Ola, Zomato, Practo, Ibibo and others Share Best Practices Ahead of the Data Protection law

In its first Indian edition of the ‘Privacy Matters’ roundtable, Mozilla brought together the brightest minds from India’s leading and upcoming online businesses to discuss practical issues surrounding data privacy. Held recently in New Delhi, the aim of the session was to drive the conversation on how businesses can make decisions about personal data more thoughtfully. This closed-door intensive meeting saw participation from a variety of companies - ranging from SMEs to large conglomerates, including Aditya Birla Group, Dunzo, Ibibo, Practo, Ola, Zeotap, Zomato, among others.

The 5-hour long session was conducted using Mozilla’s Lean Data Practices framework, that puts forth privacy principles and practical steps to implement them. With a mix of engineering, C-level, product and legal folks driving the discussions, the workshop focussed on the incentives for companies to stay “lean”, and minimize the personal data they collect and store; ways to build-in security features; and finally, effective ways to communicate with users and offer them more meaningful choices vis-à-vis their data.

[caption id="attachment_127512" align="aligncenter" width="800"]Privacy matters_first session Privacy matters_first session[/caption]

Urmika Shah, lead product and data counsel at Mozilla, Mountain View, led the discussion and shared, “It was great to see that many of the larger Indian SMEs have taken proactive measures to build in privacy and security features into their services, even prior to the enactment of India’ data protection law. For some, the incentive seems to come from the possibility of security breaches and reputational risks, and for others it’s their global presence or foreign investors.”

The discussions were divided into three segments as per the framework, covering key topics: “Engage users”, “Stay Lean” and “Build-in Security”.

[caption id="attachment_127513" align="aligncenter" width="600"]Urmika Shah, and Amba Kak (Left-Right ) Urmika Shah, and Amba Kak[/caption]

The first segment of the discussions focussed on how companies can better engage different audiences (such as end users, business clients, employees and investors) on issues of privacy. The observations reinforced the importance of providing more meaningful choices to users about their personal data at the time they are using the service, and making privacy notices more visible and easily comprehensible. In addition, companies expressed the need to better engage investors and boards on privacy issues to gain their support for implementing reforms.

The second section was on the importance of staying “lean” with data rather than collecting, storing, and sharing indiscriminately. Most companies agreed that collecting and storing less personal data mitigates the risk of potential privacy leaks, breaches and vulnerability to broad law enforcement requests. Staying lean does come with its own challenges, given that deleting data trails often comes at a high cost, or may be technically challenging when data has changed hands across vendors. It was agreed that there is a need for more innovative techniques to help pseudo-anonymize or anonymize such data sets to reduce the risk of identification of end-users while maintaining the value of service. Despite these challenges, responsible companies should do their best to adhere to the principle of deleting data within their control, when no longer required.

The third section covered key security features that could be built-in to the services. Many companies explained that their own security practices, especially relating to employee data access controls, have evolved as they grew in size. A key observation voiced by many companies was that vendors are often not scrutinized and may not always be welcoming to rigorous reviews of their data and security practices. This remains a key challenge in protecting the privacy and security of user data.

Amba Kak, Mozilla’s public policy advisor in India said, “In the lead up to India’s first data protection law, we need more such conversations that focus on implementing these principles, and how to overcome practical challenges.”, she concluded.

How A VPN Router Can Protect Your Physical Store Visitors

Offering customers free Wi-Fi is the current norm. Have you considered your customers’ online security when they log onto your free Wi-Fi network? You want your customers to feel safe when they are in your store, and this includes when they use your free Wi-Fi.

Some of the risks associated with using free Wi-Fi

  1. Opening yourself up to hackers

Free Wi-Fi requires no authentication to establish a Wi-Fi network. Hackers can, therefore, gain unlimited access to unsecured devices on the Wi-Fi network.

  1. Hackers can interrupt a Wi-Fi connection point

It means that instead of connecting directly to the Wi-Fi network, customer data will first pass through the hacker then onto the Wi-Fi network.

Hackers position themselves between the Wi-Fi network and unsecured devices to access user data first. In this way, they can steal vital information such as passwords or credit card information.

  1. Probably the worst risk is how easily hackers can spread malware

Allowing file sharing across a network, will enable hackers to infect files with malicious software which can later install itself on your computer. Some hackers have managed to hack the Wi-Fi connection points and have installed their pop-up windows that appear when customers log onto the Wi-Fi network. When users click on the window, malware is installed.

You can see from the above list that free Wi-Fi can be a hacker’s hotspot.

How can you use a VPN to protect your customers from falling victim to hackers who infiltrate Wi-Fi networks?

A VPN is a Virtual Private Network that lets users access the worldwide web privately and safely by routing the internet connection through a server and hiding the user’s online footprint. Simply put, VPN’s act as cyber bodyguards that protects (through the encryption process) all data being exchanged over an internet connection.

How Does A VPN Work?

  1. User’s install VPN software, such as Pure VPN, on their devices.
  2. The VPN software must first be started or running for it to protect your data.
  3. The VPN software will then encrypt your data before sending it to the Wi-Fi network.
  4. The online website that you browse will see that your data is being sent form a VPN server. The location of the server will be shown and NOT the location of your device and its IP address.

Users must run VPN software separately for every device they own.

As a business owner, can you get customers to use a VPN especially if they are unaware of the risks of using Wi-Fi networks without a VPN?

Can you, as a business owner, protect your customers from falling victim to cyber-crime as a result of ignorance?

Yes, you can.

VPN Routers

VPN routers protect numerous devices at the same time while these devices are connected to a Wi-Fi network. Since the Wi-Fi router is also a VPN router, users are automatically protected.

Although VPN routers are expensive, buying one is a long-term investment. Although the VPN router itself is costly, monthly subscriptions to VPN services for VPN software that is running continuously is quite cheap.

Benefits of using a VPN router

  1. Multiple devices are protected at once. These include TV’s, mobile phones, tablets, laptops, desktops, smart watches, and many more.
  2. It is convenient since users do not have to run VPN software on every device before using it to connect to free Wi-Fi. Since the VPN service is continuously running, users are always protected.
  3. VPN routers offer superior compatibility. The VPN router provides an encryption service to any device that can connect to Wi-Fi over the VPN router.
  4. VPN routers are incredibly reliable. The VPN router will always connect to the internet via a VPN service. It means that users don’t have to worry about forgetting to connect to a VPN service every time they use your free Wi-Fi.
  1. VPN routers offer security to non-native devices. Non-native devices include Apple TV and Play Station 3 which does not typically support VPN services.
  2. VPN routers unblock restricted applications and content. VPN routers allow users to access applications or content that Governments may block by enabling users to bypass restrictions and connecting to the internet through an encrypted VPN tunnel that disguises the user’s actual physical location.
  3. VPN routers take a few minutes to set up allowing users to enjoy encrypted browsing.

With so much to offer, what is the downside of using a VPN router?

Users may experience limited bandwidth. The more devices are connected to the VPN router, the slower the connection. Not all VPN services are slow, so the speed will depend on who the VPN service provider is.

Choosing a VPN router for your business

When hoping around for a VPN router remember that not all routers have a pre-installed VPN. Also, not all routers support a VPN service or run VPN software. ISP modems are not compatible with VPN routers. ISP modems consist of a modem and router device.

A few available options for VPN routers include

  1. Pre-Flashed Routers

Although pre-flashed routers are more expensive than other VPN routers, it saves you the hassle of installing VPN software and is one of the most convenient VPN router options. This router comes with additional benefits including encrypted plug and play.

  1. Ready-To-Use VPN compatible routers

VPN compatible routers come ready to use out of the box, pre-installed with VPN software that also supports OpenVPN protocol which allows users to use a VPN service provider of their choice.

  1. Flash Router with new VPN firmware

This is the most complicated process. You will have to install new VPN software onto the operating system of your router. This success of flashing new firmware will depend on the limitations of the router and its operating system. This process involves:

  1. a) First, download VPN firmware.
  2. b) Connect your router.
  3. c) Flash your router.

Additional steps include:

  1. a) Disconnecting the VPN from the internet
  2. b) Change the location of the VPN
  3. c) Check all recently used devices you want to be protected by the VPN.
  4. d) Change the SSID password.
The easiest, hassle-free option is to use a pre-flashed router to ensure that your customers are protected when they use your free store Wi-Fi.

Tamil Nadu, IIT-Madras Ink MoU to Use AI, IoT, Blockchain and Drones for its Citizens' Needs

Government of Tamil Nadu's e-governance agency TNeGA (Tamil Nadu e-Governance Agency) has collaborated with Robert Bosch Centre for Data Science and Artificial Intelligence (RBC DSAI ) at IIT-Madras to support its data science and Information and Communications Technology (ICT)-related challenges, which pertain to its citizens' needs.

RBC DSAI, an inter-disciplinary centre for research in AI, has signed an MoU with TNeGA to contribute towards various aspects of governance, including (but not limited to) education, healthcare, and agriculture, says a press release from IIT-Madras.

With this coolaboration, the state governments is aiming to tap the power of AI, Internet of Things (IoT), Blockchain and drones in addressing the needs of their citizens.

Tamil Nadu government is the first state government to collaborate with a premier research institute such as IIT-M for harnessing the power of AI and Blockchain in areas of health, education and agriculture, said Santhosh K Misra, CEO, TNeGA.

The move comes after Tamil Nadu government released its new e-governance policy aiming to offer all services online by 2023.

The collaboration will take up five channels of engagement. The first step is to support research related to data science for the government and e-governance. Secondly, through projects, the collaborators will develop products which will have decision support systems and provide insights for governance.

IIT-Madras as well as RBC-DSAI have agreed to work with TNeGA on the above broader scope and provide complete support to TNeGA.

Established in August 2017, RBC-DSAI is one of the few centres in the world for data science and AI applications in various engineering disciplines.

Source - Business Line

IoT Startup of Former Reliance Jio CIO 'Gaia Smart Cities' Raises Pre-Series A Funding

Mumbai headquartered Gaia Smart Cities, an Internet of Things (IoT) startup building solutions for Smart Cities, has raised an undisclosed amount in pre series A funding from a clutch of global investors.

Investors who contributed to this round include Ranodeb Roy (CEO, RV Capital Management, Singapore; ex-Board Member of MakeMyTrip and current Board member of Bandhan Bank; an Early LP into Aavishkar Fund; Multiple startup investments) and Raja Shekhar Reddy (Founder at BizSR - a startup incubator-accelerator, Founder & former COO, Innovsource; Investor-mentor in several startups) – both alumnus of IIT-Kanpur and IIM-Ahmedabad - and a clutch of investors led by Debasish Das (Analytics and Data Science Head of Wipro’s Knowledge Services).

The startup will use the freshly raised funds to accelerate business development and market growth in India as well as in European markets and also for expanding the team for further innovation and product development of Gaia’s proprietary Edge ML hardware and Cloud Based analytics platforms.

Gaia was founded in 2015 by a former CIO at Reliance Jio and Ex-VP at IBM, Sumit D. Chowdhury, along with Bipin Pradeep Kumar who is an Ex-Chairman of Smart City Work Group under Ministry of Communication & IT, India.

Gaia, which is creating a public Network as a Service (NaaS) in India for low-cost/long-range IoT applications, has been supported by prominent angel investors in its previous round of funding in which several seasoned IoT and tech experts have had contributed to its fund.

Investors of Gaia's past round of funding include Mehul Shah (Product Marketing Leader, Sprint IoT Group; Ex Honeywell IoT Group), Deepak Das (Chief Director of Engineering, Federated Wireless), Kavita Ravi (Director Emerging Markets, Massachusetts Department of Clean Energy) and Devang Mehta (now Partner at Anthill Ventures).

Gaia’s distribution setup are in India, it however has signed channel partnership agreements in Spain, UK, Netherlands and Australia in 2018, and is actively connecting with clients in overseas markets.

The startup claims to have captured over 50+ Million unique, discrete feedbacks from users and over 150 Million streaming feedbacks from sensors. They have been deployed in over 130 cities across India for over 60 clients.

A provider of Wide-area IoT and AI/ML enabled Smart Feedback solutions, Gaia had earlier acquired the IoT division of netCORE Solutions, in June 2016 when netCORE had also invested in Gaia.

Currently, clients of Gaia are all based out of India and are across industry segments including Transport, Retail, Facilities, Real Estate, Cold Chains, and many Smart Cities across India. Current customers include Amul, Paras Dairy, ACC, TheMobileStore and Central Electronics Limited, a Government of India-owned engineering company.

Notably, the startup is also working with the Ministry of Urban Development (MoUD) as an integral part of the National Project Management Unit (PMU) of the Swachh Bharat Mission (SBM) and Smart water metering solution for Delhi.

It may also be recalled that earlier this month, an another IoT-based startup, DeTect Technologies, had raised $3.3 million in Series A round of funding led by SAIF Partners and contributed by CIIE-IIM Ahmedabad's Bharat Innovation Fund, Axilor Ventures, BlueHill Capital Pvt Ltd and a few angels from the Keiretsu Forum.

In September, CRON Systems, a Delhi-based defence IoT startup, had signed an MoU for a strategic collaboration with Silicon Valley-based Quanergy Systems Inc., a global leader in the design and development of light detection and ranging (LiDAR) sensors and smart sensing solutions.

In May this year, Hero Electronix, an emerging tech unit of Hero Group, acquired Zenatix, a Gurgaon-based enterprise IoT startup, and with this acquisition Hero made its foray into the Internet-of-things (IoT) space. The acquisition had allowed VC firms like Blume Ventures and Pi Ventures to make a decent exit from the startup.

Source - Economic Times

Edtech Startup Perspectico Raises Funding from SSCBS Innovation & Incubation Foundation

Perspectico, a Delhi-based career-tech platform, raises an undisclosed amount of second round seed funding from SSCBS Innovation & Incubation Foundation (SIIF). It helps students prepare for job interviews with industry experts, through online and offline intervention.

This investment by a repeat investor is a testament to the 125% monthly revenue growth. Perspectico has a strong team that has impacted 1500+ students in understanding their career interest and pursuing their respective careers across Delhi University.

SIIF is a company promoted by and is an outcome of Incubation Policy from Government of NCT, Delhi.  Perspectico is a venture launched by Nikhil Chainani, 23 an alumnus of SSCBS, the host institute for SSCBS Innovation and Incubation Foundation (SIIF).

The startup had earlier raised incubation support and an undisclosed amount of funding from the SIIF in first round of seed funding in December last year.

Incorporated in November 2017, the company is a brainchild of its CEO and founder, Nikhil Chainani, who is the organizational backbone. He single-handedly steers the ship for the company’s functionality and strategy.

During his college years, Nikhil was always caught up with the struggle of evaluating career choices. When he tried talking to people from diverse backgrounds and mindsets, he realized that everyone gave him “biased” advice. He felt a huge gap with the industry and its requirements. That is when he met his co-founders, who are industry experts from finance, consulting and recruitment backgrounds. All four of them have led the company and are responsible for its success so far.

Commenting on this initiative, Nikhil Chainani, CEO of Perspectico, says, “We have learned a lot in the past 13 months of operations about students and their job placement difficulties. The initial SIIF investment catapulted us from an idea to a revenue-generating venture. The confidence shown towards us by SIIF will help us fine-tune our product offering.”

He further added that, with the perspicacious mentorship of Dr Poonam Verma, and MrNaresh Priyadarshi in all aspects of our business, and the support of Shaheed Sukhdev College of Business Studies, I express profound gratitude to my college and the Government of Delhi for their confidence in Perspectico.

According to Dr Poonam Verma, Chairperson of SIIF and Principal of Shaheed Sukhdev College of Business Studies, "We are proud that our alumni are becoming successful entrepreneurs & job creators, setting examples for students graduating from the college in coming years. Nikhil continues to add laurels to SSCBS, as he did during his college years."

Naresh Priyadarshi, CEO of SIIF, says "Nikhil and his co-founders have taken significant risks by leaving plum corporate jobs and launching Perspectico, and they are on right track of making Perspectico hugely successful.  They have made a good blend of offerings keeping customers in mind, have hit the market early and are constantly evolving their products. SIIF is happy to see how well its first seed-funding into Perspectico was leveraged, and now the relationship has been cemented further by the second round of seed-fund." 

Perspectico is a platform that assists youngsters to prepare for job interviews with industry experts on their online portal. Incorporated in November 2017, the company is a brainchild of its CEO and founder, Nikhil Chainani, who is the organizational backbone and single-handedly steers the ship for the company’s functionality and strategy. Perspectico invites industry experts from companies such as Nomura, HSBC, Kotak, GenNext Ventures, Deloitte, Xander Private Equity, and Unitus Capital to conduct sessions with students. Since its inception, the company has conducted over 70+ offline sessions with a footfall of over 1500+ students. Their major source of revenue is their proprietary online career preparation modules. These have witnessed a monthly sales growth rate of 125.0% in the past 4 months alone.

[Top Image - Facebook.com/Perspectico/]

4 Reasons for Businesses to Invest in Branding Signage

Branding signage is an important business marketing method. Reviews show that customers are more comfortable buying products from companies that they already know. According to

Humble Sign Co. serving Texas business entities, signage is an effective way to create more awareness of your business. This way, in the future, customers who already know about your products can recommend these products to potential clients. Branding makes customers have more faith in your business. This builds loyalty, and loyalty is important for business growth and expansion. You should invest in branding signage. There are many benefits that accrue, especially if it’s done by a professional branding company.

Here are 4 reasons to invest in branding signage:

  1. Marketing strategy


Every business entrepreneur should market their business for fast business growth. The high cost of marketing calls for cheaper marketing methods. Branding signage is a very effective marketing strategy. The cost of this type of advertising as compared to mass media and social media platforms as well as online marketing is relatively cheaper. It is one of the commonly used advertising methods. But you must ensure that a professional company designs the signage so that the first impression to the customer influences their decision.

  • Boost salesWith increased sales, a business will make more profits. It is important to seek ways to attract more customers. Creating awareness of your products and business may help potential customers to discover your products. Some signage also shows additional services and products that your company offers. The signage may also include details about other branch locations, operation timelines and value-added services that the business may offer. These influences customer decision and consequently increases sales and profits.

  • Convenience and safetySome businesses lose customers simply because customers cannot trace their business premises. Having branded signage that is legible from a distance can help customers trace your premises easily. Again, for those specifically looking for your premises, they may be given direction and signage posts location. This makes it possible for them to easily find your business premises. On the signage, you may also alert customer on the type of business you operate and any other relevant information they may need to know. This way, when they visit your business premises for the first time, they do not get confused.

  • Reinforcement of your brandThere is stiff competition in the market. A business must invent ways to fight off competition. Just because your brand is leading in your industry doesn't mean things will remain that way. Without a good marketing strategy and brand reinforcement, new brands may take over as the market leaders. This will affect your business. That is why you should constantly reinforce your brand through branding signage, promotions, and public relations. Regular marketing and consistency in re-branding your business will ensure that your business remains at the top.


 

Branding signage is important in every business. You should hire professional branding signage companies to ensure that your storefront, custom banners, and LED message boards for your business are professionally designed. This way, the first impression created to the customers' influences their decisions in favor of business.

BSE Launches 'BSE Startup Platform', A New Division for Listing of Startups

Indian stock exchange in Mumbai, the Bombay Stock Exchange (BSE) or BSE Ltd, has just announced the creation of a new division withi BSE SME, its SME segment, to list the new-age companies and thereby making stock market listing attractive for startups in the country.

The startup listing platform, which was scheduled for in July but postponed, has now finally launched and will facilitate the listing of companies in sectors like IT, ITeS, biotechnology and life sciences, 3D printing, space technology and e-commerce. The platform will also aid in listing of firms from hi-tech defence, drones, nano technologies, artificial intelligence, big data, virtual reality, e-gaming, robotics, genetic engineering, among other sectors.

“In order, to incentivize startup companies...the exchange is pleased to announce the creation of a new sub-segment within the existing SME (small and medium enterprise) segment,” BSE said in a circular.

In eligibility criteria for a startup to list on the platform, the BSE said that the company should be registered as a startup with the Ministry of Micro, Small & Medium Enterprises or Department of Industrial Policy & Promotion. In case the company is not registered as a startup, then its paid-up capital should be minimum ₹1 crore. The company should be in existence for a minimum period of two years, besides qualified institutional buyer (QIB) or angel investor or any other accredited investor should have invested in the firm for a minimum period of two years at the time of filing of the draft prospectus with the BSE.

The firm should have positive net-worth and none of the promoters or directors of the startup should have been debarred by any regulatory agency.

Further, the exchange said, the firm seeking to list on the platform should not have been referred to National Company Law Tribunal (NCLT) under Insolvency and Bankruptcy Code and there should be no winding up petition against the company that has been accepted by NCLT.

Source - LiveMint.com

HR Tech Startup 'Hush' Raises ₹4.5 Cr from Accel and Shamik Sharma

Bangalore-based Hush, an employee-focused HR tech firm founded by two former Yahoo employees, has raised ₹ 4.5 crores (~ US$ 641,000) in a fresh round of funding on the back of an unexpected growth in user acceptance of their platform. Emerging as the go-to workplace app for employees from over 300 companies, Hush has also gained a higher number of employees within each company ‘cohorts’. Existing investors, Accel, Shamik Sharma (Business Head at Curefit), and an angel investor participated in the round.

Additionally, the company has added Nikhil Raj, Co-Founder of Paysa.com, to their advisory board.

The new round of funds will be utilised to expand the Hush team, grow the platform’s user base, and most importantly, launch new features on the app.

Founded in September 2017, by Ashutosh Dabral and Umesh Joshi [L-R in above picture], Hush is an employee-focused HR tech firm that provides a voice to employees and helps them move to the next level in their career. The platform also allows verified employees to rate their CEOs and CXOs. Employees of startups such as Flipkart, Ola and Practo and larger firms like Accenture, Adobe, IBM, TCS, and Infosys use Hush to get answers to their workplace and career related queries.

Before founding Hush, both of its co-founders Dabral and Joshi, had earlier worked together at Yahoo for 2.5 years and later launched their first venture together in 2016 with expertise in product management and building cutting-edge technology for consumer tech products. The duo have expertise in product management and building cutting-edge technology for consumer tech products.

The fresh raise will strengthen the brand’s growth narrative and help them reach out to a wider audience through the introduction of cutting-edge technology. Ranging from career advice to various internal discussions, the platform has seen a wide range of use cases over the course of time. With the inclusion of new-age tech, Hush looks to create more features for employees to have access to.

At present, a user spends an average of 10 minutes per day on the app. Moving forward, Hush predicts the platform will onboard an additional 1000 companies within a year. The company has also observed an uptick in the usage of their platform’s newly-launched modules ‘Salary Data’ and ‘Career Advice.’

“One of our key responsibilities at Hush is to deliver authentic data to employees about various organisations so as to help them take better career decisions. The app is also helping employees voice their opinions anonymously about issues that they are facing in corporates, which provides valuable insights to employers and helps them take important business decisions,” Ashutosh Dabral, Co-Founder of Hush commented.

Dabral added, “We are extremely thrilled to have received support from Accel as it adds a lot of credibility to our existing business model. Excited with the increased demand from our consumers, our fresh raise is focused on expanding our technology to include a wider range of audiences with more use cases. The expanded capital base will also help us build better features, expand the team, and develop the platform’s user base.”

Hush began as a workplace discussion app for employees in September 2017. Now, it is on the path to become a platform that can be a companion throughout an employee’s career and help them move to the next level. In October 2018, they launched their new website https://hush.company/ that aims to be an authentic source of information about a company, including details such as salary levels, data culture descriptions.

Hush entered the market to tackle the growing need for employees to express their real opinions, discuss pressing concerns, and pose difficult questions on topics that are important to them on a common platform. As a lot of discussions on the platform were about salary levels and career growth, Hush launched the new modules on their website to better address user needs. The Hush platform now has communities from 300+ companies and reliable salary data for 700+ companies sourced from employees, HR professionals, and recruitment consultants. The company is also building a large scale machine learning model to predict salary levels and help people evaluate what salary they will be able to get based on their skill levels. It also provides career advice to employees via a network of experts.

Over the years, leading venture capitalists have invested over INR 1000 crore in the promising HR-tech startups, which have gained considerable momentum with the active role of investors in the space.

In March this year, Gurgaon based HR Technology startup Benepik had raised an undisclosed amount in seed funding from a group of investors.

In November last year, Mumbai-based HR tech startup Shortlist raised $1 million in seed funding from US-based venture capital firm University Ventures, ImpactAssets, Bodley Group, Kenya-based seed fund Zephyr Acorn, Samir Shah of Sattva Capital and several other investors from both India and the US.

Reliance Industries' Subsidiary Invests ₹1 Cr in 'NEWJ', A Yet-to-be-Launched Digital Media Startup

India's richest man, Mukesh Ambani-led Reliance Industries Limited’s (RIL) investment arm has picked up a controlling stake in a Mumbai-based digital media startup, New Emerging World of Journalism (NEWJ), with an initial investment of over ₹ 1 crore. Apparently, NEWJ is yet to be launched and its web address - www.theNEWJ.com, is still under construction and showing message of "Coming Soon", with a video playing on its home page.

According to a regulatory filing by RIL, Reliance Industrial Investments and Holdings Limited (RIIHL), the investment holding company and a wholly-owned unit of RIL, has invested Rs 1.03 crore in an initial tranche. RIHL has subscribed to 30,000 equity shares and 125 compulsory convertible debentures in NEWJ for total cash aggregating to Rs 10.3 (Rs 1.03 crore) and consequently NEWJ has become subsidiary of RIIHL and the company.

NEWJ was founded this year by Shalabh Upadhyay, a former Senior Video Strategist & Lead at India unit of NowThis, a New York-based video news brand, which has more than 2.5 billion monthly views.

NEWJ is mainly into production and curation of content for the emerging social and digital media ecosystem. According to media report, the media startup will also be developing data enabled technology products which allow for integrated models of reporting and distribution.

“The recent exponential growth of the video content market provides a huge opportunity for innovative visual storytelling in India. The company intends to fill this demand for quality content in the social and digital media space. The venture was founded by a team of young entrepreneurs led by Shalabh Upadhyay,” RIL said in a media statement.

Post this investment, NEWJ will harness the synergy with RIL with a data-driven and tech-focused approach in creating a distributed content model.

Notably, just a couple of days back, RIIHL has also incorporated a company viz., “Jio Estonia OÜ” in Estonia and the newly formed company will look into software development and provide consultancy for existing and future technology initiatives pursued by the Reliance Industries group and its subsidiaries.

Source - Financial Express

Hyundai-backed Car Rental Startup Revv Launches OPEN, A Flexible-Ownership Product for New Cars

Revv, the Delhi-NCR based shared mobility platform backed by Hyundai this year, has announced the launch of their latest offering - "OPEN", which is a completely new way of owning a car, without any commitments or hassles of ownership. With OPEN, Revv wants to make cars more accessible by solving the pain-points that traditional car purchase entails.

OPEN allows aspiring car buyers to get a brand new car of their choice, without paying any down payment or road tax. Users will pay only a monthly fee, for any duration between 12 - 48 months, with an option to return the car anytime in the interim. Users will also have the option to acquire the car from Revv. The product is available in 6 cities viz., Delhi NCR, Bangalore, Hyderabad, Mumbai, Pune and Kolkata, and 25+ car models are on offer, including those from all leading OEMs like Hyundai, Maruti, Mahindra, Nissan, Tata, Toyota, Honda and Ford. It will be rolled out in another 9 cities by the first week of December 2018.

Revv had launched “Switch”, a monthly car subscription product, in May 2017. While Switch focused on serving users whose needs were short-term (e.g., 2-3 months), OPEN is targeted towards aspiring car buyers who dislike the 3-6 years of commitment that comes with buying a car, or who are postponing their car purchase because of the

requirement of hefty down payment and road tax, or who are averse to the tedious and largely offline process of car purchase, finance and maintenance. The monthly fee will include maintenance, and Revv will provide doorstep pickup and delivery service for maintenance needs of OPEN users.

Talking about the product, co-founders of Revv said, “Around 1.5 years back, we had introduced Switch, which was Asia’s first multi-brand car subscription product. The feedback from its users gave us fresh insights, which helped us craft OPEN. The new-age consumer is mobile and has dynamic preferences, with a rapidly evolving lifestyle. Hence, a product that lets you get a brand new car, without tying you down to it, and with the flexibility to own or return it at will. Flexibility and affordability are often tough to combine, and OPEN is truly unique in the way it achieves both, in the context of brand new cars. It is an attempt towards making cars more accessible, without the worry of debt. Another important aspect of OPEN is the fully online process for getting the car and also for maintaining it. A growing segment of users wants to get everything done online, and OPEN achieves exactly that. It takes the process of car purchase-finance-maintenance online, creating efficiencies that make the product affordable.”

Founded by ex-McKinsey executives, Anupam Agarwal and Karan Jain, Revv started in July 2015, from Delhi-NCR. It has focused on innovation, continually challenging the status quo in self-drive mobility to suit it to the Indian consumer. At its inception, it introduced the concept of doorstep delivery in car sharing and followed it up with other innovations such as instant booking. It is currently amongst the largest car sharing platforms in India, and amongst the highest rated apps in the sector, globally.

Revv is amongst the largest shared mobility platforms in India with a presence in 15 cities, serving more than 4 Lac users. It delivers cars to the users’ doorstep, and users can return them anywhere in the city, or even in a different city. Revv is also behind several other innovations, including launching India’s first car subscription program – Switch.

Revv had recently secured INR 100 Cr in a Series B funding round led by Hyundai Motors. Revv’s existing investors Edelweiss and Beenext also participated in the round, with new investors Dream Incubator, Sunjay Kapoor of Sona BLW and Telama Investment.

India and Russia to Increase Cooperation in Artificial Intelligence, Blockchain and Joint Healthcare Work

After inking a collaboration pact with Japan for Artificial Intelligence (AI) and IoT, India on Tuesday, has made an agreement with Russia to increase cooperation in the field of AI, blockchain system, and explore the possibility of joint work in healthcare.

According to an official statement, the nations also decided to increase cooperation in the field of tourism, digital front, financial technology and quantum computing.

"Both sides agreed to explore joint working arrangements and pilot projects in healthcare, proposed setting up of a single-window clearance," said the statement issued after the first India-Russia Strategic Economic Dialogue at St Petersburg.

The two nations also agreed on tourism being a valuable tool for increasing people-to-people contact and economic cooperation.

The dialogue was led by Indian government policy maker, NITI Aayog's Vice Chairman Rajiv Kumar and Minister of Economic Development of the Russian Federation Maxim Oreshkin.

According to the statement, the dialogue focussed on five core areas - transport infrastructure, agriculture and agro-processing sector, small & medium business support, digital transformation & frontier technologies and industrial & trade cooperation.

It was decided that the next round of Strategic Economic Dialogue would be held in India in July/August 2019.

It may also be recalled that in September 2016, Russia's Global Venture Alliance (GVA) in Moscow, has already signed a pact with Society for Innovation and Entrepreneurship (SINE) at IIT-Bombay, Mumbai, where both are running a bilateral entrepreneur exchange program, entitled India Russia Bridge for Innovations (IRBI). The program was the first initiative between India and Russia with a focus on science & technology based entrepreneurship and is fully sponsored and supported by the Government of India’s Department of Science and Technology (DST).

Two Companies "Go Live" at Private Market Platform 'GREX' to Raise Funds

GREX, a private market platform, today announced two companies, Quotient Digital (digital wealth management fintech) and Rooftop Urja (renewable energy company) went ‘LIVE’ on its platform. After going LIVE companies can access various solutions and features that GREX offers. Companies must get associated with a Sponsor who is willing to have the company in its portfolio at GREX.

Sousthav, Co-founder and CEO of Quotient Digital, one of the companies that went LIVE on GREX, said, “For any founder, it is a dream to get validation from investors by raising capital. It is usually a process that is not entirely transparent, time-consuming and in the initial few rounds, something a founder has to do by themselves. With GREX as a partner, not only it has been entirely transparent, but there has been a high degree of hand-holding, which is what made the process easier. It still took time, but it was thorough, and we always had someone to guide us. Thank you GREX!”

Says Mukul Jain of Redbrick Capital Advisors, the Sponsor for Rooftop Urja, “GREX has offered a new alternative to the starved equity market in India. As we all know, capital is extremely constrained for SME’s globally. However, GREX has come as a life savior for run by offering a means to raise alternate capital. We have been associated with GREX since beginning and the journey has been a good learning experience. The team at GREX has been very supporting and forthcoming to assist sponsors in getting used to the system as well as to ensure maximum value can be generated for the stake holders."

GREX

Apart from Sponsor association companies go through rigorous legal due diligence process through any of the accredited law firms of GREX. One of the other requirements of GREX also is to mandatorily adopt StockChain (Blockchain based share registry) as their statutory shares registry and make relevant changes in their Articles.

Legasis Partners and Hreem Legal were the law firms who did legal due diligence for Quotient Digital and Rooftop Urja respectively. Says Apurv Sardeshmukh, Partner at Legasis Partners, “Legasis Partners is proud and delighted to be associated with GREX and hope to assist them in all their endeavours. It has been a great experience to work with GREX and Quotient Digital and try and define a process by which the company will be compliant with all applicable laws and fit for investment.”

After going LIVE companies have an obligation to share information on a continuous basis on GREX platform. Manish, Co-founder and CEO, GREX said “GREX is not just a capital raising platform. We require companies to continuously update their important information and develop continuous engagement with the investors. Companies who share very well are followed very well and this leads to investors trust developing over a time. Despite being pioneers in enabling digital investment transactions we believe that investors should invest when they trust a company.”

Recently in September, GREX has signed an MoU with AIM Startup, an initiative of UAE Government to provide better access for Indian companies to the markets in MENA region (Middle East and North Africa region), and forge meaningful relations with business leaders, investors and international Government entities.

It may also be recalled that back in May 2016, two companies -- SolarTown Energy Solution and Comarete Technologies, have had raised over raised INR 14.1 million by integrating on GREX platform. Prior to this, Gurgaon-based Next Gen Paper Solutions Private Limited which runs and operated Kleeto, an end-to end record and information management service startup, has successfully raised approximately INR 1.5 Crore on GREX

RBI Starts Survey to Profile Startups in India, and Why You Should Participate

India's central bank, the Reserve Bank of India (RBI), has introduced a survey on India’s startup sector (SISS), in order to create a profile of the startups to get first-hand information of startups provide dimensions pertaining to their profitability and workforce.

With this survey, RBI is collecting data on parameters such as their turnover, profitability, financing and workforce, the SISS also looks into challenges faced by Indian startups and quizzes them on their future plans with regard to a stock exchange listing. Notably, all the individual responses or identity of the respondents will not be revealed.

RBI has also mailed to all startup registered with the Department of Industrial Policy and Promotion (DIPP). Startups, who have not been approached, may also participate by downloading the survey schedule from the link given above. The filled-in survey schedule can also be mailed to RBI to sissquery@rbi.org.in

And, this is big time opportunity of startups in India reach out to the apex financial body in India as the survey would also aim at talking about the problems being faced by the startup ecosystem in the country and RBI is one body that make regulation about not just on 'Data' of banking & finance but is also actively involved in policy making of fintech startups related activities.

The survey, which is also available at the bank’s website www.rbi.org.in under the head ‘Forms’ (available in the ‘More Links’ at the bottom of the home page) and sub-head ‘Survey’. Go Direct here - www.rbi.org.in/Scripts/BS_ViewForms.aspx?FCId=40.

“Other startups, who have not been approached for want of location details may also participate in this survey by downloading the survey schedule from the link given above. The filled-in survey schedule may be mailed (also mentioned in the survey schedule),” said the apex bank.

The Top Digital Transformation Trends For 2019

Digital transformation involves both an organizational shift where people, technology, and business meet and technological change. In this article, we outline some of the most important trends in 2019 to help organizations make their business transformations a fact. These tendencies include chatbots, 5G mobile internet networks, and AI developments among others. The message we’d like our readers to take away from this piece is that technology is not equivalent to digital transformation in and of itself. Clients, company culture, and staff lie at the core of every technology investment.

More Sophisticated Bots


Developers will continue making giant leaps in sentiment analytics and natural language processing throughout 2019. More and more services will become automated as a result. Services like job recruiting and loan processing could become available through bots. Two out of each five large businesses currently apply natural language processing or will do so by the end of 2019. Naturally, this raises the concern of making humans redundant, but no transformation is without its downsides – or ways to overcome such. Employees will need to improve their skills to help provide a satisfying customer experience as a bot can’t perform a human’s job when it comes to processing a more complicated request.  

5G Mobile Networks


2019 is the year when 5G is going to be everywhere. There is already a wide number of test deployments with companies like Nokia, Qualcomm, Samsung, and Intel. 5G is also available in rural locations thanks to new companies like Mimosa. Major providers like ATT and Verizon will start offering faster and more innovative mobile network services.

Simplifying the Blockchain


Right now, the blockchain is too complicated for ordinary people to wrap their heads around. As a result, not enough people are getting in on the action and benefiting from the vast array of opportunities cryptocurrencies have to offer. However, developments in this sector are set to go beyond that. Giants like IBM continue to put great effort into utilizing the blockchain’s potential for applications beyond cryptocurrency.

Integrated Cloud Technology


Connected clouds - a combination of public, private, and hybrid - are continuing to grow and develop to meet businesses’ ever-changing requirements, be they app deployment, security, or networking. Amazon, Alibaba, and other huge public cloud providers are starting to offer private options. Microsoft, VMware, and HPE are also jumping the bandwagon. In fact, this tendency is so significant that the term “multicloud” is set to be THE word in 2019.

From Data to AI


Forbes Magazine reports that 90% of the world’s data was created in 2018. However, it has also emerged that just 1% of it is being used effectively. Data will continue to play a crucial role in companies’ decisions about services, strategies, and products. Companies like SAS, Microsoft, and Salesforce are actively working on transforming this data into meaningful analytics. Machine learning can be enhanced by greater processing power. In 2019, we’re going to see digital leaders augmenting their investment in this process to make the most of the data available to them. This will be achieved with machine learning and AI.

The CEO: Back in Control of Transformation


Studies throughout 2018 and previous years have shown that digital transformation is continuously relegated to IT, HR or Marketing departments despite the fact that a majority of employees want it to start from the top of their organization. CEOs will finally begin taking responsibility for digital transformation in 2019. Awareness of the critical nature of building cultures that are able to transform and the value of training staff will increase.

Data Privacy Concerns Will Transform Enterprises


This is the most important prediction for 2019 because of its wide-ranging implications. At present, approximately 33% of companies are not compliant with the European General Data Protection Regulation (GDPR), adopted with the purpose of providing better user data protection. Thousands of US sites aren’t available in Europe because their owners haven’t taken the time to bring their organizations in compliance with the regulation.

In 2019, consumers will become more informed about the risks of data misuse with the purpose of sales and marketing and demand more accountability from companies. In essence, it will become clear which enterprises care about protecting their customers’ data and which ones don’t, and this will reflect on their business processes.

In 2019, digital transformation will continue modifying the way business is done across industries. Irrespective of sector, we all have a great deal of important changes to look forward to.

AI based Infosec Assesment Startup 'CloudSEK' Raises ₹14 Crores from Exfinity Venture and StartupXseed

Singapore and Bengaluru-based CloudSEK, an information security (Infosec) risk management SaaS-based startup, has raised ₹14 Crores (~ US$1.96 million) in its Pre-Series A investment led by Exfinity Venture Partners and StartupXseed.

CloudSEK, which provides intelligence needed to tackle online threats, will leverage the freshly raised funds to evolve its flagship product XVigil, a unified risk management platform. The company will also use the funds to expand its footprints in India and South East Asia. After establishing itself as a preferred cybersecurity solution in the financial, e-commerce and transportation sector, CloudSEK now plans to target the pharmaceuticals, petrochemicals and retail industry.

Founded in 2015 by Rahul Sasi and Sourabh Issar (Left to Right in picture above), CloudSEK offers cybersecurity platform powered by machine learning and promises to build a risk-free digital security ecosystem.

The startup entails Rahul’s journey from being a college dropout to becoming a successful tech entrepreneur. Being criticized for dropping out of engineering college and predicted for a career failure, Rahul continued his journey as an ethical hacker and security expert through his successful career. Before co-founding CloudSEK, he has worked with Citrix Systems, one of the biggest names in the software industry.

Commenting on the post-funding plan Sourabh Issar, the CEO, CloudSEK, said; “Being a product-only organization, our revenues are primarily generated through license sales. This investment for us is a vote of confidence from some of the eminent architects of the Indian IT Industry. We plan to utilize the funds to develop the existing products and expand our presence in India as well as South East Asia."

X-Vigil, CloudSEK’s SaaS-based flagship product is an outcome of the company’s four years of diligent research and development efforts. Cloudmon, another product by CloudSEK, tracks network and application related security issues associated with the client. The start-up was seed funded in 2015 by M.E. Meeran Foundation, the investment arm of Kochi-based Eastern Group.

"The dark web is moving faster than Law Enforcement agencies. The losses due to cyber-related crime, worldwide, is estimated to be upwards of USD 600 Billion. Globally, Cyber Attacks are on the rise and about 500,000+ Cyber Attacks have already been reported in India in 2018. Many of these attacks are targeted towards BFSI networks, Government Departments and may potentially end up targeting power grids, oil and gas pipelines which have the potential to cripple any economy. With companies increasingly adopting cloud solutions, CloudSEK's unique non-intrusive solution can detect digital footprint leakages of any enterprise in real-time helping the CSOs to strengthen the Cyber-Defence," said Chinnu Senthilkumar, General Partner & CTO, Exfinity Venture Partners.

Speaking of its investment, Mr. Ravi Thakur, Partner, StartupXseed Ventures said, “Technology is redefining the way Risk Management is being practiced and CloudSEK has forayed into that space with applications in Cyber Security. Looking at their product, clientele and growth rate, they have struck the right chord to crack the business. Moreover, what fascinated us is their way of solving the problem which is very effective and scalable at large along with strong team background and execution capabilities.”

CloudSEK already includes leading banks, e-commerce and technology organizations in its clientele. Federal Bank, Go-Jek, Bank Bazaar, HDFC Bank and Grab Taxi are in CloudSEK’s client list, five of which are unicorns.

Talking about the association with CloudSEK, Shalini Warrier, CFO, Federal Bank, said, “Federal Bank and CloudSEK have had a relationship since July 2017 and it is a relationship that has grown over the last few months. Cybersecurity is a key risk for the financial services industry and CloudSEK has played an important role in mitigating some of the risks we experience in the fast-changing digital world. Through this association, we have been successful in unearthing potential points of compromise in our security posture and they have worked with us to address these concerns. Their threat intelligence has been very useful to us. We wish Rahul and CloudSEK the very best in their future endeavors.”

"It has been a great experience working with the team at CloudSEK, their focus on building a Machine Learning driven Digital Risk Management platform is commendable,” said Sameer Ratolikar, EVP & CISO of the largest stable Indian Private Sector Bank, while speaking about the relationship with CloudSEK.

CloudSEK has been helping organizations by providing them timely, specific and actionable intelligence, thereby preventing digital security infractions. The start-up promises to build a risk-free cyber security ecosystem in Asia. The exclusive gamut of cyber security tools offered by CloudSEK is all set to make India ready for what is being assumed to be the next phase of the digital revolution.

Exfinity Venture Partners is an early-stage frontier technology fund backing enterprise companies (B2B) in India and across the India-US business corridor. With established connections and ecosystem across India and USA, Exfinity focuses on pioneering startups that are ready to scale across the global stage.

About StartupXseed, it is a Seed-stage VC firm founded in 2015 by bureaucrat-turned-VC investor Mr. B.V. Naidu. It is backed by former Infosys board members Mr. V Balakrishnan and Mr. TV Mohandas Pai, along with Mr. Ramakrishnan (Ex CDO and M&A head – HCL), Mr. Siddhartha Mookerji (Founder – Software Paradigm International) and Mr. Ravi Thakur (Entrepreneur). It invests from Aaruha Technology Fund, whose focus is Deep Technology Start-ups creating products for B2B Businesses.

Health Tech Startup Niramai Raises $7 Mn from Pi Ventures, Axilor, Binny Bansal & Others

Bangalore-based NIRAMAI Health Analytix, a deep tech powered health technology startup, has raised about US$6-7 million (~ ₹50 crore) in a fresh round of funding from its existing investors Pi Ventures, Axilor, Ankur Capital and Flipkart co-founder Binny Bansal, reported Economic Times.

The startup, which was part of AXilors summer'17 accelerator batch, had last raised $50,000 in November of last year when it was selected by Google for its Launchpad accelerator programme, a Google's flagship 6-month programme that includes an intensive two-week boot camp in San Francisco. Prior to this, the startup had raised an undisclosed amount in seed funding from Pi Ventures, Binny Bansal, Axilor Ventures, Ankur Capital, and 500 Startups, in in April 2017.

The startup has raised a total of $6.1M in funding over 3 rounds including this one. NIRAMAI has reportedly saw revenues of Rs 43 lakh in FY17-18.

Founded in 2016 by Geetha Manjunath and Nidhi Mathur, NIRAMAI has developed a novel breast cancer screening solution that uses a new cancer screening software powered by machine intelligence called 'Thermalytix' over traditional thermography images, which can detect cancer at a much earlier stage than traditional diagnostic methods and can therefore improve survival rates.

NIRAMAI's portable technology, which is low cost and affordable for mass screening of rural population, has screened more than 3,000 women and had earlier shared plans of looking to expand across the country through healthcare partners, as well as in a couple of Asian markets by 2019. The company at present has deployments in diagnostic centres/hospitals across three states -- Karnataka, Tamil Nadu and Telangana.

In India, NIRAMAI competes with Healthi, Qure.AI, and Predible Health, which too have envisaged AI for their solution. Globally, the company competes with Volpara Solutions, Enlitic, Inc., and SemanticMD.

pi Ventures, India’s first applied AI and IoT focused early stage venture fund, has recently got US$6 million from CDC Group plc, a UK Government's development finance institution. It was founded by Manish Singhal (Co-founder & Ex-CEO, LetsVenture and prominent angel investor) and Umakant Soni (Ex Director India, Science Inc & Co-founder AI BOT company).

Sachin Bansal to Start a Holding Company for Investing in AgriTech and Fintech Ventures

Poster boy of Indian entrepreneurs, Sachin Bansal, post exiting Flipkart, which he co-founded back in 2007, is all set to start his second innings as an investor, mentor for startups and entrepreneurs and for same he has reportedly establishing a holding company through which he will run his new businesses and make investments as well.

A holding company is a company that owns other companies' outstanding stock and it usually does not produce goods or services itself instead its purpose is to own shares of other companies to form a corporate group. In few of advantages of a holding company are -- to consolidate its compliance and financial risks, minimize its tax, and facilitate opportunities for growth.

According to a report by Madhav Chanchani, Economic Times, Sachin Bansal has roped in investment banke, as a partner and founding employee of the proposed holding firm.

Bansal, who exited Flipkart in May following Walmart’s acquisition of a majority stake in it, will directly operate his new businesses as well as invest for large minority and majority stakes in the agri-tech and fintech segments, these people said.

Although the exact time as when will they both launch this proposed holding firm is not clear yet however the focus of the company will agri-tech and fintech segments as these are two of the most emerging technology segmemts in India. Bansal is expected to deploy a large chunk of his capital in these two sectors.

Agarwal was until recently was a director at Bank of America, where he worked on interest rate trading. Prior to that, he was employed with Deutsche Bank.

Sachin Bansal, who sold his 5.5% stake in Flipkart for about $1 billion when Walmart acquired a 77% stake in the e-commerce firm, is expected to have pocket $750-760 million from the stake sale after deducting taxes.

Since then, Bansal has been busy evaluating investments in India’s internet ventures and a number of reports and speculations are going around including his plan start venture capital fund of up to $1 billion for investing in startups as well as considering launching an artificial intelligence (AI) startup.

Before Flipkart got acquired by Walmart, both the co-founders Sachin Bansal and Binny Bansal, had quietly incorporated a new company called 'Sabin Advisors' in January this year. The company, which still exist, was reportedly for new businesses and was expected to include venture capital funding and insurance. But eventually Walmart came in to the scene and overtook everything and the Sabin Advisor plan didn't took off as expected.

Now in a dramatic and unpredictable sequence, Sachin Bansal has parted his ways with Binny Bansal professionally and is said to have partnered with Ankit Agarwal, who like Binny is too his colleague in his alma mater IIT-Delhi.

Last month it was also reported that Sachin may invest $100 million in homegrown cab hailing firm Ola in what would be called as biggest investment in personal capacity. Ola's founder Bhavish Aggarwal is said to be very close to Bansal and they both enjoys a good rapport with each other.

Earlier this month, it was also reported that Bansal is in talks to invest about $30 million in electric bike maker Ather Energy, in which he is a board member.

Notably, Bansal is already an investor in a fintech startup Sigtuple along with Flipkart cofounder Binny Bansal, who resigned fro Flipkart this month.

[Top Image - TimesNowNews.com]

Bangalore-based Social Enterprise Pollinate Energy Gets Backing from Australian University

University of Technology Sydney (UTS) and its pathway college, UTS Insearch, are supporting Bangalore-headquartered social enterprise, Pollinate Energy in its goal to directly impact 1 million lives in urban slums and underserved villages by 2020.

Back in December 2015, IndianWeb2.com did a feature story on Pollinate Energy and since then a lot has happened at the Australian-Indian startup, co-founded by a group of young Australians. This year Pollinate Energy merged with US founded Empower Generation, to bring more life-changing essential products to thousands of families living in poverty in India’s city slums and Nepal’s remote villages.

The startup has until now successfully recruited, trained and empowered more than 500 women as entrepreneurs and door to door salespeople (Pollinators) in India and Nepal, providing them business skills and self-confidence to build teams to deliver high-quality products to benefit nearly 500,000 people.

In India, Pollinate Energy have ‘Hive Managers’, who lead local sales teams of Pollinators to sell basic amenities such as quality solar lanterns, improved cookstoves, solar fans, water filters, at affordable prices within their communities.

As a part of its growth strategy, Pollinate Energy is set to launch its own training programs and materials to help Hive Managers excel in their new management roles, taking charge of 5-15 Pollinator team members. Through intensive training, the teams will be able to expand their reach to 4,000 families by year 2020. UTS Insearch is the leading education partner for this new training program, supporting more than 50% of the funding required over the next two years.

Alexie Seller, CEO and one of the co-founders of Pollinate Energy said, “Our Hive Training Program is one big step towards our goal to empower 1,000 women by 2020, and we are thrilled to have UTS Insearch as one of our key supporters. We are focusing on improving the skills of our current managers who will become future leaders of growth for the company. Partnering with a professional education institution helps us quickly and effectively develop the training and curriculum needed to meet our goal."

Pollinate Energy provides a unique opportunity for women with low incomes to increase their income, increase mobility and learn valuable business skills that can be developed into positions of leadership. The Pollinators earn at least three times what they are otherwise able to earn in unskilled jobs - this financial success increases their influence and status in their household and community, enabling them to realize opportunities like getting elected to public office, leveraging their skills for other ventures and becoming positive role models for their children.

[caption id="attachment_127447" align="aligncenter" width="800"]Pollinate Energy Women Pollinator introducing life improving products in communities Pollinate Energy Women Pollinator introducing life improving products in communities[/caption]

Commenting on the support, Belinda Howell, Chief Market Development Officer, UTS Insearch said, “We have always encouraged deep partnerships between India and Australia with the goals of sustainable growth towards a better future. The idea of using renewable energy and social entrepreneurship to create better living conditions for urban slums dwellers is incredible. UTS students have also participated in various Pollinate Fellowships Programs in the past, and we have supported the Fellowship program for four years. The new financial support for the Hive training program is a further commitment towards this cause.” To kickstart the training program this week, Ms Howell is in Bangalore to meet and encourage many of the current managers and team members operating in the city.


In addition to the Hive Program, student interns regularly visit from Sydney as part of the Beyond UTS International Leadership Development (UTS BUILD) program to assist Pollinate with capacity development. UTS Insearch has been a key supporter of the Pollinate Fellowships Programs for four years.

UTS students and lecturers will also be working with Pollinate on two research projects in Bangalore in 2019, investigating factors that are motivating women to migrate from rural to city areas and how they are empowered through programs such as Pollinate.

“Support from UTS and our Fellows is a tremendous boost to our capacity to develop the organisation and work with our key communities - we can achieve more in a month with these additional resources than we could in a year on our own,” said Ms Seller.

Infineon and NSRCEL, IIM-Bangalore Tie Up to Nurture Startups in Artificial Intelligence

India unit of German semiconductor manufacturer Infineon and NSRCEL, the startup incubator and entrepreneurship centre at Indian Institute of Management Bangalore (IIM-Bangalore), have signed a memorandum of understanding (MoU) to strengthen Artificial Intelligence and Software Development ecosystem in India by mentoring and nurturing the early and growth stage startups.

Under the collaboration, Infineon will share problem statements and NSRCEL at IIMB will introduce Infineon to the developer community of NSRCEL to foster joint innovation projects in Artificial Intelligence and Software Development. The partnership enables Infineon to offer dedicated training, lab facilities and support strategically relevant startups from NSRCEL with product samples and development kits. Furthermore, Infineon has agreed to provide its technical subject matter experts, as mentors. The partnership also includes introduction of the startups to Infineon’s customers to explore collaboration or business potential and Infineon’s participation in NSRCEL events as a speaker or panelist.

[caption id="attachment_127441" align="alignleft" width="605"]NSRCCEL IIM Bangalore and Infineon Mr. Rajiv Sawhney, COO - NSRCEL, IIM Bengaluru, Mr. Vinay Shenoy, Managing Director, Infineon Technologies (India)[/caption]

Professor G Raghuram, Director, IIM Bangalore, said: “IIMB is very happy to partner with Infineon, a leading technology company from Germany, in supporting startups. This partnership will be operationalized through NSRCEL, the innovation and entrepreneurial hub of IIMB, and with support from NITI Aayog’s Atal Innovation Mission. NSRCEL will now be able to offer incubation to startups in deep dive technology in a meaningful way.”

“Artificial Intelligence unleashes enormous innovation potential in our industry and offers great business opportunities,” said Dr. Reinhard Ploss, CEO of Infineon Technologies AG. “We see increasing demand for our energy-efficient power and IT-security solutions, which are a prerequisite for developing A.I. In addition, A.I. opens up a vast array of possible applications for the Internet of Things and Smart Mobility.” Reinhard Ploss added: “We want to accelerate the way we learn about A.I. and identify use cases early on. By working together with NSRCEL and IIM Bangalore, we aim to join forces with India’s innovative entrepreneurs and startups in this field.”

NSRCEL, the center for innovation and entrepreneurship at IIMB, is supported, among others, by the Atal Innovation Mission (AIM) of NITI Aayog. Infineon had signed a Statement of Intent with NITI Aayog earlier this year to support the Atal Innovation Mission. NSRCEL also supports academic research to promote a better understanding of the entrepreneurial context and entrepreneurial strategies in the Indian context.

It may also be recalled that earlier this month, and another private firm, Mphasis, has too partnered with NSRCEL at IIM-Bangalore, as part of its Social Venture Incubation Program, to support ‘early-stage social ventures by incubating and supporting 'for profit' social ventures and comprises start-ups that have been in operation for one to three years

Headquartered in Neubiberg, Germany, Infineon Technologies AG is a leading semiconductor solutions firm that make life easier, safer and greener. Microelectronics from Infineon is the key to a better future. In the 2018 fiscal year (ending 30 September), the Company reported sales of €7.6 billion with about 40.100 employees worldwide. Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the over-the-counter market OTCQX International Premier (ticker symbol: IFNNY).

~ Business Wire India

Automated Marketing Platform Verloop Raises $3 Mn from from IDFC Parampara, Kris Gopalakrishnan and Ranjan Pai

Philadelphia and Bangalore-based Verloop, a customer support and engagement automation platform, has announced the closing of a $3 million in Series A round of funding led by IDFC Parampara Fund, an early stage startup fund jointly established by IDFC group and venture capital firm Parampara Capital.

The round also saw the participation from Kris Gopalakrishnan - Infosys Co-founder and Dr Ranjan Pai - Chairman of the Manipal Education and Medical Group (MEMG).

Earlier in November 2016, Verloop had raised undisclosed amount in seed funding from Growth Story, Anand Chandrasekaran, Mohandas Pai and Suresh Vaswani - President of Dell Services, and Kris Gopalakrishnan.

The startup will use the capital raised in enhancing its customer engagement platform as the startup expands its team and scales operations to address the global market for automated customer services and marketing that MetricNet estimates is valued at US$19 billion annually.

Founded in 2016 by Gaurav Singh, Verloop claims to be the world's smartest conversational marketing and sales platform, which is powered by its own machine learning algorithms developed in-house especially the algorithms in NLP, NLU and pattern matching has. The platfor has Verloop bot and allows to automate FAQs, build automated flows, capture leads and schedule meetings 24x7.

“Our conversational automation platform already works with more than 5000 clients across eCommerce, Healthcare, Education, Entertainment & Lifestyle sectors across 37 countries," said Gaurav Singh, the 28-year old Founder & CEO of Verloop.

"This investment is a striking endorsement from some of the savviest and most well-known names in start-up and tech ecosystem and comes at a time when we are continuing to hire top talent and build further traction for the business", he said.

Prior to starting Verloop, Gaurav had earlier founded GoDeliver, an on-demand delivery startup, acquired by its larger competitor MagicTiger in July 2015. Prior to this, he has worked at Vizury, a growth marketing platform, now re-branded as Lemnisk.

Jatin Desai, General Partner at IDFC-Parampara, "People are seeking out a conversational experience with brands and Verloop helps organizations do this at scale. Over the last several months we’ve undertaken an intricate assessment of the Verloop platform, its architecture and the product roadmap. We were very impressed at the way the team has built Verloop and are delighted to partner with Gaurav and his team. The use-cases they’ve built are very interesting and there is great potential for the product to verticalize and mine the potential for automated customer engagement across industries, across countries and across languages."

“There have been a few notable success stories of Saas-based ventures from India and we believe Verloop certainly has the credentials to emerge a leader in the Conversational AI market that is currently led by players such as Drift and Intercom, globally,” he added.

Kris Gopalakrishnan, Co-Founder, Infosys, said, "We are seeing a massive behavioural shift with people demanding personalized and conversational brand experiences. Large, growing organizations and celebrity brands will be hard pressed to meet this requirement profitably and at-scale as interactions run into multiple millions. This is where ML (machine learning) technology coupled with human ingenuity comes in and can help harvest the potential in these interactions. Verloop has built an easily scalable model to target a huge addressable market.”

More than 120 million unique conversations have been processed since Verloop launched operations in late 2016. Verloop use-cases span Marketing & Sales (Lead Gen qualification, conversational campaigns, upsell and cross-sell etc), Customer Support (automated helpdesk, personalized onboarding of customers etc) and Celebrity Brand Management (persona management, engaging with fans, pre- and post- launch etc).

Clients who have leveraged the Verloop platform include Nykaa, Qtrove, Pipa Bella, Portea, Apollo Munich Health Insurance, and Aadhaar Bridge. The Verloop platform has also been used by some of the biggest stars in Indian entertainment including Rajinikanth for his movie Kaala. Several other mainstream and niche celebrities, publication houses and entertainment magazines are utilising conversational automation to connect with fans and readers.

Verloop.io is a language-agnostic platform that already supports 7 Indian languages including Hindi, English, Tamil, Telugu, Kannada, Marathi, Bengali and Hinglish. In addition, the company has developed a new messaging protocol and a patent-pending technology for bot to human hand-off of conversations when it detects that the conversation can be better served by a human chat rep.

Verloop was part of the Y Combinator Startup School 2017 and has made numerous machine learning contributions to MIT Machine Learning libraries, Facebook ML libraries and other open source ML libraries. The Verloop team also delivered a presentation on mixed language (Hinglish) detection and understanding at a Bertelsmann conference in Hamburg.

IDFC-Parampara is Rs 100 crore corpus fund that was launched last year by IDFC Alternatives, the private equity arm of IDFC group, and venture capital firm Parampara Capital. The fund has so far made 4 investments including Verloop. The three other investsee startups are -- Play Shifu (November 2017), Chakr Innovation (April 2018) and Entropik Technology (July 2018)

Ex-Infosys CFO & Director V. Balakrishnan Joins Association of NBFC P2P Platforms as Patron Member

Within a month after the formation of NBFC-P2P industry body, Association of NBFC P2P Platforms, the association today announced the joining of finance industry veteran & Former Infosys Chief Financial Officer V Balakrishnan as Patron Member.

P2P lending industry players have formed association to represent the Indian NBFC-P2P industry at various national as well as at international forums. The P2P operators participating in the operations are OML P2P, Monexo, PaisaDukan, Finzy, Cashkumar, Liquiloans, Micrograam, Lendsmartp2p, Peerlend and Indiamoneymart. The association aims to establish formal lines of communication between various government and regulatory authorities on matter of compliance and to create awareness about the industry and to work towards enhancement of public trust in this sector.

Mr. Balakrishnan doesn’t need any introduction in the finance industry, he has held leadership positions in Finance and is an expert in Corporate Finance, International Taxation, Risk Management and Mergers & Acquisitions. He is also a recipient of the "Best CFO" award from CNBC India and Finance Asia. He has been the Director and CFO of Infosys and CEO of Infosys BPO. Currently Balakrishnan is Founder & Chairman of Exfinity Ventures Partners LLP, based out of Bangalore.

Speaking on the occasion Mr. V.Balakrishnan said, “India is poised to be a USD 4-trillion economy by 2022, of which USD 1-trillion would be digital economy. Needless to say P2P lending will play a key role in digital economy of India and in financial inclusion. P2P lending industry is poised to be a $4 to $5 billion Industry by 2023. The association will allow the P2P Lending community to become more closely aligned with the traditional & various financial services sector and will give confidence to the firms operating in this sector that we are committed to working collaboratively on regulatory and other matters of interest."

Speaking on the development Mr. Pramod Akhramka, President of Association of NBFC-P2P Platforms and Founder & MD of OML P2P said “Mr. Balakrishnan is renowned for his financial and business acumen. Guidance from him will be a significant development that will bolster the leadership team of the association and will help the association in getting recognition at various international forums as well as getting some strategic partnerships and collaborations with other stakeholders in the banking and finance industry."

“Currently P2P lending industry is at a nascent stage, our objective is to establish NBFC-P2P industry in the country and make it more credible while having a cohesive work force for this new born industry. Addition of Mr. Balakrishnan to our association will help in bringing more credibility to the segment that is growing at a faster pace at present,” said Mr. Rajiv Ranjan, Founder & CMD PaisaDukan and Secretary of the association.

“As an association we want to ensure that we create an effective and collaborative forum for the discussion of key issues. It’s also incumbent on us that we provide efficient gateways to policy and decision makers so that practical and effective solutions are arrived at. Similarly, we want to build the knowledge base across the entire sector, from experts to beginners, which is why educational outreach will be a key objective for the association. however, by promoting it as an innovative product for alternative finance, peer-to-peer industry will help financial inclusion in coming years.” said Mr. Mukesh Bubna, Founder & CEO Monexo and Treasurer of the association.

The association aims to associate with honorary members from various domains to strengthen its authority in the Indian Financial Ecosystem.

NBFC P2P Platforms Association, has been registered under The Society Registration Act, 1860. Mr. Pramod Akhramka has been elected as President, Mr. Rajiv Ranjan as Secretary and Mr. Mukesh Bubna as Treasurer of the association.

Association’s aim is to create awareness on peer-to-peer (P2P) lending and to promote merits among individuals and institutional customers. It also aims to bring credibility for this industry and to form P2P industry standards for more transparency within the industry.

Outstation Cabs Firm Gozo Cabs Launches Ride Sharing Service at ₹1/ Seat

Gozo Cabs, the leading provider for outstation taxi travel across 1000+ cities in India has introduced its ride-sharing service - Gozo Share, using which travellers can share taxi rides with others while travelling from one city to another. Gozo Share is the first-of-its-kind ride-sharing service.

A best of the breed outstation travel service provider, Gozo Cabs has aggregated over 25,000 cabs on its tech platform and has already served rides in over 1000 towns and cities across India. It has enlisted verified and commercially registered vehicles and drivers on the platform who meet stringent protocols in order to offer a standardized, safe and reliable experience to outstation travelers. Unlike traditional peer-to-peer ride-sharing services and intra-city cab service providers, Gozo Cabs’ focus on outstation travel, ensures that their fleet of drivers are skilled at highway driving, familiar with routes and have the mindset aligned with traveling outstation on an ongoing basis.

Gozo Cabs has launched Gozo Share with an inaugural price of INR 1 per seat, for a limited time. This inaugural offer is being rolled out to promote environmentally safe transport on the most popular routes first – Mumbai to Pune, Delhi – Agra, Bangalore – Mysore and Delhi-Jaipur. Gozo Share will be available in all major towns across India by the end of this year.

Users availing Gozo Share can book their shared cab via the Gozo app, website or by phone. Gozo’s platform matches passengers travelling from point A to point B while enabling them to share the costs of the trip. Riders can pay via cash, digital wallets like PayTM, Mobikwik, debit/credit cards and pay-later platforms like LazyPay and ePayLater.

Gozo Cabs offers travellers a bevy of cars across segments such as hatchbacks, sedans, SUV and Luxury. For Gozo Share, 3 to 4 passengers typically share a Sedan for their journey. All Gozo Cabs are AC cabs and come with the latest safety features, clean interiors, music system and luggage space, etc.

For drivers on the platform, the app enables them to effectively monetize the rides by ensuring high occupancy across all routes. Using advanced data science and predictive analytics, the app also nudges drivers to move from low demand to high demand areas.

“Being the market leader in outstation travel, our cab sharing service - Gozo Share is a natural progression to our offerings as we seek to connect the country with outstation travel. It serves the needs both of users, driver partners on our platform and the travel industry at large. It provides tremendous convenience and affordability for users who travel outstation often without having to sacrifice comfort, at a price point that is often cheaper than a bus ticket. For the drivers it allows them to monetize their cab efficiently, besides this being an environmentally responsible way to commute. With the government’s thrust on improving the road network, Gozo Cabs intends to be a key player in providing a framework that makes intercity travel and tourism seamless and simple,” said Deepesh Arora & Sanjay Kumar, Co-founders, Gozo Cabs.

“The transportation sector in India emits an estimated 261 tonnes of CO2, of which 94.5% is contributed by road transport. The Great Smog in Delhi last year was classified as a major health emergency. This is an alarm for India to wake up and smell the pollution. While outstation cab ride has traditionally been quite expensive, with Gozo SHARE we’re making it accessible to the common man. If we can transport 2-3X more people from one city to another by using the same number of cars running on the roads today then we can also make a significant impact on the air pollution, traffic levels and contribute to the travel footfall economies of those 2 cities.” added Deepesh.

The Inter-city taxi segment is estimated to be a USD 12 Billion market in India, according to the Indian Angel Network (IAN). With changing transportation dynamics, a declining trend in car ownership and an increasing convenience seeking customer, cabs are becoming the preferred choice of travel for outstation riders.

About Gozo Cabs

Founded in November 2015 by Deepesh Arora and Sanjay Kumar, Gozo Cabs is India's leading provider of taxis for outstation taxi travel, with which consumers can book intercity/outstation cabs for one-way, round-trips, pre-planned packaged tours or even rail or airport transfers. Using a proprietary technology platform to aggregate taxis, Gozo is reinventing mobility beyond city limits, by matching travelers with cab drivers nationwide.

Gozo’s technology is tailor-made for India and the travel needs of Indians, to capture and adapt to the mechanics of outstation travel - including varied pricing structures, tariffs, and tolls across the country. A deep understanding of these is translated into a simplified and transparent pricing model that works for taxi operators and customers. Gozo has brought pricing transparency into the outstation taxi market, enabled 24x7 nationwide service while making outstation travel in India simpler and more accessible to all involved. The platform leverages technology to maximize the utilization of cabs and enables customers to take one-way journeys and save 10-50% over having to pay for a round-trip elsewhere. Extensive use of technology has created a win-win for both traveler and taxi operators.

Based on the ethos of transforming outstation travel, Gozo is committed to delivering consistent quality & experience aligned with fair pricing. To achieve this, Gozo Cabs trips are provided by pre-screened drivers, commercially licensed vehicles and are measured for customer satisfaction. Over 30% of business comes from repeat customers, underpinned by Gozo’s top-notch service quality.

Prior to Gozo, there has been no centralized reservation system for booking outstation cabs anywhere in India, and that meant having to hassle with not-so-transparent prices, service reliability, availability and accountability. Gozo’s platform serves OTAs, travel agents, event organizers, hotels and corporates as a central reservation system for outstation cabs, backed by our 24x7 support, attractive fares and focus on a carefully selected, expansive travel operator network. Gozo’s mission is to gain customer trust and loyalty by delivering seamless reach, quality services, reasonable prices and relentless support to our customers and enable our taxi operator partners to maximize the utilization of their cabs.

Online Rent Management Platform Paymatrix Raises $100K from SucSeed Venture

Hyderabad-based online rent management platform, Paymatrix has raised $1,00,000 (~ ₹70.5 lakhs) as part of its Pre-Series A round targetted at $1 million, from SucSeed Venture Partners, a Hyderabad-based investment firm. Its existing investors include Xseed Venture Partners, Indian Institute of Information Technology (IIIT), Hyderabad seed fund and IIIT-H Foundation.

The startup had earlier raised an undisclosed amount from IIIT-Hyderabad Seed fund, in December 2017, and has been a part of India's largest startup accelerator T-Hub and had also made to PayPal India’s accelerator program in 2017.

Founded in April 2016 by Mukesh Chandra Anchuri and Muralidhar Naik Guguloth, Paymatrix is an analytics-driven interface which streamlines the property rent management process for tenants, landlords and property managers. Additionally, the platform also facilitate digital rent documentation, tenant screening services and Renter's insurance all of which enable hassle-free renting or leasing.

Since its inception the startup has evolved by combining all its offerings into one SaaS-based product, which is an end-to-end rent management platform that helps tenants and landlords with compliance, risk management and financial management. The platform also helps property managers unique insights on improving their rental-yields and RoI.

The platform manages the entire lifecycle of the tenant-landlord relationship. Under compliance management, it handles tenant profiling and benchmarking and creates digital rent agreements. Under financial management, it lets tenants make rent deposit payment on credit card, offers EMI-free loan for rent deposit and offers features such as rent in advance and rent discounting. Under risk management, it offers renters insurance, landlords’ insurance, rental management for PGs/hostels and property managers.

Apart from tenants and landlords, Paymatrix clients include property managers, co-living spaces, PGs, hostels, etc, which get the company's offering on a subscription basis and in return the startup gets the tenants as a package.

With presence in over 18 Tier-1 and Tier-2 cities in India, Paymatrix claims to have over 13,000 registered tenants and landlords, and over ₹ 22 crore of rental transaction turnover.

Paymatrix, which is an incubatee company of Axis Bank’s Thought Factory, is targeting an annual revenue run rate of $1 million by 2020, which it hopes to achieve by growing 7X and reaching out to 100,000 customers.

The co-founders of the startup are alumni of Birla Institute of Technology (BIT). Anchuri (Founder and CEO, Paymatrix) is a chemical engineer from BIT and an MBA from SPJAIN and has more than 4.5 years of experience working with Indian Oil and Infiniti Research in the realms of Sales, Business Development and Consulting. Guguloth (Co-founder and CTO, Paymatrix) which currently handles product design and development, has earlier worked as a lead developer with IBM and IGATE for more than 5 years, before venturing with Paymatrix.

About SucSEED Venture Partners, it is one of the fastest growing Angel Network, with a combination of Corporate
Professionals, Technology Angels, Business Leaders and Serial Entreprenuers, who have come together to fuel the growth of Indian Startup System at early stage, with provision of growth capital, organizing access to market and
Business mentoring. SucSEED’s Investment is primarily targeted at Growth stage in post revenue tech startups involved in use cases which are impactful to society using emerging technologies. SucSEED network comprises of
professionals and entrepreneurs who extensively mentor the investee startups and investors who are senior industry leaders with extensive domain

SucSEED has so far made three investments including one in September this year where it has contributed in the funding round of SRJNA, a Jaipur based startup helping schools to integrate hands on, affordable and turnkey STEM solutions in their regular curriculum by setting up and facilitating Innovation and Tinkering Labs.

Source - The News Minute

GOQii Raises $30 Mn from Japan's Mitsui At Valuation of $100-125 Mn

After two years of long wait, wearable startup Goqii Inc has raised over $30 million (about Rs 212 crore) in Series B round of funding round led by Japan's Mitsui & Co. Crypto investment firm Galaxy Digital and Denlow Investment Trust also contributed to the funding round.

GOQii's existing investors DSG Consumer Partners, NEA, Edelweiss Financial Services and Cheetah Mobile also participated in the funding round. Paytm founder Vijay Shekhar Sharma and Tata Group chairman emeritus Ratan Tata, both early backers of the company, also contributed.

Bollywood veteran actress Madhuri Dixit and her husband Shriram Nene, and Neeraj Arora of WhatsApp are also among GOQii's early backers.

Based out of California and Mumbai, GOQii will now foray into overseas markets over the next 12-18 months. The company currently operates in India market, is looking to enter Japan, Asia’s second-largest economy, and by working closely with Mitsui & Co. it s expected to establish its footprints in Japan by next year

With this fresh investment, GOQii now estimated to be valued at $100-125 million, and has raised a total of $44 million in funding over seven rounds including this one.

Founded by Vishal Gondal, the former CEO & Founder of Indiagames, GOQii is headquartered in California, US with offices in Mumbai, India and Shenzhen, China. GOQii became commercially available in India in August 2014 and plans to expand its services to the Middle East, the United States, and Singapore.

Goqii is Gondal’s second startup. He had earlier founded online and mobile gaming company IndiaGames, which he sold to Walt Disney in 2011, in a deal valued at $80-100 million.

“Japan is a very mature market, along with being one of the largest insurance markets in the world… As part of the deal, we will be working with Mitsui to launch a local chain in Japan,” said Vishal Gondal, founder & CEO of GOQii.

“There will be multiple synergies with the Mitsui Group, within and outside India… We will be working with the different companies in Mitsui Group’s portfolio across India, Japan and Malaysia down the line,” Gondal told Economic Times.

In 2016, GOQii was at top spot in the wearable segment for the second quarter of CY 2016 with 16.1% market share, beating China's Xiaomi, a report by International Data Corporation (IDC) had said.

According to IDC India's 2018 report, Indian wearables market witnessed growth of 66% year over year and 40% sequentially in the second quarter of 2018.

Basic wearables account for over 85% of the total number of shipments in India. Fitbit has close to a 60% market share of the health and fitness trackers in India and more than 80% of the market for devices priced above $100. In the affordable segment, GOQii is the overall leader in the Indian wearable market followed by China's Xiaomi, which has Mui Band for India market.

Source - Economic Times

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