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Yubi: What Makes This Company a One-Stop Solution for the Debt Market?

It is considered that investing in debt is one of the most beneficial forms of investment that yields returns. It is also the most important marketplace today, as it keeps the economy moving. Secured debts and unsecured debts are the two major kinds of the debt market.

The most interesting fact about the debt market is that it also provides more funding options for public and private sector initiatives, reducing the reliance on institutional finance. Moreover, the debt market also improves the utilization of resources by releasing immobile retail investments such as gold.

Founded in 2020, ‘CredAvenue’, now known as ‘Yubi’, is one of the leading debt marketplaces in India today. The company was founded by Gaurav Kumar and Vineet Sukumar in Chennai.

Uncover more about Yubi’s Founders, Startup Story, Funding and Investors, Acquisitions, Business Model and Revenue Model in the article ahead.

Yubi – Company Highlights

STARTUP NAME	YUBI
Headquarters	Chennai, Tamil Nadu, India
Sector	Financial Services
Founder	Gaurav Kumar
Founded	2020
Valuation	$1.5 billion (as of November 2024)
Website	go-yubi.com

Yubi – About
Yubi – Industry
Yubi – Founders and Team
Yubi – Startup Story
Yubi – Mission and Vision
Yubi – Name and Logo
Yubi – Products and Services
Yubi – Business Model
Yubi – Revenue Model
Yubi – Growth
Yubi – Funding and Investors
Yubi – Mergers and Acquisitions
Yubi – Investments
Yubi – Competitors
Yubi – Future Plans

Yubi – About

Initially, the company was named CredAvenue and was designed as a credit infrastructure component that serves as a one-stop shop for all debt market players in India, as well as the first port of contact for overseas investors.

It provides a comprehensive platform for investors, which will allow them to discover, analyze, and execute deals in a timely manner. Furthermore, the company offers smooth online execution of all debt instrument transactions and delivers real-time alerts on different transaction stages that are actionable.

CredAvenue changed its name to ‘Yubi’ in June 2022 with a new vision to hold the long-term goal of being omnipresent in the loan ecosystem. Its goal is to heighten the debt market in India and release the true potential of enterprises that have inadequate access to capital.

CredAvenue was formed to deal with different types of capital requirements, like bonds, co-lending, loans, etc. But with the new formation, ‘Yubi’ aims to grow and capture the global debt marketplace by becoming the one-stop solution for its customers.

Check out what the founder and CEO of Yubi, Gaurav Kumar, said about the rebranding,

“This is an exciting transformation and a solid foundation for the constantly evolving nature of our business. Yubi represents the beginning of our global ambitions as we prepare to launch our first international office in UAE, successfully debuting in the MENA region. Another reason for the brand identity change stems from our conversations with customers and other stakeholders on how technological integration because of data security concerns around financial information remains one of the key deterrents in the advancement of digital finance. We aim to bridge this trust deficit, and in this effort of humanizing the brand, we’re confident of further building our platform, which thrives on new opportunities for people and businesses alike.”

The video shows the company’s objective behind the new name

Yubi – Industry

The investment tech sector is anticipated to become the fastest-growing fintech area in India with a growth rate of 30% between 2022 and 2030, according to data research by Statista.

The financial software as a service industry is predicted to expand at a compound annual growth rate (CAGR) of 27% over the same time frame, trailing closely behind. With these developments, it is anticipated that by 2030, the Indian fintech market as a whole will be valued at more than two trillion dollars.

Yubi – Founders and Team

Gaurav Kumar and Vineet Sukumar are the Co-Founder of Yubi.

Gaurav Kumar

Gaurav Kumar is the Co-Founder and CEO of Gaurav Kumar. Before establishing Yubi, Gaurav Kumar was associated with many organizations and also founded a couple of other companies, like Northern Arc Capital in 2008 and Vivriti Capital in 2017. Gaurav serves as the Board Member of Corpository, which is an acquired company of Yubi. He graduated from the Anand Institute of Rural Management (IRMA). In August 2024, Gaurav Kumar invested INR 250 crore ($30 million) in his startup, marking one of the largest founder-led capital infusions in recent tech history.

Yubi – Startup Story

Yubi set out on a mission to transform India’s debt markets and unlock the unrealized potential of its businesses with just 8 personnel and a daring concept in 2020. The founders of Yubi recognized the difficulties brought on by restricted finance access and decided to lead change via innovation. Thus, Yubi previously (CredAvenue) a cutting-edge platform designed to handle a variety of capital needs, from loans to securitization—was established.

The founders of CredAvenue realized they needed a more comprehensive brand to reflect their changing goals and objectives as the company quickly gained popularity and broadened its reach. With this conclusion came the creation of Yubi, a company that has the potential to completely alter the loan financing market in India.

Yubi – Mission and Vision

The company’s mission on its website states “to create a ubiquitous, transparent, responsible, and trusted solution for finance that can truly transform your dreams into reality.”

The company’s vision is “to expand the debt market and fully unleash the potential of Indian businesses that have been hampered by limited access to funding.”

Yubi – Name and Logo

Yubi Logo

Yubi’s name was changed from CredAvenue to Yubi in the later months of 2022.

With the aim to remain everywhere in the debt market world, the name ‘Yubi’, is derived from the term ‘ubiquitous’, which strongly reflects its objective.

Yubi – Products and Services

The Chennai-based startup offers six different products which are designed to cater to different needs, these are as follows:

Yubi Pools – This platform is for securitization and portfolio monitoring.
Yubi Co.lend – This product is created for banks and NBFCs to partner in co-lending and offer joint loans to borrowers.
Yubi Loans – This digitized platform offers a seamless experience to speed up the loan process.
Yubi Flow – This platform is meant for an end-to-end supply chain for trading finance solutions.
Yubi Invest – This platform is India’s leading fixed-income platform to offer solutions for all fixed-income investment requirements. Some of the products under this platform are Market Linked Debentures, Non-Convertible Debentures, Commercial Papers, And Perpetual Bonds.
Yubi Build – This platform is meant for Real Estate and Infrastructure Financing.

Yubi – Business Model

Yubi serves as a digital marketplace middleman, connecting businesses in need of debt financing with a large network of more than 750 lenders and investors. Yubi has streamlined the borrowing process by facilitating transactions for over 2000 businesses through its online platform.

Yubi is a global company with six offices that operates by integrating technology and finance in a fluid way to offer businesses all over the world a variety of financing options. This strategy demonstrates Yubi’s dedication to changing the debt finance industry and enabling companies to grow and prosper.

Yubi – Revenue Model

Yubi makes revenue from different resources; some of the prominent ones are:

Take Rate fee: The take rate fee that Yubi charges for facilitating loans through its platform is the company’s main source of income. Yubi currently makes a substantial portion of its revenue from a commission of 46 basis points each disbursal.

Assets Under Management (AUM): The expansion of Yubi’s AUM is directly related to the revenue model of the company. The company receives income from the interest and fees connected to these assets as loans are disbursed via Yubi’s platform.

Transaction Volume: Yubi guarantees a consistent flow of transactions between lenders and borrowers by utilizing its digital marketplace. Since each transaction results in commission income, Yubi’s revenue is directly impacted by the volume of transactions.

Yubi – Growth

Yubi’s growth highlights are:

It has a presence in 6 locations as of February 2024
The company has 8 products as of February 2024
It has 2000+ enterprises as of February 2024
Yubi has 750+ lenders as of February 2024
In March 2022, Yubi turned into a unicorn startup.

In 2024, Yubi and AI4Bharat have partnered to develop India’s first Automatic Speech Recognition (ASR) engine aimed at advancing financial inclusion in the country. In 2022, Yubi collaborated with SBI to enhance credit accessibility for priority sectors.

Financials

Yubi Financials	FY22	FY23	FY24
Operating Revenue	INR 166 crore	INR 327.6 crore	INR 483.7 crore
Total Expenses	INR 216 crore	INR 922.9 crore	INR 938.8 crore
Profit/Loss	Loss of INR 57 crore	Loss of INR 509.83 crore	Loss of INR 395.8 crore

EBITDA

Yubu Financials	FY22	FY23	FY24
EBITDA Margin	-8%	-105.1%	-39.74%
Expense/₹ of Op Revenue	INR 1.30	INR 2.73	INR 1.94
ROCE	-2%	-30%	-29.28%

Yubi – Funding and Investors

Yubi has received $226.7 million of funding in three rounds.

The list of funding details are:

Date	Funding Round	Fund Amount	Investor
July 14, 2023	Secondary Market	–	–
March 6, 2022	Series B	$137 million	B Capital Group, Dragoneer Investment Group, Insight Partners
September 29, 2021	Series A	$90 million	Sequoia Capital India

Yubi – Mergers and Acquisitions

Yubi has acquired three companies to date.

Here are the details:

Company Name	Date	Amount	Transaction Name
FinFort	May 25, 2023	—	FinFort acquired by Yubi
Corpository	Apr 26, 2022	INR 100 crore	Corpository acquired by Yubi
SPOCTO	Feb 14, 2022	—	SPOCTO acquired by Yubi

In August 2024, Yubi Group consolidated its acquired entities, Corpository and FinFort, under the new brand name Accumn, a platform designed to enhance AI-driven credit decision-making and monitoring.

Yubi – Investments

Date	Company Name	Funding Round	Amount
July 23, 2024	Auxilo	Debt Financing – Auxilo	$12 million
July 12, 2024	Infra.Market	Debt Financing – Infra.Market	$18 million
June 14, 2024	KrazyBee	Debt Financing – KrazyBee	$32 million
August 12, 2022	Lendingkart	Convertible Note – Lendingkart	$6 million
Feb 10, 2022	Infra.Market	Debt Financing – Infra.Market	$30 million

Yubi – Competitors

Yubi competitors are:

Creditas Solutions
Crediwatch
Skit
Saarthi.ai

Yubi – Future Plans

Yubi’s future plans involve migrating to Oracle Cloud Infrastructure (OCI) to enhance its IT capabilities. By leveraging OCI services like Compute VMs, Object Storage, and OCI Database with PostgreSQL, Yubi aims to secure flexible computing capacity for projects of all scales.

The adoption of OCI promises high-performance computing and cost-effective cloud storage, boosting the efficiency of its IT operations. This move signifies Yubi’s strategy to merge open-source technology with OCI for improved performance and reduced costs, positioning the company for success in a competitive landscape.

FAQs

Is Yubi an NBFC?

No, Yubi is not an NBFC.

What is the meaning of Yubi?

Yubi is a Japanese word meaning graceful.

Where is Yubi based?

Yubi is based out of Chennai, India.

November 19, 2024

The Sleep Company: How It is Revolutionising Comfort and Redefining the Future of Sleep

Sleep is quintessential for an individual to perform their best, profession be what may. Especially in the present scenario where every person seems to be racing with time, there seems to be ignorance when it comes to the most basic yet essential needs like sleep and personal health. The Sleep Company, with the help of sleep science, has been engaged in producing sleep products that ensure healthy and happy sleep to its customers. With the help of smart grid technology, It provides the best sleeping mattress online.

The Sleep Company is a Mumbai-based startup that is set to alter the unhealthy sleeping patterns of most individuals.

In this article, let’s explore the world of The Sleep Company—its founders, business model, funding, growth, and more.

The Sleep Company – Highlights

Startup Name	The Sleep Company
Headquarters	Mumbai, Maharashtra, India
Industry	Furniture and Home Furnishings Manufacturing
Founders	Priyanka Goyal Salot and Harshil Salot
Founded	2019
Website	thesleepcompany.in

The Sleep Company – About

The Sleep Company provides products that can help upgrade the quality of sleep for the consumers out there. Their first product that has been launched is The Sleep Company Smart Grid Mattress.

With a mission to upgrade the quality of sleep for each and every one, The Sleep Company has conducted drive awareness for Smart Grid Technology for sleeping products like mattresses to be the one-stop solution for Happy and Healthy Sleep. Ultimately, The Sleep Company wants to improve the lives of consumers and provide products that are truly delightful.

The column structure of the Smart Grid is designed to intuitively adapt to the contours of an individual’s body. This occurs when the walls firmly support the back to maintain a straight spine while buckling down on smaller body parts, like the hips and shoulders, to hug them. This guarantees that a person can easily and comfortably sleep through the entire night. As a result, it addresses the primary issues of improving and increasing sleep quality as well as relieving or eliminating neck, back, or other types of physical pain. The ultimate comfort and pain relief have been demonstrated by the patent-pending Smart Grid Technology.

There are certain key gaps that The Sleep Company wants to bridge; these include:

Humans spend one-third of their life on a mattress and sleep has become one of the most “deprived” yet most “critical” part of our life. More than half of the population struggle with some or the other sleep problems—some form of body pains, insomnia, lifestyles issues—and sadly, this category has been the one where we have not seen much innovation.
Need for a more efficient and transparent buying process: Cut all middlemen to offer the best possible pricing and make the buying experience more pleasurable than stressful as of today.

The Sleep Company – Industry

The COVID-19 epidemic contributed to the substantial growth in the furniture business in 2021, as individuals invested in creating more comfortable living spaces and spent more time at home. But in 2022, as COVID-19 limits were loosened and inflation increased, the market faced serious difficulties.

As per Statista, the Indian furniture business brought in US$5.48 billion in sales in 2024, and it is expected to rise at an annual pace of 6.42% (CAGR) between 2024 and 2029. The industry is booming because of things like a rising middle class and a greater focus on interior design. According to Statista, e-commerce platforms’ accessibility has played a major role in this achievement.

The Sleep Company – Founders and Team

Priyanka Goyal Salot and Harshil Salot are the co-founders of The Sleep Company.

Priyanka Goyal Salot

Priyanka, being passionate about brand building, focuses on marketing and consumer growth. She graduated from IIM Calcutta in 2009 and then worked for 8 years in the industry, working at P&G as the country category leader for brands like Ariel, Tide, and Pampers.

Harshil Salot

Harshil manages finance and manufacturing. He graduated from IIM Calcutta in 2009 and then worked for a year in financial strategy. Post that, Harshil started heading the family business, where he developed a huge knack for manufacturing world-class products to export to European and US markets.

The Sleep Company – Startup Story

It is a popular belief that personal experiences always lead us to do something bigger in a better manner, and this holds true for the founders of The Sleep Company.

With a determination to find the solution, they have traveled across the globe to understand and to do research on different sleep technologies and how they could really develop something that is far superior to what is on the market today. They looped in sleep experts and scientists from DRDO to work on new technology, and after two years of research, Smart Grid Technology was born, proven to provide Ultimate Comfort & Pain Relief.

So as to get validation for their product, Priyanka and Harshil relied on two sources:

First, being technical validation, they performed tests like pressure mapping for Smart Grid Mattress vs. other kinds of products like memory foam, coir, spring, or latex mattresses.
In-market study with consumers to see how tangibly the products helped provide comfort and prevent body pains like back pain, and neck pain.

The ideation for products at The Sleep Company started in 2017. R&D was the phase where they spent a lot of time so as to ensure that they developed a product that was far superior and delivered on its promise. After R&D, they designed products by putting together a lot of combinations and testing them with their consumers.

Finally, The Sleep Company has established their manufacturing unit to ensure the best quality products, where each layer of The Sleep Company mattress has been designed with Sleep Science as the foundation.

The Sleep Company – Mission and Vision

The Sleep Company mission is to enhance people’s sleep quality and provide them with the restful night’s sleep they deserve since they take comfort extremely seriously.

To Become World’s Best Comfort Technology Company, changing the way people Sleep & SIT. The Sleep Company is obsessed with customer service and keeping the customer happy, always. As we all know, customer is king, and we at The Sleep Company believe in just that. We are not happy until you are completely satisfied and we will not sleep until we do our best to give you the best sleep of your life. Which is why we believe in excellent customer service to be at your aid 24/7.

The Sleep Company – Name, Tagline and Logo

The Sleep Company Logo

As the name suggests, The Sleep Company is here to ensure that they be the one-stop solution for anything that can help upgrade the quality of “Sleep” for everyone.

The Sleep Company – Business Model

The Sleep Company has implemented a direct-to-consumer (D2C) business model as a means of strategically positioning itself within the industry. By using this strategy, the business avoids using traditional retail channels and offers its cutting-edge goods directly to consumers via its website and other online platforms. These products include mattresses with SmartGRID technology, beds, chairs, pillows, and more.

Company is able to maintain competitive pricing and more control over the client experience thanks to their direct-to-consumer (D2C) strategy. The company prioritizes product innovation, working on research and development projects with professionals such as Dr. Tripathi, an ex-DRDO scientist, and leveraging SmartGRID technology to improve the comfort and quality of its products. With a wide range of products and a dedication to providing outstanding customer service, The Sleep Company has effectively carved itself a position in the market by prioritizing innovation, technology, and direct customer engagement.

The Sleep Company – Challenges Faced

The Sleep Company had several challenges when it set out on its innovative path, especially when developing the ground-breaking Smart Grid technology. The crew traversed a difficult but worthwhile route, navigating everything from the nuances of R&D to the complexity of manufacturing. They overcame the obstacles to create a distinctive and ground-breaking device that completely transforms the sleeping experience.

But the lack of a national asset-light fulfillment network created more obstacles for The Sleep Company’s growth trajectory. This created significant challenges that caused order fulfillment delays and pickup problems, particularly for large shipments. The business decided to develop a single Air Waybill for Multi-Parcel Shipments after seeing the necessity for operational efficiency. The delicate nature of their robust yet plush mattresses added to the challenge, creating worries about possible product damage. The Sleep Company’s drive for expansion necessitates handling logistical intricacies such as product preservation, pickup scheduling, and delivery delay mitigation.

The Sleep Company – Funding and Investors

The Sleep Company has raised total of $49.3 million in over four rounds of funding.

Here are the funding details:

DATE	STAGE	AMOUNT	INVESTORS NAME
Dec 6, 2023	Series C	$22.1 million	Fireside Ventures, PremjiInvest
Nov 3, 2022	Venture Debt	$991K	Alteria Capital
Oct 25, 2022	Series B	$21.4 million	Premji Invest, Alteria Capital
Jul 1, 2021	Seed Round	$5.85 million	Fireside Ventures

The Sleep Company – Shareholding

As per Tracxn, below is the shareholding pattern of The Sleep Company (as of December 2023):

Shareholder	Percentage
Priyanka Goyal Salot	49.4%
Premji Invest	23.8%
Fireside Ventures	19.8%
ESOP Pool	5.8%
Others	1.2%

The Sleep Company – Growth

The Sleep Company accomplished an amazing feat in November 2021 by celebrating its second anniversary with a stellar INR 100 crore run rate. This laid a solid foundation for the company to attain the INR 1,000 crore milestone within the next four to five years. With an astounding 400% growth in just two years after its founding, the company has quickly risen to the position of one of the top four brands on Amazon. Company is trusted by over 200,000 customers.

The Sleep Company stands out in a congested industry thanks to its unrelenting dedication to innovation, which is demonstrated by their cutting-edge products that come with patented SmartGRID technology. The Sleep Company’s quick expansion indicates that the market is embracing its cutting-edge and unique products, even if other mattress manufacturers continue to use memory foam that is decades old.

Financials

The Sleep Company Financials	FY23	FY24
Operating revenue	INR 127.1 cr	INR 312.3 cr
Total expenses	INR 166.7 cr	INR 378.7 cr
Profit/Loss	Loss of INR 37.06 cr	Loss of INR 58.69 cr
EBITDA Margin	-26.47%	-15.92%

The Sleep Company – Advertisements and Social Media Campaigns

The Sleep Company Campaign

With two talented co-stars and Anil Kapoor leading the way, the powerful message “Raat Ke 2 Baje, Neend Ke 12 Baj Gaye?” ensures a comfortable night’s sleep. Kapoor’s speech strives to connect with the viewer by highlighting the universal desire for quiet evenings and encapsulating the heart of the film through relatable heroes fighting sleep disturbances.

The Sleep Company x Sima Taparia Ad Campaign

The Sleep Company teams up with matchmaker Sima Taparia for a new campaign promoting its SmartGRID mattress. The fun ad highlights comfort in relationships and mattresses, with a 10-year warranty and a 100-night free trial.

The Sleep Company – Competitors

Some of the top competitors of The Sleep Company include:

Wakefit
Sunday Mattress
Flo
Sleephyhead

The Sleep Company – Future Plans

The Sleep Company has been lucky to get a lot of love from the customers in the first few months of launch only. Their objectives going forward is to continue providing great products and services and ramp up their manufacturing.

The Omnichannel mattress brand, The Sleep Company, plans to launch an IPO by FY 2027, aiming to expand its market presence and strengthen its growth trajectory.

FAQs

Who is the Founder of The Sleep Company?

Priyanka Goyal Salot and Harshil Salot are the Co-Founders at The Sleep Company.

What does The Sleep Company do?

The Sleep Company provides products that can help upgrade the quality of sleep for the consumers out there. Their first product that has been launched is The Sleep Company Smart Grid Mattress.

What are Smart Grid Mattress?

The Mattress Intelligently adapts to every human body type. Smart Grid helps distribute weight and hence provides comfort to different body parts.

What are the products provided by The Sleep Company?

The Sleep Company provides mattresses, pillows, mattress protectors, cushions, recliner bed, chair, bedding, recliner sofa and other sleep accessories.

November 19, 2024

Festive and Fun Games for Christmas in the Office

The joyous Christmas season is quickly approaching, and while it is typically a time to spend with family and friends, some individuals may find themselves having to work during this festive time. Nowadays, it is not uncommon for businesses to require specific or all employees to work during Christmas due to the high demand. Despite this reality, many people still try their best to make the most of the holiday season and find ways to celebrate with their loved ones.

The holiday season is a great time for employees to come together and work on fun activities like decorating, planning events, and doing charitable work. This helps build teamwork and collaboration among colleagues. If you’re a manager or boss, here are some activities and games you can conduct to make the holiday season at work more enjoyable and memorable for everyone.

Digital Advent Calendar
Themed Secret Santa
Holiday Movie Marathon
Competitive Decorating
Gingerbread House
Game Night
Ornament Making
Karaoke Night
Cake Decorating
White Elephant Exchange
Sports Day
Gift Wrapping Contest
Holiday Photo Booth
Holiday Bingo

Digital Advent Calendar

Making a digital advent calendar for the office is a fun and interesting way to promote teamwork during the holidays. Create a variety of games, quiz questions, and tiny sweets for every day before Christmas. Make sure that everyone can easily access the calendar. Ensure that every employee receives the email series if one is being used. If a shared platform is being used, clearly indicate how you will use it.

Themed Secret Santa

Instead of the traditional Secret Santa, themed exchanges can add an extra layer of fun and creativity to the gift-giving experience. Themes could center around shared favorite movies, exclusively handmade gifts, or color-coded presents. Adding a twist can make the festivities more personal. It challenges people over how well they know their fellow participants. Secret Santa is one of the best Christmas games in office.

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Holiday Movie Marathon

Devoting a day to hosting a Holiday Movie Marathon at the office presents a delightful opportunity to nurture team bonding and infuse the workplace with a truly festive feeling. Transform a designated space into a cozy haven with blankets, pillows, and festive decorations. Ensure that there are plenty of holiday-themed goodies like candy cane, cookies, cakes, marshmallows, hot chocolate, and, of course, the classic popcorn. Curate a diverse list of holiday movies that cater to the various preferences of employees, blending classics with modern favorites.

Competitive Decorating

Innovative Ways to Celebrate Christmas in the Workplace – Office Cubicle Decor

A fun Christmas activity can be to have a decorating contest where teams or individuals compete to adorn their workspaces or a communal area. It is a fantastic way to encourage creativity, boost team morale, and bring a festive atmosphere to the workplace. Set budget guidelines to ensure fairness in the competition. You can reward the winning teams or individuals with prizes like gift cards, holiday-themed items, or even a legacy trophy to proudly display in their decorated area.

Gingerbread House

Innovative Ways to Celebrate Christmas in the Workplace – Gingerbread House Decoration

Hosting a gingerbread house decorating competition stands as a delightful and festive activity capable of infusing the workplace with enthusiasm. Equip the employees with all necessary materials and allow them to showcase their creativity. Arrange tables with decorating supplies in a designated area, giving participants space to work comfortably. This competition not only allows for the expression of individual creativity but also fosters connectivity and synergy among team members.

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Game Night

Plan a board game night to foster togetherness among all of the employees. Make a comprehensive list of games with a holiday theme that players of all capabilities and tastes can play. Select the games that promote collaboration and friendly competition. Hosting an enjoyable evening with exciting events can serve as a much-needed break for the hardworking staff members.

Ornament Making

Innovative Ways to Celebrate Christmas in the Workplace – Ornament-Making Activity

Engaging in an ornament-making activity with peers provides a fantastic and artistic festive experience. This hands-on activity relieves stress while creating one-of-a-kind Christmas decorations. Provide employees with all the supplies they need to make their holiday ornaments and allow these creations to be shown off in the office before being taken home. This practice not only encourages creativity but also adds to the celebratory atmosphere at work.

Karaoke Night

Host a Christmas karaoke night to let employees showcase their vocal talents by singing their favorite holiday tunes. Ensure a seamless experience by testing the karaoke system in advance, guaranteeing that the music and vocals are audible to all. Keep a list of holiday-themed songs for participants to choose from ready. Mix solo and group performances to cater to different preferences and encourage diverse collaborative performances.

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Cake Decorating

Gather ready-made cakes from your nearest grocery store or supermarket and get all the supplies you need to decorate them. Whipped cream, icing, sprinkles, chocolates, and any more treats you can get your hands on. You can give it a fun theme and make it a competition to create that friendly competition spirit. Extend this activity to cupcakes, brownies, and sundaes to give employees a variety to choose from.

White Elephant Exchange

In this comical take on the classic Secret Santa tradition, coworkers exchange ridiculous or humorous gifts with one another. These gifts are solely meant to make friends laugh and create a joyful Christmas environment. Players choose and unwrap gifts from a common pool, adding a dimension of suspense and thrill. This game encourages players to come up with gifts that are both humorous and functional.

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Sports Day

Make use of your outdoor office area to plan a winter sports day. Organize activities like archery, sleigh rides, snowman-building, and snowball fights. Additionally, you can create a little carnival with classic games like apple bopping, darts, and ring toss. By diversifying the activities, you can build a sports day that caters to a variety of interests, ensuring that all participants have a memorable and delightful time.

Gift Wrapping Contest

Christmas is all about giving gifts, so let’s make it even more fun with a gift-wrapping contest! Receiving a beautifully wrapped gift makes it feel extra special.

Set up a gift-wrapping station with all the supplies your employees need. Give them time to show off their creativity and see who can wrap the gifts the fastest and neatest. It can be one of the best ways for Christmas celebration in office.

Holiday Photo Booth

Add some fun to your holiday party with a DIY photo booth! Use simple items like Santa hats, elf ears, and reindeer antlers, all of which are easy to find at the dollar store. Create a festive backdrop with lights, garlands, or snowflakes. For instant prints, keep a mini photo printer nearby. If you’d rather not do it yourself, you can hire a professional photo booth with holiday props. Capture the moments and give your employees fun memories to take home.

Holiday Bingo

Christmas Celebration at Office – Holiday Bingo

Virtual Holiday Bingo is a fun way to get everyone talking and connecting at your online party. Give each participant a Bingo card and encourage them to interact with others during the event.

Players mark the squares on their cards with the names of people who match the descriptions. The first one to fill five squares in a row and shout “Bingo!” wins, adding a fun and interactive touch to your virtual holiday celebration.

Conclusion

There is no reason why you should forego some holiday enjoyment because you are at work. Making Christmas memorable in the workplace doesn’t have to be difficult. By embracing these unique customs, coworkers can relax, let their creativity run wild, and create long-lasting relationships. In the end, it’s the small gestures that make the holiday season at work genuinely meaningful.

FAQs

What does a white elephant gift mean?

In this comical take on the classic Secret Santa tradition, coworkers exchange ridiculous or humorous gifts with one another. These gifts are solely meant to make friends laugh and create a joyful Christmas environment.

What are Christmas celebration ideas for the office in India?

The different ways in which Christmas can be celebrated at work are organizing a festive office party with decorations, music, and a Secret Santa gift exchange and planning a team-building activity like a holiday-themed game or volunteering together for a charitable cause.

How do you ensure the office Christmas party is fun?

Ensure the office Christmas party is fun, including games, good food, and music, and encourage everyone to dress up or join in activities. Keep it relaxed and festive!

November 19, 2024
Khushboo Jain of CarePal Discusses How the Company is Revolutionising Affordable Healthcare Financing

In this exclusive interaction with StartupTalky, Khushboo Jain, Co-Founder and COO of CarePal Group, shares her journey of transforming healthcare financing in India. She discusses the inspiration behind CarePal, its unique ecosystem of crowdfunding, insurance, and lending, and how technology is improving healthcare access. Jain also talks about her shift from fashion marketing to healthcare, the challenges of being a woman entrepreneur, and offers advice for others. Discover how CarePal is breaking barriers to ensure that quality healthcare is accessible and affordable for millions across India.

StartupTalky: What inspired you to start CarePal, and how has your vision for healthcare financing in India grown over the years?

Ms. Jain: The vision behind CarePal Group is rooted in ensuring that no one suffers or faces financial ruin due to unaffordable healthcare. Recognizing the dire impact of medical expenses in India, where millions are pushed into poverty annually, we set out to create a transformative solution. CarePal Group integrates medical crowdfunding, health insurance and benefits, and a lending marketplace to establish a comprehensive healthcare financing ecosystem.

This innovative approach caters to varied needs, from high-cost treatments to smaller medical expenses, ensuring quality healthcare is accessible to all. Guided by a commitment to community impact, we have surmounted numerous challenges through persistence and creativity. Our mission is to save one million lives in the next decade by revolutionizing healthcare financing in India.

The mission has evolved to not only alleviate immediate financial burdens but also build long-term solutions for affordable and accessible healthcare, to impact a million lives by 2030.

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StartupTalky: ImpactGuru.com has helped thousands of patients raise funds. What unique strategies have made this possible, especially in connecting patients with supporters?

Ms. Jain: Medical crowdfunding serves as a lifeline for middle and lower-middle-class families facing financial barriers to healthcare. Through focused marketing initiatives, we have extended this support to underserved and impoverished communities, enabling rapid fundraising for critical medical needs. Our ongoing efforts center on enhancing the platform’s features and reach, ensuring every beneficiary receives optimal assistance and an improved experience.

StartupTalky: CarePal offers multiple services, from crowdfunding to health insurance and lending. How do you make sure each service meets its purpose and also fits into the bigger mission?

Ms. Jain: At CarePal, we ensure that each service—crowdfunding, health insurance, and healthcare lending—not only fulfills its specific purpose but also aligns with our broader mission of making healthcare affordable and accessible. Each service is designed to address distinct challenges: crowdfunding for urgent medical emergencies, insurance for preventive financial coverage, and lending to bridge funding gaps for uncovered treatments including for critical illnesses like cancer. These offerings are integrated into a cohesive ecosystem, enabling us to deliver tailored solutions based on individual needs.

By leveraging data-driven insights and maintaining a customer-centric approach, we continuously refine our services to meet user expectations. All our initiatives are guided by our mission to ensure no one suffers due to lack of funds for healthcare, making every effort meaningful and impactful in transforming India’s healthcare financing landscape.

StartupTalky: How do you see technology like data and AI shaping the future of healthcare financing, and what steps is CarePal taking in this direction?

Ms. Jain: Data and AI are set to revolutionize healthcare financing by enabling more personalized, efficient, and accessible solutions. AI can analyze vast amounts of medical and financial data to predict costs, assess risks, and tailor financing options to individual needs. It will also play a key role in driving our storytelling narrative, which is a critical component of medical crowdfunding. At CarePal, by staying at the forefront of technological innovation, we aim to build smarter, more scalable solutions that align with our mission to make healthcare accessible to all.

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StartupTalky: You moved from fashion marketing to healthcare. How did you make this change, and what skills and lessons from your early career help you today?

Ms. Jain: Transitioning from fashion marketing to healthcare was both challenging and rewarding. The shift required me to adapt quickly to a new industry with different dynamics, but many skills from my early career proved invaluable. In fashion marketing, I honed my abilities in storytelling, branding, and audience engagement—skills that are equally critical in healthcare crowdfunding, particularly in connecting with donors and patients on an emotional level.

Additionally, my experience in fast-paced, consumer-driven environments helped me develop agility and a focus on customer-centric solutions. These qualities now enable me to design innovative strategies that resonate with diverse audiences in the healthcare financing sector. The lessons of resilience, creativity, and adaptability have been essential in navigating the complexities of healthcare financing and driving impactful initiatives at CarePal.

StartupTalky: As a woman entrepreneur in healthcare and finance, what challenges have you faced, and how did you turn them into opportunities?

Ms. Jain: In the early days of CarePal Group, we encountered several significant challenges. Attracting top-tier talent, gaining the trust of investors, connecting with patients in need, and effectively targeting donors were all formidable obstacles. However, our unwavering commitment to our mission and focus on innovation enabled us to overcome these hurdles. This perseverance has been instrumental in driving meaningful progress in healthcare financing, making quality care accessible to more people.

StartupTalky: What advice would you give to other women who want to make a difference through their business?

Ms. Jain: As a woman entrepreneur, my advice would be to stay resilient and adaptable. There will always be challenges, but trust in your instincts and don’t be afraid to take bold risks. Seek out mentors and build a strong support network—having people around you who believe in your vision can make all the difference.

It’s also important to stay true to your goals while being flexible enough to pivot when necessary. Balance your personal aspirations with your business ambitions, and remember that your unique perspective as a woman is a powerful tool for innovation. Use it to create solutions that are inclusive and forward-thinking. Most importantly, never underestimate your ability to lead and create change. You have the power to pave the way for other women in business and make a lasting impact.

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Due to Cost-Cutting Measures, Amazon India will Relocate its Corporate Headquarters to Bengaluru

In an effort to save money, Amazon India is relocating its headquarters from the World Trade Centre in Bengaluru’s northwest to a site near the airport, according to various media reports. In a 30-story building owned by Brigade Enterprises, the e-commerce and cloud computing giant currently utilises half a million square feet of office space on 18 floors. The Bengaluru airport is 15 minutes away by car from Amazon’s new headquarters. A third of the INR 250 per square foot rent that the corporation paid for the WTC office is probably going to be lost. According to the reports, the relocation would start in April and be finished by 2026.

Current Office’s Dynamics

Amazon‘s present location is a part of Brigade Gateway, the first integrated complex in the city, which also includes a hospital, a five-star hotel, 1,200 residential apartments, and a shopping centre. The report suggests that the 5,000 personnel of the World Trade Centre are encouraged to reside in the vicinity. Amazon employs 300 people, and they occupy one-fourth of the apartments.

A spokesperson told the media that the company is thrilled to be relocating to a new campus, a cutting-edge building intended to promote improved cooperation and provide an unmatched employee experience.

Nevertheless, the staff has been dissatisfied with the company’s new office, which is situated 20 kilometres away, as a result of the prolonged commute time, which is approximately 80 minutes during peak traffic.

Recent Developments in Amazon India

There is currently a top leadership turnover in Amazon India. Manish Tiwary resigned as India’s country manager in August, and Samir Kumar, a seasoned member of the company, took over in September. Kumar will oversee Amazon’s consumer businesses in the Middle East, South Africa, and Turkey in addition to the Indian market.

The Indian marketplace division of the e-commerce giant, Amazon Seller Services, announced on November 11 that its operational revenue for FY24 increased by 14% to INR 25,406 crore, while its net loss decreased by 28% to INR 3,469 crore. Revenue growth was slower than the growth rates observed during the pandemic period, although it still exceeded the 3% increase in FY23.

While Amazon India’s wholesale division, which sells goods and services in bulk to retailers and distributors, saw a slight dip, the company’s logistics and payments divisions reported a 7-9% increase in operational income and somewhat reduced losses for the fiscal year that ended in March 2024. As part of its global employment reduction announced in 2023, the retailer let go of 500–1,000 workers in India. Amazon announced that it would lay off more than 18,000 workers in January 2023. In 2024, the firm laid off hundreds of workers across several sectors, including Twitch, Prime Video, and Audible.

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Matrimony.com Introduces a Financial Platform to Provide Financing for Weddings

On 15 November, Matrimony.com, a matchmaking service provider, announced the launch of weddingloans.com, a financial technology platform with the goal of assisting with marriage-related expenses.

To provide a full lending solution, the company has worked with top financial institutions like Larsen and Toubro Finance, Tata Capital, and IDFC. According to an official statement released by Matrimony.com, this platform will do more than just provide wedding loans; it will assist clients in making the best choice possible, paying particular attention to their financial security.

Catching on the Opportunity

Since wedding costs have increased over the past ten years and extravagant weddings have become more popular due to social media, many couples are choosing to take out personal loans for their union, according to the WeddingLoans website.

For more than 20 years, marriage has served as a springboard for fulfilling unions. For millions of people looking for the right match, Matrimony is their go-to partner. According to CEO Murugavel Janakiraman, the company wants to expand its offerings with WeddingLoan.com in order to simplify the planning, budgeting, and execution of weddings.

According to the statement, these wedding loans are unsecured personal loans designed to give a couple a one-time payment and then require them to make regular installments to pay back the loan. According to Janakiraman, Matrimony.com would completely safeguard the interests of its customers thanks to its open advisory-led procedures.

Current Wedding Loan Scenario in India

A major change is occurring in the wedding industry: millennials want to finance their own special day instead of burdening their parents. Although this is a considerate gesture, it is most practical when the couple has saved money beforehand; otherwise, they will have to take out a loan. Couples are increasingly using personal loans designed especially for wedding finance to address rising expenses.

Personalisation, unique experiences, and destination or themed weddings—all of which are fueled by the demand for approval and “likes” on social media platforms like Instagram—are the main factors driving the trend towards wedding loans.

About 26% of brides and grooms who intend to pay for their own weddings think about taking out personal loans, citing the IndiaLends Wedding Spends Report 2.0. 68% of individuals who are thinking about taking out a loan intend to borrow between INR 1 lakh and INR 5 lakh. In October and November of 2023, 1,200 millennials participated in the survey.

Banks, non-banking financial companies (NBFCs), and fintech lenders all approach wedding loans as personal loans with comparable qualifying requirements. According to Gaurav Chopra, founder and CEO of fintech lender IndiaLends, customers normally require a decent credit score—ideally above 730—to qualify because it shows responsible credit behaviour. Recent bank statements and evidence of a consistent income are also required by lenders. A solid repayment history is also essential, with no late or missed payments for the previous one to three years.

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The Zomato District App is now Available for iPhone and Android Users

The ‘District’ app is the most recent venture of Gurgaon-based food delivery giant Zomato. The goal of this new platform is to serve Zomato’s expanding “going-out” business, which includes reservations for restaurants, events, and cinema tickets. After the rapid commerce platform Blinkit and the food delivery service Zomato, this is the company’s third consumer-facing venture.

Zomato made a calculated decision to enter the going-out market in order to increase its revenue sources and take advantage of the growing entertainment sector. In August 2023, the company paid a hefty INR 2,048 crore to acquire Paytm’s events and ticketing division, strengthening its dominance in this market.

Attracting Features

The District app provides a wide range of services, including the ability for users to reserve movie tickets from multiple chains, including Cinepolis and PVR-Inox. Bookings for plays, concerts, and other live events are made easier by the app. Zomato‘s vast restaurant network allows users to book tables at eateries.

Locking Horns With BookMyShow

Competition from well-established firms like BookMyShow (supported by Reliance), which presently commands a sizable market share in movie ticketing, is heightened by Zomato’s foray into the going-out sector. Nonetheless, Zomato might have a competitive advantage due to its well-known brand, large user base, and substantial financial resources.

Zomato intends to gradually move services from its main app, the Insider app, and Paytm’s platform under the District app, which would house its going-out businesses. This calculated action will improve emphasis on the main offerings and streamline the user experience.

Zomato is in a strong position to benefit from the rising demand for entertainment and leisure activities as it keeps extending its presence in the going-out market.

Zomato and Paytm Deal

In an exchange filing on August 28, food delivery giant Zomato said that it has successfully acquired Wasteland Entertainment Private Limited (WEPL) and Orbgen Technologies Private Limited (OTPL), Paytm’s event ticketing subsidiaries. The Insider and TicketNew platforms are run by WEPL and OTPL, respectively. On June 16, media outlets first revealed that Paytm was in negotiations to sell Paytm Insider to Zomato, owned by Deepinder Goyal, who wants to grow the “going-out” industry.

Paytm, a company based in Noida, also attested in a different filing that the events and movie tickets business was successfully transferred to Zomato on August 27. To ensure a seamless and continuous experience for users and merchant partners, the movie and event tickets will be accessible on the Paytm app, as well as on the TicketNew and Insider platforms, for a maximum of 12 months during the transition time. Approximately 280 current workers of the entertainment ticketing company will transfer to Zomato as part of the agreement.

According to Paytm, the company’s goal is to concentrate on the delivery of financial services and payments. Following aggressive investments in the popular rapid commerce sector, the deal represents a significant step towards Zomato expanding its operations beyond food delivery.

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Under the ESOP Plan, PB Fintech Allots Approximately 27 Lakh Equity Shares

Under its Employee Stock Option Scheme (ESOP) 2021, PB Fintech, the parent company of the well-known insurtech company Policybazaar, has distributed about 27 lakh equity shares. On November 15, PB Fintech said in an exchange filing that its board has given its authority to distribute 27,85,962 equity shares to qualified employees under the 2021 plan. The company’s issued and paid-up share capital, after these shares are allocated, is INR 91,77,91,852, which is made up of 45,88,95,926 equity shares with a face value of INR 2 apiece.

After qualified workers exercised their vested options under the PB Fintech Workers Stock Option Plan 2021, the Nomination and Remuneration Committee awarded them 27,85,962 equity shares with a face value of INR 2 apiece, the document stated.

Stats Prior to Allotment

The issued and paid-up share capital of PB Fintech, which included 45,61,09,964 equity shares, was INR 91,22,19,928 prior to share allocation. On the BSE, shares of PB Fintech ended the most recent trading session at INR 1725.15 each. According to the stock’s 15 November closing price, the freshly allotted equity shares are valued at INR 480 Cr. This follows the company’s distribution of 75,760 equity shares under the same ESOP Plan to qualified employees. Under its ESOP plan 2021, PB Fintech distributed 48.3 lakh equity shares earlier in June.

Current Financial Report of PB Fintech

In the second quarter (Q2) of the fiscal year 2024–25 (FY25), it posted a quarterly profit of INR 50.98 Cr, its fourth consecutive quarter. Yashish Dahiya, the company’s chairman and Group CEO, acknowledged earlier in September that the business is thinking about entering the healthcare industry. According to reports, PB Fintech is expected to obtain board permission before making a one-time investment of $100 million to purchase a 30% interest in a new healthcare company.

Current ESOP Scenario in India

According to a 2024 survey of 160 companies, 78% of them offered employee stock option plans (ESOPs) to their staff, a considerable increase from 59% in 2021. This indicates that ESOPs are becoming more and more popular among startup owners. More firms are now offering ESOPs to all employees, not only senior management, according to a survey done by Saison Capital, XA Network, and Carta. Compared to one in four in 2021, one in three firms now provides these plans to all employees.

Furthermore, the median ESOP pool size grew from 9% in 2021 to 12.6% in 2024, and 90% of founders now talk about ESOPs with candidates during interviews or job offers, up from 75% in 2021. Additionally, the reasons for providing ESOPs have changed; in 2024, 40% of founders cited cost reductions, up from 28% in 2021.

The founders cited the necessity to retain people as the second most important reason for putting these plans into action, behind creating a sense of ownership and company culture. Even with this increase, fewer than 30% of founders still fully understand the complexity of ESOPs, a percentage that hasn’t changed since 2021.

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Tata Electronics will Purchase a 60% Share in the iPhone Plant in Tamil Nadu

According to a media citation, Tata Electronics plans to establish a new joint venture (JV) to purchase a 60% majority stake in Taiwanese contract manufacturer Pegatron’s iPhone facility in Tamil Nadu. According to the report, the action will improve Tata’s standing as an Apple supplier in its supply chain in India.

Partnership Plan

According to the plan, Pegatron would own the remaining 40% of the joint venture and offer technical support, while Tata Electronics would own 60% and manage day-to-day operations.

The report added that the sources did not go into detail about the financial components of the arrangement, stating that details are not yet public. Internally, inside the iPhone plant, the contract was announced on November 15. Tata and Pegatron would submit a request for permission to the Competition Commission of India (CCI) “in the coming days.”

Tata Has Become Preferred Partner of iPhone

According to a media outlet in April, Pegatron is in advanced negotiations to sell the Tata Group its sole iPhone production facility in India, which is located close to Chennai.

Apple has supported the purchase, sources informed the agency at the time. About 10,000 people work at Pegatron’s India plant, which produces 5 million iPhones a year. Tata is currently establishing an iPhone assembly factory in Hosur, Tamil Nadu, where Pegatron is anticipated to become a joint venture partner. The company already runs an iPhone assembly unit in Karnataka, which it acquired from Taiwan’s Wistron last year.

In Light of the US-China Trade Tensions, Apple May Boost iPhone Manufacturing in India

According to a report by a renowned media outlet, if US President Donald Trump fulfills his warning of enacting high taxes on Chinese imports, Apple Inc. could dramatically expand its iPhone manufacturing in India, possibly reaching $30 billion yearly over the next two years.

The current estimated yearly value of Apple’s iPhone production in India is $15–16 billion. However, Apple may decide to move more manufacturing operations to India in response to Trump’s earlier warnings to put 60–100% taxes on Chinese goods, a position he reaffirmed during his campaign. According to the source, Trump imposed tariffs on Chinese goods during his first term, and analysts think he could use a similar tactic in his second term to strengthen India’s position in Apple’s global production network. A large rise in iPhone manufacturing might improve trade dynamics overall and cement Indo-US economic ties. According to the analysis, the electronics sector in India, especially the production of iPhones, stands to gain significantly, even though other industries may see difficulties.

According to an official cited in the report, a possible boost in iPhone production may greatly benefit India, particularly in the electronics sector. According to experts, Apple may decide to move a sizable amount of its iPhone manufacturing to India as a result of Trump’s tariff policies, especially those pertaining to Chinese imports. Such a move would probably result in the creation of up to 200,000 new jobs and increase India’s manufacturing share of iPhones from the current 12 to 14% to over 26% in the upcoming years.

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Indian Government is Developing Voluntary Codes of Conduct for AI Businesses

According to a media report, the government is developing voluntary rules of ethics and conduct for businesses to adhere to while using generative AI or artificial intelligence (AI).

According to an official, the ethics and conduct guidelines created by the Ministry of Electronics and Information Technology will resemble “informal directive principles” for businesses, particularly those developing large language models (LLMs) or utilising data to train artificial intelligence (AI) and machine learning models. AI legislation is still a ways off. “We are currently trying to get the industry on board with a common set of principles and guidelines and are talking to all stakeholders to see what can be included,” the official stated.

Sharing he thoughts on the move, Sakshi Shah, Founder of GoodLives stated, “The effort by the Indian government to create voluntary rules of conduct for AI companies is a praiseworthy step in striking a balance between responsibility and innovation. As the founder of GoodLives, a platform for holistic wellness powered by AI, I am aware of how revolutionary AI may be, particularly in fields like mental health and general wellbeing. But enormous power also carries a great deal of responsibility.”

“Although artificial intelligence (AI) has the potential to completely transform businesses, if ethical standards are not followed, it may have unforeseen effects such as data privacy issues, biased algorithms, or the exploitation of private data. In addition to encouraging self-regulation by firms, voluntary codes of conduct also help to build user trust. These norms, which prioritize openness, equity, and inclusivity, can serve as a model for the responsible application of AI. GoodLives uses artificial intelligence (AI) to provide data-driven, customized wellness solutions while keeping user privacy and ethical issues top of mind,” she added.

Echoing similar sentiments, Kiran Rudrappa, the CEO & Co-Founder of Posspole, opined, “A significant step towards fostering ethical and responsible innovation has been taken by the Indian government by developing voluntary codes of conduct for AI businesses. In order to build trust in the market and to differentiate themselves from the competition, startups must adhere to these guidelines that emphasize transparency, accountability, and fairness.”

“In addition to enhancing their reputation, Indian startups can also access government support and partnerships by aligning themselves with these principles. There are some challenges to this initiative, such as resource constraints and ambiguous guidelines, but it encourages collaboration between startups, corporations, and regulators, which is crucial to achieving sustainable growth. India’s commitment to ethical AI development is underlined by adopting these codes, positioning Indian startups to lead globally in responsible AI practices,” he commented further.

Arpit Mittal, Founder and CEO of SpeakX , said, “India’s AI market is growing rapidly, with a projected CAGR of 25-35%, expected to reach around $17 billion by 2027, according to a recent report by BCG and Nasscom. As AI transforms industries, the Indian government’s move to introduce voluntary codes of conduct for AI businesses comes at a crucial time. It offers a much-needed framework to ensure that as companies innovate, they also prioritize transparency, fairness, and accountability. These guidelines are not just about setting standards—they help build trust with users, which is essential for AI’s long-term success.”

Scheduled to be Released by Next Year

Another official stated that the optional code of conduct might be made public early in the next year. The IT ministry may publish broader guidelines as part of the voluntary code that include actions that businesses can take to prevent potential misuse of the company’s LLM and AI platforms, as well as steps that businesses can take during training, deployment, and commercial sale.

An 11-point code of conduct for businesses operating in the AI and gen-AI area has been prepared by the G7 members. According to a media report that quoted a ministry official, “The idea will be the same, but what we are trying to develop will be completely different.”

“This move by the Indian government is a significant step toward fostering ethical innovation in the industry. This initiative reflects a growing recognition that AI has immense potential to transform economies and societies, but it must be developed and deployed responsibly. From our perspective, a voluntary code provides the flexibility needed for companies to innovate while ensuring adherence to best practices in areas like data privacy, transparency, and fairness. It’s also an opportunity to build trust with consumers and regulators, ensuring that AI is used in a manner that aligns with societal values. However, while the voluntary nature of these codes is encouraging, I hope the government provides clear guidelines and engages with industry stakeholders to ensure these standards are practical and effective,” said Eric Fonseca- VP Marketing at IndoAI Tecnologies Pvt Ltd.

Bruce Keith, CEO and Cofounder, Investor AI, said,”AI is all around us, and with the rise of ChatGPT, every business will be using AI to some extent in the next five years. The velocity of change and global nature of AI is making it extremely difficult for any national government to legislate. The rewards for countries that become leaders are akin to winning the next industrial revolution. Any code of conduct needs to recognise this and be framed in a way that protects the consumer while allowing enterprise to innovate. The recent successes of GenAI and neural networks over symbolic AI (logic and reasoning) mean it is harder to make AI models explainable. As a result, I believe that the code of conduct needs to focus on the traceability of source data (and availability of citations) and transparent metrics.”

Advisory Released by the IT Ministry

The IT ministry released an advisory earlier this year in March, requesting that all platforms make sure that their computer resources do not allow for bias or discrimination or jeopardise the integrity of the voting process through the use of artificial intelligence (AI), generative AI, LLMs, or any other algorithm of that like.

The IT ministry also stated in its advisory that before any AI models, large language models (LLMs), software that uses generative AI, or algorithms that are being tested in the beta stage of development or are unreliable in any way are made available to users on the Indian internet, they must obtain “explicit permission of the government of India.” Later, the advisory was dismissed, and businesses were no longer required to register their AI or LLM prior to implementation.

Why This Step is Needed?

Even while artificial intelligence (AI) has transformed many industries, it also presents a number of threats to society, including prejudice, avoidable mistakes, poor decision-making, misinformation, and manipulation. Deepfakes and internet bots have the potential to damage democracies and erode social confidence. Criminals, rogue governments, ideological radicals, or just special interest groups may also abuse this technology to influence individuals for political or financial benefit. The possible harm to society and democratic processes has been brought to the attention of the European Parliament.

According to a recent global report, the number of deepfakes discovered worldwide across all industries increased by a factor of ten between 2022 and 2023. Prime Minister Narendra Modi recently expressed worry about the use of deepfakes to disseminate false information. At the national and international levels, numerous attempts are being made to address the threats posed by AI by addressing issues of ethics, morality, and legal values in the development and application of AI.

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