TECHNOLOGY
Freshworks revenue chief Pradeep Rathinam resigns, Abe Smith to take over
Rathinam founded AnsweriQ, an AI-based customer service automation company, which was acquired by Freshworks in 2020 after which he joined the firm as the Chief Customer Officer.
TECHNOLOGY
Indian B2B fintech industry to reach $20 billion market size by 2030: Report
Report by Chiratae Ventures and The Digital Fifth shows that the total funding for fintech segment has come down by 52% to $2.4 billion in 2023, as against $5.1 billion in 2022.
TECHNOLOGY
Ola announces fellowship program for AI researchers at IIT Bombay
Several top companies within India and globally have said that there is a huge demand for AI talent. Ola's program will span across engineering disciplines
TECHNOLOGY
EV two-wheeler sales up by 26% at 81,577 units in January, Ola Electric breaches 32k mark
With continued government support like the PLI scheme coupled with innovative products, the industry is set to reach 8.5 lakh units in FY 2023-24, analysts say
TECHNOLOGY
Ola Electric launches new 4 kwh EV range, plans to set up 10,000 fast charging units by April
Along with the new range of EVs, Ola has also announced expansion of its service network by 50 percent to 600 centres by April 2024.
TECHNOLOGY
Industry is preparing for complete withdrawal of FAME subsidies: Bhavish Aggarwal
The interim budget reduced the FY25 allocation for the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) scheme by nearly 44 percent to Rs 2,671 crore
TECHNOLOGY
Zoho reports Rs 8,703 crore of revenue in FY23, PAT crosses Rs 2,800 crore
Zoho's total expenses were around Rs 5,392 crore which jumped 51% YoY compared to Rs 3,571 crore in FY22 due to a rise in the firm's employee benefit expense
BUSINESS
Union Budget 2024 evokes mixed reactions among India’s EV startup industry
While the Finance Minister has reiterated the government’s push for expanding EV manufacturing, the FAME subisidy budget estimate has come down by 44% to Rs 2,671 crore in FY25
BUSINESS
Govt reduces budget allocation to FAME subsidy by 44% to Rs 2,671 crore for FY25
While the FAME subsidy is decreased, the Production Linked Incentive (PLI) Scheme for automobiles and auto components has increased by a whopping 623% to Rs 3,500 crore
BUSINESS
RBI’s Paytm crackdown causes shockwaves across fintech industry
While many founders continue to hope for the issue to resolve, others said the move will have a ripple effect on the ecosystem and restrict newer players from coming into the banking business.
TECHNOLOGY
Office commute platform MoveInSync raises $15 million funding from Bessemer Venture
The fundraise for the startup founded in 2009 comes nearly six years after it raised $8 million in Series B funding round led by Nexus Venture Partners.
TECHNOLOGY
Ola, Uber challenger Namma Yatri goes live in Chennai via ONDC
The firm said it has already registered over 10,000 drivers in the Tamil Nadu capital, and aims to onboard over 1 lakh drivers in the next 6 months.
TECHNOLOGY
Flipkart co-founder Binny Bansal to stay on at PhonePe board
Binny Bansal’s decision to step down from Flipkart's board comes months after he sold his remaining stake in the firm and at a time when he is starting up again, in the e-commerce space with OppDoor.
TECHNOLOGY
Microsoft CEO Satya Nadella to visit India in February, may meet AI start-ups
The visit comes after Prime Minister Narendra Modi held meetings with several big tech CEOs including Nadella in June 2023, to discuss the growing opportunities in AI.
TECHNOLOGY
Bhavish Aggarwal's AI startup Krutrim turns unicorn after raising $50 million
Krutrim is India's first unicorn of 2024 and also the country's first AI unicorn. It plans to build the entire AI computing stack including AI models and indigenous data centers
TECHNOLOGY
NBFC Vivifi India raises $75 million in a mix of debt and equity
Founded in 2016 by Anil Pinapala and Srinath Kompella, Vivifi aims to establish multiple offices across tier-II and tier-III cities in Telangana and Andhra Pradesh
TECHNOLOGY
Davos 2024: Mahindra and Mahindra to shift 30% of production to EVs by FY27, says CEO Anish Shah
The firm is on track to launch around five electric SUV models by December and will make a million EVs in India by FY30, Shah has said
TECHNOLOGY
Alpha Wave-backed Groyyo secures $5.4 million in venture debt
This financing also includes a USD facility provided by Lighthouse Canton to help Groyyo scale its operations in the UAE.
TECHNOLOGY
Davos 2024: Japanese Monetary Authority to adopt India's digital payment models says Ashwini Vaishnaw
The UAE, Bhutan, and Nepal have already adopted the UPI payment system and NPCI International is in talks to extend the UPI services in the US, European countries, and West Asia.
TECHNOLOGY
International Battery Company raises $35 million led by RTP Global
IBC will use the funds to develop United Nation’s 38.3 and BIS-certified ready-for-delivery battery cells for the Indian market and to set up a 2 GWh lithium-ion Giga factory in Bengaluru
BUSINESS
DMI Group acquires BNPL startup ZestMoney in a fire sale deal
DMI Finance was in the fray to acquire ZestMoney. Aditya Birla Finance, Piramal and Hero Fincorp who were also in the race had backed out citing high exposure
TECHNOLOGY
Davos 2024: India story is of resilient growth, value addition in electronics manufacturing, says EY India chief Rajiv Memani
With the government readying to present its last Budget before the general election, Memani said that any tax relief to individuals suffering under the impact of inflation will help the economy.
TECHNOLOGY
DMI Finance likely to close acquisition of BNPL firm ZestMoney in next two weeks
According to sources, the officials of DMI Finance held a meeting with the employees including the ones that received the pink slips from ZestMoney regarding the fire sale and said that most of them will retain their jobs in the startup
BUSINESS
Travel credit card startup Scapia faces user backlash for reducing credit limits
Scapia's banking partner Federal Bank has ordered the firm to reduce credit limits for inactive users.
