Top Trending StartUps News & Highlights
By issuing bonds, Navi Finserv, owned by Sachin Bansal, raises INR 150 Cr.
SUMMARY: The investors include Rishad Kairus Dadachanji, Pervin Kairus Dadachanji, and Kairus Shavak Dadachanji, the chairman of the Dadachanji Group, who have contributed INR 110 Cr. This occurs months after the loan startup declared its intention to use NCDs to raise INR 600 Cr. Cofounded in 2012 by Sachin Bansal and Ankit Agarwal, Navi Finserv specializes in lending products such as home, auto, and personal loans.Navi Finserv, a fintech unicorn run by Sachin Bansal, reportedly obtained INR 150 Cr through the issuing of bonds from six individual investors, following the company's announcement months earlier of aspirations to fund up to INR 600 Cr through the issuance of Non-Convertible Debentures (NCDs).An hour ago
Published 06 Jun 2024 10:08 AM
WinZo announces selection of 18 gaming startups to represent India at Gamescom Latam
The games that are included come in a variety of categories and genres, such as chess, racing, physics-based challenges, cricket, riddles, and racing games. Eighteen gaming businesses have been chosen by the vernacular skill gaming platform WinZO and the Department for Promotion of Industry and Internal Trade's (DPIIT) Startup India to represent India at Gamescom Latam, one of the biggest games exhibitions in the world. Games from a variety of categories and genres are included on the list, such as chess, racing, physics-based challenges, cricket, riddles, and racing games. According to the organization, these businesses are based in both bigger cities like Nashik and smaller ones like Hyderabad, Chennai, Pune, Kolkata, Bengaluru, Mumbai, and Delhi NCR. The titles that have been chosen include the cross-platform game Gods Of Cricket, the role-playing game Tanhaji The Maratha Warrior, the first-person survival horror game Kamla: Indian Exorcism, the narrative-driven 3D action-adventure game Unsung Empire: The Cholas, and the action role-playing game Frontier Paladin. The list also includes Kurukshetra: Ascension, an epic strategic card warfare game, Mr. Racer, a racing game for cars, Spook-A-Boo, an arcade game, and My Dream House, a casual Match3D+Decor game. Other games include the real-time chess game Tale of Honor, the shooter game Laser Tanks, the tile-matching game Timmy's Toy Rush, the puzzle game DetectiveIQ, the cricket game Bharat Cricket Premier League, the adventure game Mumbai Gullies, the hypercasual action game Elemental Escape, and the simulation game Tea Garden Simulator, which allows users to build and run their own tea empire. WinZO stated that a panel of seasoned industry professionals, including Suresh K Reddy, the Indian ambassador to Brazil, and Rohit Kumar Singh, the former secretary of the Indian government, chose the games from a pool of more than 100 technology and gaming businesses and technological institutes. (Fundação Getulio Vargas' São Paulo School of Business Administration) were also part of the panel. "India is positioned to lead the way in technical innovation because to its foundation of cutting-edge inventions and dedication to developing domestic talent. In a statement, Singh stated, "WinZO exemplifies this trajectory, harnessing the power of Indian creativity and technology to impact the global stage significantly." India's entry into LATAM, propelled by the export of technology and intellectual property, opens up new opportunities for our technology entrepreneurs, according to Rajesh Kumar Singh, Secretary, DPIIT. Developers who participate in this program pursue their goals and help India become a global leader in technology exports."
Published 06 Jun 2024 10:07 AM
DroneAcharya's Operating Revenue Soars 90%, Net Profit Doubles To 6.2 Cr in FY24
SUMMARY DroneAcharya's operating revenue climbed from INR 18.56 Cr in FY23 to INR 35.19 Cr in FY24, an almost 90% rise. The firm ascribed this rise to the business's constant and steady expansion as a drone solution supplier and drone-focused training institution. The startup's overall revenue increased to INR 37.35 Cr in FY24 from INR 19.13 Cr the previous year, including other revenues.In the fiscal year 2023–24 (FY24), the drone startup DroneAcharya Aerial Innovations, based in Pune, declared a consolidated profit after tax (PAT) of INR 6.2 Cr, over two times higher than the INR 3.42 Cr recorded in the same period of the previous fiscal year.Operating revenue for DroneAcharya climbed by about 90% from INR 18.56 Cr in FY23 to INR 35.19 Cr in FY24. The company's continuous and consistent growth as a drone solution provider and drone-centric training organization was credited by the startup for this increase.DroneAcharya, established in 2017 by Prateek Srivastava, provides a range of drone solutions for data processing, multi-sensor drone surveys, and pilot training, among other uses. Last year, the business ventured into the production of drones. In July 2023, it entered into a commercial production, assembly, and export agreement for drones and related goods with Gridbots Technologies, a robotics business based in Gujarat.The startup's overall revenue increased from INR 19.13 Cr to INR 37.35 Cr in FY24 when other income was factored in."At the moment, DroneAcharya is the top and most innovative DGCA-certified drone pilot training provider in India for the private sector. The company added in a statement that it has also made great progress in securing several international drone service projects, valuable industrial relationships with drone manufacturers, investments in drone-related businesses, and acquisitions of value-adding enterprises in India and throughout the world. DroneAcharya operated two DGCA-certified drone pilot training facilities in Pune and Gujarat up till last year. The corporation added two more new centers at IIT Ropar in Punjab and Jaipur in FY24, doubling the number. "The introduction of our line of type-certified agricultural spraying drones will be our first rollout for FY25. We are also steadily advancing internationally, emerging as one of India's foremostNoteworthy is the fact that DroneAcharya Aerial Innovations received an order earlier this year from the Adani Group to offer drone pilot training certified by the Directorate General of Civil Aviation (DGCA). Additionally, it obtained a contract in January from the Indian Army to supply advanced drone training and capacity building at the Mechanized Army Courses Group in Ahmednagar. It entered into an agreement with Vimaan Aerospace in February to supply drones, as well as services and training linked to drones.
Published 06 Jun 2024 10:06 AM
India Receives Its Second Space Port, Excitement for Rocket Startups
Today, Prime Minister Narendra Modi will lay the foundation stone for India's second launch site, Kulasekharapatnam, which is situated in the Thoothukudi district of Tamil Nadu. This will significantly advance the nation's spacefaring endeavors. The new launch pad has the small rocket community in India, including ISRO and startups, giddy with anticipation for more efficient small rocket launches.Up until now, all rockets used to launch satellites into orbit were launched from the nation's single spaceport, which was located in Sriharikota, Andhra Pradesh. To date, India has launched 95 rockets from Sriharikota, 80 of which have been declared successful. Renamed the Satish Dhawan Space Center, it began modestly in 1971 with the launch of a sounding rocket, the RH-125. The center is currently getting ready for India's human spaceflight project, Gaganyaan, to launch. Satish Dhawan Space Center has a distinct advantage—it is one of the world's southernmost rocket ports—but it also has a major disadvantage. The land mass of Sri Lanka presents a safety concern for rockets launching in polar or southerly directions because it keeps rocket debris from landing on foreign soil.In order to lessen this, ISRO has traditionally carried out a unique manoeuvre referred to as the "dogleg maneuver" in order to avoid Sri Lanka when conducting direct southward launches. Although there is a penalty for this maneuver, it can be tolerated for larger rockets with sufficient fuel, such as PSLV, GSLV, and LVM-3. But the advantages of using Sriharikota as the preferred launch site become clear as India gains proficiency in the launch of smaller rockets, such as the Small Satellite Launch Vehicle (SSLV), which can carry satellites weighing up to 500 kilograms. According to an ISRO rocket specialist, it becomes almost impossible to launch small rockets from Sriharikota in polar or southern trajectories with payloads weighing between 500 and 700 kg. As a result, Kulasekharapatnam has been chosen as the second launch site to address these issues because of its expanding small rocket market.
Published 28 Feb 2024 05:29 PM
StartUps
StartUps are the backbone of any country and in any Industry as these are the new ventures which entrepreneurs establish and then contribute to the nation growth and progress. The stratups will then grow and become unicorns and create thousands of employments in different sector boosting the economy and take it to the next level.
Indian Ambassador: UPI Will Soon Be Fully Rolled Out in Qatar
According to reports, Qatar is about to fully implement India's universal payment interface (UPI), which will streamline financial transactions for many Indians living there and strengthen fintech partnerships between the two nations."UPI will soon be fully implemented in Qatar. Testing has been completed, the integration with Qatar National Bank (QNB) is complete, and the launch has already occurred. "This is a big step toward improving digital payments between our countries," the report cited Vipul, India's ambassador to Qatar.The Gulf States has also pledged to invest $10 billion (INR 87,000 crore) in industries like fintech, space, and more, the Indian ambassador added. Vipul went on to say that $1.5 billion (about INR 13,100 cr) in foreign direct investment from the Gulf nation had already helped India.Nearly eight months have passed since the National Payments Corporation of India's (NPCI) foreign division teamed up with QNB to allow Indian travelers to use UPI payments throughout QNB's merchant network in Qatar.
This week, Indian startups raised $88 million, from Geniemode to Quick Clean.
February remained largely bleak for Indian markets due to geopolitical tensions, unequal consumption, and disinterested foreign institutional investors. Investor opinion toward the Indian startup ecosystem also declined dramatically over the course of the month amid this bear market. Through 16 agreements, companies raised a total of $88.3 million in the last week of February. Compared to the $152.9 million raised through 17 agreements the week before, this represents a nearly 43% drop. E-commerce maintained its position as the sector that investors preferred this week thanks to the largest investment round of the week, Geniemode's $50 million fundraise. In addition to Geniemode, Earthful, a D2C firm, raised $572K over the week. Five firms in the fintech space—Oxyzo, Niyogin, HiWiPay, Dodo Payments, and Hornet—collectively raised $21.5 million. But this week, no investor placed more than one wager. Flourish Ventures, Piper Serica, Unicorn India Ventures, 9Unicorns, and Venture Catalyst are some of the active investors this week. Compared to last week, when firms at this stage funded $15.1 million, seven seed stage startups raised $5.7 million this week, a 62% decrease. We Provide Startup IPO Updates
Highlights from Companies News Today: With our company news coverage, you can stay up to date on the most recent developments in the business world. This area offers a thorough examination of importan
Highlights from Companies News Today: With our company news coverage, you can stay up to date on the most recent developments in the business world. This area offers a thorough examination of important events that have an impact on markets and industries around the world, such as mergers and acquisitions, financial reports, and tactical changes in operations and leadership. Our reports provide an in-depth look at the trends that influence the economy, regardless of whether you're an investor, a business professional, or just curious about the workings of different industries. We provide you the news that counts, from start-ups to well-established behemoths, so you can make wise choices in a business climate that is changing quickly. Following the company's announcement that it will spend USD 200 million (about Rs 1,740 crore) in its subsidiary, Wipro Ventures, to increase funding for startups in the technology innovation field, shares of Wipro will be the subject of attention on Thursday.
Ankur Warikoo will motivate business owners at the 2025 Startup Hub Expo.
India's biggest startup and technology exhibition, Startup Hub exhibition 2025, will be held in Bharat Mandapam, Pragati Maidan, New Delhi, from March 19–21, 2025. Innovators, business executives, and investors will come together at this exclusive event to create lasting partnerships and propel the startup ecosystem forward.The keynote address by Ankur Warikoo, a well-known speaker, bestselling author, and entrepreneur, will be one of the expo's main attractions. Warikoo's "Mastering the Growth Mindset" workshop will offer valuable insights on personal development, astute financial management, and business success. Participants can anticipate: • Develop the Growth Mindset: Discover how to think, behave, and develop like a prosperous business owner. • Practical Instructions: Gain insight from Ankur's own experiences with setbacks, dangers, and innovations. • Money, Careers & Startups: Learn practical strategies for growing companies and making wise financial decisions. • Live Q&A: Ask the icon himself your most pressing questions and receive knowledgeable guidance!India's Emerging Startup Scene With more than 1.59 lakh (159,000) accredited businesses as of January 2025, India has cemented its status as the world's third-largest startup ecosystem, according to the Department for Promotion of Industry and Internal Trade (DPIIT). The nation is a worldwide innovation powerhouse, with a startup growth rate of 12–15% each year, propelled by innovations in Fintech, AI, IoT, and Smart Cities.
How corporations and startups may work together most effectively on airport innovation
While startups provide the newest ideas to large corporations, corporations might offer startups some of their first major contracts. Startups are able to think creatively and with agility that many corporates can only imagine. Conversely, corporations possess the size and influence that startups crave.Startups are able to think creatively and with agility that many corporates can only imagine. Conversely, corporations possess the size and influence that startups crave. This is why working together has so many advantages for both parties: startups give these large corporations the newest technology, and corporations can give startups some of their first major contracts. We discussed what it takes to establish the ideal partnership between corporations, investors, and entrepreneurs with a panel of influential representatives from a startup and an international airport operator at the Airport Innovation Days in Paris. The people who spoke to us were:Groupe ADP, one of the largest airport operators globally, has Maylis de la Loge as its investment director. Groupe ADP's innovation project manager, Louis Gauthier Cofounder and CEO of WeMaintain, an IoT-enabled maintenance management firm, is Jade Francine.
At the 2025 Jaipur Literature Festival, Rajasthan's Startup Revolution Takes Center Stage
SUMMARY: As part of the Rajasthan government's iStart initiative, around 130 companies will be exhibiting their products at the Jaipur Literature Festival 2025. At the JLF, startups like the edtech portal We Are One and the foodtech platform MyEats have gained attention. The iStart program, which was started in 2017, offers entrepreneurs full support, including mentorship, incubation, and grants of up to INR 2 Cr.Known by many as the largest literary spectacle in the world, the 17th edition of the annual five-day Jaipur Literature Festival (JLF) began on January 30 in the capital of Rajasthan. Nearly 2,000 speakers and more than a million guests are anticipated for the JLF 2025, which will take place at Hotel Clarks Amer from January 30 to February 3. The JLF has evolved into a hive of ideas, cultures, stimulating debates, and—above all—innovations over the years. The flagship project of the Rajasthani government, iStart, contributes to the innovative aspect of the JLF. The JIF and iStart have been working together for five years in a row to give the state's expanding startup community a stage on which to display its accomplishments. The Department of IT and Communication of the state government launched the iStart project to encourage entrepreneurship and innovation in the state. This year, 130 businesses sponsored by iStart are exhibiting their products at the JLF. These firms range from service-based to AR/VR to direct-to-consumer. They will have the chance to network with participants, get important feedback, and increase their visibility over the five-day festival. Additionally, startups are not required to pay the JLF's exhibition spot reservation charge.
FY24 Revenue for Upstox Increases 25% Year Over Year to INR 1,051 Cr
OVERVIEW According to Upstox, its "net profit" increased 8X year over year to INR 190 Cr. But the figure did not include ESOP expenses. However, its income increased from INR 1,051 Cr in the previous fiscal year to INR 1,311 Cr in the fiscal year 2023–24 (FY24), a 25% increase. According to Upstox, its site has 1.7 Cr users, with over 85% of its clients hailing from Tier II and III cities.Upstox Datalabs_in-article-icon, a broking platform, reported that its revenue increased by 25% to INR 1,311 Cr in the fiscal year 2023–24 (FY24) from INR 1,051 Cr in the prior fiscal year. Upstox said in a statement that its "net profit" increased 8X year-on-year (YoY) to INR 190 Cr as a result of the rise in its top line. ESOP expenditures were not included in the figure, though. With this, the fintech startup asserted that it had reported profitability for a second year in a row. About 85% of Upstox's 1.7 Cr users are from Tier II and III cities, according to the company's statements.Notably, the business generated a profit in FY23, reporting a combined profit of over INR 25 Cr. "We are creating a successful, customer-focused, innovation-driven business that raises the bar for security, speed, and ease of use. Our objective is to establish ourselves as India's most reliable financial partner, facilitating the easy development of wealth for all Indians. stated Upstox cofounder and CEO Ravi Kumar.
The EU works to prevent Chinese takeovers of deeptech businesses.
The European Commission says it would keep new rules on European venture capitalists mild, but it wants to make it more difficult for investors from other nations, such as China, to make large investments in EU businesses creating crucial technology.In the midst of growing US-China competition, the EU executive on Wednesday unveiled a long-awaited set of steps to safeguard its deeptech firms and stop intellectual property from leaking to adversary nations.It suggested amending its foreign direct investment screening law to mandate that all 27 EU nations keep an eye on and possibly prevent foreign takeovers of tech companies in the four sectors the EU deems most sensitive: artificial intelligence, advanced semiconductors, quantum, and biotechnology. Margrethe Vestager, the vice president for digital and competition at the Commission, told a press conference that the measures, which are now being debated with the member states, will also target takeovers from companies that are based in the EU "but controlled from the outside."This implies that large investments from Chinese companies or EU-based companies with LPs in other nations are more likely to be rejected for startups. According to Vestager, "Europe cannot simply be the playground for bigger players in this competition; we need to be able to play ourselves." The rivalry for the technologies we need the most is severe worldwide.
Q3 Profit at MakeMyTrip Soars 12% Year Over Year to $27 Million
OVERVIEW In Q3 of FY25, MakeMyTrip's revenue increased 24.8% to $267.4 million from $214.2 million in the same quarter the previous year. The online travel aggregator made the most money from its hotels and packages division, bringing in $121.9 million. High travel demand in India during the quarter was cited by MakeMyTrip as the reason for the strong growth in its top line.MakeMyTrip Datalabs_in-article-icon (MMT), an online travel aggregator listed on the Nasdaq, recorded a profit of $27.1 million for the quarter that ended December 31, 2024 (Q3 FY25), an increase of 11.8% over $24.2 million for the same quarter the year before.From $214.2 million in the same quarter last year to $267.4 million this quarter, the company's revenue increased 24.8%. The hotels and packages division of MMT, which generated $121.9 million in Q3 FY25, was the main contributor to the company's top line. This represented a 24.9% YoY increase. However, the company's bus ticketing division saw the biggest boost in income. In Q3 of FY25, the segment's revenue soared 31.3% year over year to $35 million. In the meantime, revenue from the airline ticketing industry increased by 20% year over year to $93.8 million. MakeMyTrip credited the strong increase in its top line to the nation's strong travel demand throughout the quarter. It stated that the robust demand for both domestic and international outbound travel in India for the quarter ending December 31, 2024, as opposed to the quarter ending December 31, 2023, was the main cause of the revenue gain.
Paytm se expande a Saudi Arabia, UAE y Singapore; nombra a Bimal Julka, ex funcionario del gobierno, a la gerencia.
Conforme a una declaración regulatoria, la compañía tiene la intención de invertir hasta Rs 20 crore en cada mercado para introducir sus productos de merchant payments y servicios financieros. Paytm es una de varias fintech empresas de India que están expandiéndose hacia el Medio Oriente y Southeast Asia. Examinará organic expansions, alianzas, inversiones y licencia local en estos países.One 97 Communications, a subsidiary of Paytm, has announced planes to extend sus operaciones to Singapore, UAE and Saudi Arabia. Conforme a una presentación regulatoria, la empresa tiene la intención de invertir hasta 20 crore rupees (US$2.31 million) en cada mercado para implementar sus productos de merchant payments y servicios financieros.Conforme a una presentación regulatoria, la empresa tiene la intención de invertir hasta 20 crore rupees (US$2.31 million) en cada mercado para implementar sus productos de merchant payments y servicios financieros. La estrategia de Paytm incluye fomentar el crecimiento orgánico, establecer alianzas y conseguir licencia local en estos países. Además, Paytm ha designado a Bimal Julka, un ex funcionario del gobierno, como director no ejecutivo independente.
Crypto Theft: WazirX Freezes $3 Million in Stolen Assets
As part of its ongoing recovery efforts, WazirX has frozen $3 million worth of stolen assets. This comes almost six months after it was hit by a $235 million hack. Cofounder Nischal Shetty said the company remains “fully committed to recovering stolen funds” and maximising recoveries under the Scheme of Arrangement WazirX’s parent Zettai is actively working with law enforcement agencies to trace and retrieve the stolen assetsThe company said in a statement, "WazirX has been able to freeze the first set of assets that were stolen during the cyberattack (the "Stolen Assets"). These assets are worth about $3M USDT [Tether]."Zettai, the parent company of WazirX, stated that while the platform undergoes reorganization procedures, it is actively collaborating with law enforcement, forensic specialists, investigative authorities, and legal professionals to track down and recover the stolen assets."This is only the start. Nischal Shetty, a cofounder of WazirX, stated, "We are totally dedicated to recovering the stolen funds … [and] maximising recoveries under a scheme."
After JM Financial Starts Coverage With "Buy," Ixigo Shares Rise 3%
SUMMARY: During today's (January 14) intraday trading on the BSE, shares of travel tech giant Ixigo surged by almost 3% to INR 146.90 per share. Following JM Financial's 'buy' rating and initial coverage of the stock, which stated that Ixigo was the new dark horse in the online travel agency (OTA) market, the stock experienced a surge. The firm set a target price of INR 180 for it, indicating a 26% potential increase from the stock's last closing.During intraday trading on the BSE today (January 14), shares of IxigoIxigo Datalabs_in-article-icon surged by almost 3% to INR 146.90 each after brokerage JM Financial began covering the stock with a "buy" rating, stating that the company is the new dark horse in the online travel agency (OTA) market.Ixigo's target price of INR 180 was set by the brokerage, indicating a 26% potential upside from the stock's previous closing of INR 142.90.Ixigo outperformed its competitors with a GTV growth of 34% year over year in the first half of the fiscal year 2024–25 (H1 FY25). In contrast, EaseMyTrip and Yatra recorded a 1% and 9% drop in GTV over the same time, respectively, while MakeMyTrip reported a 23% YoY growth. With 94% of its booked transactions having origins or destinations in non-tier I cities, the brokerage added that Ixigo, which employs a multi-app, multi-brand strategy, is well-positioned to benefit from the expansion of the travel industry in tier II+ cities."Ixigo concentrates on distinction based on improved client experience, in contrast to the majority of OTAs who prioritize greater pricing or discounts. The company accomplishes this by offering value-added services and unconventional utility products and services that allow customers to change or cancel their reservations without worrying about incurring cancellation fees (for a tiny portion of the ticket price), according to JM Financial. Over FY24–27, the brokerage anticipates that the online travel platform will generate revenue growth of 23% and GTV growth of 26%. Furthermore, according to JM Financial, the travel tech major is anticipated to increase its adjusted profit after tax (PAT) and EBITDA by 33% and 45%, respectively, throughout the time.It should be mentioned that Le Travenues Technology, the parent company of ixigo, made its market debut last year. The shares of the firm were listed on the BSE at INR 135 each, which was 45% more than the price at which the IPO was issued. Although the stock has lost more than 12% in the last five trading sessions, it has so far seen an increase of more than 5% since going public.
CoinSwitch Starts INR 600 Cr WazirX Hack Victim Recovery Program
SUMMARY In order to assist WazirX users affected by the significant $230 million (INR 1,900 cr) cyberattack that occurred last year, CoinSwitch initiated an INR 600 Cr recovery scheme. Through incentives, money deposits, and revenue redistribution, the company hopes to assist impacted users in recovering their losses through the "CoinSwitch Cares" project. In essence, the program is an attempt by the cryptocurrency platform to attract WazirX users.To help users of WazirX, a compromised cryptocurrency exchange that suffered a huge $230 million (INR 1,900 crore) cyberattack last year, cryptocurrency unicorn CoinSwitch has started an INR 600 cr recovery scheme. The company hopes to assist impacted individuals in compensating for their losses, depositing money to benefit from the current cryptocurrency market boom, and receiving incentives through the program called "CoinSwitch Cares."Cybercriminals from North Korea are said to have breached WazirX in July 2024, removing over $234 million in cryptocurrency assets from one of its wallets. Over 4 million Indian customers suffered significant losses as a result of the cyberattack, which also damaged confidence in the country's cryptocurrency market.In essence, the project is an attempt by the cryptocurrency platform to acquire WazirX users. Ashish Singhal, cofounder and CEO of CoinSwitch, stated during a virtual "Ask Me Anything" session that the company has launched the CoinSwitch Shares program in an effort to win back the trust of the Indian cryptocurrency community.
Ver.iD, a digital identification startup, raises €2 million and plans to raise €4 million to support its growth in Europe.
In order to grow ahead of the recent eIDAS 2.0 rule, Amsterdam-based Ver.iD, a software as a service platform for digital identity verification, has announced that it has raised €2 million in angel capital.The platform is getting ready for a fresh €4 million investment round to boost its European expansion in the wake of this recent funding round."Ver.iD allows businesses to obtain only the necessary consumer data at a time when news stories are dominated by AI-driven fraud and data breaches. Ver.iD co-founder Robert van Altena states, "This guarantees privacy while making onboarding and verification processes faster, safer, and more user-friendly."Ver.iD, which was founded in 2022, offers businesses and governments a simple-to-use solution for digital identification verification. Ver.iD is completely compliant with modern security standards, such as ISO27001, NIS2, and DORA, and gives consumers complete control over the information they disclose while guaranteeing a smooth experience for businesses. The new European digital identification regulation, eIDAS 2.0, which goes into effect in 2024, has made it more urgent than ever to have safe and easy-to-use solutions in place. Public and private entities, such as banks, energy suppliers, and insurance companies, will have to include digital ID applications into their operations by 2026.Ver.iD intends to play a significant role in this change by providing a solution that minimizes data breaches, fights fraud, and improves user experience while guaranteeing compliance. Ver.iD has been compared to Adyen, another Dutch company that enables companies to take payments via point-of-sale, mobile, and e-commerce. "Ver.iD offers a similar service for identity apps, just as Adyen helps businesses integrate multiple payment methods and lets customers choose their preferred payment method," claims Ver.iD. While consumers can still choose their favorite identity app, the platform enables businesses to easily incorporate ID wallets and digital identification techniques. Leading organizations already use Ver.iD's platform for both experimental (or "change") and daily (or "run") operations, such as: Nationale Nederlanden and Verbond van Verzekeraars:
Taxing periods: The GST hike is expected to provide a rough ride for used car platforms.
Bengaluru: Following the government's decision to impose higher taxes on their margins on the sale of tiny automobiles, India's used car platforms appear to be in for a rough ride after cruising at a double-digit growth rate over the previous five years since the epidemic. On Saturday, the Goods and Services Tax Council made the decision to raise the tax rate from 12% to 18% on the margins of suppliers selling small used cars, including electric vehicles (EVs).A used vehicle platform will now pay 18% goods and services tax (GST) on the margin (₹40,000) if it buys a small car for ₹1 lakh and sells it to a buyer for ₹1.4 lakh after refurbishing, as opposed to 12% previously. Eighteen percent has paid for used EVs and SUVs (sport utility vehicles). Although companies will be able to offset this against input tax credits, startup margins are expected to be impacted in the short term by this initiative to harmonize tax slabs.Industry analysts predict that the 50% tax increase will hurt a sector that sold 51 lakh units in FY23, according to the India Blue Book report that was made public earlier this year. India continues to sell more used automobiles than new ones annually, as seen by the 42.3 lakh new cars sold within the same time period. According to Vikram Chopra, CEO of online used automobile marketplace Cars24.com, "such policies can affect affordability in a country where car ownership is still in single digits [in percentage terms]."
Over 16 Lakh Jobs Are Created by Startups: Commerce Ministry
SUMMARY According to the commerce ministry, 1.57 lakh businesses were recognized by DPIIT as of December 25, and the Indian startup ecosystem has generated over 16 lakh jobs nationwide. According to DPIIT, there are currently over 73,000 businesses in India with at least one female director. Startups like Zomato, Ola, and Nykaa have shown that India can compete in global markets by growing their businesses outside of their country.According to the ministry of commerce and industry, as of December 25, 1.57 lakh companies had been approved by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Startup India initiative, contributing to the creation of over 16 lakh employment nationwide. With 1.57 lakh firms approved by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Startup India initiative as of December 25, the Indian startup ecosystem has generated over 16 lakh jobs nationwide, according to the ministry of commerce and industry.According to the department, the proliferation of startups in a variety of industries, such as fintech, edtech, health-tech, and e-commerce, has been stimulated by the broad availability of reasonably priced internet and a youthful and vibrant workforce.A mix of demographic, economic, and policy variables are propelling India's ascent to the top of the global startup ecosystem, the report stated. With more than 100 unicorns, the Indian startup scene is influencing the direction of innovation and entrepreneurship, according to the DPIIT, which also stated that India has become one of the most dynamic startup ecosystems in the world, earning its position as the third largest startup center.
Cornerstone Exits Node for Startup Intelligence in Retail Analytics
OVERVIEW After IPG acquired Intelligence Node, Cornerstone Ventures made its second exit from Fund I. The exit is made possible by a $100 million (INR 849.5 crore) acquisition agreement with the multinational advertising conglomerate Interpublic Group. NEA, Orios Venture Partners, and BlackSoil Capital are among the investors that Intelligence Node has previously raised $10.25 million from in several rounds.After the global advertising conglomerate Interpublic Group (IPG) acquired retail analytics startup Intelligence Node, SaaS-focused venture capital firm Cornerstone Ventures announced its departure from the business. Additionally, this is the second exit for Fund I of Cornerstone Ventures, which made its initial investment in Intelligence Node in 2019.Intelligence Node's emphasis on a clearly defined worldwide need has always thrilled us. Over the years, the business has been able to provide measurable consumer benefits that have allowed its clients to increase their margins and level of competition," said Nanika Kakkar, a partner at Cornerstone Ventures. Including integration expenses, the deal was valued at about $100 million (INR 849.5 crore). The transaction highlights Intelligence Node's strategic significance in the changing retail landscape, especially given that the company's AI-powered platform presently analyzes more than 1.2 billion products from 190K businesses globally.Since its founding in 2012, Intelligence Node has created a range of AI and machine learning-based solutions to assist companies in optimizing their pricing and digital shelf presence. The platform generates over $600 billion in revenue globally and boasts a 99% product matching accuracy thanks to its unique AI algorithms. According to Sanjeev Sularia, CEO of Intelligence Node, "We have always focused on empowering our clients with data-driven insights that can drive real business value." "Our collaboration with Cornerstone Ventures was crucial in propelling our expansion and expanding the market for these cutting-edge products. An important milestone in our journey has been reached with this IPG acquisition, which presents new prospects for both our business and our clientsBy partnering with IPG, Intelligence Node will take advantage of the global network of the advertising behemoth to increase its reach and provide customers with better value.
"Google in Russia" Yandex sells local assets to expand in Europe.
The majority of its Russian assets have been sold off by the parent company of Yandex, the biggest tech business in Russia and the equivalent of Google in that nation.The agreement gives the Dutch parent business the freedom to expand in Europe, freeing up its hundreds of highly qualified tech workers who left the nation. Its intentions include creating four AI-focused firms, which would be a major entry into the market at a time when competition is intensifying.A haircut from the Kremlin The Dutch parent company of Yandex, which is listed on the Nasdaq, has sold 72% of its Russian business to a group of investors, including Russian oil giant Lukoil, and members of the company's former management. In July, the final 28% of the deal will be completed. According to Russian government regulations on exits for Western corporations, the purchase, which was announced in February after 18 months of discussions, valued the company at $5.2 billion and required a 50% valuation decrease. Yandex was valued at $30 billion at its height.Founded during the dotcom boom of the 1990s, Yandex launched its main search engine in 1997. After that, it added online games, a music streaming service, an online map product, and a ride-hailing service to its list of offerings. The company's plan to become a global internet giant was thwarted by the conflict. Foreign investors stayed away from it, and many of its employees fled the nation. In June 2023, the European Union imposed sanctions on Arkady Volozh, a cofounder of Yandex. In March of this year, the restrictions against him were removed. Currently, Volozh resides in Israel.Negotiations for the sale of Yandex's Russian assets required months of political backstabbing because the Kremlin considered the company to be strategically and economically significant. Putin's spokesperson, Dmitry Peskov, described the business as "one of the largest companies and one of the economy's national champions in high tech," according to Russian newswire Interfax. "The company's continued operations in the nation are important to us."
