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Fintech firm PayU has received an in-principle approval from the Reserve Bank to operate as a payment aggregator, the co...
25/04/2024

Fintech firm PayU has received an in-principle approval from the Reserve Bank to operate as a payment aggregator, the company said on Wednesday.

In January 2023, RBI had returned applications of Prosus Group firm PayU and asked it to resubmit them within 120 days.

With in-principle approval in place, PayU can now onboard new merchants to provide them digital payment services.

“This license is pivotal in our mission to establish a globally renowned digital payment infrastructure rooted in India. Aligned with the government’s Digital India initiative and the RBI’s forward-thinking regulations, we are dedicated to driving digitisation and financial inclusion, particularly for small merchants,” said Anirban Mukherjee, Chief Executive Officer (CEO), PayU.

Source - The Indian Express

Perplexity AI, a startup using artificial intelligence to build a search engine to compete with Alphabet Inc.’s Google, ...
25/04/2024

Perplexity AI, a startup using artificial intelligence to build a search engine to compete with Alphabet Inc.’s Google, has raised about $63 million in a new funding round that values the company at more than $1 billion.

The financing, set to be announced on Tuesday, doubles Perplexity’s valuation from just three months ago. Investor Daniel Gross led the round with participation from billionaire Stanley Druckenmiller, Y Combinator Chief Executive Officer Garry Tan and Figma Inc. CEO Dylan Field. Several earlier Perplexity backers, including Amazon.com Inc. founder Jeff Bezos and Nvidia Corp. also joined the round. The Wall Street Journal previously reported Perplexity was in funding talks.

Source - Bloomberg


Electric two-wheeler maker Ather Energy is in talks for raising a “significant round of funding” in a mix of primary and...
24/04/2024

Electric two-wheeler maker Ather Energy is in talks for raising a “significant round of funding” in a mix of primary and secondary share sale, said people with knowledge of the development.

Existing investor, Flipkart cofounder Sachin Bansal, has sold a significant part of his holding in the company to Zerodha cofounder Nikhil Kamath, they said, adding that Kamath may buy out Bansal’s remaining stake in the firm.

Ather Energy is also finalising plans to raise $75-90 million (about Rs 750 crore) in primary funding from existing investors, according to the people. This underscores increasing investor interest in the company and the mobility segment, they said. New investors are also being approached.

“The primary funding round construct is yet to be finalised but it is likely to be around $75-90 million in total,” said one of the persons, who did not wish to be identified.

The funding round may be led by an existing investor which may value Ather Energy between $850 million and $1 billion, according to people in the know.

Bansal, the first angel investor in Ather Energy, held 10.7% in the company, as per Tracxn data. He has invested nearly Rs 400 crore since 2014. Flipkart cofounder Binny Bansal is also an investor in the company with a 1% stake.
“Among my private equity investments, this will be among the largest bets that I have made... I truly believe in the product and I am looking to have a good amount of exposure to Ather for the next decade," Kamath told ET, confirming his investment.

Source - The Economic Times

WhatsApp might soon allow you to share files including images, videos, documents and more without an internet connection...
24/04/2024

WhatsApp might soon allow you to share files including images, videos, documents and more without an internet connection, reported WABetaInfo. This feature will reportedly rely on Bluetooth for sharing files. Users will just need to turn on their Bluetooth from settings and share files locally. These files will also be end-to-end encrypted, just like other texts on the platform.

The leaked screenshots shared in the WABetaInfo report shows the permissions that the app will need on Android to make this feature work. Notably, to share files offline, the device you are sharing the files with also needs to have this offline file-sharing feature. It is expected to roll out in the future update of the app.

With this feature, users will be able to be discovered only if they also have the same screen open in the app and grant permission for their device so that both can be connected. This is an opt-in process; hence, no one can randomly send files to you without your permission. The report also emphasises that the phone numbers of the sender and receiver will be hidden throughout the process. Hence, you get an extra layer of privacy.

According to the report, “location permission is necessary to identify, connect to, and determine the relative position of nearby devices.” Users will have the freedom to revoke these permissions from their phone settings at any point in time.

Since this feature is still under development, no specific release date or timeline is known up till now.

In addition to this feature, it is also rumoured that WhatsApp will soon roll out a Contact Notes feature. This will allow users to save notes to contacts. WhatsApp Business users can take advantage of this feature by saving contextual information about their customers on the platform for future reference.  According to WABetaInfo report, all you need to do is tap on the contact name within the chat and then tap on the Notes option available in the Contact Info section.

Source - Business Today

Audio products and smartwatch maker boat has unveiled a new smartwatch, which will now offer its users independent navig...
24/04/2024

Audio products and smartwatch maker boat has unveiled a new smartwatch, which will now offer its users independent navigation abilities without looking at the phone.

Dubbed the Storm Call 3, the smartwatch is India’s first affordable smartwatch to offer built-in maps and turn by turn navigation, The Times of India reported, citing a statement from boAt.

boAt co-founder Sameer Mehta took to LinkedIn to announce the product launch. He said the move came after the D2C unicorn’s research revealed a growing customer demand for a smartwatch equipped with location and GPS services.

Powered by Mappls MapmyIndia and boAt’s Crest App, the Storm Call 3 features a built-in map navigation system, designed to perform autonomously. Meaning, customers don’t have to rely on their smartphones to get navigation instructions.

The newly-unveiled boAt smartwatch provides precise turn-by-turn navigation updates and works across India, spanning tens of thousands of cities and villages, the Times of India reported.

Further the Storm Call 3 comes with a 1.83-inch (4.63 cm) HD display with its brightness peaking at 550 nits. At 240 x 296 pixels, the Storm Call 3 also offers a slightly better display resolution than its predecessor and has a wake gesture feature.

To personalise a customer’s smartwatch experience, boAt has also added support for downloadable watch faces to the Storm Call 3, which can be customised with DIY Watch Face Studio.

The device comes with IP67 rating, Bluetooth 5.2 compatibility and  a built-in microphone, enabling watch-wearers to make calls from their wrists.

boAt’s new fitness watch has over 700 activity modes, such as running, cycling, swimming and yoga among others. It also offers extended battery life, lasting up to 7 days.

Source - inc42



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Apple is in advanced talks to open stores in shopping malls in Noida, the National Capital Region, Bengaluru, and Pune, ...
23/04/2024

Apple is in advanced talks to open stores in shopping malls in Noida, the National Capital Region, Bengaluru, and Pune, it was reported. According to The Economic Times, two Apple stores in India in New Delhi and Mumbai, inaugurated in April last year, completed one year in India and reported a sales revenue of 190-210 crore. The stores have had monthly average sales of ₹16-17 crore each since their opening.

The retail locations give clients a chance to experience Apple products and deliver a standard of service that is typical of other international markets. Since these are Apple's first stores in India, there has always been a lot of foot traffic, especially on the weekends. These stores also help in building good relations with customers. Customers often visit Apple stores to experience the latest products, and then purchase them from nearby resellers where they find discounts and financing options. Despite this, sales have been very high.

An industry executive said as per the outlet, “Apple won’t be satisfied with just two stores in a country as large as India. The question is not if, but when they will expand.”

The Indian market is the second-largest smartphone market in the world, and hence, Apple has been concentrating a lot on India. The company also plans on launching the Apple Vision Pro headset in India soon, and Apple stores at different locations would be a huge advantage. With their "Today at Apple" events, where professionals give tips on maximizing the use of Apple goods, the stores also contribute to the development of the brand.

Source - Hindustan Times

Spacetech startup Dhruva Space has marked the final close of its Series A funding round at INR 123 Cr ($15 Mn).The round...
23/04/2024

Spacetech startup Dhruva Space has marked the final close of its Series A funding round at INR 123 Cr ($15 Mn).

The round comprised two tranches. In the first leg, the company raised INR 45.51 Cr, while in the second leg, it secured INR 78 Cr.

Dhruva Space’s Series A fundraise saw participation from a clutch of investors, including Indian Angel Network Alpha Fund, Blue Ashva Capital, Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group), IvyCap Ventures, Mumbai Angels, and Blume Founders Fund.

The funding includes INR 10 Cr in venture debt from the Small Industries Development Bank of India (SIDBI) and INR 14 Cr in venture debt from the Technology Development Board.

Dhruva Space plans to deploy the fresh proceeds for its upcoming spacecraft manufacturing facility, strategic business acquisitions and enhancing product offerings for global deployment.

The funding will also support the company’s establishment of its first phase of its 2.8 Lakh square feet spacecraft manufacturing facility in Hyderabad.
Founder and CEO Sanjay Nekkanti said, “This funding round is a testament to the international recognition of Dhruva Space’s capabilities and long-term impact. With the increasing demand for satellites and satellite-enabled services globally, the funding will be instrumental in supporting the industrialisation and manufacturing of Dhruva Space’s full-stack products, enabling significant team growth, increased development of capability and infrastructure, and fueling the international expansion of our business.”

Chaitanya Dora, chief financial officer and cofounder, Dhruva Space, said, “This fundraise allows us to accelerate our growth, invest in innovation, and further solidify our position in the global space market.”

Padmaja Ruparel, senior partner IAN Alpha Fund, comments, “We are very excited by the stellar team of Dhruva Space founders. Their expertise and excitement built our confidence that Dhruva Space will create a place for itself in the global spacetech industry.”

Source - inc42


Spices Board of India on Monday said it is looking into the ban imposed by HongKong and Singapore on the sale of four sp...
23/04/2024

Spices Board of India on Monday said it is looking into the ban imposed by HongKong and Singapore on the sale of four spices-mix products of Indian brands MDH and Everest, which allegedly contain pesticide 'ethylene oxide' beyond permissible limits. While the food safety regulator of Hong Kong has asked consumers not to buy these products and traders not to sell, the Singapore Food Agency has directed a recall of the products.

"We are looking into the matter. We are at it," Spices Board of India Director A B Rema Shree told PTI.

The companies could not be contacted immediately.
In its April 5 statement, the Hong Kong's Center for Food Safety (CFS) said that the samples of several kinds of pre-packaged spice-mix products of two Indian brands were found to contain a pesticide, ethylene oxide. These products are MDH's Madras Curry Powder (Spice blend for Madras Curry), Everest Fish Curry Masala, MDH Sambhar Masala Mixed Masala Powder, MDH Curry Powder Mixed Masala Powder.

"Investigations are ongoing," CFS said.

Meanwhile, the Hong Kong Authority has directed "members of the public should not consume the affected products. The trade should also stop using or selling the affected products immediately if they possess any of them," the statement said.

After Hong Kong's directive, the Singapore Food Agency (SFA) also ordered a recall of imported 'Everest Fish Curry Masala' from India and the recall is ongoing.

Source - The Economic Times


Zomato, a popular food delivery platform, has increased its platform fee by 25%, bringing it to Rs 5 per order. This cha...
22/04/2024

Zomato, a popular food delivery platform, has increased its platform fee by 25%, bringing it to Rs 5 per order. This change affects customers in big cities like Delhi-NCR, Bengaluru, Mumbai, Hyderabad, and Lucknow. The platform fee is an extra charge on every order, separate from the delivery fee. Zomato started this fee in August 2023 at Rs 2 per order and then raised it to Rs 3 in October. Earlier this year, on January 1, they increased it to Rs 4 from Rs 3.

Zomato's main competitor, Swiggy, already charges Rs 5 as a platform fee on food orders. Some reports suggest that Swiggy has even shown a fee of Rs 10 to some customers.

The platform fee is a flat charge on every order, no matter the cost. Zomato also has a delivery fee, but customers in their Zomato Gold loyalty program don't pay this. The Zomato Gold program is a paid membership where customers get benefits like discounts and free delivery. However, the platform fee still applies to Zomato Gold members.

Zomato hopes that raising this fee will help them earn more money. Even a small increase in the fee can make a big difference because of the millions of orders they get every day. This rise in fees follows previous increases from Rs 2 to Rs 3 and then to Rs 4.

Apart from this fee change, Zomato is also making changes to its intercity delivery service called Legends. This service, which started in 2022, promised next-day delivery of food from specific cities. But it didn't do well and faced legal problems because they changed the delivery method to use pre-stocked items

Source - India Today

Zoho co-founder and CEO Sridhar Vembu recently, in a post on X, shared pictures of himself with his new Montra electric ...
22/04/2024

Zoho co-founder and CEO Sridhar Vembu recently, in a post on X, shared pictures of himself with his new Montra electric auto from the Murugappa Group.

"I am excited about my brand new electric auto... Fast pick-up and nice suspension. I am loving it!" he wrote.

The post has amassed over 200,000 views and 5,000 likes, garnering reactions from many netizens.

"Seems like a great option for large estates as well as city commutes," a user wrote.

In response, Vembu replied, "The electric auto is a safe and great upgrade from a scooter or motorcycle. I like to think of it as the family scooter. It's easy to navigate through tight spaces and easier to park. One of these days, the e-auto will take off in the consumer market."

In reply to another user who asked about his view on electric cars, Vembu said, "I posted about my Tata Nexon EV. I drive it around for longer distances. Under 10 km is the e-auto."

This is Vembu's third electric auto. He previously bought Mahindra Electric's Treo e-auto.

"All still running, for our school and farm," he added.

Source - ISN

IndiGo Airlines’ parent InterGlobe Enterprises will reportedly launch electric air taxi services in India by 2026. As pe...
21/04/2024

IndiGo Airlines’ parent InterGlobe Enterprises will reportedly launch electric air taxi services in India by 2026. 

As per news agency PTI, the airlines’ parent is in the final stages of signing a joint venture (JV) with US-based Archer Aviation to deploy 200 electric vertical takeoff and landing (eVTOL) aircrafts that can carry up to four passengers “just like helicopters”.

The deal is expected to cost IndiGo around $1 Bn, as per the report. It is pertinent to note that the two parties signed a Memorandum of Understanding (MoU) last year to launch and operate electric air taxi service in the country.

Initially, the service is expected to ferry passengers from Connaught Place (CP) in the national capital to Haryana’s Gurugram in under seven minutes. The aviation major will also launch similar services in Mumbai and Bengaluru.

Archer Aviation’s founder and CEO Adam Goldstein told PTI that the flight between CP and Gurugram could be priced in the range of INR 2,000 to INR 3,000. 

He said that the Archer is in advanced discussions with US regulator Federal Aviation Administration (FAA) for the certification of its five-seater Midnight eVTOL planes. 

Noting that the certification from US regulator Federal Aviation Administration (FAA) was expected next year, Goldstein said that the American company would then commence the process for seeking Directorate General of Civil Aviation (DGCA) certification for its aircrafts. 

As per Goldstein, the Midnight aircraft will be able to accommodate the pilot and four passengers. The eVTOL plane will have six battery packs and will reportedly get fully charged in 30-40 minutes.

The US-based company is also reportedly in talks with multiple municipalities to streamline various aspects including infrastructure required for the flight operations. However, deliberations are still reportedly underway with regards to the real estate space needed for the launchpads and other infrastructure before commencing operations.

Source - INC42

Food delivery giant Zomato has received with a GST demand and penalty order totaling Rs 11.81 crore for the period of Ju...
21/04/2024

Food delivery giant Zomato has received with a GST demand and penalty order totaling Rs 11.81 crore for the period of July 2017 to March 2021, the company said in a regulatory filing on April 19. 

The order is split into a GST demand of Rs 5.9 crore and a penalty of the same amount. The order was issued by the Additional Commissioner of Central Goods and Services Tax, Gurugram, for export services provided by Zomato to its foreign subsidiaries between July 2017 and March 2021.

"Order passed under Section 74(1) of the Central Goods and Services Tax Act, 2017 read with Section 20 of Integrated Goods and Services Tax Act, 2017 for INR 5,90,94,889/- with applicable interest (not quantified) and penalty of INR 5,90,94,889/-," the company said in the filing.

Despite Zomato's attempts to clarify the allegations with supporting documents and legal precedents, the authorities passed the order. The company has announced its intention to appeal against the order before the appropriate appellate authority.

"The demand order has been received confirming demand of GST on export services provided by the Company to its subsidiaries located outside India during the period July 2017 to March 2021 by upholding that such services do not fulfill the conditions for the supply to qualify as export of service under GST. The Company in its response to the show cause notice had clarified on the allegations along with supporting documents and judicial precedents, which appears not to have been appreciated by the authorities while passing the order," the company said.

Last month, Zomato said it received a GST order from the Deputy Commissioner of State Tax, Gujarat, pertaining to fiscal 2018-19. The order demands a GST payment of Rs 4,11,68,604, along with additional interest and penalty charges, amounting to Rs 8,57,77,696, the company said in an exchange filing.

Source - Business Today

Indian ride-hailing firm Ola Cabs is planning an initial public offering (IPO) to raise $500 million at a company valuat...
20/04/2024

Indian ride-hailing firm Ola Cabs is planning an initial public offering (IPO) to raise $500 million at a company valuation of about $5 billion, three sources with direct knowledge of the matter told Reuters on Friday.

SoftBank-backed Ola is India's answer to Uber and plans to file papers for approval with the country's market regulator within three months, said the sources, who declined to be named as the matter is confidential.

Ola declined to comment.

The company is in talks with investment banks including Goldman Sachs, Bank of America, Citi and India's Kotak and Axis, and plans to appoint IPO advisers within a month, said two of the sources.

Citi and Bank of America declined to comment, while the others did not respond to requests for comment.

Source - The Economic Times

OpenAI has recruited its first employee in India. The ChatGPT developer has reportedly roped in Pragya Misra as head of ...
20/04/2024

OpenAI has recruited its first employee in India. The ChatGPT developer has reportedly roped in Pragya Misra as head of government relations.

According to a Bloomberg report, “The hiring highlights the generative-AI company’s efforts to push for favourable rules as governments around the world consider how to regulate the rapidly developing technology.”

The report also mentioned that the Microsoft-backed company has not made the appointment public yet.

Who is Pragya Misra? Let’s take a look.

1. Pragya Misra, 39, served as the Director of Public Affairs for contact verification company Truecaller since July 2021. Her role required her to work closely with government ministries, investors, key stakeholders, and media partners, reported IANS. Before Truecaller, she was employed by Meta Platforms for three years. It was here that Misra led WhatsApp’s campaign against misinformation in 2018.

2. Misra, who earned her MBA (master of business administration) from International Management Institute in 2012, has also worked with Ernst & Young and the Royal Danish Embassy in New Delhi, according to her LinkedIn profile.

3. She graduated in commerce from the University of Delhi. Misra’s academic journey also includes studying at London School of Economics and Political Science where she pursued a Diploma in Bargaining and Negotiations.

4. Misra is also a podcaster and hosts one called Pragyaan Podcast. She invites guests and touch on an array of topics including meditation and consciousness. As per reports, she is a golfer who has represented India at several international tournaments between 1998 and 2007.

5. Misra is set to embark on a new chapter of her career with OpenAI towards the end of April, as per the Bloomberg report. She will lead public policy affairs and partnerships in India at the generative-AI company.

Source - First Post

Only 2.48 million profiles out of the 8 million audited in India exhibited credible and high-quality followers in an ana...
20/04/2024

Only 2.48 million profiles out of the 8 million audited in India exhibited credible and high-quality followers in an analysis by influencer marketing platform Klug Klug.

Global food and beverage giant Nestle sells baby products with higher sugar content in poorer south Asian (including Ind...
19/04/2024

Global food and beverage giant Nestle sells baby products with higher sugar content in poorer south Asian (including India), African and Latin American countries as compared to markets in Europe, claims a report by a Swiss NGO, Public Eye and International Baby Food Action Network (IBFAN). Around 150 baby products sold in different counties were scrutinised for the report, which found them to contain sugar over and above international food safety guidelines.

According to government officials, lab reports of the Indian samples will be sought from IBFAN and placed before the Food Safety and Standards Authority of India (FSSAI) for examination.

The report claims that Nestle’s wheat-based product, Cerelac, for six-month babies, which is sold without any added sugars in the UK and Germany, contained 2.7 grams of added sugar per serving in India. The sugar content was declared on the packaging in India. The highest sugar content was found to be 7.3 grams in samples from the Philippines, where the information was not even declared on the packaging, the report said.

Added sugars are sweetening agents such as syrups that are added in processed foods and beverages. This is considered to be more harmful than the naturally occurring sugars found in fruits and milk.

The WHO advises against the introduction of added sugars before the age of two years to prevent addictive eating habits. “This exposure can lead to weight gain, obesity and an increased risk of developing chronic diseases such as type 2 diabetes, heart disease and certain types of cancer later in life. Additionally, high sugar consumption in infancy has been associated with an increased risk of dental caries (tooth decay) and poor nutrient intake, as sugary foods often displace more nutritious options in a child’s diet,” says Dr Richa Chaturvedi, Senior Consultant, Endocrinology, Indraprastha Apollo Hospitals, New Delhi.

Source - The Indian Express

With the investment, Dhawan has also joined the company as its brand ambassadorSvish plans to use the fresh capital to e...
19/04/2024

With the investment, Dhawan has also joined the company as its brand ambassador

Svish plans to use the fresh capital to expand into sexual health and new grooming categories. 

Founded in 2020 by Ishan Grover and Jaideep Mahajan, Svish is a personal hygiene D2C brand that offers products under three categories sanitisation, hair hygiene and ‘below the belt’ hygiene

Personal hygiene D2C brand Svish has secured an undisclosed amount from cricketer Shikhar Dhawan in a bridge funding round, with participation from Ruchirans Jaipuria and other angel investors.

Dhawan said, “I am delighted to embark on this exciting journey with SVISH. Their commitment to innovation and quality aligns perfectly with my values. As an athlete, grooming is essential, and I am thrilled to endorse a brand that offers such exceptional products. “

Mahajan said that Dhawan’s association with Svish brings an invaluable dimension to the brand.

Svish now joins the list of startups like TagZ, Upstox and Sarva, where the cricketer had invested.

In 2022, Dhawan announced a global investment fund to invest in sportstech startups with an initial corpus of $75 Mn and a greenshoe option of $25 Mn.

It is pertinent to note that in 2022 Svish raised INR 10 Cr in a pre-Series A funding round.

Prior to that in 2021, it secured INR 400K in seed funding from LC Nueva AIF.

Source - inc42




People Group CEO and Shark Tank India judge Anupam Mittal, in a recent Linkedin post, said that hiring the wrong leaders...
19/04/2024

People Group CEO and Shark Tank India judge Anupam Mittal, in a recent Linkedin post, said that hiring the wrong leadership could kill a company despite having a revolutionary product, a passionate team, or a booming market.

"How do you kill a company? By hiring the wrong leadership!" he wrote on Linkedin.

"You can have a revolutionary product, a passionate team, and a booming market - all brought to their knees by a few bad decisions at the leadership level."

Mittal also said that hiring the "right senior folks" is not easy, especially when fancy recruitment tools, psychometric evaluations, and interview techniques promising the perfect hire are only "marginally effective".

Source - ISN

A retail tycoon in China has introduced “unhappy leave” days to help employees achieve a better work-life balance.During...
19/04/2024

A retail tycoon in China has introduced “unhappy leave” days to help employees achieve a better work-life balance.

During 2024’s China Supermarket Week in late March, Yu D**glai, who is the founder and chairman of Pang D**g Lai, a retail chain in central China’s Henan province, announced that employees would be eligible to request 10 days of additional leave at their discretion.

The event is a six-day gathering to promote the development of the country’s supermarket sector.

“I want every staff member to have freedom. Everyone has times when they’re not happy, so if you’re not happy, do not come to work,” said Yu.

Yu wants employees to freely determine their own rest time, and for them all to have sufficient relaxation outside work. “This leave cannot be denied by management. Denial is a violation,” he said.

The “unhappy leave” idea has garnered support on mainland social media.

“Such a good boss and this company culture should be promoted nationwide,” one person said on Weibo. “I want to switch to Pang D**g Lai. I feel like I would gain happiness and respect there,” said another.

More than 65 per cent of employees feel tired and unhappy at work, according to a 2021 survey on workplace anxiety in China.

Source - South China Morning Post

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