Mufin Green, An NBFC for EV Loans, Raises $1 Mn in Funding from Shell Foundation

New Delhi based Mufin Green Finance Limited, formerly APM Finvest Ltd., has raised INR 80,000,000 (approximately USD 1 million) from Shell Foundation, a UK registered charity, reported Economic Times.

Mufin Green Finance is an NBFC catering to Electric Vehicle Loans for income generation purpose. 

The funds raised will be used to create a $2 million joint de-risking pool, known as First Loan Default Guarantee (FLDG). The infusion of funds is expected to unlock commercial capital for financing 2-wheeler and 3- wheeler EVs for low-income transporters in India on a large scale, with the help of larger financial institutions such as IREDA and SBI, paving the way for wider adoption of clean mobility solutions.

The ET report said that the funding is expected to allow Mufin to finance approximately 42,000 EVs, providing more than 210 million rides to low-income groups, and reducing around 0.37 million tons of CO2 over a five-year period.

Founded in 2016, Mufin Green Finance is India's first listed NBFC with a 100% focus on EV financing. With a capital base of 150 Cr and a disbursement history of 250Cr and EV vehicles, Mufin has financed EV assets worth more than 300Cr over the last couple of years. The EV financing company claims to hold a 7-8% market share of Erickshaw financing in our operating territory, spread across 14 states.

A subsidiary of Hindon Mercantile Limited, Mufin Green Finance is backed by Incofin India Progress Fund, a Belgium-based impact investor, as equity partners. Mufin Green's debt partners include State Bank of India, IREDA (India's most trusted financial institution for renewable energy), and Symbiotic, a global impact fund, that has started a partnership in the form of green bonds with Mufin Green.

Earlier this month, industry body CII, in a report titled "Roadmap for Future Mobility 2030", said that — Financing for electric vehicles in India remains a challenge and therefore it is necessary to offer options that can help adjust costs and electric vehicles (EVs) to bring equal to the cost of vehicles with internal combustion engines (ICE).

Waste To Wealth: 1200+ BioGas Plants Across 450 Indian Districts Registered on GOBARdhan Portal within Just 60 Days

CBG Plant, Ms Goverdhannathji Energies LLP, Kheda, Gujarat

The GOBARdhan initiative of the Union Government, which aims to transform “Waste to Wealth” using a “Whole of Government” approach, has started stimulating investments and reaping good results by creating a nurturing ecosystem for Compressed Biogas (CBG)/Biogas through a slew of policy enablers and attractive benefits.

Galvanizing Organic Bio-Agro Resources Dhan (GOBARdhan) is an umbrella initiative of Govt. of India based on the whole of Government approach. It covers the entire gamut of schemes/programmes/policies promoting the conversion of organic waste like cattle dung/ agri-residue etc. to biogas/ CBG/ Bio CNG.

The Unified Registration Portal for GOBARdhan was launched by the Union Minister for Jal Shakti, Mr Gajendra Singh Shekhawat on 1st June 2023, is witnessing laudable enthusiasm from States/UTs and CBG/Biogas operators/ investors.

In a short span of just 60 days, over 1200 plants including 320 CBG plants and 892 Biogas plants, spread across the length and breadth of the country, covering as many as 450 districts have been registered on the portal.

CBG Plant, Mahindra Waste to Energy Solutions Ltd, Tirupati, Andhra Pradesh

Among these, 52 Commissioned CBG plants registered on the portal have the capacity to process more than 6600 Tonne Per Day (TPD) of organic/agri residue to produce more than 300 TPD of CBG and more than 2000 TPD of Fermented Organic Manure (FOM).

The GOBARdhan portal streamlines the process of registration of functional, under construction or yet-to-start Biogas/Compressed Biogas (CBG) plants across the country.

The registrations are projected to rise further considering the renewed commitment and emphasis of the Government of India in creating a nurturing CBG/ Biogas ecosystem through a slew of enablers such as framing a scheme for Market Development Assistance (MDA) of Rs. 1500/Ton for promotion of organic fertilizers (co-product of GOBARdhan plants), amendment in Fertilizer Control Order to make marketing of FOM/Liquid FOM easier, exemption of central excise duty to CNG blended with CBG to prevent double taxation, inclusion of CBG in the list of activities for trading of carbon credit under bilateral/ cooperative approaches etc.

The CBG/Biogas operators/investors have welcomed the various initiatives under GOBARDhan. The upcoming policies such as fiscal support for biomass aggregation, pipeline connectivity from the CBG plants to the city gas distribution grid etc. are envisioned to create greater awareness and participation for the stakeholders across the value chain.

GOBARdhan initiative has been undertaken with the objective of scientific management of organic/ biodegradable waste while also providing resource and monetary benefits to rural households. The initiative is a convergence of interest and efforts of Government of India, State Governments, private players and other stakeholders.

Anyone who operates or intending to setup a biogas/ CBG/ Bio CNG plant in India can obtain a registration number by registering in this unified regitration portal. The registration number is required to avail benefits/ support from other Ministries/ Departments.

Who can apply

Any government/ private entity operating or intending to setup a Biogas/ CBG/ Bio CNG plant can apply in this portal.

For Biogas plants, the designed gas production capacity should be greater than or equal to 10 cubic meter per day.

For Step by step guideline for registration, check this YouTube video

 

Tata Power Launches RFID enabled ‘EZ CHARGE' Card To Revolutionize EV Charging Experience

Tata Power, one of India's largest and fastest growing EV charging solutions provider, has unveiled the EZ CHARGE card today, an advanced RFID (Radio-frequency identification) card that promises to redefine the EV charging experience for lakhs of electric vehicle (EV) owners across the country.

The EZ CHARGE card, launched at the Bombay House by Dr. Praveer Sinha, CEO & MD, Tata Power, and Mr. Shailesh Chandra, MD of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility. The card offers unparalleled convenience with its Tap, Charge, and Go functionality. The RFID card features a built-in chip that enables efficient, secure, and seamless initiation of charging sessions and payment for same.

Tata Power- RFID

Based on their pre-set recharge value, users can automatically begin the charging process by simply tapping the EZ CHARGE RFID card on the Tata Power EZ charger. Once the vehicle is charged, EV owners can embark on their journeys with ease and confidence.

Tata Power's extensive EV charging infrastructure, which includes over 40,000 home chargers, 4000+ public and semi-public charging points, and 250 bus-charging points, spans 350 cities with a presence in 550 cities. The company plans to set up 25,000 charging points in the next five years, further supporting the growth of the EV ecosystem in the country.

"As the largest and fastest growing EV Charging player in India, we are delighted to bring another innovative offering to further enhance customer experience. The Tata Power EZ CHARGE card is a new frontier integrating RFID technology with our Charge Point network to offer a quick, simple and easy charging solution to EV owners. We continue to collaborate with Tata Motors to accelerate EV adoption and enable a sustainable mobility for all Indians." said Dr. Praveer Sinha, CEO & MD, Tata Power .

Mr. Shailesh Chandra, MD of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility said “We have been continuously improving the ownership experience for our EV customers through thoughtful interventions and initiatives. To further improve the charging process for our customers, today, we are launching the EZ Charge Card offered by Tata Power. This solution is easy to use, intuitive and also helps overcome infrastructural challenges such as mobile network availability, while ensuring privacy for all users. It significantly simplifies the charging process at public or community chargers, especially for those who would prefer a physical device to an app-based experience and for chauffeur-driven vehicles. Creating accessible charging infrastructure is key to driving faster EV adoption.”

The EZ CHARGE Card offers added benefits, especially for areas with limited mobile network coverage, ensuring EV owners can charge their vehicles and pay without any hindrance. The RFID card can be linked with the EZ Charge account, allowing users to share access without sharing sensitive app information, thus ensuring privacy and security. The card streamlines the charging and payment process, making transactions quicker and more efficient.

To obtain the EZ CHARGE Card, customers can purchase it through the EZ Charge Self Care Portal (https://ezcharge.tatapower.com/evselfcare) for doorstep delivery or visit Tata Motors EV Dealerships (https://nexonev.tatamotors.com/find-dealer/).

Priced affordably, the EZ CHARGE Card is an essential and accessible tool for every EV owner, regardless of their vehicle brand.

To order the EZ CHARGE Card, EV users can follow these simple steps:

1. Click on the link: https://ezcharge.tatapower.com/evselfcare
2. Sign in using your registered mobile number and password
3. Click on the menu and select EZ CHARGE Card

Physics Wallah (PW) Launches PW Institute of Innovation, a Transformative 4-Year Residential Program in AI and Computer Science

Physics Wallah (PW), India's leading ed-tech platform, announces the launch PW Institute of Innovation (PW IOI), a 4-year residential program in computer Science and AI. Aimed at addressing the critical challenges faced by the Indian software industry, it is strategically located in Bangalore, the Silicon Valley of India. Designed to make students future ready by equipping them with industry-relevant skills and bridging the demand and supply gap of professionals, along with the employability gap.

The 4 year fully residential program offers a unique and holistic approach to education. With experienced faculty and industry leaders from top companies as mentors, an industry-oriented curriculum, up to 100% scholarships, and real-world projects, students are equipped for success in their professional journey. Personalized guidance, four comprehensive internships, networking opportunities, global exposure and a state-of-the-art campus further enhance the program's effectiveness.

Sudhanshu Kumar- CEO-PW SKills & Vishwa Mohan - CIO and President- PW IOI

The curriculum has been meticulously designed in a way that is aligned with the technology trends in the evolving market today. Additionally, students have the opportunity to pursue bachelor’s degree in parallel from a premier institute. The degree qualifies individuals to explore opportunities for further education in India or abroad and makes them eligible to appear for competitive examinations.

Vishwa Mohan, CIO at PW & President of PW IOI, said, “it is indeed concerning that despite the exponential growth witnessed in the Indian software industry, the employability rate of Indian engineering graduates has remained relatively low, with only marginal improvement over the years. Additionally, the significant increase in the demand-supply gap for skilled AI and data science professionals further highlights the need for a comprehensive transformation in the learning approach. PW IOI aims to address this issue by empowering professionals with employable and effective skills for the rapidly evolving job market.”

Sudhanshu Kumar, CEO PW Skills, emphasized “by combining real-world experience with an industry-focused curriculum, we aim to cater to the immediate needs of our students while also bridging the gap between demand and supply in future job opportunities. Towards the end of the course, the institute's placement cell will offer assistance in securing job offers, with partnerships established with over 500 hiring partners including Tata IQ, Siemens, Leadsquared, SAP, Oracle, KPMG, Amazon and others. Previously, PW Skills has placed more than 1500+ learners with an average salary of 22 LPA and top salary of 50 LPA.

The first batch of PW IOI is set to commence on 27th September 2023, with orientation on 25th September 2023. Registrations for the new batch are now open at pwioi.com, with the entrance exam scheduled for 19th August 2023.

About PW Skills:

PW Skills, the tech skilling vertical of Physics Wallah (PW), is one of the largest online platform for tech skilling with nearly 1 lakh users. The platform offers courses in Hindi, English, and Hinglish, providing a complete skilling ecosystem in one place. The ecosystem includes PW Virtual Lab, an Experience Portal, a Job portal, and a massive online community. To promote job readiness, the PW Virtual Lab provides necessary hardware through the cloud, enabling learners with basic PCs and internet connections to participate in software development and programming courses without the need for expensive hardware. The Experience Portal allows learners to work on end-to-end projects while adhering to industry best practices. Alongside hands-on training, the Experience Portal facilitates development tracking, and peer-to-peer collaboration, and provides an internship experience letter. PW Skills also offers placement assistance through its exclusive job portal. The platform has established partnerships with over 500 companies, including Tata IQ, Siemens, Leadsquared, SAP, Oracle, KPMG, and Amazon to offer top-notch job opportunities.

https://pwioi.com

Kalaari Capital backed Edtech AlmaBetter Allocates Rs 50 Cr Fund, Launches AlmaBetter Innovarsity

• Has affiliated with Woolf, USA, a global collegiate institution
• Will equip 5,000 learners with a master’s degree by April 2024
• Marks AlmaBetter’s entry into the postgraduate education space with the aim to meet growing demand for tech professionals

Kalaari Capital-backed ed-tech institute AlmaBetter allocates funds of Rs. 50 cr with the launch of AlmaBetter Innovarsity, an innovative autonomous institute that offers niche technical education in Data Science and AI, and Software Development fields.

AlmaBetter Innovarsity has affiliated with Woolf, USA, a global collegiate higher education institution with the same accreditation as other EU universities. The Innovarsity will equip 5,000 learners with a globally recognized master’s degree in Computer Science, by April 2024. The company said a portion of the Rs 50 crore fund will go towards scholarships based on merit, financial aid, and improving students’ overall learning experience.

The curriculum has been designed by the best minds from academia and the industry, keeping in mind the evolving industry needs. On program completion, learners will be credited with 90 ECTS credits, making AlmaBetter’s master's degree in Computer Science equivalent to an MS from any US or EU institution.

AlmaBetter Innovarsity’s postgraduate programs come with a placement assurance with their network of 700+ hiring partners. The institute will offer the master’s degree in CS with an option of four specialisations, including Data Science and Data Analytics, Artificial Intelligence and Machine Learning, Software Engineering, and Cloud Computing. These are 15-month programs that will propel learners toward high-growth careers in the tech domain.

The master’s degree programs are relevant for working professionals who want to switch into a rewarding tech career, as well as for recent graduates who are looking to venture into niche tech roles. The programs will allow learners enrolled with AlmaBetter Innovarsity to explore employment opportunities in India, the US, Europe, Canada and over 60 other countries.

This strategic partnership with Woolf marks AlmaBetter’s entry into the postgraduate education space in India. According to a recent report by Nasscom, in the upcoming financial year alone, the new-age tech industry is predicted to add about 3 lakh employees to its credit, taking the total tally of employees to almost 5.4 million. Addressing this opportunity, Shivam Dutta, Co-founder & CEO, said, ”Since the inception of AlmaBetter in 2020, the company’s mission has been resolute to empower capable and young tech minds across the country with the right skills so that they can build high-growth tech careers and contribute to the country's tech advancements.

“The goal for Woolf has always been to make quality education accessible to learners from across the world. As a part of the Woolf ecosystem, AlmaBetter is aiding tech enthusiasts and learners to become the skilled workforce that today’s tech industry requires”, said Joshua Broggi, Founder and Head of Institution at Woolf. Woolf boasts of an exemplary Academic Advisory Council, which features prominent academics, including Pramath Raj Sinha, Founding Dean of the Indian School of Business and Founder of Ashoka University.

Over the past three years, AlmaBetter has placed over 3,000 learners in niche Data Science and Software Development roles with an impressive placement rate of 92%. Their network of hiring partners include industry giants such as KPMG, HDFC, Myntra, Blenheim Chalcot India, JP Morgan Chase & Co., and many more.

About AlmaBetter

AlmaBetter is one of India’s leading AI-driven tech upskilling institutes to build modern-day technology careers. Incepted in 2020 by 5 IIT-educated founders, the company challenges the traditional way of education by focussing on outcome-based learning powered by AI, called “Competency-based Learning”.

The company is backed by Kalaari Capital and 15+ angel investors, including founders of marquee technology companies that include Vidit Aatrey (CEO, Meesho), Sanjeev Barnwal (CTO, Meesho), Rajesh Yabaji (CEO, Blackbuck), Varun Alagh (CEO, Mamaearth), and Rahul Dalmia (Early backer in Polygon Technology), and is bridging the much needed skill gap between industry needs and the tech workforce. With a record of more than 70% of learners getting an offer even before the completion of their program, AlmaBetter aims to establish itself as a significant contributor to the tech industry by continuously adding skilled tech workforce to the country’s talent pool.

The institute offers programs in niche fields such as Data Science and Software Development, which come with placement assurance for the learners, making the education risk-free. The learners are edified by instructors and mentors hailing from premier institutions and Fortune 500 companies. With industry-approved design of the curriculum, innovative and easy-to-grasp methods involving experiments, gamification, and capstone industry projects, the institute nurtures learners to stay at the top of their game, thereby ensuring optimal learning and career outcomes.

Walmart Buys Tiger Global’s Remaining Stake in Flipkart for $1.4 Bn, Valuing E-Commerce Giant at $35 Bn

US based retail behemoth Walmart has reportedly bought out hedge fund Tiger Global’s remaining investment in homegrown e-commerce giant Flipkart. It has reportedly paid $1.4 billion for the remaining stake under Tiger Global’s bucket.

According to a report by WSJ, Tiger Global, which has cashed most of its Flipkart shares earlier, overall made a gain of $3.5 billion on an investment of $1.2 billion. With this, Tiger Global has now fully exited from Flipkart. 

This transaction valued Flipkart at $35 billion, which is a dip from $38 billion at the time it had sold stakes to SoftBank, Walmart and other investors in 2021.

For Tiger Global, Flipkart is the only Indian startup in which it had invested more than $1 billion. Between 2010 and 2015, the New York based hedge fund had invested nearly $1.2 billion in Flipkart.

Prior to this transaction, Tiger Global held 4% stake in Flipkart. 

In an another separate reporting by Economic Times, venture capital firm Accel also sold its 1% stake in Flipkart to Walmart.

The acquisition of the stakes from Tiger Global and Accel would result Walmart holding about 77% majority stake in Flipkart, up from 72% previously.

Flipkart was valued at $37.6 billion in a funding round in 2021 however the valuation dip by approximately $5 billion after the payments startup, PhonePe, got separated from Flipkart.

Flipkart acquired PhonePe in 2016 and moved the payments firm's entire base to the country from Singapore. In December last year, both the companies announced that Flipkart no longer own any stake in PhonePe.

PhonePe is now valued at $12 billion, as of May this year.

CDAC Partners SoftBank-owned Arm To Support Indian Semiconductor Startups at Every Stage of Prototyping Development

Centre for Development of Advanced Computing (CDAC) on Saturday announced a collaboration with Arm, a SoftBank-owned leading semiconductor IP Company, to broaden the support under the Design Linked Incentive Scheme (DLI) and boost the growth of the semiconductor market in India.

UK based Arm is a chip design company, which was acquired by Japanese conglomerate SoftBank, in September 2016, in a deal worth £23.4bn. At time of acquisition Arm was listed in London and New York. Arm designs the tech behind processors - commonly known as chips - that power devices from smartphones to game consoles. 

As part of Arm's partnership with CDAC, the Arm® Flexible Access for Startups program, which gives $0 license fee access to a broad portfolio of verified Arm IP, tools and training, is now broadening its qualification criteria to welcome applications from startups that qualify under MEITY’s SemiconIndia futureDESIGN DLI scheme.

Arm Flexible Access for Startups allows early-stage startups to move fast, experiment with ease and design with confidence. The program gives startups access to a broad portfolio of extensively verified IP, tools and training, with a $0 license fee to develop system-on-chip (SoC) prototype. This is backed by industry-leading technical support, an extensive ecosystem and a broad developer base for the best chance of success of participating startups in chosen market.

This program for startups provides low-risk, easy access to industry-proven technology, technical support, an extensive ecosystem, and Arm’s broad developer base so silicon startups can move fast, experiment with ease, and design with confidence.

With Arm Flexible Access, startups building products across all markets have the best chance of success with a fast, low-risk journey to building a working prototype, securing the next round of funding, and instilling confidence in potential investors. Arm Flexible Access for Startups also offers technical support and training to rapidly upskill teams, alongside a choice of experienced Arm Approved Design Partners to bring extra capacity and capability along their journey.

Guru Ganesan, President, Arm India, said, "Innovative silicon startups will drive the future of the semiconductor industry as they develop life-changing new technologies in areas from AI to autonomous vehicles and IoT. We are committed to supporting startups, and through the Arm Flexible Access program, we offer the freedom to experiment, innovate and design, so they can become the technology leaders of tomorrow."

E. Magesh, Director General, CDAC, said, "India has a large and growing pool of designers in semiconductor domain and such offerings from semiconductor ecosystem players like Arm will provide a low cost, low risk opportunity to create innovative designs by young entrepreneurs for import substitution and value addition in the electronics sector."

Under this collaboration, CDAC and Arm intend to work towards the following broad objectives:

• Startups selected under DLI will qualify for the Arm Flexible Access for Startups program.
• Arm will provide the startups with access to processor and system IPs, reference designs, GPU, ISP, and AI accelerator IPs, and software development tools.
• Arm will provide access to thousands of Artisan physical IP products supporting multiple foundries and process nodes for physical design and implementation.

The DLI scheme aims to offer financial incentives as well as design infrastructure support across various stages of development and deployment of semiconductor design(s) for Integrated Circuits (ICs), Chipsets, System on Chips (SoCs), Systems & IP Cores and semiconductor linked design(s) over a period of five years.

The DLI Scheme is implemented by C-DAC. Under the DLI Scheme, ChipIN centre has been setup at C-DAC as one stop centre to provide chip design & fabrication services to supported companies.

Five startups/ MSMEs were earlier approved by MeitY for support under the DLI scheme and announced during the 2nd and 3rd DLI Roadshows held earlier this year in Bangalore (February) and Delhi (May). With this announcement, total 7 start-ups under the DLI Scheme will be working on making chip and IP cores for automotive, mobility and computing sectors.

5 Important Features of Flexi Loans You Must Know

People often seek out a flexi loan due to its flexibility, which caters to the financial needs of individuals and businesses. Unlike traditional loans with fixed monthly instalments, a flexi loan allows borrowers to adjust their repayment schedules according to their cash flow and varying financial situations. This feature is valuable during times of economic uncertainty or unexpected expenses.

Borrowers can make extra repayments or withdraw any pre-paid amounts without incurring additional charges, reducing the overall interest burden. Moreover, the ability to pause or reduce payments temporarily, known as a payment holiday, provides added reassurance during periods of financial hardship. This adaptability and freedom to manage repayments according to individual circumstances make flexi loans attractive for those seeking financial stability and control.

A person looking for a flexi loan must know its features. Read on to learn more.

What is a Flexi Loan?

A flexi loan is a personal loan that gives borrowers a predetermined credit limit. Based on your credit profile, the lender offers a pre-approved cash limit as a credit line or overdraft facility. The interest rate for a loan is only charged on the used amount rather than the entire sanctioned amount.

With a flexi loan, you can repay the principal amount at your convenience. However, you are required to clear the interest every month. Moreover, if you have extra funds, you can make prepayments on the loan amount. These loans are available to both salaried and self-employed individuals, who are free to use the funds for various financial needs.

Features of a Flexi Loan

Flexi loans are ideal for individuals seeking a personal loan with a flexible repayment schedule. Here are some key features and advantages of a flexi personal loan:

1. Convenient Fund Access: With a flexi loan, borrowers can withdraw funds within the approved credit limit set by their lender.

2. Adaptable Repayment: Existing flexi loan borrowers can quickly repay the outstanding principal amount when they have surplus funds, according to convenience.

3. Multiple Withdrawals: Borrowers can withdraw within the approved credit limit without additional charges.

4. Reduced Interest Costs: Flexi loans offer an opportunity to save on interest payments. Lenders calculate interest only on the withdrawn amount until it is repaid rather than charging interest on the total sanctioned limit.

5. No Collateral: Compared to the traditional way of getting a loan, getting an online loan is much easier. That being said, there is no need for collateral or security for getting a flexi personal loan.

How to Apply for Flexi Loans?

Applying for a flexi personal loan typically involves several steps, including understanding the eligibility criteria and gathering the necessary documents. Below mentioned are a few points you can follow before applying for a flexi loan:

• Determine your Eligibility Criteria: Each lender has specific eligibility criteria that borrowers must meet. While these criteria may vary, some common factors include:
• Age: Generally, you must be at least 21.
• Income: Lenders often require a minimum income level to ensure you can repay the loan.
• Credit score: Your creditworthiness plays a crucial role in loan approval. Most lenders prefer a good credit score, although some may consider borrowers with lower scores.
• Employment status: Stable employment or a regular source of income is usually required.
• Research and Compare Lenders: Explore different lenders and their flexi loan offerings to find the one that suits your needs. Look for interest rates, loan amounts, repayment terms, and additional fees or charges.
• Gather the Required Documents: The documentation may vary depending on the loan provider. Mentioned below are some common documents required for a flexi loan application:
• Identification documents: Documents like valid government-issued identification, such as a passport or driver's license.
• Proof of income: Pay stubs, bank statements, or income tax returns to demonstrate your financial stability and repayment capacity.
• Employment details: Information about your employer, contact details, and duration of employment are a few details your should provide to your flexi loan provider.
• Address proof: Utility bills, rental agreements, or any other document that verifies your residential address.
• Bank statements: Typically, lenders require your recent bank statements to assess your financial health.
• Existing loan details: If you have any existing loans, you must provide complete information to the lender regarding the loan amount, outstanding balance and repayment history.

Preparing your Loan Application:

• Fill out the application form: Fill out the application form given by the lender, providing your complete and accurate information.
• Provide additional information: Some lenders may require further details, such as references or a personal statement explaining the purpose of the loan.
• Double-check your application: Ensure all the information is accurate and complete before applying.
• Submit Your Application: Through the lender's preferred method, submit your loan application. Be prepared to wait for the lender's decision, as processing your application may take some time.

Conclusion

Flexi loans offer borrowers a versatile and convenient financial solution that adapts to their ever-changing needs. With the flexibility to withdraw and repay funds as needed, you can easily manage your finances and navigate unforeseen expenses or opportunities. The customisable repayment options and interest-only payment periods provide additional flexibility, ensuring that individuals can tailor their loans to suit their needs. Whether for personal or business purposes, flexi loans empower borrowers to take control of their financial journey, making them a valuable tool in today's dynamic and evolving economy.

Hyundai Motor and Kia Introduce AI-enabled and Blockchain-based Carbon Emission Monitoring System

Two major Korean multinational automobile manufacturers — Hyundai Motor and Kia Corporation — introduce an AI-enabled, blockchain-based Supplier CO2 Emission Monitoring System (SCEMS) to support their partner companies to efficiently handle global environmental regulations. It is to be noted that Hyundai Motor is the parent company of Kia Corporation and the later comes under the umbrella of Hyundai Motor Group. 

The system, SCEMS, calculates emissions across partners' supply chains, and since its on top of blockchain tech it promises transparency and data integrity. It's also expected to ease suppliers' workloads in data collection and management, enhancing accuracy in carbon emissions monitoring.

Leveraging Artifical Intelligence (AI) and blockchain, Hyundai and Kia aim to proactively meet environmental regulations and foster sustainable supply chains, responding to climate change issues.

The SCEMS is designed to record and manage carbon footprints at every stage of the manufacturing process, starting from the extraction of raw materials to the production and delivery of parts and vehicles. This comprehensive approach allows Hyundai and Kia to gain better control over their carbon reduction initiatives.

Both the companies have successfully verified the effectiveness of the high-performance blockchain technology and adopted it to accomplish their critical goal of promptly and securely collecting carbon emissions data.

Hyundai Motors and Kia would distribute the SCEMS free of charge to suppliers/partners that make up the automotive supply chain to support carbon emission reduction activities throughout the supply chain.

When partners input essential data that suits their circumstances into the SCEMS system, the artificial intelligence automatically provides information on carbon emissions and predicts what will occur in the future.

The system also expected to relieve suppliers from this time & cost consuming work and enable them to manage their carbon emissions with accuracy. With SCEMS, which is powered by AI and high-performance blockchain technology, business partners can efficiently monitor and manage the collected data and carbon emission status at their respective workplaces.

This year in February, Hyundai and Kia joined the Carbon Disclosure Project's (CDP) "CDP Supply Chain" program, conducting capacity-building training on carbon neutrality for partner companies facing challenges in their independent response.

CDP was established as the 'Carbon Disclosure Project' in 2000 as a non-profit organization, asking companies to disclose their climate impact. Over the time since its establishment, CDP has broadened the scope of environmental disclosure, to incorporate deforestation and water security, while also building its reach to support cities, states and regions.

Companies participating in the program submit data to CDP, including energy consumption and greenhouse gas emission status, carbon neutrality strategies, progress in goal setting and execution, and plans and achievements related to the renewable energy transition, and undergo evaluations.

3 Indian Startups that Made It To WEF’s Tech Pioneers 2023 Cohort

Late last month, the World Economic Forum (WEF) announced selection of 100 most promising Technology Pioneers 2023, companies making progress in sustainability, advanced manufacturing and inclusive healthcare.

The Technology Pioneers by WEF are a global community representing 31 countries, wherein WEF Technology Pioneers community encourages its start-up members to engage in the WEF's Centres to help scale the impact of initiatives and positively shape the world's shared future.

This year, Pakistan and Malaysia represented for the first time. Both have one startup each, selected for tech pioneers community.

This year’s Technology Pioneer cohort includes start-ups from 31 economies, with 30% led by a woman chief executive. The US has the highest representation, with 29 companies, followed by China with 12 and India has 3.

Indian startups selected are —

Giftolexia Solutions

Health Tech | DeepTech

Developing a deep technology enabled screening tool to identify the risk of dyslexia in schoolchildren by analysing gaze pattern.

Incubated at NSRCEL, IIM Bangalore, Giftolexia Solutions helps children with dyslexia and other learning challenges realize their true potential through early identification, the right remediation and a focus on their compensating strengths. Its machine learning-based screening solution identifies the risk in children. It is an easier, faster – just five minutes per child – and more accurate method of screening at an early age.

Founded in 2017, by Ajit George Paul, the Bengaluru based startup has developed the first technology-enabled screening tool for Dyslexia in India. Giftolexia claims that it is the best screening tool for class-wide screening. It reduces screening time to 5 minutes per child and screening age is reduced to 8 years from the current average of 11 years in India.

Next Big Innovation Labs

DeepTech | Biotech | 3D Bio-Printing

Developing customizable 3D bioprinter to bridge the gap between organ demand and availability via 3D bioengineered organs.

Bengaluru-based Next Big Innovation Labs is a Deep Tech Bioprinting Company focussed on developing breakthrough products and services utilising its in-built patented Bioprinting Technology.

Founded in 2016, by Alok Medikepura Anil, Piyush Padmanabhan, Pooja Venkatesh and Ratandeep Singh Bansal, Next Big Innovation Labs is a research driven startup that aims to solve the organ availability crisis plaguing the entire globe using 3D Bio printing. It build intricate and customised bioprinters for research and in addition develops tissues for research, product development and clinical applications. Working collaboratively with companies and research institutes across the world. The startup's ambitious goal is to "one day make organ transplant waitlists a thing of the past."

Xacmaz Technology {Blue Sky Analytics}

Climate Tech | Environment Intelligence

Developing a platform that converts satellite data into climate intelligence for climate risk, ESG investing and carbon markets.

Xacmaz Technology Pvt. Ltd is parent company that operates climate-tech startup Blue Sky Analytics that leverages satellite data and artificial intelligence (AI) to deliver climate and environmental data intelligence for carbon markets, asset monitoring and climate risk analytics.

While the Xacmaz Technology is based in New Delhi, Blue Sky is headquartered in the Netherlands. The climate tech startup has raised a total of $1.5 million in funding over three rounds from investors including Beenext, IFC, Stellaris Venture Partners and Stanford Angels & Entrepreneurs.

The above selected startups will join a group of alumni including Airbnb, Google, Kickstarter, Mozilla, Spotify, TransferWise, Twitter and Wikimedia. The 2023 cohort will be invited to join World Economic Forum events and discussions throughout the year, bringing together leading stakeholders from the public and private sector.

Launched in 2000, the Technology Pioneers community is composed of early-stage companies from around the world that are involved in the design, development and deployment of new technologies and innovations, and are poised to have a significant impact on business and society.

Features of the Official 1win India Website

In this review, you can learn the finer points of online bookmaker 1 Win's legality in India. 1Win offers a lot of sporting events, casino and slot machines. Bookie can offer you several methods of account registration, as well as quick access to the personal account.

Key Features of the Official 1win Website in India

1Win is a bookmaker, which is widely known today, started its activity in 2016. It is very popular among players all over the world, including India. The reason for this is the convenience of the execution of the site, everything is trivially clear, many deposit methods, high coefficients, many markets, fast deposits, quick creation of a game account, easy sports betting and much more, which we will talk about in this review. In the table you can find more detailed information offered by the 1Win India bookmaker:

Registration year	2016
License	Curaçao 8048/JAZ 2018-040
Accepts INR	Yes
Accepts users from India	Yes
Phone app	Free apps for Android and iOS
Maintained languages	Hindi, English, Portuguese and others
Welcome bonus	500% on first four deposits up to 80,400 INR
Methods of payment	PhonePe, UPI, GPay, Bank Transfer, Indian Banks
Authorized currencies	INR, EUR, USD, etc
Minimum deposit	150 INR
Minimum withdrawal	1100 INR
Services	Sports Betting, Casino Games, Live Casino, Trading, Poker, VSport, Cybersports, Betgames, Fantasy Sports, Twain Sports, TV Bet and others
Support service	Email, chat, phone number

Features of interaction with the official 1Win website

Visiting 1win, its guests immediately see a bright home page made in attractive colors. For the convenience of users here are collected the latest news virtual betting company 1win, the schedule of competitions and other useful information. The site is divided into several tabs. You can move between them with just a few clicks of the cursor. Thanks to the simple management, even a novice user can quickly get used to the site and learn to use all the features of the bookmaker's office. The bookmaker works with licensed international suppliers of online games, thus providing the player with an excellent gaming experience.

Is 1win betting legal in India?

1win is a gaming company authorized and regulated by the Curacao Gaming Control Board. The company offers a wide range of gaming products, including sports betting, casino games, and poker. 1win Games is committed to providing a safe and fair gaming experience for all players. The Company's games are regularly tested by independent auditors to ensure they are fair and random. 1win also uses industry-leading security measures to protect players' information and funds. Therefore, 1win is a safe and reputable choice for online games.

How to sign up for 1Win?

1win's registration process is simple and straightforward. You will be given 3 options to create an account, including:

• One click registration;
• Create an account with an existing social network;
• Sign up by email.

All types of registrations take no more than a few minutes. However, one-click account creation is the faster option, as it requires you to enter most of your personal information very quickly. You can also download the mobile app instantly, allowing you to place the same types of bets as the official website. For example, you have the opportunity to bet on sports and esports, as well as using other betting options on the 1Win website. Each sporting event offers a wide range of possibilities, so any player can choose to bet according to personal preference, and the app offers the same high coefficients as on the official 1Win website.

Access to 1Win personal cabinet

Access to the personal cabinet is identical if you do it through the mobile app or the official website. First, you need to go through the registration process, where you specify login and password, that's exactly the data you need to enter the game account. To do this, you need to:

• Go to the official site and click Login,
• Log in with your username (e-mail address or phone number) and password;
• That's it, you are in your personal account.
• You can customize the settings in the game account. The personal cabinet is necessary for the game. In it you can view the history of sports bets, match schedules and other useful information. In addition, the cabinet allows you to make bets, deposit and withdraw winnings.

Conditions for making an account at 1Win

1Win sets three conditions for successful registration:

• You must be at least 18 years old;
• You cannot have more than one account;
• You may use their services only in countries where the law allows them to operate;
• India is on the list, so if you're in this country, you can do account registration safely.

However, it is best to familiarize yourself with their situation in advance to avoid possible glitches in the future.

1Win Casino and Slots

There are slot machines on the homepage of the bookmaker's office. In total there are about 2,000 different games. Created by a trusted software vendor. Since the directory is too large to browse, a manual sorting tool has been added. Filters allow you to quickly find interesting entertainment by basic parameters. This includes the number of reels, return percentages, volatility and more. You can find slot machines with built-in risk games. Trial versions of slot machines are available to guests of gambling establishments. It allows you to improve your gaming skills and learn the rules on your own. Since there is no financial risk, you can bet any size without limits. The only downside of this entertainment is the inability to withdraw winnings.

1Win Sports

1win offers you access to online sports betting. The bookmaker offers betting on a variety of sports, with many sporting the most popular leagues and championships, to lesser known ones. The site is easy to navigate and there are no issues with payouts. When you join 1win, you can take advantage of a sports betting promo code. The bookmaker's sportsbook includes such types of disciplines as:

• Soccer,
• Tennis;
• Cricket;
• Rugby,
• Formula 1,
• Baseball,
• Basketball.

Conclusion on the site 1Win

To date, the site is made in competitive options. Legal to use online in India. A clear and simple system for registering an account, deposits, a good bonus system and a lot of entertainment for every taste and type of complexity have been developed. The bookmaker has its own well-developed application that functions with all modern Android and iOS devices.

Indian Generative AI-based SaaS Startups Doubled Since 2021, Raised $590 Mn in Funding

Amid the growing demand for Generative Artificial Intelligence (Generative AI) tools, like ChatGPT, a rapid growth of Indian GenAI-based Software-as-a-Service (SaaS) startups has also grew over the time. According to a report by SaaSBoomi and McKinsey, Generative AI based SaaS startups have more than doubled since 2021, in India, and have raised $590 million in funding as of May 2023.

Currently, there are around 60 Generative-AI startups in India, compared to just 18 in 2021 the report said. 

The report titled ‘India’s SaaS Revolution: Exploring global opportunities in a dynamic market', also predicts that the India-centric SaaS ecosystem could achieve $50-70 billion in revenue and $0.5 to $1 trillion in enterprise value creation aspirations by 2030. Indian SaaS firms generated around $2.6 billion in revenue in 2020, which is projected to reach $15-20 million by 2025.

Capital invested in Indian SaaS companies grew 24% from $5.9 billion in 2021 to $8.4 billion 2022, even as SaaS investments globally got a 20% shaving from $305 billion to $245 billion in the same period.

Globally, the number of Gen AI-native SaaS companies has exploded, with over $12 billion invested in 60+ emerging domains in FY23 alone. Generative AI has attracted the attention of software giants like SAP, Salesforce, and IBM.

The number of Indian SaaS exits doubled in the last two years as more and more companies learnt the scaling and M&A mantras from their successful peers, said the report.

By utilizing the depth of domain and functional expertise available in India, SaaS companies in the country are well-positioned to embrace Generative AI. Investment firms like Together Fund are actively seeking opportunities in companies that leverage Generative AI.

The growth of Generative AI will have an impact on the workforce, requiring companies to invest in training and upskilling.

Last month, Indian IT services company HCLTech partnered Microsoft, a major investor in ChatGPT parent OpenAI, to help enterprises harness generative artificial intelligence (AI). Microsoft will train and develop skills among Indian IT company's workforce.

In early of last month, BYJU’S also announced the launch of BYJU’S WIZ, an innovative suite of three cutting-edge artificial intelligence (AI) transformer models - BADRI, MathGPT, and TeacherGPT.

Hyderabad Distt Has the Largest Number of USFDA-approved Manufacturing Pharmaceutical Units in the World, Followed by New Jersey : Dr E. Vishnu Vardhan Reddy

Dr E Vishnu Vardhan Reddy IFS, Special Secretary, Investment Promotion and  NRI Affairs, Joint MD, TSTPC speaking at the session

Business Session on CEPA and Related Business Opportunities held

It seems CEPA is more tailor-made to Telangana because the state has several sectors which have greater export potential: Dr E. Vishnu Vardhan Reddy, IFS, Special Secretary, Investment Promotion & NRI Affairs, Joint Managing Director (TSTPC) 

The Federation of Telangana Chambers of Commerce and Industry (FTCCI) in association with UAE-India Business Council (UIBC), New Delhi organised a Business Session on Comprehensive Economic Agreement (CEPA) and Related Business Opportunities in the city at Hotel Park, Rajbhavan Road on Thursday night.

FTCCI is the most vibrant regional chamber in India. UAE – India Business Council (UIBC) is the only Official Joint Business Chamber set up by both the Governments--India and the UAE for promoting economic synergy between the UAE and India.

The session aimed to highlight the Comprehensive Economic Partnership Agreement (CEPA) & Related Business Opportunities between the UAE and Telangana, India. It focused on sectors such as Plastics, Pharmaceuticals, Gems & Jewellery many others informed Mr. Mukesdh Kalra, Head--Business, Development, UIBC.

Percy Avari, Sharad AgarwalHE Aref Alnuaimi, Consul General of UAE, Dr E Vishnu Vardhan Reddy and Meela Jajadev

H. E Aaref Alnuaimi, Consul General of UAE at Hyderabad and Dr E. Vishnu Vardhan Reddy, IFS, Special Secretary, Investment Promotion & NRI Affairs, Joint Managing Director (TSTPC) were Chief Guests.

Addressing the gathering Dr Vishnu Vardhan Reddy spoke about how Telangana could best use CEPA. CEPA is a Comprehensive Economic Partnership Agreement (CEPA) that is a free trade agreement between two countries. In this case, it is between UAE and India.

CEPA is more comprehensive than Free Trade Agreements. The CEPA provides preferential market access for over 80% of products traded between India and the UAE. The CEPA covers 11 broad service sectors and more than 100 sub-sectors, such as business services, communication services, financial services, tourism, and transport services. 

The Significance of the India-UAE CEPA is it is expected to increase bilateral trade in goods to USD 100 billion within five years of the signed agreement and increase trade in services to USD 15 billion, leading to wider social and economic opportunities in both nations.

Addressing the 200-plus trade gathering in this light of background Dr Vishun Vardhan Reddy said it looks like CEPA was more tailor-made to Telangana, not because the chief negotiator of this (Mr. Srikar K. Reddy), was from Telangana, but because of our export potential and strengths of several sectors such as pharmaceuticals, engineering goods, electronics, chemicals and minerals as well as agro products.

The Telangana state stands to benefit from the agreements, Dr Vishnu Vardhan said. The state wants its exports to grow. Telangana has got huge potential. The state stands first in several areas in India. One-third of human vaccines are produced here. Accounting for 40 per cent of the total bulk drug production in India, Telangana is known as the bulk drug Capital of India. Hyderabad District has the largest number of USFDA-approved manufacturing pharmaceutical companies for a single province in the world which is 214 units. The second largest is in New Jersey with 189 units. he said.

Gems and Jewellery is another promising sector for exports, which are likely to record double-digit growth. Food Processing is another promising sector with export potential. Today we are a number of rice-producing states in India. Last year we beat Punjab in rice production. Five Colours revolutions---green, white, yellow, pink and blue to propel Telangana to the next phase of growth, he informed

Speaking further he added that soon India's largest freshwater aqua park is coming up in Telangana. India's biggest Textile Park "Kakatiya Mega Textile Park is coming up in Warangal spread over 1350 Acres. It is the largest Textile Park in India. It boasts of fibre to fashion. Chief Minister Mr K Chandra Shekhar Rao is likely to inaugurate it in September. The park is fully occupied. We have identified Furniture and Toys as a new emerging sector to focus on. A focused Toys Park, an exclusive Furniture Park, and a dedicated Gems and Jewellery Park are also coming up in the state. The state is also working on revamping its export strategies. We will have comprehensive strategies. The work is in progress and shared with the senior foreign affairs bureaucrat. UAE is a priority country for Telangana state for exports, he said.

Giving his welcome address, the newly sworn-in President of FTCCI Mr. Meela Jayadev said it is the first anniversary of India-UAE CEPA implementation. This business session is timely and topical too. CEPA is the growth engine for India-UAE bilateral trade and makes a significant impact on India's bilateral trade with the UAE especially India's exports to the UAE. India is UAE's second-largest trading partner accounting for 9% of its total foreign trade and 14% of non-oil exports. Also, the UAE is India's third biggest trade partner. FTCCI works with larger industries, MSMEs and small businesses and we have seen big potential in our exporter members from Telangana contributing significantly to our country's exports.

Mr Sharad Agarwal, CEO-India, Emirates NBD Bank and Board Member of UIBC gave opening remarks. India and UAE's long friendship was further cemented with CEPA. CEPA is a game changer. It helps in the speed of processing of trade.

A panel discussion on Business Opportunities Post India-UAE CEPA was held. It was moderated by Kunal Wadhwa, Partner PwC. Giving his opening remarks explained how CEPA is different from FTA (Free Trade Agreement)

Mr Anurag Sehgal, MD of Price Waterhouse & Co. LLP said the pandemic made every country release to the fact to have a reliable trade partner. The international trade community is looking at India as the most reliable and secure trade partner.

Unnikrishnan, Joint Director General of FIEO-The Federation of Indian Export Organisations an apex body of Indian export promotion organisations set up jointly by the Ministry of Commerce, Government of India and private trade and industry. India signed 13 FTAs (Free Trade Agreements) so far for ensuring greater market access for domestic goods and promoting exports. The booming pharma and jewellery sectors have propped up Telangana's exports.

Another panellist R Uday Bhaskar, Director General Pharmexcil observed that the pact CEPA will boost bilateral merchandise trade and it is likely to expand the presence of Made-in-India medicines in Middle Eastern countries. India’s exports to the UAE hit US$31.3 billion in FY 2022-23 due to the CEPA trade deal. Indian companies are benefitting immensely from this he said.

Mr.Vidyasagar Hariharan, Vice President, Trade Product Manager, Global Transaction Banking, Mashreq India said CEPA is much more than FTA. It is a win-win pact for both countries. It benefits MSMEs. UAE is the gateway to Africa.

Mr. Ananthanarayana S. Partner, Price Waterhouse & Co LLP asked What is the difference in CEPA compared to other free trade agreements? CEPA is more comprehensive and ambitious than an FTA because it includes services, investment, IPR, government procurement, disputes, and regulatory aspects of the trade. An FTA, in contrast, focuses only on goods. The other salient features are the safeguard mechanism of domestic trade. Whenever imports surge and cause a threat to domestic industry, it safeguards. The mechanism is inbuilt in this among others he said.

Percy Avari, Country Manager, Aramex India spoke about the synergetic role of logistics in India-UAE CEPA's Triumph.

Ms Ebtesam Alkaabi, Head of Sales, Jebel Ali Free Zone (JAFZA), Dubai making a presentation on it said that it is a community and ecosystem where industries such as logistics, e-commerce, petrochemicals and 14 other industries thrive.

Mr AVPS Chakravarthi, Chair of, the International Trade & Business Relations Committee, FTCCI said the Al Minhad area, the 84 km stretch, in the United Arab Emirates, renaming as 'Hind City' by the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum shows India and UAE affinity.

Mr Shubhransh Srivastav, Head of Corporate Affairs of DP World, an Emirati multinational logistics company based in Dubai, United Arab Emirates, specialising in cargo logistics, and port terminal operations, responding to Dr E. Vishnu Vardhan Reddy's appeal to look at Telangana as an investment opportunity, said that the world view of the Telangana state was that of the most enabling state. We are keenly interested in Telangana. We have already heavily invested in India. You will see me and our company more often here. We ensure seamless and painless trade, he added.

Mr Suresh Kumar Singhal, Senior Vice President and Ms Khyati Naravane, CEO of FTCCI and others graced participated in the business session.

 

Juice Jacking: A New Cyber Stealing that Empties Bank Account When Smartphones Connect To Charging, RBI Warns

You may have hardly noticed this, but today big-fatvhackers around the world are stealing people's confidential data by planting 'malware' in public cables or USB ports. This is called 'Juice Jacking'.

Cyber ​​thieves are adopting new tactics every day. Some are cheating people by sending messages on WhatsApp, while some are cheating by sending YouTube video links to like. Juice Jacking is also a type of scam about which very few people know. Many of you may already know about it and many may not know, but this juice jacking can destroy your entire life's earnings in a jiffy. India's central bank, Reserve Bank of India (RBI) has issued a warning regarding this.

Let us know what is juice jacking and what is the way to avoid it?

Juice jacking is a type of cyber stealing, where, once your mobile is connected to unknown / unverified charging ports, unknown apps / malware are installed with which, the fraudsters can control / access / steal sensitive data, email, SMS, saved passwords.

Precaution —

Always avoid using public/ unknown charging ports/cables.

When battery of your mobile, tablet or laptop runout at times when you're at public place like a railway station, airport or hotel, and you may start charging the device with the charging cable or USB port you see there, but have you thought that the battery of the device gets charged? Your bank account could be empty or your private messages, emails, mobile passwords or other information could be stolen.

Steps To Follow To Avoid Juice Jacking

• Never use the pre-installed charging cable in train, airplane or at station-hotels.
• Don't use the charging cable or port that you get as a promotional gift.
• Use the original charger and cable that came with your phone.
• If you are traveling then keep a power bank with you.
• Use an adapter instead of using the USB port at a charging station.
• Do not charge phone or any other Gadgets using USB port at hotels. 

LeRemitt™ Raises $1.25 Mn in Seed Funding from Axilor Ventures, Capital A, and Angel Investors

(From Left to Right- Mahesh Barate, Sheetal Jain, Hari Ambati) Founders – LeRemitt

LeRemitt™, a cross border platform that streamlines financial transactions, today announced that it has raised $1.25mn in seed funding led by Axilor Ventures. Capital A has co-invested in this round which also saw participation from angel investors such as Ram Govindarajan (Founder -Wizfreight) and Sumit Agarwal (Founder- Vyapar). LeRemittTM empowers businesses, especially MSMEs, by streamlining overseas financial transactions, unlocking new growth opportunities, expanding global reach, and navigating the complexities of international trade.

The newly raised funds will be directed towards several key areas, including assembling a robust team, global expansion, enhancing product capabilities, and forging strategic partnerships.

Commenting on the development Mahesh Barate, Co-founder, LeRemitt™- "The global trade market, valued at USD 32 trillion, offers abundant opportunities for growth and innovation. As our world becomes more interconnected, there is a growing demand for efficient and secure cross-border solutions. Traditional remittance methods are burdened with high costs, slow processing times, and limited accessibility, creating significant challenges. These obstacles particularly impact MSMEs, which often lack the resources to navigate complex financial systems, leading to time-consuming operational hurdles on a day-to-day basis. LeRemittTM aims to reinvent cross-border business transactions, ensuring easy, hassle-free, and prompt international remittances."

Speaking on the fundraise, Sheetal Jain, CEO & Co-founder, LeRemitt™ said, "This marks the first crucial step in LeRemittTM's journey, as we embark on our vision to create an ecosystem for international trade, encompassing various stakeholders, technologies, and services. With a goal to ensure smooth and efficient flow of goods and services,we prepare to unveil our first-ever service, cross-border remittance for B2B transactions, and we are confident that exciting times lie ahead. With Hari Ambati, our Co-founder & CTO, at the helm of our technology initiatives, we are crafting a seamless, state-of-the-art, and secure platform that will revolutionize how B2B transactions are conducted across borders."

Nandan Venkatachalam, Principal at Axilor Ventures, who led this investment, commented “Indian SMEs are expected to contribute to over 60% of the $1 Trillion export target by 2030. This will lead to a strong need for a cross-border payments layer for the SME segment, which banks typically underserve. LeRemittTM is building a new-age financial stack that will enable SMEs execute seamless cross-border trades and we are excited to be backing them.”

"The international remittance market is currently dominated by traditional banks and institutions that rely on legacy processes that are slow and costly, especially for MSMEs. The need of the hour is to build digitally driven, fast, accurate, compliant, and user-friendly remittance mechanisms that can ensure swift funds transfer at costs that encourage startups and the MSME sector players to expand their coverage overseas. This is also crucial from the perspective of making India a global industrial power as quick and affordable remittances will boost exports and the overall manufacturing sector in India. LeRemittTM is a great platform, and the founders know exactly what needs to be reformed in the B2B remittances arena in India. We have complete faith in the vision of the founders and support them in their journey toward creating great impact in the segment in the years ahead." added Ankit Kedia, Founder, Capital A.

LeRemittTM leverages groundbreaking technology to enable swift and seamless money transfers, ensuring recipients have instant access to their funds. Its platform offers competitive rates and minimal transaction fees, making it a highly cost-effective option for all cross-border remittance requirements. LeRemittTM employs advanced encryption and authentication protocols to ensure the utmost security, safeguarding customer funds.

The company was founded by accomplished professionals with vast expertise in the fintech and BFSI (Banking, Financial Services, and Insurance) sectors. Among the visionary founders are Sheetal Jain, Mahesh Kumar Barate, and Hari Ambati, each bringing a wealth of knowledge and experience to the forefront of the company's operations.

About LeRemitt™

LeRemittTM is a cross-border platform with a mission to empower businesses, especially MSMEs, in broadening their global presence, exploring untapped markets, and harnessing the boundless opportunities of international trade. LeRemittTM envisions establishing a cohesive ecosystem for global trade, uniting diverse stakeholders, cutting-edge technologies, and comprehensive services to facilitate seamless transactions between businesses across borders.

About Axilor Ventures

Founded in 2014, Axilor Ventures is among the top 3 most active seed funds operating out of India. Axilor Ventures invests in early-stage startups across sectors in the supply chain/B2B commerce, Enterprise SaaS, Healthtech, AgriTech, Fintech, and consumer internet space. Axilor Ventures was founded and backed by Indian tech pioneers, including Kris Gopalakrishnan, SD Shibulal, Prof. Tarun Khanna, Srinath Batni, and Ganapathy Venugopal. Axilor Ventures has invested in companies such as Wiz Freight, Vyapar, Detect, Capgrid, Metalbook, Medfin and Enkash, amongst others.

About Capital A

Founded by Ankit Kedia, the former promoter of Manjushree Techno pack Limited, the largest manufacturer of rigid plastic packaging in South Asia, Capital A is a seed to an early-stage venture capital firm. Capital A has the vision to contribute to a sustainable, diverse, and meaningful startup ecosystem that benefits all stakeholders. Last year, Capital A had unveiled 'Evolve,' a dedicated fund for the electric mobility ecosystem startups. In a short span of time, Capital A has supported more than two dozen startups across gaming, electric mobility, SaaS, the creator economy, and sustainable business sectors. The fund aims to continue supporting 8-10 startups. 

Jio Financial Services and BlackRock Form JV to Enter India’s Asset Management Space with Digital-First Approach

• Jio BlackRock combines Jio Financial Services’ knowledge and resources and BlackRock’s scale and investment expertise to deliver affordable, innovative investment solutions to millions of investors in India.
• Partnership aims to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India.

Jio Financial Services Limited (JFS) and BlackRock [NYSE: BLK] today announced an agreement to form Jio BlackRock, a 50:50 joint venture that combines the respective strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India.

Jio BlackRock brings BlackRock’s deep expertise and talent in investment management, risk management, product excellence, access to technology, operations, scale, and intellectual capital around markets, while JFS contributes local market knowledge, digital infrastructure capabilities and robust execution capabilities. Together, the partnership will introduce a new player to the India market with a unique combination of scope, scale, and resources. JFS and BlackRock are targeting initial investment of US$150 million each in the joint venture.

Rachel Lord, Chair & Head of APAC, BlackRock, said: “India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways.

We are very excited to be partnering with JFS to revolutionise India’s asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India.”

Speaking on this transaction, Mr Hitesh Sethia, President and CEO, JFS, said: “This is an exciting partnership between JFS and BlackRock, one of the largest and most respected asset management companies globally. The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive digital delivery of products.

Jio BlackRock will be a truly transformational, customer centric and digital-first enterprise with the vision to democratise access to financial investment solutions and deliver financial well-being to the doorstep of every Indian.”

The joint venture will launch operations post receipt of regulatory and statutory approvals. The company will have its own management team.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

About BlackRock India

BlackRock India is at the very heart of our global operating platform, enabling us to innovate our business to benefit clients. Over the past 17 years, our India platform has grown to over 2,400 employees across offices in Mumbai, Gurgaon, and Bangalore powering our global network by employing talents across investments, alternatives, operations, analytics and modelling, and corporate functions.

About Jio Financial Services Limited

Jio Financial Services Limited (JFS) through its operating subsidiaries and joint ventures will offer broad range of financial services solutions addressing the needs of both consumers and merchants. JFS will use technology as a key enabler to reach customers directly.

How Machine Learning Will Impact The Future Of Work And Life?

In recent years, machine learning has emerged as a transformative force, revolutionizing various aspects of our lives. From simplifying everyday tasks to enabling groundbreaking innovations, this technology has the potential to reshape the future of work and life as we know it. In this blog post, we will explore the profound impact of machine learning on different industries, its potential benefits, and the challenges it presents.

You can enroll in this comprehensive Machine Learning Course to equip yourself with the skills to navigate the future of work and life. Discover how this transformative technology will shape industries, drive innovation, and revolutionize the way we live and work, ensuring you stay at the forefront of this AI-driven revolution.

Let's delve into this exciting world and discover how it will shape the way we work and live.

Automation and Efficiency in the Workplace

One of the most apparent ways machine learning is already influencing the future of work is through automation. Repetitive and mundane tasks that were once time-consuming can now be efficiently handled by AI algorithms. This allows employees to focus on more creative and strategic endeavors, fostering innovation and personal growth. Machine learning-powered automation also leads to increased productivity and cost savings for businesses, making them more competitive in the global market.

Personalization and Customer Experience
Machine learning algorithms excel in understanding and predicting human behavior. This capability has transformed the way businesses interact with their customers. By analyzing vast amounts of data, machine learning can offer personalized recommendations, tailor advertisements, and enhance customer service. From e-commerce platforms to social media, the personalized experience provided by AI fosters customer loyalty and satisfaction.

Healthcare Revolution

In the healthcare industry, machine learning has the potential to save countless lives and improve patient outcomes. AI-powered diagnostics can accurately detect diseases at early stages, enabling timely interventions. Moreover, machine learning can streamline administrative tasks, leading to better resource allocation and reducing healthcare costs. The combination of data-driven insights and medical expertise promises to revolutionize medical research and drug development, offering hope for new treatments and cures.

Education and Learning

Machine learning has already started transforming the education landscape. Intelligent tutoring systems can adapt to individual students' needs, offering personalized learning paths. Automated grading systems provide quicker feedback to students and reduce the burden on educators. Additionally, AI-driven content recommendation systems can expose learners to diverse perspectives, enhancing their overall understanding of different subjects.

Transportation and Urban Planning

Autonomous vehicles powered by machine learning are set to reshape transportation. With enhanced safety and reduced human error, self-driving cars could drastically reduce road accidents. Moreover, machine learning can optimize traffic flow and public transportation systems, reducing congestion and greenhouse gas emissions. As cities become smarter, machine learning will play a vital role in ensuring sustainable and efficient urban planning.

Environmental Sustainability

Machine learning can contribute significantly to environmental conservation and sustainability efforts. By analyzing vast amounts of data, AI can help identify trends, predict natural disasters, and optimize resource management. From climate modeling to wildlife conservation, machine learning presents an opportunity to make well-informed decisions that positively impact the environment.

Challenges and Considerations

While machine learning holds immense promise for the future, it also presents several challenges and considerations that must be addressed to ensure its responsible and ethical deployment.

Privacy and Security: Machine learning relies heavily on data, often involving the collection and storage of large volumes of personal information. This raises concerns about data privacy and security. Ensuring that data is properly anonymized, encrypted, and protected from unauthorized access is crucial. Moreover, AI systems must be designed with privacy in mind to prevent potential misuse of sensitive data.

Algorithmic Bias: Machine learning algorithms learn from historical data, which can be biased due to societal prejudices and historical inequalities. This can result in algorithmic bias, leading to unfair outcomes and perpetuating existing disparities. Addressing bias in AI models requires diverse and representative training data, as well as careful algorithm design and testing to mitigate any inherent biases.

Transparency and Explainability: Many machine learning algorithms, such as deep neural networks, are often considered black boxes, making it challenging to understand how they arrive at specific decisions. Ensuring transparency and explainability is vital, especially in critical applications like healthcare and finance, where stakeholders need to understand the reasoning behind AI-driven decisions.

Employment Disruption: As machine learning and automation continue to advance, certain jobs may become obsolete, leading to potential unemployment and economic disruption. It is essential for governments and organizations to develop strategies for workforce reskilling and upskilling to equip individuals with new skills and prepare them for the jobs of the future.

Regulation and Standards: The rapid evolution of machine learning technology has outpaced regulatory frameworks. Establishing appropriate regulations and standards for AI systems is crucial to prevent misuse, ensure safety, and protect consumer rights. Striking the right balance between innovation and regulation is essential to foster responsible AI development.

Data Quality and Bias Amplification: Machine learning models heavily rely on the quality and representativeness of training data. If the data is incomplete, outdated, or biased, it can lead to inaccurate and unfair predictions. Ensuring data quality and addressing potential bias in training data are essential steps in building reliable and unbiased AI systems.

Here is a Machine Learning Training video that will help you gain a better understanding.

Conclusion

Machine learning is at the forefront of technological advancement, promising to transform the way we work and live. Embracing this revolutionary technology opens doors to unparalleled opportunities in various industries. By leveraging machine learning to automate mundane tasks, personalize experiences, and solve complex problems, we can unlock human potential and creativity.

However, as we journey into this AI-driven future, we must tread cautiously, addressing ethical and societal concerns to ensure a positive impact on both work and life. By striking a balance between innovation and responsibility, we can truly harness the power of machine learning to shape a better future for all.

Religare and NASSCOM's CoE for AI & IoT Collaborate to Drive Emerging Tech Innovation

REL will leverage nasscom CoE’s expertise on co-creation and extensive access to innovation solutions from startups and small and medium enterprises (SMEs) in the tech sector for industry transformation.

The partnership will enable startups to address real business challenges and gain access to strategic investments.

Religare Enterprises Limited (REL), India’s leading diversified financial services group, and nasscom CoE for IoT & AI, have entered a strategic partnership to strengthen REL’s business processes & solution landscape, making it future-ready through the infusion of cutting-edge technology and innovation. The collaboration will harness the collective strengths of both organisations to enhance customer experience and drive operational efficiencies and data security while creating long-term value within the sector.

nasscom CoE’s expertise in co-creation and vast network of startups and SMEs specializing in emerging technologies such as AI,ML, AR/VR, Robotics, Blockchain, Drones, and IoT, will present Religare Group the access to relevant innovators and their technology. The Group will continue to explore potential business collaborations tailored to the company’s specific needs and seize possible opportunities to benefit the enterprise and BFSI sector.

With the announcement, nasscom CoE has also launched the Fifth version of the Healthcare Innovation Challenge (HIC), a one-of-its-kind initiative to tackle the challenges healthcare providers face in their journey to digital transformation. Religare Group’s Care Health Insurance Ltd, a leader in the health insurance space, will work with nasscom CoE in bringing digital technology solutions for the health insurance industry.

Announcing the partnership, Dr Rashmi Saluja, Executive Chairperson, Religare Enterprises Ltd said: “Our collaboration with nasscom CoE signifies a significant milestone in our journey towards becoming a 360-degree financial services provider by nurturing, adopting, and integrating technological innovations in our core and future businesses. By harnessing the power of emerging technologies, we aim to strengthen our business operations, enhance diligence, and deliver unparalleled value to our customers and shareholders. It is our vision that this partnership will not only accelerate our digital transformation but also enable us to support other players in the financial services sector to undertake this journey."

“Furthermore, our vision is to support startups that are born in India and focused on India-specific solutions. In doing so, we are aligning ourselves with the government's vision of an Atmanirbhar Bharat - a self-reliant and economically strong nation. Nurturing these startups will enable us to retain talent and ownership of India-centric solutions, thereby strengthening our global leadership in technology and innovations.”

The strategic partnership between Religare and nasscom CoE encompasses several key initiatives that aim to shape the future of financial services. Religare will gain access to a curated pool of innovators through regular pitch sessions, opening doors for potential collaborations in the near future. Additionally, Religare will have an early advantage in identifying strategic investment opportunities in startups, fostering innovation, and driving growth.

Emphasizing the potential of this partnership Mr Sanjeev Malhotra, CEO, nasscom CoE said: “Religare and its entities will jointly work on use-cases and co-create solutions with the startup ecosystem that will promote homegrown tech innovation driving significant impact on enterprises and create business value.”

As part of this partnership, Religare will also have the opportunity to mentor two CoE-incubated startups, leading to the nurturing of entrepreneurial talent. This strategic partnership will propel Religare’s digital transformation journey and position the company at the forefront of the industry, delivering cutting-edge solutions and unprecedented value to its customers.