaaS products, Perfios said in a statement.

Meanwhile, Debashish Chakraborty, cofounder of Perfios who served as CTO for 15 years, will now transition to a more strategic position within the company while retaining his board membership. In his new capacity, he will offer counsel on technology initiatives and provide guidance to the tech team led by Nigam.

Commenting on his appointment, Nigam said, “I am thrilled to become a part of Perfios’ journey at this crucial juncture. Perfios has been at the forefront of numerous innovations in the fintech space, and there are vast opportunities for bringing in the next set of disruptions that can empower our customers in different ways…” 

On the other hand, Mathew’s career spans over two decades, marked by her successful scaling of startups and tenure with global organisations. She has previously worked with Pine Labs, QwikCilver, HCL, and GE.

Having lived and worked in both India and England, Mathew brings extensive experience in building global teams and collaborating with founders and leaders to create high-growth, sustainable organisations with a positive team culture, the statement said.

Founded in 2008 by VR Govindarajan and Chakraborty, Perfios is a B2B and B2C startup that provides software solutions to financial institutions for credit decisioning, analytics, onboarding automation, due diligence, among others. The startup has a presence in 18 countries and works with over 1,000 financial institutions. It offers over 75 products and platforms and over 500 APIs.

Last month, the startup raised $229 Mn in its Series D funding round from Kedaara Capital in a mix of primary and secondary sale.

Earlier this month, Perfios conducted ESOP buyback worth INR 154 Cr, which, it said, created 62 millionaires.

In September this year, Perfios acquired Chennai-based open finance platform Fego.ai. Prior to that, Perfios acquired Karza Technologies in 2022 and FinTechLabs in 2019.

The post Fintech SaaS Startup Perfios Appoints CTO, CPO As Part Of Its IPO Plans appeared first on Inc42 Media.

IndiGG IP owner Kratos Studios has introduced the Kratos Games Network programme with an INR 50 Cr grant to encourage gaming studios to migrate their games to its blockchain platform.

Bengaluru-based Kratos has already enabled monetisation for 1.5 lakh gamers, amounting to INR 5 Cr, and is expected to see a 100X increase in the number of gamers with this move.

Selected gaming studios will gain access to Kratos’ proprietary blockchain tech stack, tapping into its extensive community of 1 Mn global gamers. 

Blockchain integration offers monetisation opportunities for both developers and gamers. Kratos’ gamer community spans various regions, focusing on studios outside India, such as LATAM, East Asia, and SE Asia. 

Kratos is seeking partnerships with established games boasting over 500K daily active users (DAUs) and profitability in 2-3 years. It plans to collaborate with approximately 10 to 15 studios by March 2024.

Founded by former chief executive of gaming and media major Nazara Technologies, Manish Agarwal, the company aims to onboard studios onto Kratos’ blockchain, allowing players to earn rewards. These rewards will be in the form of “Kratos cash”, an in-house token redeemable through the Kratos app, explained Agarwal in a statement.

The initial grant will serve as the liquidity source for Kratos cash rewards, while the game’s earnings will eventually fund these rewards. 

Agarwal, expressed the intention to create a community of gaming studios and players on the platform. While the programme is open to studios worldwide, it anticipates about a third of participants to come from India. 

In August, Kratos Studios expanded its operations into Brazil.

In February this year, former Agarwal and early-stage investor Ishank Gupta launched Kratos Studios, a new Web3 gaming venture, and raised INR 160 Cr at a valuation of INR 1,200 Cr in a seed funding round led by Accel.

This development coincides with the rapid expansion of the Indian gaming market. An IMARC study reported that the Indian mobile gaming market reached $2.2 Bn in size in 2022 and is projected to reach $5.9 Bn by 2028, with a compound annual growth rate (CAGR) of 18.9% during 2023-2028.

In recent times, we have seen several gaming startups gaining investor interest. A couple of days back, Gurugram-based casual gaming studio Funstop Games raised $1.5 Mn in a funding round led by InfoEdge Ventures.

QuriousBit, a gaming studio, secured $2 Mn in a seed funding round led by Lumikai, a gaming-focused venture capital firm.

Last year, several Web3 startups including Samudai, Zbyte, and EPNS secured funding from notable investors.

Moreover, Indian startups are venturing into both domestic and global investments. 

In October, gaming startup WinZO unveiled its intentions to expand globally by entering the Brazilian market. It outlined a plan to invest approximately $25 Mn to bolster growth prospects for exporting computing, technology, and consumer tech products from India.

In September, Singapore-based gaming company Ampverse announced its plans to set up a gaming studio in India.

The post Kratos Studios Allocates INR 50 Cr To Help Gaming Studios Transition Games To Blockchain appeared first on Inc42 Media.

Artificial intelligence (AI) and automation will necessitate reskilling and upskilling of 16.2 Mn workers in India by 2027, while creating 4.7 Mn new tech jobs in the same period, as per a report.

The report is based on a study conducted by ServiceNow and Pearson. The study used machine learning to forecast how technology will reshape the constituent tasks of each job. 

ServiceNow is a software development company that offers a cloud-based platform and solutions to enterprises to digitise their work flows.

The global workforce stands at a pivotal moment, with AI opening doors for those who have access to appropriate training, the report said.

It also shed light on the ways in which specific existing positions are set to evolve when enhanced by AI. For instance, considering the role of a system administrator, the report said that 9.3% of their current tasks can be automated, while an additional 39.7% can be augmented through AI.

The report said that organisations are now adopting AI in hiring processes as well. They are using AI-driven talent scouting, remote interviews, skill-based assessments, and online onboarding to enhance productivity and facilitate professional growth.

As per the report, the impact of AI on industries will vary from one country to another. In the UK, Japan, and the US, the impact of automation will be double on the retail sector compared to other industries. Simultaneously, it will also generate twice as many new tech jobs for those skilled in implementing these technologies. 

In India, where automation has not yet significantly transformed physical processes as in other countries, the manufacturing industry is set to undergo the most substantial changes, it said.

The report comes at a time when an increasing number of Indian corporates as well as startups are adopting AI. From Tech Mahindra to Infosys and Zomato to Flipkart, a number of Indian organisations have jumped on the AI bandwagon.

As per an Inc42 report, there are over 70 generative AI startups in India and such startups have raised funding of over $440 Mn since 2019. 

The AI talent pool in the country is also growing rapidly, with the country now one of the top five fastest-growing AI talent hubs globally, as per a LinkedIn report.

However, there is a big debate on the impact of AI adoption on the job market. Recently, Tata Sons chairman N Chandrasekaran said AI will create more jobs in India. He emphasised that AI will empower individuals with minimal skills to perform higher-level jobs by providing them with information skills. Chandrasekaran noted that the impact of AI will vary across markets and societal segments.

Meanwhile, OpenAI founder Sam Altman recently said that while AI may cause some disruptions in the global job market, it will also create new employment opportunities. 

Earlier this year, Zoho cofounder, in a letter co-signed by former NITI Aayog vice-chairman Rajiv Kumar and iSPIRIT Foundation cofounder Sharad Sharma, asked India’s policymakers to regulate AI as it could put millions of jobs at risk.

Amid this, Prime Minister Narendra Modi called for a global framework on ethical use of AI.

The post AI, Automation To Create 4.7 Mn New Tech Jobs In India By 2027: Report appeared first on Inc42 Media.

Amazon has unveiled a new 198-megawatt (MW) wind farm located in Osmanabad, Maharashtra, India. This addition marks Amazon’s 50th wind and solar project in India, pushing the company’s renewable energy capacity past 1.1 gigawatts (GW).

Between 2014 and 2022, Amazon’s wind and solar farms played a significant role in generating an estimated $349 Mn (INR 2,885 Cr) in economic investment for Indian communities. 

Additionally, these projects contributed around $87 Mn (INR 719 Cr) to the country’s total gross domestic product (GDP) and provided support for over 20,600 local full-time equivalent jobs in 2022, according to a newly developed economic model by Amazon.

The wind farm in Osmanabad is the seventh utility-scale renewable energy project announced by Amazon in India within the past year. Additionally, the company has introduced a total of 43 rooftop solar projects to supply power to local Amazon facilities. Once all 50 projects become operational, they are projected to generate enough energy to power over 1.1 Mn homes in New Delhi annually, while also providing clean energy for Amazon’s data centres, logistics facilities, physical stores, and corporate offices.

In recent years, Amazon has worked closely with policymakers, regulators, and a wide array of industry stakeholders to expand corporate renewable energy procurement opportunities in India. This collaborative effort has brought these new projects to fruition and has paved the way for others to scale up their renewable energy initiatives.

In addition to being the largest corporate buyer of renewable energy globally — a position that Amazon has held since 2020 — Amazon is also the largest corporate buyer of renewable energy in India, according to publicly available data and Bloomberg New Energy Finance.

Amid a global surge in emphasis on clean energy, India is no exception, with growing focus on electric vehicle adoption, plastic bans, carbon capture, and energy efficiency, to name a few. According to The Insight Partners, the Indian renewable energy sector is currently worth around $17 Bn and has been growing at a consistent annual rate of 15%. 

Importantly, the proportion of renewable energy in India’s overall power capacity jumped to 23% in 2018, a substantial increase from approximately 13% in 2015.

In 2020, the Ministry of New and Renewable Energy (MNRE) launched the “Industry and Investors’ Facilitation Centre” to address the issues faced by investors and boost investment in clean energy.

In the recent times India has seen launch of several cleantech startups that have come up with out-of-the-box solutions to contribute to India’s clean energy goals. Some of these startups include, 75F, Ace Green Recycling, CleanMax Enviro Energy Solutions, GPS Renewables, ION Energy, and more.

Some of the recent funding announcements in this space include — Chennai-based Proklean Technologies securing $4 Mn in a strategic funding round from the Raintree Family Office, and Newtrace raising $5.65 Mn from Sequoia Capital India and Aavishkaar Capital.

The post Amazon Expands Renewable Energy Footprint In India With 198 MW Wind Farm appeared first on Inc42 Media.

Deeptech venture capital fund, Java Capital, has successfully closed its INR 50 Cr fund, with participation from founders in the Indian startup ecosystem and High Net Worth Individuals (HNIs) located in India, the Middle East, and the United States. 

Encouraged by continued interest from Limited Partners (LPs), Java Capital intends to open an additional INR 25 Cr greenshoe portion.

The fund will be investing in startups in domains such as deeptech, climate tech, and B2B. The fund’s dedication to fostering technology and sustainability aligns with the global demand for innovation in these areas.

Thus far, the fund has made five investments in companies, including AuditCue, Okulo Aerospace, Oorja, Pre-image, and Frigate.

Founded in 2020 by Bhargavi V, Vinod Shankar, and Karteek Pulapaka, Java has a portfolio of 23 startups including the likes of Agnikul Cosmos, The Eplane Company, Cynlr, KUKU FM, Eat Better, Codingal, YellowMetal. The fund has doubled down on some of these companies giving LP’s access to winners for attractive risk-adjusted returns.

In a statement Java Capital LP Nizam, cofounder, Where Is My Train (Acquired by Google) said, “Java capital has a clear focus on long-term bets and invests in interesting companies in deep tech. Their super transparent team helps me feel close to the startup ecosystem as an LP. Trustworthy fund in the market.”

Karteek Pulapaka, cofounder and partner at Java Capital said, “…With the successful fundraise, we are well-positioned to continue identifying and supporting transformative companies in these sectors.”

In December 2022, Java Capital, had announced the launch of its first alternative investment fund (AIF), with a total corpus of INR 75 Cr ($9 Mn), which included a green shoe option of INR 25 Cr.

Since the beginning of 2023, 63 funds worth $5 Bn have been announced for Indian startups. Of these, around 46% of the funds, investment corpus and plans announced in the first nine months of 2023 are focussed on early stage startups. 

In terms of segments, we have seen launch of several thematic funds which cater to domains such as deeptech, healthtech, gaming, cleantech among others. 

Some of the deeptech focussed funds announcements this year include —  pi Ventures’ $85 Mn second fund, Speciale Invest’s $24 Mn fund, among others.

The post Deeptech VC Java Capital Announces Final Close Of INR 50 Cr Fund appeared first on Inc42 Media.

Months after it launched internet-enabled Jio Bharat feature phones, Reliance Jio unveiled ‘JioPhone Prima 4G’ feature phone at the Indian Mobile Congress 2023 (IMC), held last week. 

The new feature phone is reported to be available in the market around Diwali this year. 

As per reports, the new phone was seen on Reliance Digital and JioMart platforms at a price of INR 2,599. However, Inc42 couldn’t independently verify this. Jio has not yet officially declared the feature phone’s pricing.

JioPhone Prima 4G features a 2.4-inch TFT display with a keypad for input and navigation. It is available in blue and yellow colours. Additionally, the phone is equipped with a flashlight, FM radio, and a 0.3MP primary camera.

The phone is powered by KaiOS, an open-source project-based mobile operating system, and offers access to a variety of popular apps, such as WhatsApp, YouTube, Facebook, and Google Maps.

Additionally, it supports Bluetooth 5.0 and FM Radio. The phone comes pre-installed with various Jio apps, including Jio TV, Jio Cinema, Jio Saavn, Jio News, JioChat, and JioPay for UPI payments. It is also compatible with 23 different languages.

It comes with 512MB of RAM and a microSD slot for storage expansion of up to 128GB and an 1800mAh battery. 

In comparison, the Jio Bharat feature phone is priced at INR 999. 

The launch of the feature phones is part of Reliance Jio’s plan to expand into the devices space and upgrade feature phone users in the country to 4G services.

Meanwhile, Reliance Jio continues to scale up its 5G network. During the IMC, Reliance Jio Infocomm chairman Akash Ambani said the company has installed over 10 Lakh 5G cells across all 22 circuits of India.

During the event, the company also introduced JioSpaceFiber, India’s first satellite-based giga-fibre service to deliver fast and dependable internet connectivity to remote and hard-to-reach areas.

Jio Platforms, which houses telecom operator Reliance Jio, reported a 12% year-on-year jump in its consolidated net profit to INR 5,297 Cr during the quarter ended September 2023, while revenue from operations zoomed 10.7% to INR 26,875 Cr.

Ambani said ubiquitous 5G, JioBharat and JioAirFiber are the three big growth engines which would accelerate Jio’s market share gains and profitability.

The post After Jio Bharat, Reliance Unveils JioPhone Prima 4G Feature Phone appeared first on Inc42 Media.

Fintech company Infibeam Avenues has entered into the offline payments market in the UAE with the launch of mobile QR Code payment solution through its payment gateway CCAvenue.ae.

The move is part of the company’s strategy to tap into the burgeoning offline payments landscape and marks its international debut in the space.

To further increase its presence in the offline payments space, Infibeam, in a statement, said it is also set to unveil CCAvenue TapPay (SoftPoS) in the UAE market as part of CCAvenue.ae. 

The company claimed that the payment software can be downloaded from Google Play Store and it can transform any NFC-enabled mobile device into easy-to-use PoS machines, allowing card payments with just a tap.

CCAvenue.ae is operated by Avenues World FZ LLC, the UAE-based subsidiary of Infibeam.

Over the past six years, CCAvenue.ae claims to have processed transactions totalling AED 24.5 Bn, with approximately 23.5 Mn transactions to date. 

Arun Jeevaraj, vice president of CCAvenue.ae’s business and operations in UAE and Saudi Arabia, said that the company has onboarded multiple merchants in the last few months, including renowned establishments. 

Over the last ten years, the company has established a strong foothold in the UAE’s online payment sector through CCAvenue.ae. Additionally, Infibeam has expanded its presence in major global markets like the US, Australia, and the MENA region. 

According to Vishwas Patel, joint managing director of Infibeam, the introduction of QR code payments for offline transactions will enhance the value offered to CCAvenue.ae’s merchants, bolstering its presence in the offline payment acceptance sector.

CCAvenue provides real-time, multi-currency online payment processing services for businesses across various industries. It offers a wide range of payment options, including major credit cards, over 98 debit cards (MasterCard, Visa, Maestro, RuPay), Amex EzeClick, 55 net banking options, 11 prepaid instruments, two mobile payment methods, and up to nine multi-bank EMI choices.

In October 2022, Infibeam Avenues received ‘in-principle’ approval authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator. This move enabled its flagship brand, CCAvenue, to scale its offerings and onboard a larger number of micro-entrepreneurs. The approval also allowed Infibeam to expand its reach across multiple business segments for both online and offline digital transactions.

The company’s consolidated net profit rose 12% year-on-year (YoY) to INR 25.46 Cr in the first quarter of FY24, while revenue from operations surged 77% to INR 742.3 Cr.

Earlier this year, the company announced its foray into the AI-based fraud detection market and said it planned to build solutions for authentication, fraud detection and risk identification for both domestic and global markets.  

Shares of the company were trading 0.58% higher at INR 19.08 on the BSE at 02:50 PM IST on Monday. 

The post Infibeam Avenues Enters Offline Payments Market In UAE With CCAvenue appeared first on Inc42 Media.

Nazara Technologies, a gaming and sports media platform, has launched a new game publishing division — Nazara Publishing — dedicated to launching top-quality games for both the Indian and international markets. 

The gaming giant will collaborate with various Indian and global developers to adapt and introduce these games to India’s extensive gaming community, while also facilitating the global publication of games created by Indian developers.

For each game, Nazara will invest a minimum of INR 1 Cr and aims to release up to 20 games within the next 18 months. Apart from financial support, Nazara will offer developers assistance in game design, localisation, data analytics, beta testing, quality assurance, improved monetisation strategies, and robust distribution through smart user acquisition spending and platform partnerships.

Within the Nazara Publishing platform, developers will also gain access to mentors who are industry leaders and experts. The overall idea is not only to assist game studios in successfully launching games but also in overcoming challenges, accelerating their growth, and making a lasting impact on the Indian gaming ecosystem.

Nitish Mittersain, CEO and joint MD of Nazara Technologies stated, “… We are committed to nurturing Indian and global game developers, offering resources, expertise, and a robust network to deliver top-quality gaming experiences to India’s extensive audience. With a particular emphasis on supporting Indian developers, Nazara recognises a substantial opportunity in the Make-in-India initiative. As part of this initiative, we will also actively promote Indian game developers on a global scale.”

Nazara operates as a gaming and sports media platform, and it has a footprint not only in India but also in emerging and global markets such as Africa and North America. The company’s diverse portfolio includes interactive gaming, eSports, ad-tech, and gamified early learning ecosystems.

To improve tax compliance, the government recently updated the GST law, requiring foreign online gaming companies to register in India starting from October 1. Clarifications were also issued to states about the non-retroactive nature of GST on these companies. The official approval of a 28% GST rate was announced on September 1, detailing the method for valuing online gaming platforms’ tax obligations.

Based on the GST Council’s recommendations, the Ministry of Finance amended the Central GST law to outline how the value of supply by online gaming platforms should be calculated. According to the notification, winnings earned by players will not incur additional tax, as all taxation is collected upfront.

Previously, due to uncertain regulations, online gaming platforms had to pay an 18% GST on total platform fees, while betting and gambling activities were taxed at 28%. With the new GST rate taking effect on October 1, all platforms involving real money gaming are now obliged to pay a 28% GST on the full face value of bets.

In light of these tax changes, platforms such as Quizzy, OWN, and Fantok have paused operations temporarily. Additionally, Bengaluru-based Gameskraft suspended its fantasy offering, Gamezy Fantasy, in September.

According to research by Inc42, based on conversations with various stakeholders in the gaming ecosystem, it’s estimated that 20-25% of online gaming platforms are either contemplating acquisition or have already been acquired.

The post Nazara Launches Game Publishing Division For Indian Game Developers appeared first on Inc42 Media.

Fintech giant Paytm has become the official sponsor for the ongoing 37th edition of the National Games, being held in Goa.

Prime Minister Narendra Modi inaugurated the tournament at the Jawaharlal Nehru Stadium in Fatorda, South Goa.

Besides the sponsorship, Paytm said it has also become the exclusive mobile payments partner for the Goa government for its digitalisation endeavours. The Vijay Shekhar Sharma-led company would introduce QR codes, soundbox, and card machines in multiple government departments, including panchayats and municipalities, in the state.

Commenting on the sponsorship deal, Abhay Sharma, chief business officer of payments at Paytm, said, “We are excited to be the official sponsor for the National Games in Goa. As pioneers of mobile payments in India, we have been working towards our mission to bring half a billion Indians into the mainstream economy. From our leadership in in-store payments, empowering merchants with digitalisation of their business to enable users with seamless and accessible payments, we are championing Digital India.”

The 37th edition of the National Games is being held from October 26 to November 9. It involves over 10,000 athletes from across the country competing in 43 sports disciplines at 28 venues.

The National Games, styled after the Olympics, will feature the participation of 28 states and 8 union territories.

Sports events, with their high viewership, provide companies a good opportunity to build mindshare through advertising and sponsorship deals. Reliance Industries Ltd, which released its financial results for the quarter ended September on Friday, credited sports for the growth of its OTT platform JioCinema. 

While startups are known to spend big on advertising for rapid growth, sporting events, especially related to cricket, are preferred by them for splurging on promotions.

Despite the funding winter wreaking havoc in the Indian startup ecosystem, the Indian Premier League (IPL) this year saw at least 19 startups, including Paytm, sign sponsorship deals.

Earlier this year, the Board of Control for Cricket in India (BCCI) also announced fantasy gaming unicorn Dream11 as the Indian cricket team’s new lead sponsor. 

Meanwhile, Paytm, earlier this month, reported a 49% year-on-year decline in its consolidated net loss at INR 291.7 Cr for the quarter ended September 2023. Operating revenue jumped 31% to INR 2,518.6 Cr on the back of strong growth in payments and financial services business.

The post Paytm Becomes Official Sponsor For 37th National Games appeared first on Inc42 Media.

Bike taxi startup Rapido has forayed into the cab segment, currently dominated by Uber and Ola, as it looks to expand its offerings and shore up revenue.

The Bengaluru-based startup is currently testing the response for cab services and has commenced a pilot in Hyderabad. It plans to introduce the services in other cities as well.

“At Rapido, we’re thrilled to share that our test run in Hyderabad for Rapido Cabs is off to a fantastic start. The city’s vibrant market has warmly embraced us, and the positive response is truly heartening. As we navigate our path forward, we are committed to keeping you closely informed about our progress and eagerly anticipate bringing our innovative services to other cities,” a Rapido spokesperson told Inc42.

The development was first reported by TechCrunch.

The publication also reported that Rapido is looking to integrate intercity bus ticket booking within its app in partnership with Zingbus. 

Founded in 2019 by Prashant Kumar, Mratunjay, and Ravi Kumar Verma, Zingbus aggregates buses to offer a standardised intercity travel experience to customers. The Delhi NCR-based startup claims to have partnered with over 70 small and medium size bus companies and connect 300 cities daily with over 350 buses. 

Rapido declined to comment on the partnership with Zingbus.

The development comes a day after it was reported that Rapido has begun rolling out a premium auto rickshaw service, Auto Plus, in Bengaluru.

Founded in 2015 by Rishikesh SR, Pavan Guntupalli, and Aravind Sanka, Rapido operates a platform that connects users with bike taxis. It also offers auto services and peer-to-peer delivery services via Rapido Local. It claims to have a fleet of 5 Mn bike taxis and 7 lakh auto-rickshaws. The startup claims to operate in over 100  Indian cities and have over 25 Mn app downloads, 

While Rapido already competes with Uber and Ola, its entry in the cab segment would further intensify the competition for the companies which currently enjoy a dominant share in the cab services market.

The move to enter the cab segment is likely a move by the startup to grow its top line and user base. It is expected to help it draw new customers and retain the existing customers who might have to choose its competitors for availing cab rides. 

Rapido’s net loss surged 163% year-on-year to INR 439.02 Cr in the financial year 2021-22 (FY22), while revenue from operations doubled to INR 144.77 Cr. 

The post Bike Taxi Startup Rapido Shifts Gears, Launches Cab Services To Take On Ola, Uber appeared first on Inc42 Media.

Mukesh Ambani-owned Reliance Jio Infocomm has introduced JioSpaceFiber, India’s first satellite-based giga-fibre service. The offering is designed to provide fast and reliable internet connectivity to remote and challenging-to-reach regions.

The company said it plans to make JioSpaceFiber accessible nationwide at cost-effective rates. Jio introduced its satellite broadband service during the India Mobile Congress on October 27.

As per the company, today, high-speed broadband fixed line and wireless services are provided to over 450 Mn Indian consumers by Jio. To enhance digital inclusivity for every household in India, Jio has incorporated JioSpaceFiber into its leading range of broadband services, including JioFiber and JioAirFiber.

“With Jio, consumers and businesses have unprecedented access to reliable, low latency, and high-speed internet and entertainment services, regardless of location. The satellite network will also support additional capacity for mobile backhaul, further enhancing the availability and scale of Jio True5G in the remotest parts of the country,” the company said in a statement.

JioSpaceFiber has connected remote locations like Gir in Gujarat, Korba in Chhattisgarh, Nabarangpur in Odisha, and ONGC-Jorhat in Assam.

Jio and SES have also joined forces to access medium earth orbit (MEO) satellite technology. This MEO constellation is unique in its ability to deliver high-speed, fibre-like services from space. With access to both SES’s O3b and the new O3b mPOWER satellites, Jio is the exclusive provider of game-changing technology, offering scalable and affordable broadband coverage across India.

The global satellite internet market was pegged at $2.93 Bn in 2020 and is expected to rise to $18.59 Bn by 2030, growing at a CAGR of 20.4% during the 2021-2030 period, according to a report.

In September 2022, Jio Infocomm received approval from the Department of Telecommunications (DoT) to offer global mobile personal communication by satellite (GMPCS) services in India.

In February 2022, Ambani’s company announced a joint venture to provide satellite-based broadband services across India, entering the competition with Elon Musk’s SpaceX and Sunil Mittal’s OneWeb to offer reliable, high-speed internet access.

Jio Platforms had previously revealed a partnership with Luxembourg-based SES to deliver satellite-based broadband services in India.

In October 2022, SpaceX, the parent company of Starlink, submitted a license application to the DoT for introducing satellite-based broadband services in India. 

On launching its satellite services, Jio has joined the likes of Elon Musk’s SpaceX and Bharti Enterprises’ OneWeb, which already provide satellite-based broadband services across the globe.

Satellites in orbit can bring high-speed internet to remote areas without requiring fibre-optic infrastructure. Reliance, in its partnership with SES, aims to extend internet services to distant towns and cities across India through satellite broadband.

According to an Inc42 report, the Indian commercial spacetech market is expected to grow to $77 Bn by 2030.

The post Reliance Jio Launches India’s First Satellite-Based Giga Fibre Service appeared first on Inc42 Media.

Fintech startup Escrowpay on Thursday (October 26) said it has signed a definitive agreement to raise an additional $4 Mn via issuance of warrants, taking its total fund raise till date to $6 Mn.

The fundraise is part of Escrowpay’s extended Series A round under which it aims to secure capital to the tune of $15 Mn. 

In addition, the escrow banking startup also claimed that it has become the first company to receive the maiden digital ‘escrow regulatory fintech authorisation’ from the International Financial Services Centres Authority (IFSCA), located in Gujarat International Finance Tec-City (GIFT City). 

Escrow is a contractual arrangement under which an asset or money is held by a third party, and is only released to the intended party after the fulfillment of predetermined contractual obligations. Escrowpay leverages technology to make the process digital-native, transparent and efficient. 

The authorisation will enable the platform to commence cross-border transactions in more than 14 global currencies and roll out financial solutions to Indian small and medium enterprises (SMEs). The nod will also allow Escrowpay to further bolster its suite of offerings and ensure adherence to compliance measures in the digital payments arena.

The authorisation will position Escrowpay as a responsible and trusted player with regulatory oversight in the fintech sector, the startup said.

“The authorisation will enable the company to further bolster its suite of offerings and commence cross border transactions in over 14 world currencies. As we celebrate this significant milestone, we extend our gratitude to our customers, banking partners, and the dedicated Escrowpay team whose hard work and commitment have made this achievement possible,” said Escrowpay cofounder and managing director Ashwin Chawwla.

Founded in 2015 by Chawwla and Subhrangshu Neogi, Escrowpay claims to offer secure, accessible and transparent digital escrow services for both businesses and individuals. It claims to offer services to more than 3,000 clients, including MSMEs, unicorns, and listed enterprises. Escrowpay claims to have processed transactions to the tune of INR 15,000 Cr till date. 

The startup plans to follow UPI’s lead and expand globally, with a focus on cross-border transactions and establishing a physical presence in international locations such as the UAE. It has seen rapid growth over the last two years and is looking to integrate with five major banks in the UAE next year.

The startup is backed by names such as Tano India Opportunities Fund, Zenith Global Group, We Founder Circle, JB Ventures, AngelList, Inflection Point Ventures, Chhattisgarh Investments, among others. 

In India, the startup competes with the likes of Razorpay, Castler, Neutron and Cashfree Payments. 

As per a report, the global cross-border payments market is projected to grow to a market size of $238.9 Bn by 2027.

The post Escrowpay Bags $6 Mn In Ongoing Series A Round To Offer Digital Escrow Services appeared first on Inc42 Media.

Fintech unicorn Razorpay has acquired the licence to acquire merchants in Malaysia via its arm Curlec, a move which would help the company further strengthen its presence in the Southeast Asian country.

In a statement, Razorpay said Curlec has also become a non-bank member of Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and shared central infrastructure for Malaysia’s financial markets. 

Razopay said its expertise in UPI, along with its extensive experience in understanding and innovating in a dynamic landscape like India, will empower Curlec to fast-track adoption of real-time payments in Malaysia through DuitNow.

Razorpay bought the Malaysian fintech startup Curlec in a $20 Mn deal in February last year. Following this, the unicorn launched its first international payment gateway with Curlec in July this year.

Utilising Razorpay’s technology, which serves 10 Mn businesses in India, the Curlec payment gateway aims to connect local and international payment gateways.

Commenting on the development, Rahul Kothari, chief business officer of Razorpay, said, “Malaysia is an important strategic market for us as we see plenty of similarities with the Indian payments market. Our extensive experience in navigating the diverse and dynamic landscape of the Indian market empowers us to continually leverage that expertise, tackling various challenges and resolving payment issues on a global scale.”

Zac Liew, cofounder & CEO of Curlec by Razorpay, said, “Since launching our Payment Gateway in July, we are now processing in excess of RM2 billion annually and serving over 1,000 merchants. This sets the platform for Curlec to bring further innovation to Malaysia’s digital payment landscape, as well as scale DuitNow to the next level with our expertise in real-time payments – both in India and Malaysia.” 

Razorpay is eyeing opportunities in Malaysia’s growing digital economy. In 2021 digital trade made up 22.6% of Malaysia’s GDP, which is expected to grow to 25.5% by 2025, as per a report. 

Razorpay, which offers a payment gateway platform, SME payroll management, banking, lending, payments, insurance, among others, posted a net profit of INR 7.3 Cr in FY22 on an operating revenue of INR 1,481 Cr.

Last month, Razorpay acquired Mumbai-based digital invoicing and customer engagement startup BillMe to engage better with end customers.

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