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  • IndiQube Submits DRHP for IPO of INR 850 Cr

    IndiQube Spaces, a managed office space provider, has submitted its DRHP for an INR 850 Cr initial public offering (IPO) to the Securities and Exchange Board of India (SEBI), the market watchdog. An offer for sale (OFS) of up to INR 100 Cr and a new issue of shares up to INR 750 Cr will be part of the company’s first public offering (IPO). Meghna Agarwal and Rishi Das, the cofounders and promoters, will sell off a portion of their shares through the OFS.

    The issue’s book running lead managers are JM Financial and ICICI Securities. Both the BSE and the NSE will list the company’s shares. From the net proceeds of the new issuance, IndiQube intends to use INR 462.6 Cr to open additional centres, INR 100 Cr to pay back some loans, and the rest sum for general business needs. From INR 198.11 Cr in the previous fiscal year to INR 341.51 Cr in FY24, the company’s net loss increased by 72%. Operational revenue for the reviewed fiscal year was INR 867.66 Cr, a 44% increase over FY23’s INR 601.28 Cr. Its operating revenue for the three months ending June 30, 2024 (Q1 FY25) was INR 251.30 Cr, while its loss after tax was INR 42.04 Cr. IndiQube reported in a statement that its EBITDA was INR 153 Cr in the first quarter of FY25 and INR 263.4 Cr in FY24.

    Focusing on ‘Office in a Box’ Concept

    IndiQube is a managed office space provider that was founded in 2015 and provides clients with a “office in a box” experience that includes workspace design, interior build-out, and a wide range of technology-enabled B2B and B2C services. Nearly three months have passed since a media report revealed that the Bengaluru-based business was in advanced talks to choose merchant bankers for its initial public offering. A resolution to rename the company from “IndiQube Spaces Private Limited” to “IndiQube Spaces Limited” was passed by the board of IndiQube in November. According to the company’s claims, as of June 30, 2024, it managed a portfolio of 103 locations spread over 13 cities, totalling 7.76 million square feet of area under management (AUM) in built-up area and 1.72 lakh seats.

    Third Coworking Space Segment Firm to Opt for IPO

    The clients of IndiQube include Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, and Ninjacart. WestBridge Capital, Ashish Gupta of Helion Ventures, and Aravali Investment Holdings support the brand. Interestingly, none of the current investors are selling shares through the OFS, with the exception of the cofounders.

    After Awfis went public in May of this year, IndiQube is now the third firm in the coworking space sector to file for an initial public offering (IPO). Although SEBI authorised Smartworks’ DRHP, it has not yet approved DevX’s IPO proposal. In addition, companies including Innov8, 91springboard, Spring House, Incuspaze, and COWRKS are aiming to go public shortly. These coworking space providers are growing as a result of rising office space costs and the rise in modern tech companies that require office space.

    Greaves Electric Mobility Files for INR 1,000 Cr IPO
    Greaves Electric Mobility has filed its DRHP with SEBI for a proposed IPO of INR 1,000 crore, aiming to strengthen its position in the EV market.
    StartupTalkyNitin Konde

  • FRAI Calls on the Government to Give Kirana Stores Better Technology Platforms to Fight Qcom Companies

    In order to help physical businesses contend with the influx of rapid commerce platforms, the Federation of Retailer Association of India (FRAI) has called on the government to develop an “enhanced technology platform.” According to a news agency report, the merchants’ body stated that such assistance would help the kirana stores stay competitive in the face of rapid commerce startups like Swiggy, Instamart, Blinkit, or Zepto encroaching on their market. The Open Network for Digital Commerce (ONDC) was praised by the FRAI, but it stated that a specific solution is required to make local kirana establishments visible and reachable by consumers.

    According to the body, this would level the playing field and allow these kirana shops to compete on an equal basis with “10 minute” delivery systems. According to FRAI spokesperson Abhay Raj Mishra, it is now necessary to take a more targeted approach to developing a particular solution for kirana stores that makes them as discoverable and accessible to customers as possible, similar to how quick commerce companies are functioning, given the new technologies introduced by the government, such as ONDC.

    Kirana Stores Operators Struggling to Survive

    According to reports, MP and Confederation of All India Traders (CAIT) secretary general emeritus Praveen Khandelwal pointed fingers at quick commerce operators, stating that kirana outlets are “facing steep challenges” as a result of the increasing number of quick commerce firms. Khandelwal stated that rapid commerce platforms are undercutting small stores with their enormous warehouses, large client bases, and deep finances, and that it is imperative that retailers “stay updated and embrace all channels” in order to fulfil the changing demands of their customers.

    Additionally, he said that these online marketplaces have an “unfair advantage” over kirana shops, and that shopkeepers’ revenues have stagnated as a result of increased competition from rapid commerce operators, particularly during the festival season when demand is at its highest. The remarks are made at a time when quick commerce players have significantly increased their operations and presence over the last year due to rising demand. Zomato, the company that runs Blinkit, obtained around $1 billion earlier this year through qualified institutional placement (QIP) to support its rapid commerce goals, even if Zepto raised more than $1.3 billion in 2024.

    More Fierce Competition Ahead

    The competition will increase as more businesses try to join the fast commerce trend, which will make things worse for kirana shops. Amazon has plans to launch its rapid commerce platform early next year, while Flipkart joined the “10 minute” delivery race earlier this year with Minutes. For a while now, retailer associations have been keeping an eye on quick commerce platforms.

    The All India Consumer Products Distributors Federation (AICPDF) lodged a complaint against rapid commerce companies, which the Department for Promotion of Industry and Internal Trade (DPIIT) forwarded to the Competition Commission of India in September. Quick commerce companies were also charged by CAIT last month with encouraging aggressive pricing, breaking competition laws, abusing FDI regulations, and gaining near-monopolistic control over supply chains.

    GST Council Considers Tax Reduction on Online Meal Delivery
    The GST Council is considering reducing taxes on online meal delivery services, a move that could lower costs for consumers and boost the food tech industry.
    StartupTalkyNitin Konde

  • With the Expansion of its Tier-3 Town EV Network, Ola Reaches a Milestone of 4,000 Stores

    Ola Electric announced on 26 December that it now has 4,000 stores nationwide, a four-fold increase from the 800 stores that were previously disclosed on December 2 of this month. In less than a month, the firm reported adding 3,200 additional stores to its current network.

     The corporation stated that it was dedicated to promoting widespread EV adoption, which would allow for wider penetration into practically every town and tehsil in India, going beyond tier-1 and tier-2 cities. The business has now fulfilled its promise. Bhavish Aggarwal, chairman and managing director of Ola Electric, stated that today is a major turning point in India’s EV journey as the company extends its network to every city, town, and taluk.

    Aggarwal added that Ola has entirely redesigned the EV buying and ownership experience with its recently launched stores that are also service centres, setting new standards with its “SavingsWalaScooter” campaign.

    New Offers and Benefits Rolled Out by Ola

    Ola Electric has launched promotions with advantages up to INR 25,000 on the S1 portfolio, which will only be accessible on December 25, 2024, to commemorate the network’s expansion. Consumers can receive a flat discount of up to INR 7,000 on the S1 X portfolio by visiting the closest newly opened Ola Store. Customers can also take advantage of other perks up to INR 18,000, such as INR 5,000 on certain credit card EMIs and INR 6,000 on MoveOS benefits.

    Introducing the Ola S1 Pro Sona Limited Edition

    According to the firm, the Ola S1 Pro Sona was also introduced with genuine 24-karat gold-plated components to commemorate the significant network development. The immersive “Sona Mood,” which includes a personalised MoveOS dashboard, a gold-themed Ola app interface, and an enhanced riding experience, is included with Ola Sona. By customising riding modes and settings on the dashboard, consumers can improve their travel experiences.

     Additionally, the business is now accepting priority registrations for its MoveOS 5 beta software platform, which offers features aimed at improving the whole riding experience. Features like group navigation, real-time position sharing, and road trip mode enabled by Ola maps are now available to Ola riders. These features also include TPMS (tyre pressure monitoring system) alarms, smart charging, and smart parks.

    Ola Gig, Ola Gig+, Ola S1 Z, and Ola S1 Z+ are the scooters in the company’s new Gig and S1 Z series. They are priced at INR 39,999 (ex-showroom), INR 49,999 (ex-showroom), INR 59,999 (ex-showroom), and INR 64,999 (ex-showroom), respectively.

     With features like detachable batteries, the new line of scooters provides versatile and reasonably priced options to meet the needs of rural, semi-urban, and urban consumers for both personal and business purposes. Delivery of the Gig and S1 Z series will start in April 2025 and May 2025, respectively, and reservations are available for INR 499.

    Additionally, Ola Electric provides a wide range of S1 products at different pricing points to meet the needs of different types of customers. The mass market offerings include the S1 X portfolio (2 kWh, 3 kWh, and 4 kWh) priced at INR 74,999, INR 87,999, and INR 101,999, respectively, while the premium offerings, S1 Pro and S1 Air, are priced at INR 134,999 and INR 107,499, respectively.

    Ola CEO Bhavish Aggarwal Addresses Staff Attendance Concerns
    Ola CEO Bhavish Aggarwal expresses disappointment over inadequate staff attendance, urging employees to maintain discipline and commitment.
    StartupTalkyNitin Konde

  • Recommendations for Satcom Spectrum Allocation Will Be “Soon” Released by TRAI

    According to an official on 24 December, telecom regulator Trai will shortly make recommendations on regulations for the distribution of satellite spectrum. To open the door for satellite-based broadband services in the nation, the government would consider the suggestions made by the Telecom Regulatory Authority of India (Trai) before deciding to distribute spectrum to satellite communication firms.

    Trai Chairman A K Lahoti stated that the recommendation on satcom spectrum rules will be released “very soon” when asked about it at a National Consumer Day event. In the second week of November, Trai wrapped up an open-house discussion on the terms and circumstances for spectrum assignment for specific commercial satellite-based communication services.

    Tug of War Between National and International Players

    Reliance Jio and Bharti Airtel, two telecom service providers, believe that spectrum should only be distributed through auctions in order to ensure nationwide mobility. Nonetheless, an administrative distribution of satcom spectrum is supported by Elon Musk’s Starlink, as well as international competitors like Amazon’s Project Kuiper and other satellite communication firms.

    Trai’s lengthy open-house discussion lasted for several hours, during which telcos Reliance Jio and Bharti Airtel united and spoke in tandem about the need for a level playing field as India works out the norms for satcom spectrum. The battle lines between terrestrial players and satellite aspirants were clearly drawn. In support of the satellite spectrum auction, Jio stated that it is “not afraid of competition” but that “same services, same rules” must be followed.

    A retired Supreme Court judge was consulted by the Mukesh Ambani-led company to provide legal advice, stating that the issue of levelling the playing field with ground-based telecom networks appears to have been entirely ignored in Trai’s consultation paper on spectrum allotment for satellite communications. Several international peers, including Amazon’s Project Kuiper and Musk’s Starlink, support an administrative distribution of satcom spectrum.

    Satellite Earth Station Gateways

    Regarding licensing requirements for satellite earth station gateways (SESG), service providers have been at odds. While Bharti Group-backed Eutelsat OneWeb and Apple partner Globalstar have stated that SESG does not require any new licensing, reports indicate that Amazon’s Kuiper, Canada’s Telesat, and Tata’s Nelco have shown interest in a distinct authorisation scheme for SESG.

    Data transfer between local networks is facilitated by SESGs, which are ground stations. Jyotiraditya Scindia, the minister of communications, stated in October that satellite service spectrum would be administratively distributed but at a “cost.” It is important to remember that in order to provide satcom services in India, Starlink and Amazon Kuiper must first get a global mobile personal communication by satellite services (GMPCS) licence.  Permits to launch satellite communications services in the nation have only been granted thus far to Reliance Jio’s joint venture with Luxembourg-based satellite provider SES and Eutelsat Oneweb, which is supported by Bharti.

    TRAI to Finalize Satcom Spectrum Allocation Rules by December 15
    TRAI is set to finalize the proposed rules for Satcom spectrum allocation by December 15, shaping the future of satellite communication in India.
    StartupTalkyNitin Konde

  • Say Goodbye to Messy Chalks and Powders—Knoq Away Brings the Future of Pest Control to Indian Homes

    New Delhi [India], December 26: Tired of messy chalks and toxic sprays? Picture this: a pest control solution so simple, safe, and effective that it blends effortlessly into your home. That’s the promise of Knoq Away, the innovative startup from Mangalore redefining how we tackle pests in India.

    Founded in 2024, Knoq Away is on a mission to replace outdated pest control methods with modern, clean, and hassle-free solutions. Frustrated by the inefficiency and inconvenience of traditional products, Knoq Away sets out to create something different—a product that works, looks good, and is safe for everyone.

    Meet the Game-Changer: Knoq Away Anti Cockroach Bait Station

    Say hello to a pest control product that truly delivers!

    • Herbal Power: Made with natural, household ingredients that are proven to keep pests at bay while being safe for your family and pets.
    • Hygienic & Aesthetic Design: No mess, no powders, no sprays. This bait station is designed to blend into modern homes, making pest control discreet and hassle-free.
    • Long-Lasting Effectiveness: Unlike sprays that need frequent reapplication, this bait station works over an extended period, keeping your home pest-free for longer.

    “Our goal isn’t just to control pests,” says founder of Knoq Away. “It’s to make pest control easier, cleaner, and safer for every Indian home. Knoq Away is more than a product—it’s a whole new way of thinking about pest control.”

    What’s Next? A Comprehensive Pest Control Range

    Knoq Away isn’t stopping with cockroaches. The company is gearing up to launch innovative solutions for ants, rats, and lizards. These products promise to carry forward the same blend of herbal effectiveness, modern design, and convenience.

    Imagine a single brand catering to all your pest control needs—without harmful chemicals or outdated methods. That’s the vision Knoq Away is bringing to life.

    Why Knoq Away Stands Out

    • Modern Approach: Say goodbye to powders and chalks. Welcome a cleaner, smarter pest control experience.
    • Eco-Friendly Solutions: With herbal ingredients, Knoq Away ensures safety for your family and pets.
    • Ease of Use: No expertise is needed—just place the bait station and let it do the work!
    • Future-Ready Lineup: Stay tuned for more products that tackle other common household pests.

    A Cleaner, Safer Way to Protect Your Home

    If you’re ready to leave behind the messy, outdated pest control methods of the past, it’s time to switch to Knoq Away. With its clean design, sustainable ingredients, and proven effectiveness, it’s more than just a product—it’s peace of mind for your home.

    Get started today! Visit them at knoqaway.com or shop on Flipkart, Amazon, and Blinkit.

  • Esops for INR 1 Lakh are Granted to More than 3,000 Employees by Razorpay in Celebration of its 10th Anniversary

    In honour of its tenth anniversary, digital payments startup Razorpay announced on 24 December that it is offering every one of its current employees an employee stock ownership plan (Esop) worth INR 1 lakh. The program has a total Esop value of more than INR 30 crore, according to the Bengaluru-based company, which employs more than 3,000 people.

    Esops are firm shares that are given to employees and can be cashed at a fixed price after a specified amount of time. When Razorpay was founded in 2014, its founders didn’t consider it a business; rather, they saw it as a solution to a significant customer issue, and they were interested in the challenge of integrating payment systems. According to Harshil Mathur, cofounder and CEO of Razorpay, solving that issue has been the unifying factor up to this point.

    As Razorpay continues to innovate, streamline money transfers, and provide even more value for companies in India and abroad, the Esop program is the brand’s method of guaranteeing that every team member benefits from the success, he continued.

    Shifting Parent Company’s Domicile to India

    In keeping with the reverse-flipping trend among Indian startups hoping to take advantage of high valuations in the nation’s public markets, the fintech company made the statement as it requests permission from the Reserve Bank of India (RBI) to move its parent company’s domicile from the US to India.

    Razorpay, which was recently valued at about $7.5 billion, may face a 30–40% decline in fair market value if it decides to do the reverse flip to India, according to a media article published on November 21. Razorpay has turned a profit in its primary payments operation and intends to go public within the next two years. However, Mathur told a media source in an interview on December 18 that it would take another 1.5 years for the company to reach full profitability.

    In FY24, the company’s payments division recorded INR 2,501 crore in total revenue and INR 34 crore in net profit. For FY24, the business also disclosed an annualised total payments volume of $180 billion.

    Business Dynamics of Razorpay

    Razorpay was established in 2014 and offers companies of all sizes a full range of payment options. To help businesses receive, process, and distribute payments, it provides services like payment gateways, payment aggregates, and financial management solutions. Investors such as Lightspeed Venture Partners, Tiger Global, Peak XV Partners Matrix, and Y Combinator are among those who support it.

    Razorpay has started onboarding new merchants since obtaining final permission for its payment aggregation company in December 2023. Despite the fact that the enormous Esop pools may seem like “wealth on paper,” consumer internet companies have occasionally given their staff members the opportunity to sell their interests. This year, more than a dozen modern businesses, such as Swiggy, Meesho, Purplle, Urban Company, Whatfix, Pocket FM, Dehaat, and MyGate, have enabled Esop buybacks.

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  • Greaves Electric Mobility Submits a DRHP for an IPO of INR 1,000 Cr

    Greaves Electric Mobility (GEML), a manufacturer of electric vehicles (EVs), filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on December 23 to begin the process of becoming public. Parent company Greaves Cotton stated in a filing with the exchanges that the IPO will include an offer for sale (OFS) component of up to 18.93 Cr shares and a new issue of shares valued at INR 1,000 Cr. Abdul Latif Jameel Green Mobility Solutions will sell 13.83 Cr shares as part of the OFS, while promoter Greaves Cotton will sell 5.1 Cr shares.

    Both the BSE and the NSE will list the stock. “Ampere” is the brand name under which Greaves Electric sells electric scooters. Additionally, it produces three-wheelers under various trademarks. Through a secondary purchase in 2019, it acquired all of founder Hemalatha Annamalai’s shares, completing its takeover of the then-Ampere Vehicles. According to a media report, Greave Electric Mobility’s initial public offering (IPO) is expected to have a total value of approximately INR 1,000 Cr.

    How Company Plans to Utilise Proceeds?

    According to reports, the business intends to use INR 375.27 Cr to improve the tech skills at its Bengaluru technology centre and engage in product and technology development. The EV manufacturer will also invest INR 82.9 Cr to build internal battery assembly capabilities, and another INR 27.8 Cr will be used to further the company’s digitisation initiatives and implement IT infrastructure. Additionally, GEML intends to set aside INR 73.67 Cr to expand its ownership of MLR Auto, an EV brand and subsidiary. Additionally, INR 19.89 Cr and INR 38.26 Cr have been allocated for the expansion of the manufacturing capacity of its subsidiaries MLR Auto and Bestway Agencies, which manufacture e-rickshaws under the ELLE brand.

    A portion of the new money raised from the IPO will be used for general business needs and to finance inorganic development through strategic acquisitions. Greaves Electric Mobility is apparently considering financing a pre-IPO placement of up to INR 200 Cr prior to the public offering. According to the report, if a pre-IPO placement is made, the EV manufacturer may lower the amount of the new issuance. 

    Current Financial Dynamics of Greaves Electric

    Compared to INR 20 Cr in the previous year, Greaves Electric reportedly recorded a loss of INR 691.57 Cr in the fiscal year 2023–24 (FY24). In the meantime, operating revenue decreased to INR 611.81 Cr from INR 1,121.57 Cr in FY23. In the first half (H1) of FY25, the startup reported operational revenue of INR 302.23 Cr on a net loss of INR 106.15 Cr. Greaves Electric has been navigating challenging waters for the past two years, and now it intends to list on the stock exchanges. The EV manufacturer was convicted by the Ministry of Heavy Industries in 2022 of violating localisation requirements under the controversial Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME)-II program. The government then sent the EV manufacturer a recovery notice worth INR 125 Cr. Last year, the Ampere manufacturer finally made the payment.

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  • The Cofounders of PhonePe have Announced a $1 Million Grant for Alma Mater SPIT to Spur Innovation

    On December 21, 2024, the Sardar Patel Institute of Technology (SPIT), one of Mumbai’s top engineering schools, held its Annual Alumni Reunion in the SP Jain Auditorium on Bhavan’s Campus in Andheri West. About 300 graduates, including prominent figures from the business and technological sectors, were invited to celebrate the 25th anniversary of the 1999 graduating cohort and their professional achievements.

    At the ceremony, 1999 batch alumni Sameer Nigam, CEO and PhonePe founder, and Rahul Chari, CTO and PhonePe founder, announced a $1 million donation. In order to enable students to create innovative solutions and lead successful endeavours, the grant will improve infrastructure, encourage creativity, and develop an entrepreneurial attitude in them.

    SPIT Recognises Contributions of PhonePe Founders

    Both the PhonePe founders received the prestigious alumni award in recognition of their outstanding achievements to society and industry. PhonePe’s user-friendly, seamless platform has completely changed the digital payments landscape in India. Millions of people nationwide now have access to financial inclusion because of PhonePe’s reputable brand and visionary leadership.

    Rahul Chari, co-founder and CTO of PhonePe, spoke at the reunion and said that he has a particular place in his heart for being a member of the first graduating class of Computer Engineering when he thinks back on his time at SPIT. With the office for their first business situated within the institute itself, this is where he and his co-founder Sameer really started their entrepreneurial career. His ability to develop PhonePe has been greatly influenced by the solid foundation he established at SPIT, as well as the priceless insights he learnt from the outstanding teachers and peers he studied with. In order to assist SPIT in becoming a genuinely outstanding institution that continues to inspire and empower the upcoming generation of innovators and leaders, he hopes that other alumni will also participate in their own unique way.

    The Sardar Patel College of Technology is committed to the motto, ‘Students First, Alumni Always,’ and aims to become the leading engineering college in Maharashtra by 2030, according to Dr. B.N. Chaudhari, the institute’s principal. Only one in a million people becomes a donor, but one in ten succeeds, and one in a hundred becomes great. Rahul Chari and Sameer Nigam’s $1 million contribution is much appreciated by the institute; it is a game-changing move that will spur the expansion of the college and its student body.

    About SPIT

    The Bharatiya Vidya Bhavan came up with the concept of starting an engineering college in Mumbai in 1957. On August 19, 1962, Sardar Patel College of Engineering was officially opened. It began offering self-financed engineering courses in 1995 and operated as Sardar Patel College of Engineering (Unaided-wing) from 2005 to 2008, offering master’s degrees in electronics, computer engineering, and information technology.

    Both industry and the field of engineering education have highly regarded these courses. The Sardar Patel College of Engineering, Unaided Wing of Bharatiya Vidya Bhavan was founded in 2005 in its new facility under the name and design of the Sardar Patel Institute of Technology. It is affiliated to Mumbai University.

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  • Silectric Semiconductor Manufacturing, Supported by Zoho, Would Invest INR 3,425 crore in Karnataka

    At Kochanahalli in Mysuru, Karnataka’s first electronics manufacturing cluster will get an investment of INR 3,425.60 crore from Silectric Semiconductor Manufacturing Pvt Ltd, which was founded by Zoho’s directors and would generate 460 jobs. Under the direction of Chief Minister Siddaramaiah, the 64th State High-Level Clearance Committee (SHLCC) cleared nine applications totalling INR 9,823 crore across the state’s industrial sectors, which are anticipated to create INR 5,605 in employment. “A significant milestone for the state is the first semiconductor project in the electronics manufacturing cluster at Kochanahalli, Mysuru,” Siddaramaiah stated.

    234 acres of land in Kochanahalli, close to Kadakola in Mysuru, have been set aside by the state government for semiconductor and electronics manufacturing cluster (EMC) facilities. Additionally, a new Electronics System Design and Manufacturing (ESDM) policy is being planned by Karnataka.

    State Selected 901 Acres of Land for Semiconductor Sector

    For the semiconductor industry, the state has designated 901 acres of land spread among four industrial clusters. Karnataka’s Information Technology and Biotechnology Minister Priyank Kharge had previously announced the identification of a 224.5-acre cluster in Hubballi near Belur-Kotur, 245.67 acres in Kochanahalli in Mysuru, 218.20 acres in the Vasanthanarasapura Industrial Area in Tumakuru, and 213.14 acres in Hosahalli in Bengaluru Rural. Kharge, however, voiced reservations about luring semiconductor companies. In reference to Centre favouritism, he stated that although the state government had secured investments totalling INR 70,000 crore in the sector after touring several nations, a single phone call from New Delhi would compel them to invest in Gujarat.

    Kharge’s worries had also been echoed by MB Patil, the State Minister for Large and Medium industries. According to Patil, a lot of businesses are investing in Gujarat since the Union government is providing 50% incentives on top of the 30% incentives provided by the state government, which means that businesses only have to pay 20% of the total cost. The state would be able to draw in investments in the semiconductor sector if Karnataka was given comparable incentives. “I have also brought this issue to the attention of the Union Minister of Heavy Industries, HD Kumaraswamy,” said Patil.

    Other Upcoming Key Projects in Karnataka

    Three new investments totalling INR 6,573.6 crore of the INR 9,823 crore in investments approved at the State High-Level Clearance Committee meeting have the potential to create 4,427 jobs: Sansera Engineering Limited (INR 2,150 crore investment, 3,500 jobs) at Harohalli; Silectric Semiconductor Manufacturing Private Limited (INR 3,425.6 crore investment, 460 jobs) in Mysuru; and DN Solutions India Private Limited (INR 998 crore investment, 467 jobs) at ITIR, Devanahalli. Furthermore, six investment proposals totalling INR 3,249.7 crore are now in the works and are anticipated to create 1,178 jobs.

    A study was requested in the meantime about businesses that purchased land from the Karnataka Industrial Areas Development Board (KIADB) but do not begin operations within the allotted time. “Where necessary, fines will be imposed on such companies,” Patil stated. In order to address the issue of giving farmers a portion of the income from by-products, Patil also instructed sugar companies to look at the methods used in Tamil Nadu and Maharashtra.

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  • Credit and Insurance Services Offered by Aditya Birla Capital Are Now Available on ONDC

    According to reports, Aditya Birla Capital has declared that all three of its primary services—lending, insurance, and investments—will be integrated on the Open Network for Digital Commerce (ONDC). Aditya Birla Capital Ltd. (ABCL) asserts that this makes it the first financial services firm to incorporate all three of the main products on the network supported by the government. According to the media reports, ABCL stated that the action is intended to improve user experience and make it easier to access financial goods on the site. India’s digital public infrastructure has grown quickly in recent years, establishing networks that are open and compatible with one another.

    According to ABCL CEO Vishakha Mulye, the company’s partnership with ONDC will enable it to reach every corner of “Bharat” and meet the financial requirements and goals of customers who might not have had access to official credit, insurance, or investment possibilities in the past. Thampy Koshy, CEO of ONDC, commented on the collaboration, saying that Aditya Birla Capital’s integration demonstrates their dedication to democratising financial products. This action enhances ONDC’s financial inclusion aim while broadening its product options.

    Giving Wider Variety and Options to Customers

    As part of the partnership, ABCL’s goods will be accessible on ONDC through a number of buyer apps, allowing consumers to obtain financial products straight away without having to download extra software. However, the network will be able to expand its fintech play by bringing on new participants. It is important to remember that ONDC has long been developing the infrastructure for investments, insurance, and credit. It collaborated with ABCL as part of the credit integration early pilot.

    Aditya Birla Health Insurance and Aditya Birla Sun Life AMC, two of ABCL’s major businesses, have also implemented mutual fund and health insurance products on the state-backed network. Just one week has passed since CEO Koshy stated that the volume of transactions on ONDC has increased by almost three times since December of last year. He also stated that the network intends to increase the volume by an additional seven to eight times by December of 2025.

    Growing Network of ONDC

    ONDC, an open network for the exchange of goods and services via digital networks, was introduced in 2021. It says it has 200 apps and is available online in more than 611 cities. A working committee including fintech industry experts was formed by ONDC in June to design a methodology for the integration and onboarding of sellers and industry participants. Later, in August of this year, ONDC launched its first fintech products in collaboration with Easypay, Paisabazaar, Tata Digital, Invoicepe, Cliniq360, and other companies. In collaboration with online trading and investment platform Appreciate and asset management company (AMC) Nippon India Mutual Fund, the platform also saw its maiden mutual fund transaction in October.

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