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  • Dixon and Foxconn Call on Government to Pay Off Outstanding Subsidies

    According to reports, electronics companies Dixon Technologies and Foxconn have pleaded with Indian authorities to pay INR 700 Cr in outstanding debts. The payments relate to the subsidies covered by the Centre’s production-linked initiative (PLI) program that the two Apple vendors are eligible to receive. According to a media citing, if the government makes the money available, Foxconn might get up to INR 600 Cr, while domestic Dixon might earn INR 100 Cr. Authorities are allegedly examining the two requests at this time, according to sources. Even though the Centre has allotted more than INR 41,000 Cr for the smartphone PLI scheme, certain companies have not yet received their share of the subsidies since they have not met their production targets.

    What the Argument is All About?

    Dixon and Foxconn have both maintained that they qualify for a portion of the unallocated funding. According to the report, Foxconn produced iPhones valued at INR 30,000 Cr in the fiscal year 2022–2023 (FY23), which is significantly more than the INR 20,000 Cr benchmark set by the government. In FY24, Dixon, a domestic company, produced cellphones valued at INR 8,000 Cr, surpassing the INR 6,000 Cr goal. Electronics manufacturers are eligible for subsidies under the INR 41,000 Cr PLI scheme if they surpass specific yearly value-based limits. Additionally, the program gives eligible applicants who surpassed their predetermined output any unused subsidies that were due to applicants not reaching their set goals.

    Government has Put Scanner on Dixon

    Dixon’s case, though, seems to be a complex one. The Centre is allegedly investigating whether the domestic electronics maker invested in new ventures to produce Xiaomi smartphones or if “machines were merely shifted out of another factory” that had previously put together the Chinese brand’s products. This occurs as a growing number of multinational industrial titans are heading straight for India to take advantage of the benefits and incentives provided by the Indian government through its numerous PLI programs. Samsung likewise rapidly increased its production in India, even as Apple manufactured $14 billion worth of iPhones there in FY24.

    An Important Test for Modi Government

    Modi’s industrial policy aspirations are put to the test in the unallocated funds issue, despite the comparatively little amount of money at stake. As they diversify beyond China, businesses want to see the administration implement the policies that have resulted in large investments. For example, Apple partners assembled $14 billion worth of iPhones domestically during the previous fiscal year. Samsung Electronics Co. of South Korea has also used the scheme to increase exports.

    As India attempts to attract chipmakers and giant corporations like Microsoft Corp., which intends to invest billions in the most populous nation in the world to promote cloud computing and artificial intelligence, the stability of Indian policymaking becomes even more crucial.

    TCS Partners with ePlane to Revolutionize Urban Mobility
    TCS partners with flying taxi startup ePlane to improve urban mobility, aiming to redefine transportation in cities with innovative solutions.
    StartupTalkyNitin Konde

  • TCS and Flying Taxi Startup ePlane Collaborate to Improve Urban Mobility

    Tata Consultancy Services (TCS), a world leader in IT services and digital transformation, has announced a strategic alliance with The ePlane Company, a pioneer in compact flying electric taxis and urban air mobility solutions, to revolutionise urban mobility.

    The collaboration intends to take advantage of TCS’s proficiency in artificial intelligence (AI), data analytics, and the Internet of Things (IoT), as well as ePlane’s advancements in small eVTOL (electric Vertical Take-Off and Landing) aircraft, its innovative aircraft designs, and its state-of-the-art technology. By working together, both firms want to develop groundbreaking answers to urgent urban problems, including traffic, waste, and environmental sustainability.

    According to Vishnu Ramakrishnan, founder of The ePlane Company’s office (Business), this partnership with TCS is a natural fit with the company’s goal of redefining urban transportation through the development of sustainable and effective electric air mobility solutions. The company may expand its operations, improve its technological skills, and get closer to the future of air mobility by utilising TCS’s experience. TCS and The ePlane Company hope to provide sustainable solutions that tackle the problems of contemporary urban transit by fusing their respective strengths.

    Creating Robust Framework

    A strong foundation for effective and scalable air mobility will be established by this convergence of technology capabilities. TCS‘s CTO, Harrick Vin, went on to say that the company is thrilled to collaborate with The ePlane Company, a leader in small flying electric taxis. This collaboration underscores TCS’s aim of using technology to create a sustainable future and demonstrates its dedication to fostering innovation in cutting-edge sectors like electric aircraft.

    By incorporating renewable energy sources and creating a very strong supplier-buyer framework, the collaboration also places a strong emphasis on sustainability and scalability. These initiatives seek to improve the electric aviation ecosystem’s operational effectiveness and reach while ensuring its long-term viability.

    Other Important Initiatives of the MoU

    The MoU also describes strategic efforts, such as product presentations, co-development of customised solutions for TCS clients, involvement in innovation-focused events like TCS PacePortsTM, and investigation of proof-of-concept projects. These programs aim to establish the partnership as a pioneer in the developing field of sustainable transportation and accelerate the implementation of cutting-edge air mobility technology.

    The collaboration demonstrates India’s leadership in the global movement for sustainable and innovative transportation. This partnership aims to clear the path for a time when air mobility solutions will be essential in alleviating urban transport problems as cities around the world struggle with traffic and environmental issues.

    Backdrop of The ePlane Company

    The goal of the ePlane Company, which was founded by Professor Satya Chakravarthy and developed at IIT Madras in 2019, is to transform urban transportation. The business is working on the e200x, an eVTOL aircraft that will reduce traffic in metropolitan areas by up to seven times and enable up to seven times faster intra-city commutes and cargo delivery. The goal of ePlane is to develop sustainable, lightweight, and small urban mobility alternatives.

    When Professor Chakravarthy of IIT Madras and his students teamed up as business partners for a new idea in 2017, the flying taxi start-up took its first form. To advance the business, Chakravarthy took a leave of absence from his teaching position. The business was fostered at IIT Madras later in 2019.

    Centre Empowers GST Officer to Block Tax-Evading Gaming Websites
    The Centre designates a GST officer to block websites of online gaming companies evading taxes, intensifying efforts to curb tax violations.
    StartupTalkyNitin Konde

  • The New Stand-Alone App from Swiggy ‘Snacc’ for Food Delivery in 15 minutes

    Swiggy, a platform that delivers groceries and food, has released a new app called Snacc that allows users to order meals, snacks, and beverages in as little as 15 minutes. The debut coincides with a race among Indian food delivery apps to deliver hot beverages and biryani to consumers’ doorsteps in less than ten to fifteen minutes.

    Recently, Blinkit, Zomato’s quick-commerce subsidiary, launched “Bistro,” a platform that promises to deliver meals, snacks, and drinks in ten minutes. The debut took place barely one day after competitor Zepto announced the Zepto Cafe, their endeavour.  In a few places, Zomato has started offering its own 15-minute food delivery service. Zomato’s explore page now has a special “15-minute delivery” tab. The business hasn’t, however, released an official statement. Quick-to-prepare, ready-to-eat meals from a few eateries within a two-kilometre radius are promised by the service.

    Vibrant Features of Snacc

    On January 7, Snacc, which has a bright fluorescent green background and dark blue writing, went online in a few areas of Bengaluru. The sources claim that Swiggy intends to expand the platform throughout the nation.

    Chocolate cookies, Indian breakfast, coffee, tea, eggs, rolls and sandwiches, lunches, cold drinks, egg puffs, and cheese Maggie are among the foods offered at Snacc. Prior to that, Swiggy announced in December that it had expanded Bolt, its 10-minute meal delivery service, to more than 400 cities and towns nationwide. For the first time, fresh food from consumers’ favourite restaurants is being delivered right to their door. According to Rohit Kapoor, CEO of Swiggy’s Food Marketplace, fries are crispy straight out of the packaging, ice creams remain frozen, and idlis arrive warm and fluffy.

    Offerings of Bolt

    The Bolt offers a variety of well-liked food items that are ready to pack or take little preparation time, such as burgers, snacks, bakery goods, drinks, desserts, ice creams, and breakfast items. Local favourites like Gwalia Sweets in Ahmedabad, Shiraz and Kookie Jar in Kolkata, Karachi Bakery, and G Pulla Reddy Sweets in Hyderabad are available to customers on Bolt in addition to well-known domestic brands.

    The app also offers food items from MM Mithaiwala in Mumbai, Bhartiya Jalpan and Anand Sweets in Bangalore, Sethi Ice Cream in Delhi, and Irani Cafe in Pune, etc. More than 10% of the orders placed by leading partners in Tier-2 cities, such as Varalakshmi Tiffins in Guntur, Akhshay Tiffins in Mangalore, and Baap of Rolls in Roorkee, already come through Bolt.

    According to Swiggy’s annual report on the nation’s food ordering habits, the 10-minute Bolt meal delivery service set records for delivery times of up to three minutes for food items like burgers, cakes, and ice creams in places like Nashik, Hyderabad, Mumbai, and Delhi.

    Magicpin’s magiNOW to Spice up the Competition

    MagicNOW, a new 15-minute meal delivery service being piloted in major Indian cities and metros, was recently unveiled by magicpin, the country’s third-largest food delivery app.

    In order to preserve freshness and culinary integrity, magicNOW strives to deliver fast meals within a 1.5–2 km radius. Bengaluru, Hyderabad, Mumbai, Chennai, Delhi-NCR, and Pune would be the first cities to host it. Between November 14 and December 15, magicNOW successfully performed 75,000 deliveries from more than 1,000 local restaurants and a network of more than 2,000 food brands, such as Wendy’s, Chaayos, and Faasos. According to Datum Intelligence’s study, the fast commerce market is projected to grow from $6.1 billion in 2024 to $40 billion by 2030.

    Zomato Competes with Swiggy Bolt and Zepto Cafe in 15-Minute Delivery
    Zomato competes with Swiggy Bolt and Zepto Cafe in the growing 15-minute delivery market, intensifying the race for faster service.
    StartupTalkyNitin Konde

  • To Protect Children from Harm in Digital Spaces, DPDP Regulations will be Further Improved: Vaishnaw

    According to reports, the Centre is trying to improve the Digital Personal Data Protection (DPDP) Rules in order to protect kids from online dangers and encourage their use of technology. Union Minister Ashwini Vaishnaw stated in a media agency report that the rules will change in response to lessons learnt from their application. “We will continue to improve it (DPDP Rules) to give kids access to technology while protecting them from numerous risks,” he stated. The draft DPDP Rules 2025 were made public by the government on January 3 and are available for public comment until February 18, 2024. Users under the age of 18 are considered children under the DPDP Act, which requires social media companies and other online intermediaries—known as data fiduciaries—to get express parental approval before processing any kid data.

    What New Drafted Rules State?

    According to the draft regulations, digital platforms are only permitted to process a child’s data with a verified parent or guardian’s approval. Either a virtual token issued by a legally authorised entity or freely supplied identity and age information can be used for verification. According to Vaishnaw, the token system has worked well in a number of situations, including transaction verifications based on Aadhaar. He clarified that the tokens will be transient and only be used for one transaction before being instantly destroyed. The minister added that if necessary, sector-specific guidelines might be released, but only after speaking with stakeholders and experts in the relevant area.

    Individual Privacy will Remain Intact

    Virtual token verification won’t jeopardise personal privacy, according to Vaishnaw. He affirmed that because whistleblowers are legally protected, they would not be impacted by the DPDP Act. He added that the DPDP Act has no restrictions on the number of complaints that can be filed. According to a report from last year, social media companies are looking into ways to comply with the DPDP Act of 2023, such as using QR codes, virtual Aadhaar IDs, or app store-level age verification. Industry executives, however, objected to this clause because they were worried about the privacy implications of using these tools to determine the ages of children and confirm parental relationships.

    Strict Compliances are the Need of the Hour

    S. Krishnan, Secretary of the Government of India’s Ministry of Electronics and Information Technology (MeitY), claims that compliance is really increasing dramatically and that a great number of cases are resolved before the blocking issue is even raised. They act on it right away. According to their own community guidelines or the government’s removal demands for illegal content, they now complete these tasks much more quickly than they did in the past.

    There has been a noticeable increase in both the quantity and timeliness of items removed. These cover topics including child sexual abuse material (CSAM), inappropriate information of all kinds, and anything that could sabotage peace in the community, S. Krishnan noted further.

    Centre Empowers GST Officer to Block Tax-Evading Gaming Websites
    The Centre designates a GST officer to block websites of online gaming companies evading taxes, intensifying efforts to curb tax violations.
    StartupTalkyNitin Konde

  • The Centre Designates GST Officer to Block Websites Run by Online Gaming Companies that are Evading Taxes

    The Directorate General of GST Intelligence Headquarter (DGGI-HQ) has been given authority by the Indian government to direct intermediaries to disable the websites of online gaming enterprises accused of tax evasion. The government has designated the Additional/Joint Director (Intelligence) as the nodal officer for the assignment, according to a notice published in the Ministry of Finance’s gazette.

    Section 14A(3) of the Integrated Goods and Services Tax Act, 2017 gives the DGGI-HQ the authority to block any “information generated, transmitted, received, or hosted in any computer resource” that an online gaming company that has not paid taxes has used. This covers businesses based outside of India.

    Clause (b) of sub-section (3) of section 79 of the Information Technology Act, which imposes liability on intermediaries for failing to block or remove content upon government orders, is also cited in the notification. The material Technology (Guidelines for Intermediaries and Digital Media Ethics Code) Rules’ clause (d) of subrule (1), which forbids intermediaries from keeping illegal material, is also included.

    The government’s intention is to thwart tax-evading foreign gambling platforms by instructing intermediaries, such as search engines and social media platforms, to halt their online operations in India, according to the gazette notification.

    Sector Evaded Taxes Worth INR 81,875 Crore in FY24

    Earlier this year, the DGGI declared that the largest amount of GST evasion in the fiscal year 2023–2024 was caused by the online real money gaming industry. In FY24, the sector avoided paying taxes totalling INR 81,875 crore in 78 cases. The distinction between “real money online gaming” and gambling was effectively eliminated when the government raised the GST on real money online gaming from 18% to 28% earlier in 2023.

    Numerous businesses received extensive tax evasion warnings dating back to prior fiscal years when the legislation went into effect on October 1, 2023. According to reports, Delta Corp received a notice of INR 16,822 crore for the period of July 2017 to March 2022, while Dream Sports received claims ranging from INR 25,000 to INR 40,000 crore.

    Finance Minister Nirmala Sitharaman later disclosed that within six months of the raise, tax receipts from the sector had increased fivefold. From October 2023 to March 2024, collections increased 412% to INR 6,909 crore from INR 1,349 crore.

    Government Under Strong Criticism

    The industry protested the tax hike, which was a highly contentious move. In a letter to the government, more than 100 skill-gaming businesses claimed that it would “reverse the growth trajectory of the industry.” According to the letter, the GST will incentivise offshore gambling operators, attract Indian customers to them, and ultimately result in neither the expansion of the legal industry nor the best possible revenue collection.

    CoinSwitch Announces INR 600 Cr Recovery Plan for Hack Victims
    CoinSwitch plans to propose a recovery plan worth INR 600 crore to assist victims of recent hacks, aiming to restore trust and provide relief.
    StartupTalkyNitin Konde

  • For hack victims, CoinSwitch will Propose a Recovery Plan Worth INR 600 Cr

    To help users of WazirX, a compromised cryptocurrency exchange that suffered a huge $230 million (INR 1,900 crore) cyberattack last year, cryptocurrency unicorn CoinSwitch has started an INR 600 cr recovery scheme. The company hopes to assist impacted individuals in compensating for their losses, depositing money to benefit from the current cryptocurrency market boom, and receiving incentives through the program called “CoinSwitch Cares.” Cybercriminals from North Korea are said to have breached WazirX in July 2024, removing over $234 million in cryptocurrency assets from one of its wallets. Over 4 million Indian customers suffered significant losses as a result of the cyberattack, which also damaged confidence in the country’s cryptocurrency market.

    Smart Move by CoinSwitch to Allure WazirX Users

    In essence, the project is an attempt by the cryptocurrency platform to acquire WazirX users. Ashish Singhal, cofounder and CEO of CoinSwitch, stated during a virtual “Ask Me Anything” session that the company has launched the CoinSwitch Cares program in an effort to rebuild the trust of the Indian cryptocurrency community.  Users affected by the WazirX attack can now assess their losses on the CoinSwitch Cares page and upload statements for verification.

    How the Entire Recovery System will Work?

    There will be three parts to the recovery program. Users can earn up to 10% of the money invested through this program over the next two years with the help of the first part, Assured Signup Rewards. In order to benefit from the scheme, users affected by the WazirX theft have two options: deposit money to CoinSwitch right away or wait for the Nischal Shetty-led company to completely resume withdrawals on the platform.

    The second feature is revenue redistribution, which enables CoinSwitch to divide trading profits from the recovery program among impacted users based on their respective losses. Referral Rewards, which helps users earn up to 5% of the deposited funds by referring WazirX hack victims, comes in third.

    Recent Updates on WazirX

    WazirX had $566.38 million in liquid assets as of December 5, 2024. Customers have sued the business for $546.47 million in damages. It is important to remember that CoinSwitch said last year that it will sue WazirX in an attempt to recoup 2% of its money that is still in the hands of the compromised cryptocurrency exchange. WazirX is expected to fully restart cryptocurrency withdrawals on the platform by the middle of April this year, as multiple media outlets reported. It is seeking a plan of arrangement in Singapore to start business again. Through tokenisation and rebalancing, the suggested plan seeks to provide WazirX users with liquidity and extra recoveries. Following the scheme’s approval and sanction, WazirX will distribute recovery tokens to all of its customers and release liquid assets valued at $284 million.

    Zettai Pte Ltd Coming Up with Decentralised Exchange

    In order to start recovery efforts, Zettai Pte Ltd, the parent company of Zanmai Labs, the company that runs WazirX, is creating a new decentralised exchange (DEX) at the same time. On the next platform, the business intends to introduce capabilities including futures trading and cryptocurrency staking. WazirX lifted the ban on INR withdrawals from the platform in August of last year, albeit gradually and with a 66% cap. These events coincide with an investigation of the WazirX attack by a number of government organisations, including the Indian Computer Emergency Response Team (CERT-In), the Financial Intelligence Unit, and the Intelligence Bureau.

    Financial Services Secretary Urges Fintechs to Innovate Responsibly
    The Financial Services Secretary emphasizes that fintech companies must innovate responsibly while adhering to regulatory standards for sustainable growth.
    StartupTalkyNitin Konde

  • Financial Services Secretary: Fintechs Must Be Innovative While Adhering To Standards

    On January 7, Nagaraju Maddirala, secretary of the Department of Financial Services (DFS), urged fintech companies to “consistently” provide creative solutions to the financial services sector while “strictly” adhering to rules. He said this while presiding over a conference in New Delhi with cofounders and senior executives from significant fintech companies. Kunal Shah, the founder of CRED; Bipin Preet Singh of MobiKwik; Sharath Bulusu of Google Pay; and officials from BillDesk, Infibeam Avenues, and Razorpay were among those present at the meeting. The gathering was also attended by industry organisations like the Digital Lenders Association of India, the Payments Council of India, and the Startup Policy Forum. According to a statement, “the goal of the engagement with partners from the startup and fintech ecosystem was to promote an open exchange of ideas aimed at elevating the fintech sector to a global standard.”

    Sharing his views on the suggestion, Rajjat Gulati, Co-Founder, plutos ONE stated, “Fintechs use technology to deliver services to their customers cheaper, faster, and better than before or to offer innovative new solutions. With technology comes the potential to deliver these solutions and their positive impact at never-before-seen scales. At the same time, technology also means that any missteps or vulnerabilities can be multiplied many times over. An attacker now has access to not thousands, but millions of customer records if they are able to access your systems. Millions could be defrauded of billions because somewhere in the stack of technological services that come together to deliver a simple money transfer solution is a bug or vulnerability or a piece of malicious code.”

    Digital Payment Systems Required Deeper Penetration

    Maddirala praised the Indian fintech industry’s explosive expansion over the last ten years and emphasised the necessity of enhancing digital payment systems in rural and northeastern areas, especially with UPI. He also urged the stakeholders to support micro, small, and medium-sized businesses (MSMEs) through “lending based on digital footprints.” According to the official announcement, Maddirala outlined the several steps the Centre has made to foster an atmosphere that is supportive of the fintech industry. Officials from the Reserve Bank of India (RBI), the National Payments Corporation of India (NPCI), the Financial Intelligence Unit (FIU), and the Ministry of Electronics and IT (MeitY) also attended the conference.

    2024 Not a Promising Year for Fintech Startups

    The gathering takes place while the domestic fintech sector continues to suffer from a lack of capital. Indian fintech firms raised $2.5 billion in 2024, a 19% decrease from $3.1 billion the year before, despite being the most funded industry last year. The fintech ecosystem had a drop in funding for the third year in a row in 2024. Nonetheless, the number of deals in the industry increased by 23% from 2023 to 2024, from 132 to 162. Last year, the fintech industry also achieved a $30 billion funding milestone (from 2014 to 2024) and welcomed two new unicorns to its portfolio: Moneyview and Perfios. Finova Capital, Drip Capital, and M2P were notable for securing some of the largest agreements in 2024, with each deal exceeding $100 million.

    India’s Fintech Ecosystem Still Leading the Global Race

    In spite of this downturn, the Indian fintech ecosystem is one of the top three globally financed fintech ecosystems in H1 2024, after the US and the UK. According to Tracxn’s Geo Semi Annual Fintech India Report for H1 2024, the ongoing funding winter and a number of other geopolitical challenges are to blame for the funding fall. Compared to one in H2 2023, two funding rounds totalling more than $100 million were observed during that time. These include the $120 million Series C funding round raised by lending platform Avanse and the $144 million Series D funding round raised by non-banking lender Credit Saison.

    Vodafone and Airtel Transfer Joint Venture Stake to iBus
    Vodafone and Bharti Airtel will transfer their entire stake in the joint venture to iBus, marking a pivotal move in the telecom industry.
    StartupTalkyNitin Konde

  • Zomato Competes with Swiggy Bolt and Zepto Cafe in the 15-minute Delivery Race

    Zomato has increased competition in the rapidly changing quick food delivery market by subtly launching a 15-minute meal delivery service. Currently accessible through the Zomato app, the new functionality puts the business in a competitive position against rivals such as Swiggy’s Bolt, Magicpin, and Zepto.

     Although the service has not yet been formally announced, it is currently operational in a few major cities, including Bangalore and Mumbai. In the app’s explore section, a special “15-minute delivery” page has emerged, displaying a variety of ready-to-eat and quick-to-prepare items from participating restaurants. Similar to Swiggy’s Bolt, Zomato restricts deliveries to eateries within two kilometres in order to guarantee prompt service.

    Rapidly Sprawling Nexus of Quick Commerce

    With its decision to provide 15-minute delivery, Zomato enters a highly competitive market where quick delivery is increasingly important for standing out from the competition. This comes soon after the debut of Blinkit, Zomato’s rapid commerce division, which will soon unveil “Bistro,” a service that promises to bring nutritious juices, snacks, and meals in a matter of minutes.

    In a similar vein, Swiggy began offering its Bolt service in October 2024 and has since stated that 5% of all of its food delivery orders are currently completed using this expedited delivery option. In order to meet the increasing demand for lightning-fast service, Zepto has also stepped up its focus on quick meal delivery by releasing a second app called Zepto Cafe.

    Other Players Soon to Join the Race

    Ola Dash, Ola’s 10-minute food delivery service, began in Bengaluru and is currently being rolled out nationwide. With JioMart, Reliance also intended to enter the fast commerce market last year, offering deliveries in less than 30 minutes. According to reports, Myntra, a shopping portal, has begun testing its own 30-minute delivery service for specific brands in a few Bengaluru neighbourhoods.

    Performance of India’s Quick Commerce Sector in 2024

    In addition to substantial venture capital and expansion, the quick commerce industry saw the arrival of big companies and experienced remarkable user growth in 2024. Zomato-backed Blinkit turned adjusted EBITDA positive in March 2024, and Swiggy went public recently.

    Amazon declared Tez and Myntra introduced “M-Now,” while Flipkart ventured into fast commerce with “Minutes.” Now, every major company is concentrating on the quickly expanding fast commerce business, due to the demand and broad adoption in tier-2 and tier-3 cities as well as metro areas.

    According to the Tracxn study, the rapid commerce industry had a notable increase in funding in 2024, raising $1.37 billion in equity capital from seven rounds, primarily owing to Zepto, which raised $1.355 billion in three $300 million rounds. Redseer, a consultancy firm, projects a 40–45% GMV CAGR for q-commerce over the next three years. All players have now increased their services beyond only grocery and food to include toys, Dhanteras gold, cosmetics, fashion, and electronics, among other things.

    Kabeer Biswas of Dunzo to Join Flipkart Minutes
    Kabeer Biswas, Co-Founder of Dunzo, is reportedly set to join Flipkart Minutes, marking a strategic move in the quick commerce sector.
    StartupTalkyNitin Konde

  • Ola Electric is Warned by SEBI for Announcing its Network Expansion Plan on Social Media

    Ola Electric, a manufacturer of two-wheeler electric vehicles (EVs), has received an administrative warning from the Securities and Exchange Board of India (SEBI) for breaking its rules. Ola Electric is facing charges for using social media to reveal important details about a planned shop network expansion before first alerting the stock exchanges. According to the current regulations, listed companies must notify stock exchanges of all material information as soon as possible, but no later than “twelve hours from the occurrence of the event or information.” Bhavish Aggarwal, the founder, chairman, and managing director of the electric vehicle manufacturer, released the information about the planned expansion about four hours prior to the firm sharing the data with the exchanges, according to Ola Electric’s filing with the exchange. In its warning letter to the company, SEBI noted that although the aforementioned information was released on the stock exchanges by Ola Electric at 1:36 PM (BSE) and 1:41 PM (NSE) on December 2, 2024, it was first announced on X (formerly Twitter) at 9:58 AM on the same day by Bhavish Aggarwal, the company’s promoter and Chairman-cum-Managing Director.

    Ola Electric Falling to Provide Information to all Investors

    The company was also found guilty by the markets authority of not giving all investors the information in a way that was “equal and timely.” The listed EV manufacturer “failed to take into consideration the interest” of all of its stakeholders, SEBI further noted. In its notice to the company, the regulator stated that Ola Electric had violated Regulations 4(1)(d), 4(1)(f), 4(1)(h), and 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. SEBI “warned and advised” the company to be “careful in the future” and to enhance its compliance standards to prevent recurrence of similar occurrences, while acknowledging that it took the violations “very seriously.” Additionally, it warned of “enforcement action” should such incidents recur and instructed the corporation to take corrective action. This comes one week after Pritam Das Mohapatra was named the new compliance officer and corporate secretary by the EV manufacturer. He is in charge of monitoring Ola Electric’s adherence to SEBI regulations and the current governance structure.

    More Trouble for Ola Electric

    The aforementioned warning was sent on the same day that the Karnataka High Court denied Ola Electric’s request to have a notice from the Central Consumer Protection Authority (CCPA) on charges of unfair practices, deceptive advertising, and suspected violations of consumer rights revoked. The HC granted some mercy and gave the EV manufacturer a six-week postponement to reply to the consumer protection watchdog’s show-cause notice, even though the CCPA notice demanded Ola Electric to submit new papers.

    Bajaj Auto Beats Ola Electric in E-Scooter Sales Race
    Bajaj Auto has overtaken Ola Electric in the competitive electric two-wheeler market, highlighting its strong performance and market strategy in the EV space.
    StartupTalkyNitin Konde

  • How Arghya Sarkar Built Recruitment Mantra- a trusted Hiring Partner for your Business Success

    January 03, 2025 – Kolkata: Arghya Sarkar, the founder of Recruitment Mantra, has emerged as a beacon of hope and determination for aspiring entrepreneurs and job seekers across India. His story is one of resilience, perseverance, and the extraordinary ability to turn setbacks into stepping stones for success. Today, Arghya stands as a symbol of triumph, but his journey to success was anything but straightforward.

    Arghya’s story began like many others—filled with dreams but overshadowed by challenges. Struggling academically, he dropped out of a management program, a decision that left him questioning his future. Faced with uncertainty, he defied conventional expectations and ventured into entrepreneurship without formal qualifications or prior experience. His determination to succeed was unshakable, but the harsh realities of business soon caught up with him.

    Several early ventures ended in failure, leaving Arghya burdened with debt and emotionally drained. Yet, he refused to let these setbacks define him. Each failure became a lesson, and with every stumble, he grew more determined to find his footing. Just when it seemed things couldn’t get worse, life threw another challenge his way.

    In 2021, Arghya faced a personal and professional crisis as his 12-year marriage ended, leaving him at his lowest point—without a business, savings, or emotional support. But instead of succumbing to despair, he made a choice that changed everything: to own his failures and rebuild his life from scratch.

    Armed with nothing but a laptop, a rented office in Kolkata, and a belief in his ability to succeed, Arghya founded Recruitment Mantra. This time, his vision extended beyond building a profitable business—he aimed to create a lasting legacy. Recruitment Mantra would be a platform to empower individuals, support businesses, and make a meaningful impact on society.

    What distinguished Arghya was his focus on innovation and empathy. Recognizing the potential of technology, he integrated AI-driven recruitment processes before they became industry norms. His solutions catered to startups with limited budgets and streamlined hiring for established corporations. More importantly, he infused his business with empathy, understanding that the right job could transform someone’s life. Having experienced rock bottom himself, Arghya knew the power of second chances.

    Arghya Sarkar, Founder Recruitment Mantra

    Today, Recruitment Mantra is one of India’s leading HR consultancies, connecting companies with the right talent and job seekers with life-changing opportunities. For Arghya, however, success is measured not by profits but by the lives he has touched and the opportunities he has created.

    Arghya’s journey offers valuable lessons for anyone navigating challenges:

    1. Self-Reflection Fuels Growth: Arghya’s success began with a willingness to face his shortcomings and take responsibility for his failures. Change starts with looking inward.
    2. Consistency Outshines Talent: Talent alone isn’t enough. Arghya’s ability to persevere and show up every day, despite obstacles, was the foundation of his success.
    3. Beliefs Shape Your Future: Even in his darkest moments, Arghya held onto the belief that better days lay ahead. His unwavering faith in himself kept him moving forward.
    4. Vision Drives Reality: Long before Recruitment Mantra became a success, Arghya visualized his achievements daily. His clear vision motivated him to keep pushing forward.
    5. Failures Teach Vital Lessons: For Arghya, failure wasn’t the end but a necessary part of the journey. Each setback offered valuable insights that propelled him closer to his goals.

    Arghya Sarkar’s story isn’t just about business success; it’s a testament to the human spirit’s resilience. It reminds us that setbacks, no matter how significant, are not the end of the road. They are opportunities to learn, grow, and emerge stronger.

    To anyone feeling disheartened by failures or overwhelmed by challenges, Arghya’s journey is proof that success is built on persistence, self-belief, and the courage to keep moving forward. Your setbacks are merely chapters in a larger story, and as long as you keep turning the page, extraordinary things await.

    Let Arghya Sarkar’s story inspire you to dream, strive, and embrace every challenge as an opportunity to rise. Success, as his journey shows, is not about avoiding failure but learning to rise each time you fall.