The electronics and semiconductor sector in Madhya Pradesh has taken a major step forward with the signing of a Memorandum of Understanding (MoU) between the India Electronics and Semiconductor Association (IESA) and the Madhya Pradesh State Electronics Development Corporation (MPSEDC).
During the “Interactive Session on Investment Opportunities in Madhya Pradesh” that took place on August 8, 2024, as part of the Invest Madhya Pradesh Bengaluru tour, the strategic alliance was officially announced.
Setting the Right Tone for This Sector
A primary goal of the MoU is to encourage business initiatives in Madhya Pradesh’s Electronics System Design and Manufacturing (ESDM) ecosystem to set up shop there. The goal of the effort is to create a thriving ecosystem that includes electronic business services, electronic component manufacturing, printed circuit board (PCB) design and production, and semiconductor assembly, testing, marking, and packaging.
As a whole, the partnership should help India get closer to its goal of being a global leader in ESDM by 2030.
“It is with great pleasure that we join forces with MPSEDC, an organisation that is tirelessly assisting the Madhya Pradesh government in developing earmarking legislation and in negotiations with potential corporations to establish ESDM facilities,” Dr. Veerappan, Chairperson of IESA, said, full of optimism regarding the partnership.
“Our shared goal in forming this cooperation is to set up a system where MPSEDC and the industry can formally communicate and collaborate on MP development so that it can contribute to India’s $500 billion ESDM market by 2030,” said Veerappan.
This cooperation with IESA is a key step towards realising Madhya Pradesh’s potential in the electronics and semiconductor industry,” Anshul Gupta, Managing Director of MPSEDC, said while highlighting the importance of the MoU.
The president of IESA, Ashok Chandak, made the following comment: “Madhya Pradesh has long envisioned the development of the ESDM sector and has been actively joining ESDM events and supporting IESA’s flagship event, Vision Summit.”
“The signing of this MoU by MPSEDC and IESA, witnessed by Shri. Mohan Yadav, Hon’ble Chief Minister of Madhya Pradesh, during his visit to Bangalore, is a significant achievement for both organisations. “It opens the door for accelerated industrial development in Madhya Pradesh’s ESDM sector, with a concentration on manufacturing and job creation,” Chandak noted.
Rapid industrial development in Madhya Pradesh’s ESDM sector, with an emphasis on manufacturing and job generation, is anticipated as a result of the deal.
Applying the Concept and Looking Ahead
Important aspects of the Memorandum of Understanding (MoU) include working together to develop policies, hosting technical seminars and training programs, promoting Madhya Pradesh initiatives among IESA members and business associates, and providing support in the establishment of EMCs and COEs.
The partnership is anticipated to bring in substantial investments, create job opportunities, and establish Madhya Pradesh as a rising star in the Indian semiconductor and electronics industry.
In Delhi National Capital Region (NCR), Moving Tech Innovations, the parent company of Namma Yatri, has officially launched its new lifelong zero-commission cab service called “Yatri”. The app, which provides community-driven travel solutions and is part of the ONDC Network, has seen substantial expansion with the introduction.
Following a successful auto pilot, Yatri, India’s first open and community-driven cab and auto service app, has launched its cab services on a larger scale. Using a zero-commission strategy, the app aspires to increase driver profits by 15-20% while providing inexpensive transportation. Improved vehicle maintenance and enhanced safety are two benefits of this model’s cutting-edge features.
Transport choices are becoming more accessible and affordable thanks to ONGC’s network-centric approach and open design. For drivers making more money, it levels the playing field. The Chief Business Officer of ONDC, Shireesh Joshi, expressed the organization’s continued dedication to facilitating community-driven projects that prioritise people and propel India towards a future of intelligent, efficient, and inclusive transportation solutions.
Fully Open-Source, Open Network, and Open Data Platform
Yatri is a platform that runs on three pillars: open source, open network, and open data. The service provides affordable Auto, AC Mini, AC Sedan, and AC XL Cabs and incorporates dynamic booking and fast dispatch procedures. Food, grocery, and e-commerce are all part of the ONDC Network, which is an effort to consolidate several forms of transportation.
“In the middle of the country, we’re thrilled to be expanding our taxi services. Dedicated to improving the lives of both drivers and people, Yatri goes beyond being just an app. It is a movement. Yatri encourages Samaaj, Sarkar, and Bazaar to work together closely so that the city can become more empowered and linked. Electric Autos & Cabs in Delhi NCR will not collect any subscription fees or commission till March 2026”, according to Shan M S, Co-Founder of Moving Tech, as part of their commitment to support the EV goal.
Google Realising the Potentials of Moving Tech
Namma Yatri’s parent, Moving Tech, has also received funding from Google. New options, such as rentals and rapid travel, were recently introduced to Namma Yatri’s service.
To help speed up the acceptance of digital services in the crucial foreign market, Google has already stated its intention to invest $10 billion in India over the next five to seven years, beginning in 2020.
In April, Namma Yatri formally separated from its parent firm, Juspay, to become Moving Tech. This new mobility company is headed by Magizhan Selvan, CEO, and Shan M. S., COO, both of whom were previously with Juspay.
Namma Yatri faces stiff competition in India from services like Uber, Ola, and Rapido- funded by Swiggy. With Google’s help, Namma Yatri might soon grow to incorporate things like carpooling and bike taxis, even if they aren’t available at the moment.
Namma Yatri’s founders have stated that the company will utilise the additional capital to expand its engineering and research and development capabilities, as well as to provide other forms of transportation, such as buses.
According to a media report, the rapidly expanding e-commerce firm Zepto is gearing up to relocate its headquarters from Mumbai’s Powai to Bengaluru’s Sarjapur, the country’s technological epicentre.
Even though they have an office in Bengaluru now, the business is planning to merge all of their corporate functions into one larger location.
All 1,700-1,800 of the company’s employees will be housed in Bengaluru, where the tech and product teams are located, and Mumbai is where the business verticals are located. The company has been in operation for three years.
A larger property
In India, Zepto has two significant offices. An expansive property in Mumbai spanning 80,000 to 90,000 square feet and a more compact facility in Bengaluru spanning 30,000 to 40,000 square feet. Both properties will be surrendered when it relocates to a bigger 1.5 lakh square feet location in Bengaluru. Zepto is now working on the final details of a property of that scale in the Sarjapur, HSR, or Bellandur area. Bellandur, HSR, Sarjapur, and the neighbouring tech parks are home to a number of MNCs and cutting-edge startups.
Zepto will be in close proximity to competitors like Swiggy and Flipkart if it establishes an office in one of these locations.
Strengthening of the Workforce and Recruitment Strategies
Approximately 1,000 of Zepto’s 1,700-1,800 workers are based in Mumbai, 400 in Bengaluru, and 300 elsewhere, observing city operations. Since Zepto considers itself a developing company, it finds it simpler to attract talent, therefore it is ready to take that risk. With each new round of money, Zepto’s case strengthens. It plans to hire primarily from and to Bengaluru in the future.
Zepto’s decision was made at a time when the Tech Entrepreneurs Association of Mumbai (TEAM) is endeavouring to establish Mumbai as an appealing city for founders to establish and expand from.
Zepto is Not the First Who Made This Shift
Bhavish Aggarwal of Ola, Gaurav Munjal of Unacademy, Kunal Shah of CRED, Jitendra Gupta of Jupiter, and many more famous founders have all relocated from Mumbai to Bengaluru in the past ten years.
Not only have the founders done this, but even their investors have joined them.
Members of the India Quotient and Elevation Capital venture capital teams are among many who have relocated here from other cities.
You should be in Bengaluru if you are just starting off. There is no other place to consider. In February, Munjal of Unacademy stated on X (formerly Twitter) that the city’s network effects are unbreakable.
“One can try as hard as he could but you cannot make Delhi or Mumbai a tech hub,” according to him.
Google Cloud has suggested creating a Startup Hub and Centre of Excellence in Madhya Pradesh, according to Chief Minister Dr. Mohan Yadav. The purpose of this initiative is to train locals to become tech professionals. Continuing on this positive trajectory, the Chief Minister also announced that proactive discussions have been started with Hindustan Aeronautics Limited, the esteemed maker of the Tejas fighter aircraft, regarding the establishment of a defense-related industry in Madhya Pradesh. This endeavour is expected to produce encouraging outcomes.
Also, NVIDIA has proposed making Madhya Pradesh the “Intelligence Capital of India” by drawing up plans to promote the state.
Promising investment ideas totalling around Rs 3,200 crore were received by the state of Madhya Pradesh during the Invest Madhya Pradesh interactive session that was held in Bengaluru. The investments are expected to boost the economy of Madhya Pradesh and provide approximately 7,000 new job opportunities.
According to Chief Minister Dr. Yadav, the event was a huge financial success. While pointing out the similarities in the corporate landscapes of Madhya Pradesh and Karnataka, he emphasised the close fraternal relations between the two states.
Trade, business, and industrial operators from the neighbouring state of Karnataka were encouraged to investigate expansion potential within Madhya Pradesh through the Invest Madhya Pradesh program organised in Karnataka. By working together, the state is demonstrating its dedication to promoting synergies across different regions and attracting investment through its advantageous position and laws that are attractive to investors.
Strengthening of Links Between Karnataka and Madhya Pradesh
At the forthcoming Regional Industry Conclave in Gwalior on August 28, Chief Minister Dr. Yadav will make sure that the beneficial outcomes from the investment proposals received during the Bengaluru session are clearly shown. He explained that in order to entice investors to Madhya Pradesh, the state government had planned to travel to other states and meet with business owners and industry leaders face-to-face. Further, he hoped that the growing linkages between Madhya Pradesh and Karnataka will keep growing and strengthening, leading to better economic ties and synergies between the two regions.
More Than 500 Big Players Likely to Invest in MP
A statement from the Directorate of Public Relations, MP, states that talks between the state’s IT development and top IT companies like NASSCOM, Infosys, Cognizant, TCS, Happiest Minds, SAP, etc., as well as representatives from the space technology sector, are expected to produce positive outcomes. According to the statement, about 500 individuals from Karnataka and the neighbouring states took part in the programme that concluded recently.
More than thirty prominent businesspeople, including representatives from Lapp India, Reliance Consumer, DHL Global, Tech Mahindra, Microsoft, Kaynes Technology, and Kirloskar Systems, met one-on-one to discuss the roadmap for future investment in the state.
Standardisation in the Ayush industry has been fostered by the Bureau of Indian Standards (BIS), which is the country’s national standards body. Since a specialised standardising section was set up by the Bureau, standardisation efforts in the field have been accelerated. Ayurveda, Yoga, Naturopathy, Unani, Siddha, Sowa-Rigpa, and Homoeopathy are all part of the traditional Indian medical systems that the new department is working to improve in terms of safety, effectiveness, and quality.
“Under the leadership of renowned experts, the Ayush department at BIS has formed seven sectional committees, each addressing a specific Ayush system,” added Pramod Kumar Tiwari, Director General of BIS, while outlining the Ayush standardisation process and structure. In order to guarantee thorough, evidence-based standards that are in compliance with national and international criteria, these committees collaborate with a variety of stakeholders, such as specialists, professional organisations, regulatory agencies, and scientific and technical institutes.
91 Standards Set by BIS Till Now
So far, 91 standards have been created by BIS on a wide range of topics, including individual plants; Ayurvedic and Yoga terminology; Panchakarma tools; Yoga props; and procedures for detecting pesticide residues in herbs. The release of 80 indigenous Indian standards for traditional medicinal herbs has been a boon to the industry and consumers alike by promoting the safe and effective use of these plants. Better Ayurvedic healthcare is possible because to the first-ever national standards for Panchakarma equipment, which standardise both preventative and curative measures.
As part of its efforts to promote sustainability, BIS has developed an indigenous Indian Standard for the “Cotton Yoga Mat,” which will assist local producers and manufacturers. Future areas of standardisation that have been highlighted by the department include yoga clothing, Siddha diagnostics, homeopathic remedies, terminology, and individual plants.
Maintaining Consistent Quality is the Key
“As more people turn to Traditional Healthcare Systems, the need for consistent quality, safety, and efficacy in Ayush products and services is imperative,” stated Vaidya Rajesh Kotecha, Secretary of Ayush, while expressing his appreciation for the measures taken by the BIS. BIS has demonstrated its dedication to this field by establishing this specialised department and developing essential standards, such as IS: 17873, which is referred to as the “Cotton Yoga Mat.” The advancement and development of traditional Indian medicine has reached a significant milestone with these events. The BIS is dedicated to promoting the acceptance and growth of Ayush systems on a national and international scale through the implementation of stringent standards and groundbreaking innovations.
The necessity of establishing national and worldwide standards for Ayush systems has become an absolute necessity as a result of the globalisation of medicine and the growing prevalence of traditional medical practices. The Ministry of Ayush has been making efforts to establish a thriving quality ecosystem in order to ease trade and guarantee the supply of high-quality goods and services to consumers on a national as well as a global scale.
The Company also Welcomed Dr. Nisha Barkordia as an Independent Director on Its Board.
New Delhi (India), August 9: The Rescue Federation®, a subsidiary company of Amit Magare’s Innovation Private Limited, is pleased to announce the return of its medical services in India along with planned worldwide growth. This effort aims to improve cross-border service delivery and strengthen the network of medical experts.
Since its inception in 2017, The Rescue Federation® has constantly set the standard for providing high-quality medical care and innovative solutions. The New Delhi-based company has active operations in a number of the nation’s largest cities, including Delhi, Mumbai, Bangalore, Hyderabad, Chennai, and Kolkata.
The Rescue Federation® is the number one company for emergency transportation services in the Indian sub-continent and one of the fastest-growing brands in the world. It is an Indian company that serves both emergency and non-emergency situations, and it has been operating its services nationally and internationally since 2017. The company primarily focuses on emergency calls, providing Air, Train, and Ground ambulance services. It possesses a deep level of expertise in transferring patients across states and nations. For the past 1 year, the company was not in business, but now it is back in operation with the plan to expand globally, making the largest network of medical personnel over the country and abroad.
The Rescue Federation® has also welcomed Dr. Nisha Barkordia as a new Independent Director to its board, bolstering its already formidable leadership. Dr. Barkordia is ideally positioned to lead the business into its next stage of expansion, bringing with her a lot of knowledge and distinguished experience in the medical field.
The innovative founder of Amit Magare’s Innovation Private Limited, Dr. Amit Magre, expressed excitement about the developments, saying proudly, the successful registration of its brand as a trademark The Rescue Federation®.
In a visionary statement, Dr. Amit Magre has articulated the organization’s goals for the next three years.
The primary objectives include:
Global Expansion: Launching initiatives to expand operations internationally.
Affordable Medical Tourism: Introducing a medical tourism venture offering competitive pricing.
These milestones underscore the Rescue Federation’s commitment to growth and innovation in the global market. Dr. Magre expressed confidence in achieving these targets, marking a significant stride towards the organization’s long-term strategic goals.
About The Rescue Federation®:
The Rescue Federation® is a Subsidiary company of Amit Magare’s Innovation Private Limited, which was established in 2017 and has its main office in Aurangabad Maharashtra, India. Through a connected network of highly qualified medical professionals, the organization is committed to improving the quality and accessibility of medical services globally.
Starting a business from scratch can be a daunting task, especially when you consider the risks involved.
It is a thrilling yet challenging endeavor, especially in a diverse and dynamic market like India. For those who want to minimize risks and leverage established business models, franchising is an excellent option. The good news is that several franchise opportunities in India require low investment but offer promising returns. In this blog, we’ll explore some of the best low-investment franchise businesses in India, detailing the area required, investment, royalty, and potential returns.
Why Franchise Business is a Good Option
Franchise businesses are a great way to start your entrepreneurial journey. They offer a tried and tested business model, which significantly reduces the risk of failure. Moreover, franchises often come with brand recognition, comprehensive training, and ongoing support from the parent company. This means you don’t have to start from scratch; instead, you can leverage the success and experience of an established brand.
Top low-cost investment franchise businesses in India:
Chaat Adda
Franchise
Chat Adda
Area Required
100-200 sq. ft.
Investment
INR 5-10 Lakhs
Royalty
5% of sales
Returns
High demand for street food ensures a quick break-even period, usually within 6-12 months
Best Low Investment Franchise Business in India – Chaat Adda
Who doesn’t love street food? Chaat Adda is a popular brand that offers delicious Indian snacks. It’s an excellent choice for those looking to invest in the food and beverage sector without breaking the bank.
DTDC Courier and Cargo
Franchise
DTDC Courier and Cargo
Area Required
250-300 sq. ft.
Investment
INR 1.5-2 Lakhs
Royalty
N/A (No royalty fees, but a commission-based model)
Returns
With the rise of online shopping, the demand for courier services is ever-increasing. Expect steady returns and a loyal customer base.
Best Low Investment Franchise Business in India – DTDC Courier and Cargo
DTDC Courier & Cargo is one of the oldest and most trusted courier services in India. With a vast network and a strong brand presence, DTDC offers a lucrative franchise opportunity. In the age of eCommerce, courier services are indispensable. DTDC is a well-established name in the logistics industry, offering a reliable franchise model.
Giani’s Ice Cream
Franchise
Giani’s Ice Cream
Area Required
150-300 sq. ft.
Investment
INR 10-12 Lakhs
Royalty
4% of sales
Returns
High foot traffic and brand loyalty can lead to a quick break-even period, typically within 12-18 months.
Best Low Investment Franchise Business in India – Giani’s Ice Cream
Ice cream is a treat enjoyed by people of all ages, making it a lucrative business opportunity. Giani’s Ice Cream offers a well-known brand name and an attractive low-investment franchise model. Known for its delicious and diverse range of ice creams, Giani’s offers a franchise model that doesn’t require a hefty investment. The brand is well-recognized and enjoys a loyal customer base, making it a lucrative option for investors.
Jawed Habib Hair and Beauty Salon
Franchise
Jawed Habib Hair and Beauty Salon
Area Required
300-500 sq. ft.
Investment
INR 10-20 Lakhs
Royalty
10% of sales
Returns
With a strong brand reputation, expect steady customer flow and a breakeven period of 1-2 years.
Best Low Investment Franchise Business in India – Jawed Habib Hair and Beauty Salon
Personal grooming is a booming industry in India. Jawed Habib is a renowned name in the beauty and salon sector, offering a franchise model that requires low investment.
High potential for profitability due to strong brand and high demand
Best Low Investment Franchise Business in India – Domino’s
Domino’s Pizza is one of the most popular and successful pizza chains worldwide. Known for its fast delivery and a wide variety of pizzas, Domino’s has a strong brand presence in India.
Dominos with its strong brand recognition, established customer base, and efficient supply chain management is a great option for the franchise.
Lenskart
Franchise
Lenskart
Area Required
300-500 sq. ft.
Investment
INR 20-30 Lakhs
Royalty
10% of sales
Returns
Strong brand presence and high demand for eyewear lead to a breakeven period of 1-2 years
Best Low Investment Franchise Business in India – Lenskart
Eyewear is a necessity for many, making it a stable business opportunity. Lenskart is a leading brand in the eyewear industry, offering a franchise model with good returns. It offers a wide range of eyeglasses, sunglasses, and contact lenses. With its innovative approach and strong brand presence, Lenskart has quickly become a popular choice among consumers. The franchise model is well-structured, providing extensive training and support.
High demand for quality baby products ensures a quick break-even period, typically within 1-2 years
Best Low Investment Franchise Business in India – FirstCry
The baby and kids’ products market is growing rapidly in India. FirstCry is a well-known brand in this sector, offering a franchise model with low investment.
Khadi India
Franchise
Khadi India
Area Required
300-500 sq. ft.
Investment
INR 5-10 Lakhs
Royalty
5% of sales
Returns
Growing demand for sustainable products ensures steady returns and a breakeven period of 1-2 years
Best Low Investment Franchise Business in India – Khadi India
Promoting sustainable and eco-friendly products, Khadi India offers a unique franchise opportunity. This brand has a strong appeal among eco-conscious consumers.
EuroKids
Franchise
EuroKids
Area Required
1500-2000 sq. ft.
Investment
INR 10-20 Lakhs
Royalty
15% of sales
Returns
High demand for quality preschool education ensures a quick break-even period, typically within 1-2 years
Best Low Investment Franchise Business in India – EuroKids
Education is a sector that never goes out of demand. EuroKids is one of the leading preschool chains in India, offering a franchise model with low investment and high returns.
Amul Ice Cream Parlor
Franchise
Amul Ice Cream Parlor
Area Required
300-500 sq. ft.
Investment
INR 5-10 Lakhs
Royalty
N/A (No royalty fees)
Returns
Strong brand presence and high demand for ice cream lead to a quick break-even period, usually within 6-12 months
Best Low Investment Franchise Business in India – Amul
Amul is a household name in India, known for its quality dairy products. Investing in an Amul Ice Cream Parlor is a safe bet with assured returns.
Kidzee Preschool
Franchise
Kidzee Preschool
Area Required
2000-3000 sq. ft.
Investment
INR 12 to 15 lakhs
Royalty
15% of total revenue
Returns
With a growing demand for quality early childhood education, the returns on investment can be quite promising, often within 1 to 2 years
Best Low Investment Franchise Business in India – Kidzee
Kidzee Preschool is part of Zee Learn Limited and is one of the largest preschool chains in India. With a focus on providing quality early childhood education, Kidzee has established itself as a trusted brand among parents. The franchise offers comprehensive training and support, ensuring that you have all the tools you need to run a successful preschool.
The telecom sector’s continuous growth ensures a steady flow of customers, making the return on investment achievable within 1 to 2 years
Best Low Investment Franchise Business in India – Reliance Jio Store
Reliance Jio Store is part of Reliance Industries, one of India’s largest conglomerates. With the telecom sector booming, a Jio Store franchise can be a profitable venture. The franchise offers a range of products and services, from SIM cards to broadband connections, ensuring multiple revenue streams.
Conclusion
Investing in a franchise business in India with low investment is a smart way to minimize risks while taking advantage of established brand names and proven business models. Whether you have a passion for food, fashion, education, or logistics, there’s a franchise opportunity out there that fits your interests and budget. From the popular Chaat Adda to the reliable DTDC Courier and Cargo, these franchises offer promising returns with low initial investment.
FAQs
Which are the top low-investment franchise businesses in India?
The top low-investment franchise businesses in India are as below:
Chaat Adda
Lenskart
Domino’s
Giani’s Ice Cream
Jawed Habib Hair & Beauty Salon
DTDC Courier and Cargo
FirstCry
Khadi India
Kidzee Preschool
EuroKids
Reliance Jio Store
Amul Ice Cream Parlor
Why franchise business is a good option for business?
They offer a tried and tested business model, which significantly reduces the risk of failure. Moreover, franchises often come with brand recognition, comprehensive training, and ongoing support from the parent company.
Which are the profitable sectors for franchise business in India?
Profitable sectors for franchise business in India are:
On Tuesday, in conjunction with the Olympic Games in Paris, Jio Financial Services launched its JioFinance app worldwide. The corporation has made this smart decision to accommodate the large number of tourists, particularly those from India, who are visiting the city.
Using the JioFinance app, customers may pay digitally at popular Parisian attractions. On the official website, Indian travelers can purchase tickets for the Eiffel Tower and also shop at the world-renowned Galeries Lafayette department store using it.
India House, a Parisian tribute to Indian tradition and culture, was created by the Reliance Foundation in collaboration with the Indian Olympic Association; the firm has set up shop there as well. Here, guests may check out JioFinance’s app in action at an experience center the company has put up.
VISA and JioFinance Joined Hands for This Initiative
With the help of Visa, the official payment partner of the 2024 Paris Olympics, JioFinance plans to improve the digital banking experience for customers in India. The app’s main features include a digital bank account, easy bill pay and recharge, rewards, insurance broking, and a consolidated view of an individual’s holdings across all of their bank accounts. It also offers instant UPI payments and more.
According to the filing, “We’re proud to announce the entry of the JioFinance app in the French capital, making it convenient for Indian travelers to transact digitally at key Parisian landmarks.”
The Goal Behind Developing JioFinance
An all-inclusive digital banking experience is what the JioFinance app aims to provide. “Our goal at JioFinance is to provide all Indians with a superior digital experience throughout their entire financial journey,” the business stated.
According to an official statement released by the company, the application is designed to accommodate users with varying degrees of experience with financial technology, making it possible for them to effortlessly manage their finances at their fingertips.
JioFInance provides several features, including instant UPI payments, a fully digital bank account, wallet services, bill payment and recharges, rewards, insurance broking, and a single-window view of an individual’s holdings across all of their bank accounts.
Other Ventures of JioFinance
To provide wealth management and broking services in India, Jio Financial Services and BlackRock, a US-based firm, announced earlier this year that they have formed a 50:50 joint venture.
Digital insurance for cars and two-wheelers, loans against mutual funds, and intentions to investigate property and security loans are some of JFS’s other recent offerings.
Jio Financial Services’ net profit for the June quarter was INR 312.63 crore, up from INR 310.63 crore in the previous quarter. As compared to the same period last year and the quarter ending March 31, the company’s overall income for the quarter ending June 30 was INR 417.82 crore, up from INR 414.13 crore.
The Crypto Investors Protection Fund (CIPF) has been established with an INR 50 crore allocation, according to the announcement made by the Indian cryptocurrency exchange CoinDCX.
The business claims that in the exceedingly unlikely event of a security breach or other unfavorable occurrence, users will be compensated by the fund.
As stated in the release, a governance framework has been established to guarantee effective administration and transparency about the CIPF’s credit and usage.
Adding an Extra Layer of Security
Sumit Gupta, one of the co-founders of CoinDCX, stated that the company places a high focus on privacy and safety.
According to him, the company makes significant investments in “top-notch” security standards and adheres to stringent security measures to guarantee that the assets of our customers are safeguarded round-the-clock.
“The assets under management at CoinDCX are diversified across multiple vaults ensuring an added layer of security,” he further explained.
Wazirx’s Security Breach on the Backdrop
A significant security data breach occurred at the Indian cryptocurrency exchange WazirX a few weeks ago, which led to the theft of around $235 million worth of cryptocurrency assets. This new development comes after the incident occurred.
Subsequently, Cyfirma, which is based in the United States, discovered that the North Korean cyber outfit Lazarus outfit was responsible for this large crime.
From that point forward, the organization has been making efforts to retrieve the stolen assets; nevertheless, they have not been successful up to this day. WazirX had intended to socialize losses among users, however, they ultimately decided to abandon this strategy after receiving a significant amount of criticism from clients and the cryptocurrency community.
At this time, the company is looking for a capital injection and is collaborating with several authorities to retrieve a percentage of the funds that were lost by the clients.
As a further comment on the reasons behind the establishment of the CIPF, Sumit stated, “In the extremely unlikely event of a security breach or an adverse event, this dedicated fund will provide an additional layer of protection, ensuring that our customers’ assets remain secure and intact regardless of the circumstances.” In addition to growing the size of the pool over time, we have committed to contributing 2% of the broking income to the corpus.
“The size of the fund will continue to be monitored, and we will make sure that the balance is kept at a level that is sufficient to protect the assets of our users.” In addition, he stated that the CIPF will be the first of its kind and a crucial step towards establishing trust in the Indian cryptocurrency ecosystem over the long run.
The ONDC (Open Network for Digital Commerce) Network, which is supported by the Indian government, now includes VAMA.app, a virtual platform that is changing the conventional offline Mandir ecology into a digital arena.
By doing so, VAMA intends to broaden the scope of its app’s spiritual offerings, making them more accessible to a more extensive pool of users.
Among the significant organizations that fall under the area of spiritual technology on the ONDC Network, VAMA.app is now included alongside the likes of ISKCON and Hari Bol.
Plans to Cater to a Vast Audience Through This Partnership
The Co-founder of VAMA.app, Manu Jain, made the following statement: “Our onboarding onto the ONDC Network symbolises our profound commitment to enriching spirituality and delivering transformative content directly to the hearts of our users.” With the broad reach that ONDC possesses, we are now able to welcome a large audience that is eager to cultivate a more profound connection with their spirituality. Because of this project, unprecedented access to spiritual counsel and live events will be made available to us, which will allow us to give a spiritual journey that is both more immersive and more profound.
T. Koshy, the Managing Director and Chief Executive Officer of ONDC, emphasized the significance of the inclusion of VAMA.app in the network by stating, “The addition of VAMA.app onto the Network has demonstrated our open-for-all approach.” Our ultimate goal is to become a one-stop shop for all of the users’ day-to-day needs, making it possible for them to obtain services that cover everything from commercial to spiritual demands.
The incorporation of spiritual services not only allows us to broaden the scope of our offerings but also helps to preserve and promote India’s cultural heritage in this age of digital technology. The availability of the VAMA.app on the ONDC Network would make it possible for devotees to connect with their faith seamlessly, overcoming both geographical geographical borders and time constraints. “This exemplifies our commitment to creating a digital marketplace that is truly inclusive and that caters to every aspect of Indian life,” Koshy added.
Details of Expansion
VAMA.app intends to provide services such as virtual pujas, temple darshans, rituals, and astrology to a more widespread customer base by utilizing the large network that ONDC possesses.
In addition to enticing new customers who are interested in digital spiritual solutions, the migration is intended to make things more convenient for those who are already using the service.
The firm was founded in the latter half of the year 2020 by Aacharya Dev, Himanshu Semwal, and Manu Jain. It asserts that it has partnerships with more than 250 temples and that it has a network of more than 300 astrologers.
Nitin Konde
