Latest News from Indian Startup Ecosystem [Funding, Technology, Launch, Collaboration]
PayU India secures a license to launch NBFC
PayU India has obtained a license from RBI and is set to operate its own non-banking financial company. This move will aid the fintech firm’s PayU Credit. About 2% of the firm’s revenue comes from its credit business. The Naspers Group flagship company, PayU India’s MD Jitendra Gupta keen in expanding credit asserted that the firm will address different segments of credit needs.The initiative will be headed by managing director Jitendra Gupta.
Porsche to provide rental cars targets millennials and GenY
Porsche, the luxury car manufacturer intends to offer the rental service of its famous sports cars and car-pooling through a partnership with startup Turo, a platform for car owners who want to rent out their vehicles. The short-term rental service will be either in daily or weekly basis and targets young Americans across Atlanta, San Francisco and Los Angeles. Volkswagen-owned Porsche is keen on expanding the rental service to millennials as well as Generation Z drivers.
CEO of India’s largest startup incubator gets Bitcoin facts wrong.
According to Jay Krishnan, the CEO of T-Hub, India’s largest startup incubator & venture advisor to SRI Capital, has claimed that Bitcoin failed due to $50 transaction fees. In fact, for the past nine months, Bitcoin transaction fee has remained $0.2. Due to the high number of transactions, it shot up to $20 for just one time in early January.
He also alleged that the anonymity has created the space a haven for criminal activities due to untraceable transactions. But a Bloomberg report released in August pointed out the fall in criminal activities from 90% to 10% in five years. The claims have been debunked so far.
Flipkart acquires Liv.ai, aims to overcome the language barrier.
Flipkart acquires AI-powered speech recognition startup Liv.ai for an undisclosed amount. A company source speculated the cost to be around $40 million. With the acquisition, Flipkart plans to overcome the language barrier by enabling the majority of the non-English speaker the access to the website.
Founded in 2015, Liv.ai has developed an Application Programming Interface that enables the conversion of speech to text in 10 Indian languages that include Hindi, Bengali, Punjabi, Marathi, Gujarati, Kannada, Tamil, Telugu and Malayalam.
SQUATS- an online diet and wellness consultation platform
Squats started off as an online diet and fitness consultation platform which rolled out into an offline model. Squats - founded in 2016, opened a diet and wellness centres each in Pune and Mumbai on 8 July 2018. With the core strength still being the Facebook Community, it has gained a significant number of members. The Facebook group provides fitness regimes followed by the members. The startup now plans to expand into 10 offline diet and wellness centres across Tier1 and Tier 2 cities like Hyderabad, Bangalore, Pune, Mumbai, Delhi and Raipur in its first phase of growth to cater to the customer opting for a face-to-face consultation.
Karnataka Govt. shortlists 77 startups under Elevate programme.
The Karnataka Government has picked up 77 startups under its Elevate programme for funding up to a maximum of Rs.50 lakh per startup. The programme is anchored by Start-up Karnataka initiative of the Ministry of IT-BT and S&T. This initiative aims to provide budding entrepreneurs with brilliant ideas to scale new heights when it comes to technology.
Launched in 2017 by Karnataka, Elevate is a startup initiative which is expected to identify and empower innovators who can provide solutions to the most pressing problems that India faces today.
Out of the 600 applications, 250 startups were selected out of which 77 will get funding.