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In today’s newsletter: 

• It's raining millions for M2P, Nurix AI, Atlys 
• RBI vs Fintech: Can SRO bridge the gap 
• K'taka women’s university uses AI to detect epilepsy

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The Indian tech startup landscape is experiencing a much-needed downpour of funding!

Three startups, M2P Fintech, Nurix AI, and Atlys, have secured substantial investments, totalling millions of dollars. 

• Leading the pack is M2P Fintech, an API infrastructure company that has raised Rs 850 crore in a round led by Helios Investment Partners

• Nurix AI, co-founded by Myntra and Cultfit founder Mukesh Bansal, has secured $27.5 million in seed and Series A funding

• Online visa application platform Atlys has also raised $20 million in a round led by Peak XV Partners and Elevation Capital

These large investments signal that the funding winter is finally thawing, with venture capital investors once again opening their wallets to back promising startups in the fintech and AI sectors.

• Nurix AI, which focuses on developing custom AI agents with human-like voice and reasoning capabilities for enterprises, has gained significant traction in terms of both demand and investor interest

However, the valuation reset is real.

For example, M2P's valuation rose to $800 million from its previous valuation of $600 million in 2022. When asked why this round didn’t make them a unicorn with a $1 billion valuation, the founder explained that the firm is experiencing a valuation reset in the market.

Picture credit: Meta.ai

The surge in digital payments in India has been nothing short of phenomenal. 

• And the Reserve Bank of India (RBI) has played a pivotal role in driving this revolution

However, the rapid pace of adoption has often led to clashes between the regulator and fintech startups.

Fintechs, known for their agility and willingness to experiment, quickly made their mark. 

• But as their businesses grew, they faced regulatory hurdles, often in the form of unexpected guidelines

To address these tensions, the RBI established a Self-Regulatory Organisation for FinTech (SRO-FT).

• The Fintech Association for Consumer Empowerment (FACE) was recently approved by the RBI as the first SRO-FT

FACE aims to bridge the communication gap between fintechs and the RBI by:

• Clarifying regulatory doubts

• Promoting self-regulation

But the question remains...can SRO-FT close the communication gap? Find out what FACE chief Sugandh Saxena has to say!

A women's university in Vijayapura — North Karnataka, a region often considered underdeveloped, is making significant strides in neuroscience and artificial intelligence (AI).

Karnataka State Akkamahadevi Women’s University (KSAWU) is working on groundbreaking research to reconstruct images directly from human brain activity using AI. 

• The research could revolutionise the early detection of diseases like epilepsy and other neurological disorders

Led by Professor K Ramesh, the university's research scholars are developing a latent diffusion model (LDM) to interpret complex patterns of brain activity captured through functional magnetic resonance imaging (fMRI). 

• By analysing these patterns, the LDM can generate images representing the visual information the brain is processing

Professor Ramesh told us that the technology can contribute to the development of brain-computer interfaces, enabling people with paralysis to communicate with the rest of the world.

Despite facing financial constraints and having been on the brink of closure, the university remains committed to this innovative project.

• The project is being implemented with funding from the state government's Vision Group on Science and Technology under the research excellence scheme

KSAWU recently floated a tender to acquire hardware, including processors and NVIDIA A100 graphics cards, to accelerate their research in brain image reconstruction.

Find out more

Battlegrounds Mobile India's (BGMI) Master series’ TV debut in 2022 made a lot of noise but the question remained if it will survive on TV. 

• After three straight seasons, not only men but women too are glued to their TV screens to watch the esports games 

Brands are queuing up as sponsors with esports wooing newer categories like men's grooming and more. 

• Its entry in Olympics is making the case strong for esports' longer run on TV

Find out more

• Indian AI startup Fractal Analytics is considering filing for an initial public offering as soon as November to raise $500 million.

• OpenAI CEO Sam Altman believes AI will significantly revolutionise daily life, becoming personal assistants, providing custom education, and aiding in healthcare.
  
  
• Snap will start using Google’s generative AI model to help power Snapchat’s AI chatbot, part of a broader plan to boost engagement and increase user time spent on the app.

India’s Oscar contender for 2025 has officially been revealed—and it’s Laapataa Ladies!

• This quirky gem, released earlier this year and has since found a cult following on Netflix, has been selected as India’s official entry for the 97th Academy Awards, beating out 29 other contenders

Featuring newcomers like Nitanshi Goel and Pratibha Ranta alongside seasoned actors Ravi Kishan and Chhaya Kadam, Laapataa Ladies has won over both fans and critics alike.

Watch it on Netflix

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