DPIIT, along with Villgro, Announce 25 Selected Incubators for the National Incubator Capacity Development Program

• Villgro will commence their 3-month-long National Incubator Capacity Development Program with 25 incubators.
• Leading experts and industry stalwarts will provide intensive mentorship and advisory support to the incubators.
• The program adopts a cohort-based hybrid approach which includes expert-led virtual and physical sessions, exposure to national and international best practices, and donor networking
• The program aims to build sustainable incubators and create an enabling ecosystem for entrepreneurs to thrive.

The National Incubator Capacity Development Program, by the Department for Promotion of Industry and Internal Trade (DPIIT) has announced the selection of the Top-25 incubators that will go through an intensive 3-month mentorship, advisory, and capacity-building program. The initiative, in association with Villgro, is part of the Start-up India campaign. It is dedicated to nurturing social startups and entrepreneurs and propelling the rapid expansion of India's thriving startup ecosystem.

The program, over a period of 12 weeks, adopts a cohort-based hybrid approach to enhance the skills and abilities of the incubators. It includes a comprehensive set of self-learning modules, virtual and physical boot camps, exposure visits, and customized learning for incubator heads and sessions dedicated to efficiently managing the Startup India Seed Fund Scheme (SISFS). These sessions will be provided by a distinguished group of incubator business advisors, including PR Ganapathy, Chand Das, Rama Kannan, Sandeep Jain, etc.

Additionally, participants will gain access to VITALS (Villgro Information Tracking and Learning System), a technology-based information system designed to track enterprise incubation progress.

Speaking about the program, Srinivas Ramanujam, CEO of Villgro, said, "Incubators play a pivotal role in nurturing social enterprises and transforming India's vibrant startup ecosystem. Over the last 22 years, we have observed this first-hand and have been perfecting our incubation model. We aim to strengthen the capacity of the incubators by sharing our expertise and wide networks through intensive mentorship and advisory support. We hope to catalyze their growth and create a thriving ecosystem for social innovation.”

“The National Incubator Capacity Building Program is launched to help build quality incubators across the country with an emphasis towards Tier-2 and Tier-3 cities and encourage cross-learning from larger cities and lighthouse incubators to address the needs of startups building for Bharat. The training program with industry veterans and experts will provide valuable insights and expertise that will be instrumental in shaping the dynamic cohort of 25 incubators, empowering them with the necessary support and mentorship to create an enabling ecosystem for entrepreneurs to flourish,” said Prashanth Prakash, Member of the National Startup Advisory Council and Partner at Accel.

Given the presence of over 99,000+ DPIIT-recognized startups nationwide, coupled with hundreds of incubators across the country, the imperative to establish and bolster new incubators has become paramount. However, there remains a limited level of training, sensitization, and knowledge building for new incubator managers and their teams, especially in emerging cities and beyond India's metros. The National Incubator Capacity Development Program seeks to bridge this gap by providing hands-on training and growth hacks for incubators to ensure their sustainability.

The Startup India Platform hosted a call for applications, inviting incubators from all over India to participate, that attracted 83 applications. After initial screening, the jury panel, comprising experts from various industries, conducted a rigorous evaluation of Top-35 applications. Out of these, 25 exceptional incubators were selected to be part of the program. The final incubator cohort support startups from diverse sectors, including Women Entrepreneurship, Education, Mobility, Agriculture, Rural Innnovations, and Climate Action among many others. The 25 incubators participating in the Incubating Incubator program are —

1. Pilani Innovation and Entrepreneurship Development Society,
2. AIC ADT Baramati Foundation,
3. AIC - SKU Confederation,
4. AIC BV Foundation,
5. AIC Raise Foundation,
6. BSC BioNEST Bio-Incubator,
7. RCB Faridabad,
8. Agri Business Incubation Foundation,
9. IIT Kharagpur,
10. IIMV Foundation for Incubation Entrepreneurial Learning and Development,
11. AIC-JKLU (Atal Incubation Center-JK Lakshmipat University),
12. Crescent Innovation and Incubation Council,
13. MOTION CoE, AIC-RNTU Foundation,
14. EdVenture Incubation Foundation,
15. AIC BAMU Foundation,
16. IIT Bhubaneswar Research And Entrepreneurship Park,
17. AIC Banasthali Vidyapith Foundation,
18. AICNIFTTEA Incubation Centre,
19. PDEU Innovation and Incubation Centre,
20. ANGRAU R Agri Business Incubator,
21. FOUNDATION FOR CfHE,
22. K L Technology Incubators Foundation,
23. Centre for Incubation and Business Acceleration, 
24. BioNEST-BHU InnoResTech Foundation,
25. IIM Kashipur Foundation for Innovation & Entrepreneurship Development, STEP (Shakti-The Empathy Project).

The National Incubator Capacity Development Program represents a significant milestone in the development of India's startup ecosystem. NICDP will empower and equip a pathway to the incubators' sustainability. By empowering incubators with the necessary knowledge and resources, the program also aims to foster an environment conducive to innovation, job creation, and social impact. 

Foxconn Founder Terry Gou To Run for Taiwan President As An Independent Candidate

Foxconn Founder, Terry Gou, has announced that he'll run for president of Taiwan as an independent candidate in upcoming elections in next January.

At a news conference, Gou criticised the governing Democratic Progressive Party, saying its policies have brought Taiwan into the risk of war with China, which claims the self-ruled island democracy as part of its territory.

Interestingly, this will be Foxconn founder's second attempt to lead the opposition Kuomintang (KMT). In 2019, Gou resigned from Foxconn and joined the Kuomintang (KMT) to run for president, declaring he was instructed by the sea goddess Mazu in a dream to contest the election. Notably, Gou is also the main owner of HMD Global, which is a company founded in 2016 to sell Nokia branded phones.

However, Gou now needs to get 2,90,000 signatures from voters by 2 November to make his bid official.

Taiwan's current president—Tsai ING-wen, the first female president of Taiwan, has more anti-China stance contrasts with the KMT, which supports closer ties with mainland China.

The Foxconn founder said that he was running to prevent Taiwan from becoming “the next Ukraine,” promised to bring “50 years of peace to the Taiwan Strait,” and pledged to help the island overtake Singapore in terms of GDP per capita.

In 2019 however Gou had contrast point of view towards China when he told reporters that Apple should move its manufacturing out of China.

Owing to his business background and image as a political outsider, Gou has been compared in international media to former U.S. President Donald Trump.

HealthTech MediBuddy Secures $18 Mn in Funding from Existing Investors Quadria Capital, Lightrock and TEAMFund

MediBuddy Secures $18 Million Funding to Drive Strategic Acquisitions and Continued Expansion

Existing Investors Quadria Capital, Lightrock, and Teamfund demonstrates confidence with reinvestment

MediBuddy, India's largest digital healthcare platform, secures additional funding of $18 million, reaffirming unwavering support from the existing investors Quadria Capital, Lightrock, and TEAMFund. This infusion of equity capital, amplifies MediBuddy's steadfast dedication to growth and expansion through strategic acquisitions.

In February 2022, MediBuddy raised an impressive $125 million during the Series C funding. The recent additional funding puts MediBuddy in a solid position to navigate the current landscape and achieve its ambitious growth targets over the next three years. A formidable portion of these funds shall be meticulously channelled into strategic acquisitions and fortifying its existing offerings, synergistically harmonising with MediBuddy's visionary trajectory and enabling exponential growth.

Mr. Satish Kannan, Co-Founder and CEO of MediBuddy, said, "Our continued partnership with all our investors has been instrumental in MediBuddy's growth and is helping us solve India's healthcare needs. MediBuddy's growth trajectory has consistently achieved a Compound Annual Growth Rate (CAGR) of 95.5% over the past three years. The additional funds will be critical in driving our strategic acquisition initiatives, further expanding our reach, and enhancing the depth and breadth of our services. At MediBuddy, our constant endeavour has been to make high quality healthcare accessible to a billion people. This move further solidifies our stance as a market leader in the digital healthcare landscape."

This growth has been fuelled by its presence in both Corporate and Retail domains. Two of MediBuddy’s recent strategic acquisitions, such as Clinix, an online medical consultation platform focusing on rural India, and US-based Aetna Inc’s vHealth by Aetna business (Indian Health Organization Pvt Ltd), have further amplified its presence in the healthcare domain.

As MediBuddy continues to stride confidently towards sustained profitability, this recent funding reinforces its status as a frontrunner in the health-tech industry. MediBuddy helps 35,000+ users every day, and critical factors such as easy access to a specialist doctor in 10 minutes, 24/7, 365 days a year, increased convenience, prompt delivery of services, and widespread awareness have sparked a visible growth in online doctor consultations for the platform. MediBuddy currently has an existing customer base of 3 Cr+ Indians. The company's ability to secure substantial funding and maintain a balanced growth trajectory is a testament to its vision and operational excellence.

MediBuddy has always been at the forefront of India’s digital healthcare transformation. The digital healthcare platform has a partner network of 90,000+ doctors across 22+ specialities, 7,100+ hospitals and clinics, 4,000+ diagnostic centres, 2,500+ pharmacies along with a team size of 2200+ members. It has created an integrated healthcare ecosystem that offers patients seamless access anytime and anywhere in 10 minutes. With its healthcare services available in 16 Indian languages to enable customer-friendly consultation, MediBuddy is bridging the Urban-Rural quality healthcare divide. MediBuddy offers online and offline doctor consultations, medicine delivery, lab tests at home, mental health consultations, surgery care, among other healthcare services.

India Fintech A $400 Bn Value Creation Opportunity by 2030, Says The Bottomline Report by Elevation Capital

Elevation Capital, India’s leading early-stage venture capital firm, today unveiled its in-depth report on the Indian Fintech sector, titled ‘The Bottomline: Elevation Fintech Report 2023’, with the support of ‘McKinsey & Company’ as the knowledge partner. India’s fintech ecosystem, the third-largest globally, is expected to reach a scale of ~$70Bn in annual revenue by FY30, accounting for 18-20% of the addressable financial services revenue pool. The report presents Elevation’s 4Es framework — Expansion, Experience, Efficiency, and Enablement — dimensions across which fintechs have created value, and provides a macro view of fintechs in India, encapsulating their journey so far and their impact on the financial services ecosystem. The report can be viewed and accessed at bottomline.elevationcapital.com.

The report serves as a blueprint for $400Bn of value creation set to happen in the fintech sector by 2030 (4X growth from today). The report captures Elevation’s deep thesis on the fintech sector, insights from a comprehensive survey of 70+ industry experts and conversations with 20+ industry leaders from prominent fintechs and financial services, which includes Ajay Rajan (Head of Digital and Transaction Banking, Yes Bank), Anup agarwal (Co-founder & CEO, Mintifi), Anurag Sinha (Co-founder, Onecard), Archit Gupta (Founder & CEO, Clear), Asish Mohapatra (Co-founder & CEO, OfBusiness), Atulya Bhat (Co-founder, Jodo), Hrushikesh Mehta (Senior Vice President - Financial Services, ONDC), Madhusudanan R (Co-founder, M2P Fintech), Nitin Chugh (Deputy Managing Director and Head of Digital Banking, State Bank of India), Nitin Gupta (Founder & CEO, Uni Cards), Sameer Shetty (Head, Digital Business And Transformation, Axis Bank), Sandeep Jathwani (Co-founder, Deserv) Sashank Rishyasringa (Co-founder, axio), Srivatsan Sridhar (Founder & CEO, Skydo), Varun Dua (CEO, Acko), Vamsi Madhav (Deputy Managing Director and Head of Digital Banking, COO & Founding member, Sahamati), Vijay Shekar Sharma (CEO, Paytm) among others.

84% of survey respondents expect fintechs to play a significant or dominant role going forward, with SME Lending, Retail Lending, Fintech SaaS and Wealth (advisory & brokerage) being categories that will see the most fintech growth and innovation, according to the respondents. However, industry participants believe that for continued growth, fintechs will need to overcome a few challenges, such as achieving sustainable profitability, ensuring a regulatory-compliant business model, and adhering to risk and security standards.

The report comes at a time when India’s fintech ecosystem is at an inflection point, showcasing immense headroom for growth relative to its global counterparts. As a precursor to the next phase of the report, Elevation offers a glimpse into the ‘10 Key Themes’ that will shape the future of fintech value creation in India and the key elements to build an enduring & profitable fintech franchise.

Mridul Arora, Partner, Elevation Capital, said, “India is today setting the template for the rest of the world with its innovative models in fintech and financial services. Our fast-growing digital population, world-class Digital Public Infrastructure (DPI), and proactive regulators are three key tailwinds underpinning the fintech growth, which will expand into a $400Bn opportunity by 2030.”

“Fintechs have emerged as significant players, making meaningful headways into key categories and capturing a sizable market share of 3-5% of India’s very large and growing financial services revenue pools. They are creating and will continue to create value across the 4Es of Expansion, Efficiency, Experience, and Enablement. Over the next decade, we expect this value creation to accelerate, catalyzed by India’s Digital Public Infra, allowing fintechs to capture 12-15% of the financial services revenue pool by 2030," said Vaas Bhaskar, Principal, Elevation Capital.

Key findings from the report

• With more than 9K+ fintechs, India is home to 3rd highest number of fintechs globally
• Fintech funding in India has tripled in 2022 since 2018
• Fintech is now capturing ~14% share of India’s startup funding
• Fintechs are capturing a meaningful market share across key financial service categories
• ~70% of digital payment transactions are captured by fintechs, with the share of fintechs increasing ~2.3X in FY22 from FY19
• ~50% of active broking accounts on NSE are held by fintechs - again, the share of fintechs has grown ~4x from FY19 to FY22
• Share of insurtechs, specifically in sectors such as motor insurance, have grown ~5x since FY19 to FY22 & fintechs are capturing ~5% of the share of gross written premium underwritten. This share is expected to increase significantly over the next decade
• Amidst the perfect storm of disruption in India’s Financial Services landscape, Fintechs have emerged to play a significant role:
• They have captured material share in key categories (e.g. payment gateways, small ticket personal loans, BNPL lending) and rapidly growing share in others (card issuing, wealth & insurance distribution) and, as a result, already drive 3-5% of India’s financial services revenue pools
• From a qualitative standpoint, fintechs have created value across 4Es -
• Expanded access, introducing millions of consumers to digital FS
• Set the bar on Experience - giving customers a world-class experience
• Defined the Efficiency paradigm - improved turnaround times for opening accounts, credit decisions, improved operating costs with the use of tech
• More broadly, Enabled the modernization of India’s financial services - by developing new & improved tech stacks.
• Multiple tailwinds have underpinned fintech growth.
• Fast-growing digital population: 200M+ users digitally transact via smartphones
• Rapid digital banking penetration: From 2018 to 2021, digital banking penetration has grown 3X in India. 
• World-class public infrastructure: The emergence of infrastructure such as Aadhar, Digilocker, UPI, GST, Account Aggregator, and large open networks such as ONDC and Agri stack are enabling fintechs
• 99% of the population has digital IDs via Aadhar
• 300M monthly eKYC transactions
• UPI has grown to >8B transactions per month
• 100M+ bills are paid via BBPS monthly
• 2M account aggregator consent requests processed per month
• Enabling regulatory environment: Increased engagement between fintechs & regulators
• Across categories, Fintech's role will be nuanced – varying between that of a shaper, attacker and catalyst
• Shaper: Set the paradigm & lead in market share - in sectors such as consumer payments, B2B SaaS point solutions, digital brokerage
• Attacker: Challenge incumbent market share - in sectors such as credit cards, motor insurance, core B2B SaaS platforms
• Catalyst: Creating and expanding new FS categories - in sectors such as business insurance, cross-border payments

About Elevation Capital

Elevation Capital is a leading venture capital firm that provides seed and early-stage capital for emerging companies in India. Elevation Capital has been investing in India since 2002, deploying almost $2 billion of capital in over 150 companies. The firm announced its eighth pool of capital of $670 million in April 2022. The firm is led by Co-Managing Partners Ravi Adusumalli and Mukul Arora, along with Partners Mridul Arora and Mayank Khanduja. The firm has invested in over 150 companies across Consumer Internet, SaaS, Fintech, Consumer Brands, Edtech, Healthtech and Web3/Crypto and has offices in Bengaluru, Gurgaon and Salt Lake City.

SaaS-based Logistics Provider ShipEase Raises $1 Mn in Pre-Series A, Round Led By Inflection Point Ventures

(L-R) Ajay K (MD & CTO) , Pawan Kumar (CEO) , Lalit Singh (CRO) — Shipease

• ShipEase is a SAAS based logistics provider helping D2C brands and SME e-tailers in making their supply chain efficient.
• The funds raised will be utilized in team expansion, tech improvisation, new product development, Marketing and Brand building.
• Inflection Point Ventures (IPV) has so far invested over INR 600 Cr across 190+ deals.

ShipEase, India's most efficient logistics company has raised $1 M in a Pre-Series A Round led by Inflection Point Ventures. The funds raised will be utilized in expanding the team, improving the technology, developing new efficient products and brand building.

ShipEase is a SAAS based logistics provider helping D2C brands and SME e-tailers to make their supply chain efficient. The company offers the best-in-class automated shipping services and seamlessly ships to 28000+ pincodes with smart courier allocation.

ShipEase was founded by a trio of accomplished professionals. Pawan Kumar, the CEO, brings expertise from Xpressbees, Ecom Express, and Delhivery Ltd. Lalit Singh, the CRO, has worked at well reputed companies like FedEx, Delhivery, and Reliance Industries. Ajay K, MD & CTO comes with tech experience working with RBS, Iris Inc, and Aricent. Their collective experience in logistics, e-commerce, and technology drives Shipease's mission to innovate the shipping industry.

Vikram Ramasubramanian, Partner, Inflection Point Ventures, says, “Logistics play a pivotal role specially for D2C brands as managing supply chain is one of the biggest cost heads. For new and emerging brands, to build their own supply chain pan India, is a multi-crore commitment. However, ShipEase’s platform and their tech approach can help brands reach their customers faster while keeping logistics costs low.”

While timely and safe goods movement for high value products is a high priority for companies, what makes the shipments more secure is tech solution features including tracking the products, NDR Management and so on. ShipEase has successfully designed a technology-enabled logistics solution which provides end-to-end automation for varied delivery requirements. ShipEase with a domain expert founding team, cost-effective methods and robust technology positions the company as one of the most preferred partners for brands and SMEs.

Pawan Kumar, Founder, ShipEase, says, “We would like to project ourselves as tech savvy organization for D2C community and offline brands right from managing the production, inventory control, supply chain followed by logistics. It has been a phenomenal experience so far with IPV for putting faith in us and believing in our team & vision.”

ShipEase is serving a wide seller base of 2000+ clients with the business quantum of 3.5 Lakhs+ shipments per month. Also, the company operates on a double-digit positive EBITDA as per Jul’23 trends. The company has accomplished this exceptional growth with a very lean team size and in a very short span of time.

The Supply Chain Management Market was valued at approximately US$ 26.8 billion in 2022. It is anticipated to achieve a valuation of around US$ 62.20 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.1% from 2023 to 2030.

About ShipEase

Founded in 2020 by Pawan Kumar, Ajay K, and Lalit Singh, the SAAS-based logistics provider stands as a pivotal solution in the realm of Direct-to-Consumer (D2C) brands and Small and Medium-sized Enterprise (SME) e-tailers. With a clear mission, this innovative platform aims to optimize and streamline supply chains, propelling operational efficiency for businesses operating in the digital landscape. By harnessing the power of software-as-a-service (SAAS), the company empowers D2C brands and SME e-tailers to navigate the complexities of modern logistics with ease. With an intimate understanding of the unique challenges these businesses face, the platform stands as a dynamic enabler of growth, facilitating smoother processes and driving a more seamless connection between these enterprises and their customers.

About Inflection Point Ventures & Physis Capital

Inflection Point Ventures (IPV) is an angel investing platform with over 8600 CXOs, HNIs, and Professionals to together invest in startups. The firm supports new-age entrepreneurs by providing them with monetary & experiential capital and connecting them with a diverse group of investors. IPV has announced the launch of a $50 million CAT 2 AIF Physis Capital to invest in pre-Series A to Series B growth-stage start-ups.

Fintech CredRight Raises ₹78 Cr in Equity and Debt Financing Round From Michael & Susan Dell Foundation, YourNest and Others to Expand Credit Access for MSMEs

CredRight, a data-driven tech enabled NBFC focused on serving nano enterprises, announces that it has raised funding of INR 78 crore (approximately 9.7 million USD) through a combination of equity and debt capital.

The equity capital funding was led by the Michael & Susan Dell Foundation with wider participation from existing investors including YourNest, Spearhead Capital, 9Unicorns and Accion Venture Lab, signifying strong faith in the company’s value proposition and the founding team’s execution ability. The debt capital funding was provided by Blacksoil, Caspian Debt, RevX Capital, and Westen Capital.

CredRight, which focuses on financial inclusion by providing much-needed institutional debt capital to MSMEs in Tier 3 and 4 towns, will utilise this additional capital to expand further into new locations, strengthen its technology stack and work towards positively impacting the lives of small business owners by helping them access formal finance.

On the fundraise, Neeraj Bansal, cofounder of CredRight, said, “MSMEs are the backbone of the Indian economy and access to capital is the fuel that fires them. We are on a mission to make formal finance simpler, accessible, transparent, and faster. We have served more than 5,000 nano enterprises, and this fund-raise will help us expand our reach exponentially. Our phygital model, unique underwriting ability & deep understanding of nano enterprises helps us reach remote areas and provide meaningful loans whilst ensuring profitability. We are delighted to have successfully executed this fund-raise in a challenging environment and welcome the support of, the Michael & Susan Dell Foundation and, of our existing shareholders.”

Cofounded in 2016 in Hyderabad by Neeraj Bansal, an alumnus of BIT, Durg and IIM Lucknow, along with Vineet Jawa, an ISB alumnus and serial entrepreneur, CredRight is helping bridge the credit gap for millions of small and medium sized enterprises that do not have access to institutional debt as commercial banks and traditional institutional lenders find it prohibitive to distribute cost-efficiently in remote locations. As a result, small businesses are forced to rely on informal sources such as moneylenders who lack transparency and often charge very high interest rates.

According to the Reserve Bank of India (RBI), fewer than 10% of MSMEs in the country currently have access to formal finance. However, CredRight has emerged as a viable solution by utilizing physical distribution channels and employing an innovative credit underwriting approach based on analyzing small business cash flows, chit fund statements and agricultural incomes. This approach enables CredRight to serve MSMEs even in the most remote locations. In India, there is a staggering credit demand shortfall estimated at $500 billion from approximately 63 million MSMEs, and this shortfall continues to grow each year.

“We are delighted to partner with the CredRight team in serving the acute financing requirements of over 63 million MSME businesses in India,” said Geeta Goel, country director, Michael & Susan Dell Foundation. “The financing gap is wider still for nano entrepreneurs, businesses with an annual turnover between INR 1 and 10 million. These growing businesses account for approximately 20% of the MSME segment yet over 90% of them lack access to formal financing from traditional lenders. These entrepreneurs are the future of India, and Credright is creating opportunity for them, their families, and their communities across the country.”

Sunil K Goyal, Managing Director and Fund Manager at YourNest Venture Capital, said, “CredRight has one of the lowest NPAs in the industry using its innovative underwriting model based on alternate data. With CredRight recently receiving an NBFC license and with this round of funding, the company will be able to significantly grow its loan book exponentially. We continue to have faith in their business and their operating principles which is what inspired us to invest further in the team.”

CredRight has experienced a 10x growth in its assets under management (AUM) over the past three years. The company is targeting AUM of INR 2,000 crore over the next three years.

Reliance Industries' JFS To Enter Web3 with Blockchain and Digital Currencies

Mukesh Ambani promoted Reliance Industries' demerged financial division – Jio Financial Services – plans to explore blockchain and Central Bank Digital Currencies (CBDCs) including the eRupee, which is currently in advanced trials in India.

Mukesh Ambani, one of the world's richest men, annnounced this Web3-related plans during the 46th annual general meeting of Reliance Industries (RIL) that was held on Monday.

"JFS will consolidate its payment infrastructure, with a ubiquitous offering for both consumers and merchants further driving digital adoption for India," Ambani said. "JFS products will not just compete with current industry benchmarks but also explore pathbreaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times."

Notably, RIL's other subsidiaries like Reliance Retail and General Insurance service are already accepting eRupee, a CBDC of India.

Late last month, Jio Financial Services partnered with Blackrock to form Jio BlackRock, a 50:50 joint venture that combines the respective strengths and trusted brands of BlackRock and Jio Financial Services.

For Web3, RIL had already anticipated the foray into the segment when in February of last year, Jio Platforms, an another subsidiary of RIL, had invested $15 million in Pranav Mistry founded deep-tech startup, Two Platforms Inc. (Two), for 25% equity stake acquisition in the startup.

Understanding the Smart Payout Strategies and Crafting Compelling Payment Pages!

In today's digital age, where businesses thrive on the online landscape, understanding smart payout strategies and crafting compelling payment pages has become a paramount concern. In this article, we will explore the complexities surrounding these two pivotal elements that wield substantial influence on the prosperity of your digital endeavour.

Smart Payout Strategies: Maximising Efficiency and Customer Satisfaction

Different Smart Payout Approaches

Smart payouts are not one-size-fits-all. There are various approaches that businesses can adopt to disburse funds efficiently. These include:

Instant Payment Transfers

In the era of instant gratification, customers appreciate quick payouts. Employing instant payment transfers ensures that your customers receive their funds promptly, enhancing their satisfaction with your service.

Scheduled Payouts

For businesses with recurring payment needs, scheduling payouts at regular intervals streamlines the process. This method minimises manual intervention and reduces the risk of errors.

Flexible Payment Options

Offering multiple payout options, such as bank transfers, digital wallets, or even cryptocurrency, caters to a diverse clientele. Providing flexibility in payment methods can give your business a competitive edge.

Benefits of Smart Payouts

Implementing smart payout strategies offers several benefits:

1. Improved Customer Retention

Efficient payouts lead to happier customers. Satisfied customers are likelier to stay loyal to your brand and recommend it to others.

2. Cost Savings

Automated payout processes reduce operational costs associated with manual handling. This frees up resources that can be invested elsewhere in your business.

3. Enhanced Security

Smart payout systems often have robust security measures to protect sensitive financial data. This instils trust in your customers, which is crucial for online transactions.

Payment Page Design: Creating a Seamless User Experience

About Payment Page Experience

The payment page represents the last interaction in the customer's path, and it's crucial to ensure its seamless operation. Points to take into account encompass:

User-Friendly Interface

A clutter-free and intuitive design ensures customers can easily navigate the payment page. This reduces the likelihood of cart abandonment.

Mobile Optimisation

Given the rise in mobile transactions, your payment page must be responsive and mobile-friendly. This ensures that customers can complete payments from any device seamlessly.

Clear Call-to-Action

The payment button should be prominent and labelled clearly, leaving no room for ambiguity. Customers should know precisely how to proceed.

Security Measures

Customers need assurance that their payment information is secure. Incorporating robust security measures on your payment page is imperative. These measures may include:

1. SSL Encryption

Using Secure Socket Layer (SSL) encryption ensures that data transmitted between the user's browser and your server remains confidential and protected.

2. PCI DSS Compliance

Adhering to Payment Card Industry Data Security Standard (PCI DSS) requirements ensures that credit card data is handled securely, reducing the risk of data breaches.

3. Two-Factor Authentication

Implementing two-factor authentication adds an extra layer of security, safeguarding against unauthorised access.

Crafting a Compelling Payment Page: Best Practices

1. A/B Testing

Continuously monitor and improve your payment page by conducting A/B tests. Analysing customer behaviour can help you identify areas for enhancement.

2. Customer Feedback

Listen to your customers. Their feedback can provide valuable insights into pain points in your payment process.

3. Streamlined Checkout Process

Minimise the steps required for checkout. The simpler and faster the process, the more likely customers will complete their transactions.

Conclusion

In conclusion, understanding smart payout strategies and crafting compelling payment pages are crucial for the success of your online business. Adopting smart payout approaches and optimising your payment page can enhance customer satisfaction, boost security, and ultimately increase your revenue. Keep evolving your payment strategies to stay ahead in the ever-changing digital landscape.

India Launches World's 1st Prototype of the BS 6 Stage II Electrified Flex Fuel Vehicle (FFV)

Today, India unveiled the world's first prototype of the BS 6 Stage II ‘Electrified Flex Fuel Vehicle’, developed by Toyota Kirloskar Motor.

A Flexible fuel vehicles (FFVs) have an internal combustion engine and are capable of operating on Petrol/Gasoline and any blend of petrol and ethanol (up to 83%). An Electrified Flex Fuel Vehicle has both a Flexi Fuel engine and an electric powertrain. This gives it ability to provide dual benefit of higher ethanol use and much higher fuel efficiency as is in case of a Strong Hybrid Electric Vehicle (SHEV), which can provide 30-50% higher Fuel Efficiency as it can run 40-60% in EV mode with engine shut off.

This initiative by Toyota is particularly important as it introduces the world’s first BS 6 (Stage II) Electrified Flex Fuel vehicle prototype, which has both the flex fuel engine as well as an electric powertrain, thereby offering higher use of ethanol combined with better fuel efficiencies.

Live https://t.co/eyom4jI6O9

— Toyota India (@Toyota_India) August 29, 2023

This innovative vehicle is based on the Innova Hycross and is engineered to adhere to India’s stricter emission standards, marking it as the first-ever BS 6 ( Stage II) Electrified Flex Fuel Vehicle prototype globally. The forthcoming stages for this prototype encompasses meticulous refinement, homologation, and certification processes.

The Union Minister for Petroleum & Natural Gas, Mr Hardeep Singh Puri, speaking at the unveiling of the Prototype said that India has huge Ethanol potential, much beyond E20 mix. This excess potential can be utilised by the country by promoting Flex Fuel vehicle (FFVs) and Flex Fuel Strong Hybrid Electric Vehicle (FFV-SHEV) / Electrified Flex Fuel Vehicle.

“With Industry and Government collaboration, we see India becoming a global hub for cleaner technologies and achieving self-reliance in energy soon”, Mr Puri added further.

The Minister informed that with the huge efforts made by the Government and the industry, in a short span of 8 years, the Ethanol blending in India has increased by over 8 times. It has increased from 1.53 % in 2014 to around 11.5 % (Mar ’23) leading to savings in the import bills and also lowering of carbon emissions.

𝐘𝐞𝐭 𝐚𝐧𝐨𝐭𝐡𝐞𝐫 𝐫𝐞𝐦𝐚𝐫𝐤𝐚𝐛𝐥𝐞 𝐦𝐢𝐥𝐞𝐬𝐭𝐨𝐧𝐞 𝐢𝐧 𝐈𝐧𝐝𝐢𝐚’𝐬 𝐚𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲!

Launched the 𝐰𝐨𝐫𝐥𝐝'𝐬 𝐟𝐢𝐫𝐬𝐭 𝐩𝐫𝐨𝐭𝐨𝐭𝐲𝐩𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐁𝐒 𝟔 𝐒𝐭𝐚𝐠𝐞 𝐈𝐈 ‘𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐟𝐢𝐞𝐝 𝐅𝐥𝐞𝐱 𝐅𝐮𝐞𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞’,… pic.twitter.com/eRR1kM03Pb

— Nitin Gadkari (@nitin_gadkari) August 29, 2023

Speaking on this launch, Union Minister for Road Transport and Highways Mr Nitin Gadkari, who launched the vehicle, said, "Ethanol being an indigenous, eco-friendly, and renewable fuel holds promising prospects for India."

Mr Gadkari said that the emphasis of the Modi Government on ethanol aligns with objectives of attaining energy self-sufficiency, doubling farmers' income, transitioning them to Urjadata while continuing to support them as Annadata, and positively impacting the environment. He said the day ethanol economy becomes of 2 lakh crores agricultural growth rate will reach 20% from the current 12%. Talking about innovations in biofuels Shri Gadkari spoke of refinery in Numaligarh in Asssam of Indian Oil Corporation where bamboo is being used for manufacturing bio ethanol.

Stack Overflow Enters Generative-AI Universe, Launches OverflowAI

• Recently introduced OverflowAI. The newly launched OverflowAI will offer users a series of new capabilities based on various AI/ML solutions sourced for both its public platform and market-leading SaaS product, Stack Overflow for Teams.
• With the launch of OverflowAI, the addition of AI/ML solutions will offer users a series of new capabilities that will ensure they get to solutions faster within their workflow.

Stack Overflow, the world’s largest, most trusted online community for developers and technologists to learn, share their programming knowledge, and build their careers, recently introduced OverflowAI. The newly launched OverflowAI will offer users a series of new capabilities based on various AI/ML solutions sourced for both its public platform and market-leading SaaS product, Stack Overflow for Teams.

Since its inception in 2008, its public platform has been one of the world's most visited websites, serving millions of the world’s most active developers and technologists visiting every month to ask questions, learn, and share technical knowledge. With the launch of OverflowAI, the addition of AI/ML solutions will offer users a series of new capabilities that will ensure they get to solutions faster within their workflow.

OverflowAI within Stack Overflow for Teams will drive the following:

• OverflowAI Enterprise Knowledge Ingestion: With OverflowAI, users of Stack Overflow for Teams can swiftly curate a knowledge base by using trusted existing content. AI/ML assists in creating initial tags and suggesting QA pairs, enabling developers to concentrate on enhancing and validating accuracy.
• Improved Search with OverflowAI: Teams on Stack Overflow can swiftly discover accurate answers and learning paths. Trusted sources include Stack Overflow for Teams, public Stack Overflow, as well as customer repositories like Confluence and GitHub - with more sources to be added.
• OverflowAI Visual Studio Code Extension: As developers spend a lot of time in an IDE, Stack Overflow will maintain that workflow. The extension integrates public platform and private Teams content, offering a personalized summary of how to solve problems efficiently and effectively.
• OverflowAI Slack Integration: StackPlusOne chatbot instantly delivers verified solutions while you are in Slack. GenAI integration uses community-validated sources while keeping a company’s data private.

On Stack Overflow’s public platform:

• OverflowAI Search: Public platform users get quick, reliable answers through GenAI-powered search. Using trusted data from 58M+ Stack Overflow Q&A, responses can be attributed and cited, having the capacity to expand queries to the knowledge base for more individualized, relevant results and follow-up inquiries.
• AI community discussions: Access unbiased tech resources and expert insights via the GenAI Stack Exchange, centered around knowledge sharing for writing prompts for GenAI tools and AI/ML more broadly. Stack Overflow's Natural Language Processing NLP Collective adds 'Discussions' for focused debates, sharing insights, and aiding informed decisions.

“For the last fifteen years, developers have come to Stack Overflow to get a solution to a specific problem. The problems we helped solve back in 2008 are not the ones we solved in 2023. As the needs of developers evolve, so does how they seek knowledge. Our goal is to be the most valuable destination for the world’s current and next generation of technologists,” said Prashanth Chandrasekar, Chief Executive Officer at Stack Overflow. As generative AI becomes more prevalent, Stack Overflow's foundation of trusted and accurate data will become increasingly important for developing the technological solutions that will drive future innovation.

About Stack Overflow

Across both its public and private platforms, Stack Overflow is empowering developer communities to discover the information, answers, and learning opportunities they need – when they need them. Millions of the world's developers and technologists visit Stack Overflow to ask questions, learn, and share technical knowledge, making it one of the most popular websites in the world. Stack Overflow’s market-leading knowledge-sharing and collaboration platform, Stack Overflow for Teams, helps more than 15,000 organizations distribute knowledge, increase efficiency, and innovate faster. Founded in 2008, Stack Exchange, Inc., the owner of Stack Overflow, is headquartered in New York, NY. Stack Overflow is a registered trademark of Stack Exchange, Inc

Haptik’s First-of-its-kind WhatsApp Chatbot Brings Jio True 5G to India

Jio Haptik Technologies Limited, the world’s largest conversational CRM, announced its enablement of Jio’s launch of True 5G services via WhatsApp. Jio’s version of 5G, called stand-alone 5G, is the most advanced and has no dependency on its 4G network. Jio 5G is Live in 236 Indian cities, with more cities, towns and taluks to be added before the end of the year.

WATCH: Demo of Haptik’s WhatsApp chatbot helping people acquire Jio 5G connection

The WhatsApp Assistant, built by Haptik, is the first of its kind in helping Jio and non-Jio users check for 5G compatibility in their locality. Indian citizens can use the bot to request for 5G connections based on their device compatibility and geographic proximity. The bot supports English, Hindi and Marathi languages on WhatsApp.

Haptik Co-founder & CEO Aakrit Vaish said: “Haptik’s WhatsApp chatbot is paramount to helping customers experience 5G and benefit from powerful functionalities such as 5G voice, low levels of latency, edge computing, and network slicing. Our solution aims to cater to the need of 500 million customers who will be migrating to Jio True 5G, at every step starting with eligibility check to lead collection to sim delivery to device shopping and post-sales support.”

The chatbot offers personalization in the form of dynamic menu options with respect to user type (postpaid and prepaid), device, location and outage management via pin code, among others.

The increased mobility and much-improved connection quality of 5G empowers brands to offer more effective brand-customer communications. While 5G will help brands to personalize and streamline customer journeys, powered by AI, customers will also demand more from their digital experiences.

Jio will leverage Haptik’s Proactive Messaging feature to proactively reach and engage with new and existing users about the launch of 5G services to drive the adoption of the revolutionary network technology.

Haptik also recently launched Click-to-Haptik that will help Jio in running ads on Facebook and Instagram to raise awareness about 5G and trigger new conversations with users on WhatsApp to purchase 5G connections.

About Haptik

Haptik is an omnichannel Conversational CRM leader and a Generative AI-first platform helping 500+ global brands deliver memorable customer experiences. Haptik's prominent clients include Jio, Whirlpool, Dream11, Paisabazaar, Disney+, among others. Haptik helps brands scale support operations to handle high customer volumes in less time, offer proactive assistance, drive customer satisfaction, and foster lifelong customer relationships. The company is a Category Leader across platforms including Gartner, G2, Opus Research & more. Haptik won the “Tech Startup of the Year” award in the Artificial Intelligence category, where its decade-long expertise and excellence remain unmatched.

30 Lakh Uber Drivers in India Driven 3,300 Crore Km for ₹50,000 Crores — Uber's 10 Yrs in India

10 Years of being #IndiaKiRide, here is how Uber is transforming mobility in India

Ten years ago today, the first Indian rider hailed an Uber on the streets of Bengaluru, beginning a journey that would quickly see the app become the country’s most preferred platforms for riders and drivers alike. Since then, Uber has transformed the mobility landscape in India. A safe, reliable and affordable car, auto, moto or bus ride via the app is now available in 125 cities across India.

To celebrate this milestone, here is a look back at the impact Uber has made.

Over the last 10 years in India …

• Over 50,000 Crores - that is the amount of money drivers have earned through the Uber platform since 2013
• 3,300 Crore Kilometers - that is how much Uber drivers have driven, it is equivalent to travelling from Earth to the Moon about 86000 times!
• 300 Crores - that is the total number of trips taken on Uber in India
• 30 Lakh - that is the number of drivers who have earned via the Uber app as a driver partner, that’s enough to fill the Narendra Modi stadium in Ahmedabad 30 times over!
• 4 Crore Kilometers - that is the number of green kilometers driven on Uber in India as we make good on our commitment to become a zero-emissions platform by 2040!

Uber’s mission has been to create opportunity through movement. Through this decade-long journey, Uber has innovated for Indian customers and empowered earners by removing inefficiencies and using technology to unlock greater value for all. With the secular trend towards digitisation and India’s focus on growth, Uber has relentlessly focussed on transforming mobility for millions.

Reflecting on Uber’s ten year milestone, Prabhjeet Singh, President, Uber India and South Asia, said, “Uber has become a part of India’s social fabric and we are proud and privileged to have been able to make a difference by enabling access and movement to riders while enabling livelihood to millions of drivers over the last decade. With a vibrant demography and expanding digital economy, the future is exciting and we look forward to doing our bit to accelerate progress towards India’s envisioned techade.”

Starting with a few cities, Uber now operates in over 125 cities across India, making it possible for millions of people to book a ride within minutes and helping over 800,000 drivers earn a sustainable income. The company has introduced several India-first innovations, tailored to meet the specific demands of Indian riders and drivers. From the introduction of cash payments and regional language support to the implementation of several industry-first safety features, Uber has consistently strived to provide a seamless experience for its users.

With ten years of Uber, here are some significant consumer trends that tell the story of how Uber is shaping mobility preferences of Indians. Here are the highlights:

• 90% respondents say that Uber has revolutionized the way they travel in India
• 72% say that availability of ridesharing options has made them re-evaluate purchase of a personal vehicle.
• Over 30% say mobility offered through multiple modes is the single most loved aspect of Uber. Avoiding car maintenance or driver salaries ranks second while freeing up time during commute is the third most loved aspect.
• 79% said that they totally or frequently depend on Uber for their nightlife plans that involve drinking
• Nearly 55% say that sustainable mobility will become mainstream over the coming decade

Source: Uber/Censuswide, Consumer Trends Survey, India, August 2023, n=1044 online adults, age: 18 to 54+

On this momentous milestone of ten years, Uber India has released a short digital film to remind everyone of the magic of Uber that has touched the lives of millions and transformed mobility for the masses.

Watch here: 

About Uber: Uber rode into India in 2013 with a simple promise: press a button, get a ride. 10 years and over 3 billion trips later, we continue to build products to help people get where they need to be. Today, Uber is available across 125 cities in India and has become #IndiaKiRide where people can go where they have to on Moto, Auto, Cars and even Buses - designed for their various intracity and intercity travel needs. With just a swipe on the app we make mobility seamless for millions and have helped over 800,000 Indians earn a sustainable income by getting in the driver's seat. We continue to reimagine the way the world moves for the better in ever expanding ways and as we mark our ten year milestone - we remain committed to keep India Moving Forward.

ZebPay Unveils CryptoPacks to Streamline Crypto Investments with Curated Portfolios

ZebPay, India’s oldest crypto asset exchange, today announced the launch of a new feature, CryptoPacks, that will enable crypto enthusiasts to effortlessly invest in well-balanced, thematic portfolios of crypto assets. The portfolios are meticulously designed to allow investors to take a sectoral approach to investing.

The BlockBuster Pack, for example, gives investors exposure to a diversified curation of leading crypto assets with high global adoption and overall market cap. The Metaverse or Layer 1 Packs, on the other hand, allow users to invest in the long-term potential of leading projects with specific blockchain use cases. With a wide range of portfolios to choose from, ZebPay is actively empowering users to diversify their holdings based on strategic asset allocations.

Users can access the CryptoPacks feature directly through ZebPay’s mobile and web applications. CryptoPacks will not only help users save time but also help users evaluate the Risk and Reward dynamics of their investments effectively.

CryptoPacks presents a multiplicity of elements such as a comprehensive performance overview, that will allow users to monitor their portfolio's historical progress over varying timeframes. Additionally, its innovative Risk and Reward Rating system will provide insightful perspectives on investment risks and potential rewards, empowering well-informed decisions in line with their risk appetite. CryptoPacks ensure strategic risk management and optimized returns by facilitating diversified allocation across multiple crypto assets in a single step. The feature also offers users a simplified, real-time view of profits and losses, enabling quick comprehension of investment growth trajectory and data-driven decisions on buying, selling, and holding assets.

Rahul Pagidipati, CEO, ZebPay, said, “ZebPay remains committed to empowering users with innovative solutions that simplify crypto investing. With the introduction of CryptoPacks, we are proud to offer a seamless way to make informed investment decisions by providing access to thematic, diversified portfolios and effective performance tracking. At ZebPay, we understand the intricacies of crypto investments, and the introduction of the CryptoPacks feature is a significant step in our ongoing journey to make crypto investments more accessible to investors across all experience levels."

The launch of CryptoPacks underlines ZebPay's continuous efforts towards delivering user-centric solutions that drive growth and education within the crypto ecosystem.

ZebPay is India’s oldest crypto asset exchange, with more than 7 million downloads. Founded in 2014, ZebPay aims to be the leading blockchain asset solution provider and the #1 financial advisor for all Indians invested in the crypto space. The company’s mission is to help its members achieve financial freedom in the Web3 economy. ZebPay’s secure and compliant exchange is available via the web and on the Google Play Store and Apple App Store. ZebPay also operates an exchange in Australia and Singapore, serving 162 countries. ZebPay members can invest in Bitcoin, Ethereum, and 150 other crypto assets, trading both crypto-fiat and crypto-crypto pairs. ZebPay OTC, a bespoke trading desk for high-volume clients, serves both individuals and institutions. For more details, please visit: https://zebpay.com/otc/

Bharat Petroleum (BPCL) To Invest ₹1.5 Trillion in Next 5 Yrs Towards Project Aspire; Draws Net-Zero Roadmap with Additional Capital Outlay of ₹ 1 Lakh Crore

BPCL plans to invest ₹1.5 Lakh Crore in the next Five years towards Project Aspire; Draws Net-Zero Roadmap with additional capital outlay of ₹ 1 Lakh Crore

Bharat Petroleum Corporation Limited (“BPCL”), a prominent 'Maharatna' and Fortune Global 500 Company, unveiled its ambitious roadmap for the next five years at the 70th Annual General Meeting (AGM) held today. “The company has planned a capex outlay of around ₹ 1.5 Trillion or ₹ 1.5 Lakh Crore ( ~ $18 billion) in the next five years. We believe this will enable BPCL to create long-term value for its stakeholders while preserving the planet for future generations”, said G. Krishnakumar, Chairman & MD, BPCL.

Speaking at BPCL's annual shareholders meeting, Mr. Krishnakumar said, “We have consciously taken deliberate steps in reassessing and re-prioritizing our focus areas in light of the latest industry trends and governmental policies. Introducing 'Project Aspire' - our new strategy that is built on eight pivotal pillars. These pillars are clubbed under two main themes: 'Nurturing the Core' and 'Future Big Bets'. 'Nurturing the Core' has three foundational pillars: Refining, Marketing and Upstream. 'Future Big Bets' is anchored on five key areas: Gas, Non-fuel Retailing, Petrochemicals, Green Energy Businesses, and Digital Ventures. This aspiration is our roadmap to the future, and together, we will journey through this transformative era.”

Mr Krishnakumar – Chairman & MD, BPCL

BPCL has recently approved an Ethylene Cracker Project at Bina. With an investment of ₹ 49,000 crores, this project marks a historic milestone as the largest single investment in BPCL's history. As a part of the project, the capacity of Bina Refinery is being enhanced from 7.8 MMTPA currently to 11 MMTPA, which is expected to go a long way in securing BPCL’s markets in the Northern and Central India. “We believe that this project will drive the production of essential petrochemicals - increasing the share of petrochemicals in BPCL’s product portfolio to approximately 8%. This investment dovetails well with the government mission to make India a self-reliant and globally competitive petrochemical manufacturing hub.”, added Mr. Krishnakumar.

“With an aim to expand BPCL’s infrastructure network, BPCL will be setting up POL (Petroleum Oil & Lubricants) & LOBS (Lube Oil Base Stock) installations along with receipt pipelines at Rasayani, with investments of approximately ₹2,753 crore. This is expected to debottleneck the evacuation of products from Mumbai Refinery and ensure seamless supplies, particularly to the Northern markets”, said Mr. Krishnakumar.

BPCL is also diligently expanding its CGD networks across 25 Geographical Areas covering 62 districts in the country.

Towards achieving net-zero emissions by 2040 for both Scope 1 & Scope 2 emissions, BPCL has drawn a net-zero roadmap which encompasses the Green Energy Businesses, Carbon Capture, Utilization, and Storage (CCUS), efficiency improvement, and the offset procurements. This would require an estimated phased capital outlay of approximately ₹ 1 lakh crore till 2040 and BPCL is geared for the same.

In E-Mobility, BPCL plans to provide electric vehicle charging facilities at 7,000 energy stations in the next five years. Certain highways are already equipped with BPCL’s Rapid Charging EV Corridors.

In the Biofuel space, having achieved 10.6% ethanol blending in petrol in 2022-23, BPCL plans to increase the blending to 12% in FY 2023-24 and endeavors to reach 20% blending by 2025. BPCL is also setting up an integrated 2G + 1G Ethanol Bio-refinery at Bargarh, Odisha which is scheduled for completion by March 2024.

In the renewables space, BPCL aspires to build 1 gigawatt (GW) of renewable energy capacity by 2025 and 10 GW by 2040 - through both organic and as well as inorganic routes. BPCL will be investing approximately ₹ 1,000 crore to set up two 50MW captive wind power plants in Maharashtra and Madhya Pradesh to support the refineries in Mumbai and Bina.

In line with the government efforts towards boosting Green Hydrogen capacity, BPCL is also setting up a Green Hydrogen Plant at the Bina Refinery to meet the hydrogen requirements of the refinery.

Speaking about BPCL’s plans for the forthcoming rights issue, Mr. G. Krishnakumar said, “The initiatives under Project Aspire and the Net-Zero targets require substantial investments and the same are proposed to be funded through a combination of equity and debt, in addition to internal generations. In pursuit of this, BPCL has proposed a rights issue of equity capital of upto ₹ 18,000 crore towards funding of projects relating to Energy Transition, Net Zero and Energy Security Objectives”.

About Bharat Petroleum Corporation Ltd. (BPCL):

Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the premier integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the elite club of companies having greater operational & financial autonomy.

Bharat Petroleum’s Refineries at Mumbai, Kochi and Bina Refinery have a combined refining capacity of around 35.3 MMTPA. Its marketing infrastructure includes a network of installations, depots, energy stations, aviation service stations and LPG distributors. Its distribution network comprises over 21,000 Energy Stations, over 6,200 LPG distributorships, 525 Lubes distributorships, 123 POL storage locations, 53 LPG Bottling Plants, 70 Aviation Service Stations, 4 Lube blending plants and 4 cross-country pipelines.

Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has chalked out the plan to offer electric vehicle charging stations at around 7000 energy stations over next 5 years.

With a focus on sustainable solutions, the company is developing a vibrant ecosystem and a road-map to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions. Bharat Petroleum has been partnering communities by supporting innumerable initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be the most admired global energy company leveraging talent, innovation & Technology.

Schaeffler India Acquires Koovers, A B2B Automotive Spares E-Commerce Startup

Addition of B-to-B e-commerce platform to act as a key enabler for the aftermarket ecosystem, including distribution partners

Koovers is a brand of KRSV Innovative Auto Solutions Private Limited

Acquisition of 100 percent of the shares via a share purchase agreement

Schaeffler India Limited today announced that the Board of Directors has approved the acquisition of 100 percent of the shares of KRSV Innovative Auto Solutions Private Limited (in the following “Koovers”), a Bengaluru-based private limited company offering spare parts solutions to Indian aftermarket workshops via a B-to-B e-commerce platform. This acquisition presents an ideal synergy for Schaeffler’s future aftersales activities in India. It will be a key enabler for the aftermarket ecosystem, including distribution partners and help to play an important role in the fast growing and evolving aftermarket digital landscape.

 

Koovers founders

Schaeffler’s Automotive Aftermarket division supplies components and holistic repair solutions for the automobile spare parts business worldwide and sees itself as an enabler of garages. With an overarching understanding of systems and comprehensive services, Schaeffler supports garages in complex repairs and at the same time contributes to extending the operating life of vehicles.

Founded in 2015, Koovers has established a B-to-B e-commerce platform offering spare parts solutions to aftermarket workshops in India. With revenues of INR 777 million in the financial year 2022-23, the company has a compelling growth story and is one of the fast-growing players in the Indian B-to-B e-commerce market.

Koovers had raised a total of $2.5 million in funding over two rounds. Their latest funding was raised on June 2022 from a Seed Round. Koovers' largest round was in year 2021 when it raised $1.5 million led by Inflection Point Ventures. Other investors in that round include JPIN-VCats and Venture Catalysts.

Koovers supplies to over 7,000 plus workshops and has a portfolio of around 1.8 million parts from various manufacturers. The platform will continue to operate under Koovers brand name.

“We are happy to announce the acquisition of Koovers, a milestone moment for Schaeffler in India. This will be a strategic step to maximize value creation through our repair solutions for all customers. Schaeffler Automotive Aftermarket’s ambition has always been to simplify workshop operations with plug and play products and solutions, while building consumer connect. Koovers strongly supports this ambition with its innovative digital offering,” said Mr. Harsha Kadam, Managing Director and Chief Executive Officer at Schaeffler India.

Under the share purchase agreement, Schaeffler India Limited will acquire 100 percent shares of KRSV Innovative Auto Solutions Private Limited for a consideration of approximately INR 1,424 million. The transaction would be completed in third quarter of CY 2023, subject to customary closing conditions. This acquisition will be fully funded by own cash generation.

“This acquisition is in line with Schaeffler India’s strategic initiatives for growth and provides a compelling synergy potential. With its digital offering, the Koovers B-to-B e-commerce platform enables workshops to easily order spare parts solutions. We welcome the Koovers team to the Schaeffler Group,“ commented Mr. Debasish Satpathy, President Automotive Aftermarket Schaeffler India.

Mr. Sandeep Begur Sheshadri, Chief Executive Officer and Co-founder at Koovers said: “Since our foundation eight years ago, we have scaled our business through innovative solutions and offerings. Koovers will expand its market coverage and depth, as well as extend product portfolio across the automotive aftermarket under the ownership of Schaeffler India. We are delighted to be an integral part of Schaeffler India and are committed to create value for all stakeholders.”

The Schaeffler Group has been driving forward groundbreaking inventions and developments in the field of motion technology for over 75 years. With innovative technologies, products, and services for electric mobility, CO₂-efficient drives, chassis solutions, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making motion more efficient, intelligent, and sustainable – over the entire life cycle. The motion technology company manufactures high-precision components and systems for drive train and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group generated sales of EUR 15.8 billion in 2022. With around 84,000 employees, the Schaeffler Group is one of the world’s largest family-owned companies. With more than 1,250 patent applications in 2022, Schaeffler is Germany’s fourth most innovative company according to the DPMA (German Patent and Trademark Office).

About Schaeffler India Limited

Established for more than 60 years, Schaeffler India is a leading motion technology company with 4 manufacturing sites in Pune, Vadodara, Maneja, and Savli, 3 R&D centres, and 8 sales offices. In 2022, the company reported sales of INR 68,674 million, supported by a team of 3,190 employees. The company is well represented in India with its three divisions – Industrial, Automotive and Automotive Aftermarket, offering comprehensive range of products and services under the brands of FAG, INA, LuK and TruPower. Schaeffler caters a to a large and diverse customer base with efficient engine & transmission solutions, chassis and E-mobility solutions on the automotive division and reliable range of bearings and accessories with award winning Industry 4.0 and Lifetime Solutions for the industry division. Both the divisions are backed by a strong network of aftermarket footprint bringing products and solutions closer to customers. The strategic roadmap is driven by a well-defined ESG (Environment, Social, Governance) program, and Schaeffler India is committed to contribute to the global sustainability targets. Committed to quality, innovation, sustainability with a passionate team Schaeffler India strives to pioneer motion to advance the industrial and automotive technology in India. Explore more - www.schaeffler.co.in

HeyoPhone Raises $500K Funding from Super-Angels Amit Chaudhary (Lenskart), Aakash Chaudhry (Aakash-Byju’s) to build Conversational Commerce for Bharat's SMBs

HeyoPhone, the smart communication app dedicated to serving India’s 60 million+ small and medium-sized business (SMB) community, has announced the successful closure of its 500K USD angel funding round. The round saw participation from super-angels Aakash Chaudhry, co-founder of Aakash Educational Services (Aakash-Byju’s), Amit Chaudhary, co-founder of Lenskart and Dinesh Gupta, co-founder of Busy Accounting.

Designed to address the unique needs of India's extensive SMB segment, HeyoPhone offers an ultra-simple solution for businesses to effortlessly connect with their clientele through a unified, smart number. With HeyoPhone, business owners can seamlessly manage all their communication requirements, including calls and WhatsApp interactions, via a single platform. This holistic approach cultivates a consistent brand identity, a centralised customer database, and comprehensive business analytics, all consolidated under the umbrella of one "Bharat ka business number." As India's digital transformation continues to unfold, HeyoPhone plays a pivotal role in aligning businesses with the ONDC (Open Network for Digital Commerce) framework, accelerating digitIzation for small enterprises.

Speaking on the investment, Aakash Chaudhry, Co-founder, Aakash Educational Services, commented: India's retail is set to get a strong digital boost with ONDC which allows every small retail to reach consumers directly. It is the right time to invest in the HeyoPhone app which digitizes customer engagement for all these businesses. Ankit has successfully built MyOperator, understands the SMB space and his is the right team to build something so simple and powerful for Indias 6 crore+ small businesses.

Amit Chaudhary, Co-founder at Lenskart commented: Heyo gives a direct digital line to every small business. Helping the business owner control his customer data, engagement and campaigns. While keeping the tech as simple as simply replacing your regular number with a smart phone number. Heyo is a game changer for India's SMBs and am happy to back it

Ankit Jain, the Co-founder and CEO of MyOperator and HeyoPhone, said, "The untapped potential within the business communication market is substantial, and it is poised for rapid expansion through the integration of conversational AI. Historically, communication has been an integral component of commerce. However, with the emergence of conversational-first interfaces, communication is now positioned to actively drive commerce."

He further emphasised, "We envision ourselves contributing significantly—potentially surpassing 5% of the SMB GDP in the coming years. The prevailing market dynamics are favourably aligned, and the confidence demonstrated by our investors in our leverage is remarkable. This infusion of funds will play a pivotal role in propelling our trajectory toward our visionary goals,”

Heyo has shown exponential growth from its launch in early 2023, crossing 100K KYCs and over 10000 paid customers.

Rimjhim Ray, Co-founder and Chief Marketing Officer of HeyoPhone, commented, "Heyo's trajectory within India's 50 million-strong SMB landscape has been nothing short of remarkable. Our growth has been fueled by automated on-boarding, an intuitive user interface, and robust word-of-mouth referrals, which have effectively limited our acquisition costs to below Rs 200. We have raced to half a million downloads and 100000+ KYCs in 6 months and our sights are set on reaching a million small businesses in India within the next 3-5 years. Alongside, we also recognise the significant demand for our app in emerging economies across Asia, LATAM and Africa.”

Harnessing the potential of generative AI, HeyoPhone aims to convert SMBs' everyday interactions into dynamic commerce opportunities. This groundbreaking approach will streamline processes such as order placements, appointment scheduling, and transactions, all executed seamlessly through voice and chat interfaces. HeyoPhone's strong foundation is powered by MyOperator, an industry-leading cloud communications provider in India. Established in 2013 by Ankit Jain and Pratik Jain, MyOperator boasts a client base of over 10,000, delivering versatile omnichannel call centre software and enterprise mobility solutions to corporates.

About HeyoPhone:

HeyoPhone is a smart communication app designed to empower small and medium-sized businesses in India. By offering a unified platform for managing customer engagement, HeyoPhone accelerates the digital transformation of SMBs, fostering stronger connections with their clientele.

ISRO Launching Aditya-L1, India’s 1st Solar Mission This Week

The first Indian space-based observatory-class solar mission to unlock the mysteries of the Sun

ISRO today announced that Aditya-L1, India's first space-based observatory to study the Sun, will be launched on this week on Saturday (September 2) at 11.50 AM from Andhra Pradesh's Satish Dhawan Space Centre, Sriharikota.

Late last week, ISRO Chairman S. Somnath, told reporters that the satellite had been integrated with the PSLV launch vehicle at Sriharikota. The spacecraft would take 125 days to reach the Lagrangian Point L1.

Initially, Aditya-L1 was scheduled to launch on August 26, but as per the latest update, the mission will now be launched on 2nd September.

The Aditya-L1 mission, aimed at studying the Sun from an orbit around the L1, would be launched by PSLV-C57 rocket and will be carrying 7 payloads to observe the photosphere, chromosphere and the outermost layers of the Sun, the corona, in different wavebands. Aditya-L1 is a fully indigenous effort with the participation of national institutions.

The spacecraft is planned to be placed in a halo orbit around the Lagrangian point 1 (L1) of the Sun-Earth system, which is about 1.5 million km from the Earth.

The Aditya L1 spacecraft will be equipped with a Visible Emission Line Coronagraph (VELC) which will be used for imaging and spectroscopy of the Sun to better understand the science powering the star.

Uniqueness of Aditya-L1

• First-time spatially resolved solar disk in the near UV band
• CME dynamics close to the solar disk (~from 1.05 solar radius) thereby providing information in the acceleration regime of CME, which is not observed consistently
• Onboard intelligence to detect CMEs and solar flares for optimised observations and data volume
• Directional and energy anisotropy of solar wind using multi-direction observations

Kore.ai Appoints Former Citigroup International CIO as President and COO to Lead Global Operations

DK Sharma leverages expertise in core modernization and digital transformation for large-scale initiatives to the conversational AI leader

Kore.ai, the world’s leading enterprise conversational and generative AI platform and solutions provider, today announced the appointment of Devendra Kumar (DK) Sharma as president and chief operating officer (COO). As COO, he is leading Kore.ai's Go-to-Market functions, revenue growth, client success, strategy and cross-functional collaboration while driving overall operational excellence.

D K Sharma

DK brings 30 years of experience and an outstanding reputation as a pioneer in the technology and financial services space to the Kore.ai executive leadership team. Throughout his career, he has held diverse executive leadership roles within various global organizations and startups, including Citigroup International, and was on Kore.ai's board of directors for several years.

“Enterprise AI will increasingly shape the future of global organizations,” said Raj Koneru, CEO and founder of Kore.ai. “DK Sharma brings a wealth of experience in spearheading large-scale transformation through modernization and digitization. We believe his operational expertise will advance our product development efforts while scaling our global growth.”

Kore.ai has seen a record 130% increase in revenues and the addition of large marquee customers across key verticals in North America, EMEA and Asia Pacific. To ensure deeper market penetration, the company is actively enlisting additional channel partners across North America, EMEA, Latin America and Asia Pacific.

“Kore.ai’s powerful and unique combination of undisputed product leadership and strategic relevance in an emerging technology space positions it for market success,” said DK Sharma. “I could not be more excited to join Kore.ai’s great team, which fosters a culture of innovation, collaboration, diversity, and respect. With such a strong foundation, I am eager to contribute to the company's continued growth and achievements.”

With its “better together” strategy, Kore.ai is pioneering the new approach of leveraging generative AI and large language models (LLMs) to help enterprises adopt this disruptive technology safely and securely. Last month, Kore.ai announced a new partner program to bolster the support it provides to its indirect sales channel by creating a new tiered structure for partners and solution providers. The company also committed significant investments for each partner covering go-to-market, enablement and marketing support while providing additional resources.

Kore.ai has over 400 customers, and automates at least a billion interactions every year through its enterprise AI platform and solutions. To date, the company has successfully delivered more than $1 billion in cost savings to global enterprise customers. Around 200 million consumers and 2 million enterprise users currently leverage Kore.ai’s solutions to improve customer, employee and contact center agent experiences for optimized business outcomes.

About Kore.ai

Kore.ai is a global leader in the conversational AI-first platform and solutions, helping enterprises automate business interactions to deliver extraordinary experiences for their customers, employees, and contact center agents. More than 400 Fortune 2000 companies trust Kore.ai’s experience optimization (XO) platform and technology to automate their business interactions for over 200 million users worldwide to achieve extraordinary outcomes. Kore.ai has been recognized as a leader and an innovator by top analysts and ensures the success of its customers through a growing team headquartered in Orlando with offices in India, the UK, Japan, South Korea, and Europe. Visit Kore.ai to learn more.

Govt Mulls To Reduce Import Duties on Fully-Built EVs Into India

Consumers in India will soon be able to buy relatively cheaper foreign-made electric vehicles. As the Government of India has been working to promote electric vehicles, in a latest, the central government is reportedly planning to drastically reduce import tax on electric cars being imported into the country.

According to Reuters report, electric vehicle (EV) Import tax can be reduced from 100% to 15%. Apart from this, it is believed that EV import tax can be reduced on some of the cars of foreign brands.

Citing an official, the Reuters report further said that the government is movin slowly in considering the policy proposal as any lowering of taxes on imported EVs could disrupt the market and upset local players like Tata and Mahindra that are investing to build electric cars locally in India.

The policy, which is still in the initial stages, could allow automakers to import fully-built EVs into India at a reduced tax as low as 15%, compared to the current 100% that applies to electric cars which cost above $40,000 and 70% for the rest, said the report citing two of its sources, including a senior Indian government official.

However, Finance Minister Nirmala Sitarama has denied the report, and told reporters "there is no proposal in front of me" to reduce import duties on electric vehicles.

This policy is said to be a 'push' to bring Tesla to India. To recall, just after Prime Minister Narendra Modi's US tour and a meeting with Elon Musk, India had rejected China's $1 billion offer to set up EV manufacturing plant in India.

In an another report by CNBC Voice, the Government of India is working on a new "Electric Vehicle Policy". The policy is being prepared keeping in mind the proposal of Tesla, in which the government can give tax exemption to the imported car of some of the companies. This policy is also being made keeping in mind the companies which plan to plant in India or to promote "Make in India" Initiative of Government of India.

It is to be noted that currently 100% tax applies to cars that cost more than $40,000. At the same time, cars of lower price are taxed at 70%. Tesla is projected to benefit the most from this new policy. To recall, Tesla has recently proposed to set up plants for the production of electric cars in the country. Currently, Tesla's most popular car Model Y is priced at $47,740 in the US. After the implementation of the new policy, only 15% of Tesla car will be taxed in India.