The chairman of telecom regulator Trai stated on 25 September 2024 that the agency will move quickly to accelerate the pricing of satellite spectrum before addressing the matter of regulating over-the-top apps such as Google Meet, Telegram, and WhatsApp. Telecom Regulatory Authority of India (Trai) Chairman RC Lahoti announced that a consultation document on satellite spectrum pricing will be released in the coming days.
This document (Service Authorization Framework under Telecommunications Act 2023) did not include OTT. It is being covered in different conversations. According to Lahoti, TRAI has to address spectrum prices immediately. He declared that Trai would investigate whether the Telecommunications Act of 2023 should apply to OTT apps or not.
Telecom Operators’ Concerns
The latest recommendation from Trai on a new regime, which calls for allowing the deployment of telecom services using single authorization rather than a license, which was the standard under the previous regime, has alarmed telecom companies.
According to Lahoti, Trai has just suggested the structure for service provisioning that should be put into place under the Telecommunications Act of 2023. The entire staff at TRAI was working on this enormous task of suggesting a new framework. According to Lahoti, the regulatory body will now begin developing suggestions for spectrum pricing. The new structure, according to Trai Principal Advisor SB Singh, makes it easier to follow the guidelines for providing services at a lower cost.
In contrast to the previous system, he added, service providers would only require a single authorization for their offerings, and their compliance would be restricted to those services.
Introduction of Three Broad Categories Telecommunication Service Authorisations
Three general categories of communications service authorizations were suggested by the regulator on September 18: primary service authorizations, auxiliary service authorizations, and captive service authorizations. After releasing recommendations on the “Framework for Service Authorisations to be Granted Under the Telecommunications Act, 2023,” Trai announced that “Unified Service Authorisation” has been introduced under the new authorization framework to achieve the goal of “One Nation – One Authorisation” across services and service areas.
Trai stated that rather than signing a contract with the organization, the government ought to authorize services under the new Telecommunications Act, of 2023. The admission charge for service authorization has been lowered by the regulator. Currently, there is no suggested timeline for service providers to transition to the new framework. It’s entirely optional. According to Lahoti, they are still able to operate under their current licenses.
About Trai
The Telecom Regulatory Authority of India (TRAI) was established on 20th February 1997 by an Act of Parliament known as the Telecom Regulatory Authority of India Act, 1997. Its primary responsibility is to regulate telecommunications services, which were previously held by the Central Government. This includes the fixation/revision of tariffs. The goal of TRAI is to foster the development of the nation’s telecommunications industry so that it can expand quickly enough to allow India to take the lead in the developing global information society.
With a new smartphone app called “Flipkart Reset for Business,” Walmart-owned Flipkart, an online retailer that rivals Amazon in the Indian market, is assisting sellers of refurbished goods.
By providing a user-friendly platform that tackles typical issues faced by sellers in the refurbished products market, such as quality assurance, logistics, and unpredictable supply, the app seeks to empower both small and large sellers.
The software offers a controlled environment to meet the growing demand for used products, especially in India’s tier 2 and 3 cities, starting with refurbished smartphones and accessories.
How Does Flipkart Reset for Business Operate?
Several tools are included in the Flipkart Reset for Business app to help merchants. The flexibility it provides with no minimum order quantity (MOQ) constraints is one of the most important features of this app. The fact that sellers can buy products in any quantity is advantageous for small enterprises. The app also provides warranty support and does a thorough 74-point quality check to guarantee product quality.
Along with reasonable pricing, special discounts, and easy logistics, the app boasts a pan-Indian service network that supports delivery and pickup. The onboarding procedure for the app is simplified for convenience, enabling vendors to start their company right away. Sellers can get specialised help for product selection, order management, and post-sale support by registering with their GST or Shop Establishment certificates.
Tackling Problems in the Marketplace
Inconsistent supply chains and consumer mistrust of product quality are two issues that remain prevalent in the refurbished product industry, despite its tremendous growth. Sellers have access to a better-organised marketplace with extensive support—including professional advice on sales tactics and promotions—through the Flipkart Reset for Business platform.
Flipkart strives to remove these obstacles by guaranteeing quality with its items that are backed by warranties and rigorous testing protocols. This programme promotes a circular economy by assisting vendors and increasing consumer confidence in reconditioned items.
The Current Market Scenario of Refurbished Electronic Goods
India’s market for reconditioned electronics is expected to expand significantly. According to a Redseer analysis, the industry might grow from $5 billion in 2021 to $11 billion in 2026. This expansion has been mostly driven by the need for reasonably priced electronics in tier 2 and tier 3 cities. Flipkart’s B2B app encourages the usage of reconditioned items as a sustainable consumption model while giving sellers the chance to capitalise on this expanding industry.
The resale market is expanding quickly, enabling millions of consumers to own devices at reasonable costs. This offers reconditioned product vendors a huge opportunity.
Ashutosh Singh Chandel, Senior Director & Business Head of Recommerce at Flipkart, said that the company is empowering sellers with an organised market and encouraging sustainable consumption by effortlessly granting access to high-quality and reasonably priced reconditioned products.
At the moment, Flipkart Reset for Business covers more than 800 Indian cities in 29 states, with a primary concentration on accessories and smartphones. To reach a larger client base and more sellers, the company intends to broaden its platform.
After ten years, the Government of India’s “Make in India” campaign has demonstrated its effectiveness in stimulating investment, encouraging creativity, and developing top-notch infrastructure to turn India into a center for manufacturing, design, and innovation. It still has a major influence on the nation’s development of a strong manufacturing base for renewable energy. The government’s assistance and incentive program for domestic production in the renewable energy sector is one of its main priorities. India is a major player in the renewable energy manufacturing area because its renewable energy equipment manufacturing industry is well-positioned to meet domestic demand and service the worldwide market through exports.
Pralhad Joshi, the Union Minister of New and Renewable Energy, posted on X India’s #10YearsOfMakeInIndia has profited greatly from the country’s renewable energy sector. “We are providing our domestic industries with all conceivable support, from PLI to VGF. Our goal is for India to become a significant global participant in the whole clean energy solutions value chain.”
Policies to Boost Domestic Renewable Energy Equipment Production
The Union Government has implemented several initiatives to encourage domestic production of renewable energy equipment, including solar PV modules, cells, and upstream components like ingots, wafers, and polysilicon. In addition, the manufacturing of wind turbines, electrolysers for the creation of green hydrogen, and battery energy storage devices for utility-scale electricity storage applications are all part of these initiatives.
The government is working to support domestic production through a variety of financial, economic, and regulatory initiatives. The Production Linked Incentive (PLI) programme offers financial incentives for the establishment of fully or partially integrated manufacturing facilities for solar PV modules and upstream components. The National Green Hydrogen Mission grants incentives for the generation of green hydrogen and the manufacturing of electrolysers, in addition to Viability Gap Funding (VGF) for stationary Battery Energy Storage System projects.
A few examples of fiscal incentives include basic customs tariffs on solar PV modules, cells, and inverters imported into the country, a waiver on import duties for certain capital items needed for domestic manufacturing, and concessional customs duties on inputs used in domestic manufacturing.
Joshi has implemented policy measures through the use of regulations like the Domestic Content Requirement (DCR) in government-subsidized schemes including PM Surya Ghar: Muft Bijli Yojana, PM-KUSUM, and CPSU Scheme Phase-II. Additional policies include Quality Control Orders for solar equipment, approved lists of models and manufacturers for solar and wind technologies, and the connection of PLI amounts to local value addition.
Encouraging the Production of Solar PV
The government’s efforts continue to be heavily focused on the manufacturing of solar PV. The government is dedicated to making solar PV production in India self-sufficient (Atmanirbhar) and positioning the country as a key participant in the global value chain. The PLI Scheme for High-Efficiency Solar PV Modules, which will cost INR 24,000 crores, and other governmental initiatives like the enforcement of basic customs tariffs and domestic content criteria serve as evidence of this commitment.
Due to several initiatives under the “Make in India” campaign, India’s installed solar PV module production capacity has increased from 2.3 GW to over 67 GW since 2014. India can now meet both domestic and foreign demand thanks to this rise. The nation’s capacity to produce solar PV modules has increased quickly; in just the last 3.5 years, it has gone from producing 8 GW in 2021 to 67 GW annually.
As the former interim CEO and Chief Technology Officer of OpenAI, Mira Murati is recognized not only for her credentials but also for her strong stance on the ethics of emerging technologies.
Mira Murati, a 34-year-old Albanian woman, is a prominent figure in the field of artificial intelligence as AI continues to dominate the global landscape. Leading the development teams behind groundbreaking projects like ChatGPT and DALL-E, she has been passionate about ensuring the public understands the potential of AI, particularly in the healthcare sector.
On September 25, 2024, after six and a half years with OpenAI, Murati announced her decision to step down as Chief Technology Officer. In a statement shared on X, Murati explained that “this moment feels right” for her to leave, highlighting OpenAI’s recent progress in the AI industry.
She mentioned her desire to “create time and space for personal exploration” as the reason for her departure but emphasized her focus on ensuring a smooth transition and keeping up the momentum the team has built. Murati expressed gratitude for the chance to work with such a remarkable team at OpenAI.
Along with Mira, VP Research Barret Zoph and Chief Research Officer Bob McGrew also announced their departures via X from OpenAI.
Murati was born in Vlor, Albania, a nation in Southern Europe, on 16 December 1988. She went to Canada when she was 16 years old to attend Pearson College UWC, where she earned an International Baccalaureate diploma in 2007. She then attended Dartmouth College and earned a Bachelor of Engineering in mechanical engineering, where she also built a hybrid race car, graduating in 2012.
Mira Murati – Career
Murati began her career as an intern at Goldman Sachs in 2011, then moved on to Zodiac Aerospace from 2012 to 2013. She began her career at Tesla in 2013 as a senior product manager on the Model X, a luxury electric SUV. She began to genuinely engage with technology at Tesla, where she worked on early versions of Autopilot. In 2016, she left Tesla to join Leap Motion, a firm that creates motion-sensing technologies for virtual and augmented reality. There, she improved her skills in bridging the technical and human-computer interface divide. Drawn by the company’s mission to ensure that AGI benefits humanity, Murati joined OpenAI in 2018 as the Vice President of Applied AI and Partnerships. She was in charge of commercializing OpenAI’s products and enhancing them through human input. She also served on the leadership teams that created ChatGPT, Dall-E, and Codex, three of the world’s most sophisticated and dynamic AI systems.
She recently joined the board of directors of Unlearn.AI, a startup specializing in the development of machine learning methods capable of diagnosing diseases and accelerating their treatment.
Mira Murati – OpenAI
Founded in 2015 as a non-profit to develop AI that is “safe and broadly beneficial,” OpenAI has evolved to become one of the world’s most powerful AI organizations. Murati was promoted to the position of CTO of OpenAI in May 2022, where she oversaw the company’s research, product, and safety departments. After the board of directors dismissed Sam Altman in November 2023, she was appointed as the interim CEO of OpenAI. Murati was then replaced by Emmett Shear as the interim CEO of OpenAI.
Murati has constantly pushed for transparency and communication in the development of artificial intelligence, emphasizing the significance of open discourse and stakeholder participation. Murati is the company’s first female CEO and the first person of Albanian descent. As CEO, she was responsible for guiding OpenAI through a key transition time, combining her technological experience and business acumen to influence the company’s future course.
Murati stated her goal for OpenAI in her first interaction as interim CEO: to create a future where AI is a force for good, empowering individuals and solving global concerns. She emphasized the importance of developing AI with safety, justice, and inclusion as guiding principles, ensuring that it benefits mankind as a whole. She believes that artificial intelligence has the potential to solve some of the world’s most serious issues, such as climate change and healthcare. She is dedicated to harnessing the potential of artificial intelligence responsibly, ensuring that it becomes a tool for advancement rather than a danger to mankind.
On September 25, 2024, Murati resigned as the CTO of OpenAI. She wrote on X:
Murati’s favorite song is Radiohead’s Paranoid Android. She felt the song to be layered, with references to society and technology. Her favorite book is Rainer Maria Rilke’s Duino Elegies, a collection of poetry. She received it as a present. She was moved by the depth and beauty of the poems. 2001: A Space Odyssey is her favorite film.
The financial landscape is undergoing a major upheaval in the digitally driven era, driven by technology innovation and shifting customer expectations. Fintech companies are leading this change, transforming traditional financial services by providing simplified, more user-friendly, efficient, and accessible solutions.
In this ever-changing landscape, businesses such as M2P are vital, acting as spark plugs for creativity and promoting cooperation amongst players in the financial sector. Modern financial services are being experienced and interacted with in a new way. The valuation of M2P Fintech is $783 million as of September 2024, nearing the Unicorn status.
Here’s more about M2P Fintech, its Startup Story, Founders, Vision, Tagline and M2P Logo, Products of M2P Fintech, M2P Fintech Funding, M2P Fintech Revenue, and more.
M2P Fintech – Company Highlights
STARTUP NAME
M2P FINTECH
Headquarters
Chennai, Tamil Nadu, India
Sector
Developer APIs, Financial Services, Fintech
Founders
Madhusudanan Rangarajan, Prabhu Rangarajan and Muthukumar A
M2P Fintech is a Fintech startup that offers BaaS (banking-as-a-service) to non-banking financial companies, banks, fintech startups, and more. It helps companies of all sizes integrate investment products into their service lines. Their system streamlines collaborations with banks, PPIs, FIs, and other authorized bodies, allowing businesses to quickly design and launch fintech products.
M2P Fintech – Industry
According to an analysis of a report by Mordor Intelligence, the fintech sector in India is expected to grow at a spectacular rate and reach a valuation of $111.14 billion by 2024. It is anticipated that this significant amount will increase to $421.48 billion by 2029, exhibiting a remarkable compound annual growth rate (CAGR) of 30.55% over the forecast period of 2024 to 2029.
The swift expansion highlights the growing need for fintech solutions in India’s several sectors, which is fueled by reasons like growing digital penetration, regulatory actions, and changing customer preferences. Fintech has the potential to completely transform the financial sector, which opens up a lot of doors for Indian innovation, investment, and economic growth.
M2P Fintech – Founders and Team
Madhusudanan Rangarajan, Prabhu Rangarajan and Muthukumar A are the Co-Founders of M2P (Left to Right)
Madhusudanan Rangarajan
The renowned Co-Founder of M2P, Madhusudanan Rangarajan, brings a plethora of experience and knowledge to the financial industry. Madhusudanan had important positions in well-known companies before he started his businesses. He was the Director of Prepaid Products at Visa Inc. He had notable positions as a Branch Manager at Thomas Cook India Ltd. and a Product Manager at CitiBank before entering the fintech industry.
Madhusudanan’s educational background consists of a Post Graduate Diploma in Marketing from the Institute for Technology and Management and a Higher Secondary Certificate in Commerce from Jaigopal Garodia Vivekananda Vidyalaya. He also Co-Founded Oynk before Co-Founding M2P, demonstrating his inventiveness and dedication to reshaping the financial industry.
Prabhu Ranjan
Prabhu Ranjan, the Co-Founder of M2P, brings extensive experience from prominent technology firms. He worked as a Technical Lead at Verizon, a Middleware Architect at Cognizant, and a Senior Software Engineer at IGATE before joining M2P. His varied experience highlights his contribution to M2P’s technological innovation and growth in the finance industry.
Muthukumar A
The Co-Founder of M2P, Muthukumar A, has a varied background working for prestigious companies in the banking and technology industries. His career began at the Aeronautical Development Agency as a Research Fellow. He then held important positions as a Project Manager at Fujitsu Asia Pte Ltd. and Satyam Computer Services Ltd. Muthukumar, who had a plethora of expertise, went on to serve as Movida India Pvt. Ltd.’s Technology Director before making important contributions as a Senior Manager at PayPal and Vice President at Visa.
This lengthy history highlights Muthukumar’s crucial strategic vision and leadership, which have been key factors in M2P’s success in the fintech sector.
M2P Fintech – Startup Story
The idea of M2P was planted in 2014 over a cup of chai by Madhu & Muthu, who had a vision of transforming the finance scene in India. Prabhu joined the two to complete the three and formally founded M2P Solutions Private Limited. on November 14, 2014, providing a powerful ally for their objectives.
Started in 2015 as a Payment as a Service (PaaS) provider, M2P’s bootstrap adventure started with modest beginnings. To integrate fintech into every company’s client interaction, M2P concentrated on using the network effect to create a mobile payment future.
The business took off quickly, forming its first big alliance with DCB Bank to launch the first prepaid card BIN sponsorship program. The advent of novel models for cashless gold loan disbursement in association with top NBFCs like IIFL, Muthoot, and India Infoline, signaled the start of M2P’s entry into the digital payments space.
That same year, M2P gained the confidence of well-known NBFCs like Madura Micro Finance, Belstar, and SKS Microfinance and emerged as the go-to platform for the distribution of small-ticket loans. Simultaneously, M2P’s prepaid card initiatives launched with Visa, Mastercard, and RuPay, enhancing its standing as a supplier of white-label wallets to affiliated institutions.
M2P made a concentrated effort to develop extensive internal tech capabilities between 2016 and 2017, creating a solid groundwork for future expansion. The company expanded its product offerings in 2017–18 by adding capabilities in Unified Payments Interface (UPI), Host Card Emulation (HCE), National Electronic Toll Collection (NETC), Near Field Communication (NFC), and Bharat QR as a result of its unwavering pursuit of innovation.
M2P’s journey is a shining example of resilience, creativity, and an unwavering commitment to seamlessly integrating fintech into the customer journeys of businesses throughout India—a journey filled with setbacks, victories, and breakthroughs.
M2P Fintech – Mission and Vision
M2P’s mission is “to improve elders’ aging process and provide them more authority. Our goal is to give them all-encompassing support and to enhance their lives with fulfillment and dignity. Our goal is to brighten our seniors’ days with creative ideas and caring attention.”
M2P’s vision is “to make every company a fintech.”
M2P Fintech – Name and Logo
M2P Logo
M2P Fintech – Products
Some of the products of M2P are:
Payments
Just-In-Time Funds are available right now. Anytime. Anywhere. There will be no pre-loaded cards or purses! With JIT financing, you can provide clients with real-time financial access.
Card Issuance
Issue single, multi-user, multi-currency, physical, or virtual payment solutions on top of a highly scalable platform.
Debit Cards: High-end debit cards with online enrollment, limit modification, and remittance customization, among other features.
Credit Cards: Full credit card issue API stack, mobile-first architecture, built-in security, and end-to-end assistance from layout to delivery.
Prepaid Cards: The company creates single and multi-use redeemable cards, multicurrency forex cards, JIT-based loan cards, fleet, travel, and business cards.
On top of a scalable framework, offer single, multi-user, multi-currency, physical, or digital payment options.
Cross Border Payments
Through a simple API interaction, M2P enables cross-border transfers quicker, easier, and more dependable.
Forex or Travelcards
Using M2P’s consortium, create customer-centric remittance and cross-border payment solutions. For all travelers, use multi-currency travel or Forex cards.
Remittance Solution
M2P makes cross-border remittances faster, smoother, and more reliable through single API integration.
Fleet Drive
M2P’s FleetDrive helps you control FASTag tolls, fuel, meals, and other fleet-related costs. Get a 15-day working capital loan for any on-trip costs for free.
Lending
Credit Card
Easily create customized physical and digital cards with built-in adherence, safety, and dependability, as well as 360-degree support.
Buy Now Pay Later
Linking lenders, retailers, and clients to create market-changing credit solutions. Provide end-users with real-time credit facilities from a variety of providers.
Banking
Neobanking
M2P is a leader in facilitating new banking through cutting-edge API services that are secure and compliant.
Investments
With cutting-edge APIs, you can provide your clients with tempting deposit plans. Enable digital banking and comprehensive wealth management.
Fixed Deposits: With FD’s, you can get to market quickly.
Gold Deposits: Enhance your clients’ gold holdings, make incentives easier to come by, and provide hassle-free gold deposits.
M2P Fintech – Business Model
M2P Fintech is a supplier of API facilitating firms of any size to be digital finance solution suppliers. They’re well-positioned with a safe and adaptable cloud platform that enables businesses to create tools with efficiency and agility at their center. Their software platform has also undergone multiple regulatory assessments and is validated by industry-leading credentials.
On one hand, their system helps firms swiftly design and launch fintech products by allowing them to customize all key operations using our plug-and-play alternatives. Their system, on either hand, makes it easier for banks/PPI licensees/regulated firms to handle these solutions in the back end by enabling technological interface, settlement, and technical assistance.
M2P Fintech – Revenue Model
M2P generates revenue through different resources, some of the prominent ones are:
API Services: Providing companies in a range of industries with cutting-edge, adaptable API solutions.
Payment Infrastructure Contracts: Offering dependable and effective payment processing solutions to businesses in need of payment infrastructure.
Card Processing Services: Ensuring safe and easy financial transactions for both clients and customers by facilitating card processing services.
M2P Fintech – Challenges Faced
M2P faced enormous difficulties in its early years even though it had unmatched experience, a creative flare, and technological prowess. The most significant of these challenges was the complex web of regulatory requirements, which proved to be an enormous roadblock in their expansion efforts. M2P, despite their industry-leading talents, was unable to fully utilize their expertise and take advantage of attractive opportunities because they were entangled in the complexity of compliance.
M2P had a difficult time navigating these regulatory obstacles as they tried to find their place in the fiercely competitive fintech market. Even with their state-of-the-art technology and elite personnel, their progress was slowed back by the onerous process of complying with compliance standards. But with time and careful planning, M2P was able to overcome these obstacles and come out stronger and more resilient, prepared to take advantage of the enormous potential that the fintech sector held.
M2P Fintech – Funding and Investors
M2P has made 7 rounds of funding to date. The latest funding round was a Series D in which the company raised INR 850 crore ($101 million) from Helios Investment Partners at a valuation of $783 million, nearing the unicorn status. This funding round took place on 25 September 2024. Below are the details:
Date
Funding Round
Amount
Lead Investors
Sep 25, 2024
Series D
$101 million
Helios Investment Partners
Sep 26, 2022
Series C
–
Visa
Jan 19, 2022
Series C
$56 million
Insight Partners
Oct 12, 2021
Series C
$35 million
Tiger Global Management
Mar 16, 2021
Series B
$10 million
Flourish Ventures, Omidyar Network India
Apr 21, 2020
Series A
$4.5 million
BEENEXT
Feb 13, 2020
Seed Round
Rs 10 crore
Amrish Rau
M2P Fintech – Investments
M2P has invested $4 million in the corporate round of fundraising for LivQuik. This calculated action demonstrates M2P’s dedication to supporting development and innovation in the fintech sector. The investment demonstrates M2P’s faith in LivQuik’s ability to lead the market in meaningful solutions.
M2P Fintech – Acquisitions
M2P has acquired 6 companies to date.
Here are the details:
Date
Amount
Company Name
Dec 13, 2023
—
Goals101
Jul 19, 2022
—
Syntizen
Jul 6, 2022
—
Finflux
Feb 16, 2022
—
BSG ITSOFT
Sep 30, 2021
—
Origa.ai
Sep 21, 2021
$5 million
Wizi
M2P Fintech – Growth
M2P growth highlights are:
It has invested across 20+ markets as of April 2024
It has a client base of 300+ banks as of April 2024
It has 100+ NBFCs as of April 2024
It has 800+ fintech as of April 2024
M2P Financials
M2P Fintech
FY22
FY23
Operating Revenue
Rs 194.74 crore
Rs 440.7 crore
Total Expenses
Rs 244.58 crore
Rs 623.3 crore
Profit/Loss
Loss of Rs 40 crore
Loss of Rs 134.26 crore
M2P Fintech
M2P Financials
FY22
FY23
EBITDA Margin
-17%
-22.5%
Expense/Rs of Op Revenue
Rs 1.26
Rs 1.41
ROCE
-7%
-26%
M2P Fintech – Competitors
In M2P, some of the prominent competitors are:
Open Bank Project
It is regarded as one of M2P’s main competitors. It was established in 2012 and is based in Berlin, Germany. It operates in the Internet Software space alongside M2P.
Decentro
It is a private firm based in Singapore that was created in 2020. It is a company that works in the consumer and corporate banking sectors.
TrueLayer
It was created in 2016 and is based in London, England. It is a company that works in the consumer and corporate banking sectors.
M2P Fintech – Future Plans
In an effort to raise Rs 35 crore, M2P Fintech has decided to issue 350 non-convertible debentures (NCDs) at an issue price of Rs 10,00,000 per as per news report of April 1, 2024.
This decision indicates the company’s strategic financial planning for future expansion. According to a source from RoC filings M2P intends to accelerate its expansion activities with this capital infusion, including investments in technology, product enhancement, and possible acquisitions.
FAQs
What does M2P FinTech do?
M2P Fintech is an API infrastructure company that helps businesses embed financial products.
Who are the founders of M2P Fintech?
Madhusudanan Rangarajan, Prabhu Rangarajan and Muthukumar A are the founders of M2P Fintech.
What is the valuation of M2P Fintech?
The valuation of M2P Fintech is $783 million as of September 2024.
A committee of experts, chaired by Bharat Khera, Additional Secretary, DoCA, has been established by the Department of Consumer Affairs (DoCA) of the Government of India. The committee’s objective is to recommend an effective structure for the Repairability Index, as well as to promote sustainable practices within the tech industry and empower consumers. To promote a more sustainable technology industry and provide consumers with more transparent repair information for their products, DoCA is developing the Repairability Index.
The National Workshop on the Right to Repair in the Mobile and Electronics Sector, which took place on August 29, 2024, was a watershed moment in the fight for consumer rights and sustainability. At the event, industry leaders came together to reach a consensus on how to measure components’ repairability, how to make products last longer, and how to make repair information and spare parts available to everyone, even after products are discontinued.
Mobile and Electronics Are Rapidly Expanding in India
Electronics and mobile devices are thought to have the fastest-growing demand and the shortest lifespans. It was generally agreed upon throughout the workshop that in addition to facilitating easy access to spare parts, the Repairability Index framework was designed to give consumers crucial information regarding the repairability of products so they could make well-informed purchasing decisions.
Consumers will be able to make decisions about products based on repairability thanks to the Repairability Index, a consumer-focused index. Additionally, it can standardise the process of evaluating repairability, which will facilitate customer comparison shopping by allowing repairability indexing to be compared across a range of electronics and mobile items.
The index will establish an ecosystem in which customers can readily compare items and select options that are consistent with the principles of sustainable and mindful spending by standardising the assessment of repairability. By filling in the knowledge gaps necessary to repair the items, enabling repair will thereby increase consumer satisfaction in addition to guaranteeing the availability of reasonably priced repair choices.
Important Elements of the Repair Ecosystem
Comprehensive Repair Information: Access to repair manuals/DIYs, diagnostics, and a list of necessary tools and parts.
Accessible Spare Parts: Easily identifiable and timely delivery of spare parts
Affordable Tools: Inexpensive, widely available, and safe tools for consumers.
Modular Design: Key components designed for independent access and modularity.
Economic Feasibility: Ensuring that the cost of repair parts and labor is affordable for consumers.
In light of the aforementioned requirements, it is anticipated that the committee will make a recommendation for a framework that allows for policies, rules, and guidelines that support repairability and the integration of repairability index with the existing regulatory provisions in the mobile and electronics sector. This will be done with the intention of improving the consumer experience when it comes to reusing the mobile and electronic products that they own.
Trishneet Arora is an Indian Entrepreneur, Ethical Hacker, and Author. He is the Founder and Chief Executive Officer (CEO) of the cyber security company, TAC Security Solutions. He has written several books based on cyber security, ethical hacking, and web defense. He was bestowed with the Entrepreneur of the Year award in 2020 by the Entrepreneur magazine in the Security Services Category.
He was named in the Fortune 40 Under 402019 list of India’s Brightest Business Minds. He was listed in the Forbes 30 Under 302018 Asia list. He is profoundly known as Mark Zuckerberg of India and is highly praised for what he has achieved in his tender 20s. Moreover, his company is predicted to achieve a $1 billion net worth in the next year. With Trishneet Arora’s net worth of around INR 1100 crore at the age of just 30, let’s look at how Trishneet’s journey has been from a middle-class family to get into the esteemed Forbes List.
Learn more about Trishneet Arora, his net worth, education, family, TAC Security, and more from this article. This story of Trishneet Arora will surely spark some inspiration & dedication in many!
Trishneet Arora- Journey From a Middle Class Family to Forbes List
Trishneet Arora Story
Trishneet Arora- Personal Life
Trishneet was born in Ludhiana, Punjab, India. He came from a middle-class family. He had no background in computer engineering or so in his family. His parents were not happy with his studies as he was solely interested in the technical knowledge of computers and hardly liked the theoretical structure of school education. His passion grew from playing video games to cordially understanding the hardware of the system.
Trishneet Arora- Education
Trishneet had no interest in the formal structure of school education. He failed in standard 8th but his technical knowledge led him to cross a milestone in his professional career. Not much is known about his further education and qualifications.
However, his fascination for computers did not let him focus anywhere else. He focused only on learning new computer skills and techniques. Gradually, he became fascinated with ethical hacking. He read international books that helped him to learn the required knowledge of computers and hacking.
Trishneet Arora- Professional Life
He has conducted several training sessions with the officials and helped the Punjab and Gujarat Police in investigating cyber crimes. Reliance Industries, Central Bureau of Investigation, Punjab Police, and Gujarat Police are some of his crucial clients.
He is a cyber security expert and is also famous for authoring books like The Hacking Era,Hacking TALKwith Trishneet Arora, and Hacking with Smart Phones. He held countless seminars, lectures, and workshops based on technical manuals throughout his career.
At age 19, he started his own cyber security firm, TAC Security Solutions. The famous filmmaker Sunil Bohra is working on a biographical film based on the life of Trishneet Arora. The film is expected to be released soon with Hansal Mehta as the Director of the movie.
Trishneet serves as the Founder and CEO of TAC Security, headquartered in Mumbai, India. He founded the cyber security firm on27 February 2013. The company has worked with Fortune 500 companies. It is considered one of the Empanelled Cyber Security Auditors for the Union Government, that manages UPI and NPCI.
TAC Security
The company offers protection to corporations against data theft and network vulnerabilities. It primarily provides vulnerability assessment and penetration testing services. He also asserted that there have been innumerable attacks against different portals of his company.
The venture has four office locations across two countries. It also offers cyber security to various Indian companies including Reliance Industries. TAC Security raised Pre-Series “A” funding from Indian Investor Vijay Kedia in 2016. Before that, the firm had inducted the former Vice President of Cognizant, Subinder Khurana on its board.
In June 2021, Tech Mahindra announced a partnership with Trishneet Arora’s cybersecurity firm, TAC Security. The partnership will leverage AI and user-friendly analytics to help reduce vulnerabilities across the entire IT stack to safeguard clients’ applications and infrastructure against cyber threats.
Along with Tech Mahindra, TAC Security has partnered with 21 global partners from 9 countries, including Google, IBM, and Deloitte. TAC Security’s revenue has 1.5 times in FY 21-22 from the previous year of FY20-21.
Trishneet Arora- Success Story
He started his career in the IT field as a Tech Instructor. He variably made a good network by conducting sessions at many places. He eventually got recognized and wasrecommended to companies and government organizations for providing training in IT infrastructure and data security issues.
While continuing with the offered work, he knew that someday he would build a promising future with a well-established cybersecurity firm. His hard work and determination led to the formation of his company, TAC Security Solutions, in 2012.
The Gujarat Police Department officials were impressed by Trishneet’s speech, which was delivered in 2013 and they invited him to conduct a workshop for their crime division. His journey of competing with the criminals while working on cybercrime for the law started henceforth.
Recently, Trishneet Arora announced that he will offer jobs to Agniveers. Agniveers are the candidates who will enroll under the Agneepath Scheme of the central government of India. They will be given 4 years of training in the armed forces of their choice to fulfill the dream of joining the Indian Army and serving the nation.
“Agniveers are an important asset to the society, our youth is the strength of the nation that would be an honour to give back, contribute and empower the youth. The people in reference are going to be empowered to be cyber warriors and we are grateful for their services so far,” – Founder and CEO of TAC Security, Trishneet Arora.
The cyber security company, TAC Security has won more than 100 Awards globally in FY 21-22 by Forbes, Fortune 500, and more. Trishneet Arora also got many awards for his entrepreneurship.
Ranked 6th Youngest Rich Indian on Hurun Rich List (2024)
Listed in the Forbes India Top 100 Great People Managers (2020)
Conferred with Entrepreneur of the Year award (2020)
Listed in the Fortune India’s 40 Under 40 (2019)
St. Gallen Symposium listed his name in Leaders of Tomorrow (2018)
Listed in the Forbes Asia 30 Under 30
GQ Magazine listed him in the 50 most influential young Indians (2017)
Received Punjabi Icon Award from PCHB (2015)
The Chief Minister of Punjab, Parkash Singh Badal conferred him with the State Award on the 65th Republic Day (2014)
FAQs
Who is Trishneet Arora?
Trishneet Arora is an Indian Entrepreneur, Ethical Hacker, and Author. He is the Founder, Director, and Chief Executive Officer (CEO) of the cybersecurity company, TAC Security Solutions.
How much is Trishneet Arora Net Worth?
Trishneet’s net worth is INR 1100 crore (September 2024).
What is Trishneet Arora’s Education?
Trishneet had no interest in the formal structure of school education. He failed in standard 8th but his technical knowledge led him to cross a milestone in his professional career.
Where is Trishneet Arora from?
TAC security founder, Trishneet Arora is from Ludhiana.
What is TAC Security Solutions?
TAC Security is a global leader in vulnerability management that protects Fortune 500 companies, leading enterprises, and governments around the world.
The Securities and Exchange Board of India (SEBI) has given the payment platform MobiKwik permission to earn INR 700 crore through an initial public offering (IPO). There is no offer-for-sale component to the IPO, which is purely a new issue of equity shares with a face value of INR 2 per share.
Using INR 250 crore, MobiKwik intends to build its financial services division, accelerate growth in its payment services with INR 135 crore investment, and devote another INR 135 crore to data, machine learning, and artificial intelligence breakthroughs.
Together with general corporate factors, the remaining INR 70.28 crore will be earmarked for capital expenditures in its payment devices division.
Link Intime India Private Limited is the registrant of the offer, and SBI Capital Markets Limited and DAM Capital Advisors Limited are the book-running lead managers for the initial public offering (IPO). It has been suggested that the equity shares be exchanged on both the BSE and the NSE.
Exploring Options for Raising an Additional INR 140 Crore
As part of a “Pre-IPO placement,” the company may consider raising an additional INR 140 crore through options such as a rights issue, preferential allotment, or private placement. The fresh issue size will be adjusted proportionately if this is finalized.
In January 2024, the company founded by Bipin Preet Singh and Upasana Taku refiled its draft papers with Sebi, resulting in a substantial reduction in the size of the IPO from INR 1,900 crore to INR 700 crore.
The company achieved profitability in FY24, generating a net profit of INR 14.1 crore, a significant improvement from the INR 83.8 crore loss it experienced in FY23. The revenue from operations also experienced a significant increase, rising from INR 540 crore in FY23 to INR 875 crore in FY24.
The Company Focuses on Providing Financial Solutions
MobiKwik provides businesses and merchants with a wide range of financial and payment services. Currently, the company offers services such as online transactions, Kwik QR scan and pay, MobiKwik Vibe (Soundbox), MobiKwik EDC Machine, and Merchant Cash Advance.
The company also operates a B2B payment gateway specifically designed for e-commerce enterprises through its subsidiary, Zaakpay. Additionally, RBI approval has been granted to Zaakpay for Payment Aggregator (PA) operations.
Mobikwik has registered 146.94 million users and enabled 3.81 million merchants to process online and offline payments as of September 30, 2023. MobiKwik ZIP GMV (Disbursements) experienced a remarkable 354.86% increase from Fiscal 2021 to Fiscal 2023, while the Payment GMV has experienced an annual growth rate of 32.33%.
This article has been contributed by Ravin Saluja, Director with Sterling Agro Industries Ltd. (Nova Dairy Products)
Recently, it is quite clear why corporate social responsibility (CSR) was born and what it stands for. Companies are expected to act ethically and sustainably so that consumers, stakeholders, and communities can agree with them. If we spoke about CSR being solely about big corporations, it would never include small new businesses like those from the dairy sector. In this regard, the integration of such concepts into business models is possible for small firms due to their links with agriculture, animal welfare, and environmental sustainability. Why do dairy startups need CSR? In what way should they start one?
The Importance of CSR within Dairy Startups
1. Creating trust Among Consumers
In today’s market, consumers are very conscious about where the food they consume comes from and how it is produced. One of the most examined commodities by people is dairy products, considering that they always undergo scrutiny in terms of their environmental impact, animal welfare standards, or even labor practices. Dairy startups can gain consumer trust by including CSR in their operations, emphasizing ethical sourcing and sustainability, as well as full disclosure.
Several clients are happy to spend more on products that conform with their beliefs, like organic milk, ethically procured cheese, or green products. By doing this, they would create a great competitive advantage for startups in the industry, as there are many players.
2: Drawing in Investors and Partners
A startup often grows through external financing, and for this reason, there has been an increasing shift of investors towards considering environmental, social, and governance (ESG) issues. In business plan development for your new company, corporate social responsibility can be included so as to attract prospective investors who emphasis on sustainability and ethics in their businesses. Moreover, it exhibits longevity since sustainable firms have better chances of responding positively to potential regulatory changes and future market fluctuations.
Also, retailers and corporate partners might want to collaborate with suppliers who show their commitment towards environmental and social responsibilities. An explicit CSR policy can help in creating valuable connections within the dairy supply chain.
3. Reduction of Risk and Assurance of Compliance
The dairy industry is faced with several environmental and regulatory challenges, such as greenhouse gas emissions, waste management, and labor laws. By incorporating CSR principles, new businesses can avoid these problems before they happen; thus reducing chances of incurring fines or damage from bad press.
For instance, adopting sustainable practices such as water conservation, effective manure management, or reduction of transportation-related emissions may lead both better environmental conditions as well as save from any future regulations that may arise. Responsible practices that keep businesses ahead of compliance are not only beneficial for nature but also critical in securing the startup’s interest in the long run.
4. Employee Retention and Engagement
CSR is not only about the way others see us, but it also affects us internally. In an age when talent is the best asset for startups, a socially responsibility-oriented work environment can uplift employee morale and stickiness to the workplace. Workers desire to be associated with firms that do good deeds; similarly, a strong CSR initiative will draw as well as recombine top executives who are passionate regarding the aim of the organization.
Dairy Startups Ought to Identify Critical Corporate Social Responsibility (CSR) Areas
1. Sustainable Sourcing and Supply Chain Management
The dairy industry is capital- and resource-intensive in nature, as it requires great volumes of water, energy, and feed. A shift from traditional production methods should give way to sustainable sourcing so that less harm is done to the planet while making sure that environmentally conscious consumers are served. Such measures may entail sourcing feed from environmentally friendly farms, using less polluting means of transport during distribution, or simply adopting low energy consumption technologies during the manufacturing process.
Furthermore, working closely with local farmers will assist in supporting ethical dairy farming, which is necessary for maintaining human-animal relationships, besides ensuring that these communities receive equitable returns on their investments.
2. The Welfare of Animals
Animal welfare is invariably one of the major issues facing the dairy industry; therefore, all new companies can establish a good starting point for themselves in this regard. Specific policies on humane treatment, accessibility to veterinary doctors, provision of enough space, as well as clean and suitable living conditions may help your brand stand out from competitors. Ethical treatment of farm animals has become an important issue to consumers; hence, new enterprises that prioritize it will attract more customers’ confidence and loyalty from animal welfare supporters as well as ethically aware shoppers.
3. Environmental Effects and Climate Change
The well-known contributor to climate change is indeed the dairy sector due mainly to the methane emission by cows, which is one of its primary causes. New companies have an opportunity to use innovations such as feed additives that reduce methane emissions or running sustainable animal husbandry practices like rotational grazing in order to limit environmental degradation.
In addition, there are other important areas of waste disposal to consider. A lot of waste is produced on dairy farms, and one of these is manure, which can be handled responsibly by composting or turning it into bioenergy. Such technologies can be used by startups to minimize their environmental footprints.
4. Community Engagement
Often, dairy startups are found in rural regions where they contribute significantly to the economy. Hence, any corporate social responsibility policy should involve engaging and supporting the local community as an essential element. The following could constitute such programs: educating the public on sustainable agriculture methods, giving donations to schools in the area, or creating jobs for locals. This will enable them to build strong relationships in positive ways with surrounding societies, leading to both the company’s profits and regional growth.
5. Product Innovation and Transparency
Consumers have a desire to know what’s in the products they buy. Startups can take the lead in this by disclosing details about their ingredients, production techniques, and sourcing policies with the utmost transparency. This kind of openness promotes trust and may even stimulate new product development. For instance, creating dairy substitutes such as plant-based or lactose-free options for individuals with certain diets can open up new markets while also addressing ecological issues.
Is It Possible To Begin A CSR Program In A Dairy Startup?
Dairy Industry in India
1: Define Your CSR Goals
The first step is to see what areas fit your organization’s values and beliefs of customers that you serve. Begin by evaluating how far you have come so far in productive animal treatment practices, environment friendliness, or involvement in community activities.
2. Bring Stakeholders Together
Establish connections with various stakeholders, such as customers, workers, farmers, or investors, to know their concerns and what they expect from you. Their input will be critical in the formation of your CSR approach. In addition, openness and candid exchanges will help foster deeper ties, thus making your CSR initiatives truly meaningful for the intended audience.
3. Begin with Small Steps and Grow
Limited resources might be an obstacle for start-ups; thus, it is essential to set realistic objectives at first. Pick out a few main areas that are compatible with your values, then increase your CSR level as the company grows up. Success gained from small-scale programs can provide an impetus and financial backing required for future expansion of CSR endeavors.
4. Conduct Assessments and Document Findings
Set up measurable objectives and collect data to monitor how your CSR efforts are affecting change. Your quantifiable results will be handy in demonstrating the success of your CSR strategy to stakeholders and investors, whether it’s reducing energy use, improving animal rights or contributing to the local economy.
5. Make Your Case Public
When your CSR projects have settled, take time to pass them on meaningfully to consumers, investors and other stakeholders. Communicate about what you have been doing with regards to CSR on social media, websites, and packages of products among others. This not only enhances brand image but also serves to lead other like-minded organizations in the industry to pursue the same path as well.
For dairy startups, CSR is now an imperative and not an option. Dairy startups that incorporate CSR in their business models will be able to foster consumer trust, draw in investors and generate sustainable value. Whether considering environmental sustainability, animal welfare, or community involvement, these are some of the reasons why CSR is increasingly gaining prominence as a source of growth, resilience, and social accountability in the dairy sector.
This article has been contributed by Sajju Jain, Board Member, Entrepreneur, Harvard Alum.
Do you like to buy fewer but higher quality things? You don’t buy new things unless they’re absolutely necessary? Do you like to repair something instead of purchasing new ones? You might be a minimalist.
Minimalism started in the arts as a style or technique in music, literature, or design that focused on extreme spareness and simplicity. It then evolved into a lifestyle focused on intentional living with fewer possessions, focusing only on those that you need. Today, over 20 million people worldwide embrace a minimalist lifestyle.
While contemporary Indian culture often equates success with material accumulation, many in our younger generations are embracing a more mindful approach to consumption. They place greater importance on sustainability, mental well-being, and experiences over goods. What was once a niche concept is now gaining traction, particularly among young professionals and startup enthusiasts.
Climate Concerns
Minimalists see climate challenges, including increasing pollution, waste generation, and disposal, as a factor in their choice of lifestyle. They see sustainable living as a way to reduce their environmental impact. Minimalism emphasises buying less and focuses on quality, a thought process that aligns well with the growing environmental consciousness in India.
Government initiatives like Swachh Bharat Abhiyan (SBA), the National Clean Air Programme (NCAP), and the National Action Plan on Climate Change (NAPCC) have helped raise awareness of climate change throughout the population creating a fertile ground for minimalist philosophy. Young people looking for solutions find the minimalist mindset attractive as it supports both reduced consumption and waste.
Globally, 37% of consumers are motivated by sustainability considerations when adopting minimalist principles, and this trend is increasingly reflected in India as well. This has led to the emergence of eco-friendly startups like No Nasties, a sustainable fashion brand that is committed to concepts like zero waste, recycling, and upcycling. These brands see a growing number of Indian minimalists who want to be environmentally conscious in their consumption, thereby reducing their carbon footprints and also promoting a more thoughtful approach to consumption.
Preference for Experiences
Another trend influencing the rise of minimalism in India is a preference for experiences over material possessions. The Covid-19 pandemic and the rise of the gig economy have both contributed in a major way to a shift in people’s mindsets. More and more people are increasingly spending their money on travel, dining, and entertainment experiences instead of purchasing assets and possessions.
Platforms like Airbnb further enable this shift by offering access to a wide variety of affordable travel experiences, providing consumers with easier paths to creating lifelong memories. A study of 2,635 adults by three universities based in the US found that “happiness was higher for participants who consumed experiential purchases versus material ones in every category, regardless of the cost of the item.”
Cost and Availability of Solutions
The growing popularity of minimalist solutions like capsule wardrobes and multifunctional products has also helped make the transition from a consumption-centric lifestyle to a minimalist lifestyle easier.
Startups like Little Black Book or LBB (acquired by Nykaa in 2022) are curating minimalist collections from local artisans and smaller brands while actively promoting the philosophy through blog posts by major influencers. Given that 90% of those who purchase online in a recent survey have bought at least one product because it was endorsed by an influencer they trusted, the importance of these blog posts cannot be underestimated.
In urban centers like Mumbai, Delhi, and Bangalore, as land prices have risen, small and compact apartments have become common. This led to functional and minimalist furniture becoming a practical necessity. However, the elegance of their designs has attracted the affluent as well, and this further helps spread the concepts of minimalism across additional layers of society.
Any discussion on minimalism would be incomplete without talking about digital minimalism. With over 650 million smartphone users, India is the second largest user base of this technology in the world. It’s also increasingly experiencing digital fatigue. Constant connectivity, social media platforms, and the rise of e-commerce have resulted in a growing sense of digital overload. Many Indian consumers are now seeking ways to disconnect. This has given rise to digital minimalism, which involves reducing time spent online, unsubscribing from unnecessary apps, and curating a more focused digital space.
Startups like Minimalist Phone from Germany are leading this change by helping individuals and businesses embrace simplicity and purpose in their digital communication. It’s a philosophy that is resonating with a growing number of Indian consumers as well who are looking to reclaim their time and attention spans in an increasingly digital world. Moreover, apps like Headspace and Simple Habit, are helping promote mindfulness and mental well-being and are becoming more popular as consumers seek to reduce their digital clutter and enhance their quality of life.
Minimalist Business Models in India
As the minimalist culture continues to grow, Indian startups are also adapting their business models to align with this change in consumer behaviour. From eco-friendly packaging to sustainable products, entrepreneurs are finding new ways to cater to the demand for intentional living. Beco, a startup offering eco-friendly household products, has built its brand around minimal packaging and sustainability, appealing to consumers looking to reduce their environmental impact.
LBB and Beco are just a few of a growing list of startups that have been able to raise millions of dollars of funding by tapping into the growing community of minimalists.
Uniquely Indian Minimalism
Despite the growth of minimalism, India’s unique cultural and economic context does pose some unique challenges. One of the challenges is balancing India’s traditional affinity for ornamentation with minimalist ideals. Indian culture has long celebrated intricate designs and elaborate decor, which can clash with the minimalist aesthetic.
However, there is a growing movement toward integrating minimalist principles with Indian aesthetics, creating a unique blend of simplicity and tradition. This is primarily seen in architecture, where more homes are being designed using a combination of traditional elements and minimalist principles.
Conclusion
The rise of minimalism in India, the land of yoga and mindfulness, feels like a coming-to-home moment, an important milestone on how consumers approach their buying habits. For startups and businesses, this shift presents a unique opportunity. By aligning with the values of intentional living, sustainability, and mindful consumption, Indian entrepreneurs can cater to a growing audience that is looking for products and services that enhance the quality of their lives without damaging the environment. In a world that often feels chaotic and cluttered, minimalism offers a path to simplicity, clarity, and fulfilment – values that naturally resonate in India as well.
Nitin Konde
