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Inc42
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Piyush Goyal Calls On Industry For Quick Transition To Electric Mobility
- Union commerce and industry minister Piyush Goyal has urged industry players to ensure quick transition to electric mobility to achieve India’s goal of 100% electric vehicle nation.
- Goyal emphasized the need for scaling in the electric mobility sector to overcome cost efficiency barriers.
- He encouraged faster transition from petrol and diesel to electric mobility and highlighted the potential for cost effectiveness with increased scale.
- Goyal also called on government bodies and industry associations to attract global companies for the production of electric vehicles in India.
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Siliconangle
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CrowdStrike acquires cloud security provider Adaptive Shield
- CrowdStrike plans to acquire cloud security provider Adaptive Shield.
- The financial terms of the deal were not disclosed, but it is reportedly worth $300 million.
- Adaptive Shield offers a cybersecurity platform to protect software-as-a-service applications.
- The acquisition is expected to close by February.
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VIE Stories
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CanvaLoop at Shark Tank India Season 3, CanvaLoop founders, funding, and networth
- Canvaloop, a bio-material science company, presented their idea on Shark Tank India Season 3.
- They convert agriculture waste into textile fibers and yarns using a zero-waste proprietary technology.
- Canvaloop was seeking INR 1 Cr. for 1.33% equity, valuing the company at INR 75 Cr.
- All five sharks offered a joint investment of INR 2 Cr. for 4% equity, valuing the company at INR 50 Cr.
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Economic Times
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SaaS-focused agentic AI platform Pulse raises $1.4 million from Endiya Partners, others
- Pulse has raised $1.4m in a seed funding round to develop its agentic AI for SaaS.
- Endiya Partners led the fundraising, with contributions from several angel investors.
- The firm intends to focus the new funds on platform development, as well as building large language models (LLMs) and agentic AI capabilities.
- It will also invest in early go-to-market initiatives, both in India and the US.
- Pulse helps product managers in SaaS companies streamline their product development processes.
- It deploys agentic AI to capture customer feedback from multiple touchpoints.
- It analyses structured and unstructured data and automates processes such as feature extraction, prioritisation, and product hierarchy creation to enable data-driven decision making.
- Pulse is piloting its platform with three companies and plans to go live with them at the end of the month.
- In the April-June quarter, funding for AI start-ups in India reached $8.2 million, marking a 91% sequential decline and an 82% year-on-year drop.
- Data comes from market intelligence firm Tracxn and was reported by ET.
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StartupDaily
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348
An under 16s ban on social media is coming to Australia
- The Australian government is planning to introduce legislation that would ban children under 16 from using certain social media platforms, including Facebook and TikTok.
- The platforms on the banned list have yet to be defined, with Snapchat also a possible target. Social media companies will have a year to implement the bans once legislation is passed or face hefty fines, with the eSafety Commissioner overseeing enforcement.
- Existing under-16 users will not be exempt from the ban, which is intended to support parents and to counter the impact of allegedly harmful algorithm-generated content on young people.
- The government is planning to introduce penalties for companies that allow under-16s to use their social media platforms. In May, prime minister Anthony Albanese announced a trial of age assurance technology, which will now not begin until 2025.
- Political and industry reactions to the plan have been mixed, with concerns raised that it may foster more secrecy around children’s internet use and potentially push them towards unregulated platforms.
- Elon Musk, owner of X (formerly Twitter), and Snap, owners of Snapchat, have criticised the moves.
- The social media platforms that may be effected will go to state and territory leaders at a specially convened national cabinet meeting.
- The government’s proposals will also increase penalties for violations, with fines of up to AUD1m ($734,000). The country’s eSafety Commissioner will receive additional powers to enforce the law.
- Opponents to the ban have argued that it could push young people onto unregulated parts of the internet.
- The legislation is expected to be introduced before Christmas with the details of the list of banned platforms still uncertain.
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TheStartupMag
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The Roadmap for Early-Stage Startups to Make a Lasting Impact
- Early-stage startups must refine their business model, form strong partnerships, leverage local legal expertise, and adopt emerging technologies to make lasting impacts.
- New startups struggle to secure a footing in a market with 150M businesses worldwide, making a well-crafted business plan and market validation crucial to success.
- Collaborative partnerships with companies sharing your values and vision can play a vital role in sustaining long-term growth.
- Local legal expertise is essential for navigating regulations that vary from state-to-state, such as taxation and zoning requirements in growing cities like Murfreesboro.
- Proactive preparation for legal challenges and identifying potential vulnerabilities, including regular employee training to minimize risks.
- Using appropriate technology speeds up processes and supports core activities, such as project management and CRM platforms.
- Adopting emerging technologies like AI, machine learning, and blockchain enhances transparency, security, and personalized customer experiences.
- Startups' journeys require perseverance, innovation, and a clear roadmap to tackle challenges and make a significant mark in competitive landscapes.
- Staying focused and flexible will set early-stage startups up for lasting growth and allow them to thrive.
- Entrepreneurship is more than just a great idea- it's refining your business, building strong partnerships, leveraging legal expertise, and adopting emerging technologies to make a lasting impact.
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Inc42
1w
33
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The Hosteller Bags INR 48 Cr Led By V3 Ventures
- Traveltech startup The Hosteller has raised INR 48 Cr (around $5.7 Mn) in a funding round led by V3 Ventures.
- The investment includes a debt of INR 16 Cr from Blacksoil.
- Other investors, including Real Time Angel Fund, Ice Venture Capital, Synergy Capital Partners, and angel investors like Harsh Shah and Vedang Patel, also participated in the round.
- The Hosteller plans to use the funding to expand its operations and increase the number of beds from 2,500 to 10,000 in the next 15 to 18 months.
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Yourstory
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260
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Truecaller names Rishit Jhunjhunwala as new CEO
- Truecaller has named Rishit Jhunjhunwala as its new CEO.
- Current CEO Alan Mamedi and Chief Strategy Officer Nami Zarringhalam will step down from operational roles and focus on board responsibilities.
- Jhunjhunwala, who has been with Truecaller since 2015, will take on the role of CEO from January 9, 2025.
- India remains Truecaller's largest market, accounting for 75.8% of total net sales for the financial year 2022-23.
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Yourstory
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301
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Sharan Hegde’s 1% Club lays off 15% employees
- 1% Club, the personal finance platform co-founded by Sharan Hegde and Raghav Gupta, has laid off 15% of its total workforce as part of an AI-led cost-saving initiative.
- The layoffs were a result of rapid scaling, with the company growing from a five-person team to nearly 200 employees in just two years.
- The affected employees have been provided with a healthy severance package and assistance in finding new job opportunities.
- Despite the layoffs, the company remains financially strong, with annualized revenue of $8 million and an EBITDA of 35-40%.
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Inc42
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230
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Satcom Should Complement Terrestrial Networks: MoS Communications
- Minister of State (MoS) for communications Chandra Sekhar Pemmasani believes that satcom should complement terrestrial networks such as 5G and 6G.
- Satcom can be leveraged to bridge last-mile connectivity and digital divide in India.
- Private and government partnerships are needed to build resilient satcom and terrestrial networks.
- MoS Pemmasani emphasizes that satcom is a transformative entity that can connect every Indian household and village to the internet.
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VIE Stories
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230
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Social Media Platforms for Business Promotion
- To maximise a brand's reach and engagement, it's important to understand the most popular social media platforms such as Facebook, YouTube, Instagram, WhatsApp, Telegram, Twitter, Snapchat, Discord, and Pinterest.
- Facebook is an excellent foundation for social media marketing efforts. With more than 3 billion MAU, it caters to diverse audiences and offers diverse advertising opportunities.
- YouTube is the ultimate platform for video marketing, providing an opportunity to educate audiences with engaging content that highlights your brand.
- WhatsApp is a widely used social messaging app known for enhancing customer service efforts and streamlining communication between businesses and customers.
- Instagram attracts a wide range of users, from teens and Gen Zers to millennials and more, offering a wealth of content and an opportunity to connect with its 2 billion MAU.
- Telegram is a perfect platform for businesses looking to enhance their customer service efforts socially and offers unlimited media sizes and cloud-based mass-messaging.
- Snapchat is particularly effective for brands looking to connect with teen audiences, paving the way for the rise of short-form, vertical video content that disappears after 24 hours.
- Twitter offers a platform for brands to engage with customers directly and build personal relationships through 280-character posts while driving brand awareness.
- Discord is an user-friendly, customizable platform designed to connect people, originally made for gamers, but later it changed into a communication platform and now used by various industries.
- Pinterest promotes eye-catching visual content, making it an ideal platform to sell products via linked images and engage audiences through videos, graphics, and more.
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Yourstory
1w
2.9k
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Freshworks cuts 13% of its workforce, impacting 660 employees
- SaaS major Freshworks has laid off around 13% of its global headcount, impacting 660 employees out of its 5,000 strong workforce.
- The decision reflects the company's focus on key growth areas, including AI, Employee Experience (EX), and Customer Experience (CX) offerings.
- The impacted employees will receive notifications based on regional laws and practices, with discussions scheduled on different timelines.
- Freshworks reported a 22% growth in revenue for the third quarter, reaching $186.6 million, and reduced its losses by 3.55%.
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Yourstory
1w
833
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Ratan Tata, Nandan Nilekani's Avanti Finance reports narrower loss as revenue rises 2.3X in FY24
- Avanti Finance, backed by Ratan Tata and Nandan Nilekani, reported a narrower loss and a significant increase in revenue for FY24.
- The standalone revenue from operations rose 2.3X to Rs 240.40 crore, driven by a rise in interest income and an expansion in the lending portfolio.
- The interest income more than doubled to Rs 217.7 crore compared to Rs 104.8 crore in the previous year.
- The loss for the year decreased to Rs 13.8 crore from Rs 50 crore, while total expenses rose 66.9% to Rs 264.9 crore.
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Yourstory
1w
868
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Hero Electronix’s Tessolve to acquire Germany-based Dream Chip Technologies for up to Rs 400 Cr
- Hero Electronix's Tessolve is set to acquire Germany-based Dream Chip Technologies for up to Rs 400 crore.
- The acquisition will position Tessolve as a top-tier semiconductor engineering firm globally with unmatched design capabilities.
- This acquisition will expand Tessolve's European footprint, adding four new delivery locations and strengthening capabilities in advanced semiconductor and embedded design solutions.
- The acquisition will enhance Tessolve's market position in the semiconductor services sector, particularly in the automotive and AI-driven ASIC applications.
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Fintechnews
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745
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Tencent and Visa Roll Out Palm Payment Trial in Singapore
- Tencent and Visa have partnered to introduce palm recognition payments in Singapore.
- The pilot program will allow Visa cardholders from banks such as DBS, OCBC, and UOB to pay with their palms at select merchants.
- The first location to offer this technology is Alchemist, a café in Singapore.
- The palm payment system requires a one-time enrollment by tapping a Visa card, scanning the palm, and confirming the user's identity.
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