BUSINESS
Worldline ePayments India gets RBI’s in-principle approval for payment aggregator licence
A payment aggregator provides payment services to merchants and e-commerce sites by accepting payment instruments from customers.
BUSINESS
Wipro Consumer Care plans to invest Rs 100 crore in growing D2C startup ecosystem
Several packaged consumer goods makers have acquired D2C startups in 2022 or looking to invest. Marico, for instance, has acquired male grooming company Beardo, beauty brand JustHerbs and breakfast and snacks maker True Elements.
BUSINESS
SaaS firm Facilio plans to increase workforce in India, bets big on energy-saving segment
Facilio is opening a new 40,000-sq ft space in Chennai. The new office has a fully automated facility management system in place.
BUSINESS
Wipro Consumer Care acquires Kerala-based packaged food brand Nirapara
The segment is a Rs 70,000-crore market and only 12 percent is covered by the organised sector, says Anil Chugh, who is the appointed president of the Food Business at Wipro Consumer Care.
BUSINESS
Razorpay pauses onboarding of online payment merchants after RBI advisory
Razorpay expects to resume onboarding after a few weeks
BUSINESS
SaaS major Freshworks lays off around 90 employees amid macroeconomic pressures
Freshworks joins the list of global and Indian SaaS firms like Salesforce, Zendesk and Chargebee that have recently announced layoffs.
BUSINESS
G-20 Summit 2023: Maceoeconomic impacts of RBI’s CBDC and its use cases is priority, will be discussed in the coming days
The G-20 Finance and Central Bank Deputies Meeting, under the Indian Presidency, was held in Bengaluru, Karnataka, during December 13-14, 2022, under the co-chairship of Secretary, Economic Affairs, Ajay Seth and Deputy Governor, Reserve Bank of India, Michael Patra.
BUSINESS
Global edtech market is poised to touch $300 billion by 2029: Report
Amid the slowdown in the Indian market, many edtech players expanded abroad and acquired paying customers in North America, SEA, and Middleeast.
BUSINESS
Bengaluru residents and auto drivers bear brunt of commission and licence issues of Ola, Uber and Rapido
Multiple auto drivers said that they have quit Ola, Uber and Rapido and are looking for alternatives.
ANNOUNCEMENTS
Bengaluru to build its own tech and innovation museum near Baiyyappanahalli
The experiential and interactive museum will be built on the lines of the Bezos Centre of Innovation in Seattle and Peres Centre for Peace & Innovation in Tel Aviv, said Bommai
BUSINESS
Funding in SaaS startups up 5 times YoY, to $500 million, in November 2022
SaaS startups have raised $5 billion to date in funding since the beginning of 2022, according to data research and analysis firm Venture Intelligence.
BUSINESS
EV financing startup Vidyut raises $4 million in seed funding
Founded in 2021 by Gaurav Srivastava and Xitij Kothi, Vidyut aims to make commercial EV ownership affordable and a risk-free proposition for customers through its ownership plans
BUSINESS
UPI clocks 19.65 billion transactions at Rs 32.5 trillion in Q3 2022: Worldline’s India Digital Payments Report
Overall, In Q3 2022, UPI, Debit and credit cards, and prepaid payment Instruments like Mobile Wallets, and prepaid cards executed 23.06 billion transactions amounting to Rs 38.32 trillion.
BUSINESS
Rohan Murty’s venture Soroco wants to make white collar work more effective
Founded in 2014 by Infosys founder NR Narayana Murthy’s son Rohan Murty, Arjun Narayan and George Nychis, Soroco has built a product called Scout that generates a work graph, which maps how teams experience digital work
BUSINESS
Karnataka govt cannot over-regulate app-based aggregators by deciding revenue sharing models: IAMAI
The industry body said that the 10% commission cap is affecting businesses and suggested the government hold periodic bi-annual meetings with app-based aggregators like Ola, Uber, and Rapido.
BUSINESS
Hard cash, made easy | Digital Rupee will enhance financial inclusion: Fintech industry
Digital currencies have many benefits like zero currency loss and lower operational costs associated with physical cash management.
BUSINESS
Coimbatore Saas firm Kovai.Co rules out layoffs, will be cautious on new hires, spends
SaaS firm looking to add 40-50 people in 2023 and eyes revenues of $30 million by 2025.
BUSINESS
Zetwerk acquires US-based Unimacts for $39 million, to clock a revenue of $1 billion in FY23
Zetwerk is presently well capitalised and looking to clock a revenue of $1 billion in revenue for FY23 and is even thinking about going public in the future when market conditions are supportive, said cofounder Amrit Acharya.
BUSINESS
Anicut Capital gets SEBI nod for Rs 1,500-crore debt fund
It plans to launch the fund in the fourth quarter of the financial year 2022-23 and announce the first close by the end of the same quarter, the company said on November 30
BUSINESS
Talent supply chain SaaS firm Prismforce raises $14 million led by Sequoia Capital
Prismforce will be utilising the funds to enhance its product suite, strengthen go-to-market capabilities and grow its talent base
BUSINESS
Karnataka govt proposes 5% commission for app-based auto aggregators Ola, Uber and Rapido
Earlier, the government had agreed to the Karnataka High Court’s temporary orders to cap the commission charged by the aggregator at 10 percent.
BUSINESS
SAP Labs India bets big on sustainability solutions, launches startup accelerator cohort for 2023
Through its Startup Accelerator, SAP Startup Studio the company has opened a new cohort batch for 2023 and will be helping around 10 startups for 12 months.
BUSINESS
Ather charts ambitious plans to become India's biggest EV maker, invests Rs 320 crore in new plant
The EV maker is in the final stages of getting an approval from the state govenrment to set up another new plant with a total capacity of around one million electric vehicles per annum by the end of FY23.
BUSINESS
B2B procurement firm ProcMart raises $10 million from Sixth Sense Ventures
ProcMart plans to achieve a revenue of Rs 1,000 crore in the next three years, founder Anish Popli has said. The startup plans to expand to Vietnam, Australia and Dubai in the coming months
