Here are the top headlines from the startup universe.
RBI Monetary Policy Meeting: Takeaways for Startups
Crypto: “I can say that on all issues there is constant engagement between the government and the Reserve Bank, including cryptocurrency issues. We have shared our views with the government. Let’s wait for the working document,” RBI Governor Shaktikanta Das said. In May, Economic Affairs Secretary Ajay Seth said that the Ministry of Finance had almost completed its work in preparing the consultation paper on cryptocurrencies and would submit it soon.
Numerical Rupee in FY23: The RBI may introduce the Central Bank of India Digital Currency (CBDC) in this fiscal year, as outlined in the Union Budget announcement in February. RBI Deputy Governor T Rabi Shankar has indicated that the introduction of the digital rupee will be gradual to avoid any disruption to the financial and banking ecosystem.
UPI-credit card link: The RBI will now allow the Unified Payment Interface (UPI) to be linked to credit cards. The link could start with RuPay cards before being extended to other card providers such as Visa and Mastercard. Until now, only debit cards could be linked to the UPI.
E-Mandate: The RBI is also expected to increase the electronic money order cap for recurring payments from Rs 5,000 to Rs 15,000. This facilitates the payment of high value recurring transactions such as subscriptions, insurance premiums, tuition fees, etc. .
Lending apps: Again, the Governor of the RBI has issued a warning on digital lending apps, stating that “users should check if lending apps are registered with the RBI”. The Governor’s advice comes after these unregistered loan applications were reviewed for fraudulent practices, including aggressive clawback tactics, exorbitant interest rates and mis-selling of loan products, which even prompted some customers to commit suicide.
A policy on online games in preparation?
The Ministry of Electronics and Information Technology (MeitY) may soon come up with a policy to regulate online gambling platforms, according to a report by the Economic Times. The ministry held a meeting with nearly 40 online game platforms and industry bodies.
“The idea is to support and facilitate the growth and expansion of all gaming platforms while effectively regulating them. However, regulation should not hinder their growth,” a senior government official said as quoted by AND.
This signals the ministry’s intention to introduce a set of rules that allow online gambling platforms to operate with greater regulatory certainty. Given the differing views of various state governments on the issue, the industry has sought a central regulatory framework, according to the report.
Tata Neu Misses First Month Sales Target: Report
Tata Digital’s super app Tata Neu, which launched during the Indian Premier League (IPL), sold products and services worth $120-150 million, missing the internal target of 200 million in gross merchandise value for the first month of operation. , according to an ET report.
After several delays, Tata Group’s youngest vertical, Tata Digital, launched the super app during the IPL match between Delhi Capitals (DC) and Lucknow Super Giants (LSG) on April 7.
Tata Neu offers a bunch of services such as flight bookings, hotel bookings, buying cars, groceries, food delivery, investments and more. For the Tata Group, the super app acts as an umbrella that brings together all of the conglomerate’s digital services.
India Accelerator and Chiratae Sonic to co-invest in early stage startups
India Accelerator and Chiratae Sonic, the flagship seed investment initiative of Chiratae Ventures, have formed a partnership to co-invest in early-stage tech startups across all sectors in India.
Since its inception in 2017, India Accelerator has accelerated over 130 startups by providing capital, mentorship, technology advice and more. On the other hand, Chiratae Ventures is among India’s leading venture capital firms, having backed startups such as Cure.fit, Myntra, FirstCry, Flipkart, and Lenskart.
Founded in 2021, Chiratae Sonic is an initiative that identifies and invests in disruptive technology companies. It promises a turnaround time of just 48 hours on investment decisions.
Pescafresh launches live commerce in the seafood and meat category
Seafood and meat brand D2C Pescafresh is launching its live commerce offering — Pescalive, which will showcase the “fresh catch of the day,” taking customers to the source in real time.
Consumers will have the opportunity to embark on a journey from fishing vessels to fresh farms, visit processing centers, explore live cooking marathons, attend expert talks and food engagements. influence, among other activities. “With Pescalive, what you see is what you get,” said Sangram Sawant, founder of Pescafresh.
So far, the company has received funding from renowned investors such as Blume Ventures, Elara India Opportunity Fund, UK and Rehan Yar Khan of Orios Ventures. Pescafresh aims to expand geographically to 10 cities nationwide in 2022. Currently, it has a presence in Mumbai and plans to launch operations in Pune, Delhi and Bengaluru.
JetSynthesys’ Jetapult comes out of stealth mode with an acquisition
Digital entertainment company JetSynthesys announces the launch of its gaming startup Jetapult, which came out of stealth mode with the acquisition of a game studio in India.
Jetapult will operate on an Invest & Operate (I&O) model, focusing on acquiring and scaling revenue-generating independent game development studios in emerging markets such as India, South Asia -East, the Middle East, South America as well as Australia and New Zealand. .
Jetapult will be led by Sharan Tulsiani, whose previous experience includes leading games at Google Play Asia (Indian and ANZ markets) and its Indie Games Accelerator (IGA).
BetterPlace completes its fourth acquisition in 10 months
In an all-cash deal, BetterPlace has acquired EzeDox, a no-code workflow building platform. The acquisition is expected to help reduce platform deployment time, enabling a much faster time-to-market strategy for BetterPlace, which offers a frontline workforce management platform for businesses.
With more than 1,500 businesses using the BetterPlace platform, the company aims to bridge the demand and supply gap in the frontline worker economy, which includes e-commerce delivery people, nurses, agents health, volunteers, paramedics and others.
BetterPlace acquired on-demand worker platform OkayGo in May 2022. Micro-learning platform Oust Labs, workforce satisfaction platform Aasaanjobs and classified platform Waah Jobs frontline jobs were acquired in October 2021.