StartupTalky

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  • EPFO will Implement Fast PF Withdrawals Via ATMs and UPI

    With immediate access via UPI and ATMs, the Employees’ Provident Fund Organisation (EPFO) plans to implement a significant modification to PF withdrawals. By the end of May or the beginning of June 2025, EPFO members will no longer have to endure drawn-out withdrawal processes. The National Payments Corporation of India (NPCI), which is in charge of the nation’s digital payment infrastructure, has approved the plan, which is supported by the Ministry of Labour and Employment.

    Government Setting a Limit of INR 1 Lakh

    With a withdrawal cap of up to INR 1 lakh, employees would have immediate access to their PF money, according to Sumita Dawra, Secretary, Ministry of Labour and Employment. Members would be able to monitor their PF balance directly on UPI and make instantaneous withdrawals using an automated mechanism by the end of May or early June, she told a news agency. For transfers, they can choose the bank account of their choice. Members will be able to easily fulfil urgent financial necessities thanks to the INR 1 lakh withdrawal limit. Withdrawals from PF are now a laborious procedure. Members of EPFO must file claims online and wait for approvals, which can occasionally take weeks. Employees will also be able to monitor their balances and conduct instant transactions thanks to the UPI connection.

    In addition to the current option for medical crises, the EPFO is expanding the scope of fund withdrawals by permitting members to take money out for housing, education, and marriage. The goal of this expansion is to give the nation’s workers more financial flexibility. Dawra emphasised that in order to streamline withdrawals, EPFO has enhanced its digital infrastructure by integrating more than 120 databases. With 95% of claims now automated, the claim processing time has been reduced to only three days, and more advancements are planned.

    Drafting these Reforms was a Big Challengee: Dawra

    According to Dawra, implementing these improvements proved challenging. The enormous size of the EPFO is demonstrated by the number of its members. With 147 regional offices spread across the country, the organisation has over 7.5 crore active members and is still expanding, acquiring 10–12 lakh new members each month. Prime Minister Narendra Modi’s goal of “ease of living” for both businesses and employees is in line with these reforms, Secretary Dawra said. The project intends to modernise IT infrastructure, streamline social security procedures, and give Indian workers more financial ease. A major turning point in India’s digital financial transformation will be reached with the upcoming introduction of UPI and ATM-based PF withdrawals, which will provide millions of working professionals with previously unheard-of speed and ease.

  • With Investment of INR 7.25 Cr, Zaggle Increases its Stake in Mobileware

    The Hyderabad-based spend management solutions provider Zaggle Prepaid Ocean Services Limited has paid INR 15.60 crore to buy a 26% interest in Mobileware Technologies. Additionally, for INR 7.25 crore, Zaggle purchased a 12.34% interest from Mobileware’s proprietors, which represents a percentage of the company’s post-closing issued and paid-up capital on a fully diluted basis. In India’s digital payments ecosystem, mobileware is a key component that supports banks, financial services, NBFCs, and all other financial institutions. Following this investment and acquisition, Zaggle now owns 38.34% of Mobileware Technologies on a fully diluted and post-issue basis.

    Enhancing its Stance in Spend Management Sector

    According to the company, the move will help it secure its position in the SaaS FinTech industry and boost its position in the Spend Management area. According to a formal statement, Zaggle’s integration with Mobileware has already begun to improve its services by giving its customers embedded payment experiences. According to Raj P. Narayanam, founder and executive chairman of Zaggle Prepaid Ocean Services Limited, the investment would allow Zaggle to collaborate on creating cutting-edge solutions for its wide range of clients. Zaggle’s goal of providing smooth, integrated payment experiences is well aligned with Mobileware’s demonstrated proficiency in developing strong payment infrastructures, especially in UPI and other NPCI-certified solutions. In the third quarter that concluded in December 2024, Zaggle recorded a 29.6% growth in consolidated earnings after tax, reaching INR 19.7 crore, up from INR 15.2 crore the previous year. Through a Qualified Institutional Placement (QIP), the company has raised INR 595 crore, which would be used for strategic acquisitions and to reach a revenue objective of $1 billion.

    About Zaggle and Mobileware Technologies

    Established in 2011, Zaggle is a prominent participant in the spend management space, providing financial technology solutions such as SaaS-based cost management software and corporate prepaid cards. The company’s most recent action is an attempt to capitalise on Mobileware’s extensive knowledge of digital payments infrastructure, which includes NPCI-certified products, including UPI, IMPS, AEPS, BBPS, and the exclusive API banking platform TransXT.

    For 15 years, Mobileware Technologies, which Satyajit Kanekar co-founded, has been a major force in India’s financial industry. The company’s innovative digital payment solutions power banks, NBFCs, and businesses. Kanekar was excited about the partnership, saying that Zaggle’s investment is a significant step for Mobileware since it would enable the company to scale its technology and reach a wider audience. Through this collaboration, Mobileware will be able to improve its payment infrastructure, spur innovation, and establish new benchmarks for effectiveness, security, and customer satisfaction.

  • Inside the Battle Between Registration Agencies and Ola Electric

    Fresh questions about Ola Electric’s approach were raised when a confrontation with vendors, delayed deliveries, and a INR 3,000 crore market rout resulted from an attempt to lower registration fees. Customers who were excitedly anticipating their Ola Electric scooters started to notice an unanticipated delay last month. The typical turnaround time was one week, but delivery took almost a month. Social media was flooded with complaints, and store managers had few responses. A dispute over payments between Ola Electric and its registration agency was at the centre of the disturbance. In addition to frustrating customers and depleting investor wealth by about INR 3,000 crore, the issue halted scooter delivery. The administration has also taken notice of the impact. According to media sources, the dispute has already cost the corporation a top executive, General Legal Counsel Rohit Kumar, who departed due to disagreements over the way the matter was handled. Since its August 2024 stock market debut, this is one of Ola Electric Mobility Ltd’s largest obstacles. After talking to seven executives who were aware of the situation, Mint puts the whole disagreement with the registration agency together.

    The Starting Point of Dispute

    A disagreement between Ola Electric and Shimnit India Pvt. Ltd. and Rosmerta Digital Services Ltd., two of India’s biggest car registration companies, was the beginning of the issue. Since December 2021, the authorities have collaborated with Ola to process vehicle registrations, issuing licence plates and entering client information into the government database. It was a good arrangement for over two years. However, Ola Electric’s sales began to decline by the middle of 2024. Although the company never again reached that milestone, it did reach a peak of 50,000 units in March of last year. People with knowledge of the situation claim that Ola Electric was paying INR 1,400–1,600 for each car for registration, a price determined by the anticipated volume of sales. Ola pressed for severe reductions as part of a larger cost-cutting initiative that was started in November 2024, but the agencies objected, claiming that reduced sales volumes meant greater expenses per unit for them.

    Network Transformation and Opex Reduction Programme

    Ola announced that it had started a Network Transformation and Opex Reduction Program in a statement on March 12. According to the statement, this programme has included projects to alter the distribution network, such as automating registration and shipping vehicles, spare parts, and accessories straight from the plant to retail locations, as well as closing all regional warehouses. According to the corporation, the implementation of this approach has resulted in monthly savings of approximately INR 90 crore. According to media reports, a senior official who is no longer at Ola Electric stated that the company has occasionally been dissatisfied with Rosmerta’s performance. According to media reports, there were occasionally delays that harmed the clientele’s interaction with the business. The corporation decided to stop cooperating with these organisations after determining that the registration procedure could be completed internally.

  • GreenFortune Secures $4.5Mn in Pre Series A Round from Foundamental, Titan Capital Winners Fund, Incubate Fund Asia and Others

    GreenFortune, a windows and doors brand, announced today the successful close of its $4.5 million funding round led by Foundamental with participation from Titan Capital Winners Fund and existing investors Incubate Fund Asia & Others.

    The capital, approx. INR 39 crore will be used to fuel national level expansion, 6x volumes and build PartnerGate — the company’s proprietary tech platform —  into a full-stack solution to improve customer service. The company looks to treble the in-house R&D/Design and Technical services capabilities to develop new products across various material types and become a complete solution provider for fenestration products.

    GreenFortune, founded in May 2022 by Dilip Kumar & Pratyusha Kosaraju and based in Hyderabad, is on a mission to revolutionize India’s fenestrations industry by making premium-quality products affordable and accessible. While working as a partner at BCG, advising building material companies across India and Europe, Dilip identified a significant gap—middle-income customers struggled to find high-quality, budget-friendly solutions made for Indian weather conditions. Determined to bridge this gap, the duo left their high-paying jobs to launch GreenFortune. Today, the brand is available across 100+ locations in India, and its materials are used to deliver 2+ million square feet of windows and doors. 

    From the outset, GreenFortune invested in in-house R&D to design products specifically suited for India’s diverse climate. The company started small, but with a consultative, customer-first approach, GreenFortune quickly built trust across retail, commercial, and institutional sectors. 

    India’s real estate and construction industry is heading toward $1 trillion by 2030, with facade and joineries contributing $15 billion nationally ($500 billion globally). Despite increasing adoption of sustainable materials and prefabricated solutions, the sector struggles with quality control, poor service orientation, lack of transparency, and high costs. GreenFortune addresses these challenges through innovative, customer-focused solutions tailored to industry pain points.

    Dilip Kumar, Co-Founder and CEO of GreenFortune, expressed, “GreenFortune’s latest round of funding reflects the unwavering trust our investors place in our vision to empower the middle-income section of the nation with quality solutions tailored to their needs in a pocket-friendly manner. With this round of funding, the company aims to scale operations, strengthen its network of fabricators, and achieve INR 250 Cr ARR within the next two years.”

    Rajeev Ranka, India Partner, Incubate Fund Asia said, “ We are thrilled to continue our partnership with GreenFortune as repeat investors. From the early days of B2B business, we are now seeing it evolve into a B2C business with strong demand from consumers on the back of good quality, experience and affordability. We are excited to support them in creating a unique category in home engineering materials with a blend of superior customer experience.”

    Shubhankar Bhattacharya, Co-Founder & General Partner of Foundamental, said, “GreenFortune has been executing brilliantly on the pivotal aspects of a new-age building materials brand: Upscaling existing manufacturing supply, improving service quality and customer access, and delivering strong margins. We are proud to lead GreenFortune’s Pre Series-A and are excited to partner with Dilip and Pratyusha on their journey to build India’s premier fenestrations brand.”

    Shiv Kapoor, Vice President at Titan Capital Winners Fund, said, “As an early investor in Green Fortune, we have seen this team be laser-focused on building up the supply chain in the right way to ensure great quality at very reasonable prices for the customers. Having made good progress here, we feel they are ready to go to the next level of growth, build a much-loved brand in this space. Dilip and Pratyusha are the right founders to address this problem as India’s consumption grows.”

    The startup’s last fundraise was $1.0 million in July 2023, led by Incubate Fund Asia. 

    About GreenFortune

    GreenFortune is one of the fastest-growing uPVC window and door brands in India. Our unique tech-driven approach with a highly capable design and technical Services team makes us a preferred partner to fabricators and a preferred brand to customers. Our products are manufactured with over 25+ years of global experience from India, Germany and Japan. We have built a strong reputation for offering high-quality uPVC products at affordable rates.

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  • Zerodha Makes Kite Easier to Use by Adding Six Additional Features

    To facilitate order placement, broking company Zerodha has added six new capabilities to Kite, its trading and investment platform. In his announcement of the X upgrade, founder and CEO Nithin Kamath highlighted several important improvements, including order slicing, available margin display, a new basket icon, and more.

    Newly Added Features of Kite

    1.Order Slicing- If a large order exceeds the exchange limit, it is now automatically divided into smaller portions. For instance, customers can trade up to 36,000 quantities without the need for manual intervention by splitting Nifty orders into up to 20 slices, each of which has 1,800 quantities.

    2.Available Margin- Instead of switching tabs to check margins before placing an order, users may now see their available funds straight in the order window.

    3.Market Depth- Users can now check stock details more quickly without leaving their current screen by accessing market depth data immediately in the order window.

    4.Remember F&O Quantity- For regular traders, Kite now streamlines the process by remembering the previous quantity provided for a contract and automatically filling it in when the order window is reopened.

    5.Market Protection- By establishing a predetermined range around the current market price, this function helps stop market orders from being executed at unexpected prices during volatile times.

    6.The New Basket Icon- On the Kite platform, users can now open and manage their baskets from any location, enabling them to swiftly create and complete several orders with a few clicks.

    Zerodha Launches a Trading Platform for Borrowed Funds

    The margin trading feature (MTF), which Zerodha has introduced in December 2024, enables users to trade on borrowed funds on the platform. Nithin Kamath, founder and CEO of Zerodha, said on X on December 19, “I don’t know if it is a good time with the markets falling, but we are finally launching MTF (margin trading facility), which allows you to buy stocks for delivery by borrowing money from us.” However, Zerodha cautioned against utilising MTF in its blog post. Its post stated that trade with caution because leverage is like a weapon of mass destruction, and MTF is a leveraged product.

    Zerodha claims that because keeping a stock purchased through an MTF has a cost, time is working against the user while engaging in a leveraged trade. It is important to mention that the platform will charge a daily fee of 0.04% of the funded amount. On the site, users are able to borrow up to 80% of the transacted value. “This reduces the potential profits the longer you hold,” Zerodha stated. Speaking on the subject, Kamath claimed that clients who trade for delivery frequently overlook the effect of borrowing costs, which results in a larger loss. However, MTF has expanded significantly over the past three to four years, and almost everyone now offers it.

  • Major Reorganisation of BluSmart with CEO Departure and INR 315 Cr Deal

    BluSmart Mobility has seen several high-profile exits and is currently going through a significant operational reorganisation to strengthen its financial stability. As per the recent reports in the media, its Vice-President Priya Chakravarthy, Chief Business Officer Tushar Garg, Chief Technology Officer Rishabh Sood, and Chief Executive Officer (CEO) Anirudh Arun have all resigned from their positions. According to the reports, which cited sources, Nandan Sharma, who was previously the Vice-President of Business and Operations, has been named the new CEO.

    As Gensol Engineering, BluSmart’s parent business, works to terminate its current lease agreements, the taxi service provider is restructuring its business. Gensol is selling 2,997 electric cars to Refex Green Mobility, a company based in Chennai, as part of this new revamping strategy. These cars, which make up 34% of BluSmart’s 8,700 EV fleet overall, will be leased back to the ride-hailing company. Refex would also take up Gensol’s current INR 315 crore loan. According to the news report, regulatory permissions are still pending for this acquisition. BluSmart has promised that its ride-hailing business will not be impacted by these structural adjustments.

    Gensol Engineering: Navigating Through Financial Roadblocks

    Given Gensol Engineering’s recent financial failures, the leadership changes occur at a critical juncture. The company’s reorganisation efforts are under much more strain now that two rating agencies have reduced its borrowing status to default. BluSmart has just expanded to Mumbai and now operates in Mumbai, Bengaluru and Delhi-NCR. According to the company, its fleet makes seven trips on average every day and is backed by a network of 50 charging hubs that house more than 6,300 charging stations. Last year, BluSmart launched the ‘BluSmart Assured’ leasing scheme to support its fleet expansion. Through this programme, investors and high-net-worth individuals can lease electric cars straight from the business. The scheme has so far added about 1,000 EVs to BluSmart’s fleet, valued at INR 150 crore.

    Present Financial Outlook

    In an interview with a prominent media outlet, Anmol Jaggi, the founder of Gensol Group and co-founder of BluSmart Mobility, stated that the company presently brings in INR 70 crore each month, or INR 840 crore annually. Out of the company’s total debt of INR 980 crore, as of March 2025, INR 280 crore is its outstanding net debt. Tracxn data indicates that BluSmart’s revenue in FY23 was INR 70.9 crore, up from Rs 8.1 crore in FY22. But over the same time period, net losses also increased, rising from INR 100.4 crore to INR 215.9 crore. Jaggi has reaffirmed the company’s commitment to becoming profitable in the upcoming “6-8 quarters.”

  • Grow Indigo Secures $10 Million From British International Investment to Boost Farmer Income and Climate Resilience in India

    Mumbai, March 25, 2025: Grow Indigo, India’s pioneering agri-tech company, has successfully raised $10 million from British International Investment (BII), the UK’s development finance institution and impact investor. Established in 2018, the Company is leading the carbon farming revolution with over 2.5 million acres of smallholder farmland already enrolled across 7 states. This strategic funding will accelerate the expansion of Grow Indigo’s transformative sustainability programs across India.

    Tackling Climate Change Through Resilient Farming Practices

    Agriculture contributes 14 percent of India’s total greenhouse gas emissions—over 400 million tonnes of CO₂ annually. Grow Indigo is addressing this challenge head-on through carbon farming, a set of sustainable agricultural practices that captures carbon in the soil while reducing emissions.

    The company promotes sustainable techniques such as direct-seeded rice and no-tillage farming that deliver multiple benefits:

    • Enhanced soil health and reduced erosion
    • Preserved biodiversity
    • Improved water efficiency
    • Reduced manual labor, particularly benefiting women farmers

    These interventions, which are also known as regenerative agricultural practices, are crucial for decarbonizing rice, wheat and maize production across India.

    Creating New Income Streams for Smallholder Farmers

    By encouraging farmers to adopt regenerative agricultural practices, Grow Indigo is creating a revolutionary income stream through soil carbon credits and sustainable produce for Scope 3 reductions. These credits, generated from carbon removals as well as greenhouse gas emissions reductions, are sold to corporations who seek to support resilient agri-food supply chains while meeting their sustainability goals. The majority of carbon credit revenue goes directly to participating farmers, improving their livelihoods.

    With robust measurement, reporting, and verification (MRV) systems, Grow Indigo’s carbon programs offer corporations a transparent, high-impact option to meet sustainability goals while supporting smallholders and creating healthier rural livelihoods. The company also partners with food and fashion companies to facilitate sustainable sourcing and reduce supply chain emissions.

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    Ambitious Growth and Impact Goals

    Grow Indigo believes carbon farming has the potential to become one of India’s largest agricultural export commodities by 2030, generating billions in additional income for smallholder farmers while boosting soil health, conserving water and reducing the country’s agri emissions.

    With four carbon farming projects at different stages of development and the first carbon credits expected to be issued soon, Grow Indigo is positioned for rapid growth. The company aims to enroll millions of farmers and acres within the next two years.

    “Regenerative agriculture is the future of farming, not only for improving soil health and conserving water but also for creating improved livelihoods for millions of smallholder farmers,” said Dr. Usha Barwale Zehr, Executive Director of Grow Indigo. “With this funding, we will accelerate farmer enrollment and scale carbon farming initiatives. Maintaining integrity of the sustainability outcomes, by way of carbon credits and Scope 3 emission reductions, is of utmost importance to us and will bring maximum value to farmers with our science-backed MRV offerings. We are thrilled to be partnering with BII to pursue these critical objectives for India’s sustainability objectives.”

    Srini Nagarajan, Managing Director and Head of Asia at BII, said: “Rice, wheat, and maize are staple foods in India, cultivated by numerous smallholder farmers who are vulnerable to the impacts of climate change. Through our innovative pools of capital, we are proud to support pioneering businesses like Grow Indigo that address adoption barriers by harnessing the potential of carbon markets. This initiative not only reduces carbon emissions but also enhances farmers’ climate resilience and increases their incomes. This is aligned with the Government’s policies to support regenerative agri practices.”

    Jennifer Kaul, Deputy Director, Investments, South Asia at the British Deputy High Commission in Mumbai, said: “India’s strong resolve in the adoption of regenerative agricultural practices is noteworthy. The agricultural sector plays a key role both for food security and as a valuable export commodity. The UK government is committed to investments that support our climate and sustainability goals, not least in the agricultural sector. British International Investment’s support to Grow Indigo is a welcome step in this direction and reflects the deep partnership between our nations, which is underpinned by growth and sustainability.”

    About Grow Indigo

    Grow Indigo, company established by Mahyco Private Ltd and Indigo Ag, is engaged, in the business of research and development, production, processing and marketing of biologicals and linking farmers to voluntary carbon markets by farmer enrolment, advisory, monitoring, reporting and verification of regenerative agricultural practices adopted by the farmers for carbon removal units and sustainable produce. Grow Indigo is the leading Agri-solutions provider for sustainable and regenerative agriculture, having a presence across 16 states with 2000+ distribution partners and 600+ feet on the ground team offering products from seed treatment to harvest.

    About British International Investment

    British International Investment is the UK’s development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to create productive, sustainable and inclusive economies in our markets. Between 2022 and 2026, at least 30 percent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,580 businesses across 65 countries and total net assets of £8.5 billion.

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  • Why Cloud Accounting is the Future for SMEs

    New Delhi [India], March 25: Ok, let’s get straight to the point: managing accounts manually is a nightmare. If you’re still buried under spreadsheets, flipping through receipts, and stressing over missing numbers, you’re doing SME’s business the difficult way. It’s like using a typewriter when the world has moved on to voice-to-text—literally!

    Welcome to cloud accounting—the smartest, easiest way to manage your finances without losing sleep (or your data). If you’re wondering, “Do I really need this?” keep reading. By the end, you’ll be asking yourself, “Why didn’t I switch sooner?”

    First, What Even is Cloud Accounting?

    Imagine all your financial data—your invoices, transactions, reports, and expenses—securely stored online and accessible anytime from any device. No more “I left that file on my office laptop.” No more “Where did I save last month’s report?” No more “Oops, my hard drive crashed, and I lost everything.” Everything stays safe, updated, and accessible, no matter where you are. Sounds like a dream? It’s reality. And that’s why SMEs everywhere are moving to cloud accounting.

    Why Cloud Accounting is a No-Brainer for SME’s

    Still unsure if cloud accounting is worth it? Let’s break it down.

    Your financial data isn’t trapped on one computer—it’s everywhere you need it to be. You can check your cash flow while sipping chai at your favorite café, approve invoices while stuck in traffic (as a passenger, of course), and access reports from your phone when a client suddenly asks for details. SME’s business isn’t tied to one place, so why should your accounting be? With hisabkitab’s mobile app, available on both Android and iOS, you can manage your SME’s business finances from anywhere—whether you’re in the office or on the go.

    Nobody starts an SME’s business because they love manually entering numbers. Cloud accounting automates all those time-consuming tasks, making SME’s business operations smoother. Invoices get sent automatically, expenses are tracked in real time, and payment reminders go out on their own. This means less work, fewer mistakes, and more time to actually grow your SME’s business.

    You know that mini heart attack you get when your laptop crashes and you haven’t backed up your files? That doesn’t happen with cloud accounting. No more lost receipts, no more corrupt files, and no more scrambling to find missing reports. Everything is backed up automatically, so your financial data stays safe—no matter what happens to your device. Hisabkitab’s mobile app securely stores your financial records and makes them accessible across devices, making accounting truly hassle-free.

    Spreadsheets are great… until they aren’t. One wrong formula, one deleted cell, and suddenly, your entire report is a mess. Cloud accounting keeps everything organized, error-free, and far less stressful. Reports are generated automatically, cash flow updates in real time, and financial statements are one click away—not buried in twenty different folders. This means less stress and more clarity in financial planning.

    Why SME’s Are Choosing hisabkitab for Cloud Accounting

    So, we’ve established that cloud accounting is the future. However, not all cloud accounting tools are created equal. That’s where hisabkitab comes in. It’s built specifically for Indian SME’s- whether you’re a freelancer, a startup, an SME’s business, or an agency, it’s designed to make accounting simple, seamless, and stress-free.

    SME’s are switching to hisabkitab for a reason. With a 4.5+ rating on Google Play and the App Store, it’s trusted by thousands of SME’s across industries. It’s easy to use, with no confusing menus or complicated finance terms. Being 100% cloud-based, your data is available anywhere, anytime. The pricing is affordable, with no hidden costs, just real value for money.

    The platform is also accessible across multiple devices, allowing you to switch between desktop, mobile, or tablet without any hassle. Basically, it’s like having a full-time accountant—without the hefty salary.

    The Future is Here—Are You Ready?

    We’ve automated our food orders. We’ve automated our shopping. We’ve even automated our reminders to drink water. So, why are we still managing our finances the old-school way? Cloud accounting isn’t just an upgrade—it’s a necessity for SME’s that want to save time by automating financial tasks, cut down errors, and keep records accurate while making smarter SME business decisions with real-time insights. The best part? Getting started is ridiculously easy.

    Switch to Smart Accounting with hisabkitab

    Managing your SME’s business finances doesn’t have to be a headache. With hisabkitab’s cloud accounting solution, you get instant access to financial data anytime, anywhere, automated bookkeeping and invoicing so you can focus on growing your SME’s business, and secure, hassle-free accounting—no more lost files or spreadsheet disasters.

    So, what’s the plan? Are you sticking with outdated methods or upgrading to smarter, cloud-powered accounting?

    The future is here—let’s make the switch. Join thousands of SMEs using hisabkitab today!

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  • Notification of the Unified Pension Scheme (UPS) for Government Personnel: Qualifications, What’s New

    The Unified Pension Scheme (UPS) for central government employees will go into effect on April 1, 2025, according to a notification from the Pension Fund Regulatory Authority of India (PFRDA).This implies that central government workers who are now employed and covered by the National Pension Scheme (NPS) as well as newly hired workers on or after April 1, 2025, will be enrolled under UPS, a news outlet reported.

    What UPS Offers?

    Prior to superannuation, UPS guarantees government workers a pension equal to 50% of their average basic pay earned throughout the previous 12 months. Superannuation is the term used to describe a company’s pension plan, or the retirement plan that businesses provide to their workers. This allows tax benefit money to be deposited into each employee’s account until they reach retirement age.

    Eligibility for UPS

    In India, 23 lakh central government employees have access to the NPS and UPS choices. This does not, however, apply to workers who have been fired, removed from service, or quit. Starting on April 1, 2025, all central government employees can access the enrolment and claim forms online at Protean CRA’s official website. Submitting the forms in person is also an option for those who prefer.

    The UPS, What’s the Latest Developments?

    According to a report, the entire rate of guaranteed payment with the UPS is 50% of 12 months’ average basic pay just before superannuation for a minimum qualifying service of 25 years against a payout tied to market returns under the NPS. While the NPS went into effect on January 1, 2004, the UPS was approved by the Union Cabinet, led by Prime Minister Narendra Modi, on August 24, 2024. Employees must contribute 10% of their base pay and dearness allowance to the UPS, which is also contributory in nature. The central government, the employer, will contribute 18.5%. The market returns on that corpus, which is primarily invested in government debt, also affect the final payout.

    How is UPS’ Guaranteed Payout Determined?

    The Finance Ministry’s frequently asked questions provide specifics on how UPS calculates guaranteed payouts. Just prior to superannuation, the entire assured payout rate will be 50% of the average basic wage for 12 months. After at least 25 years of qualifying service, a full assured payout is due. If the qualifying service duration was less, a commensurate payment would be allowed. According to the standards set forth by the Finance Ministry, if superannuation occurs after ten years or more of qualifying service, a minimum guaranteed payout of INR 10,000 per month will be guaranteed, provided that contributions are credited on time and regularly and that no withdrawals are made. When an employee voluntarily retires after completing a minimum of 25 years of qualifying service, the guaranteed payout will start on the day the employee would have superannuated if he had stayed on the job.

  • Ola Electric Settles Debts with Rosmerta Group

    In a regulatory statement on 25 March, Ola Electric Technologies Private Limited, a division of Ola Electric Mobility Limited, stated that it had settled its financial disagreements with the Rosmerta Group and that as a result, insolvency proceedings had been withdrawn against it. Earlier insolvency filings against Ola Electric Technologies were filed by the Rosmerta Group, which cited unpaid debts. According to earlier media reports, Rosmerta Digital Services demanded payment of slightly over INR 22 crore (about $2.5 million) in unpaid debts, while Rosmerta Safety Systems requested payments of almost INR 2.5 crore. The National Company Law Tribunal (NCLT) in Bengaluru received a request from Rosmerta to withdraw its insolvency proceedings after Ola Electric declared on March 25 that all outstanding debts had been resolved amicably. The business underlined its dedication to keeping solid business ties and making sure that any commercial concerns are promptly resolved.

    Ola Clarifying the Mismatch of Data

    This decision was made in the midst of Ola Electric’s operational optimisation efforts. Ola Electric also claimed that discussions with its vehicle registration vendors were the cause of a discrepancy in February between government registration data and sales data supplied by the company. The government has requested details on the issue, but the corporation claims that the backlog caused by the data mismatch has been resolved.  According to the corporation, its sales are still strong, and the brief backlog in February was brought on by continuous discussions with our partners that handle vehicle registrations. With daily registrations surpassing 50% of its three-month daily sales average, this backlog is being quickly cleared. By the end of March 2025, the remaining backlog will be completely resolved, with almost 40% of the February backlog already cleared. On March 24, the shares of Ola Electric Mobility Limited closed at INR 55.72 per share. Ola Electric’s shares are down roughly 27% since listing in August, however they have somewhat recovered from a record low since it notified investors of the insolvency petition.

    Over 1,000 Workers are Let go by Ola Electric

    According to a media agency, Ola Electric Mobility Ltd., under the leadership of Bhavish Aggarwal, is laying off over 1,000 staff and contract workers in an attempt to reduce the company’s growing losses. As the electric two-wheeler (2W) manufacturer goes through a significant reorganisation, the employment cutbacks impact several departments, including procurement, fulfilment, customer relations, and charging infrastructure. In less than five months, this is the company’s second round of layoffs. About 500 workers were let go by Ola Electric in November 2024, and the most recent round of layoffs represents more than 25% of the company’s 4,000-person employment as of March 2024. However, since they are not included in the company’s formal disclosures, contract workers are not included in this statistic.