IIMA Ventures (formerly IIMA-CIIE) has launched an accelerator programme for first time and novice investors.

Through its Venture Investing Accelerator programme, IIMA will offer professionals with skills, knowledge and experience needed to succeed as early stage investors, it said in a statement.

The programme is tailored for new investors and those interested in venture investing through family offices, micro VCs or corporate venture offices.

Explaining the rationale behind floating the accelerator, IIMA said that as many first time investors and fund managers often struggle with the complexities of scouting companies, managing portfolios and securing exits.

In a statement, the company said that the programme is designed to guide and support those first time investors and fund managers who often struggle with the complexities of scouting companies, managing portfolios and securing exits. 

The goal is to support novice investors shorten their learning curve and contribute to a thriving and robust startup ecosystem in the country, it added.

“By leveraging the extensive experience and resources of IIMA Ventures, we aim to create a new generation of savvy investors who can navigate the complexities of early-stage investing and drive meaningful impact in the startup ecosystem,” said Supriya Sharma from IIMA Ventures.

The development comes months after IIMA Ventures announced its support for 14 startups from Indore in its first Cohort of the Indore Smart City Accelerator programme. 

The cohort aimed to coach startups in developing business models and proposals needed to engage with public sector customers. It also sought to assist early-stage startups building solutions for urban local bodies (ULBs) in securing pilots to validate their offerings.

Founded in 2002 as an entrepreneurship centre at IIM Ahmedabad, IIMA Ventures focuses on studying, educating, incubating, accelerating, and investing in early-stage startups, entrepreneurs, and investors. 

It has mentored over 7,000 founders, accelerated more than 1,700 startups, and supported over 700 ventures.

The firm asserts that it has made over 350 equity investments in the past 15 years and achieved profitable exits in more than 40 companies.

The post IIMA Ventures Launches Accelerator For First Time Investors appeared first on Inc42 Media.

The peer-to-peer (P2P) lending sector has reportedly written to the Reserve Bank of India (RBI), seeking clarity on certain features around instant liquidity, flow of funds between borrowers and lenders and automatic reinvestment of gains.

As per ET’s report, industry insiders believe that by offering the right products with options for on-demand liquidity and access to secondary market transactions, P2P lending can become an attractive tool for investors looking to diversify into new asset classes.

If approved by the RBI, lenders on P2P platforms would have the option to sell their outstanding loans midway through the term, allowing them to either exit the investment or reinvest the funds.

A spokesperson for the Association of P2P Lending Platforms confirmed they have approached the banking regulator for guidance on secondary market operations, added the report.

Sector participants have requested clarity from the RBI’s Department of Regulation regarding secondary market operations, which have been in practice since the regulations were introduced in 2017, it further said.

This development comes as the Reserve Bank of India has announced new guidelines for digital lending, stipulating that peer-to-peer (P2P) lending platforms are prohibited from entering into default loss guarantee (DLG) agreements with non-banking financial companies (NBFCs). 

RBI data reveals that 26 P2P lending companies are regulated, however, ET reported that only about 10 are currently operational, while the rest are either inactive or considering exiting the sector.

Fintech startups such as Uni, CRED, MobiKwik, BharatPe and RupeeCircle are among some of the platforms that offer P2P lending, allowing individuals to lend to other individuals. 

Meanwhile, crypto exchange Binance has halted the cash payment option for P2P trades in rupees.

The post P2P Lenders Seek RBI Clarity On Secondary Market Participation Of Their Investors appeared first on Inc42 Media.

The retail industry in India has witnessed a significant evolution, transitioning from small, independent shops to large stores, supermarkets, hypermarkets, and now ecommerce. This transition has taken place on the back of a dramatic change in the shopping habits of consumers.

Consequently, the retail landscape has seen a rise in tech-driven neighbourhood stores such as SuperK, Apna Mart, and Kirana King, especially after the pandemic. The most interesting, yet crucial, aspect of these players is that they are focussed on improving the shopping experience for customers living in the country’s rural areas. 

Making waves in this competitive landscape is the retail tech startup Frendy, which is bringing modern retail convenience to Tier III cities and beyond, with its eyes on markets where giants like Reliance and Tatas have yet to establish their presence.

Incorporated in 2019 by entrepreneurs Sameer Gandotra, Gowrav Vishwakarma, Ninad Patel and Harshad Joshi, Frendy aims to enhance the shopping experience for customers living in lesser-known areas of India through its spacious stores and app.

Interestingly, the founders of Frendy came up with the idea to launch Frendy when they noticed that hardly any retail player focussed exclusively on customers living in Tier III and beyond cities. However, what prompted them to execute their thesis was the strong aspirations of the people living in small towns and cities. 

“While there was a lot of chatter about ecommerce in the country at the time, most people from the rural parts of the country were untouched by its magic. Trust and last-mile assistance were missing in ecommerce in rural areas, so we started researching and realised that purely digital solutions wouldn’t work because these consumers haven’t even seen a proper modern retail experience. So, we came up with a phygital (physical plus digital) model,” the cofounder said.

This led to the creation of the Ahmedabad-based Frendy. The startup currently operates as an omnichannel retail store network that sells grocery, cleaning, beauty and other household products under its private-label portfolio. 

It also aims to disrupt the market by addressing the challenges faced by micro kirana stores, such as poor stocking, managing multiple SKUs, and maintaining discounted rates and profit margins. As per the founders, the brand has served approximately 1 Lakh+ households since its inception.

They added that the startup’s revenue doubled to INR 82 Cr in FY23 from INR 40 Cr in FY22. However, in FY24, it posted a revenue of INR 70 Cr (unaudited). Per the founders, the degrowth on the revenue front was the result of a strategic turnaround to reduce burn and enhance operational efficiency. 

Nevertheless, the startup, since its inception, has garnered significant interest from Auxano Capital, AT Capital Singapore, Metara Ventures, Let’s Venture Angel Fund, Desai Ventures, Auxano Capital, Priya Joseph, Rohan Jain and Rishabh Jain of The Wellness Co., and Apurva Salarpuria family office, among others. It has raised a total of $5 Mn in its journey so far.

Frendy’s Permutations & Combinations

Speaking with Inc42, the cofounders said that much has gone into creating a robust customer base. Gandotra added that Frendy’s business model has undergone multiple iterations from time to time on the back of changing customer demands, market conditions and opportunities. 

From September 2019 to February 2020, Gandotra added, they operated Frendy as a referral-based ecommerce platform, offering groceries and products under categories like fashion and accessories, home decor and kitchenware. 

But when the Covid-19 pandemic brought the world to its knees, the founders shifted their focus from other categories to strengthen their grocery segment, all while boosting their last-mile delivery play.

In March 2022, they began focussing on micro kiranas as agents and by October 2023, they launched Frendy Marts, which function as both retail outlets and micro-warehouses.

Currently, the startup operates 25 mini marts (also known as Frendy Marts), which are present in small towns of Gujarat like Chitroda, Khodiyarnagar, Nikol, Gondal, etc. The founders said they keep on adding 3-5 new mini marts every month. 

These mini marts serve as modern retail outlets for villages or towns with populations of 10,000 to 15,000 people. Frendy’s mini marts also serve as fulfilment centres or warehouses and a one-stop supply hub for micro kiranas. The startup has its central warehouse located in Ahmedabad.

“We initially launched with a wider assortment of around 10,000 SKUs, including fashion and accessories. Currently, our catalogue has been reduced to 5,000 SKUs as we focus mainly on groceries and have largely eliminated fashion items. Of these, 1,000 SKUs are available at the Mart, 1,000-1,500 at micro kiranas, and 4,000 at the central warehouse,” he added.

Although the business model has changed over the years, one thing that has remained constant for the cofounders is their commitment to technology.

Frendy’s Tech At Play

To facilitate hassle-free shopping, Frendy uses its in-house app, which has around 5,000 SKUs. This app allows micro kiranas to access a digital product catalogue, place orders, and receive deliveries from mini marts. Consumers can either order directly through this app or request the micro kirana owner to place an order on their behalf.

Further, its in-house digitised network includes WhatsApp-based merchandising and customer engagement tools. The customer app features interactive pricing, offers and discounts, trending products, and vernacular language support. In addition to this, its logistics app, integrated with Mart POS, facilitates demand forecasting, inventory management, and provides strong analytics and business insights. 

Further, its CRM system includes a delivery app for order tracking and payments; a micro store/partner app with data dashboards, analytics, payments, and CRM functionalities, including ticketing and communication; and a Mart POS with easy operation, data analytics, ARS, AI-based merchandising, and payment processing. Additionally, it also has a warehouse management system to handle inventory, order management, accounting, and vendor interactions.

Currently, about 90% of its consumers make purchases in person at micro kiranas, while only 10% use the app.

The app is mainly used by partners and micro kiranas to manage orders. The platform allows users to check product availability and prices with ease.

Frendy’s Expansion Plans

Operating in Gujarat, the startup has plans to emerge as the next DMart. Interestingly, as per Gandotra, the country can easily accommodate another 20 DMarts. 

With its eyes on covering the 20,000 villages in India that comprise 60% of the rural population, the startup eventually aims to expand to larger towns and Tier III cities. 

“The initial focus is on acquiring the rural areas of Gujarat before expanding to other states in the coming years,” the cofounder added.

As per Gandotra, within Gujarat, there are about 1,100 towns, which provides the startup ample opportunities for the next two to three years. 

“This regional focus will allow us achieve greater efficiency as we will be operating within the same state,” he said, adding that the brand is currently focussed on creating differentiation by providing a standardised and superior retail experience.

As per the founder, Frendy stores also offer amenities such as tea stalls and video game consoles for kids, making the shopping trip more enjoyable and convenient.

By FY25, the cofounders aim to establish 70-80 Frendy Marts. “Our primary focus is on solidifying the foundation of our business through these marts, which will then facilitate easier scaling.”

While the rural retail sector currently features only a few players like SuperK and ApnaMart with strategies similar to Frendy’s, it is only a matter of time before major retail giants such as Reliance enter these markets. With that said, it will be interesting to see how Frendy is able to solidify its rural game play before shedding some of its market share to other bigger rivals.

[Edited by Shishir Parasher]

The post Can Frendy Be The Next DMart With Its Village-Only Playbook? appeared first on Inc42 Media.

Chennai-based fashion ecommerce platform eShakti’s net loss increased 23% during the year ended March 31, 2023. The company’s loss stood at INR 46.1 Cr in the financial year 2022-23 (FY23) as against INR 37.5 Cr in the previous year, largely on account of higher burn.

Operating revenue grew 19% to INR 154.5 Cr during the year under review from INR 129.9 Cr in FY22. 

Being an ecommerce company, eShakti primarily earns revenue from sale of goods, services, and gift coupons.

Founded in 2011 by B G Krishnan, eShakti specialises in custom clothing designs for women. It sells its products through its portal, eShakti.com. It claims that it operates on an asset-light model supported by advanced technology and robust systems, ensuring meticulous order tracking for high-quality products tailored to individual sizes, heights, and styles.

Besides India, the company provides customised women’s apparel in over 30 countries, including the US, the UK, France, Germany, Australia. 

Including other income, eShakti’s total revenue grew 20.7% to INR 157.8 Cr in FY23 from INR 130.65 Cr in the previous fiscal year.

Where Did eShakti Spend?

The increase in expenditure outpaced the growth in revenue. The company’s total expenditure rose 21% to INR 203.9 Cr in FY23 from INR 168.14 Cr in FY22.

Cost of Materials: The startup’s biggest expense was the cost of materials. It spent INR 51.7 Cr under this head in FY23, an increase of 48% from INR 34.6 Cr in the previous year.

Transportation Cost: It spent INR 41.3 Cr on transportation expenses, up 81% from INR 22.8 Cr in FY22.

Advertising Expenses: The startup’s advertising costs increased 15% to INR 24.9 Cr in FY23 from INR 21.6 Cr in FY22.

Employee Cost: Employee benefit expenses declined 3% to INR 31.3 Cr during the year under review from INR 32.3 Cr in FY22.

eShakti competes with the likes of  LetsDressUp, WYO, Salt Attire and Freshmonk, among others. It has raised $33.3 Mn in funding till date and counts Paragon Partners and Chiratae Ventures among its investors.

eShakti operates in the fast-growing ecommerce market. As per an Inc42 report, India’s ecommerce sector will become an over $400 Bn opportunity by 2030. Of this, the fashion apparel and accessories segment is likely to account for over $112 Bn.

The post eShakti FY23: Net Loss Jumps 23% To INR 46.1 Cr, Revenue Up 19% appeared first on Inc42 Media.

Hyperlocal delivery startup Dunzo’s cofounder and former chief technology officer Mukund Jha is reportedly in discussions to rake in INR 50-80 Cr ($6-10 Mn) from Together Fund for his new GenAI venture.

Jha is working on a Gen AI startup that will focus on automating quality assurance processes. This involves integrating AI with SaaS to enhance QA checks, which are used to test, identify errors and ensure that products meet quality standards, as per Moneycontrol’s report.

Together Fund, founded in 2021 by Girish Mathrubootham, Manav Garg, and Shubham Gupta, raised $85 Mn in its first fund and expanded to $150 Mn with its second fund in 2023. The fund has invested in over 20 companies across areas like recruitment, sales intelligence, marketing, healthcare and cloud for connected devices. 

Its portfolio includes DhiWise, SpendFlo, SecureDen, and TopLyne.

This fundraising effort follows Inc42’s report in October last year about Jha’s departure from Dunzo. 

Jha, who was with Dunzo from 2015 to 2023, previously worked at Google in New York. During his time there, he attempted to launch two of his own ventures: Wisdom.ly, a group video platform for virtual meetups and conferences, and Habet, an intelligent goal-tracking platform.

The round comes at a time when several top executives from Dunzo are quitting the startup. Earlier this year, Dunzo was dealt a body blow with its key investor Lightbox exiting the company’s board.

Founded in 2015 by Kabeer Biswas, Suri, Jha, and Ankur Aggarwal, Dunzo connects consumers with nearby stores and facilitates deliveries of products including groceries, medicines, and food, among other daily needs.

Inc42 has reached out to Jha for an official confirmation on the matter. The story will be updated based on the response. 

The fundraiser comes at a time when Dunzo is dealing with significant financial challenges. The company is reportedly facing a cash crunch and owes around INR 11.4 Cr to vendors, including Google India, Nilenso, Clover Ventures, Facebook India, Cupshup, Koo, and Glance. This financial strain is reflected in Dunzo’s FY23 results, with the Bengaluru-based quick commerce startup reporting a substantial loss of INR 1,801 Cr, up from INR 464 Cr in the previous fiscal year.

The post Dunzo Cofounder Mukund Jha Seeks To Raise INR 50-80 Cr For His New GenAI Venture appeared first on Inc42 Media.

The central government has reportedly finalised the draft rules for the Digital Personal Data Protection (DPDP) Act 2023 and plans to release them for public consultation in the second or third week of August.

As per an ET report, the rules are anticipated to be notified after the current parliamentary session concludes.

“We will have extensive consultations for the rules. Our approach has been very measured and we have kept the text (of the rules) very simple. The idea is not to disrupt anything,” a senior government official told ET.

The DPDP Act classifies users under 18 as children and mandates social media or internet intermediaries, known as data fiduciaries, to obtain explicit parental consent before processing any data from children.

An official mentioned that the final DPDP Act rules “will stay within the walls of the law as passed by the Parliament.” The government aims to ensure the Act provides a robust mechanism for citizens to safeguard their privacy without becoming a place for “frivolous” complaints. The official noted that clear responsibilities would be imposed on how a person can file a complaint.

Another government official added, “Only the issue of age and parental consent verification remains. We had a meeting with experts and industry stakeholders about a fortnight ago. Some of them have sent their solutions to us. We are looking at all the options right now.”

This comes days after the government announced plans to meet with tech executives, startups, and industry bodies to discuss verifying children’s ages and obtaining parental consent under the Digital Personal Data Protection Act 2023.

Earlier, it was reported that social media platforms are exploring methods like QR codes, virtual Aadhaar IDs, or age verification at the app store level to comply with the DPDP Act of 2023. However, this provision encountered pushback from industry executives who were concerned about the privacy implications associated with these tools for establishing children’s ages and verifying parental connections.

In response to incidents of children encountering online predators on social media, the government reportedly developed a strategy, last November. This strategy was designed to provide social media and internet intermediaries with various options for enforcing age restrictions and managing parental consent effectively.

The DPDP Act was enacted after being approved by both the Lok Sabha and the Rajya Sabha last year. President Droupadi Murmu granted her assent to the Bill on August 11, 2023.

The post Centre Likely To Release Final Draft Of DPDP For Public Review In Weeks appeared first on Inc42 Media.

Raise Financial Services, which operates stock trading and investment platform Dhan, is in early stage of discussions to raise around $100 Mn in a new funding round, which will propel the company’s valuation between $1.2-1.5 Bn, earning it unicorn status.

As per a Moneycontrol report, although the talks are still in the early stages, investment banking firm Avendus has been roped in to handle the transaction mandate.

Founded in 2021 by former Paytm Money CEO Pravin Jadhav and Alok Pandey, Raise offers multiple financial services in the stock broking space, primarily targeting users in Tier I, II Indian cities. Its portfolio of products consists of stock broking app Dhan, Option Trader app to facilitate options trading, Dhan Web platform, TradingView by Dhan and an API platform for traders called DhanHQ API. 

Since its inception, the startup has also acquired brokerage company Moneylicious and edtech platform Upsurge. 

Dhan is a part of Raise, which focuses on trading and investment and competes with larger rivals such as Zerodha, Groww, and Angel One.

For Dhan, the new funding round will be the largest since its inception, boosting its valuation from approximately $150 Mn to between $1.2 and $1.5 Bn. 

Inc42 has reached out to the company. The story will be updated as per the responses.

As per the report, the fresh capital will support business expansion and enhance its competitive edge. While Dhan currently offers investing and wealth services, it plans to expand into financing, payments, and insurance to capture a larger market share. The round is expected to attract both new investors and existing backers, including Beenext, Mirae Asset Venture Investments, 3one4 Capital, and Rocketship.vc, though formal negotiations are still pending.

Raise Financial Services secured seed funding from Mirae Asset Venture Investments, with contributions from prominent angel investors such as CRED CEO Kunal Shah, Flipkart CEO Kalyan Krishnamoorthy, PhonePe founders Sameer Nigam and Rahul Chari, Pine Labs CEO Amrish Rau, and Jupiter Money CEO Jitendra Gupta. 

In January 2022, the company raised $22 Mn in a funding round led by BEENEXT, with participation from Mirae Asset Venture, 3one4 Capital, and rocketship.vc.

In August 2021, Raise Financial Services acquired Mumbai-based stock broker Moneylicious Securities and integrated it with the Dhan platform.

Besides, in June 2022, fintech platform Raise Financial Services announced plans to invest up to $500K in early-stage startups in the investech and wealthtech space, primarily in India.

In FY23, Mumbai-based Raise Financial Services achieved profitability, reporting a net profit of INR 7.16 Cr, compared to a net loss of INR 2.78 Cr the previous year. It’s operating revenue zoomed 25X to INR 20.74 Cr in FY23 from INR 82.14 Lakh in FY22.

The post Trading Platform Dhan’s Parent Eyes Unicorn Tag With $100 Mn Funding appeared first on Inc42 Media.

Pune-based FirstCry is expected to file its red herring prospectus (RHP) this week for an initial public offering (IPO) that values the omnichannel marketplace at $3-3.5 Bn.

“FirstCry will launch its IPO for subscription officially from this week, and wants to close it before August 15,” a source told ET, adding that it has received strong interest from institutional investors for its anchor book.

Earlier this month, the Securities and Exchange Board of India (SEBI) approved the initial public offerings of FirstCry.

FirstCry’s offer size remains consistent with its draft IPO papers, totalling INR 1,816 Cr for the primary fundraise. 

The IPO will also include an offer-for-sale (OFS) component of up to 5.4 Cr equity shares.

Shareholders, including SoftBank, Premji Invest, TPG Growth and Mahindra & Mahindra, will offload shares under the OFS.

It is pertinent to note that Firstcry first filed its DRHP in December last year, taking the first step in its journey to list on the bourses. However, it withdrew the IPO papers after SEBI flagged that some of the key indicators were missing. Following this, the kids-focussed retailer refiled its DRHP in April this year.

Founded in 2010 by Maheshwari and Amitava Saha, FirstCry is an omnichannel marketplace for baby and kids’ products.

To date, FirstCry has raised over $700 Mn in multiple funding rounds, with notable investors including SoftBank, ChrysCapital, and Vertex Ventures.

Notably, FirstCry clocked sales of INR 4,814 Cr and reported a loss of INR 278.2 Cr in the first nine months of the fiscal year ended March 2024 (FY24).

The post FirstCry Likely To File Papers For $3-3.5 Bn IPO This Week appeared first on Inc42 Media.

US intelligence agency Federal Bureau of Investigation (FBI) has reportedly reached out to the homegrown cryptocurrency exchange WazirX to probe the nature of a cyberattack allegedly involving North Korean hackers and to assist with the ongoing investigation.

While the company did not reveal the identity of the attackers, cofounder Nischal Shetty told ET, “We’re convinced it could be North Korea’s Lazarus Group.”

Lazarus, alleged to be backed by the North Korean government, is known for carrying out some of the world’s largest crypto exchange attacks in the past.

Inc42 has reached out to the company for comments on the development. The story will be updated based on the response.

“Global law enforcement agencies, such as the FBI, want to future-proof their own cryptocurrency market from any such shocks, and their expertise will greatly benefit the company’s efforts as well,” a person close to WazirX told ET.

On July 18, WazirX experienced a major security breach, resulting in withdrawals of around $234.9 Mn during the early European hours.

Following this, the company also announced a prize of $23 Mn as a part of its bounty programme to recover the $230 Mn assets stolen during the attack.

Earlier, Inc42 reported that the attack likely originated from Liminal’s infrastructure, bypassing their final verification step, as evidenced by the use of 3 WazirX signatures and 1 Liminal signature.  

WazirX’s security breach affected one of its wallets, Safe Multisig, on the Ethereum network, leading to the loss of user funds.

“The attack of this magnitude and nature was unprecedented. No one has seen such a sophisticated attack ever on a centralised exchange,” Shetty said, adding, “It’s not a fly-by-night operator or hacker, it’s really a state actor who has carried out this attack with extreme sophistication. I am not justifying the situation, but if it could happen to us despite the industry best practices, it could happen to anyone.” 

The report further added that blockchain experts indicated the possible involvement of the cybercriminal group Lazarus in the attack.

Founded in 2017, WazirX is a bitcoin and cryptocurrency exchange where you can buy, sell, and trade digital assets, catering to both first-time investors and professional traders alike.

As per its website, the company claims to specialise in cryptocurrency, cryptocurrency exchange, blockchain technology, digital assets, Tron, Bitcoin wallet, P2P transactions, buying Bitcoin, Ethereum, Ripple, Tron, and Matic in India, crypto trading, investing, NFTs, Dogecoin, and Polygon.

The post Now, FBI Reaches Out To WazirX On Alleged Crypto Heist By North Korean Cyber Criminals appeared first on Inc42 Media.

A month after Pocket FM partnered with the US-based GenAI platform ElevenLabs to enable writers to convert their text stories into audio series, the audio streaming platform has laid off close to 200 writers based in the US.

Morning Context was the first to report on the development.

While Pocket FM did not reveal the exact number of writers impacted by the layoff exercise, Inc42 has learnt that it was less than 200.

A source told Inc42 that this is not a layoff as the writers work on short-term contracts and are not full-time employees.

Meanwhile, a spokesperson of Pocket FM said, “We had to part ways with some of our writers for US-based audio series to align our resources with our current show pipeline.These changes are typical in the content creation industry and do not reflect on the company’s overall health.” .

Founded in 2018 by Rohan Nayak, Nishanth KS and Dixit, Pocket FM is an audio streaming platform that offers diverse content across multiple languages and genres such as romance, self-help, and motivation.

Earlier this year, the startup bagged $103 Mn in funding as a part of its Series D round led by Lightspeed to bolster its presence in the US and expand presence to Europe and LATAM markets.

Meanwhile, Pocket FM’s India division saw a 663% year-on-year (YoY) surge in operating revenue, reaching INR 129.7 Cr in the financial year 2022-23 (FY23). During the same period, the company also managed to reduce its loss by 56% YoY to INR 75.7 Cr.

The post Lightspeed-Backed Pocket FM Lets Go Of Around 200 Writers appeared first on Inc42 Media.

Update | July 27, 1:02 PM

A day after Inc42 reported that WazirX’s preliminary investigation found that the cyber attack on the cryptocurrency exchange likely originated from Liminal’s infrastructure, the latter dismissed the findings saying that the “incident originated from an external source”.

“On July 19, 2024, we were notified of a security incident affecting a self-custody multi-signature smart contract wallet used by one of our customers, WazirX. This wallet was reported to be compromised on July 18. Our initial assessment indicates that Liminal’s platform, infrastructure, wallets, and assets remain secure. We reiterate that our platform continues to operate seamlessly, processing transfers and withdrawals for all our customers,” a Liminal spokesperson said in a statement.

“To uphold highest standards of transparency, Liminal has proactively engaged independent CERT certified, third-party experts to conduct thorough forensic audits backed by published reports. As a wallet infrastructure support platform, we emphasise that this incident originated from an external source, underscoring the crucial need for comprehensive security measures across platforms,” the spokesperson added.

Original Story| July 26, 11:48 AM

Days after WazirX experienced a major security breach, resulting in withdrawals of around $234.9 Mn during the early European hours, the cryptocurrency exchange has launched a preliminary investigation in connection with the cyber attack.

Following this, the company also announced a prize of $23 Mn as a part of its bounty programme to recover the $230 Mn assets stolen during the attack.

According to its preliminary findings, the attack likely originated from Liminal’s infrastructure, bypassing their final verification step, as evidenced by the use of 3 WazirX signatures and 1 Liminal signature. 

Liminal is a digital asset management platform that helps secure and manage cryptocurrency transactions through a structured and secure process. It is specifically designed to handle high-value transactions and prevent unauthorised or malicious transfers. 

As per the company, the attack involved a contract upgrade that Liminal’s interface reportedly does not permit. 

“We have representations from Liminal that their interface does not allow initiating contract upgrade from its interface,” the company said in a statement.

However, it shared that none of its signers’ machines were compromised.

The findings further revealed that the malicious transaction was not sent to any of the whitelisted destination addresses, which should have been blocked by Liminal’s firewall and whitelist policy.

“Contrary to some reports by self-proclaimed crypto experts on social media, WazirX did not sign any malicious transactions 8 days before the attack. The attacker had created smart contracts on July 10, 2024, but these had no interaction with the WazirX wallet until July 18, 2024,” the company said in a blog post.

WazirX’s security breach impacted one of its wallets Safe Multisig on the Ethereum network, resulting in the loss of user funds.

Founded in 2017, WazirX is a bitcoin and cryptocurrency exchange where you can buy, sell, and trade digital assets, catering to both first-time investors and professional traders alike.

Based on its preliminary analysis, the company has outlined two potential scenarios that may have occurred. Scenario 1 suggests that the malicious transactions were directly received by the WazirX signers from Liminal due to a possible breach of Liminal’s infrastructure. 

Scenario 2 proposes that malware compromised all three WazirX signers’ devices. Although there is no preliminary evidence of malware, WazirX has initiated a forensic investigation. 

Given the current findings, WazirX believes Scenario 1 is more likely but awaits further forensic results before confirming. 

The post [Update] WazirX’s Crypto Heist: Probe Finds Attack Originated From Liminal’s Infrastructure appeared first on Inc42 Media.

In a major cyber heist at IndusInd Bank, fraudsters managed to transfer INR 40 Cr from the bank’s customers into various mule accounts of which INR 33 Cr were retrieved by the Maharashtra cyber cell.

As per PTI, the incident was reported by a vigilant bank official on July 19. Following this, Maharashtra Cyber coordinated with relevant financial intermediaries and managed to recover INR 31 Cr that same evening.

Follow-up procedures that have been continuing intensively has taken the amount saved to Rs 32.89 crore, an official was quoted as saying by the report.

This comes at a time when the Reserve Bank of India has issued heightened warnings about mule accounts, and policymakers are intensifying efforts to prevent such accounts from being used in online scams.

This also comes at a time when cyberattacks on Indian websites surged by 261% year-on-year (YoY) in the first quarter (Q1) of 2024, according to a report by security SaaS firm Indusface. 

India topped the list of 95 countries experiencing the highest number of DDoS (distributed denial of service) and bot attacks. In comparison, global cyberattacks increased by 76% YoY during the same period.

This comes at a time when India is witnessing a big spurt in cybercrimes. Multiple Indian startups and companies have fallen prey to cyberattacks. 

On July 18, cryptocurrency exchange WazirX experienced a major security resulting in withdrawals of approximately $234.9 Mn.

In May there was a “possible intrusion and data breach” at the state-owned telecom company Bharat Sanchar Nigam Ltd (BSNL).

The post IndusInd Bank’s Cyber Heist: INR 40 Cr Sent To Multiple Mule Accounts appeared first on Inc42 Media.

WhatsApp and its parent company Meta have not informed the government of any plans to shut down their services in India, I&B Minister Ashwini Vaishnaw has told the Rajya Sabha.

“The Ministry of Electronics and Information Technology (MeitY) has shared that WhatsApp or Meta has not informed the government about any such plans,” Vaishnaw told the Rajya Sabha in a written reply.

Further, responding to inquiries on blocking of YouTube channels in India, the minister said that the Centre had issued directions under Section 69A of the Information Technology Act, 2000, for blocking channels in the interest of India’s sovereignty, defence, state security, friendly relations with foreign states, or public order. These measures aim to prevent incitement to any cognisable offence related to these concerns.

During its ongoing legal dispute with the Indian government, Meta-owned messaging platform WhatsApp informed the Delhi High Court in April that it would end its operations in India if compelled to break its message encryption. 

WhatsApp counsel made the assertion during a hearing on the platform’s plea challenging a provision of IT Rules, 2021 for social media intermediaries, which requires them to identify the first originator of information to a court or other competent authority.

It is important to note that major tech companies such as Meta, Google, and Microsoft are facing regulatory scrutiny in various cases across India. From January to June last year, Indian authorities issued a total of 70,612 content take-down requests across all Meta platforms. Of these, 63,586 were legal process requests, while the remaining were classified as ‘emergency disclosure requests’.

The post WhatsApp And Its Parent Have Not Informed Of Any India Exit Plan: Ashwini Vaishnaw appeared first on Inc42 Media.

The government has informed the Parliament that the Open Network for Digital Commerce (ONDC) now has more than 5.7 Lakh sellers and service providers on the platform.

In a written reply to the Rajya Sabha, Minister of State (MoS) for Electronics and Information Technology Jitin Prasada said that ONDC has 71 seller applications, 22 buyer applications, and 16 logistics service providers and there are a total of over 5.7 Lakh sellers and service providers on the network. 

He added that ONDC does not track the number of consumers/buyers on the network. The network has witnessed rapid expansion, growing from over 1,000 transactions in January 2023 to more than 9.9 Mn transactions in June 2024.

Prasada added that ONDC is actively collaborating with various departments across all states and union territories, with each state/UT appointing a nodal officer to facilitate state-level engagements. 

To raise awareness about ONDC, 198 workshops have been conducted with different state departments. As a result, ONDC has signed Memorandums of Understanding (MoUs) with 11 states, onboarded 11 State Emporiums onto the network, and integrated 31 state entities and public sector undertakings (PSUs) into the network.

Launched in 2021, ONDC is an initiative by the Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry. It aims to promote open networks for the exchange of goods and services over digital or electronic networks. ONDC is a Digital Public Infrastructure based on a network model, rather than an app or platform.

ONDC is an open-source platform designed to democratise ecommerce in India and bring small businesses online. As a private non-profit initiative supported by DPIIT, ONDC strives to make ecommerce more accessible across the country. Companies such as Delhivery, Paytm, PhonePe, Uber, IDFC Bank, Kotak, Shiprocket, Dunzo, and Tata Neu have integrated their services with ONDC.

The platform has been steadily expanding by adding new categories and broadening its services throughout India.

This development comes as ONDC seeks to integrate banks and fintech platforms, after initiating early pilots for credit disbursal through its network. The platform has partnered with Tata Group’s superapp Tata Neu and Paisabazaar for these pilots. The banks involved include HDFC Bank, IDFC First Bank, and Karnataka Bank, while fintech firms such as Fibe and others are also participating in the integration.

The post ONDC Crosses 5.7 Lakh Sellers And Service Providers On Its Platform: MoS IT appeared first on Inc42 Media.

Aligning with its broader strategy to diversify beyond manufacturing iPhones and AI servers in India, Apple supplier Foxconn is now reportedly looking to assemble iPads in the country at its Tamil Nadu’s Sriperumbudur facility.

According to an ET report, Foxconn is evaluating plans to assemble Apple’s flagship tablet, iPad, in India, marking a significant expansion of its current operations focused on manufacturing iPhones.

Until now, Foxconn India, along with other global contract manufacturers, have only assembled Apple’s smartphones.

“Some rounds of discussions have already happened with the government on this. Their experience so far has been very good, and they are coming in full force. They will double what they have in the next few years, which includes iPhones, iPads, and some other products too,” a source was quoted as saying by ET.

However, the source added that the assembly of the Mac range of laptops is expected to take some time due to the small production volume.

Inc42 has reached out to Foxconn for a comment on the development. The story will be updated based on the response.

It is pertinent to note that several electronics companies have significantly expanded their footprint in India in the recent past, with Foxconn, Wistron, Tata Electronics, and Kaynes Technology leading this trend.

This development also comes at a time when Apple supplier Foxconn plans to invest an additional INR 13,911 Cr ($1.67 Bn) in Karnataka. 

Foxconn has been strategically shifting its production away from China due to disruptions caused by COVID-19 and geopolitical tensions. Over the past year, the iPhone maker has significantly expanded its footprint in India, making substantial investments in manufacturing facilities in the southern part of the country.

The post After iPhone, Foxconn Now Looks To Assemble Apple iPads In India appeared first on Inc42 Media.

Fintech unicorn Yubi Group, formerly known as CredAvenue, has rolled out additional stock options for its eligible employees worth INR 245 Cr (nearly $29 Mn).

As per Registrar of Companies (RoC) filings accessed by Inc42, the company’s board approved the allocation of 11 Lakh stock options under its existing 2022 Employee Stock Option Plan (ESOP) and an additional 11 Lakh options under its new 2024 ESOP scheme.

The development was first reported by Entrackr.

With this, Yubi’s 2022 ESOP pool will now increase to 49.08 Lakh options. Overall, the total size of  the fintech unicorn’s ESOP pool will now increase to over INR 1,000 Cr. 

Confirming the development to Inc42, a company spokesperson said that the ESOP scheme will be available for both existing and new employees. In a statement, Yubi said “it is investing in its team members through an expanded stock option plan, recognising the significant wealth creation potential it offers”.

“With over 86% of the workforce now shareholders, this initiative aligns the interests of the team with the long-term success of the company, rewarding their contributions and fostering a deep sense of ownership and commitment,” the company added.

Yubi also said that it has onboarded over 90 new campus hires since April 2024 to support its “ambitious growth and innovation goals”.

Founded in 2020 by Gaurav Kumar, Yubi Group is a full-stack digital platform designed to facilitate the discovery, trading, execution, and fulfillment of debt solutions for investors. The company is backed by Peak XV Partners, Lightspeed, Lightrock, TVS Capital, among others.

This expansion of the ESOP pools comes at a time when the company has made major leadership appointments across its group companies – Yubi, Corpository, and Aspero.

Meanwhile, Yubi Group reported a revenue of INR 327.6 Cr in the financial year 2022-23 (FY23), up 2X from FY22’s INR 165.6 Cr. On the other hand, loss soared 745% year-on-year (YoY) to INR 482 Cr during the year. 

The post Yubi Expands ESOP Pool, Adds Stock Options Worth $29 Mn appeared first on Inc42 Media.

In the sweltering heat of an Indian summer, nothing brings more joy than having an ice popsicle, aka ice gola or chuski. Not only do these colourful delights boast a history that spans across many cultures and regions but their global market is also set to soar to $8.9 Bn by 2032. 

While giants like Unilever, Nestlé, Mengniu, and Yili dominate the ice popsicle market worldwide, Mother Dairy, Amul, and Kwality Walls are some of the prominent players in the Indian market. 

However, identifying a big gap in the Indian ice popsicles market, which is largely dominated by a hand full of global and Indian players, Ravi Kabra and Anuja Kabra founded in Skippi in 2021. 

The Hyderabad-based startup offers different flavour popsicles, cream rolls and corn sticks via an omnichannel retail business model. Available at over 14,000 outlets nationwide, the founders claim that they provide ice popsicles that are 100% natural and free from artificial colours, flavours, and preservatives. 

The startup also sells its products on Zepto, Blinkit, Swiggy, Cred, Amazon, Flipkart, and BigBasket. Additionally, its products are available in Kuwait, Oman, Dubai, Nepal, Bhutan, Singapore, and the UAE. Today, approximately 50% of its sales come from online channels and 50% from offline channels.

Speaking with Inc42, Anuja said that while Skippi’s advantage rests in being India’s first exclusive ice popsicle brand, the claim to fame was the appearance on Shark Tank India in Season 1. Notably, Skippi was able to secure a deal from all five judges on the show for INR 1.2 Cr in exchange for a 5% equity.

The startup has raised around INR 11 Cr since its inception.

As per Ravi, when Skippi started on Shark Tank in FY22, it had closed the fiscal year at around INR 2.5 Cr in revenue. Following its appearance on the show, the startup’s revenue skyrocketed to nearly INR 15.4 Cr in FY23. The founders have set their eyes on earning INR 100 Cr in ARR in FY25.

The Skippi Chronicles

After spending a decade running his family business of biscuits manufacturing, Ravi and Anuja relocated to Australia for seven years. During this time, Ravi worked with renowned international brands like Krispy Kreme, George Weston Foods, and Kuehne Nagel, gaining valuable industry experience and insights. 

In 2019, the duo decided to move back to India and start something of their own, as, by now, even Anuja had gained over 14 years of experience in the food industry. 

However, as they were looking for ideas to pursue in the F&B sector, many of their propositions either hit cul-de-sacs or failed to hold their interest tightly. 

While looking for ideas to start up, Ravi remembered that during his time in Australia, his sister would come to stay with them for summer holidays, and on her way back to India, she would pack ice popsicles from local brands.

“When I asked her why she would do that, she said there wasn’t a single ice popsicle brand in India she could trust due to added preservatives and flavours. This made me dive deeper into the matter,” Ravi said.

To understand the ice popsicle market in India, Ravi conducted surveys in supermarkets and at places that had heavy footfall. As luck would have it, Ravi’s sister’s thesis proved to be correct, and almost everyone had negative feedback about the products available at that time. It was at this hint of an opportunity that convinced Ravi to launch Skippi.

It was also during the six months of extensive research that the cofounders realised that an increasing number of Indians were shifting towards organic, natural, and healthy products. In line with the trend, the duo decided to develop so-called guilt free ice popsicles. For market validation, the cofounders would distribute free samples outside a movie theatre in Hyderabad. 

“At the time, we did not have an FSSAI number, a barcode, or even a brand name. Still, people were happy with the product. From distributing free samples, we tried to sell our ice pops for INR 20 a piece. What infused confidence in us was the people’s willingness to buy our product,” Ravi said.

Creating Products For All 

After extensive research and customer validation, the Skippi founders launched their first SKU — The Ice Popsicle Box — in April 2021. Under this package, the founders offered a box of 12 popsicles and a saver pack option with 36 popsicles. The products garnered exceptional market response. Their next move was to take the Indian Tier 2 and 3 cities by storm. For this, the duo started selling ice pops for INR 10 a piece. 

After a year of experimentation, they expanded their product line with Indianised flavours. Since then, the brand has been launching a new product every six months and currently has a total of 15 SKUs.

Currently, some of its best-selling products such as the All Flavor Box, Desi Box, Yellow Tropical Box, Green Tropical Box, and Single-Flavor Boxes see in the price range of INR 120 to INR 240. 

Recently, it launched two new product categories including corn sticks (four flavours) and cream rolls (three flavours). “Currently, each ice popsicle sells at INR 20 at the unit level. That’s a very sweet spot for us. Our customers are happy with our price point,” Ravi said.

Interestingly, when the cofounder launched the startup, their target user base was kids. However, soon the duo realised that adults aged 30 and above, too, formed a significant part of their market, primarily due to the childhood nostalgia.

It is on the back of this market discovery that the startup was able to sell close to 2 Cr popsicles last year, the cofounders said. They aim to surpass the 40 Cr mark this year.

The company claims to have experienced year-on-year growth of 60-70%, with a 38% repeat customer rate. In addition, the startup’s average order value (AOV) has increased from INR 180 initially to almost INR 310 this year.

Skippi’s Future Roadmap

As per the admission by the founders, Skippi experienced a transformative boost after appearing on Shark Tank. It became a household name and achieved significant brand recall, so much so that many people recognise it as a Shark Tank brand, the cofounders claimed.

“The exposure resulted in a surge of website traffic and thousands of orders, with the website receiving lakhs of hits the next day. While the initial spike lasted about a week, Skippi continues to enjoy a significant footfall to date,” Ravi said. 

Before the show, Skippi averaged 80,000 to 90,000 visitors monthly, a number that increased to 3.2 Lakh monthly visitors post their Shark Tank appearance. Its offline coverage, too, has expanded from 1,200 outlets to 14,000 outlets.

Next, the cofounders plan to expand Skippi to 1 Lakh outlets across India by FY25, with initial focus on A and A+ category outlets in top Indian cities. They aim to enhance their online presence and have started establishing partnerships in international markets like Saudi Arabia and Dubai. Additionally, the brand is preparing to launch on Amazon US to target the US and UK markets in the coming month.

While Skippi aims to capture the Indian market by rapidly scaling up using both online and offline channels, it has several challenges ahead of it with the prominent being keeping the resembling counterfeit products at bay.   

“We are concerned about local brands that are either imitating our branding or claiming to be affiliated with Skippi, potentially confusing consumers. To address this, we are focussing on raising awareness among consumers,” the cofounders said.

In a market full of brands offering ice popsicles, it would be important for Skippi to maintain its brand uniqueness going ahead. If the brand is able to stay ahead of the product differentiation curve in the market otherwise dominated by deep-pocketed ice-cream players, it will have much to relish in the sector that is projected to offer an INR 95,600 Cr opportunity by 2032. 

The post How Skippi Is Tapping India’s Appetite For ‘Chuskis’ And Confectionery With A Modern Twist appeared first on Inc42 Media.

The Enforcement Directorate (ED) has reportedly conducted searches at several locations connected to the online forex trading app OctaFx, which is under investigation for allegedly defrauding investors of several crores.

According to an India Today report, the ED’s Mumbai Zone carried out searches in Mumbai, Kolkata, Delhi and Gurugram under the Prevention of Money Laundering Act (PMLA).

The ED began its investigation into the platform following an FIR filed in Pune, which accused several individuals of defrauding investors by promising high returns through the OctaFx trading platform.

The OctaFx app and website are not authorised by the RBI for forex trading. The investigation uncovered that the company’s Indian operations and associated entities defrauded investors by falsely representing forex trading, amassing over INR 1,000 Cr from India.

A portion of these funds was laundered through intricate transactions involving shell companies and was remitted abroad to affiliated entities under false pretenses such as bogus freight services and import of services, sources told India Today.

The illegally acquired funds were also channeled into SEBI-registered Alternative Investment Funds (AIFs) to legitimise them. Furthermore, it was discovered that OctaFx used entities based in the British Virgin Islands and Estonia to transfer funds for its promotional activities to attract investors.

The report added that investigations also found that these operations were overseen by the owner of the OctaFx group, who is based in Russia, Spain, Georgia, and Dubai.

The ED has so far attached assets worth approximately INR 38 Cr in the form of cryptocurrencies, bank balances, and gold coins in connection with the case.

According to the report, during the search operations, movable assets, including bank funds and Demat account holdings worth approximately INR 80.43 Cr, were frozen. Incriminating documents and digital devices were also recovered and seized. To date, the total amount attached or frozen in this case stands at around INR 118 Cr, with further investigation continuing.

In September 2022, the ED froze assets worth INR 21.14 Cr belonging to the online forex trading app OctaFX for FEMA violation.

This comes at a time when the ED seized crypto assets worth INR 90 Cr from Binance, ZebPay, and WazirX in connection with a money laundering case involving online gaming app E-Nugget. The app was accused of luring users with promises of high returns.

In total, law enforcement actions have led to the seizure, attachment, or freezing of assets amounting to INR 163 Cr, including cash, cryptocurrencies, bank balances, and office space.

This development also comes days after WazirX experienced a major security breach. Following this, the cryptocurrency exchange has announced a prize of $23 Mn as a part of its bounty programme to recover the $230 Mn assets stolen during the attack.

The post OctaFX Case: ED Raids Four Cities, Freezes Assets Worth INR 80 Cr appeared first on Inc42 Media.

The Centre has said that 5G services have now been launched across all the districts of Himachal Pradesh.

Responding to a question, minister of state (MoS) for communications Pemmasani Chandra Sekhar informed the Parliament that 5G networks have been rolled out in all states and union territories across the country, with these services currently available in over 750 districts and 8,000 towns and cities. 

To date, more than 4.4 lakh 5G Base Transceiver Stations (BTSs) have been installed, including 4,101 BTSs in Himachal Pradesh.

It is pertinent to note that the benefits of 5G include significantly higher peak data rates, reduced latency, and greater spectrum efficiency, surpassing those of the previous 4G networks. 

BSNL/MTNL plans to introduce 5G services after completing the rollout of its 4G network. 

The government has taken several initiatives to proliferate 5G services which include assigning sufficient spectrum for mobile services through auctions and implementing a series of financial reforms to rationalise adjusted gross revenue (AGR), bank guarantees, interest rates, and penalties. 

Additionally, spectrum sharing, trading, and surrender have been permitted according to the extant Notice Inviting Application (NIA) terms and guidelines issued from time to time. 

The procedure for SACFA (Standing Advisory Committee on Radio Frequency Allocations) clearance has been simplified. The notification of Right of Way (RoW) Rules and the launch of the PM GatiShakti Sanchar portal have streamlined RoW permissions and expedited clearance for installing telecom infrastructure, the minister said.

Since the launch of 5G services on October 1, 2022, approximately 17 Cr wireless data subscribers in India have started using 5G. Telecom Service Providers (TSPs) have expanded 5G services beyond the minimum rollout obligations prescribed in the NIA for spectrum auction.

Besides this, the Centre for Development of Telematics (C-DOT), a premier Telecom R&D centre of the Department of Telecommunications (DoT) signed an agreement with the Indian Institute of Technology Roorkee (IIT Roorkee) and the Indian Institute of Technology Mandi (IIT Mandi) for the development of ‘Cell-Free’ 6G Access Points.

The agreement is designed to provide funding support to domestic companies, Indian startups, academia, and R&D institutions involved in the design, development, and commercialisation of telecommunication products and solutions. This scheme aims to enable affordable broadband and mobile services, playing a significant role in bridging the digital divide across India.

Traditional mobile networks rely on cell towers to service specific areas, like 4G and 5G. In contrast, ‘Cell-Free’ Massive MIMO uses multiple access points spread over a large area to serve many users simultaneously, improving connectivity, eliminating dead zones, and boosting data speeds for a better experience, even in crowded places.

This 6G project aims to develop access points (APs) for future 6G networks and will also contribute to 6G standardisation, commercialisation, and intellectual property generation.

As telecom service providers continue to expand 5G networks across the country, Prime Minister Narendra Modi has emphasised that India is also striving to lead the global 6G technology frontier.

In March 2023, the government introduced India’s first 6G test bed and released the ‘Bharat 6G Mission’ document, outlining a roadmap for the deployment of 6G services in the coming years.

This comes at a time when telecom operator Reliance Jio reported onboarding over 10.8 Cr subscribers to its 5G network.

The post Govt Says 5G Services Made Functional Across All States And UTs appeared first on Inc42 Media.

Escrow banking startup Castler has received an in-principle nod from the International Financial Services Centres Authority (IFSCA) to offer global escrow and cross-border money transfer services.

The company said in a statement that the move will enable it to bridge the gap in secure, efficient and seamless financial transactions, crucial for international trade.

This will also allow Castler to launch a global platform, leveraging its partner bank ecosystem at GIFT City to provide efficient escrow and cross-border money transfer solutions.

According to Vineet Singh, founder & CEO of Castler, “This regulatory nod sets a new standard for the industry, fostering trust and reliability in international financial transactions.”

“The approval reiterates India’s potential to nurture fintech innovation, enabling companies like Castler to operate on a global scale without requiring overseas operations. As Castler prepares to launch its global platform, it remains committed to providing secure, efficient, and seamless escrow services to businesses worldwide,” he added.

Launched in 2021 by Singh, Dinesh Kumar, Kumar Amit Sinha, and Ritesh Tiwari, the startup offers escrow solutions, such as tackling complex transaction flows, identity verification, fraud management and customer protection.

The fintech SaaS startup has a subscription-based revenue model and caters to various industry segments such as logistics, retail, real estate, fintech and more. It has partnered with nine leading banks to help customers operate escrow accounts. Castler also raised $7 Mn from marquee investors, including Venture Catalysts++, Flipkart Ventures, Capital 2B (an Info Edge fund) and IIFL Fintech Fund, Zerodha’s Rainmatter, 9Unicorns among others.

The company claims to manage over INR 10,000 Cr in monthly transactions and partners with 12 banks to offer a comprehensive suite of escrow services.

According to Inc42 data, India is home to over 24 fintech unicorns and 36 soonicorns. These startups are trying to grab a pie of the country’s fast-growing fintech market which is expected to become a $2.1 Tn opportunity by 2030.

The post Castler Gets IFSCA Nod For Global And Cross-Border Financial Service Offerings appeared first on Inc42 Media.

Days after expanding its verified services for Facebook and Instagram business users In India, social media giant Meta has now ramped up language options for its AI chatbot across all applications, including WhatsApp.

Meta AI will now be available in seven new languages, including Hindi and Hindi-romanised script. Besides, it will also support other languages such as French, German, Italian, Portuguese and Spanish.

Currently, Meta AI is available in 22 countries, with the latest additions being Argentina, Chile, Colombia, Ecuador, Mexico, Peru and Cameroon.

“This is just the start — we’re listening to your feedback, updating Meta AI every two weeks to enhance your experience and innovating quickly to bring new features to help you create, get inspired and get more done,” the company said in a statement.

Meta AI has become an essential tool for tackling how-to tasks, answering questions, and providing inspiration and guidance, enhancing daily routines and serving as a creative partner, it added.

It also claims to be working on creative editing capabilities with Meta AI, making it easier to create your ideal image. With this feature, one can easily add or remove objects, change them, and edit them—adjusting just what you want while keeping the rest of the image as it was. 

Meta AI has also rolled out its advanced open-source model, Llama 405B, now available on WhatsApp and meta.ai in Hindi. This new model will help improve reasoning capabilities, allowing Meta AI to handle more complex questions, particularly in math and coding.

“You can get help on your math homework with step-by-step explanations and feedback, write code faster with debugging support and optimization suggestions, and master complex technical and scientific concepts with expert instruction,” it said.

This new functionality allows for rapid transformation of wild ideas into reality, even incorporating users directly into the game, said Meta.

The post Meta AI Expands Language Support With Hindi And Hindi-Romanised Script appeared first on Inc42 Media.

Finance minister Nirmala Sitharaman announced a number of measures during her Union Budget 2024-25 (FY25) speech to boost the domestic electronics industry. 

“To increase value addition in the domestic electronics industry, I propose to remove the Basic Customs Duty (BCD), subject to conditions, on oxygen-free copper for the manufacture of resistors. I also propose to exempt certain parts used in the manufacture of connectors,” the finance minister said.

Additionally, she proposed exempting certain parts used in manufacturing of connectors.

Manufacturing was a clear focus of the finance minister in the budget. She also announced a credit guarantee scheme for MSMEs in the manufacturing sector. 

Boosted by the Centre’s focus on making India a manufacturing hub for electronics and introduction of production-linked incentive (PLI) schemes, the country’s electronics manufacturing space is buzzing with activities. These policies have positively impacted various sectors, including smartphones, electric vehicles (EVs), semiconductors, and large-scale electronics hardware manufacturing. 

The smartphone manufacturing space has seen the biggest boost, with the likes of Apple, Google, Xiaomi producing mobile phones in India.

A recent report by NITI Aayog said that India should aim to achieve $500 Bn in electronics manufacturing by the financial year 2029-30 (FY30). It also noted that this target could help create 5.5 Mn to 6 Mn direct jobs in the country by the end of the same fiscal year.

The report highlighted that, despite advancements in infrastructure and ease of doing business, India’s electronics market remains relatively modest, accounting for only 4% of the global market. It pointed out that the sector has predominantly focused on assembly with limited capabilities in design and component manufacturing. 

However, electronics production experienced significant growth, doubling to $101 Bn in FY23 from $48 Bn in FY17, largely driven by mobile phone manufacturing, which accounts for 43% of the total electronics production.

Earlier in May, the Centre began consulting companies and industry groups to develop policies that encourage electronics manufacturers, such as Apple, to increase their design activities in India.

The post Budget 2024: FM Unveils Measures To Strengthen Domestic Electronics Industry appeared first on Inc42 Media.

In her budget speech, finance minister Nirmala Sitharaman announced a proposal to develop Digital Public Infrastructure (DPI) applications at a population scale.

This initiative aims to drive productivity gains, create business opportunities, and foster innovation within the private sector.

“These are planned in the areas of credit, ecommerce, education, health law and justice, logistics, MSME service delivery and urban governance,” she said while presenting the Union Budget 2024-25.

The DPIs include Aadhaar, e-KYC, Aadhaar-enabled Payment System, UPI, Bharat QR, DigiLocker, e-sign, account aggregator, and the Open Network for Digital Commerce.

Sitharaman also said that an integrated technology platform for the IBC ecosystem will be set up to improve outcomes under the Insolvency and Bankruptcy Code, ensuring consistency, transparency, timely processing, and better oversight for all stakeholders.

The finance minister said that technology has played a crucial role in improving productivity and addressing economic inequality over the past decade. Public investments in digital infrastructure, coupled with private sector innovations, have significantly enhanced access to market resources, education, health, and services for all citizens, particularly for the common people. 

“We will step up adoption of technology towards digitalisation of the economy,” she added.

Agriculture Gets DPI Boost 

The finance minister laid out plans to use DPIs for the agricultural sector. She said that the government, in partnership with the states, will advance the DPI initiative to cover farmers and their lands over the next three years. 

“During this year, a digital crop survey for Kharif using the DPI will be taken up in 400 districts. The details of 6 Cr farmers and their lands will be brought into the farmer and land registries,” she said.

The DPI, also called the India Stack, includes UPI, Aadhaar, DigiLocker, ONDC, eKYC, Aadhaar-enabled payments system (AEPS), among others. Over the years, the government has made a lot of efforts to promote DPI to increase transparency and strengthen the digital foundations.

The Economic Survey 2023-24, tabled in the Parliament on Monday, also credited DPI for the growth of the fintech industry in the country.

Earlier this month, electronics and IT minister Ashwini Vaishnaw said that the central government will adopt a DPI-based approach for artificial intelligence development in India, similar to the approaches used in the healthcare, logistics, and payments sectors.

The post Budget 2024: FM Proposes Large-Scale DPI Applications For Key Sectors appeared first on Inc42 Media.

Days after WazirX experienced a major security breach, the cryptocurrency exchange has announced a prize of $23 Mn as a part of its bounty programme to recover the $230 Mn assets stolen during the attack.

The attack targeted WazirX’s Safe Multisig wallet on the Ethereum network.

A multisig wallet is a type of cryptocurrency wallet that requires multiple private keys to authorise and complete transactions.

The bounty programme will be active for three months starting from July 21, with the potential for extension or reduction based on the progress of the recovery, the company said in a statement.

“Our foremost goal is to recover the stolen funds. This bounty programme is designed to tap into the expertise of the community to achieve this critical objective. We remain committed to transparency and collaboration, reinforcing our dedication to a secure and resilient digital finance ecosystem”, said Nischal Shetty, cofounder of WazirX on the social media platform X.

The company is offering two types of bounties as part of its recovery effort. The Track and Freeze Bounty invites participants who can provide actionable intelligence that leads to the freezing of the stolen funds, with rewards of up to $10,000 worth of USDT. Those unable to freeze the funds themselves must collaborate with WazirX. 

The White Hat Recovery Bounty encourages ethical hackers and experts to assist in the recovery process, offering a reward equivalent to 10% of the recovered amount, potentially up to $23 Mn. This offer also extends to the hacker involved in the breach, provided the stolen funds are returned to the specified ERC20 wallet address.

The company is also calling on white hat hackers, blockchain forensics experts, and cybersecurity professionals worldwide to join this mission. 

Founded in 2017, WazirX is a bitcoin and cryptocurrency exchange where you can buy, sell, and trade digital assets, catering to both first-time investors and professional traders alike.

As per its website, the company claims to specialise in cryptocurrency, cryptocurrency exchange, blockchain technology, digital assets, Tron, Bitcoin wallet, P2P transactions, buying Bitcoin, Ethereum, Ripple, Tron, and Matic in India, crypto trading, investing, NFTs, Dogecoin, and Polygon.

The post WazirX Offers $23 Mn Bounty To Recover Stolen Crypto Assets Worth $230 Mn appeared first on Inc42 Media.