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Tag: #news

  • A Bill to Outlaw Uncontrolled Lending is Proposed by the Centre

    A draft bill that seeks to outlaw unregulated lending practices in the nation has been put out for public comment by the finance ministry. The draft measure, which is titled “Banning of Unregulated Lending Activities” (BULA), will be available for public comment until February 13, 2025. All organisations not approved by the Reserve Bank of India (RBI) are to be prohibited from engaging in public lending activities by the proposed bill. Additionally, the proposed bill forbids anybody from “wrongfully” enticing the public to engage in unregulated lending practices. In order to persuade someone else to seek or accept a loan from lenders engaged in unregulated lending activity, this includes making any “statement, promise, or forecast that is false, deceptive, or misleading in material facts or purposefully concealing any material facts, digitally or otherwise.” Additionally, it stipulates that criminals who engage in or encourage unregulated loan activities could be imprisoned for two to seven years.

    Fines Between INR 2 Lakh to 1 Crore Might be Imposed

     Additionally, the offending platforms may be fined between INR 2 lakh and INR 1 crore by the appropriate authorities. Repeat offenders may face a fine of INR 10 Lakh to INR 50 Cr in addition to five to ten years in prison. According to the draft bill, “any lender who lends money, whether digitally or otherwise, and uses unlawful means to harass and recover the loan shall be punished with imprisonment for a term that shall not be less than three years but which may extend to ten years and with a fine that shall not be less than five lakh rupees but which may extend to twice the amount of the loan.” Furthermore, the measure gives the Centre the authority to designate and report “certain activities” as unregulated loan activity after consulting with the relevant regulators.

    Designating Competent Authority

    Twenty government departments and agencies, including the RBI, SEBI, PFRDA, NABARD, SIDBI, states, and federal ministries, are included in the draft bill as being in charge of regulated lending activities. The proposed regulations also allow the union government to choose a “competent authority” to establish, manage, and run an internet database containing data on lenders doing business in the nation. The public will also have access to this database, allowing users to report fraudulent or cloned creditors and obtain information on regulated lenders. It is important to remember that earlier this year, the RBI was allegedly considering creating a public registry of lending applications that were whitelisted in order to combat the threat of illicit lending apps in the nation. According to reports, the Digital India Trust Agency (DIGITA) would be responsible for vetting the aforementioned lenders.

    In the meanwhile, the proposed bill requires all lenders in the nation to provide all relevant business information at the time the act is implemented. The “competent authority” may think about providing the CBI or the state police with information about the platforms in question if it has grounds to suspect that they are providing services that fall under the purview of “unregulated lending activity.” Additionally, the draft bill suggests creating special courts to hear these matters, with a District and Sessions Judge presiding over them.

    The authorities will also have the jurisdiction to issue an order to temporarily seize the accounts, funds, or property obtained in the lender’s name after identifying such criminals. The RBI-led Working Group on Digital Lending (WGDL) has created the draft bill. After initially submitting its report on the issue in November 2021, the WGDL recommended a number of actions, one of which was the introduction of legislation to outlaw unregulated lending. This comes in addition to the Centre’s continuous efforts to target unregulated online lending platforms. Many of these internet loan sharks utilise aggressive measures to reclaim the money they have stolen, after first luring potential borrowers with cheap interest rates and simple disbursements. Additionally, this has resulted in several suicide deaths throughout the nation. At the 28th Financial Stability and Development Council (FSDC) meeting in February, important government representatives talked about how to limit these platforms in order to control this. This is in spite of the fact that Google, the electronics and IT ministry, and the RBI have been actively working together to remove unregulated lending platforms from the Play Store, a key app marketplace.

    SEBI Tightens Rules for SME IPOs to Protect Investors
    SEBI introduces stricter rules for SME IPOs, aiming to enhance investor protection and ensure higher transparency in small and medium enterprise listings.
    StartupTalkyNitin Konde

  • PhysicsWallah Becomes a Public Company in Preparation for its 2025 IPO

    PhysicsWallah, a prominent Edtech startup, has gone public in anticipation of its 2025 initial public offering (IPO). A resolution to rename the edtech unicorn from PhysicsWallah Private Limited to PhysicsWallah Limited, a public business, was passed by the board earlier this month. In a regulatory filing, the company stated, “… the board of directors of the company be and is hereby accorded to change the name of the company from “PHYSICSWALLAH PRIVATE LIMITED” to “PHYSICSWALLAH LIMITED” by removing the word “Private” before the word “Limited” from the company’s name and amending the name clause of the company’s memorandum of association as well as all other papers, documents, and matters created to give effect to the changed name accordingly.” According to the prominent edtech company, it intends to issue its equity shares on “one or more stock exchanges.”

    Preparation for the Upcoming IPO

    Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan were announced earlier this year as the company’s chosen bankers for its anticipated $400 million to $500 million initial public offering (IPO) next year. Notably, at a valuation of $2.8 billion, the edtech giant raised $210 million in its Series B fundraising round headed by Hornbill Capital in September of this year. The round also included participation from Lightspeed Venture Partners and current investors WestBridge Capital and GSV Venture. After obtaining a $100 million funding round from Westbridge and GSV Ventures at a valuation of $1.1 billion, PhysicsWallah became a unicorn in 2022. Since then, it has acquired other businesses and entered the offline market to broaden its product offerings. Alakh Pandey and Prateek Maheshwari founded the business in 2020, and it now has hybrid and offline locations in over 105 Indian cities.

    What PhysicsWallah Offers?

    Two Gurukulam Schools, test preparation in forty-three categories, a skilling vertical, and verticals for higher education and study abroad are just a few of the educational segments that PhysicsWallah offers. Additionally, it asserts that its 112 YouTube channels in five vernacular languages provide free education to more than 4.6 Cr students. The net loss for PhysicsWallah increased from INR 84.06 Cr in FY23 to INR 1,131.2 Cr in FY24, the fiscal year that ended in March 2024. In FY24, operating revenue climbed 2.6 times to INR 1,940.4 Cr from INR 744.3 Cr the year before.

    Amit Sachdeva, a former CFO at Blinkit, was appointed as the new chief financial officer of Physics Wallah (PW) last month. Sachdeva will oversee the company’s finance and strategic activities as the Noida-based edtech startup prepares for its initial public offering (IPO). According to a release, PhysicsWallah hopes to further its objective of offering high-quality education, promote sustainable growth, and improve its financial management and planning under his direction.

    SEBI Tightens Rules for SME IPOs to Protect Investors
    SEBI introduces stricter rules for SME IPOs, aiming to enhance investor protection and ensure higher transparency in small and medium enterprise listings.
    StartupTalkyNitin Konde

  • Due to Disclosure Violations, Sebi Fines EbixCash and Ebix of INR 6 lakh

    EbixCash Ltd and its promoter business, Ebix Inc., were fined INR 6 lakh by capital markets regulator Sebi on 19 December for violating disclosure requirements pertaining to the company’s planned initial public offering (IPO). The financial services firm EbixCash withdrew its draft red herring prospectus (DRHP) from the regulator in December of last year, after having submitted it in March 2022. Following the regulator’s examination into alleged violations of the Sebi’s ICDR (Issue of Capital and Disclosure Requirements) rules, the fines were imposed.

    In issuing its remarks on the DRHP dated March 2022, which was connected to the planned IPO of EbixCash filed with Sebi by the lead manager to the issue, Sebi allegedly discovered instances of non-compliances against EbixCash, Ebix Singapore, and Ebix Inc. This led to the order.

    78 Pages Detailed Report

    Sebi concluded in a 78-page verdict that EbixCash and Ebix Inc. had not sufficiently disclosed important information, such as Reserve Bank of India (RBI) regulatory actions, arbitration decisions, and modifications to the DRHP’s IPO funds use.

    The RBI issued a “Letter of Displeasure” in March 2023 about EbixCash subsidiary Ebix Payment Services’ gift card operation, which the regulator pointed out was not fully disclosed. Because the regulatory action affected the company’s financial reporting, this omission was considered important.

    Sebi also pointed out significant discrepancies in Ebix Inc.’s press releases, including claims regarding arbitration decisions and revenue recognition modifications. The market’s watchdog said that these claims were in conflict with or left out information from the DRHP that was submitted to the regulator.

    Response from EbixCash

    EbixCash stated in its defence that the company had quickly filed an updated DRHP with the required information and that the disclosures were compliant with regulatory standards. Furthermore, given that it is a foreign business, Ebix Inc. argued that Sebi lacked jurisdiction over the transaction.

    The regulator, however, rejected these claims, highlighting the necessity of regular and open disclosures to protect the interests of investors. In addition to fining both organisations, Sebi emphasised that issuers and their promoters must make sure that public statements are consistent with the offer documentation. As a result, the regulator fined EbixCash Ltd and Ebix Inc INR 3 lakh each for failing to adhere to the disclosure standards.

    In March 2022, EbixCash submitted its DRHP to SEBI in order to raise INR 6,000 Cr through a new share offering. The public issue, however, never came to pass. Yet, in recent years, the company’s US-based parent has been on a downward spiral due to alleged corporate governance violations. After failing on a $617 million loan and other covenants related to this debt, its parent company, Ebix Inc., which is listed on the Nasdaq, filed for bankruptcy in the US in December 2023. In the end, Ebix Inc. and its subsidiary EbixCash were purchased by BSE-listed Eraaya LifeSpaces for $151.577 million in August 2024.

    SEBI Tightens Rules for SME IPOs to Protect Investors
    SEBI introduces stricter rules for SME IPOs, aiming to enhance investor protection and ensure higher transparency in small and medium enterprise listings.
    StartupTalkyNitin Konde

  • With the Launch of QIP, Zaggle Prepaid Sets the Floor Price at INR 550.73 per share

    The qualified institutional placement (QIP) offer for the fintech SaaS business Zaggle has begun with the goal of raising INR 950 Cr. The business stated in an exchange filing that the opening of the offer was approved by the board’s capital raising committee, which also established the floor price for the QIP at INR 550.73 per equity share. Compared to the stock’s most recent closing price on 18 December, this indicates a 1.9% discount. The floor price for the aforementioned issuance is INR 550.73 per equity share, since December 18, 2024, is the “relevant date” for the purposes of the issue. According to the filing, “the company may offer a discount of not more than 5% on the floor price calculated for the issue.” The company has designated Nuvama Wealth Management, Equirus Capital, and Motilal Oswal Investment Advisors as merchant bankers to oversee the QIP.

    Firm’s Plans to Utilise Proceeds

    Following an October 30 board of directors meeting, Zaggle announced plans to fund up to INR 950 Cr through a QIP. The company stated at the time that the board had given its approval to the plan to raise money through the issuing of convertible bonds, equity shares, non-convertible securities, and any other kind of instrument. Zaggle intends to allocate INR 500 Cr from the QIP proceeds for acquisitions and investments, as stipulated in the offer document. The remaining sum will be used for general business reasons, with INR 59.1 Cr going towards the prepayment or payback of outstanding loans that the company has taken out. Established by Raj Narayanam in 2011, Zaggle provides corporate employee benefits and spend management solutions. It states that as of September 2024, it served over 3.03 million people and issued 50 million prepaid cards.

    Current Financial Report of Zaggle

    In the second quarter (Q2) of the fiscal year 2024–25 (FY25), the company reported a consolidated profit after tax of INR 20.29 Cr, up 167.67% from INR 7.58 Cr in the same period last year. From INR 184.24 Cr in Q2 FY24 to INR 302.55 Cr during the reviewed quarter, operating revenue increased 64.21%. The QIP issue coincides with a month-long increase in Zaggle’s stock price. The stock has increased by around 27% since November 18. On December 17, it surged to an all-time high of INR 597 on the BSE. On December 18, Zaggle’s shares ended the day 2.91% lower on the BSE at INR 561.35.

    Speaking earlier to a media outlet, Avinash Godkhindi, the managing director and chief executive officer of Zaggle Prepaid, stated that the financial technology company was on track to surpass its revenue projections by fiscal 2026, supported by a number of recent actions made by the business. The company’s revenue in the previous fiscal year was close to INR 776 crore.

    Amazon Sells 4% Stake in Shoppers Stop for INR 276 Crore
    Amazon exits Shoppers Stop by selling its 4% stake for INR 276 crore, marking a strategic move in India’s retail market landscape.
    StartupTalkyNitin Konde

  • By Offering A 4% Stake For INR 276 Cr, Amazon Exits Shoppers Stop

    By selling a nearly 4% share in the retail chain for INR 275.88 Cr in a block deal, e-commerce giant Amazon has left Shoppers Stop. According to NSE statistics, on December 18, Amazon.com NV Investment Holdings sold 43.95 lakh Shoppers Stop shares for INR 627.6 each. Morgan Stanley Asia Singapore, 360 One, Kotak Mahindra Mutual Fund, and Tata Mutual Fund all snatched up the shares that were flooding the market. Kotak Mahindra Mutual Fund and Tata Mutual Fund purchased 9.56 lakh and 19.12 lakh shares, respectively, while Morgan Stanley purchased 6.37 lakh shares. In the meantime, 360 One, an asset management firm, paid INR 627.6 per share for 6.44 lakh shares. Through its chain of stores, Shoppers Stop offers a variety of products, including furniture, home décor, kids’ and baby care items, branded clothing and accessories, and cosmetics.

    Changes in FDI Norms Transformed the Business Dynamics

    It is important to remember that for the past five years, Amazon‘s ownership of Shoppers Stop has been an issue of dispute. In September 2017, the e-commerce giant’s investment arm initially revealed that it had paid INR 179.25 Cr to acquire a 5% minority, non-controlling stake in the business. Amazon then requested approval for the deal from the Competition Commission of India (CCI) in December 2017, and the watchdog gave its approval in January 2018. However, the Centre announced amendments to the rules governing foreign direct investment (FDI) for e-commerce platforms in December 2018. These changes effectively barred big online marketplaces from having exclusive product releases or controlling the inventory of their partner vendors. Shoppers Stop stopped selling its products on Amazon in February 2019 once the new regulations went into force. As it forges a new path in India, Amazon has now sold off its share in the chain of retail stores after almost five years.

    Amazon India Currently Navigating Through Troubled Waters

    Amazon has been attempting to fizz off fires on numerous fronts, and this stake sale is part of that strategy. The e-commerce giant and competitor Flipkart were found guilty of violating antitrust laws by giving preference to specific suppliers in an internal CCI investigation earlier this year. In the meantime, other Amazon merchants have challenged different parts of the CCI’s probe and taken the competition watchdog to different courts. 

     However, on December 16, the Supreme Court stated that it believed the Karnataka High Court should handle all complaints brought by sellers connected to Amazon and Flipkart against the Competition Commission of India’s (CCI) inquiry into purported anti-competitive conduct.

    IT Ministry Faces Criticism for Not Utilizing Semiconductor Budget
    A House subcommittee criticizes India’s IT Ministry for not utilizing allocated funds meant for semiconductor development, highlighting missed opportunities in tech growth.
    StartupTalkyNitin Konde

  • A House Subcommittee Criticises the IT Ministry for not Using Funds for Semiconductors

    The Ministry of Electronics and IT has come under fire from a legislative body for giving up more than half of the money allotted for projects involving the production of semiconductors and displays in 2023–2024. According to a news agency, which cited a report presented in the Lok Sabha, the ministry only spent INR 681.11 Cr of the INR 1,503.36 Cr total allotted as of March 31, 2024, under the modified program for the development of semiconductors and display manufacturing ecosystem in India, giving up 55% of the funds. In addition to the ministry’s persistent underutilisation of money throughout the years, the Standing Committee on Communications and IT has pointed out a progressive decrease in funding allocation for the Digital India Programme from the Budget Estimate (BE) 2021–2022 to BE 2024–2025. According to the report, the committee may be informed of the reasons why valuable funds that could have been allocated to other ministries for their efficient use have not been used.

    Panel asked MeitY to Make Realistic Projections in Future

    In order to guarantee optimal budget utilisation through improved planning and monitoring systems, the panel has requested that MeitY should develop realistic estimates for the future. According to the ministry’s statement to the panel, money from the India Semiconductor Mission can only be released following a claim. Due to adequate funding provided by the budget, surrenders primarily occur in the semiconductor program, the PLI, and the electronics manufacturing and production-linked incentive scheme.

    There is surrender later on when private enterprises are unable to spend and submit claims, the ministry had stated. The development occurs as domestic and international semiconductor companies are rushing to India to take advantage of the government’s subsidies. 18 proposals for semiconductor projects have been sent to India, comprising 13 for compound semiconductor fabs and ATMP (assembly, testing, marking, and packaging) facilities and 4 for semiconductor fabs.

    India’s Current Semiconductor Manufacturing Landscape

    Among the companies that have applied are Tata Electronics, Micron Technology, and CG Power. US-based Micron is also constructing an ATMP facility in Sanand, Gujarat, at an estimated cost of INR 22,516 Cr, while Tata Semiconductor Assembly and Test (TSAT) has set aside INR 27,000 Cr to establish a plant in Morigaon, Assam, for advanced semiconductor packaging technology. With a planned investment of INR 7,600 Cr, CG Power and Renesas are setting up a semiconductor facility in Sanand to produce specialist chips.

    By 2030, the government wants India to rank among the top five countries in the world for semiconductor manufacture. The conditions are in place, and India can meet this goal with the correct combination of proactive measures, technological know-how, infrastructure development, and financial investments.

    SEBI Tightens Rules for SME IPOs to Protect Investors
    SEBI introduces stricter rules for SME IPOs, aiming to enhance investor protection and ensure higher transparency in small and medium enterprise listings.
    StartupTalkyNitin Konde

  • Zerodha Launches a Trading Platform for Borrowed Funds

    The margin trading feature (MTF), which Zerodha has introduced, 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.

    Platform to Charge 0.04%

    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.

    The Feature is Added on Demand

    Given the extent of consumer demand for the feature, it aligned perfectly for Zerodha to roll out this new feature. With the launch of its new product, Zerodha anticipates a 30% drop in trades on its online broking platform due to the Securities and Exchange Board of India‘s (SEBI) new derivatives framework. Nonetheless, the business was able to increase its consolidated revenue from INR 6,832.8 Cr to INR 9,372.1 Cr for the fiscal year that ended in March 2024 (FY24), a 37.16% increase.

    Sebi acknowledged the speculative nature of index derivatives trading on October 1 and issued a set of instructions aimed at lowering risks for retail traders in the F&O market. One of the main instructions is that option buyers must pay the premiums beforehand; formerly, traders could pay the premium after the trading day. Traders must now pay the entire premium at the time of order placement under the new regulation.

    The market regulator has also implemented other significant steps, such as restricting weekly index expiries to a single exchange and raising the minimum contract size for index derivatives, which will make them less available to smaller retail traders. 93% of retail traders in the F&O category lost money between FY22 and FY24, according to a recent Sebi report, while only 1% of them made earnings of more than INR 1 lakh yearly. 89% of retail traders in the category lost money between FY19 and FY22, according to a previous Sebi survey.

    SEBI Tightens Rules for SME IPOs to Protect Investors
    SEBI introduces stricter rules for SME IPOs, aiming to enhance investor protection and ensure higher transparency in small and medium enterprise listings.
    StartupTalkyNitin Konde

  • SEBI Makes the Rules for SME IPOs Rigorous

    The Securities and Exchange Board of India (Sebi) has, as anticipated, strengthened the rules pertaining to IPOs for small and medium-sized businesses. The capital market regulator set a cap on shares that could be sold through the offer for sale (OFS) route and implemented profitability standards during its Board meeting on 18 December.

    Before submitting their DRHP, SMEs must now demonstrate an operational profit of at least around INR 1 crore for two of the previous three fiscal years. Furthermore, the OFS size shouldn’t exceed 20% of the issue size overall. In addition, through the IPO, these stockholders are not permitted to sell more than 50% of their whole holdings.

    Tightening the Lock-In Period

    Promoters who hold more than the minimum promoter contribution (MPC) are subject to longer lock-in periods. One year will be the lock-in period for half of such excess holdings, and two years for the other half. In terms of allocation, the main board IPO process and the NII allocation technique for SME IPOs are identical. 15% of the entire issue size, or INR 10 crore, whichever is less, is the maximum amount allotted for general corporate purpose (GCP) in SME IPOs.

    According to the new regulations, debts to promoters, promoter groups, or associated parties cannot be repaid with the proceeds of an SME IPO. In addition, the public will now have 21 days to examine and comment on SME IPO DRHPs. The DRHPs will be made available by stock exchanges via QR codes and public notifications.

    New Rules Will Change the Business Dynamics

    A new set of guidelines for post-IPO compliance has been developed. If SME businesses follow the rules for main board listing, they can still raise money without moving to the main board. SME-listed companies would be subject to the same related party transaction regulations as main board-listed companies, with a lower threshold of 10% of yearly consolidated turnover, or INR 50 crore.

    New rules have also been agreed upon by the Sebi board to guarantee that funds raised by mutual funds through New Fund Offers (NFOs) be deployed on schedule. The goal of the new structure is to incentivise AMCs to only collect as much money in NFOs as may be used within an acceptable time limit, typically 30 days.

    Reforms to improve the ease of doing business for Debenture Trustees, ESG rating agencies, InvITs, REITs, and SM REITs are among the other improvements that the board has adopted. Sebi chooses to change the rules governing investment banking. On December 18, the Sebi board decided to limit the scope of activity for investment banks and merchant bankers. Under the new regulations, merchant bankers will only engage in activities that the Sebi has approved. Within two years, any activities that are not allowed should be divided into a different legal organisation with a different brand name.

    InCred Aims for a Diwali 2025 INR 5,000 Crore IPO Launch
    InCred Financial Services announces plans to launch a massive INR 5,000 crore IPO by Diwali 2025, targeting growth and expansion in the financial sector.
    StartupTalkyNitin Konde

  • How Abhishek Boddu is Transforming the Startup Ecosystem with OnEasy.AI

    Hyderabad (Telangana) [India], December 19: In an entrepreneurial landscape that is constantly evolving, the ability to streamline business operations and navigate the complexities of finance and compliance can be the difference between success and failure. Abhishek Boddu, the founder and CEO of OnEasy.AI, is transforming the startup ecosystem by providing innovative solutions that simplify these critical aspects of running a business. With his fintech platform, OnEasy.AI, Abhishek is helping entrepreneurs focus on what matters most—growing their businesses.

    Abhishek, a seasoned Chartered Accountant, built OnEasy.AI out of a deep understanding of the struggles faced by startups. Having worked with over 1,000 businesses and recognized the pain points in managing financial operations, he set out to create a platform that would eliminate these barriers and empower entrepreneurs to succeed. With a combination of cutting-edge technology and expert financial guidance, OnEasy.AI is bridging the gap between entrepreneurs and the often complicated world of business finance and compliance.

    OnEasy.AI: A Game-Changer for Startups

    At the heart of OnEasy.AI is its commitment to simplifying the financial and regulatory processes that often overwhelm startups. The platform offers a comprehensive suite of services, from business registrations and compliance management to CFO services and payroll solutions. Entrepreneurs can easily navigate tasks such as GST registration, Income Tax Returns (ITR), and other essential financial operations, all through a single, user-friendly platform.

    By using artificial intelligence and automation, OnEasy.AI eliminates the need for manual intervention in tasks that traditionally require significant time and expertise. This technology-driven approach not only reduces human error but also speeds up the process, allowing startups to focus on scaling their business without getting bogged down by administrative burdens.

    Empowering Entrepreneurs to Grow

    Abhishek’s vision for OnEasy.AI is rooted in empowering startups to grow without the constant worry of compliance and financial setbacks. He believes that business owners should be able to concentrate on innovation, strategy, and customer acquisition, rather than being overwhelmed by the complexity of taxes, registrations, and other regulatory hurdles. With OnEasy.AI, entrepreneurs are equipped with the right tools to handle the administrative aspects of running a business efficiently.

    “We want to enable startups to focus on their core operations by taking the burden of finance and compliance off their shoulders,” says Abhishek Boddu. “Through OnEasy.AI, we are not just offering services, but providing the knowledge, support, and technology entrepreneurs need to thrive.”

    A Holistic Approach to Business Finance

    One of the key differentiators of OnEasy.AI is its holistic approach to business finance. The platform not only assists with regulatory compliance but also provides strategic financial insights that help startups grow sustainably. Abhishek’s team works closely with entrepreneurs, offering CFO services to help guide financial decisions, optimize cash flow, and manage financial risks.

    OnEasy.AI also provides sector-specific solutions for industries like software, healthcare, hospitality, and more, ensuring that businesses receive financial advice tailored to their specific needs. Whether a startup is just getting off the ground or looking to scale, OnEasy.AI offers the expertise and tools necessary to navigate each stage of growth.

    Expanding Global Horizons

    As OnEasy.AI continues to make waves in India’s startup ecosystem, Abhishek is setting his sights on global expansion. The platform’s services are already available to entrepreneurs in markets such as the USA, Singapore, and Dubai, where OnEasy.AI is helping businesses manage their operations and expand into new territories. With its global reach and tailored solutions, OnEasy.AI is positioned to become a trusted partner for startups worldwide.

    OnEasy.AI’s Impact on the Startup Community

    Since its inception, OnEasy.AI has already helped over 1,500 businesses globally. Abhishek Boddu’s commitment to supporting startups through efficient financial and regulatory management has garnered praise from entrepreneurs across industries. Many have shared how OnEasy.AI has allowed them to focus on growth and innovation, knowing they have a reliable partner handling their financial operations.

    Abhishek’s leadership in this space is helping reshape the startup ecosystem, where the focus is shifting from the struggle of financial management to building scalable, sustainable businesses. With OnEasy.AI’s support, entrepreneurs are better equipped to face the challenges of starting and scaling a business in today’s competitive market.

    About Abhishek Boddu and OnEasy.AI

    Abhishek Boddu is a Chartered Accountant with a wealth of experience in auditing, compliance, and financial strategy. As the founder and CEO of OnEasy.AI, Abhishek is committed to simplifying business operations for startups and small businesses. OnEasy.AI offers a wide range of services, from business registrations and compliance management to CFO services and sector-specific financial solutions. With a focus on innovation and customer service, OnEasy.AI has become a trusted partner for entrepreneurs worldwide.

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    Out of a pool of finance-related business ideas, we’ve listed 55 best business ideas in finance for you & also know how to build a finance business.
    StartupTalkyPiyush Mishra

  • DPIIT Signs Agreement With Tally To Coach New Manufacturing Startups

    To support manufacturing startups, the Department for Promotion of Industry and Internal Trade (DPIIT) has partnered with SaaS giant Tally Solutions and HDFC Bank by signing a memorandum of understanding (MoU).  Tally will provide training, case studies, and expert-led sessions to assist the chosen new-age tech companies in streamlining operations, implementing scalable business practices, and addressing startup challenges in areas like financial management, compliance, marketing, and digitisation, according to a statement from DPIIT.

    Along with networking possibilities with colleagues and mentors in the sector, the SaaS platform will also provide users with free one-year rental licenses of Tally Prime software. Speaking about the collaboration, DPIIT joint secretary Sanjiv Singh stated that it will provide entrepreneurs with in-depth knowledge and useful resources to help them deal with the intricacies of markets. Tally is committed to providing business owners with the information, resources, and technology they need to expand their enterprises. Tally Solutions’ managing director, Tejas Goenka, remarked, “Tally is proud to partner with DPIIT to support entrepreneurs in their journey. Their efforts to support this ecosystem have been incredible.”

    Joining Hands With HDFC

    Additionally, DPIIT signed a Memorandum of Understanding with HDFC Bank, which would provide “customised” banking and financial products for domestic startups as part of the new partnership. To further improve the start-up scene in India, HDFC is happy to partner with DPIIT. According to Sunali Rohra, head of startups and gig banking at HDFC Bank, DPIIT-supported start-ups will easily access the bank’s tailored range of products designed to help speed their growth. The flurry of collaborations comes only a day after Kotak Mahindra Bank joined forces with incubators IIMA Ventures, NSRCEL, and T-Hub to launch the Kotak BizLabs accelerator program to support early-stage entrepreneurs.

    The chosen entrepreneurs from industries like agritech, climate tech, fintech, edtech, healthcare, and sustainability will get mentorship, thematic workshops, and “guaranteed” seed investment from Kotak BizLabs as part of this initiative.

    DPIIT’s Slew of Partnerships to Further Support Startup Ecosystem

    However, in an effort to support the domestic startup scene, DPIIT has recently signed a number of collaborations. The department partnered with e-commerce giant Flipkart earlier this month to support and guide emerging businesses.  Before that, DPIIT had collaborated with Moglix, a B2B e-commerce platform, to provide manufacturing firms with assistance. The government also partnered with HCLSoftware in October to advance its manufacturing incubation program.

    Bengaluru Startups Create Over 1.63 Lakh Jobs: DPIIT Report
    DPIIT-recognised startups in Bengaluru have created over 1.63 lakh jobs, showcasing the city’s thriving startup ecosystem and employment opportunities.
    StartupTalkyNitin Konde