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Maharashtra launches advanced cyber centre to fight online offences
- Maharashtra Deputy Chief Minister Devendra Fadnavis inaugurates an advanced cybercrime command centre in Navi Mumbai
- The centre is a part of the Maharashtra Cyber Security Project aimed at tackling online frauds and cyber threats
- Equipped with cutting-edge technology, the centre will enhance online security and alleviate public fears of cyberattacks
- The project also includes training 5,000 police personnel annually to strengthen the state's capabilities in tackling cybercrime
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Yourstory
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IPO-bound OYO shuffles leadership with an international focus
- IPO-bound hospitality platform OYO has made several leadership changes to strengthen its global operations and focus on growth and technology.
- Sonal Sinha has been appointed as Chief Operating Officer – International, focusing on driving revenue and strategic initiatives in the US market.
- Rachit Srivastava has been named Chief Operating Officer for OYO Vacation Homes (OVH) in Europe, with a focus on enhancing growth and customer satisfaction.
- Other appointments include Shashank Jain as Head of Technology and Online Revenue, Pankhuri Sakhuja as head of Traum-Ferienwohnungen business in Germany, and Ashish Bajpai as Head of Revenue and Global OTA.
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SiliconCanals
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Meet PSV Hafnium, Denmark’s first dedicated deep tech early-stage venture fund; secures backing from EIF and EIFO
- PSV Hafnium, a deep tech early-stage venture fund, has launched in Denmark.
- The fund has secured €24.8M from the European Investment Fund (EIF) and €13.4M from the Export and Investment Fund of Denmark (EIFO).
- PSV Hafnium aims to invest in science-based clean tech, health tech, and next-generation industrial solutions and expects to back 30 companies.
- The fund will focus on pre-seed and seed stage investments in science-based tech companies and prioritize investments in climate action and environmental sustainability.
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TechCrunch
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UK neobank Monzo hits $5.9B valuation with secondary market sale
- UK neobank Monzo has reached a valuation of $5.9 billion through a secondary market share sale.
- Existing investors such as Singapore's sovereign wealth fund (GIC) and StepStone Group purchased additional shares in the fintech.
- The sale provides liquidity for Monzo employees and rewards their contributions to the company's growth.
- Monzo's valuation has increased since its recent fundraise, and its roadmap includes European expansion and accelerated rollout in the US market.
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Yourstory
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The world has a lesson to take from us: JC Penney’s Ankit Jhingran on India’s leadership in payment innovations
- Rise of digital wallets and real-time payments and integration of AI-driven solutions, is changing the way businesses and consumers handle transactions.
- Convergence of fintech and AI emerging as a pivotal force that promises to make transactions faster, more seamless and secure.
- Discussion titled ‘Reimagining the future of retail payments: Innovations shaping tomorrow,’ explored the game-changing impact of digital wallets, real-time payments, and AI-driven checkouts on retail industry.
- Ankit Jhingran gave insight into the role of JCPenney India and highlighted the value India brings to the company as a Global Capability Center (GCC).
- One of the primary trends discussed during the session was the rise of frictionless payments, designed to streamline transactions and enhance security for consumers.
- Wearable payments and biometric authentication, areas poised to drive the future of retail transactions discussed.
- Buy Now, Pay Later (BNPL) is another fintech trend currently making waves in retail.
- India's UPI infrastructure is a great example for the world to follow for real-time payments, according to Jhingran.
- Jhingran noted the potential for AI to revolutionize checkout systems across the retail sector, making them more efficient and customer-friendly.
- The retail sector is on the brink of a transformation that promises faster, more secure and more convenient transactions for consumers and businesses alike.
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Startup Pedia
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Mumbai Woman’s ‘Something Sustainable’ Eyes ₹1 Cr Revenue by Next FY
- Sustainable fashion brand Something Sustainable (SOS) has set its sights on generating revenue of INR10m ($134,000) by the end of the financial year, rising to INR10m annually by 2022-23.
- SOS aims to produce environmentally friendly garments using natural dyes as well as reclaiming unused fabric. Products include organic cotton dresses, tops, skirts and t-shirts.
- SOS was founded by Prernaa Lohiya, who previously spent over a decade working in luxury and fast-fashion brands.
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Yourstory
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PhonePe’s Vishal Gupta on breaking barriers to create a new and insured India
- Vishal Gupta, CEO of PhonePe Insurance, discusses how digital innovation can break barriers and make insurance more accessible and affordable for all Indians.
- Gupta highlights the importance of awareness, accessibility, and affordability in increasing insurance penetration in India.
- He emphasizes the need for simplified and personalized insurance products, as well as leveraging digital distribution to reach every corner of the country.
- PhonePe is introducing a new feature called 'Pre Approved Sum Assured' to address the hurdle of providing proof of income for insurance purchases.
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VIE Stories
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Dating App flutrr to Raise Rs 3.75 Cr Funding From Zee Media
- Flutrr Digimate Pvt. Ltd. is set to raise Rs 3.75 crore ($446,625) funding from Zed Akaash News Pvt. Ltd.
- Zed Media Corporation Ltd. will invest in Flutrr by purchasing equity shares and convertible warrants.
- Chennai Angels led a previous funding round for Flutrr in 2023, raising INR 4 Cr.
- Flutrr is India's first vernacular dating app, offering a multilingual user interface for a native language dating experience.
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Insider
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OpenAI's AI-adjusted earnings numbers have echoes of Groupon and WeWork
- OpenAI's revenue is growing fast and could reach $100 billion in 2029, but the business is projecting losses from 2023 to 2028, with the cost of model training expected to reach $44 billion during that time.
- The most concerning part is that OpenAI is asking investors to exclude the billions of dollars it spends on training AI models when reporting earnings.
- Given that model training is one of the main things that OpenAI does, this move has raised concerns about the legitimacy of the business.
- An accounting expert has said excluding the cost of model training from earnings reports is 'not kosher.' This will become especially important if OpenAI tries an IPO in the coming years as the SEC does not allow companies to exclude many ongoing business costs.
- OpenAI's IPO plans could be jeopardized if it does go ahead with the plan to exclude training costs, which will be a large, ongoing expense of providing its services.
- Excluding the cost of the core thing you do has echoes of other failed tech startups from the past, such as Groupon, which had to change its accounting after the SEC objected to its earnings report.
- WeWork similarly asked investors to ignore the costs of much of what the company needed to do to run its business by focusing on an alternative profitability measure before filing for bankruptcy in 2023.
- OpenAI may spin whatever story they want with investors as a private company, however, this will stop when they give audited financial statements to investors, potentially as part of an eventual IPO.
- OpenAI did not respond to detailed questions on why it is asking investors to exclude the cost of model training from its financial documents.
- According to an expert, OpenAI 'will never be done' with training its AI models due to the need for constantly incorporating new information, making training costs a fundamental business expense.
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Eu-Startups
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Profit meets purpose: Unlocking growth through sustainable business models
- Purpose-driven business models and sustainability are becoming increasingly important in today's society
- Sustainability and profit are often viewed as incompatible - but sustainable business methods can lead to increased funding, loyal audiences, and profits
- The more businesses embrace corporate social responsibility (CSR), the more likely they are to succeed in the long run. 88% of customers are loyal to companies that promote social and environmental causes.
- Ignoring sustainability in business processes has several negative social effects, such as exploitative labor practices, displacement of communities due to unsustainable land use, and high costs of litigation and regulatory compliance
- Transitioning to a more responsible business model starts with strong leadership, with each level of the company committed to environmental, social, and economic factors
- Sustainability should be at the core of the business. Companies must be transparent about their sustainability efforts and commit to continuous improvement.
- By integrating sustainable practices, businesses can unlock new opportunities, boost their brand reputation, cut costs, and drive positive change
- Companies can become highly profitable by going green. Businesses integrating sustainability into their core strategies tend to be more profitable in the long term
- Pandora is an example of a company that has successfully integrated sustainability into its business model, achieving significant sales growth with 100% recycled gold and silver.
- Every business must be both ecologically and economically sustainable to succeed.
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Startupreporter
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Flawora-Transforming Skincare with Potent Science
- Flawora is a skincare brand that aims to revolutionize the beauty industry by combining nature and science.
- The brand's unique approach of blending scientific innovation with botanicals has gained attention in the skincare market.
- Flawora products are formulated with potent ingredients backed by dermatological research.
- The brand focuses on sustainability and ethical practices, offering a luxurious skincare experience with long-term benefits.
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Eu-Startups
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New Danish fund PSV Hafnium secures €38.2 million to invest in early-stage deep tech in Denmark and the Nordics
- PSV Hafnium, a Danish venture fund, secures €38.2 million to invest in early-stage deep tech in Denmark and the Nordics.
- The fund aims to back science-based clean tech, health tech, and next-generation industrial solutions.
- It has received commitments from the European Investment Fund (EIF) and the Export and Investment Fund of Denmark (EIFO).
- PSV Hafnium plans to invest in 30 companies and focus on climate action and environmental sustainability.
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Nonprofithub
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[PODCAST] Harnessing Influencer Power: Transforming Nonprofit Marketing for Social Change – Deanna Tomaselli
- Nonprofit marketing is being transformed by influencer marketing.
- Deanna Tomaselli from "The Motherhood" discusses how influencers are advocating for social causes.
- The events of 2020 have reshaped the influencer landscape.
- Nonprofits have unique opportunities to raise awareness and support their missions.
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Medium
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HugeOne: Decentralized Venture Capital and Community-Driven Investments
- HugeOne is a decentralized venture capital platform designed to democratize startup funding.
- It empowers a global community to directly participate in investment decisions.
- Token holders can support and fund startups through a community-driven investment process.
- HugeOne combines decentralized governance with efficient decision-making for transparent and inclusive funding.
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StartupDaily
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Mother-daughter cofounders launch Musa to end traditional pitch decks for funding
- Mother-daughter duo, Tandadzo (Tando) Matanda and Dr Margaret Matanda, have launched Musa, the world's first intelligent venture assessment platform for startups.
- Musa equips founders with digital tools and insights, providing a venture health score using AI and connecting them with potential funders.
- The platform aims to bridge the funding gap for under-financed SMEs globally and move beyond traditional pitch decks.
- Musa has been accepted into JP Morgan's US accelerator program and plans to empower founders through workshops and actionable steps.
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