ISB Partners With Sap India To Nurture Tech Startups

The Indian School of Business (ISB) and SAP Labs India have entered into a collaboration to nurture technology-based startups. They will focus on the ventures dealing in the social space and that are working in areas that have relevance to national priorities.

According to a statement issued by the ISB, titled Jumpstart Social Enterprise Accelerator, the programme aims to identify and support 10 early stage and 5 growth stage promising ventures by providing guidance, mentorship and scaling up their technology solutions that can bring about a large scale impact on the lives of common people.

Commenting on the development, Dilipkumar Khandelwal, Managing Director of SAP Labs India said, "Through this initiative, we are supporting in creating investible and growth oriented social enterprises which can contribute to the economic development of our country."

Startups that are targeting sectors such as education, healthcare, water and sanitation, energy, agriculture, financial technology, infrastructure, livelihoods and others are eligible to apply for the programme, reports PTI.

According to the Dean of ISB, Rajendra Srivastava the B-School is committed to its goal of taking on a larger role of incubating and supporting entrepreneurial ideas as well as scaling up ventures that will potentially generate employment, foster economic and social progress and create significant social value for the country.

"The ISB SAP Jumpstart accelerator programme is one such initiative to support promising entrepreneurs in thinking big and help scale their businesses to create impact in areas of national priority and help build a better tomorrow," Srivastava concludes.

EY's Tesseract Aims To Speed Up Future of Automotive Industry With Blockchain

Blockchain is all set to make huge waves in the automotive world, courtesy England headquartered multinational professional services firm EY's new project. The global leader in assurance, tax, transaction and advisory services is currently working on “Tesseract,” an integrated platform that will be capable of digitally logging vehicles and trips onto a blockchain while allowing a multi-party vehicle ownership.

According to EY, the new platform will bring a much needed relief to the shared-use vehicle ownership customers by solving some of the fundamental problems associated with the market. In addition to this, Tesseract will also be significantly enhancing the whole shared ownership experience through the integration of mobile technology with vehicles.

The new platform will allow its operators to innovate, commercialize and scale new mobility businesses and revenue models. The project is expected to result in an increase in vehicle utilisation, reduce wastage and ultimately lead to creation of a greener and much more sustainable transport world.

EY's confidence in Tesseract is such that the company believes that the project is especially essential to the future of autonomous vehicle fleets trend, the flourishing of which will lead to new revenue generation and value streams.

For the uninitiated, a blockchain is an anonymous online ledger that makes use of a data structure to make the process of transaction an easier and simpler process. It provides users the ability to manipulate the ledger in a safe way without seeking the support of a third party. In the past, we have covered various stories on how the technology is invading financial institutions like banks (Read Here) and electronic voting systems in several countries (Read Here), including India. Yesterday, we also carried an article about how Blockchain is blurring the lines between technology and nature through a new species called Plantoid, a new digital plant, which is designed to reproduce itself via transactions made on the blockchain.

“The future of the automotive and transportation industry will be integrated, on-demand, personalized and autonomous. Tesseract is a groundbreaking, innovative platform that benefits every stakeholder across the mobility ecosystem. We want Tesseract to break down barriers to entry for all stakeholders, provide the means for mobility as a service and facilitate a truly integrated ecosystem that puts consumers first in the future mobility marketplace." said Randy Miller, EY global automotive and transportation leader in a statement given to ETHNews.com about EY's new project in works.

Adding to what Miller said, Paul Brody, EY global innovation leader stated, “The time has come for blockchain to reshape the automotive industry. Using blockchain for automotive services permits true peer-to-peer interactions between owners with minimal infrastructure requirements. Data can be stored permanently and managed securely while automated permission and transaction processing will be made much easier.”

To conclude, EY's new platform's underlying blockchain technology will be facilitating automatically executed transactions between owners, operators, and third-party service providers via a single source, usage-based payment system. Ownership of vehicles on the platform will be available on a full or fractional basis.

EY's new platform is a technological innovation that has the potential of not only completely changing what it means to own a vehicle, but it is also capable of changing the way humans interact with cars in general, and even bring a massive change in society by association.

EY's Tesseract Aims To Speed Up Future of Automotive Industry With Blockchain

Blockchain is all set to make huge waves in the automotive world, courtesy England headquartered multinational professional services firm EY's new project. The global leader in assurance, tax, transaction and advisory services is currently working on “Tesseract,” an integrated platform that will be capable of digitally logging vehicles and trips onto a blockchain while allowing a multi-party vehicle ownership.

According to EY, the new platform will bring a much needed relief to the shared-use vehicle ownership customers by solving some of the fundamental problems associated with the market. In addition to this, Tesseract will also be significantly enhancing the whole shared ownership experience through the integration of mobile technology with vehicles.

The new platform will allow its operators to innovate, commercialize and scale new mobility businesses and revenue models. The project is expected to result in an increase in vehicle utilisation, reduce wastage and ultimately lead to creation of a greener and much more sustainable transport world.

EY's confidence in Tesseract is such that the company believes that the project is especially essential to the future of autonomous vehicle fleets trend, the flourishing of which will lead to new revenue generation and value streams.

For the uninitiated, a blockchain is an anonymous online ledger that makes use of a data structure to make the process of transaction an easier and simpler process. It provides users the ability to manipulate the ledger in a safe way without seeking the support of a third party. In the past, we have covered various stories on how the technology is invading financial institutions like banks (Read Here) and electronic voting systems in several countries (Read Here), including India. Yesterday, we also carried an article about how Blockchain is blurring the lines between technology and nature through a new species called Plantoid, a new digital plant, which is designed to reproduce itself via transactions made on the blockchain.

“The future of the automotive and transportation industry will be integrated, on-demand, personalized and autonomous. Tesseract is a groundbreaking, innovative platform that benefits every stakeholder across the mobility ecosystem. We want Tesseract to break down barriers to entry for all stakeholders, provide the means for mobility as a service and facilitate a truly integrated ecosystem that puts consumers first in the future mobility marketplace." said Randy Miller, EY global automotive and transportation leader in a statement given to ETHNews.com about EY's new project in works.

Adding to what Miller said, Paul Brody, EY global innovation leader stated, “The time has come for blockchain to reshape the automotive industry. Using blockchain for automotive services permits true peer-to-peer interactions between owners with minimal infrastructure requirements. Data can be stored permanently and managed securely while automated permission and transaction processing will be made much easier.”

To conclude, EY's new platform's underlying blockchain technology will be facilitating automatically executed transactions between owners, operators, and third-party service providers via a single source, usage-based payment system. Ownership of vehicles on the platform will be available on a full or fractional basis.

EY's new platform is a technological innovation that has the potential of not only completely changing what it means to own a vehicle, but it is also capable of changing the way humans interact with cars in general, and even bring a massive change in society by association.

Ola, Indus OS Join Hands To Power Mobility Needs Of Citizens

Indus OS, the homegrown smartphone operating system, and India’s second largest widely used OS has partnered with Ola.

The partnership aims to power the mobility needs of citizens in a revolutionary contextual and seamless interface that is made to reduce battery and data consumption while making the experience intuitive. Ola’s services will be integrated at the OS level, enabling new users to discover its benefits and existing users to increase engagement.

With this partnership, Ola claims to become the first mobility provider for all Indus OS users. This integration will also make the Ola experience available in English and 12 regional languages, enabling access to hassle-free commute for millions of Indians across India.

Ola has integrated with Indus OS through the inbuilt intuitive messaging app of the OS, which makes access to Ola not only seamless but also invokes suggestions based on the context of the message. This is the default SMS application on the OS with IP capability. Used by 8 million Indians on smartphones such as Micromax, Intex Technologies, Karbonn Mobiles, Celkon among others, Indus OS is the leading operating system favored by most regional language smartphone users across India, making it an ideal partner for Ola, and enabling reach to millions of Indians.

Currently available in English and 12 regional languages (Malayalam, Telugu, Tamil, Oriya, Assamese, Punjabi, Kannada, Gujarati, Hindi, Urdu, Bengali, Marathi), this partnership will significantly expand the user base who can avail of prompt mobility solutions.

Commenting on the development, Nitin Gupta, VP, Engineering at Ola said, “Mobility is for everyone, irrespective of language and location. This partnership with Indus OS is a big step in catering to such use cases and ensuring that access to reliable mobility solutions reaches everyone who needs it in the most contextual and intuitive experience. In this endeavor, we are constantly evaluating opportunities and forging strong partnerships that will help us to reach to more Indians and address their mobility requirements. Thus, simple solutions backed by robust technology, and delivered to the hands of the customers to cater to their real-time needs will continue to be our focus.”

Nitin also added, “By associating with like-minded companies such as Indus OS that understand the market like we do, we are confident that customers will stand to benefit the most.”

How does this work?

Indus OS users need to simply open their OS’ in-built messaging app and click on Ola among the suggested Brand Accounts to book a cab

• Ola as a recommendation will also, pop up if any message has the context of mobility. For instance; a doctor’s appointment, confirmation messages of movie tickets, etc.


• Options of category and the cost for the ride will appear on the messaging window along with, suggested prompts for response


• The messaging app will identify your location and open maps to enter the drop location


• Basis the choice you make, it will ask for confirmation, and send you the ride information – all in the same window


• Check out the GIF to know more!

“Ola being the largest mobility platform in the country, with maximum availability across categories, this partnership will be a true value for our users. We understand the real needs of the Indian masses and believe in ground-up innovation to solve for those needs. Ola’s integration within Indus OS will allow users to access Ola’s services with minimal data and battery consumption and in the language of their choice. While we cater to the Indian users through simple and innovative technology, mutually beneficial tie-ups like these make our service offering more meaningful,” said Rakesh Deshmukh, Founder & CEO, Indus OS.

Since inception, Ola has been cognizant of the unique needs and demands of the country. Innovations such as Offline Booking, the Progressive Web App, Ola Share, and many others have made a huge impact and have successfully delivered Ola’s services. Understanding the diversity in language preferences of driver partners, Ola’s partner app is available in 8 Indian languages, apart from English, ensuring that they have access in a language of their choice and comfort. The association with Indus OS will now help Ola cater to consumer interest as well by providing instant access to an underserved market in the most contextual and intuitive way possible.

Narvar Acquires Logistics Service Provider GoPigeon for APAC Expansion

Narvar, the post-purchase experience leader, today announced it has acquired key technology and personnel from GoPigeon, an end-to-end logistics management SaaS platform based in Bengaluru, India. This acquisition advances Narvar’s platform development with additional engineering talent and furthers the company’s position as the market leader which powers two billion experiences for more than 125 million consumers per year after they click buy. It also scales Narvar’s global growth, with the GoPigeon India team anchoring the fast growing Asia-Pacific ecommerce market and enabling worldwide operations support.

“At Narvar, we want to simplify the lives of consumers, regardless of where they live,” said Amit Sharma, Founder & CEO of Narvar. “Having grown our business in North America, we are now well-positioned to scale our platform to international markets. Bringing on GoPigeon allows us to realize this vision more quickly and respond to the growing demand from current clients and prospects to bring great post-purchase experiences to their customers worldwide.”

In the last 12 months Narvar has experienced significant growth, tripling its revenue and adding more than 100 new customers in 2017 including Amway, Chandon, The RealReal and TUMI. Narvar now serves a client base of more than 400 brands and retailers, including 40 of Internet Retailer’s Top 100. This growth is being driven in part by Narvar’s investment in product development, notably targeted at emerging consumer channels including AI-powered chatbots. Narvar powers bots on Facebook Messenger for 370 retailers, which have facilitated 3.8 million incremental brand interactions within months of launch.

With this acquisition, Narvar adds the strength of GoPigeon’s engineering team to scale more quickly and accelerate its machine learning capabilities. GoPigeon recently launched Intelligent Courier Allocation (ICA), an artificial intelligence system that helps retailers optimize how they use their carrier networks based on customer needs in a given scenario.In parallel, Nexus Venture Partners, an investor in GoPigeon has become a shareholder of Narvar.

“The GoPigeon team is joining Narvar at a pivotal point in the maturation of the post-purchase category they created,” said Deovrat Singh, Co-founder and CEO of GoPigeon. “Together, we will empower retailers to give consumers the experiences they crave after they click buy.”

According to a recent report, 91 percent of retailers agree that engaging customers after they make a purchase improves brand perception, customer satisfaction, and loyalty. Powered by insights from billions of interactions, Narvar makes it effortless for retailers to provide immersive and emotional experiences to customers after they make a purchase. Narvar’s acquisition will further cement its leadership in the customer experience category.

“Through the GoPigeon platform, we've seen first-hand the value of the post-purchase experience as a driver of customer loyalty,” said Kashyap Mehta, Head of Product and Strategic Initiatives at Tata CLiQ. “As GoPigeon joins Narvar, we're eager to see the potential they unlock for enhancing customer relationships across the world.”

Karnataka Govt Signs MoUs With Google, PWC And Others

The government of Karnataka always take one or the other steps to boost startups in the state. In a recent development, the state Government has signed MoUs with eight companies including Google and PwC to cater to the needs of the identified 100 startups under the state's 'Elevate 100 programme.'

Elevate 100 is a project by Karnataka government which will help elevate selected 100 startups by providing them funds and mentors. Under this programme, the Karnataka government plans to spend Rs 400 crore to elevate 100 startups. The shortlisted startups will also have access to government VC funds, pilots, private VC funds, world class accelerators and mentors.

Speaking on the development, State IT Minister Priyank Kharge said, "Google which will provide $3000 worth of cloud credits for startups registered with Startup Cell and $20,000 worth of cloud credit for startups who are winners of Elevate100.”

According to the reports, PwC will provide mentoring and consulting services for sustainable growth of startups and Yes Bank will give banking services, API Integration and customized solutions for these startups.

Further, According to Kharge, Kotak Bank will provide help to set up business and registration processes and assist in providing accounting, income tax returns, GST returns and tax audits among other support while the Indian Law Practices will provide legal consultancy services for identified startups.

Apart from this, Digital Ocean will give a $100 one-time credit for all startups registered with Startup Cell and a $1000 one-time credit for startups, that are being funded under Karnataka Startup Cell. Whereas Zoho will provide the startups 35 plus integrated applications on one account with complete administrative control and complementary mobile apps.

Earlier, the Karnataka government announced the finalists of Elevate100. Identified startups include ESD, Life Life Sciences, BioTech, Agri Tech, AVGC, Clean Tech and IT/IAS, Kharge said.

WhatsApp To Launch A Standalone App For Business Accounts

After verified Twitter handles, Facebook pages, Instagram profiles, it is now time to welcome verified WhatsApp profiles. Seeing the huge way in which the app is being utilised by businesses all around the world, the Facebook-owned messaging service has now started the process of verifying verifying business accounts. Not only this, the app, which boosts of having over 1 billion users, is also planning on soon launching a standalone app for corporations to chat with customers. The information was uncovered from a recently posted page hidden in WhatsApp's support website and a thorough analysis of the app's code.

The support page, "Verified Business Accounts," the messaging service shares that it has now started verifying business accounts and how each of the verified WhatsApp profile will have a green checkmark right next to their username. The verification will testify that the particular account and number officially belongs to a business.

The page reads, "WhatsApp is exploring ways for you to communicate with the businesses that matter to you." For now, the business verification feature is only available to a small number of users who have been selected to participate in a pilot program.

The business account verification feature isn't the only thing new in WhatsApp's kitty. According to a code analysis carried out by WABetaInfo, WhatsApp seems to be separately also working on creating a standalone app for corporate users. Considering WABetaInfo's excellent record of uncovering upcoming WhatsApp features in the past, we can't take this rumour lightly.

The standalone app, which is apparently already live, is only working on Android phones for now. Evidence retrieved from the code for the original WhatsApp app hints that businesses will be able to utilise new app to send automated customer support messages like they are currently able to do with Facebook Messenger. Since there's no official word from WhatsApp/Facebook, there's not much information available about the app's features and how exactly will it be adding value to businesses.

WhatsApp has a number of exciting things lined up for India, its largest market. The messaging app, which hit 200 million monthly active users in India this February, is planning to launch peer-to-peer payments in India considering the rise of digital payments in the country post the demonetisation surprise sprung upon the citizens last year by the government.

The low-cost customer acquisition tool has proved to be a great promotion tool in India. A living example of the success of the WhatsApp promotion trend is digital health start-up 1mg. Within just two years of its launch, the startup has garnered over 200 million users in India and more than 9 million downloads for its app, which helps users in researching prescription drugs and finding the lowest price possible. The best part of 1mg's success is that its founder Prashant Tandon has not spent a penny promoting his business and all these applaud worthy numbers are courtesy WhatsApp promotion (Read Here).

In fact, there's also a wave promoting that after BPOs, it is now time to make way for WPO-WhatsApp Process Outsourcing, in India.

WhatsApp To Launch A Standalone App For Business Accounts

After verified Twitter handles, Facebook pages, Instagram profiles, it is now time to welcome verified WhatsApp profiles. Seeing the huge way in which the app is being utilised by businesses all around the world, the Facebook-owned messaging service has now started the process of verifying verifying business accounts. Not only this, the app, which boosts of having over 1 billion users, is also planning on soon launching a standalone app for corporations to chat with customers. The information was uncovered from a recently posted page hidden in WhatsApp's support website and a thorough analysis of the app's code.

The support page, "Verified Business Accounts," the messaging service shares that it has now started verifying business accounts and how each of the verified WhatsApp profile will have a green checkmark right next to their username. The verification will testify that the particular account and number officially belongs to a business.

The page reads, "WhatsApp is exploring ways for you to communicate with the businesses that matter to you." For now, the business verification feature is only available to a small number of users who have been selected to participate in a pilot program.

The business account verification feature isn't the only thing new in WhatsApp's kitty. According to a code analysis carried out by WABetaInfo, WhatsApp seems to be separately also working on creating a standalone app for corporate users. Considering WABetaInfo's excellent record of uncovering upcoming WhatsApp features in the past, we can't take this rumour lightly.

The standalone app, which is apparently already live, is only working on Android phones for now. Evidence retrieved from the code for the original WhatsApp app hints that businesses will be able to utilise new app to send automated customer support messages like they are currently able to do with Facebook Messenger. Since there's no official word from WhatsApp/Facebook, there's not much information available about the app's features and how exactly will it be adding value to businesses.

WhatsApp has a number of exciting things lined up for India, its largest market. The messaging app, which hit 200 million monthly active users in India this February, is planning to launch peer-to-peer payments in India considering the rise of digital payments in the country post the demonetisation surprise sprung upon the citizens last year by the government.

The low-cost customer acquisition tool has proved to be a great promotion tool in India. A living example of the success of the WhatsApp promotion trend is digital health start-up 1mg. Within just two years of its launch, the startup has garnered over 200 million users in India and more than 9 million downloads for its app, which helps users in researching prescription drugs and finding the lowest price possible. The best part of 1mg's success is that its founder Prashant Tandon has not spent a penny promoting his business and all these applaud worthy numbers are courtesy WhatsApp promotion (Read Here).

In fact, there's also a wave promoting that after BPOs, it is now time to make way for WPO-WhatsApp Process Outsourcing, in India.

Michael and Susan Dell Foundation Looks To Set up An Incubator For Startups in India

To serve the underserved and the unserved segments, the Michael and Susan Dell Foundation is looking to set up an incubator for startups. According to ET. For the same, the foundation is in talks with IIM-Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE). 

Commenting on the development, Rahil Rangwala, the director for family economic stability at Michael and Susan Dell Foundation said, "We hope to set up this incubator by the end of this year. With this incubator, we aim to back startups serving at the bottom of the pyramid. We will look at startups in the areas of financial inclusion, job creation in the informal sector and other important areas.”

According to Rangwala, the incubator will look at early-stage companies and will offer financial inclusion, digital empowerment, job creation and services in other such impact areas. Apart from this, the foundation will also offer seed funding to the startups.

Though, financial in rmation regarding the upcoming incubator is undisclosed, the foundation in 2016 committed $50 million for India investments over three years.

The foundation, founded by Dell founder and Michael Dell and his wife Susan, opened its India office in 2006 and has so far committed more than Rs 1,100 crore to social enterprises in India.

Talking about its investments, the foundation has so far invested in a range of companies in the education and financial services sector which includes startups like OnlineTyari and ConveGenius, Swadhaar, and debt-financing company Kinara Capital among several others. It recently invested in a technology driven, social impact focused company, NEST education. Apart from this, it also recently invested in Blowhorn, an intra-city logistics startup and industrial training company Skillveri as part of its job creation focus.

Not only it invest in companies, it also supports incubators. Recently/, the foundation supported a non-profit incubator at IIM Bangalore and struck a partnership with startup incubator UnLtd to back early-stage social enterprises working on skill development and employability of low-income youth.

Women-Led Startup Created A Fake Male Co-Founder To Deal With Sexism, And Succeed

"Behind every successful man is a woman" is a famous saying, but what exactly is the case when it comes to successful women? Well, according to what's happening in today's world, it apparently takes a fake man for two women to be openly successful. A recent story has brought to light the undercover sexism that still exists in the business world. Apparently, even though we are more than halfway through 2017, it still matters if the person heading the company is a man or woman.

A year ago, when Penelope Gazin and Kate Dwyer started their venture Witchsy, an art marketplace, they thought all it took for a business to take off and flourish was talent, hard work and passion, but boy were they wrong. Soon they realised that in this big world of art, being a woman was tough, tougher than being a guy.

In their one year of being live Witchsy, which has now successfully sold art worth a whopping $200,000, needed help/contributions from designers and developers to get up and running. The co-founders took the responsibility in their hands and started contacting contractors/designers for the same, this is when they noticed a strange thing happening. Penelope and Kate realised that most of the people working as contractors were men, and a lot of them behaved strangely dismissive towards their project and them.

In order to find out whether the behaviour was directed towards them as women or their business, the two female co-founders decided to do a little, harmless experiment. The duo decided to invent a third cofounder for their company and named him Keith Mann. The catch was Keith was a male who only communicated with clients via email.

Unfortunately for modern day feminism, this little experiment worked.

While as female founders Penelope and Kate had to wait for days to get a response, their non-existing vocal male partner Keith not only got a reply but also got asked if he needed help with anything else.

Talking to Fast Company about their experiment, Kate said, “It was like night and day." “It would take me days to get a response, but Keith could not only get a response and a status update, but also be asked if he wanted anything else or if there was anything else that Keith needed help with.”

Kate also specified a case where a particular developer addressed Penelope and her with the greeting, "Okay, girls," but Keith was greeted in a more professional way, by his name. The female founders felt having a male founder somehow changed people's perception of their business and even legitimised it for some particular cases.

https://twitter.com/SchneidRemarks/status/839915081269981184?ref_src=twsrc%5Etfw&ref_url=http%3A%2F%2Fmashable.com%2F2017%2F08%2F30%2Fwitchsy-fake-male-cofounder-keith-mann%2F

This wasn't a one off case. Earlier in the year, a popular Twitter thread doing round the internet narrated a similar story. The thread shared the experience of a male employee named Martin Schneider at a services firm who accidentally emailed a client as his coworker, Nicole. To Martin's surprise, he observed that his work signed as "Nicole" was receiving curt replies from the same clients that he has had a wonderful experience of working with (Read Here).

The aforementioned cases show that being a woman in a man's world is still a task, but being a woman and pretending to be man in a man's world ain't that hard apparently.

UP Govt. Announces Rs 1000 Crore Startup Fund

Uttar Pradesh chief minister Yogi Adityanath has today announced to create a corpus of Rs 1,000 crore Startup Fund for spurring entrepreneurship and employment generation in the state. Notably, in terms of startup activities UP is lacking behind many of the states in the country like Karnataka, Andhra Pradesh, Maharashtra and even Delhi, despite of the fact of fact that it holds highest number of youth population in India.

Chief Minister further informed that a formal Memorandum of Understanding (MoU) would be signed with the Small Industries Development Bank of India (SIDBI) on September 15. In 2016, SIDBI had launched a Rs 10,000 crore 'SIDBI Make in India Soft Loan Fund for MSMEs' (SMILE) scheme to provide soft loan to MSMEs in form of quasi-equity to meet the required debt-equity ratio and term loan to cover project cost on relatively soft terms.

Yogi Adityanath was addressing a gathering of youth and entrepreneurs after inaugurating ‘Start-up Yatra’, a platform for all stakeholders to discuss and generate inputs for assisting the government in promotion of entrepreneurial zeal and creating awareness about establishing an entrepreneurial ecosystem in UP. In the coming weeks, similar events are lined up for 15 cities in the state and the Yatra targets reaching out to over 40,000 youth and 400 colleges.

He also urged to innovate in solid waste management segment to serve the dual purpose of disposing off the unwanted trash and simultaneously leverage some economic value off it.

Earlier in 2016, before Yogi Adityanath became CM of the state, Uttar Pradesh government had already introduced Start-up Policy for entrepreneurs and startups in the state.

This year, the only major startup, which is based out of Uttar Pradesh, that received funding and in news was
education startup EduGorilla which had raises funding last month.

Since, both the Centre and UP are ruled by the same outfit, Bharatiya Janata Party (BJP), economists and industry players are confident it would foment synergies between the two dispensations for greater benefits in longer term.

Coverfox.com Ropes Premanshu Singh, Former Marketing Head -Practo as CEO

Coverfox.com, India’s fastest growing online insurance marketplace, has announced the appointment of Premanshu Singh as the Chief Executive Officer (CEO) of the company. Premanshu’s appointment is part a of planned leadership transition, as he succeeds Varun Dua, who has moved on to set-up a new online general insurance company.

Premanshu is a strategic thinker and an expert in scaling-up businesses. He will spearhead and lead the strategic growth at Coverfox across critical business areas including strategic business planning and development, partner management and customer engagement, driving engagement through new touch points and overseeing transformational customer experiences while including newer products with attractive and customized price points. His primary focus will be on sustained business viability and charting a suitable course for the future.

Premanshu brings to Coverfox more than a decade’s experience across sectors namely FMCG, technology and start-ups. His understanding of the dynamics of working across MNCs and start-up environment/ecosystem allows him to approach and solve complex business problems from both sides of the ecosystem.

Premanshu, has pursued MBA from IIM, Ahmedabad, his last stint being at Practo as the Vice President Marketing of the company. He has led senior level roles in strategic planning, marketing, sales and business development at leading corporates such as Johnson & Johnson, SMSGupShup, People Interactive, Shaadi.com, Webaroo Technologies and ITC Ltd. He co-founded a2zbaby.com in 2011, an ecommerce store wherein parents can find products of their choice for their kids. He is also an active Angel Investor, Coverfox being one of his early investments.

“I am pleased to welcome Premanshu to Coverfox family, said Devendra Rane, Founder & Chief Technology Officer, Coverfox.com. Premanshu is one of the early startup specialist and Thought Leader in the industry. He brings valuable experience as a leader, learner and someone who has his ears to the ground and feet on street approach. His illustrious track record and value system make an ideal choice for an organisation of our size and repute. He is aligned with our vision of using technology to take insurance to the last mile. We could not think of a better person to help support Coverfox through its next exciting chapter of growth. I wish Premanshu a successful innings at Coverfox.”

Commenting on his appointment, Premanshu Singh, CEO, Coverfox.com, said, “Insurance is still in its nascent stages in India but a market growing at a very fast pace with exponential growth prospects. Coverfox has set-up newer benchmarks and milestones in the within the online insurance space with their service commitments, product portfolio, partnerships, ever evolving technology and investment in creating customer experience. I've long admired the company’s enviable brand positioning and am glad to be a part of the Coverfox Team. I look forward to working with the team and creating more innovative products as per the need of the customers and lead in this space.”

In June 2017, Coverfox raised about 96 crore ($15 million) in its series-C round. The funding was led by US insurer Transamerica, with participation from existing investors. The company is also in discussions with Fosun Kinzon Capital, the VC unit of Chinese conglomerate Fosun International, to raise about $5-10 million that could be an extension of the latest round.

Coverfox.com Ropes Premanshu Singh, Former Marketing Head -Practo as CEO

Coverfox.com, India’s fastest growing online insurance marketplace, has announced the appointment of Premanshu Singh as the Chief Executive Officer (CEO) of the company. Premanshu’s appointment is part a of planned leadership transition, as he succeeds Varun Dua, who has moved on to set-up a new online general insurance company.

Premanshu is a strategic thinker and an expert in scaling-up businesses. He will spearhead and lead the strategic growth at Coverfox across critical business areas including strategic business planning and development, partner management and customer engagement, driving engagement through new touch points and overseeing transformational customer experiences while including newer products with attractive and customized price points. His primary focus will be on sustained business viability and charting a suitable course for the future.

Premanshu brings to Coverfox more than a decade’s experience across sectors namely FMCG, technology and start-ups. His understanding of the dynamics of working across MNCs and start-up environment/ecosystem allows him to approach and solve complex business problems from both sides of the ecosystem.

Premanshu, has pursued MBA from IIM, Ahmedabad, his last stint being at Practo as the Vice President Marketing of the company. He has led senior level roles in strategic planning, marketing, sales and business development at leading corporates such as Johnson & Johnson, SMSGupShup, People Interactive, Shaadi.com, Webaroo Technologies and ITC Ltd. He co-founded a2zbaby.com in 2011, an ecommerce store wherein parents can find products of their choice for their kids. He is also an active Angel Investor, Coverfox being one of his early investments.

“I am pleased to welcome Premanshu to Coverfox family, said Devendra Rane, Founder & Chief Technology Officer, Coverfox.com. Premanshu is one of the early startup specialist and Thought Leader in the industry. He brings valuable experience as a leader, learner and someone who has his ears to the ground and feet on street approach. His illustrious track record and value system make an ideal choice for an organisation of our size and repute. He is aligned with our vision of using technology to take insurance to the last mile. We could not think of a better person to help support Coverfox through its next exciting chapter of growth. I wish Premanshu a successful innings at Coverfox.”

Commenting on his appointment, Premanshu Singh, CEO, Coverfox.com, said, “Insurance is still in its nascent stages in India but a market growing at a very fast pace with exponential growth prospects. Coverfox has set-up newer benchmarks and milestones in the within the online insurance space with their service commitments, product portfolio, partnerships, ever evolving technology and investment in creating customer experience. I've long admired the company’s enviable brand positioning and am glad to be a part of the Coverfox Team. I look forward to working with the team and creating more innovative products as per the need of the customers and lead in this space.”

In June 2017, Coverfox raised about 96 crore ($15 million) in its series-C round. The funding was led by US insurer Transamerica, with participation from existing investors. The company is also in discussions with Fosun Kinzon Capital, the VC unit of Chinese conglomerate Fosun International, to raise about $5-10 million that could be an extension of the latest round.

After BPOs Its Time For WPO (WhatsApp Process Outsourcing)

WhatsApp has engulfed the Indian subcontinent like no other nation. The messaging app hit 200 million monthly active users in India this February as the Facebook-owned service continues its dominance in developing markets. In fact, the service has become so popular in the country that for a majority of Indians WhatsApp is India’s internet.

While app store, mobile browser, Google Assistant, Siri, email, Dropbox, etc. are important too but when it comes to India, WhatsApp has acquired a unique status of its own.

According to experts, the app's group messaging capabilities, simple interface and the ability to share any kind of media anytime are few of the things that make the service such a hit among Indians.

Seeing the growing popularity of the app among its Indian users, WhatsApp is currently testing out a “WhatsApp for Business” platform custom built especially for Indian market. But, experts feel that this might just not be enough considering that India is more of a DIFM (do-it-for-me) market rather than a DIY (do-it-yourself) market. Even if WhatsApp does come out with a business platform of its own, its operation will more likely have to be carried out by agencies that provide WhatsApp marketing services to other businesses.

The low-cost customer acquisition tool has proved to be a great promotion tool in India. A living example of the success of the WhatsApp promotion trend is digital health start-up 1mg. Within just two years of its launch, the startup has garnered over 200 million users in India and more than 9 million downloads for its app, which helps users in researching prescription drugs and finding the lowest price possible. The best part of 1mg's success is that its founder Prashant Tandon has not spent a penny promoting his business and all these applaud worthy numbers are courtesy WhatsApp promotion (Read Here).

It seems, now is the right time to move away from the BPO trend and head towards a new one called WPO —WhatsApp Process Outsourcing.

WPO firms could be the next logical step fowler for SMS and email marketing agencies. The firms could engage with and respond to users directly, manage user databases tagged by interest, generate engaging creatives, and even become customer support channels.

For people looking for targeted marketing, they can make use of WhatsApp's true killer marketing feature-groups. WhatsApp groups are a perfect marriage of worth of mouth with ease of use and narrow targeting. In fact, WhatsApp promotion is also being used by Indian political parties in a big way nowadays to capture and retain vote-share by dominating mind-share.

Let's see how big does the WhatsApp trend become in India. Keep watching this space to keep a track of the same.

After BPOs Its Time For WPO (WhatsApp Process Outsourcing)

WhatsApp has engulfed the Indian subcontinent like no other nation. The messaging app hit 200 million monthly active users in India this February as the Facebook-owned service continues its dominance in developing markets. In fact, the service has become so popular in the country that for a majority of Indians WhatsApp is India’s internet.

While app store, mobile browser, Google Assistant, Siri, email, Dropbox, etc. are important too but when it comes to India, WhatsApp has acquired a unique status of its own.

According to experts, the app's group messaging capabilities, simple interface and the ability to share any kind of media anytime are few of the things that make the service such a hit among Indians.

Seeing the growing popularity of the app among its Indian users, WhatsApp is currently testing out a “WhatsApp for Business” platform custom built especially for Indian market. But, experts feel that this might just not be enough considering that India is more of a DIFM (do-it-for-me) market rather than a DIY (do-it-yourself) market. Even if WhatsApp does come out with a business platform of its own, its operation will more likely have to be carried out by agencies that provide WhatsApp marketing services to other businesses.

The low-cost customer acquisition tool has proved to be a great promotion tool in India. A living example of the success of the WhatsApp promotion trend is digital health start-up 1mg. Within just two years of its launch, the startup has garnered over 200 million users in India and more than 9 million downloads for its app, which helps users in researching prescription drugs and finding the lowest price possible. The best part of 1mg's success is that its founder Prashant Tandon has not spent a penny promoting his business and all these applaud worthy numbers are courtesy WhatsApp promotion (Read Here).

It seems, now is the right time to move away from the BPO trend and head towards a new one called WPO —WhatsApp Process Outsourcing.

WPO firms could be the next logical step fowler for SMS and email marketing agencies. The firms could engage with and respond to users directly, manage user databases tagged by interest, generate engaging creatives, and even become customer support channels.

For people looking for targeted marketing, they can make use of WhatsApp's true killer marketing feature-groups. WhatsApp groups are a perfect marriage of worth of mouth with ease of use and narrow targeting. In fact, WhatsApp promotion is also being used by Indian political parties in a big way nowadays to capture and retain vote-share by dominating mind-share.

Let's see how big does the WhatsApp trend become in India. Keep watching this space to keep a track of the same.

270 Startups Are Losing Their Spot From Karnataka’s 100 Most Innovative Startups Tag

According to the recent ET report, 270 startups from across Karnataka have slugged out from the top 100 slots in Karnataka government’s startup hierarchy. For those who are unaware, a slot would mean generous government support including mentoring and funding.

Industry leaders such as Mindtree’s KK Natarajan, Bhavish Aggarwal of Ola Cabs, and TiE’s Ravi Gururaj are brainstorming with the startups to pick those 100 startups with disruptive ideas and help them turn their ideas into successful businesses.

The grand finale of India’s first comprehensive entrepreneurship platform, ELEVATE 100, that began on Tuesday morning at Hotel Lalit Ashok will continue through Wednesday. As per the reports, the final bunch of 100 startups will have access to the Rs 400 crore startup fund, apart from mentoring from industry experts, idea validation, advisory and legal support.

Commenting on the development, Priyank Kharge, IT, BT & Tourism Minister said, "The efforts of Karnataka government doesn't stop at elevating the chosen 100. We see ELEVATE 100 as a continuing process where the best ideas from the state gets the support and guidance it deserves."

He added further, "Karnataka is home to the world’s fastest growing startup ecosystem. The government is trying to nurture this ecosystem with strong policies like the IT Policy, Start-up Polget BT Millennium Policy, ESDM Policy and the KAVGC Policy, giving the ecosystem a strong foundation to help entrepreneurs and established industries to flourish.”

This is just one of the many initiatives aimed at creating the largest pool of talented entrepreneurs in Karnataka. According to Gaurav Gupta, Principal Secretary, IT, the sub segments such as AI & Robotics are already being nurtured through various Centres of Excellence.

Their target is to create 20,000 successful startups by celebrating and supporting them through continuous engagement.

India To Surpass China In Innovation Growth, Predicts BRICS Report

In what could be considered as an excellent news for people of the country, India might soon be leaving behind its close rival/neighbour China when it comes to innovation competitiveness. According to the latest BRICS Innovative Competitive Report 2017 released by China Science and Technology Exchange Center, come 2025, the Indian subcontinent might start surpassing China in innovation.

“The average score of innovation index of each BRICS country would be on the rise for 2017-2025 as the overall national innovation competitiveness of BRICS countries would be constantly strengthened over time. It is predicted that the innovation competitiveness of India would see a significant rise with its growth rate probably surpassing China between 2025-2030," reads the report.

In addition to the amazing news for India and its economy, the BRICS report also shared that the growth rate of Russia would see a downward trend in the coming years. In fact, the Indian subcontinent would even take over Russia in terms of its comprehensive STI competitiveness by the year 2030.

The report reveals that the BRICS nations over the years have really pulled their weight when it comes to building a reputation amongst other developing countries as leading centres of Science and Technology development. It mentions that these nations-Brazil, Russia, China, India and South Africa-have evolved to become a “globally important STI force”.

The BRICS report might come as a huge relief for the Modi government which has recently been facing some harsh reviews from citizens asking for a concrete proof of the work they have done since gaining power.

The report states: “international community lacks an in-depth strategic study on international collaboration among BRICS countries. It is urgent to set up a regular network for technology collaboration and transfer as both the governments and a regularly organized conference on technology transfer could no longer satisfy the needs for the transfer and flow of technology, funding, and talents under new circumstances."

Slated to be held next month in China, the BRICS Summit will see Prime Minister Narendra Modi's presence in spite of the growing tension between the two countries on their borders.

Launched By Array of Celebrities Like Shahid Kapoor, LIKE App Reached A Whopping 1 Mn Downloads

Celebrity Launch of the app ‘LIKE’ by Bollywood actor Shahid Kapoor, followed by his array of celebrity colleagues, has made news in the entire entertainment and tech industry.

The app Like went viral in no time with massive downloads both on Android and IOS platforms. The within a week the app reached a whooping number of one million downloads and is a product of Asia’s biggest live streaming APP company, BIGO LIVE.

The country that has been the hub for entertainment reality shows for quite sometime now, and has welcomed the app LIKE as a blooming platform for screenagers who are always enthusiastic about shooting videos and posting them on online platforms. The APP allows the broadcaster to make videos infused with embedded effects such as LASER EYE, BUTTERFLY, HEART, FROZEN etc.. Besides these effects, the app alsu lets the user can also lip sync to his or her favorite dialogues or songs to make the video more appealing.

The App is available on iOS and Google Play-Store in 10 different languages- English, Hindi, Tamil, Bengali, Kannada, Malayalam, Gujarati, Marathi, Telugu and Punjabi. The app is developed by BIGO Technology Pte. Ltd.

LIKE APP is technically upgraded with the most modernistic features that includes high performance client architecture to guarantee fluent user experience even on low end mobile phones, fancy video processing effect and fast and fluent video play technology that defines the word best across a plethora of networks and tech arenas. An enticing amalgamation of lip sync videos and magical effects, APP LIKE is a complete stress buster and is a tech masterpiece for not just entertainment enthusiasts but for those who always seek an enticing equation of configurations everyday.



App is lightweight and measures roughly 50-60 mb and has easy sharing options.

The Spokesperson for the LIKE App Mr. Aaron Wei quoted "With India being the youngest nation of this world where the youth is so much in love with dance, music and colors, LIKE intends to create a community of common people who find happiness in entertainment and socializing."
He further added that "currently LIKE is focusing on building an entertaining online community for the talented users. We aim to become the biggest online video community in India where youths can create amazing and inspiring content."

LIKE is another app in the category of Dubsmash, smule and snapchat, however these magical effects are what make it celebrates its edge over others. With a rich literature of effects and never seen before editing tools, LIKE has managed to raise eyebrows of its old gen competitors with an over-night viral tale that it has been able to knit for itself.

LIKE App - https://play.google.com/store/apps/details?id=com.tagsutils&hl=en

Meet Plantoid - A Digital Plant and First Blockchain-Based Artificial Life Form

Technology and nature are two things which everyone thought would never come together. But, in today's age never say never. Blockchain, the technology which until now was only being used to maintain a digital ledger is now being employed to give life to a whole new species. Yes, a brand new species.

A new project currently in the works aims to blur the existing lines between technology and nature, via a new species called Plantoid.

A Plantoid is basically a mass of welded metal and electronic components put together in an aesthetic way to look similar to an android version of a plant. This is what the species is in the physical world. When it comes to the digital world, it's a piece of software living on blockchain that its creators have named as “soul.”

The main reason behind conceiving the whole design is to give birth to a design that reproduces itself via transactions made on the blockchain. Similar to the way flowers attract bees for procreation, Plantoid is programmed to do the same with humans.



The whole attractive Plantoid design is intended to catch human attention, and make them donate money via Bitcoin. The cash collected is then put to a constructive use of commissioning an artist to produce a new Plantoid. The entire process is automated with smart contracts.

For the uninitiated, a blockchain is an anonymous online ledger that makes use of a data structure to make the process of transaction an easier and simpler process. It provides users the ability to manipulate the ledger in a safe way without seeking the support of a third party. The technology has significantly helped digital currencies likes Ether and Bitcoin become viable currencies.

The goal of the Plantoid is to illustrate one of the most revolutionary—and yet still unexplored—aspects of blockchain technology. It illustrates the ability to create “blockchain-based lifeforms”, i.e. algorithmic entities that are:

autonomous,
self-sustainable, and
capable of reproducing themselves,

through a combination of blockchain-based code and human interactions.

For instance, imagine having an automated farm, which doesn't require human attention and intervention every step of the way.

The Plantoid can be considered as a distributed autonomous organization (DAO), a concept that could put blockchain to good use to fundamentally bring a change to the world we're all living in right now. Though the project currently might seem a little too exploratory and experimental to many, but it does set a precedent for much more practical usage in the near future.

According to a statement given by its creator Primavera de Filippi to SingularityHub, “Plantoid is an attempt at using art to illustrate what I consider to be one of the most innovative and disruptive aspects of the blockchain — the ability to create autonomous entities which are completely independent and self-sufficient." Filippi is a faculty associate at Harvard’s Berkman-Klein Center and the founder of Okhaos, the art collective which has taken the responsibility of the project.

Meet Plantoid - A Digital Plant and First Blockchain-Based Artificial Life Form

Technology and nature are two things which everyone thought would never come together. But, in today's age never say never. Blockchain, the technology which until now was only being used to maintain a digital ledger is now being employed to give life to a whole new species. Yes, a brand new species.

A new project currently in the works aims to blur the existing lines between technology and nature, via a new species called Plantoid.

A Plantoid is basically a mass of welded metal and electronic components put together in an aesthetic way to look similar to an android version of a plant. This is what the species is in the physical world. When it comes to the digital world, it's a piece of software living on blockchain that its creators have named as “soul.”

The main reason behind conceiving the whole design is to give birth to a design that reproduces itself via transactions made on the blockchain. Similar to the way flowers attract bees for procreation, Plantoid is programmed to do the same with humans.



The whole attractive Plantoid design is intended to catch human attention, and make them donate money via Bitcoin. The cash collected is then put to a constructive use of commissioning an artist to produce a new Plantoid. The entire process is automated with smart contracts.

For the uninitiated, a blockchain is an anonymous online ledger that makes use of a data structure to make the process of transaction an easier and simpler process. It provides users the ability to manipulate the ledger in a safe way without seeking the support of a third party. The technology has significantly helped digital currencies likes Ether and Bitcoin become viable currencies.

The goal of the Plantoid is to illustrate one of the most revolutionary—and yet still unexplored—aspects of blockchain technology. It illustrates the ability to create “blockchain-based lifeforms”, i.e. algorithmic entities that are:

autonomous,
self-sustainable, and
capable of reproducing themselves,

through a combination of blockchain-based code and human interactions.

For instance, imagine having an automated farm, which doesn't require human attention and intervention every step of the way.

The Plantoid can be considered as a distributed autonomous organization (DAO), a concept that could put blockchain to good use to fundamentally bring a change to the world we're all living in right now. Though the project currently might seem a little too exploratory and experimental to many, but it does set a precedent for much more practical usage in the near future.

According to a statement given by its creator Primavera de Filippi to SingularityHub, “Plantoid is an attempt at using art to illustrate what I consider to be one of the most innovative and disruptive aspects of the blockchain — the ability to create autonomous entities which are completely independent and self-sufficient." Filippi is a faculty associate at Harvard’s Berkman-Klein Center and the founder of Okhaos, the art collective which has taken the responsibility of the project.

With Rs 50 Crore, Orkla Group Is All Set To Invest In Indian Foodtech Startups

The parent company of MTR Foods, Orkla Group has set up an venture fund Rs.50-crore with an aim to make early-stage investments in startups. The fund, named MTR Seed Fund, will invest mainly in food tech-related startups in India over 2017 and 2018. It is the first such fund set up by the Orkla Group outside of Scandinavia.

Commenting on the development, Peter A Ruzicka, president of Orkla Group, told ET, “We are mainly looking at early stage startups, these could be tech startups that fit with our current business or startups in sectors that focus on creating innovative food products, production tech, packaging technology or distribution."

Not only this, the firm is also open to acquiring a startup that might complement its current business in India or one that might have the potential to become a global product which can strengthen the company's position in any of the markets it is present in.

“We have a long-term approach, so we may invest in one to 20 startups.Depends on what we find attractive, we may acquire a startup or sell to a private equity fund as an exit strategy," added Ruzicka.

The company will invest and have a stake ranging between 26% and 49% in the startups. Startups that become part of the MTR Seed Fund will have access to MTR Foods research and discussion team, as well as to the company's in-house group of chefs if the product is food-based or common services such as branding, legal assistance, treasury, and accounting services, reports ET.

Before finalizing the investment, MTR senior management will review food tech and other startups.

In April, MTR Foods launched a three-minute breakfast category that targets millennials, enabling them to have a quick on-the-go Indian breakfast ranging from poha to upma, and oats.

Power2SME Signs MoU with NSIC to Empower MSMEs

India’s first ‘Buying Club’ for SMEs, Power2SME has signed a Memorandum of Understanding (MoU) with National Small Industries Corporation (NSIC). This MoU will enable SMEs in India to benefit the most, given the vast array of experience and knowledge NSIC and Power2SME brings to the fore. Additionally, it will also catalyze exchange of market knowledge between both parties, and enable both to service SMEs better for their raw material, finance, and other requirements.

The alliance is aimed at empowering SMEs pan-India in sourcing variety of raw materials like Metal, Polymers, yarns, chemicals and a host of other materials. With this coalition, SMEs across India will be able to have access to raw materials, finance, and importantly, help create a positive economic environment for the SME’s. This initiative will provide massive opportunity for the SME sector in terms of creating a platform for them to grow, learn, and face challenges with guidance and support from Power2SME and NSIC. Power2SME, which is a seasoned player in enabling SMEs with streamlined raw material procurement and access to finance, will now aim at giving the sector a much-needed boost that will eventually reflect on the nation’s growth.

Speaking about the alliance, R. Narayan, Founder & CEO, Power2SME, said, “The MoU between Power2SME and NSIC has been inked to drive our deep commitment towards the MSME players and create a positive impact with relevant solutions that address their business challenges. With mutual aim to make MSMEs in India bankable, both Power2SME and NSIC will create a business friendly ecosystem for MSMES to flourish and improve their contribution towards India’s GDP.”

Echoing the sentiment, Ravindra Nath, CMD, NSIC, said, “NSIC and Power2SME will further empower and propel Indian MSMEs on the fast lane of growth by making them cost-competitive. NSIC is in the forefront of facilitating MSMEs through package of services. NSIC facilitates MSMEs with a set of specially-tailored schemes to enhance their competitiveness. NSIC provides integrated support services under marketing, technology, finance, and other support services.”

Taking a note of this significant move, H.P. Kumar, Director External Affairs, Power2SME, said, “The MoU between Power2SME and NSIC will bring synergy among two institutions of eminence in the industry. Together we will provide multiple value-added services and utility and create substantial value for SMEs. It will benefit the industry through new and expanded service capabilities than ever before.”

Power2SME and NSIC will together work towards the growth of the SME sector with heightened focus on making them a key part in the ‘Make in India’ growth story that will reflect on the growth chart of the country. The newly-signed MoU will make the SMEs attain higher efficiencies and productivity with transparency at each level, which will consequently garner trust of the SMEs.

Image : (L-R) Ravindra Nath, Chairman cum MD, NSIC and Mr. R. Narayan, Founder and CEO, Power2SME

Lendingkart Group Hires Mukesh Singh as CTO to Strengthen Technology Stack

Lendingkart Group, today announced the appointment of Mukesh Singh, a seasoned engineer with over 17 years of extensive technology experience, as its Chief Technology Officer. This comes at a time when the company is focusing on strengthening its technology stack by prioritizing automation and data engineering to make loan disbursal as quick, convenient and accurate as possible.

At Lendingkart Group, Mukesh’s key responsibilities will include driving strategy and execution of the technology vertical. Majority of his efforts will also be directed at building products and technologies that will make the company ready for massive adoption among India’s 50 million Small and Medium-sized Businesses (SMEs).

Harshvardhan Lunia, CEO and Co-founder, Lendingkart Technologies, said, “We are moving on a large scale towards building technology and innovating to make working capital accessible to SMEs everywhere no matter the geographic remoteness. The company has been successful in reaching out to over 720 cities but are still scratching the surface when it comes to the 50 million SMEs in India. With Mukesh and his engineering expertise on board, we will be scaling more strongly by making automation and data engineering a huge part of the loan disbursal process for increased convenience and speed. Mukesh will be working closely with all functional heads in the company which will help us achieve our goal.”

With operations in over 720 cities and more than 12,000 loans disbursed among 9500+ SMEs, Lendingkart Group has established a solid foundation of data and analytics. Building innovation based on the insights gathered from the company’s large scale of operations will therefore continue to prove critical to its growth in near future.

“I am thrilled to be a part of Lendingkart Group, a company that has built their model on world-class innovation, transforming lives of thousands of SMEs every year. The potential that this company offers is incredible and I am looking forward to work with different teams towards furthering their technological goals in speeding up and improving disbursal of working capital for SMEs across the country,” added Mukesh Singh, Chief Technology Officer, Lendingkart Technologies.

Mukesh’s 17 years of experience in software design, development & technology leadership will play a key role in building high performance, scalable software products and platforms for Lendingkart Group. Previously, Mukesh was the Senior Vice President of Engineering at SirionLabs. He was also the India R&D head for BitzerMobile which was later acquired by Oracle. The newly appointed CTO comes with vast technology leadership experience at other eminent organisations including Amazon, Texas Instruments and number of successful startups such as Sipera Systems (Acquired by Avaya), etc. Mukesh is currently the owner of 4 engineering patents and has had a couple of IEEE papers published to his credit.

Earlier this month, the company raised $10 million (INR 67 crores) debt fund from Kotak Mahindra Bank, Aditya Birla Financial Services and other financial institutions.

Lendingkart Group Hires Mukesh Singh as CTO to Strengthen Technology Stack

Lendingkart Group, today announced the appointment of Mukesh Singh, a seasoned engineer with over 17 years of extensive technology experience, as its Chief Technology Officer. This comes at a time when the company is focusing on strengthening its technology stack by prioritizing automation and data engineering to make loan disbursal as quick, convenient and accurate as possible.

At Lendingkart Group, Mukesh’s key responsibilities will include driving strategy and execution of the technology vertical. Majority of his efforts will also be directed at building products and technologies that will make the company ready for massive adoption among India’s 50 million Small and Medium-sized Businesses (SMEs).

Harshvardhan Lunia, CEO and Co-founder, Lendingkart Technologies, said, “We are moving on a large scale towards building technology and innovating to make working capital accessible to SMEs everywhere no matter the geographic remoteness. The company has been successful in reaching out to over 720 cities but are still scratching the surface when it comes to the 50 million SMEs in India. With Mukesh and his engineering expertise on board, we will be scaling more strongly by making automation and data engineering a huge part of the loan disbursal process for increased convenience and speed. Mukesh will be working closely with all functional heads in the company which will help us achieve our goal.”

With operations in over 720 cities and more than 12,000 loans disbursed among 9500+ SMEs, Lendingkart Group has established a solid foundation of data and analytics. Building innovation based on the insights gathered from the company’s large scale of operations will therefore continue to prove critical to its growth in near future.

“I am thrilled to be a part of Lendingkart Group, a company that has built their model on world-class innovation, transforming lives of thousands of SMEs every year. The potential that this company offers is incredible and I am looking forward to work with different teams towards furthering their technological goals in speeding up and improving disbursal of working capital for SMEs across the country,” added Mukesh Singh, Chief Technology Officer, Lendingkart Technologies.

Mukesh’s 17 years of experience in software design, development & technology leadership will play a key role in building high performance, scalable software products and platforms for Lendingkart Group. Previously, Mukesh was the Senior Vice President of Engineering at SirionLabs. He was also the India R&D head for BitzerMobile which was later acquired by Oracle. The newly appointed CTO comes with vast technology leadership experience at other eminent organisations including Amazon, Texas Instruments and number of successful startups such as Sipera Systems (Acquired by Avaya), etc. Mukesh is currently the owner of 4 engineering patents and has had a couple of IEEE papers published to his credit.

Earlier this month, the company raised $10 million (INR 67 crores) debt fund from Kotak Mahindra Bank, Aditya Birla Financial Services and other financial institutions.

Treebo Hotels Raises $34M from Ward Ferry, Karst Peak and Current Investors

Treebo Hotels, India’s largest budget hotel chain, has raised $34 million (INR 220 crore) in its Series C funding round led by Hong Kong-based investment firms Ward Ferry Management and Karst Peak Capital. Existing investors, SAIF Partners, Matrix Partners India, and Bertelsmann India Investments also participated in the round.

Founded in 2015, Treebo Hotels is a technology-enabled budget hotel brand with close to 300 franchisees operating exclusively under its brand across more than 50 cities. The company offers high-quality accommodation options to travelers in the Rs 1,000-3,000 per night price range.

Commenting on the fundraise, Sidharth Gupta, co-founder, Treebo Hotels said, “Ward Ferry and Karst Peak are both seasoned investors in the global markets including in the travel and hospitality space. Between them they have invested in hotel chains, cruise ships, OTAs, F&B chains, duty free shops, and several other sub-segments within the space. We are glad that our approach of building a sustainable, long-term business resonated with them. We feel privileged to have them onboard and look forward to leveraging their experience in driving business growth.”

Treebo will invest the fresh funds into enhancing customer experience, building a stronger brand, strengthening its technology team, and expanding its footprint in existing and new cities. It is already the highest-rated hotel chain in this segment as per data from review portals like TripAdvisor and Booking.com

Rahul Chaudhary, co-founder, Treebo Hotels said, “We pioneered the technology-enabled franchise-based model in the budget hospitality segment in India. We have several breakthrough initiatives in the offing to further enhance the experience we offer to our guests, and the value we create for our franchise partners. This new capital will allow us to invest in these endeavours. We are thrilled to receive continued support from new and existing investors.”

Founded in 2015 by ex-Myntra/ McKinsey/ MakeMyTrip executives, Sidharth Gupta, Rahul Chaudhary, and Kadam Jeet Jain, Treebo works with new and existing hotels on a franchise model where Treebo offers its brand name, quality oversight, access to leading vendors, staff training, and sales and marketing expertise to the property, thereby enabling higher revenues for the franchise partner and a superior experience for the customers.

Prior to this round, the company had raised a total of $23M over two rounds from SAIF Partners, Matrix Partners India, and Bertelsmann India Investments.

Treebo Hotels Raises $34M from Ward Ferry, Karst Peak and Current Investors

Treebo Hotels, India’s largest budget hotel chain, has raised $34 million (INR 220 crore) in its Series C funding round led by Hong Kong-based investment firms Ward Ferry Management and Karst Peak Capital. Existing investors, SAIF Partners, Matrix Partners India, and Bertelsmann India Investments also participated in the round.

Founded in 2015, Treebo Hotels is a technology-enabled budget hotel brand with close to 300 franchisees operating exclusively under its brand across more than 50 cities. The company offers high-quality accommodation options to travelers in the Rs 1,000-3,000 per night price range.

Commenting on the fundraise, Sidharth Gupta, co-founder, Treebo Hotels said, “Ward Ferry and Karst Peak are both seasoned investors in the global markets including in the travel and hospitality space. Between them they have invested in hotel chains, cruise ships, OTAs, F&B chains, duty free shops, and several other sub-segments within the space. We are glad that our approach of building a sustainable, long-term business resonated with them. We feel privileged to have them onboard and look forward to leveraging their experience in driving business growth.”

Treebo will invest the fresh funds into enhancing customer experience, building a stronger brand, strengthening its technology team, and expanding its footprint in existing and new cities. It is already the highest-rated hotel chain in this segment as per data from review portals like TripAdvisor and Booking.com

Rahul Chaudhary, co-founder, Treebo Hotels said, “We pioneered the technology-enabled franchise-based model in the budget hospitality segment in India. We have several breakthrough initiatives in the offing to further enhance the experience we offer to our guests, and the value we create for our franchise partners. This new capital will allow us to invest in these endeavours. We are thrilled to receive continued support from new and existing investors.”

Founded in 2015 by ex-Myntra/ McKinsey/ MakeMyTrip executives, Sidharth Gupta, Rahul Chaudhary, and Kadam Jeet Jain, Treebo works with new and existing hotels on a franchise model where Treebo offers its brand name, quality oversight, access to leading vendors, staff training, and sales and marketing expertise to the property, thereby enabling higher revenues for the franchise partner and a superior experience for the customers.

Prior to this round, the company had raised a total of $23M over two rounds from SAIF Partners, Matrix Partners India, and Bertelsmann India Investments.

It Takes 118 Days To Set Up Business In India, says NITI

We have heard PM Modi claim multiple times that doing business in India has become easier than ever since his government has taken control of the country. But, how easy is easy in his dictionary?

According to a survey done by Niti Aayog and Mumbai-based IDFC Institute, on an average, it takes about 118 days to set up a business from scratch in India. The survey was conducted of Indian enterprises on ease of doing business in the country.

What made people wonder the most about the findings of the Niti-IDFC survey was the deep contrast it showed to the World Bank report on ease of doing business in India. As against 118 days that the Niti-IDFC survey predicted takes to set up a business in India, the World Bank report on ease of doing business showed that it took just a mere 26 days to set up a business in India in 2016.

So, why this 92 days difference? Well, there's a good explanation for it.

While World Bank for its survey only took into account Indian cities Delhi and Mumbai, the Niti-IDFC survey was pan-India, excluding the states of Arunachal Pradesh, Mizoram, Andaman and Nicobar, and Lakshadweep.

The World Bank determines a country’s ease of doing business ranking on the basis of 10 main parameters that assess the country in areas such as ease of starting a business, getting electricity, construction permits and carrying out trade across borders. For the 2016 report, the DIPP treated the World Bank team when they visited the country with a detailed presentation of initiatives and efforts made by both the central and state governments of India during the period of last one year (Read Here).

The Niti-IDFC survey report not only offers a wider coverage when compared to its World Bank counterpart, but it also includes interviews of firms in the country rather than just taking the point of view of experts and officials. For the report, while Niti Aayog and the IDFC institute focused their attention on organised manufacturing sector in India and, covered 3,000 firms across 23 sectors, the World Bank report took into account both manufacturing and services.

Not only did the report have contrasting numbers to show when it came to setting up a business in India, it also showed a sharp variance on a couple of different parameters as well. For instance, while World Bank report showed that getting construction permits in the country can take up to 164 days, the Niti-IDFC report showed that on an average the construction permits took 156 days to come around.

Even the Niti-IDFC report showed inter-state differences when it came to ease of doing business. While the national average of doing business in the country is 118 days, Tamil Nadu, the best-performing state on the survey report, managed to do the same in 63 days. Similarly, while environmental approval took 91 days nationally, it took just 25 days in Chhattisgarh.

Explaining the huge gap between states, Niti Aayog’s outgoing Vice-Chairman Arvind Panagariya said that the huge gap is a result of different initiatives state governments have done to improve the ease of doing business in their states and what the enterprises know of these improvements being done by them.

He further added that when the survey set out to find out how many enterprises were aware about the single-window clearance, they were shocked to see the results. Among the startups — which were set up in the last three years — only 20 per cent were aware of the existence of single-window facility. Among the experts, only 41 per cent had knowledge of the existence of such a facility.

It Takes 118 Days To Set Up Business In India, says NITI

We have heard PM Modi claim multiple times that doing business in India has become easier than ever since his government has taken control of the country. But, how easy is easy in his dictionary?

According to a survey done by Niti Aayog and Mumbai-based IDFC Institute, on an average, it takes about 118 days to set up a business from scratch in India. The survey was conducted of Indian enterprises on ease of doing business in the country.

What made people wonder the most about the findings of the Niti-IDFC survey was the deep contrast it showed to the World Bank report on ease of doing business in India. As against 118 days that the Niti-IDFC survey predicted takes to set up a business in India, the World Bank report on ease of doing business showed that it took just a mere 26 days to set up a business in India in 2016.

So, why this 92 days difference? Well, there's a good explanation for it.

While World Bank for its survey only took into account Indian cities Delhi and Mumbai, the Niti-IDFC survey was pan-India, excluding the states of Arunachal Pradesh, Mizoram, Andaman and Nicobar, and Lakshadweep.

The World Bank determines a country’s ease of doing business ranking on the basis of 10 main parameters that assess the country in areas such as ease of starting a business, getting electricity, construction permits and carrying out trade across borders. For the 2016 report, the DIPP treated the World Bank team when they visited the country with a detailed presentation of initiatives and efforts made by both the central and state governments of India during the period of last one year (Read Here).

The Niti-IDFC survey report not only offers a wider coverage when compared to its World Bank counterpart, but it also includes interviews of firms in the country rather than just taking the point of view of experts and officials. For the report, while Niti Aayog and the IDFC institute focused their attention on organised manufacturing sector in India and, covered 3,000 firms across 23 sectors, the World Bank report took into account both manufacturing and services.

Not only did the report have contrasting numbers to show when it came to setting up a business in India, it also showed a sharp variance on a couple of different parameters as well. For instance, while World Bank report showed that getting construction permits in the country can take up to 164 days, the Niti-IDFC report showed that on an average the construction permits took 156 days to come around.

Even the Niti-IDFC report showed inter-state differences when it came to ease of doing business. While the national average of doing business in the country is 118 days, Tamil Nadu, the best-performing state on the survey report, managed to do the same in 63 days. Similarly, while environmental approval took 91 days nationally, it took just 25 days in Chhattisgarh.

Explaining the huge gap between states, Niti Aayog’s outgoing Vice-Chairman Arvind Panagariya said that the huge gap is a result of different initiatives state governments have done to improve the ease of doing business in their states and what the enterprises know of these improvements being done by them.

He further added that when the survey set out to find out how many enterprises were aware about the single-window clearance, they were shocked to see the results. Among the startups — which were set up in the last three years — only 20 per cent were aware of the existence of single-window facility. Among the experts, only 41 per cent had knowledge of the existence of such a facility.

Nasscom Product Council, Accenture Plans To Collaborate With Israel Innovation Authority

Relation between India and Israel is at its peak after PM Narendra Modi’s visit to the nation known as the ‘hub of technology startups’. In the same line, to help startups to grow and nurture, the Nasscom Product Council and Accenture, an IT consulting major plans to collaborate with Israel Innovation Authority. This step is taken to help both the countries startups in joint product development, knowledge transfer and in the creation of hardware ecosystem.

This move comes after the Prime minister Narendra Modi visited Israel in July 2017. During his visit to the country, Prime Minister had promised collaboration in technology, defence, and security along with bilateral cooperation in entrepreneurship and cyber security.

According to ET report, the Nasscom Product Council's co chair Somdutta Singh and Avnish Sabharwal, MD, Accenture Ventures and Open Innovation, Accenture India plan to take the delegation of product council leaders, startups to Israel in the first week of September.

Commenting on the development, Somdutta Singh said, "We are working with startups in Israel and the collaboration between the two countries will benefit the world at large with new hardware innovation. This will also overcome the cultural challenges in workspaces in both the countries."

As per the Avnish Sabharwal, the collaboration will happen around artificial intelligence (AI), machine learning (ML), blockchain, cybersecurity and in the areas of healthcare, pharmacy, agriculture among other industries.

"Every year, around 40 delegations go to Silicon Valley from India. We want the kind of traffic between Israel and India. We shall figure out MoUs with Israel Innovation Authority and other bodies there," said Sabharwal.

Sabharwal believes that with this collaboration they would be able to make the Israel-India corridor as strong as the Silicon Valley-India corridor and bring Israel based accelerators to India. Further Singh highlighted that for India to go ahead and change its image from an IT services nation, it’s important to frame policies better which will encourage the current product startup space.

Further, Singh highlighted that for India to go ahead and change its image from an IT services nation, it’s important to frame policies better which will encourage the current product startup space.

This is not the first time when such initiative is taken. Earlier in July 2017, Idein Ventures, a global private equity firm with its India offices in Hyderabad and Mumbai, had expanded to Israel.

In the same month, India’s Reliance Industries Ltd (RIL) announced that they are going to invest a whopping $ 25 million in Israel-based technology incubator, Jerusalem Innovation Incubator (JII).

Users, Beware! ‘Honesty app’ Sarahah is Secretly Stealing Your Phone Contacts

If you gave in to your curiosity and gave the viral ‘honesty app’ Sarahah a try, then this particular news piece might concern you. According to latest revelations made about the app, which allows users to send or receive anonymous messages, the app might be sneakily uploading its user’s phone contacts on to the company’s servers.

A report in The Intercept on Sunday revealed that Zachary Julian, a senior security analyst from IT security consulting firm Bishop Fox was the first one to discover that the app was uploading users private information, using a monitoring software BURP Suite.

The report quotes Julian saying, "As soon as you log into the application, it transmits all of your email and phone contacts stored on the Android operating system."

Anyone who has accessed the app might remember a step when the user's were asked for their permission to access contacts. Considering the nature of the app, many of us might have given permission even without giving it a second thought but the thing is that the step was never needed as there is no such feature in the app where these contacts would be required or even a search feature where users can look up for a friend using a contact number.

https://twitter.com/itsAlbatli/status/901954970223771649

However, Sarahah’s founder Zain al-Abidin Tawfiq has denied all the claims made by Zachary Julian. According to him, the contact lists were being uploaded “for a planned ‘find your friends’ feature” that was not yet released.

He also tweeted and assured Sarahah users that the data request will be removed from the app's next update and that the app was absolutely safe to use.

UAE Based OMA Emirates Group Launches $3 Mn Fintech Fund

UAE-based OMA Emirates Group has launched a fintech Fund. the newly launched fund will focus on emerging and potential financial technology companies and startups in India.

According to ET reports, OMA Emirates will invest a corpus of $3 million towards fintech startups that have been in operation for 12 months or less. Apart from this, the firm also plans to invest $20 million across other fintech verticals and towards innovation of existing products and services depending on the national and international presence of the company.

Commenting on the development, Niranj Sangal, Group CEO, OMA Emirates Group said, “The payments space, particularly in India, has evolved with several remarkable innovations. Globally, India has been viewed as a growing market for startups and SMEs and has been an active player in the FinTech segment."

Not only this, OMA Emirates will provide support to tech startups in terms of technology, R&D, practices and GTM strategy. The firm is focused on growing and developing fintechs in addition to providing capital support.

“With the OMA Emirates FinTech Fund, we aim to aid such FinTech startups which we believe will be a credible asset to OMA Emirates. We are looking beyond simply providing financial support and will explore strategic partnerships with all the companies we engage,” added Sangal.The OMA Emirates fintech Fund further aims to provide growth with adequate mentoring and scalability to potential companies within the sector.

The OMA Emirates fintech Fund further aims to provide growth with adequate mentoring and scalability to potential companies within the sector.

PEC Startup Freiden Electric Wins Rs 10 lakh From Chile Government

Whenever an Indian or an Indian company garners an international recognition, it is a moment of immense pride for the entire nation. Chandigarh-based Freiden Electric recently gave one such joyous occasion to the entire Indian startup ecosystem. The PEC University of Technology startup has won a whopping Rs 10 lakh in prize money at an international competition conducted by the Chile government, according to an article in The Tribune.

Founded by PEC students, Satinder Sandhu and Jasmeet Randhawa, Freiden Electric works on a technology widely appreciated abroad called Aeroponics, which means growing plants without soil and saving upto 98% water when compared to traditional farming methods. Last year, the startup had won the first prize at IGNITE, a startup competition organised by PEC’s Entrepreneurship and Incubation Cell.

The founders built the startup's first prototypes as part of a college project, but witnessing plants grow in their system at faster speeds made them realise the potential of the technology and they decided to pursue it further beyond the binds of a college assignment. Since then, the team has spent numerable hours at R&D to find what works and what doesn’t. They started by selling the developed prototypes by going door to door in their neighbourhood but are now focusing their attention on getting in touch with farmers and developing farming solutions for them centred around the technology.

Since Aeroponics as a technological aspect is relatively new to the Indian Market, there are very few startups working with it. Further, a majority of startups that are working with deal with high end restaurants and direct sales to the grocery stores online and offline as well. But, Freiden Electric aims to focus on farmers of the country and ensure them high yield. Their mission is to reach out to small Indian farmers who own small piece of land and help them in making optimum use with minimum initial set up cost to revolutionise the sustainable farming techniques in India.

“Our system consumes 80 per cent less water as compared to the traditional farming and absolutely zero insecticides or pesticides,” said Jasmeet Randhawa, co-founder of Frieden Electric to The Tribune.

The startup believes that their usage of Aeroponics can significantly benefit Indian farmers as most of them are in deep debt due to inefficient farming practices currently prevailing int the country.

As a participant of 'Start-up Chile’, the Freiden Electric team will get to be part of a learning entrepreneurial experience and rub shoulders with other like-minded entrepreneurs from all around the globe. They will also be receiving a grant of $15,000 and one-year Chile residency visa along with an access to a co-working space in Santiago.