India's Online Shopping Habbit Is Inspired By Bollywood, Says Flipkart Report

In a latest report by Flipkart, its been finally revealed that what Indians buy in their fashion merchandise shopping is indeed inspired by Bollywood (which is much expected regardless of the report :/

Year 2017 saw movie buffs buying trends inspired by their favourite stars online, says an annual fashion report by e-commerce site Flipkart.

The latest findings and trends of 2017 by Flipkart Fashion saw shoppers getting their hands on trendy outfits inspired by Bollywood.

According to the report findings, Alia Bhatt, Varun Dhawan starrer "Badrinath Ki Dulhania"; Aditya Roy Kapoor, Shraddha Kapoor starrer "Ok Jaanu"; Arjun Kapoor, Shraddha starrer "Half Girlfriend"; Vidya Balan starrer "Tumhari Sulu"; Salman Khan starrer "Tubelight" and Kangana Ranaut starrer "Simran" ruled the fashion sense of the millenials.

According to the report, Alia Bhatt's latest hit became the fashion guide for Indian outfits in 2017. Her style statement in the movie refreshed shopper's style quotient by purchasing cold shoulder cholis, bandhani lehenga skirts and jhumkas donned by her in the movie, said a statement.

Flipkart sold thousands of jhumkas and bandhani skirts within the first month of the movie's release. The first week alone saw the sales of 2,500 plus pairs.

Shraddha made a popular fashion statement of embroidered shorts and skirts in the remake of the iconic Rahman classic "Humma Humma" in "Ok Jaanu". She again made fashion trend with skater dresses, off shoulder tops and layered looks in "Half Girlfriend".

From silks to Kanjeevarams to georgettes and crepes, Vidya has always shown her love for the sari. In "Tumhari Sulu", the actress created trends again with people buying saris inspired by her looks. Smaller cities like Bhopal, Chandigarh, Nagpur and Indore shopped for the Vidya Balan look.

Another fashion trend that hit the country was the Kangana-inspired red dress from the movie "Simran".

Also men's fashion wasn't far behind as Salman Khan's look with the brown shoes hanging around his neck in "Tubelight" created a lot of buzz making fans wanting to get their hands on a pair at the earliest. The brown shoes topped men's footwear search across cities for two weeks on Flipkart after the movie released.

Via - IANS

This Delhi Startup Is Ensuring That Every Family Able To Fight Indoor Air Pollution Effectively

The impacts of indoor air pollution on human health is much higher when compared to the impacts caused by outdoor air pollution. Sources say that nearly 3.5 million premature deaths occur every year due to indoor air pollution.

BreatheFresh, a Delhi-based start-up working in the areas of anti-pollution is taking a significant step towards addressing indoor air quality issues and improving health. BreatheFresh Solutions Pvt. limited has launched products which are Natural & Chemical free, carefully handpicked from the best sources, and affordably priced to ensure that every family is able to fight indoor air pollution effectively.The move by Breathe Fresh, therefore, comes at the right time, offering natural solutions to the second biggest killer in India after high blood pressure. These products are available from major online marketplace like Amazon, Flipkart, and their own website. At a very affordable price the product is available from Rs 600 – 2000 for all models.

The air quality in India is alarmingly hazardous and high concentration level of pollution inside houses, indoor air pollution accounts for more deaths in India, than outdoor air pollution. A research shows that indoor pollution could be five times more polluted than outside.

The Products offered by Breathe Fresh are crafted with a vision of cleaning all breathing spaces of the unnaturalness in the air. These products are affordable and sustainable for everyone. It can go beyond the reach of conventional air purifiers- in kitchens, bathrooms, cars, closets and all imaginable spaces. The current offering includes VAYU Natural Air Purification Bags, Oxy-Gen: Ecosystem of Air Purifying Plants, Beeswax Candles, Pureefy Antibacterial Essential Oil Blend and Himalayan Rock Salt Lamps.

[caption id="attachment_122774" align="aligncenter" width="700"] (Left) Air Prurufying Bag and (Right) Ionic Air Purifying Lamp[/caption]

Bhawani Bhateja; Co-Founder – BreatheFresh said, “Our solutions are affordable and yet powerful Nature’s hidden secrets. No chemicals, no fancy machinery but only simple and sustainable clean living.

In the words of Gaurav Arora, Co-founder – BreatheFresh, “Each of the products is made from carefully selected natural ingredients which are abundantly available in our environment &surroundings and are reasonably priced to ensure the home is safe for everyone particularly the kids, without the need to break the bank.”

In the words of Mrunalini, one of the user from Amazon, “This product helped me breathe literally..i am asthmatic and allergic to dust. This charcoal purifies the surrounding air even reduces the bacteria around u...i put it on my desk at my work place and it’s easy to be carried around too. Overall the product is really satisfying and anyone can go for it. The delivery was in time and the packaging was also good. So, Happy with it!

Another customer Rakesh. S from Amazon says that under hazardous level of pollution in Delhi, I bought two bags of Vayu natural. The one placed in car did show a significant improvement in VOC as checked by my air metering device. The VOC level remained confined to decimal third place only. Small improvement is desired to enable hanging the bag on rear view mirror for maximum exposure to air inside. A must buy product.

Though a majority of anti-pollution strategy has remained focused on what is beyond the boundaries of houses but there are several sources of pollution that pose danger to health indoors too.Experts suggest the composition of indoor air is different from outside. Air quality inside the house is determined by volatile organic compounds (from paints), bio-aerosols, nitrous oxides (from cooking gas) and so on.

Ripple is Now 2nd Most Valuable Cryptocurrency in the World

As year-2017 is close to say good bye, Ripple overtake Ethereum as the second-largest cryptocurrency by market cap.

XRP, as Ripple’s token is called, surpassed $1 for the first time Dec. 21 and quintupled its market cap to more than $50 billion between Wednesday and Friday of that week.

Overall, Ripple has risen 28,000% this year to become the world’s second most valuable cryptocurrency just after Bitcoin.

After the Friday’s price jump, ripple’s market cap hit $73.6 billion at 11:04 GMT, briefly leaving ethereum $3 billion behind.

While bitcoin and many other cryptocurrencies are known for being decentralized, ripple owners are well-known, and the cryptocurrency is centralized.

The ripple cryptocurrency, XPR token, operates under parent company Ripple, a privately funded firm based in San Francisco, California.

Currently, Bitcoin is the largest cryptocurrencies by market cap contributing 41.5% of the overall crypto market valuation, followed by Ripple, which contributes 12.4% and Ethereum which is now on the third spot contributes 12.3%.

One of the major reasons attributed to the surge in Ripple’s price over the past one month is the testing of Ripple technology by some Japanese and South Korean banks. This news itself has fueled a lot of buying interest amongst investors and the daily volumes are shooting record highs.

Snapdeal Pumps in ₹27 Crore Into Its Logistics Arm Vulcan Express

The troubled e-commerce startup Snapdeal has again injected fresh funds worth ₹27 crore into its logistics arm Vulcan express.

The filings with the Registrar of Companies said Snapdeal has allotted 2.7 crore shares worth ₹27 crore to Vulcan Express. For 2015-16, Vulcan Express has posted losses of about ₹20 crore on revenues of around ₹185 crore.

This is the third time since June, Snapdeal has pumped in funds into the company.

In June, Snapdeal invested ₹36.5 crore into Vulcan and then came its biggest investment of ₹152.44 crore, in September this year.

Notably, Snapdeal is trying to sell Vulcan Express since it was in talks for possible merger with Flipkart early this year which eventually failed. For 2015-16, Vulcan Express has posted losses of about ₹20 crore on revenues of around ₹185 crore.

In July, it was reported that for sale of Vulcan Express the company was in talks with a few contenders including Gati, the express distribution and supply chain company, considered one of the largest in the country, and TVS Logistics. But it did not materialise into a firm deal.

Vulcan Express was formed in 2014 after Snapdeal abandoned its plans to acquire GoJavas, another logistics company in which it had invested about ₹250 crore and owned over 40% stake.

Reportedly, Vulcan Express operates in over 100 cities and over 50 per cent of the deliveries of Snapdeal is carried out by the logistics subsidiary.

To recall, the already troubled Snapdeal got more pressure when it received jaw-dropped Rs 300-crore legal notice from GoJavas' parent company Quickdel Logistics, in October this year.

Snapdeal Pumps in ₹27 Crore Into Its Logistics Arm Vulcan Express

The troubled e-commerce startup Snapdeal has again injected fresh funds worth ₹27 crore into its logistics arm Vulcan express.

The filings with the Registrar of Companies said Snapdeal has allotted 2.7 crore shares worth ₹27 crore to Vulcan Express. For 2015-16, Vulcan Express has posted losses of about ₹20 crore on revenues of around ₹185 crore.

This is the third time since June, Snapdeal has pumped in funds into the company.

In June, Snapdeal invested ₹36.5 crore into Vulcan and then came its biggest investment of ₹152.44 crore, in September this year.

Notably, Snapdeal is trying to sell Vulcan Express since it was in talks for possible merger with Flipkart early this year which eventually failed. For 2015-16, Vulcan Express has posted losses of about ₹20 crore on revenues of around ₹185 crore.

In July, it was reported that for sale of Vulcan Express the company was in talks with a few contenders including Gati, the express distribution and supply chain company, considered one of the largest in the country, and TVS Logistics. But it did not materialise into a firm deal.

Vulcan Express was formed in 2014 after Snapdeal abandoned its plans to acquire GoJavas, another logistics company in which it had invested about ₹250 crore and owned over 40% stake.

Reportedly, Vulcan Express operates in over 100 cities and over 50 per cent of the deliveries of Snapdeal is carried out by the logistics subsidiary.

To recall, the already troubled Snapdeal got more pressure when it received jaw-dropped Rs 300-crore legal notice from GoJavas' parent company Quickdel Logistics, in October this year.

3 Ways That Healthcare IT Can Help Your Practice

As with most industries, the invention of new technology is causing many healthcare practices to evolve and change to keep up with their competitors. By providing your clients with the most up to date technology, you are offering them the best service that is available by any provider. This will not only keep your services at the highest demand, but you will also be known as being forward thinking and a trendsetter within the industry. This article will provide information on ways in which hiring healthcare IT can help your practice.

• Healthcare IT can help you increase security. By increasing security measures within your healthcare databases, you can also decrease your level of risk at being hacked by those trying to obtain patient information. Patients want to know that their information is safe with you, especially when it comes to their medical records. While many IT professionals have been successful at keeping your information safe from hackers, the industry does predict that hackers and malware attackers are going to be using more forceful ways to attack systems in 2018. By employing a knowledgeable IT staff team and offering them pertinent ongoing professional development and training, you can rest assured that your investment will work to your benefit. When you keep your client’s information secure and private from the outside world, you can be sure to have satisfied clients.


• IT can help you store data in a safe and easily accessible space. Another new trend for 2018 is that many healthcare industries are beginning to move their information from an onsite data center to a cloud platform. In fact, some industry leaders predict that within the next five years, the use of data centers onsite at local hospitals will be obsolete as many will be storing their information in a cloud format. This will free up space on site and will also allow for information to be accessed from anywhere one has internet capabilities. While this is still a relatively new phenomenon, people are beginning to explore the possibilities of moving their data to a cloud storage center as it will save money and create ways for providers to access information from anywhere.



• Improved communication. By hiring a supportive healthcare IT staff, you can offer your clients services that you may not be able to otherwise. For example, client’s appreciate when their medical providers communicate with them. One of the most successful ways to communicate with your clients is by using an app. An app takes the knowledge and skill of an IT professional to troubleshoot bugs and to help make it run smoothly. Whether you want to receive messages or just share health information with your clients, an app is a good way to do it but it will require a knowledgeable professional to help you manage it.

Now that you know why it is important to employ healthcare IT staff who are knowledgeable about industry trends, be sure to look into the True North ITG Healthcare IT experts to learn more.

SoftBank To Buy 15% Stake in Uber, Pump in $1 Bn in Early 2018

Japanese conglomerate SoftBank will pick up 15 per cent stake in Uber and pump in USD 1 billion as primary investment in the US-based ride-hailing app in early 2018, according to multiple sources.

The fresh capital infusion comes at a time when the company is looking at moving beyond the controversies it was mired in 2017 and further scaling up operations.

Two people close to the developments said SoftBank Group Capital Ltd, a wholly owned subsidiary of SoftBank Group, will hold 15 per cent share in Uber and is expected to also get two seats (out of 17) on Uber’s Board. Also, the companies are now proceeding to close the overall transaction, including a minimum USD 1 billion primary investment in early 2018, they added. The tender offer will also see the remaining members of the consortium picking up about three per cent stake, another official said. The sources declined to be identified as the deal is private.

Previously, Uber had entered into an agreement with a consortium led by SoftBank and Dragoneer to explore a potential investment. When contacted, SoftBank declined to comment on the details but said it is “appreciative of the support from Uber’s shareholders in the successful tender offer”. “…(We) look forward to closing the overall investment in January. We have tremendous confidence in Uber’s leadership and employees…” SoftBank Investment Advisers CEO and Director at SoftBank Group Corp Rajeev Misra said in an emailed statement.

An Uber spokesperson said the transaction is expected to support the company’s technology investments, fuel growth, and strengthen corporate governance. With the deal closing, SoftBank becomes an investor in two of India’s largest on-demand cab service — Uber and Ola. Ola and Uber are locked in an intense battle for leadership in the Indian market. Both companies have pumped in millions of dollars towards rider discounts and driver incentives. For Uber, India is one of its largest markets where it has seen strong growth. It saw the number of completed trips on its platform grow to 41.3 million in July this year, from 19.2 million in July 2016, a jump of 115 per cent.

However, the world’s most funded startup has also had its share of troubles in the Indian market. The company was temporarily banned in New Delhi after one of the drivers on its platform allegedly raped a woman passenger in 2014. Globally too, Uber has been surrounded by a slew of controversies, including allegations of widespread mismanagement and harassment at workplace. In August this year, Uber named Expedia chief Dara Khosrowshahi as its new CEO, handing him the herculean task of repairing Uber’s image, boosting employee morale and turning the business profitable.

Via - PTI

Hyderabad's Robotic Startup H-Bot Launches World’s 1st Smart Policing Robot

In July, we reported that H-Bots Robotics, a Hyderabad-based robotics startup, was in process of making a police robot. Today, the company has finally launched the world’s first smart policing robot.

The beta version robot developed by the company is fully 'Made in India', using all the components sourced from within the country.

The robot can move, recognise people, take complaints, detect bombs, identify suspects, interact with people and answer to queries.

To bring out the beta version of the robot, the company’s 16-member team spent 1,400 hours in the last six months. The company has spent about Rs 40 lakh on research and development of the robot. The company, which has already received 20 firm orders, aims to make 70 robots in the first year and 700 by 2020. The robot can be used by police, army and security agencies both in India and overseas, informed H-Bots Robotics founder PSV Kisshhan.



The robot will be available at a price of ₹5 lakh. By July 2018, the robot will be ready for commercial deployment.

The robot has been formally launched by Jayesh Ranjan, principal secretary, IT, Government of Telangana.

The startup in July this year launched Makers Leeway in Hyderabad, a lab facility that enables prototyping solutions in the space of robotics and hardware for startups and innovators.

The above news was reported first in Telangana Today.

Earlier this year, a Chennai based startup had launched a a food serving robot and soon after a Mall robot was also launched by an Indian startup, this year.

Just Like Airbags, it is Time to Make a Package Car Insurance Also Mandatory!

Have you heard the news about ‘Airbags’ being made mandatory by the government of India for all the cars manufactured after July 2019? It's not just airbags but include the following also!

• Seat-belt reminders


• Speeding alert systems beyond 80 kmph


• Sensors for reverse parking to avoid accidents


• Manual overrides over central locking system for emergencies

All these will be mandatory after July 2019, a great initiative we all will agree.

India is one of the countries yet to enforce safety features in vehicles to protect the passengers. Apart from all the above initiatives, a comprehensive car insurance policy should also be made mandatory to strengthen the safety procedures for the car owners.

Currently, third-party car insurance is mandatory in India, under the Motor Vehicles Act, 1988. A third-party insurance offers cover against any legal liability to a third party caused when the car owner is at fault. It covers any damage or injury caused to another person or property. However, it lacks the extensive coverage facilities as compared to the comprehensive car insurance.

The most superior kind of protection you can provide your car is a package car insurance policy. It is one step ahead of the basic third-party car insurance policy. A third-party insurance offers protection and security only for the third-party or the vehicles but fails to cover your own vehicle against the possibility of an accident. However, comprehensive insurance, on the other hand, provides extensive coverage and offers more services. There are many benefits to this type of coverage.

A comprehensive car insurance policy protects your car from any unforeseen event apart from just collision events.

• It is the highest level of protection for your car as it covers the damages caused to your own car during an accident (which the third-party insurance does not provide)
• If you are found to be at fault in the event of an accident, with comprehensive car insurance, you can claim for losses incurred
• It covers lawsuits, including legal fees because of an accident
• It gives the insured a financial protection
• Offers financial aid if the car is written off

Covers Theft and Vandalism
A comprehensive package policy will cover your loss if your car is stolen or vandalised. If your car is stolen, you need something to cover the loss. Let's say that you just bought a brand-new car on loan. As per the law, you have just the third-party coverage that does not have comprehensive coverage. If the car is stolen out of your driveway, just imagine the horror you can face. Even if you don’t have the car, you will still have to make huge monthly payments. However, comprehensive coverage is well worth for situations like this.

Gives Weather Protection
Comprehensive vehicle insurance covers your car from faulty and damaging weather conditions like flood damage or icy limbs falling on the car windshields and other weather occurrences.

Covers Animal Damage

If your car is involved in a car accident due to an animal, comprehensive insurance will cover the damages. For example, let's say that you're driving along a road and suddenly a cow comes in the middle of the road. To avoid collision with the cow, you turn your wheels, but in vain. If the car is damaged in such accidents, with comprehensive car insurance, your loss would be covered.

So, in short, the comprehensive vehicle insurance covers:
• Fire
• Theft
• Vandalism
• Damage to the third party
• Damage caused by animals
• Damage caused by natural disasters or severe weather
• Damage caused to insured’s vehicle by falling objects such as trees
• Damage or destruction of insured’s vehicle caused by an act of civil disturbance such as riot

Now that we have understood the importance of a comprehensive car insurance, you should definitely have one for your car. You can easily buy car insurance online with hundreds of options available. To know your premium payable, make use of car insurance premium calculator. With the help of a car insurance premium calculator, you can get the best quote for your vehicle insurance policy as it quickly helps one figure out the premium amount payable for the policy.

Here are some benefits of car insurance premium calculator:

• You get accurate figure of the premium amount that you need to pay for a selected policy
• You get the idea of how the premium rates change with a change in variables
• By helping you evaluate your insurance needs, it makes it easy to select the best policy for all the requirements
• It is an unbiased way of selecting the policy as you don’t have to be under the influence of an agent, and are free to make your own.

Conclusion

If you wish to pamper your car and give it maximum protection, choose the apt policy by using the car insurance premium calculator.

Although comprehensive car insurance offers more coverage than a third-party cover, some policies may not cover what you want. Always compare comprehensive car insurance quotes online to check what suits you best.

Buy comprehensive car insurance policy for your sake!

Just Like Airbags, it is Time to Make a Package Car Insurance Also Mandatory!

Have you heard the news about ‘Airbags’ being made mandatory by the government of India for all the cars manufactured after July 2019? It's not just airbags but include the following also!

• Seat-belt reminders


• Speeding alert systems beyond 80 kmph


• Sensors for reverse parking to avoid accidents


• Manual overrides over central locking system for emergencies

All these will be mandatory after July 2019, a great initiative we all will agree.

India is one of the countries yet to enforce safety features in vehicles to protect the passengers. Apart from all the above initiatives, a comprehensive car insurance policy should also be made mandatory to strengthen the safety procedures for the car owners.

Currently, third-party car insurance is mandatory in India, under the Motor Vehicles Act, 1988. A third-party insurance offers cover against any legal liability to a third party caused when the car owner is at fault. It covers any damage or injury caused to another person or property. However, it lacks the extensive coverage facilities as compared to the comprehensive car insurance.

The most superior kind of protection you can provide your car is a package car insurance policy. It is one step ahead of the basic third-party car insurance policy. A third-party insurance offers protection and security only for the third-party or the vehicles but fails to cover your own vehicle against the possibility of an accident. However, comprehensive insurance, on the other hand, provides extensive coverage and offers more services. There are many benefits to this type of coverage.

A comprehensive car insurance policy protects your car from any unforeseen event apart from just collision events.

• It is the highest level of protection for your car as it covers the damages caused to your own car during an accident (which the third-party insurance does not provide)
• If you are found to be at fault in the event of an accident, with comprehensive car insurance, you can claim for losses incurred
• It covers lawsuits, including legal fees because of an accident
• It gives the insured a financial protection
• Offers financial aid if the car is written off

Covers Theft and Vandalism
A comprehensive package policy will cover your loss if your car is stolen or vandalised. If your car is stolen, you need something to cover the loss. Let's say that you just bought a brand-new car on loan. As per the law, you have just the third-party coverage that does not have comprehensive coverage. If the car is stolen out of your driveway, just imagine the horror you can face. Even if you don’t have the car, you will still have to make huge monthly payments. However, comprehensive coverage is well worth for situations like this.

Gives Weather Protection
Comprehensive vehicle insurance covers your car from faulty and damaging weather conditions like flood damage or icy limbs falling on the car windshields and other weather occurrences.

Covers Animal Damage

If your car is involved in a car accident due to an animal, comprehensive insurance will cover the damages. For example, let's say that you're driving along a road and suddenly a cow comes in the middle of the road. To avoid collision with the cow, you turn your wheels, but in vain. If the car is damaged in such accidents, with comprehensive car insurance, your loss would be covered.

So, in short, the comprehensive vehicle insurance covers:
• Fire
• Theft
• Vandalism
• Damage to the third party
• Damage caused by animals
• Damage caused by natural disasters or severe weather
• Damage caused to insured’s vehicle by falling objects such as trees
• Damage or destruction of insured’s vehicle caused by an act of civil disturbance such as riot

Now that we have understood the importance of a comprehensive car insurance, you should definitely have one for your car. You can easily buy car insurance online with hundreds of options available. To know your premium payable, make use of car insurance premium calculator. With the help of a car insurance premium calculator, you can get the best quote for your vehicle insurance policy as it quickly helps one figure out the premium amount payable for the policy.

Here are some benefits of car insurance premium calculator:

• You get accurate figure of the premium amount that you need to pay for a selected policy
• You get the idea of how the premium rates change with a change in variables
• By helping you evaluate your insurance needs, it makes it easy to select the best policy for all the requirements
• It is an unbiased way of selecting the policy as you don’t have to be under the influence of an agent, and are free to make your own.

Conclusion

If you wish to pamper your car and give it maximum protection, choose the apt policy by using the car insurance premium calculator.

Although comprehensive car insurance offers more coverage than a third-party cover, some policies may not cover what you want. Always compare comprehensive car insurance quotes online to check what suits you best.

Buy comprehensive car insurance policy for your sake!

Indian E-Commerce Industry To Grow at 60% in 2018: RedSeer Report

E-commerce industry of India is estimated to grow at 60 percent to about $28.5 billion in terms of gross merchandise value (GMV) in 2018, according to a report by Redseer.

Indian online shopping industry is expected to return to high growth next year as large players such as Amazon, Flipkart and Paytm Mall begin to look beyond the 20 million customers who shop online on a monthly basis. Industry analyst RedSeer Consulting pegs the online shopping industry’s growth at 23 per cent to $17.8 billion in 2017.

“Once Flipkart raised money, they began spending aggressively and going after market share growth, prompting Amazon to follow. If you see growth this year, it was much higher in the second half compared to the first half. This strong growth in the second half will be the base for growth next year,” said Anil Kumar, chief executive officer, RedSeer Consulting.

While Flipkart’s growth had slowed due to unavailability of funds in 2016, a bigger detriment to the industry growth was delivered by Snapdeal. The erstwhile number three player saw negative GMV growth, which pulled down the overall industry growth.

Entering 2017, this slow growth hampered the first half of the year, until Flipkart raised $1.4 billion led by Tencent and $2.5 billion from Softbank. Now with sufficient funds, the company is once again turning on the heat and is looking to expand the base of online shoppers in the country.

RedSeer estimates that only 20 million people in the country shop online on a monthly basis. That figure swells to 90 million if we look at the number of people who shop online at least once a year. Beyond this, there’s a base of about 150 million people who are connected to the internet but have not shopped online yet.

“If you ask me, the large e-commerce players will go after this untapped segment of buyers. What will they have to do to bring them online? They’re going to have to improve trust, provide the right value and have the right kind of products listed on their platforms,” adds Kumar.

Going after first-time buyers would supersede the need to get existing customers to buy more frequently in 2018, the contrary of what happened in 2017. While this doesn’t mean that Amazon and Flipkart would stop trying to get repeat customers, the amount of attention and resources spent on it would be far lesser than reaching new customers.

The top online shoppers in India continue to be locked in metros, but if these companies want to reach new customers they will have to invest heavily in logistics, warehousing and coming up with new models. In 2015 and 2016 e-commerce firms solely relied on discounting to get more customers to shop from them, but after experiencing the ills of that model of growth, none are expected to return to that.E-com industry to grow at 60% in 2018: RedSeer

State Govt Gives NoD To 12000 SqFt Land Transfer To Create Startup Ecosystem in Goa

Goa state government on Thursday approved the land transfer of over 12,000 sqm belonging to the directorate of skill development and entrepreneurship, to the department of information technology at Porvorim, Panaji for the purpose of creating a startup-related ecosystem in the state.

Chief minister Manohar Parrikar said that the cabinet has approved the land transfer proposal. The cabinet note stated the government intends to make Goa as one of the most preferred startup destinations in India by developing a startup-related ecosystem that will feature among the top 25 startup destinations in Asia by 2025.

The government intends to develop an incubation, acceleration and co-working facility at Porvorim, thereby developing a startup ecosystem facility for technology startups in Goa.

Two plots admeasuring 4,073 sqm and 8,382 sqm at Porvorim, currently in possession of the directorate of skill development and entrepreneurship, have been transferred by the government.

The above development was first reported in Times of India.

In March this year, the state government had setup a startup promotion board and also allocated around ₹15 crore for startups.

Notably, for new businesses and startups, the state do have few incubators such as Centre for Incubation and Business Acceleration (CIBA), a public-private venture set up in April 2012 with support from Department of Science and Technology, government of India, and Department of Science, Technology and Environment, government of Goa.

Another incubator in Goa, set up by the Indian government's Department of Industries Trade and Commerce and the Goa Chamber of Commerce and Industry, is the Goa IT Innovation Centre (GITIC), which mentors and facilitates funding for startups through low-cost infrastructure and access to business networks.

Startups Promotes India Inc To Sew Deals Worth $60 Bn in 2017 With Big M&A

India Inc is looking at a huge M&A tally of over $60 billion (about ₹4 lakh crore) for 2017, helped by some marquee domestic deals and rich valuations for various private equity investments.

The need to consolidate in the wake of financial stress, as also for cashing out from valuable businesses to meet debt obligations, will continue to give a further boost to the deal-making activities, experts feel.

Experts believe the new year also looks promising in terms of deals as political stability is in place, economic reforms are on a fast track and broader macro factors are also looking positive, though some pressure may come from stretched valuations and high capital market benchmarks.

According to global consultancy giant Grant Thornton, the overall deal activity — including both M&As (mergers and acquisitions) and PE (private equity) — has been about $59 billion in the January-November period of 2017, a 9 per cent rise from the last year.

The final tally for the year may cross $60 billion.

“Valuations expectations, lack of understanding of regulatory process resulted in decline of the deal volumes and values in 2017,” according to deal-tracking firm Mergermarket India.

It, however, noted that M&As may see a slower pace in 2018, with 2019 being the election year and the growth still looking tepid on the economic front.

According to Amit Khandelwal, Managing Partner, Transactions Advisory Services at EY, the domestic deal activity is expected to dominate the overall M&A landscape going forward, on account of the ongoing consolidation wave across sectors and the resolution of insolvency cases.

In addition, digital disruption and sector convergence will likely support the deal momentum as businesses look to acquire capabilities to gain a competitive edge, Khandelwal said.

Key sectors

Experts believe, start-ups, banking and insurance, e-commerce, manufacturing, pharma, healthcare and biotech will be the key sectors in terms of deal action.

“We consider that manufacturing, pharmaceuticals, healthcare and life sciences, financial services, insurance, renewables, telecom and fintech will attract significant interest,” Aakash Choubey, Partner, Khaitan & Co, said, adding several deals will be done out of distressed assets.

EY’s Khandelwal also believes that “with the IBC (Insolvency and Bankruptcy Code) taking effect in 2017, 2018 is expected to see domestic deals emerging from restructuring activities and distressed asset sale.

On the cross-border front, outbound activity is expected to remain “sub-par”, except in sectors such as pharma and technology where Indian players keep looking for additional resources and leading-edge technologies,” he said, while adding that inbound activity can see some traction as global players are trying to expand their presence in India.

M&A in 2017

Choubey further noted that changes in regulatory landscape (demonetisation in November 2016, followed by implementation of the Goods and Services Tax, coming into effect of the General Anti-Avoidance Rules (GAAR) from 1 April 2016, and rigorous implementation of the Insolvency and Bankruptcy Code 2016) had temporarily halted a lot of M&As that would have been undertaken in the due course in 2017.

Vodafone India and Idea Cellular merger to create the country’s largest telecom operator worth of more than $23 billion with a 35 per cent market share, was the top M&A deal of this year.

Other major M&As of the year included IndusInd Bank’s acquisition of country’s leading microfinance player Bharat Financial Inclusion Ltd (BFIL); ONGC’s acquisition of Gujarat State Petroleum Corp’s (GSPC) entire 80 per cent stake in a Krishna Godavari (KG) basin gas block in the eastern offshore for ₹7,738 crore among others.

For private equity investments in India, 2017 has emerged as the best year so far.

The momentum could be largely attributed to increased attention from sovereign wealth funds (SWFs), pension funds and family offices which were at the frontline of the PE activity, said Sanjeev Krishan, Leader (Private Equity and Deals) at PwC India.

Technology sector dominates

Sectorwise, the technology sector (including e-commerce) retained its dominant position with $11 billion invested across 346 deals, accounting for 45 per cent of the investment value this year; the sector witnessed three of the largest deals this year with Softbank and Tencent being at the forefront.

Technology was followed by the financial services sector with $5.2 billion invested across 74 deals. This was partly owed a continued interest in Non-Banking Financial Companies/ Micro Finance Institutions in addition to announcement of Axis Bank’s $1 billion capital mop-up from Bain, which would be the largest PE deal in banking sector.

“The pipeline for reforms in the run up to elections in the various States and the Government’s persistent effort to attract foreign capital in core sectors is expected to keep the deal activity high in the coming months,” Prashant Mehra, Partner, Grant Thornton India LLP said

Facebook To Invest in Indian Tech Startups in 2018

Social networking giant Facebook today announced that in line with India's 'Startup India' initiative it will create opportunities and invest in India’s startup ecosystem in 2018.

“India is producing a new generation of startups that have incredible potential. Facebook is committed to helping create economic growth opportunities for startups and skill seekers in India and will continue investing in India’s digital skills of the future,” said Ankhi Das, director of public policy for Facebook in India.

He further said, “A lot of our focus will be to support small businesses in India, particularly those run by women to help them connect, share and grow through more initiatives like #SheMeansBusiness and SheLeadsTech. Through #SheMeansBusiness, Facebook has visited 18 cities across 6 states in India, providing skills training to more than 14,000 small businesses and self-help groups including 12,000 women entrepreneurs across the country.”

Last month, Facebook had announced announced two new programmes in India -- an exclusive 6-month Accelerator programme, for which the company shortlist 10 VR-based startups in India, and a School of Innovation for engineering students in India.

Additionally, the company has also introduced its digital training and startup training hubs in India through which it aims to train more than half a million people in the India by 2020.

To recall, in this month Facebook co-founder Eduardo Saverin had invested in an Indian startup mSwipe marking his first Indian startup investment.

India's First Startup Competition Focused on E-Vehicles and Energy Storage Next Month

The Indian Energy Storage Alliance (IESA) will hold a startup competition in Delhi between January 10-12 which would be India's first startup competition focused on energy storage, electric vehicles and charging infrastructure and micro-grids.

Through the competition, IESA wants to tap into the massive gap that exists in the energy storage segment and find some solutions to indigenize the manufacturing of energy storage practices.

The event will focus on identifying three startups that are focussed on energy storage and an opportunity to be mentored by top 10 companies in the field. "To enter the contest, startups should have an annual revenue not exceeding Rs 3.25 crore and should be in operation for less than five years," IESA said in a statement.

The competition is supported by StartUp India, Mumbai Angel Network, TiE-Delhi-NCR, Sangam Venture and Global Energy Storage Alliance (GESA). Rahul Walawalkar, executive director, IESA, told TOI that it is good that the government is also focussing its attention on domestic companies and "it is a good opportunity for Indian companies to set-up their facilities that make end-to-end storage devices."

The development was first reported in Economic Times.

More information about the competition can be found here.

The India Energy Storage Alliance (IESA) is a membership driven alliance on energy storage (includes, electrochemical batteries, mechanical storage, fuel cell etc.) focused on India market. Various stakeholders includes battery manufacturer, renewable companies (solar, wind), power electronics (inverter, PCS, BMS), microgrids, smart grids, electric vehicles, research institutions, engineering firms, IPPs, material and equipment suppliers, commercial and Industrial users, government and regulatory bodies.

IESA was launched in 2012 to assess the market potential of Energy Storage Technologies in India, through an active dialogue and subsequent analysis among the various stakeholders to make the Indian industry and power sector aware of the tremendous need for Energy Storage in the very near future. Several drivers like increasing share of renewables, supply-demand mismatch as well as transmission constraints, all add up to the Energy Storage roadmap.

'Startup India' Received Only 24% of Promised ₹2500 Crore

Launched on 16 January 2016, 'Startup India' campaign is based on an action plan aimed at promoting bank financing for startup ventures to boost entrepreneurship and encourage start ups with jobs creation. It is however proving to be a failure as till date Centre has released only Rs 600 crore out of the total allocated amount of Rs 2,500 crore.

The StartUp India campaign would complete 2 years of its launch on January 16, 2018. According to the latest report, till date, some 5,350 startups have been recognised in the country with over 40,000 employees working in these start-ups. Surprisingly, the worst is that the agency that was designated by the Centre to disburse funds to start-ups has released only Rs 337 crore out of Rs 600 crore to only 75 start-ups in 2 years.

Notably, the Small Industries Development Bank of India (SIDBI) was tasked to manage the disbursement of funding to the alternative investment fund (AIF) registered under the market regulator SEBI.

Under 'funds of fund' provision, the AIFs were authorised to identify start-ups for fund disbursement. "Till date, a total amount of Rs 600 crore has been released to SIDBI for the FFS (fund of funds for Startups), while Rs. 605.7 crore has been committed by SIDBI and Rs 90.62 crore disbursed to 17 alternative investment funds, who in turn have invested Rs 337.02 crore in 75 startups," said CR Chaudhary, Minister of State for Commerce and Industry, in reply to a question in the Parliament. According to the information given by the government in the Parliament, SIDBI issued Rs 500 crore in 2015-16 and only Rs 100 crore in 2016-17. The total amount issued by the Centre is just 6 per cent of the total 'committed' funding. In 2015, the government had set up a Rs 10,000 crore fund of funds under the Startup India Action Plan that was be distributed among startups in four years, which means an allocation of Rs 2,500 crore every year.

The StartUp India campaign was started to provide financial support of budding entrepreneurs to create employment opportunities and when the start-ups would not get the funds, it wouldn't be possible for them to sustain leading to failure of the whole programme.

Additionally, the centre has also failed to provide tax relief to new startup ventures as it was reported earlier that only 39 startups qualified for tax benefit 18onths after launch of StartUp India initiative.

In August, it was reported that among all vast Indian startup ecosystem only 2100 startups have been recognized as 'Startups' by agency DIPP.

Punjab To Soon Have Incubation Center 'Startup Hub' in Mohali

In a bid to further promote the startup eco-system in the state, Punjab Chief Minister Capt Amarinder Singh on Wednesday approved the Punjab Startup Hub, under which a state-of-the-art incubation center is proposed to be set up in Mohali.

The incubation center will be called as 'Startup Hub'.

The Chief Minister also gave the nod to the constitution of a high level committee to draft a proposal for resettlement and rehabilitation of those who would be affected in the process of eviction from panchayati land for setting up of industrial hubs across the state. The committee will comprise Financial Commissioner Revenue, Principal Secretary Rural Development and Panchayats and Principal Secretary Finance.

The directives were issued by the Chief Minster while chairing the maiden meeting of Punjab Industrial and Business Development Board, which has been set up to ensure smooth and effective implementation of the new industrial policy.

Earlier in 2015, the previous state government of Punjab had announced the ₹100 crore fund for startups and small entrepreneurs in the state.

Most recently, the state government, in September, had signed an MoU with Ola to create entrepreneurship opportunities in the state as part of Government’s ‘Apni Gaddi, Apna Rozgar’ scheme.

Punjab To Soon Have Incubation Center 'Startup Hub' in Mohali

In a bid to further promote the startup eco-system in the state, Punjab Chief Minister Capt Amarinder Singh on Wednesday approved the Punjab Startup Hub, under which a state-of-the-art incubation center is proposed to be set up in Mohali.

The incubation center will be called as 'Startup Hub'.

The Chief Minister also gave the nod to the constitution of a high level committee to draft a proposal for resettlement and rehabilitation of those who would be affected in the process of eviction from panchayati land for setting up of industrial hubs across the state. The committee will comprise Financial Commissioner Revenue, Principal Secretary Rural Development and Panchayats and Principal Secretary Finance.

The directives were issued by the Chief Minster while chairing the maiden meeting of Punjab Industrial and Business Development Board, which has been set up to ensure smooth and effective implementation of the new industrial policy.

Earlier in 2015, the previous state government of Punjab had announced the ₹100 crore fund for startups and small entrepreneurs in the state.

Most recently, the state government, in September, had signed an MoU with Ola to create entrepreneurship opportunities in the state as part of Government’s ‘Apni Gaddi, Apna Rozgar’ scheme.

Quikr Buys HDFC Realty and HDFC Developers for ₹357 Crore

HDFC Bank, India’s largest private sector bank by market capitalization, has announced that it has sold two of its subsidiaries -- HDFC Realty and HDFC Developers, in an all stocks deal.

Both HDFC Realty — an offline brokerage business and HDFC Developers (which runs online real estate classifieds platform HDFC RED) are 100% subsidiaries of HDFC.

According to a report by Moneycontrol, HDFC will get over 3 percent stake in Quikr India in lieu of sale of its stake in the two subsidiaries for Rs 357 crore.

Post this integration deal of HDFC Realty and RED, Quikr will become India’s leading online-to-offline real estate platform and offer consumers end-to-end home buying services, according to a statement from HDFC.

Notably, before this Quikr itself has previously acquired four real estate related startups so far, including Grabhouse and Commonfloor.

HDFC, on other hand, has made a second such startup deal where it has picked up a minority stake. Earlier in 2015, HDFC had picked up minority stake in Cardekho.com, an automobile-based online portal.

Quikr Buys HDFC Realty and HDFC Developers for ₹357 Crore

HDFC Bank, India’s largest private sector bank by market capitalization, has announced that it has sold two of its subsidiaries -- HDFC Realty and HDFC Developers, in an all stocks deal.

Both HDFC Realty — an offline brokerage business and HDFC Developers (which runs online real estate classifieds platform HDFC RED) are 100% subsidiaries of HDFC.

According to a report by Moneycontrol, HDFC will get over 3 percent stake in Quikr India in lieu of sale of its stake in the two subsidiaries for Rs 357 crore.

Post this integration deal of HDFC Realty and RED, Quikr will become India’s leading online-to-offline real estate platform and offer consumers end-to-end home buying services, according to a statement from HDFC.

Notably, before this Quikr itself has previously acquired four real estate related startups so far, including Grabhouse and Commonfloor.

HDFC, on other hand, has made a second such startup deal where it has picked up a minority stake. Earlier in 2015, HDFC had picked up minority stake in Cardekho.com, an automobile-based online portal.

Artificial Intelligence Could Add $957 Bn To Indian Economy - Report

Artificial Intelligence (AI) could add USD 957 billion to the Indian economy by changing the nature of work to create better outcomes for businesses and society, research data from an Accenture report showed.

The report titled 'Rewire for Growth', explores the strength of India's AI innovation ecosystem relative to other G20 economies across five key pillars- universities, startups, large businesses, policy makers and multi-stakeholder partnerships.

AI has the potential to increase India's annual growth rate of gross value added (GVA) by 1.3 percentage points, lifting the country's income by 15 percent in 2035, the report added.

"AI's transformative power can be compared to the advent of computing itself, and there is strong early evidence that AI can play a key role in unlocking socio-economic value in India. The time to act is now. With the right investments AI can create a flywheel effect 'liberating' people to create long term economic and societal value," Rekha M. Menon, senior managing director and chairman, Accenture India said.

Major Indian technical universities have been pioneering fundamental research in AI, but are not doing enough to strengthen the AI ecosystem around them, unlike their global counterparts such as Cambridge and Oxford in the UK, the report stated emphasizing that although AI startups have witnessed higher than average growth in India since 2011, the size of funding received is substantially smaller than in the United States and China.

In line with global trends, large businesses will play a key role in unlocking the economic value of AI, with more than 88 percent of businesses in India surveyed by Accenture earlier this year, expecting to make moderate-to-extensive investments in one or more AI-related technologies over the next three years.

The report suggests that to realize the full potential of AI, India needs concentrated effort at the national level, with collaboration between policy makers, civil society and the private sector to build an AI blueprint, bolster R and D, democratize data, prepare the next generation and embrace smart regulation.

"The economic boost will be driven by innovative AI technologies that enable people to make more efficient use of their time and do what humans do best - create, imagine and innovate new things. What's needed is a clear, long-term vision, and a multi-stakeholder action plan that balances growth with the ethical questions posed by AI," Menon added.

Here's Brief Report Card of 'Start-Up India' Initiative, Till Date

As on 1st December 2017, a total of 5,350 startups have been recognised by the Department of Industrial Policy and Promotion (DIPP) for availing benefits under the Startup India initiative, said commerce and industry ministry.

Additionally, others brief report card and milestones of Start-Up India Initiative launched in 2014 by PM Modi are as follow:

1. Under the Fund of Funds for Startups, 75 startups have received funding to the tune of Rs 337.02 crore.


2. Further, a 74 startups have been recognised to avail tax exemption under the Income Tax Act, it added.



3. Under DIPP-recognised 5,350 startups at least 40,000 people have been employed.



4. Learning and Development module of the Startup India program has been used by 1,89,000 individuals so far.



5. Startup India Hub has been established as a single point of contact for the entire startup ecosystem to enable knowledge exchange and access to funding.



6. The hub has resolved 75,643 queries pertaining to starting a business, access to incubation, and raising funds, among other things.



7. Under the Fund of Funds for Startups(FFS, Rs 500 crore was released to SIDBI in 2015-16 and Rs 100 crore in 2016-17.



8. The expenditure incurred by DIPP through different activities undertaken by DIPP for Startup India initiative is INR 2.7 crore in Financial Year 2015- 16, INR 4.8 crore in Financial Year 2016-17 and INR 13.2 crore in Financial Year 2017-18.

Jugnoo's Click Labs Creates All-in-One Operating System - Jungleworks

Click labs, the tech backbone of sister company and hyperlocal startup Jugnoo, comes up with Jungleworks, an all-in-one operating system for on-demand businesses. Click labs has pioneered with various SaaS products and now introduces Jungleworks to assist businesses in streamlining operations and accelerating sales. Jungleworks provides absolute control with easy integration of various software and hence bringing efficiency in the business processes.

The products integrated on Jungleworks’ platform are Tookan (Tracker), Fugu (Actionable communication), Yelo (Online storefront), Kato (Analytics and AI), Flightmap (Smart Route Planner) and Bulbul (Intelligent sales dashboard). All these products are packaged together to make a coherent operating system which would help a business from start to end, assisting at different operational stages. Any business can acquire different or all products on this platform to ensure smooth operations and work collaboratively with its customers.

Samar Singla, Founder of Click Labs says, “The idea of Jungleworks is to simplify the process and ensure that businesses can do all their work on one platform. This platform is an omni channel for generating maximum ROI. We want to provide solution to businesses without any complexities of multiple apps.”

Adding to this, Rohit Goyal, CMO of Click Labs comments, “Through Jungleworks, we aim at providing the best customer experience for entrepreneurs and existing business, to venture into on-demand businesses. It will provide the entrepreneurs an online store to sell products/services, field force tracking system, proactive chat support, optimized supply chain, AI powered sales CRM solutions and would help with better decision making through Analytics and AI. We will be empowering the businesses securely and swiftly through this platform.”

Along with Jugnoo, the various products of Click Labs takes pride in a prominent client base of major brands like Coca Cola, Pizza Hut, Practo etc. Going forward, Jungleworks will also start the Partner Program where partners will have all the required resources and knowledge, to offer Jungleworks’ services to their customers.

NASSCOM Creates Platform To Connect Chinese Hardware with Indian Software

Indias IT industry association NASSCOM yesterday signed an agreement with Chinas top internet hub to co-develop a collaborative technology platform which is expected to provide a major opening for Indian IT-SMEs.

NASSCOM and Dalian Municipal Peoples Government signed a joint investment agreement in Dalian to co-develop a collaborative technology u called the Sino-Indian Digital Collaboration Plaza (SIDCOP) -- a “match-making” platform that will connect small and medium-sized Indian software developers, with Chinese companies specialising in hardware.

With this, Indian software developers will be able to plug into China’s next wave of industrialisation, based on Artificial Intelligence and Internet of Things (IOT).

“Indian software developers face an existential threat if they don’t shift to high-value domains such as Artificial Intelligence and IOT. Chinese companies specialising in hardware can be their perfect partners in moving up the value chain,” said Gagan Sabharwal, senior director, National Association of Software and Services Companies (NASSCOM), in a conversation with a group of visiting Indian journalists.

Powered by Artificial Intelligence (AI) and Internet of Things (IOT), the co-created Dalian platform will operate in both online and offline modes to enable matchmaking between the two ecosystems to leverage each others strengths in technology, Sabharwal said.

Zeta-V Technology Solutions — a start-up with a local presence in Dalian — will operate the SIDCOP platform. “We have created a user-friendly interface that will harness the enormous power of Artificial Intelligence,” says Sujit Chatterjee, Co-Founder and Director at Zeta-V Technology.

Via - The Hindu

India's First Rail University To Come up in Gujarat

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Ministry of Railways' transformative initiative to set up the first ever National Rail and Transport University (NRTU) in Gujarat's Vadodara on Wednesday.

The Cabinet has approved the Ministry of Railways' transformative initiative to set up the first ever National Rail and Transport University (NRTU) to skill its human resources and build capability.

This idea was inspired by the Prime Minister, and will be a catalyst for transformation of rail and transport sector towards New India.

The University will be set up as a Deemed to Be University under de novo category as per the UGC [Institutions Deemed to be Universities] Regulations, 2016.

Government is working towards completing all approvals by April 2018 and to launch the first academic program in July 2018.

A not-for-profit Company under Section 8 of the Companies Act, 2013 will be created by the Ministry of Railways which shall be the Managing Company of the proposed university.

This university will set Indian Railways on the path of modernisation and help India become a global leader in transport sector by enhancing productivity and promoting 'Make in India'.

The university plans to use latest pedagogy and technology applications (satellite based tracking, Radio Frequency Identification and Artificial Intelligence) to improve on-the-job performance and productivity. Close collaboration with the Indian Railways will ensure that the stakeholders have access to Railways' facilities, which will work as 'live labs' and they will be able to work on solving real life problems.

P2P Lending Startup Faircent Raises Rs. 25 cr in Series B Funding

India's largest P2P lending company Faircent on Wednesday announced raising of Rs. 25 crore in a high-profile funding round.

The latest funding, led by Incofin Investment Management, saw participation from all of Faircent's existing investors; JM Financial, 3one4 Capital, M&S Partners Pte Ltd, and Aarin Capital.

Moreover, six new investors, including prominent domain leaders such as Incofin IM, Muthoot Fincorp, EIP, Das Capital and Starharbor Asia Pte Ltd. participated in this round of funding.

Gurugram based Faircent will utilise the freshly raised funds towards strengthening the platform's technology and creating greater awareness about P2P lending's significance as a new and highly rewarding asset class.

"These are exciting times for P2P lending in India, and Faircent is here to unleash the power of retail lending. As India's largest platform, being backed by marquee investors, and the fact that the RBI has come out with progressive guidelines for the sector, is a great validation of Faircent's business model. Moreover, with P2P lending, the financial market is all set to witness the creation of a totally new asset class," said founder and CEO, Faircent, Rajat Gandhi.

"We are excited about Faircent's potential to collaborate with the highly underserved small and medium entrepreneurs by offering affordable and transparent financial products," said co-head Asia, Incofin, Aditya Bhandari.

Faircent leverages automation extensively to deliver its unique value proposition and drive an unparalleled user experience for lenders and borrowers.

One such innovative tool offered by the platform is the auto invest feature, a fully-automated feature that matches a lender's investment criteria with the borrower's requirements and automatically sends proposals to the borrower on behalf of the lender, based on pre-selected lending criteria such as loan tenure, amount, and risk profile.

"Among all the other fintech products in the market currently, P2P lending has emerged as the clear winner, offering consumers both an easy and affordable credit option, as well as a high-yield asset class that can easily compete with any traditional investment instrument. With ample regulatory support from RBI, the future of investments and credit lending in India is going to be driven by P2P lending, and Faircent is poised lead this revolution in the future too, much like it has until now," said MD Das Capital, Shinji Kimura and Hiro Mashita of M&S Partners jointly.

India's online P2P lending market attained maturity in 2017, with various factors such as the Reserve Bank of India's guidelines on the sector, the proliferation of digital transactions, the development of financial technologies, and the lack of access to credit contributing to its rise.

The sector's inclusion into a larger regulatory ambit will help steer massive growth and expansion for players, helping them gain greater traction in the mainstream financial market, and strengthening confidence among borrowers and investors.

With P2P lending companies now being regulated as NBFCs (Non-Banking Financial Companies), more and more investors are looking to be a part of this success story.

"Muthoot Fincorp, as part of the Muthoot Pappachan Group, are delighted to invest and partner with this value driven, new-age and forward-looking company and are confident that Faircent can transform the lending landscape in India," said chairman and MD Muthoot Fincorp, Thomas John Muthoot.

Earlier, in May 2016, Faircent had raised series A funding by diluting its 9.8% stake to JM Financial followed by $1.5 funding from BCCL's Brand Capital, in August 2016.

Kolkata-based EasyBuyHealth Raises $350,000 Seed Funding

Kolkata-bassd healthcare services aggregator-marketplace EasyBuyHealth, on Wednesday, said it has completed a successful round of seed funding of $350,000 (Rs.2.24 crore).

The platform, aiming to provide the uninsured and underserved segment of the Indian population equal access to diverse healthcare services, has received an overwhelming response from investors as well as medical community, Gagan Kapur, Co-Founder and CEO, said.

EasyBuyHealth plans to use the seed funding to double its team size to over 100 in the next six months and leverage the capital towards developing a technical framework to build an all-encompassing healthcare platform for services ranging from preventive, operative, diagnostic to wellness.

EasyBuyHealth investors comprised a diverse group of individuals from the business and medical community They included Mukesh Agarwal, an IIM Kolkata alumnus, owner of MGM Forgings and a serial angel investor in five innovative companies.

Founded in 2016 by Gagan Kapur, EasyBuyHealth has already associated with more than 662 brands in 11,000 locations across the country. From corporate to individual healthcare across urban and rural India, it aims to be a one-stop solution provider where users can discover, understand and avail the best healthcare services in a most convenient manner.

In January, PlanMyMedicalTrip, an online platform that offers international patients access to medical care in India and Turkey, had raised Rs 1.25 crore ($187,000) in angel funding.

Kolkata-based EasyBuyHealth Raises $350,000 Seed Funding

Kolkata-bassd healthcare services aggregator-marketplace EasyBuyHealth, on Wednesday, said it has completed a successful round of seed funding of $350,000 (Rs.2.24 crore).

The platform, aiming to provide the uninsured and underserved segment of the Indian population equal access to diverse healthcare services, has received an overwhelming response from investors as well as medical community, Gagan Kapur, Co-Founder and CEO, said.

EasyBuyHealth plans to use the seed funding to double its team size to over 100 in the next six months and leverage the capital towards developing a technical framework to build an all-encompassing healthcare platform for services ranging from preventive, operative, diagnostic to wellness.

EasyBuyHealth investors comprised a diverse group of individuals from the business and medical community They included Mukesh Agarwal, an IIM Kolkata alumnus, owner of MGM Forgings and a serial angel investor in five innovative companies.

Founded in 2016 by Gagan Kapur, EasyBuyHealth has already associated with more than 662 brands in 11,000 locations across the country. From corporate to individual healthcare across urban and rural India, it aims to be a one-stop solution provider where users can discover, understand and avail the best healthcare services in a most convenient manner.

In January, PlanMyMedicalTrip, an online platform that offers international patients access to medical care in India and Turkey, had raised Rs 1.25 crore ($187,000) in angel funding.

India Ranked 60th Most Innovative Country on the Global Innovation Index-2017

India currently ranks 60th out of 127 countries on the Global Innovation Index (GII) 2017 as compared to 66th rank on GII 2016.

The GII 2017 report, co-authored by World Intellectual Property Organization (WIPO), Cornell University and INSEAD, added that India maintains its top place in Central and Southern Asia, moving up six spots from 66th last year to 60th this year overall. It further said that a group of nations including India, Kenya, and Vietnam are outperforming their development-level peers.

Notably, Switzerland, Sweden and Netherlands are ranked 1st, 2nd and 3rd respectively in this year's global innovation index.

India performed well across a number of parameters, coming to the top spot in ICT services exports. It is ranked 10th in category of graduates in science and engineering, 27th on e-participation, 14th on the presence of global research and development companies, 33rd on government’s online service, 32nd in general infrastructure, 18th on creative goods exports, 30th on knowledge impact and 29th on intellectual property payments, news agency PTI reported.

China moves up by three spots in 2017 innovation index, becoming the 22nd most innovative economy in the world after having entered the top 25 in 2016 as the first middle-income economy.

In an another report called Global Entrepreneurship Index 2018, India ranked at 68th place.

In the last ten years that GII has been live, India has had a journey full of ups and down on the list. When the GII was first announced in 2007, India debuted on the list at 41.

India Ranked 60th Most Innovative Country on the Global Innovation Index-2017

India currently ranks 60th out of 127 countries on the Global Innovation Index (GII) 2017 as compared to 66th rank on GII 2016.

The GII 2017 report, co-authored by World Intellectual Property Organization (WIPO), Cornell University and INSEAD, added that India maintains its top place in Central and Southern Asia, moving up six spots from 66th last year to 60th this year overall. It further said that a group of nations including India, Kenya, and Vietnam are outperforming their development-level peers.

Notably, Switzerland, Sweden and Netherlands are ranked 1st, 2nd and 3rd respectively in this year's global innovation index.

India performed well across a number of parameters, coming to the top spot in ICT services exports. It is ranked 10th in category of graduates in science and engineering, 27th on e-participation, 14th on the presence of global research and development companies, 33rd on government’s online service, 32nd in general infrastructure, 18th on creative goods exports, 30th on knowledge impact and 29th on intellectual property payments, news agency PTI reported.

China moves up by three spots in 2017 innovation index, becoming the 22nd most innovative economy in the world after having entered the top 25 in 2016 as the first middle-income economy.

In an another report called Global Entrepreneurship Index 2018, India ranked at 68th place.

In the last ten years that GII has been live, India has had a journey full of ups and down on the list. When the GII was first announced in 2007, India debuted on the list at 41.

Kerala To Have India's First Online Clearance System for Startups

In a first in India, Kerala state government through Kerala State Industrial Development Corporation (KSIDC) plans to introduce a web portal for online clearance for startups.

The single-window system called K-SWIFT, with an online Common Application Form (CAF), is expected to clear the hassles for startups and industries to apply for permits and clearances. To make it effective, the system is being integrated with a software called Intelligent Building Planning Management Software (IBPMS) and it is planned for launch this month.

"K-SWIFT (Kerala - Single window interface for fast disposal and transparency) with its CAF platform is expected to bring sweeping changes in the industrial sector and startup ecosystem in the state. For instance, if an industry proposal is uploaded online, the applicant has to feed in information like survey number or mention whether the land is ecologically fragile, waste land or poromboku. Unless the proposal meets the criteria, the applicant cannot upload it. Thus it weeds out all manipulations and corrupt practises," said KSIDC managing director M Beena.

Normally, an entity requires clearance from 14 to 20 departments, including local self-government department and pollution control board. K-SWIFT awaits certification from the auditing agency of the central government. Once audited, the agency will refer it to National Informatics Centre (NIC) for rectifying software errors, if any, and then it would be launched.

The above development was first reported in Times of India.

To recall, India’s First United Nations Technology Innovation Lab for startups will also going to be set up in Kerala only [Read Here].

Recently, the state government has also launched a 2-year incubation programme for startups in the state.

Earlier in August, Kerala state government had issued an order wherein all the state government departments would develop the mobile apps from startups who have found a mention in the list cleared by Kerala Startup Mission.

Kerala To Have India's First Online Clearance System for Startups

In a first in India, Kerala state government through Kerala State Industrial Development Corporation (KSIDC) plans to introduce a web portal for online clearance for startups.

The single-window system called K-SWIFT, with an online Common Application Form (CAF), is expected to clear the hassles for startups and industries to apply for permits and clearances. To make it effective, the system is being integrated with a software called Intelligent Building Planning Management Software (IBPMS) and it is planned for launch this month.

"K-SWIFT (Kerala - Single window interface for fast disposal and transparency) with its CAF platform is expected to bring sweeping changes in the industrial sector and startup ecosystem in the state. For instance, if an industry proposal is uploaded online, the applicant has to feed in information like survey number or mention whether the land is ecologically fragile, waste land or poromboku. Unless the proposal meets the criteria, the applicant cannot upload it. Thus it weeds out all manipulations and corrupt practises," said KSIDC managing director M Beena.

Normally, an entity requires clearance from 14 to 20 departments, including local self-government department and pollution control board. K-SWIFT awaits certification from the auditing agency of the central government. Once audited, the agency will refer it to National Informatics Centre (NIC) for rectifying software errors, if any, and then it would be launched.

The above development was first reported in Times of India.

To recall, India’s First United Nations Technology Innovation Lab for startups will also going to be set up in Kerala only [Read Here].

Recently, the state government has also launched a 2-year incubation programme for startups in the state.

Earlier in August, Kerala state government had issued an order wherein all the state government departments would develop the mobile apps from startups who have found a mention in the list cleared by Kerala Startup Mission.

India's Yournest Invests in Singapore-based IoT Startup KaHa

India's early-stage venture capital fund YourNest on Tuesday announced that it had successfully participated in a round of fundraising for a Singapore-based consumer IoT company, KaHa.

The funding is led by Metals International with the participation of Jungle Ventures, Spring Seeds Capital, Singapore, and existing investor YourNest.

A total of USD 4.5 million is invested in KaHa, which will help drive the IoT company’s expansion plans.

“KaHa is a technology company which provides end-to-end solutions to its brand partners to achieve world-class smart products. Our IP in both software and hardware come with a state-of-the-art social platform,” said founder and CEO, KaHa, Pawan Gandhi.

“Consumers across Asia, Europe, and North America are some of the most tech-savvy in the world, and our R&D is focused on anticipating their needs and wants in this fast-developing field. What sets us apart as a brand is our obsession with redefining the consumer experience, solving everyday problems and creating delightful social journeys,” added Gandhi.

KaHa’s key offerings include COVE and COVEnet; IoT platforms which provide flexible solutions for launching smart networked devices and a one-stop solution for brands to bring exciting smart wearables to their customers.

They support a range of patented vertical consumer experience ranging from standard clinical health, wellness, sports and fitness, safety, smart payment, sensor-based gaming, smart fashion, home automation to smart automobile and is currently deployed in over 100,000 devices across Asia.

KaHa also offers an end-to-end solution for smart analogue watch tech, integrating everything from design, hardware, and firmware, iOS/Android application, to cloud services, analytics and after-sales service tools.

Earlier this year, Yournest had invested in CRON System which too is a IoT based defence startup.

Wheelstreet Launches “Go”- India’s First Ever Dockless Commute in the Motorbike Rental Segment

Wheelstreet, one of India’s largest motorbike rental platform has launched a Dockless Commute platform for their users, this is a one of its kind model and is completely new to the Indian marketplace. Post YC Funding, Wheelstreet is expanding its offerings and looking at creating a niche in the motorbike rental market.

Dockless commute provides Point A to Point B transportation without any human intervention. The user will now be able to pick-up a bike with in 100mts, without any external/ third party involvement. This model is currently existing in countries such as US and China, Wheelstreet has taken the first mover advantage and introduced dockless commute for the ease of consumers.

Wheelstreet Go will make intra-city commute hassle free and allow the user to book a scooter rby merely scanning the QR Code on the scooter available at the user’s doorsteps. The recent trends in consumer preference has pushed many companies/ start-ups to get out of their comfort zones and provide the consumer with further ease while commuting daily.

“The dockless commute will solve a real problem in the Indian market. Technology enabled GPS, smart locks and immobilisers will ensure security of the bikes. We are excited with this newest feature of Wheelstreet and our consumers have reflected the same enthusiasm. We are also looking at adding 25,000 scooters to our existing fleet in the upcoming quarter.” – Adds Pranay Shrivastava, Co-Founder & CEO at Wheelstreet

“Wheelstreet is on a mission to solve traffic woes of commuters in India. The dockless commute has been launched in 3 specific regions in Bangalore including Koramangala, BTM and HSR Layout. We have observed the trends of early adopters in these areas and have received a hearty response with high repeat usage per day trying the dockless commute in the pilot phase!” – Adds Moksha Srivastava, Co-Founder & CMO at Wheelstreet

Axis Bank To Launch 'Axis Start-up Social', A Networking Event for Startups in India

Axis Bank, India's third largest private sector bank is launching an exclusive networking property, Axis Start-up Social, at a 'one-of-its-kind' event aimed at supporting the country's start-up ecosystem. 'Axis Start-up Social' will go 'live' today at a gathering of the country's leading start-up players at 'WeWork' a leading co-working place in Bengaluru.

The objective of this platform is to provide an opportunity for start-ups to network and share knowledge. Significantly, this initiative firmly underlines the Bank's unflinching commitment towards providing multiple opportunities for start-ups in India to thrive and scale to the next-level-of-growth. The unveiling of 'Axis Start-up Social' comes close on the heels of the launch of the bank's innovation lab, Thought Factory, which looks to aid start-ups to expand, besides opening up avenues with potential investors and companies.

The Bank also launched its Axis Start-up Banking product earlier this year, which is bundled with all key technology-enabled products and caters comprehensively to banking needs of start-ups. Over 100 leading names among the start-up community are expected to converge at the launch.

India continues to be a hotbed for start-ups, especially with the Government’s relentless focus to provide a congenial environment for them to conduct business.

As per a recent Nasscom Startup Report, the year has seen an addition of over 1,000 start-ups bolstering India's position as one of the leading start-up ecosystems across the world. This takes the total number of technology start-ups in the country to over 5,000, as per the Report. Importantly, while Technology continues to dominate conversations, start-ups in other sectors such as Healthcare, and Education and Logistics have also gathered pace.

Speaking about the initiative, Sidharth Rath, Group Executive, Corporate & Transaction Banking, Axis Bank said, "We are excited to launch Axis Start-up Social, a platform through which we hope to provide the much required, 'extra edge' to the start-up community by handholding them, sharing knowledge and providing the required financial solutions. Today, the Indian ecosystem is flooded with innovative ideas but what is missing is the presence of the right channel and guidance in terms of acceleration, scaling up and funding. Through Axis Start-up Social, we endeavour to create an ecosystem to encourage innovation and the next-level-of-growth opportunities to start-ups that are ready to take that leap."

70% Indian Firms will Deploy Artificial Intelligence By 2020: Intel Report

70 per cent of Indian organisations will be deploying AI-enabled solutions within the next two years, a report commissioned by Intel says.

The report also said that nearly 75 percent of the firms surveyed anticipate benefits in business process efficiency and employee productivity with the use of AI.

Technology, media and telecom (TMT) is an early adopter of AI with 37.5 per cent adoption rate currently, the report undertaken by the International Data Corporation at 194 Indian organizations has shown.

In 2019, the retail, services and healthcare industries are tagged to lead adoption of AI with an adoption rate of 74 per cent. Nearly 75 per cent of the firms surveyed expected an increase in proficiency and employee productivity with the use of AI. However, 76 per cent of the respondents say they would face a shortage of skilled personnel to harness the power of AI.

Currently, one in five organizations surveyed said they had already deployed the technology in some manner in their companies. “This number is expected to soar by mid-2019 to nearly seven out of 10 firms,” the report added.

The IT function will be the first to be impacted by the induction of AI solutions. But key challenges include high costs, acute shortage of skilled professionals, unclear returns on investment besides cyber security and regulatory compliances.

“As roadblocks in adoption and implementation of AI, and fears around AI subside, we can expect a new set of opportunities that India can gain from,” said Prakash Mallya, Managing Director, Sales & Marketing Group, Intel India.

The above report was first reported in Tech2.

Notably, concerned over this new technology, Indian govt had also formed a "policy group", in September 2017, that will be studying the new technologies including artificial intelligence and then recommend a framework for its adoption.

Moreover, a recent study by Capgemini has revealed that the Indian subcontinent is way ahead of the curve when it comes to the game of artificial intelligence (AI) and its implementation.

Fintech Startup Cash Suvidha Raises A Debt of $2.7 Million

Delhi-based FinTech startup Cash Suvidha, trade name of Usha Financial Services Pvt. Ltd., which extends business loans to SMEs, MSMEs, women entrepreneurs & personal loans to individuals, has raised an institutional debt of $2.7 million from various financial institutions since its inception in 2016.

The company provides a variety of loans such as Entrepreneur Loan, SME Loan, and Personal Loan-among others. The funds raised have come from 6 Financial Institutions and will be primarily used to facilitate further lending to Small & Medium Enterprises (SMEs) and Personal Loans, particularly in Delhi NCR, Bangalore, Pune, Hyderabad & Mumbai.

Cash Suvidha receives around 15,000 loan applications per month and has disbursed a total amount of 102 Cr. since its inception. It has developed its own ‘Suvidha Score’ for assessing creditworthiness using social media portals to check educational & professional backgrounds, tracking lifestyle spends, payments behavior, and spending patterns.

Cash Suvidha is driven by information based lending, online application acceptance; best-in-industry interest rate and viability based financing. It disburses loans in 48 hours at 19-28% on reducing balance EMIs. The decisions are taken based on its logarithms of human behavior, the social quotient of the borrower, etc.

Commenting on the same, Mr. Rajesh Gupta, Founder of Cash Suvidha, said, “This working capital infusion will provide propulsion for further accelerating the company’s exciting growth plans. The funds so raised will be used to replenish our loan book and widen our reach across the country. We are confident that our relationship with these institutions will help us in empowering more SMEs by addressing their working capital requirements”

With the increased focus towards a cashless economy, India is undergoing major shifts in this era of increasing digitization. In addition, government’s push for financial inclusion, digitization, and start-up activity has led to the introduction of various policy initiatives which has provided a strong foundation to the FinTech sector in India.

Bengaluru Startup To Launch India's First Electric Superbike At 2018 Auto Expo

Emflux Motors, a Bangalore-based two-wheeler startup, will launch India's first electric superbike at the upcoming 2018 Auto Expo, said a report by ET Auto.

As per the report, the startup will launch Emflux Model 1 at the Auto Expo and will compete in the 600-650cc motorcycle segment. The electric superbike can reach a top speed of 200km/h and can sprint to 100km/h in 3 seconds from standstill.

Emflux Model 1 will be competing in the segment of 600-650cc motorcycles.

Emflux Motors was founded in 2016 by Varun Mittal, Arun Khatry and Vinay Raj Somashekar. The startup had raised raised an undisclosed amount of funding in its seed round in September 2016. It is further looking to go for second round of funding post-launch of the Model 1.

Samar Singla, the founder & CEO of Jugnoo, is one of the investor in the Emflux. Notably, Emflux co-founders Varun and Amit are an ex-employee of Jugnoo. Varun was chief growth officer at Jugnoo while Khatry worked with Jugnoo.

Priced at ₹5 lakhs, the electric sports bike will be launched in February 2018 at Auto Expo in Delhi.

The sports bike can reach 100 kmph in under 3.5 seconds and attain a top speed of 170 kmph. It also offers a commuting range of 200 km. Its lithium ion battery would take less than 36 minutes to charge 80% from a DC fast charger.

The other electric two-wheeler startups with which Emflux competes are -- Bengaluru based Ather Energy, Hyderabad based Tork Motorcycles, and Ampere Vehicles. All these startups specifically Ather Energy are well funded.

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Bengaluru is 4th Most Popular Destination for Innovation Centres Globally

Bengaluru, which often touted as India’s Silicon City, has been ranked the fourth most-popular innovation centre destination following the US Silicon Valley, Singapore and London said a report by Capgemini’s Digital Transformation Institute.

Organisations are increasingly establishing innovation centres across the globe to boost research within their ranks. India now accounts for 25 per cent of innovation centres in Asia while Asian cities comprise of 29 per cent of the innovation centre count globally.

The report also noted that while firms are heavily investing in innovation centres in an attempt to keep up with market changes, they are failing to become more innovative. 80 per cent of the new innovation centres are exploring artificial intelligence and big data analytics.

The top destination in the US, Silicon Valley’s share has gone down 20 per cent in the past 2 years.

The report also said that companies are struggling with a lack of innovation-focused culture, absence of robust internal processes and leaders who promote this kind of success internally.

The research also found innovative firms are 13 per cent more likely to take part in internal and external collaborations with start-ups, academia and other industry partners. While the US remains the market leader, innovation centres are rapidly opening in India and Singapore.

“To achieve and sustain real change, firms need to create a culture in which all employees are encouraged, through financial and non-financial incentives, to experiment and push ideas to market. However, a sense of innovation and creativity needs to be instilled company-wide if it is to be truly successful,” said Lanny Cohen, Global Chief Technology and Innovation Officer of Capgemini.

The total number of innovation centres across the globe has increased to 580 from 456 last year.

Among the newly established innovation centres over the last year, 26 per cent cater to electronics and IT, 21 per cent dedicated to the automotive sector and 20 per cent of financial technology centres. Shell and Paypal are among the more recent companies that have launched innovation centres in Indian cities like Bengaluru and Chennai.

The above report was first reported in Business Standard.

Bengaluru has built an impressive profile for itself in the global tech scene. To recall, New York-based global technology and innovation giant IBM now employs more people in India than in any other country, including its home country the US.

Earlier in October, a report by realty consultancy firm Knight Frank ranked Bengaluru as World's most affordable tech hub [Read Here].

In an another report, research firm 2thinknow that specializes in analyzing innovative cities, Bengaluru stands at number 19 among the world’s top high tech cities -- the only Indian city to figure in the list.

HomeLane Raises $10mn from Accel Partners, Sequoia Capital & RB Investments

HomeLane.com, India’s leading online home interiors brand today announced that it has raised $10 mn from Accel Partners, Sequoia Capital and RB Investments. The startup will deploy the funds to fuel growth and technology innovation to attract customers and designers alike, strengthening operations in existing markets in the country. HomeLane.com recently announced the launch of its operations in Delhi-NCR region.

Srikanth Iyer, co-founder and CEO of HomeLane.com said, “HomeLane’s strategic focus has always been to simplify and streamline the process of home designing and furnishing for urban Indian home buyers. This strategy’s success, combined with this funding round has put us in a formidable position to scale up and capture a larger share of the home design market in all key cities of India. Also, having two of India’s largest VC funds supporting us is a shot in the arm for our mission to deliver well-designed homes at scale in the country.”

“We will use these funds to strengthen our operations and technology offering for our consumers as we gear up to accelerate our growth”, Srikanth added.

HomeLane.com also said that it has reached operational profitability and is close to breaking even. With over 100 new orders per month, the company aims to double its revenues by 2018. SpaceCraft, HomeLane’s one-of-its-kind virtual design platform has been a key in powering the company’s growth.

Prashanth Prakash, Partner, Accel Partners said, “Homeowners in India not only have a growing appetite for stylish interiors, they are also looking for affordable and hassle-free home furnishing experience. As a result, the market for organized players in the home designing space is opening up in India. HomeLane, with its relentless focus on customer experience, across discovery, designing and timely delivery, is well positioned to capture a significant share of this market. The company’s relentless focus on unit economics and profitable growth is a competitive advantage and a powerful differentiator. We are glad to partner with them and look forward to scripting a big success story together.”

“We are seeing tremendous demand for cost effective and time-saving home design and furnishing solutions. HomeLane, with its disruptive technology-enabled product has successfully challenged the massive unorganized home furnishing industry and has convincingly grown its business since inception with very high NPS. We believe they have huge growth potential and Sequoia is glad to be an early investor and partner in their journey”, said G V Ravishankar, Managing Director, Sequoia Capital.

HomeLane.com is a pioneer in the organized online home furnishing market and offers an industry-first 45-day delivery or rent guarantee for fit-outs. HomeLane’s value proposition is solving the interior design problem with technology and predictable timelines.

Swiggy Acquires Bangalore-based Food Startup 48East

Food ordering and delivery platform Swiggy has acquired Bangalore based food startup 48East.

Founded in 2016 by hospitality industry veterans Joseph Cherian and Nabhojit Ghosh, 48East offers exotic delicacies from 48 different countries across the Asian continent.

Post acquisition, Cherian and Ghosh will join Swiggy as part of the deal.

In February 2017, the startup had raised USD 500K in Pre Series A funding from Al Dhaheri Family based in UAE. Prior to that, in August 2016, it had raised 250K USD in a round of angel funding from Agra based ACPL exports.

"As COO of Swiggy's New Supply business line, Cherian’s expertise in the food infrastructure space will further strengthen company's focus on solving for gaps in consumer supply through various strategic initiatives. This includes the recently launched Swiggy Access, where the company brings a variety of food to consumers by enabling plug-and-play expansion for restaurant partners in different areas," Swiggy said in a statement.

Talking about the acqui-hires, Sriharsha Majety, CEO, Swiggy said, “With their deep understanding of the food space and an impressive track record of delivering a great consumer experience, the 48East team will equip Swiggy with additional capabilities. We are excited to work with them towards our vision of changing the way India eats.”

Founded in 2015, Swiggy has raised close to USD 156 million from investors such as Accel, Innoven and SAIF Partners.

Moreover, according to a report by Economic Times, Swiggy is also said to be raising about $200-250 million from Softbank.