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Over 10K Entities Whitelist 2.75 Lakh URLs After TRAI Directives
- Over 10,000 business entities have whitelisted more than 2.75 Lakh URLs in compliance with TRAI directives.
- TRAI's August 20 directives mandated telecom operators to stop transmitting unwhitelisted URLs, APKs, and OTT links.
- TRAI has taken actions such as blacklisting entities and mobile numbers to enforce whitelisting compliance.
- TRAI has collaborated with agencies like RBI, SEBI, and IRDAI to tighten control over commercial communications.
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Yourstory
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Navigating India’s evolving fintech regulatory framework
- India's fintech market is projected to touch $150 billion by 2025 and total addressable fintech market by 2025 is anticipated to reach $1.5 trillion.
- The RBI, SEBI, NPCI, and IRDAI are responsible for overseeing diverse areas of the fintech world and have created a comprehensive set of regulations and guidelines.
- The governing bodies are crucial in ensuring regulatory compliance, collaboration, and interoperability.
- KYC (know your customer) and CKYC (central KYC) rules are imperative for fintech companies to comply with to prevent money laundering, terror financing, and allied financial crimes.
- The Ministry of Electronics and Information Technology has a vital role in overseeing the digital aspects of fintech firms in India.
- PMLA requires fintech players to prevent any money laundering activities by ensuring compliance with AML (anti-money laundering) norms.
- Regulatory compliance with statutory fintech laws remains indispensable for nurturing trust, transparency, and integrity in the Indian fintech universe.
- RBI is empowered to regulate and oversee payment systems in India and mandates compliance with standards covering consumer protection, security, and systemic stability.
- The Digital Personal Data Protection Bill mandates certain obligations that fintechs must follow while collecting, storing, and processing any personal data to ensure user consent and data security.
- PMLA requires fintech players to report suspicious transactions that may potentially be linked either to terrorist financing or money laundering.
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Yourstory
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Zoomcar announces debt restructuring with focus on financial stability
- Zoomcar, the self-drive car sharing platform, is undergoing debt restructuring to reduce its outstanding debt of approximately $31 million.
- The company has negotiated with lenders and vendors to reduce 75% of their immediately payable debt, either allowing a deferred payment schedule of up to 24 months or reducing payouts by up to half in the short term.
- The debt restructuring aims to decrease cash outflow and invest in strategic initiatives for long-term sustainability and value for all stakeholders. Zoomcar plans to finish the exercise by November 2024.
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Yourstory
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Ericsson to expand R&D base in India, focuses on AI, 6G development
- Swedish telecom gear maker Ericsson plans to expand its R&D base in India, focusing on AI and 6G development.
- India is a key market for Ericsson, and the company has been manufacturing in India since 1994.
- The R&D teams in Chennai, Bengaluru, and Gurugram will work on programmable/API capabilities for advanced use cases and more secure network interfaces.
- India is one of the front runners in 5G technology, with significant infrastructure development and network performance improvements.
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Inc42
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Optimized Electrotech Bags INR 25 Cr Grant From Centre
- Defence tech startup Optimized Electrotech has received a grant of INR 25 Cr from the Indian government.
- The grant was awarded as part of the ADITI 1.0 iDEX-DIO Challenge, initiated by the Defence Space Administration under the iDEX programme.
- Optimized Electrotech plans to use the grant to develop defence solutions aligned with India's modernization goals.
- The startup offers AI-infused surveillance solutions that enable applications such as smart city surveillance and border security.
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Inc42
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Urban Company Forms JV To Fuel Saudi’s Home Service Business
- Urban Company has partnered with SMASCO to establish a joint venture called Waed Khadmat Al-Munzal for Marketing Co. to launch a new home services platform in Saudi Arabia.
- The JV aims to enhance the domestic service landscape in Saudi Arabia by combining Urban Company's technology expertise with SMASCO's manpower resources.
- SMASCO is a technology marketplace for home services, offering over 765 professional services in more than 55 cities and provinces.
- Urban Company recently reported a 70% reduction in losses in FY24 and secured funding from Prosus and Dharana Capital.
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Inc42
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Primus Senior Living Nets $20 Mn Led By General Catalyst
- Eldercare startup Primus Senior Living raises $20 Mn in seed funding round led by General Catalyst.
- The funding will be used to build a comprehensive eldercare platform catering to healthcare, wellness, lifestyle, and social engagement.
- Primus aims to create a vibrant ecosystem for seniors, providing care, connection, and purpose.
- The Indian elderly care market is projected to reach $72 Bn by 2030, presenting a significant entrepreneurial opportunity.
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Yourstory
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Licious pares FY24 losses by 44%; revenue slides 8% to Rs 685 Cr
- Omnichannel meat and seafood retailer Licious narrowed its FY24 losses by 44% to Rs 293.77 crore.
- The company reported a revenue of Rs 685.05 crore in FY24, an 8% decline from the previous year.
- Closure of distribution channels and deprioritizing exposure to modern trade and local stores contributed to the revenue decline.
- Licious plans to focus on owned channels for distribution and aims to achieve EBITDA breakeven by the end of this year.
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ISN
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Aditya Birla Housing Finance partners with BharatPe to revolutionize secured lending
- Aditya Birla Housing Finance partners with BharatPe to revolutionize secured lending
- ABHFL partners with BharatPe to offer streamlined access to secured lending through digital solutions
- Collaboration aims to reach merchants in Tier 2 and Tier 3 markets
- Merchants can access loan products through the BharatPe app, leading to a user-friendly and efficient experience
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ISN
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BharatPe's revenue rises 39% rise to Rs 1,426 crore in FY24; losses decline by 50%
- New Delhi-based fintech firm BharatPe reports a 39% rise in operating revenue for FY24, reaching Rs 1,426 crore.
- Losses decline by 50%, with consolidated loss before taxes dropping to Rs 474 crore in FY24.
- BharatPe expands its product offerings, rebrands PostPe app, ventures into secured lending.
- Future focus on scaling lending vertical, introducing new services, and expanding credit offerings to SMEs and the consumer market.
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Inc42
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JFS, BlackRock In Talks To Roll Out Private Credit Venture
- BlackRock is reportedly in discussions with Jio Financial Services (JFS) to establish a private credit venture in India.
- The joint venture aims to leverage the growing direct lending market in India and provide loans to businesses.
- This would mark BlackRock's fourth collaboration with JFS, but no final decision has been made yet.
- JFS has been expanding its services, recently launching the JioFinance app and aiming to disrupt the fintech sector.
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Insider
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AI sales startup Clay is raising a new funding round at a $1.3 billion valuation, sources say
- Clay, an AI-powered sales startup, is set to be valued at $1.3 billion in a new funding round.
- The company previously raised a $46 million Series B at a $500 million valuation in June.
- Clay supports revenue operations and growth teams by automating outreach to potential customers.
- Its customers include Anthropic, Notion, Vanta, Ramp, and Intercom.
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ISN
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SKYBER Aerospace partners with Dubai-based Sibia to meet growing UAV demand in Middle East and Africa
- SKYBER Aerospace has partnered with Dubai-based Sibia Technologies to address the increasing demand for UAV systems in the Middle East and Africa (MEA).
- The partnership aims to deliver UAV systems for defence and commercial sectors, focusing on localizing operations to meet regional needs.
- The MEA UAV market is projected to reach $5.3 billion by 2029, presenting significant opportunities for both companies.
- The partnership will provide enhanced local support, training centers, and faster access to spare parts to improve customer experience in the MEA region.
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Startup Pedia
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19-YO Builds Wearable Electrolyte Analyzer and IoT Mask for Athletes
- 19-year-old Sai Smaran from Karnataka has developed two innovative products: an Electrolyte Analyzer and an IoT-powered mask.
- The IoT-powered mask has a small fan attached to it, controlled by a device, which helps clear fog from spectacles.
- The Electrolyte Analyzer is a wearable device that identifies the sodium concentration in sweat and recommends the right foods to maintain electrolyte balance.
- Sai aims to make the Electrolyte Analyzer affordable, priced at Rs 5,000, and is seeking incubator support for mass production.
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StartupDaily
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Breakthrough Victoria pours $2.5 million into food waste rival to Goterra and Bardee
- Breakthrough Victoria, a state government-backed venture fund, has invested $2.5 million into Melbourne startup Viridian Renewable Technology, which recycles food waste as animal feed and fertiliser.
- The funds will be used to increase Viridian's factory capacity, creating 15 jobs and producing an additional 1,300 tonnes of insect protein annually.
- Viridian plans to build two more plants in Gippsland to support the local food and agricultural industry.
- The company uses black soldier fly larvae to convert food waste into insect-based protein, oil, and organic fertiliser.
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