On Tuesday, Meta Platforms (META.O) unveiled the most recent version of its Llama 3 AI models, which are primarily available for free. These models compete with paid models from competitors like OpenAI and offer superior multilingual skills and general performance metrics.
Announcing the release of the new Llama 3 model, the parent company of Facebook stated in blog posts and a research study that it can talk in eight languages, produce higher-quality computer code, and solve more complicated math problems than earlier versions.
Although it is still smaller than top models supplied by competitors, this new version outshines the previous one with 405 billion parameters, or variables, that the algorithm considers to produce answers to user questions.
During his extensive promotion of Llama 3, Facebook CEO Mark Zuckerberg stated he expects that the future Llama models will surpass proprietary competition by the end of next year. He claimed that hundreds of millions of people were already using the Meta AI chatbot, which was driven by those models, and that it was on course to become the most popular AI assistant by the end of the year.
Competition Is Getting Stiffer
The release aligns with the ongoing competition among technology companies to demonstrate that their expanding portfolios of resource-intensive large language models can generate substantial improvements in well-established problem areas, such as advanced reasoning, to justify the substantial investments they have made in them.
According to Meta’s leading AI scientist, these models will eventually run into reasoning limitations, necessitating the development of new AI systems.
Amazon is reportedly working on a model with two trillion parameters, whereas OpenAI’s GPT-4 model reportedly has one trillion.
Meta announced that it is updating its flagship 405 billion parameter model as well as its 8 billion and 70 billion parameter Llama 3 models, which debuted in the spring but are reduced in weight, with new versions coming out soon.
Meta has announced that it will be releasing revised versions of its flagship 405 billion parameter model, as well as its 8 billion and 70 billion parameter Llama 3 models, which debuted in the spring. The models are lighter in weight.
With an expanded “context window,” the three new models can handle larger user requests and are multilingual.
Benefits Llama offers to its users
Meta makes its Llama models available to developers for little or no cost, an approach that Zuckerberg claims will lead to better products, less reliance on potential rivals, and higher engagement with the company’s primary social networks.
If developers choose the company’s free models over its paid ones, it would hurt its competitors’ business models and benefit the company too. Meta highlighted potential improvements in important mathematics and knowledge exams in its announcement, which may increase the attraction of that possibility.
As smaller companies gained headway in India’s unified payments interface in June, the share of total transactions processed by Walmart Inc.-owned PhonePe and Alphabet Inc.’s Google Pay declined slightly. From 48.67% in May to 48.37% now, PhonePe’s percentage of all UPI transactions has decreased.
According to data issued by the National Payments Corporation of India, Google Pay’s fraction decreased from 37.18% last month to 36.76%. The total number of transactions processed by the UPI network in June was 13.88 billion, down 1% from the previous month.
New Entrants Giving a Tough Run to Established Players
Many new companies have recently entered the UPI payments market. More than 80% of the market is controlled by PhonePe and Google Pay, but new competitors are threatening their supremacy.
For example, in June, there was a 17% increase to 75 million UPI transactions on the apps of Axis Bank Ltd. and a 20% increase to 35.7 million transactions on the Navi app. Another UPI payment option is super.money, which was introduced by Flipkart, a subsidiary business of PhonePe and an eCommerce giant in India. The JioFinance app, developed by Mukesh Ambani’s Jio Financial Services, also joined the competition, allowing users to access the growing financial scene in India.
Paytm Comes to a Standstill
Paytm, which was experiencing a regulatory setback, managed to maintain its 8% market share from the previous month, which indicates that the market loss that has been occurring since the beginning of the year has come to a standstill.
After the Reserve Bank of India issued an order earlier this year to come close to shutting down Paytm’s banking unit, the company’s net loss for the first quarter of the fiscal year, which ended in June, more than doubled to INR 8.39 billion, which is equivalent to $100 million.
Cred Becomes the Fourth-Largest Player in the Game
Based on the information provided by the NPCI, CRED has established itself as the fourth largest player in the processing of UPI payments. It is interesting to note that it has exceeded Amazon Pay, WhatsApp, and BHIM, and it has handled more than one-third of the total value of transactions that Paytm has processed in the past month.
Praveena Rai, the chief operating officer (COO) of the National Payments Corporation of India (NPCI), has stated that the Unified Payments Interface (UPI) is gaining approximately 6 million new users each month.
In addition, the NPCI has established a lofty objective of reaching one billion transactions per day within the next several years.
Finance Minister Nirmala Sitharaman announced on Tuesday 23 July, during the presentation of the Union Budget for 2024-25, that the government has proposed to repeal the angel tax on all asset classes. This move will greatly benefit the startup environment. Angel tax, which is a provision in the Income Tax Act known as Section 56 (II) (viib), applies to privately-held companies where the consideration for the issuance of shares exceeds their fair worth. Following the budget announcement, the changes to the angel tax system will take effect on April 1, 2025, and they will be relevant for the assessment year 2025–26. The startup and VC community has long advocated for the elimination of angel tax.
Industry’s Reaction
“The Union Budget 2024 is a significant step forward for India’s growth, focusing on empowering women in the workforce, supporting employee welfare, and driving innovation. The allocation of over INR 3 lakh crore for schemes benefiting women and girls, along with new initiatives like skilling programs and salary support for first-time employees, highlights the government’s commitment to gender inclusivity and employment generation,” stated Swati Bhargava, Co-Founder of CashKaro.
She elaborated further by stating that eliminating the angel tax for all investors is a huge win for businesses, creating an environment that is more creative and dynamic. For online companies, a significant step towards tax relief and economic expansion has been the lowering of the TDS rate on online purchases from 1% to 0.1%. Further evidence of progressive tax policy is the plan to decriminalize TDS delays until the tax return is filed and the six-month-long examination of the customs duty structure. All things considered, these steps will lead India into a better and more inventive future by boosting growth and development in the economy.
Echoing similar sentiments, Megha Gambhir, Founder and CEO at Stupa Sports Analytics said, “The removal of angel tax is a big boost for the Indian startup ecosystem, and will make the path for startups like ours easier, so we can focus on building innovative tech solutions without previous financial burdens. Additionally, the announcement of investing in sports infrastructure in states like Bihar is positive news to continue developing sports at the grassroots level in our country. This will eventually lead to more facilities, academies, and sports centers integrating cutting-edge tech solutions in the coming years, and transform the way sports are played, viewed, and organized”
Pramod Gummaraj, Founder of Aprecomm opined, “The proposed abolishment of angel tax is a landmark decision that will significantly boost the Indian startup ecosystem. By removing this hurdle, the government is encouraging early-stage investments and fostering a conducive environment for innovation. This move will be particularly beneficial for sectors like technology and telecom, where funding plays a crucial role in driving research and development.”
Adding further to his comment, he said that the telecom industry also welcomes the renewed emphasis on city planning. Strong and dependable communication networks are becoming more important as cities develop and thrive. Opportunities for telecom software as a service (SaaS) providers like Aprecomm to aid in citywide digital transformation and better residents’ quality of life will arise as a result of investments in urban development.
“We also welcome the abolition of the 30% Angel Tax for all investor classes. This move will encourage more angel investors to support startups, fostering innovation and growth in the startup ecosystem,” said Manish Aggarwal, CEO & Founder, of FINQY.
Vidita Kochar, Co-founder at Jewelbox said, “The recent reduction of customs duty on gold to 6% marks a significant advancement for the jewelry industry, enhancing its competitiveness and making it more accessible to consumers. This move aligns seamlessly with our commitment to providing high-quality, affordable lab diamond jewelry to our customers. Additionally, the abolition of the angel tax is a laudable initiative that will invigorate India’s startup ecosystem. This change is poised to spur innovation, attract global investors, and provide a substantial boost to startups. We are confident that these measures will significantly contribute to the growth and dynamism of both the jewelry sector and the broader startup community in India.”
Gunjan Agarwal, Co-founder of XYST commented, “Abolishing Angel Tax will have a long-term impact on startup founders. This will not only motivate angel investors but also help to encourage entrepreneurial spirit in the Indian business domain. Additionally, the job generation push, coupled with the government’s financial assistance will help startups acquire more talented professionals, leading to cumulative growth in the long term. This Union Budget is full of opportunities for Indian startups pushing to become the next Unicorn, and governmental assistance is bolstering it to ensure success and growth.”
Mahankali Srinivas Rao (MSR), CEO, T-Hub stated, “Budget 2024 marks a significant milestone for the Indian startup ecosystem, with initiatives that will undeniably foster innovation and growth. The abolition of the Angel Tax for all classes of investors is a pivotal move that will create a more supportive environment for angel investments, ultimately benefiting startups and paving the way for India to become a global innovation hub. The establishment of a INR 1,000 crore venture capital fund dedicated to boosting the space sector is another forward-thinking initiative. This substantial investment will propel growth in the space economy by supporting innovative startups and groundbreaking research, positioning India at the forefront of space technology and exploration.”
In 2012, India implemented an angel tax to combat the problem of unreported wealth, namely that which arises when a closely held company receives funding from Indian investors that exceeds its fair market worth. Not only will this measure bring tremendous relief to existing investors, but it will also attract new investors due to the easing of taxes.
The launch of UPI One World, an enhanced convenience and security digital wallet, has made traveling to India much easier for international travelers. Using this cutting-edge payment method, visitors worldwide may enjoy their time in India without dealing with complicated currency exchanges or carrying large amounts of cash.
The UPI One World wallet, which was first introduced during the G20 meeting that India hosted last year, is now available to more countries’ tourists. The app allows users to pay at merchant locations with the simple scan of QR codes, making it a hassle-free experience for tourists. Thanks to a joint effort by NPCI (National Payments Corporation of India), IDFC First Bank, and Transcorp International Limited, with the support of the Reserve Bank of India, unused balances can be returned to the original payment source in compliance with foreign exchange regulations.
“We are thrilled to offer the UPI experience to international guests visiting India through UPI One World. This move aims to enhance the visitor experience by equipping them with UPI, the most preferred payment choice among Indians. International travelers can manage their financial needs conveniently and transfer any unused balance back to the original payment source. By enabling foreign travelers to experience the real-time payment system developed by India, we are taking a significant stride towards creating a more interconnected global digital payments ecosystem,” an NPCI spokesperson commented to various media outlets.
UPI ONE WORLD
How Can Visitors Access the Wallet?
The UPI One World wallet, which may be obtained from authorized Prepaid Payment Instrument (PPI) issuers in various locations such as airports, hotels, and designated money exchanges, necessitates a comprehensive Know Your Customer process based on a valid passport and visa. The World Heritage Committee meeting will be held at Bharat Mandapam in New Delhi, and special arrangements are being made to distribute these wallets to the attendees there. Visitors can add funds to the wallet using cash or other payment methods once it’s been issued.
Upon exiting India, they will be able to return any remaining money to their source per foreign exchange restrictions.
The purpose of this program is to ease travel for tourists from other countries who are visiting India. By providing the flexibility and safety of the Unified Payments Interface (UPI), which is India’s most widely used digital payment system, tourists can enjoy their time in India without having to worry about managing cash or currency exchange.
With India being the third most cyber-attacked nation, Indian startups face a daunting task in mitigating cyberattacks. The reason for the increased level of cyberattacks in India isn’t far-fetched; cybercriminals flock to a region deploying new tools and technologies into their daily business processes, believing they have better chances of accessing vulnerabilities from employees who innocently leave entry points in their efforts to grasp the technicalities of new apps, tools, and software.
India is fast becoming a force to reckon with globally as organizations strive to deploy cutting-edge technologies to remain relevant in the business landscape; as cyber crimes are becoming more prevalent, continuous threat exposure management (CTEM) must become a crucial umbrella product for Indian startups to mitigate cyber breaches in today’s ever-evolving cybersecurity landscape. As technology continues to advance, so do the tactics of cyber threats and attacks; therefore, Indian startups must integrate CTEM into their business operations to proactively protect their sensitive data, intellectual property, and overall business integrity.
One vital reason Indian startups must integrate continuous threat exposure management is the rising frequency and sophistication of cyber threats. Cybercriminals work around the clock to develop new methods to breach security systems and see startups as easier targets due to their limited resources and less secure infrastructure.
credit- kroll.com
By integrating CTEM, startups can better identify, monitor, and respond to potential threats, strengthening their overall cybersecurity posture. Furthermore, CTEM offers startups the advantage of proactive threat management.
Continuous Threat Exposure Management (CTEM) enhances cybersecurity best practices in several ways; CTEM allows organizations to adopt a proactive stance toward cybersecurity by continuously monitoring and evaluating potential threats and vulnerabilities. This proactive approach enables the organization to identify and address security issues before they escalate into full-blown cyber-attacks.
Also, CTEM facilitates the implementation of a robust incident response framework. By integrating CTEM into their cybersecurity strategy, organizations can develop and test response plans for various threat scenarios, ensuring that the organization is well-prepared to contain and mitigate the impact of any security incidents.
Instead of merely reacting to security incidents after they occur, CTEM allows startups to anticipate potential threats and vulnerabilities, enabling them to take preventive measures. This proactive approach can help mitigate the impact of potential cyber-attacks, minimizing downtime and safeguarding the trust of customers and partners.
In addition, the integration of CTEM can enhance regulatory compliance for Indian startups. With the implementation of data protection regulations such as the General Data Protection Regulation (GDPR) and the upcoming Personal Data Protection Bill in India, startups are under increased pressure to ensure data security and enhance privacy.
CTEM provides startups with the requisite tools and frameworks to align with these regulations, reducing the risk of non-compliance and potential legal repercussions.
Moreover, CTEM can contribute to building a robust cybersecurity culture within Indian startups and foster a mindset of continuous threat awareness and readiness. By instilling a security-first approach across the organization, CTEM enhances a more resilient and security-conscious workforce, where employees can identify and report potential threats, forming an essential line of defense against cyber attacks.
Another critical aspect CTEM covers is ensuring intellectual property (IP) protection and proprietary information. Indian startups often possess innovative ideas and technologies that are prime targets for intellectual property theft and industrial espionage.
CTEM plays a pivotal role in safeguarding these valuable assets by continuously monitoring for unauthorized access and potential data breaches, thus preserving the competitive advantage of startups in the market.
Furthermore, the integration of CTEM can enhance the overall trust and credibility of Indian startups in the eyes of customers, investors, and partners. By demonstrating unwavering commitment to cybersecurity and adopting CTEM practices, startups can assure stakeholders that their data and interests are protected, contributing to trustworthy business relationships and bolstering the startup’s reputation within the industry.
It is worth highlighting that CTEM is not a one-time implementation; it’s an ongoing process that evolves alongside the changing cybersecurity landscape. Indian startups should invest in staying updated with the latest security technologies, threat intelligence, and best practices to ensure the effectiveness of their CTEM strategy.
Furthermore, the culture of ongoing awareness and readiness for cybersecurity threats within the organization fashioned by CTEM creates a vigilant and informed workforce, conscious of potential security risks to the startup, thus contributing to a more resilient overall cybersecurity posture.
Lastly, CTEM encourages the regular evaluation and improvement of cybersecurity measures. As new threats emerge and technology evolves, CTEM allows organizations to adapt and enhance their security practices to avoid potential risks.
Conclusion
CTEM enhances cybersecurity best practices in Indian startups by promoting proactive threat management, strengthening incident response capabilities, fostering a culture of security awareness, ensuring regulatory compliance, and supporting continuous improvement in cybersecurity measures. Integrating continuous threat exposure management (CTEM) is paramount for Indian startups to fortify their cybersecurity defenses, protect critical assets, and uphold the trust of stakeholders.
By embracing CTEM, startups can proactively mitigate cyber risks, enhance regulatory compliance, foster a security culture, and ultimately strengthen their position in the highly competitive global business environment. With the ever-present and evolving nature of cyber threats, prioritizing CTEM is a proactive and strategic investment for the long-term security and success of Indian startups.
Hardik Pandya, an all-rounder, has launched a line of athletic apparel through an exclusive licencing agreement with FanCode Shop, the online goods store owned by Dream Sports. In a revenue-sharing collaboration, FanCode Shop will create, produce, and sell the products under the Hardik Pandya brand.
Starting from INR 999 and going all the way up to INR 2299, the first collection features t-shirts, vests, polos, shorts, and jackets.
Endorsements of Pandya
Pandya will be breaking into licencing business with the launch of his brand identity and performance wear range, according to Rise Worldwide, a wholly owned subsidiary of Reliance Industries Limited. Up until now, Pandya has only done endorsement deals.
Pandya earns between INR 2 and 3 crore (about $30,000) for each of the twenty products that he promotes at the moment.
“We are aiming to establish an ecosystem through a long-term partnership with FanCode Shop,” the business said. By releasing his line of products, Pandya becomes Rise’s first athlete managed by the company.
FanCode Shop has previously collaborated with team sports companies, according to FanCode co-founder Yannick Colaco, but this partnership with an athlete-owned sports business is a first.
“For over a year, we collaborated with Hardik and Rise to develop the product. Currently, we have 26 performance wear goods available for purchase, and we will be releasing even more in the near future”, he said.
Both MS Dhoni and Virat Kohli have already established their own labels: Seven by MS Dhoni for sportswear and One8 by Virat Kohli for lifestyle products. One8 by Kohli also has a partnership with Puma.
SEVEN by MS Dhoni
After its launch by Rhiti Group in 2016, SEVEN by MS Dhoni has solidified its position as the first domestic Indian global sportswear brand. With 309 multi-store stores spanning India and the United States, Canada, South Africa, and the United Kingdom, SEVEN by MS Dhoni is well-established in 45 countries, catering to the growing need for active lifestyle wear around the world.
Not only does the brand have its own website, www.7.life, but it is also available on major online platforms such as Tata Cliq, Myntra, Amazon, Google, and Flipkart.
In addition to the South African Wanderers Club and the American Cricket Academy and Club (ACAC), it is the official apparel partner of the Chennai Super Kings. As the sole cricketer in history to hold all ICC titles, MS Dhoni represents SEVEN on a worldwide scale.
Athleisure, performance clothes, and footwear were the original offerings from Virat Kohli’s One8, a partnership that began in 2017 with the German sports lifestyle brand Puma.
The company expanded out into other markets later on, offering formal shoes, retro bars, fragrances, and more. The majority of the endorsement arrangement, which is valued at around INR 12 to 14 crore per annum, is reportedly tied up in a fixed sum, according to media sources.
‘Startup’ has become the buzzword for the current generation. It has become a career path where students and professionals are changing their career to pursue their dreams and passion. For decades this wave has hit India, making it the 3rd largest ecosystem globally.
The “Crafting Bharat – A Startup Podcast Series” powered by AWS, and an initiative by NewsReach, in association with VCCircle, unlocks the secrets behind these successful entrepreneurs’ journeys aiming to equip aspiring entrepreneurs and business enthusiasts with invaluable insights. The podcast series is hosted by Gautam Srinivasan, famed for hosting a diverse range of TV and digital programs, currently consulting editor at CNBC (India), CNN-News18, Forbes India, and The Economic Times.
The Indian Startup ecosystem has witnessed an exceptional leap with AI/ML technologies. Sravanth Aluru, Co-Founder and CEO of Avataar, is the light bearer in revolutionizing the industry with the power of spatial storytelling. In the Crafting Bharat Podcast Series, Aluru talks about his entrepreneurial journey, spatial storytelling, and trends in the AI industry.
Explore the tales of Indian startup founders’ transformation from dreams to reality, navigating challenges to seize opportunities through the Crafting Bharat Podcast Series.
Crafting Bharat, Episode 7 With Sravanth Aluru, Co-Founder and CEO of Avataar
Segment 1: The Incubator
How did your previous stints help you zero in on this new way of enabling consumer interactions for brands?
I found the passion of spatial storytelling and the power of spatial depth towards visual discovery at Microsoft, where I kind of started my career, I was a computer vision fanatic back then. Kinect is a depth sensor that would sit on top of Xbox and do the skeleton tracking and some of those early AI and computer vision use cases. That’s where I saw the power of spatial depth and just to allude to that we all live in a physical world which has a third dimension, our digital experiences are flat today on the flat screens that we carry be it a mobile, laptop or tablet and I could see there’s a huge gap or a digital physical divide, in terms of how consumers are today consuming content and visual experiences on digital versus how physical happens.
Anything that we should look forward to from your moonshot factory called Avataar Reality Labs?
I think the physical and the digital reality will not be distinguishable anymore if you were to fast forward to maybe 5 years from now, we are seeing that already in the pilot R&D POCs that we’re doing internally in the Avataar Reality Labs. But the kind of photo realism and the way we can blend the physical and digital reality today with devices like Quest 2 by Meta or Vision Pro by Apple. I think it is going to give superhuman capabilities across everything digital starting from communications to even just information consumption to productivity in various different contexts.
Could you expand on your partnership with AWS and how it helps you scale up and innovate?
We are focused on a very clear AI computer vision convergence era and having said that AWS gives us a lot more capabilities to connect various dots that either remove friction or create delight for our clients or the end consumers and that’s where I see the partnership to be very complimentary of a strong win-win for both entities.
Segment 2: The Accelerator
What’s your idea of the perfect product?
Honestly, the perfect product is like infinity to me, where you can tend to it and limit it but there’s nothing called reaching infinity. Similarly, I don’t think there’s a perfect product that exists in the world. But if I must express my point of view, a perfect product would be something that is continuously improving with a very clear utilitarian purpose of either removing existing friction today or driving value in terms of delight where you are able to do things that you couldn’t do yesterday.
How challenging was it to attract the right talent?
I do think that people want a purpose, they want to be part of a journey that’s value creation from nothing and if you can spin on the ability for people because it’s a collective journey as just one founder cannot achieve anything by himself but it’s a collective team that achieves it.
Everyone wants to scale quickly but how about staying small till you really understand the business inside out and scale smartly and sustainably? Your thoughts?
I think there’s a little bit of instant gratification that’s creeped into the startup philosophies. I am not sure if that’s the right approach, I’m not saying that you should spend 10 years. What I mean is you really need to find a true value proposition that’s sustainable.
The Indian Startup Ecosystem is having a quantum shift with motivated startup founders bringing forth exceptional innovation. Startup founders’ vision and dedication drive India’s startup surge.
Stay tuned to the Crafting Bharat Podcast Series as they bring you these inspirational entrepreneurs for insightful and candid discussions with Gautam Srinivasan.
A massive purchase of new warships for the Indian Navy, around INR 70,000 crore, is about to be approved by the defence ministry. The stealth frigates are the next generation of Indian naval vessels, following in the footsteps of the Nilgiri class, which are presently in the works.
According to sources, the order, which is referred to as Project 17B, is being bid on by two state-run yards, Mazagon Dockyards Limited (MDL) and Garden Reach Shipbuilders and Engineers (GRSE). Project 17A (Nilgiri class) frigates are now being built at the two yards. Four frigates are being built by MDL and three are being built by GRSE.
Details will be revealed once the project has been approved by the military ministry. However, similar to Project 17A, it is possible that the project could be divided between the two yards. The Navy can reduce delivery times with a split order.
What is Project 17B
On the P-17B, which is also generally known as the “P-17A repeat order,” there will be eight ships, as opposed to the seven ships that were indicated earlier. The project is anticipated to be split between the two shipyards that are comparable to P-17A, with each shipyard potentially producing four hulls. When compared to the cost of INR 45,000 crore for seven ships under P-17A, the project is anticipated to cost approximately INR 70,000 crore for eight ships. The primary reason for this is inflation and the introduction of new technology.
Arsenal That Goes in Frigates
Electronic warfare equipment, anti-submarine weaponry, Brahmos cruise missiles, and fire control systems created domestically will make up a large portion of the advanced frigates’ indigenous content. The order is a boon to dozens of vendors and sub-suppliers, who will split the workload fairly.
MDL Order Book
With current projects like the Kalvari class submarines and Project 15B class destroyers, MDL, one of India’s leading shipyards, possesses an enormous order book. Furthermore, the yard has almost finished finalizing a contract for three more Kalvari class submarines this fiscal year, with an anticipated cost of around INR 35,000 crore. The current six Kalvari class submarines built by MDL will be surpassed in capability by these modern submarines.
GRSE Order Book
The Kolkata-based GRSE is building anti-submarine warfare corvettes and next-generation offshore patrol vessels at the same time. Significant progress in export orders has also been made by the yard, highlighting its rising status in the global maritime industry.
Today, on the first day of the budget session, Nirmala Sitharaman, the union finance minister, presented the Economic Survey 2023-24 to the house. Tomorrow, she will present the Union Budget 2024-25.
In it, the Modi government laid out its plans to improve India’s startup scene and tracked the progress of the sector over time.
Interventions such as the Bharat Startup Knowledge Access Registry, the Anusandhan National Research Foundation (ANRF) bill 2023, and the notification of Patent Rules 2024 all contributed to the expansion of India’s startup ecosystem.
Multi-Sector Growth in DPIIT-Recognized Startups
A total of 1,17,254 startups were recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as of 31 December 2023, up from 300 in 2016 (as reported in the Economic Survey), and these businesses have allegedly generated more than 12.42 lakh direct employment opportunities.
The government’s ongoing initiatives, including “simplification and handholding,” “funding support and incentives,” and “industry academia partnership and incubation,” are believed to be responsible for the significant increase in the figures.
There were about 2,000 tech startups in India in 2014, but by 2023, that number had jumped to about 31,000. 387 of the 1,000 agritech startups in the agricultural and related industries were founded by women. Over 13,000 AI, nanotech, and robotics startups recognised by DPIIT were also highlighted, showcasing the rise of deep tech in India. There was an emphasis on the growth of mental health startups as well.
It goes on to say that over half of all acknowledged startups hail from India’s tier 2 or 3 cities, and that over half of those have a female director, a sign of gender inclusion. Stand-Up India has 77.7 percent female beneficiaries, while the PM Mudra Yojana has approximately 68% female beneficiaries.
Financial Support and Patents
According to the survey, by the end of FY24, more than 135 Alternate Investment Funds had invested about INR 18,000 crore in startups, with over INR 10,500 crore allocated under the Fund of Funds for startups.
According to the report, between 2016 and March 2024, startups submitted over 12,000 patent applications, showcasing their commitment to innovation and its protection. The announcement of patent rules, 2024, which streamline the process of acquiring and managing patents, has further strengthened this.
Factors Boosting Startup Culture in India
Startups have been on the rise in many different industries, and this is due to a number of causes. A rise in internet penetration and shifts in consumer habits created an ideal environment for new retail IT companies to emerge. Notable events, such as the launch of UPI, sparked a boom in the Banking, Financial Services and Insurance (BFSI) sector’s startup activity beginning in 2016. There have been 21 unicorns since 2014 in the Software as a Service (SaaS) industry, driven by the need for efficient and scalable cloud solutions. Due to the surge in demand for tele-consulting and remote learning solutions, industries such as HealthTech and EdTech experienced rapid growth during the COVID-19 pandemic.
According to National Association of Software and Service Companies (NASSCOM), India’s IT startup environment has outperformed both the United States and the United Kingdom, placing it third internationally. The capacity to scale, a big number of startups, and the presence of unicorns are the hallmarks of India’s tech startup ecosystem. India showcases its position as an innovation hub by rapidly adopting AI talents; it has 16% of the world’s AI talent.
Hackers allegedly stole over $230 million in customer holdings, or about half of the platform’s reserves, from WazirX, one of the country’s main cryptocurrency enterprises. This was one of the worst hacks on an Indian exchange. This event demonstrates the difficulty in securing Bitcoin exchanges and their subsequent heightened vulnerability to hacking attempts on a global scale.
A “force majeure event” that was “beyond its control” was what WazirX referred to as the security breach. A number of deposits have been stopped and the affected wallets have been contacted to facilitate recovery. The business said in a statement that it is in communication with top-tier resources that can assist with the undertaking.
“Our preliminary investigations show that one of the self-custody multi-sig smart contract wallets created outside of the Liminal ecosystem has been compromised. We can confirm that Liminal’s platform is not breached and Liminal’s infrastructure, wallets and assets continue to remain safe,” the company stated in its official statement.
Comprehensive Action Taken by the Company
Police are currently reviewing a physical complaint and the online report submitted through the National Cyber Crime Reporting Portal. Along with CERT-In and the Financial Intelligence Unit (FIU) India, the company has reported the incident.
The listed addresses were blocked after proactive outreach to 500+ exchanges. In order to aid in its recovery efforts, the company is actively collaborating with the many exchanges that are cooperating with it.
Recruiting a team of cybersecurity professionals to aid in the company’s probe and restoration operations.
Set up a bounty program to get back the stolen property. If anyone has information that can help freeze and retrieve the stolen cash, then that person could win up to $10,000. A White Hat Bounty of up to $23 million, or 10%, is what the company is proposing.
It has temporarily disabled the ability to deposit or withdraw INR or cryptocurrency to guarantee the security of your valuables.
The company has chosen to halt all trading operations, despite its earlier warning about partial collateralization of assets. The company will thoroughly inspect the security measures in place, review the impacted systems and forensic data, and then resume normal operations.
Next Step to Keep Its Customers Updated With Recent Developments
The complete impact and recovery methods will be understood and determined by the company’s analysis of all forensic evidence in collaboration with experts.
WazirX is making great strides to facilitate the withdrawal of funds. It values its clients’ understanding while it navigates this intricate issue, as processes such as security audits and forensic analysis take time.
As the project develops, the company will keep its clients aware of its status through frequent updates.
Shalini Rath
