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Tag: #news

  • On a Trial Basis, Magicpin Offers 15 Minute magicNOW Meal Delivery

    MagicNOW, a new 15-minute meal delivery service that is being piloted in major Indian cities and metros, was 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.

    Catering Demand for Ultra-Fast Delivery

    The magicNOW service was created to meet the need for popular, easy-to-prepare meals to be delivered incredibly quickly without sacrificing freshness or quality. MagicNOW will not use any dark storage and will only bring freshly made meals from the eateries. The company’s goal with magicNOW is to distribute only freshly prepared food from restaurants; it will not use any dark storage.

    According to Anshoo Sharma, co-founder and CEO of Magicpin, the service is solely focused on food delivery and will only operate within a 1.5–2 km radius of the customer for a speedy delivery of 15 minutes in order to preserve freshness and culinary integrity. According to him, magicNOW successfully performed 75,000 deliveries during the test period from a network of more than 2,000 food brands and 1,000 local, unbranded eateries.

    According to Sharma, the service has accomplished the set goal by collaborating closely with food brands and restaurant partners and utilising its logistics capabilities to provide an unparalleled delivery experience.

    Specialised Restaurants Selected for Partnership

    The success of the pilot program has been largely attributed to Magicpin’s collaboration with eateries that specialise in fast turnaround times and dishes that require little preparation time. In order to preserve a fair and stress-free approach, delivery partners are also not given any distinction between magicNOW and standard deliveries.

    Velocity by magicpin, an aggregator of third-party logistics (3PL) providers, will enable delivery on magicNOW, guaranteeing dependable, fast service that benefits both local businesses and consumers. For the supply side, Magicpin serves as an aggregator of its 3PL partners, including Shadowfax, Dunzo, Rapido, Porter, Ola, Zypp, and others, bringing all 3PL services together under a single roof for sellers and brands. Currently, Magicpin provides Velocity to a number of brands. On the magicpin app’s food page, the “magicNOW” tile will be prominently displayed.

    Quick Commerce Expansion in India

    Swiggy, a food and grocery delivery company, has announced that it has expanded its 10-minute meal delivery service, Bolt, to more than 400 cities and towns nationwide. According to a survey by financial services company Chryseum, revenues of India’s rapid commerce sector have increased by more than 280% in the last two years, indicating the industry’s impressive expansion.

    India’s rapid commerce business is expected to develop at a compound annual growth rate (CAGR) of more than 4.5% from 2024 to 2029, from its current valuation of $3.34 billion in 2024 to $9.95 billion by 2029.

    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

  • In Bengaluru, DPIIT-Recognised Startups Have Generated More Than 1.63 Lakh Jobs

    On December 17, the government told the Parliament that more than 1.63 lakh direct jobs had been created in Bengaluru by more than 13,000 startups approved by the Department for Promotion of Industry and Internal Trade (DPIIT). In response to a question in the Lok Sabha, Jitin Prasada, the Minister of State for Commerce and Industry, revealed the information. The minister stated, “As of October 31, 2024, the DPIIT has identified 13,649 entities as startups in the Bengaluru district (Rural and Urban), which have reportedly created over 163,345 direct jobs.”

    He went on to say that the following significant government programmes have provided financial support to these startups: SISFS, or Startup India Seed Fund Scheme: 281 businesses have received approval of INR 63.99 Cr under SISFS to boost their early-stage development. Through SEBI-registered alternative investment funds, the Fund of Funds for firms (FFS), which is overseen by SIDBI, has enabled investments of INR 6,470.8 Cr into 346 firms. Launched as a pilot program in April 2023, the Credit Guarantee Scheme for businesses (CGSS) has given 24 businesses in the Bengaluru urban district INR 49.24 Cr in loans without collateral.

    Tax Exemptions to Further Strengthen Startups Growth

    The Income Tax Act’s tax concessions have also helped Bengaluru entrepreneurs. 1,601 businesses obtained exemptions under Section 56(2)(viib), and 348 companies obtained certificates of eligibility under Section 80-IAC. In order to encourage innovation and entrepreneurship in India, the government started the “Startup India” initiative in 2016 and offers financial assistance, tax breaks, and streamlined procedures to new companies.

    Bharat Startup Knowledge Access Registry

    In order to support the expansion of the Indian startup ecosystem, the government most recently introduced the Bharat Startup Knowledge Access Registry (BHASKAR), a digital platform for startups. The platform, which was created internally by the DPIIT as part of the “Startup India” initiative, is intended to help companies, investors, mentors, tech enablers, government agencies, and other important players in the Indian startup scene work together. The Centre just launched its second startup registry, BHASKAR. The Bharat Startup Ecosystem Registry was piloted by the Ministry of Commerce in February. The register was established to exhibit innovation, technology, and entrepreneurship by uniting all the players in the startup ecosystem.

    About DPIIT

    Established in 1995, the Department for Promotion of Industry and Internal Trade amalgamated with the Department of Industrial Development in 2000. It operates under the auspices of the Indian government’s Ministry of Commerce and Industry. This department is in charge of creating and carrying out developmental and promotional strategies to support the expansion of the industrial sector while taking into account the socioeconomic goals and national priorities.

    DPIIT and Flipkart Join Hands to Boost Indian Startups
    DPIIT and Flipkart sign an MOU to support and invest in Indian startups, fostering innovation and growth in the country’s entrepreneurial ecosystem.
    StartupTalkyNitin Konde

  • Shein Will Not Have Access To Indian Users’ Data After Re-Entry: Government

    Chinese retailer Shein, which intends to re-enter India soon in collaboration with Reliance Retail, will not have access to the data gathered from Indian users, Union Commerce Minister Piyush Goyal informed the Parliament. According to the agreement, the platform (Shein India) will always be housed on Indian infrastructure, and all platform data—both personal and non-personal—generated by the platform’s operations, including all data gathered from Indian customers, will stay in India. “Shein will not have access to or control over this data,” Goyal stated.

    This implies that all data produced by the app and the future platform will be housed and kept in India. The minister noted that the license agreement between Reliance Retail and Shein requires the two parties to guarantee localisation of the infrastructure and platform data in response to a query from Congress MP Sasikanth Senthil. The minister added that “any” government-appointed cybersecurity auditor may conduct the security examination of Reliance Retail’s infrastructure and that the company has also been “advised” to guarantee adherence to local regulations.

    Re-Entering Indian Market After 4 Years

    Shein’s return to India occurs over four years after the platform was “banned” in 2020 due to concerns raised by the Centre that Shein’s parent business was sending or storing Indian users’ data to China. Goyal clarified this on 17 December, stating that although the sale of “branded products” from the Chinese online fashion retailer was never prohibited, Shein’s app was stopped on June 29, 2020. According to him, Shein’s Singapore-based company, Roadget Business Pte Ltd, has signed a technology agreement with Reliance Retail Ventures Limited’s (RRVL) subsidiary Reliance Retail Limited (RRL) to create an Indian e-commerce retail platform. In 2023, the contract was signed. The textile ministry then conferred with the electronics and IT ministry (MeitY) on the issue, Goyal said in the Lok Sabha. Following the home ministry’s permission, MeitY expressed no opposition to RRVL’s plan to repatriate Shein.

    Promoting Indigenisation

    According to Goyal, this indigenous platform would establish a network of regional suppliers and manufacturers that would produce goods under the Shein brand and market them both domestically and internationally. “It is anticipated that this will contribute to the expansion of the Indian textile manufacturing industry, encompassing regional handicrafts, and generate substantial job opportunities,” Goyal continued. Reliance Retail, which now only receives a licence fee as a portion of earnings made within India, will now offer the Chinese retailer’s products on its apps and in physical locations. However, all data and the app itself will be housed and stored in India, and operations will be fully run by a Reliance Retail subsidiary. Nevertheless, it is unclear if Shein would be able to re-enter the Indian market and achieve the same level of success as during its initial presence there. In 2021, the Chinese company made a second attempt to enter India in collaboration with Amazon, the world’s largest online retailer, but it was unsuccessful.

    MeitY Invites Ideas for Building a Reliable AI Ecosystem
    MeitY is inviting concepts to create a reliable AI ecosystem and tools, focusing on secure and ethical frameworks to advance India’s AI capabilities.
    StartupTalkyNitin Konde

  • Elon Musk’s SpaceX Company’s Starlink Devices were Confiscated from Manipur

    On December 18, 2024, sources notified a media outlet that Manipur’s security forces had retrieved Starlink internet devices from the Imphal East district, along with sniper guns, pistols, grenades, and other weapons. According to the report, the retrieval took place on December 13 during a concerted operation in multiple districts, including Churachandpur, Chandel, Imphal East, and Kangpokpi. The first satellite constellation in the world, Starlink is owned by US tech tycoon Elon Musk’s aerospace company, SpaceX, and offers broadband internet anywhere in the world where the service has a licence to operate.

    Refuting the Claims

    When asked if militants in India use Starlink, Musk responded that the claims are “false” and that Starlink satellite beams are switched off over India. Security authorities said the recovery of the Starlink gadget has led the appropriate agencies to look into how the technology got to the state that is riven by conflict. Starlink is not authorised to conduct business in India. The discovery of sophisticated satellite internet gear represents a concerning increase in insurgent capabilities, even though such seizures usually contain weapons and ammunition. The insurgents’ use of Starlink, which offers high-speed satellite internet, suggests a possible change in their operating approach by allowing them to get past conventional communication obstacles.

    In India’s insurgency-prone areas, Starlink’s capacity to deliver dependable internet connection in isolated and disconnected locations presents a special risk. The satellite internet provides end-to-end encryption, which makes it more difficult for intelligence services to monitor rebel conversations than traditional communication systems that are susceptible to disruption or interception. The Revolutionary People’s Front (RPF) and its armed component, the People’s Liberation Army (PLA), one of the most active rebel groups in Manipur, were identified by markings on the discovered device.

    Given that Starlink does not currently have a satellite broadband licence in India, the use of such technology sparked concerns about how the terrorists obtained the gadget. Security experts think that in order to get around restrictions, the device might have been smuggled into the nation or activated using phoney geotagging. According to a senior officer, this is more than just a technological seizure; it’s a window into the evolution of insurgency groups. The official also noted that the ability to access high-speed internet from distant locations alters the dynamics of coordination and communication for these organisations.

    Additional Consequences of Security Agencies

    Counterinsurgency operations face a number of difficulties when militants use satellite internet. Now, insurgent organisations may share real-time intelligence, run propaganda campaigns, and more efficiently coordinate operations across vast places.

    Conventional techniques for tracking insurgent communications, like phone interceptions and internet usage surveillance, might lose their effectiveness. Instead of depending on local networks, rebels may use Starlink to communicate directly with outside organisations, sponsors, or supporters.

    The civilian population may potentially be at risk from this trend, according to security experts. Insurgents’ unfettered access to the world internet creates opportunities for cyberattacks, the dissemination of false information, and even recruitment efforts aimed at young people who are particularly vulnerable.

    Starlink Under Scrutiny: Police Notify Elon Musk’s Firm in $4.25B Drug Case
    Police notify Elon Musk’s Starlink in a $4.25 billion drug smuggling investigation, raising questions about its alleged involvement in illegal activities.
    StartupTalkyNitin Konde

  • By Diwali Next Year, InCred Financial Services Plans to Launch an INR 5,000 crore IPO

    According to reports, fintech unicorn InCred Financial Services has started the process of going public and intends to generate between INR 4,000 Cr (about $470 million) and INR 5,000 Cr (roughly $590 million) through an initial public offering (IPO) in the latter part of next year. According to a source cited by various media reports, the fintech giant InCred Finance is considering a valuation between INR 15,000 Cr (about $1.78 billion) and INR 22,500 Cr (around $2.6 billion). By January 2025, the business intends to select merchant bankers to lead its public offering. According to reports, “the company wants to launch a Diwali 2025 initial public offering and aims to appoint four banks by January.” An offer for sale (OFS) component is also anticipated to be included in the IPO, allowing investors to sell their firm shares and record returns. Notably, in September, Bhupinder Singh, the founder and group CEO of InCred, stated that the fintech startup would only list on the stock exchanges if KKR, a prominent global private equity (PE) firm that owns 13.4% of the company, agreed to sell its position during the initial public offering (IPO).

    Entering the Unicorn Club

    A year after InCred announced that its lending division had joined the exclusive unicorn club after raising $60 million in its Series D round, which was led by Ranjan Pai of Manipal Education and Medical Group, the company decided to list on stock exchanges.  As a fierce funding winter dried up money across the startup ecosystem, InCred became one of only two firms (the other being Zepto) to become unicorns in 2023, with a $1.04 billion fundraising campaign.

    InCred’s Business Operations

    Bhupinder Singh founded InCred Group in 2016, and through its three distinct verticals, it operates in the banking, financial services, and insurance (BFSI) industry. InCred Finance and InCred Capital are the loan and wealth and asset management verticals, respectively, while InCred Money deals in retail bonds and alternative investments. In addition, InCred has investors including Moore Capital, Elevar Equity, Investcorp, OAKS, and Abu Dhabi Investment Authority (ADIA). At the conclusion of the fiscal year 2023–24 (FY24), InCred Finance reportedly had assets under management (AUM) of INR 9,039 Cr, up 52% year over year (YoY). In FY24, InCred’s consolidated net profit increased 162% to INR 316.3 Cr from INR 120.9 Cr the year before. Operating revenue increased from INR 864.6 Cr in FY23 to INR 1,270 Cr, a 47% increase.

    With the IPO, InCred reaches a major milestone and establishes itself as a prominent player in the fintech and NBFC sectors in India. The company hopes to attract market attention for its eagerly awaited public debut in 2025 with its robust financial performance, diversified business plan, and support from international investors.

    CCI Approves KKR’s Investment in Rebel Foods
    The CCI has approved US-based KKR’s proposal to acquire a share in Rebel Foods, paving the way for a significant investment in the food tech company.
    StartupTalkyNitin Konde

  • Ola Wants to Grow its Food and Beverage Division on ONDC

    The popular ride-hailing service Ola plans to soon extend its food and beverage (F&B) vertical throughout India via the Open Network for Digital Commerce (ONDC). Ola is one of the top two platforms on ONDC that creates significant demand in the F&B market, according to Thampy Koshy, managing director and chief executive officer of the organisation, who was speaking at the launch of the ONDC white paper, “Driving Digital Inclusion: Open Networks and Zero-Commission Mobility Apps.” Ola has notified ONDC that they will shortly expand its F&B business throughout India. Additionally, it just began providing groceries and plans to add other divisions shortly, Koshy stated. It is important to remember that Ola only provides F&B services in a few cities at this time through ONDC.

    Offering Last-Mile Logistics Services

    Ola provides last-mile logistics services for every category, including grocery shopping, food delivery, and pharmaceuticals through ONDC, in addition to food delivery. This occurs as Uber and Rapido, Ola’s fiercest competitors, have also jumped on the ONDC bandwagon to increase the range of services they offer. Uber signed a deal with the Chennai Metro Rail (CMRL) earlier this year to broaden its mobility capabilities, while Rapido sells tickets for the service directly through the ONDC platform. Namma Yatri, a union-backed ride-hailing business, also joined forces with ONDC a few months ago to launch its taxi and car rental services.

    ONDC’s Performance

    According to the recently released ONDC report, since December of last year, the volume of transactions on ONDC has increased by about three times. By December 2025, it is anticipated that the number of transactions would have increased by 7-8X. It is important to note that in October, ONDC saw 14 million transactions. The mobility segment accounted for over 5.5 million of these transactions, while the non-mobility categories accounted for 8.4 million. As this number has increased, ONDC has also been modifying its commission structure. It reduced the incentive for network participants earlier this month from INR 60 lakh for the October holiday season to INR 40 lakh for December.

    Open Network Models will Reap Benefits

    The Government of India launched ONDC with the goal of decentralising e-commerce by giving local vendors and small enterprises an equal opportunity to compete with larger platforms. The drawbacks of the present ride-hailing systems, including low driver pay and poor customer service, are examined in a recently released white paper.

    According to the findings, India’s economy might benefit from an annual contribution of INR 51,000 crore to INR 67,000 crore if open network models are used in the country’s mobility sector. A 30% increase in driver wages is also possible, which may enhance their annual income by INR 1.36 lakh.

    From orders over INR 250, ONDC will start charging a transaction fee of INR 1.50 from January 1, 2025. This fee, intended to guarantee the platform’s financial stability, will be borne by sellers, including logistics companies, lenders, and insurers.

    Namma Yatri, an Indian Brand, Is Eyeing the American Market
    According to reports, the ride-hailing app Namma Yatri, based in Bengaluru, is looking into entering the American market.
    StartupTalkyNitin Konde

  • The GST Council May Think Reducing the Tax on Online Meal Delivery Services

    According to reports, at its upcoming meeting on December 21, the Goods and Services Tax (GST) Council will discuss reducing the tax rate on online food deliveries from the current 18% to 5%. According to reports cited by a media outlet, foodtech businesses will not be able to claim the input tax credit (ITC) for delivery fees. According to the report, the Council’s Fitment Committee intends to suggest lowering the GST rates, which would take effect on January 1, 2022. By doing this, the government seems to have heeded the demands of foodtech platforms to lower GST on delivery fees and level the playing field with eateries.

    The Move will Provide Breather to Zomato and Swiggy

    For Zomato and Swiggy, which have been struggling under the weight of numerous GST notices, a decrease in GST rates will bring much-needed respite and clarity. The proposed action is noteworthy since it comes days after Maharashtra’s GST authorities ordered foodtech giant Zomato to pay INR 804 Cr, including taxes and penalties, for failing to pay certain taxes between 2019 and 2022. In addition, earlier this year, the company received several GST demand notices from Gujarati, Karnataka, and Haryana officials. Swiggy, its fiercest competitor, may also owe INR 326.7 Cr in GST, according to its most recent draft red herring prospectus (DRHP), which was submitted to SEBI prior to becoming public. The news follows Zomato’s November inaugural qualified institutional placement (QIP), which garnered INR 8,500 Cr (about $1 billion).

    Recent Developments of Swiggy and Zomato

    In October, Swiggy introduced Bolt, a speedy delivery service that promises to bring meals to consumers in as little as ten minutes. This project, which has begun in a few locations, attempts to satisfy the growing customer demand for meal delivery that is quick, tasty, and convenient.

    Today Customers are purchasing a wide variety of goods, and food delivery is no exception. Customers simply fall for products more quickly. Whatever the food is, it makes no difference. During the September earnings call, Rohit Kapoor, CEO of Swiggy’s Food Marketplace, stated that the business believes Bolt is a major bet here. With a ‘Buy’ recommendation and a 20% upside potential, Axis Capital began covering Swiggy on December 16 with a target price of INR 640 per share. According to the broking, Swiggy, the second-biggest qcom/food delivery company in India, offers an alluring investment opportunity.

    Swiggy launched ‘One BLCK’ a few days ago, offering customers an invite-only membership for an “elevated” experience that included an On-Time Guarantee and quicker delivery for all food orders. All of the advantages of the current Swiggy One membership, such as unlimited free deliveries on both food delivery and Instamart, as well as special member-only discounts on food delivery and dineout, would also be available to One BLCK members, according to Swiggy.

    In an intensified effort to increase food delivery, Zomato has been concentrating on shortening delivery times and expanding restaurant availability. Zomato claimed to have observed an increase in platform usage since delivery times have decreased and food has arrived more quickly.

    Swiggy Launches “One BLCK” Membership Plan
    Swiggy unveils “One BLCK,” a premium membership plan designed to offer exclusive benefits and services for its loyal customers.
    StartupTalkyNitin Konde

  • More than 600 Online Gaming Companies Are Found by DGGI in a Tax Evasion Investigation

    Pankaj Chaudhary, the Minister of State (MoS) for Finance, informed the Parliament that the Centre is investigating 642 offshore gaming, betting, and gambling organisations for possible tax fraud. Chaudhary further stated that the finance ministry is collaborating with the electronics and IT ministry (MeitY) to prohibit these websites in a written response submitted to the Lok Sabha.

    “642 offshore companies that offer internet gambling, betting, and money gaming have been found so far for inquiry. According to the guidelines of Section 14A(3) of the IGST Act, 2017, MeitY has been notified to restrict the websites and URLs of the offshore online gaming companies that were discovered to be unresponsive and uncooperative during the investigation, Chaudhary stated. Selvaganapathi TM, a DMK MP, asked the minister if the Centre had any reciprocal agreements with other countries for exchanging information on tax avoidance by such organisations. The MoS Finance said that no such arrangements exist.

    Expanding Nexus of Illegal Betting Platforms

    The CEO of the industry group All India Gaming Federation (AIGF), Roland Landers, stated earlier this year that offshore unlawful betting platforms cost the national exchequer a staggering $2.5 billion in goods and services tax (GST) income annually. The current regulations mandate that all offshore online gaming businesses operating in the nation, regardless of whether they provide skill-based or chance-based games, establish a subsidiary in India or designate a representative to pay taxes on money received from clients. For real money gaming, all gaming platforms in the nation are required to pay a 28% GST on the full face value of bets.

    28% GST Regime

    Last year on October 1st, the 28% GST regime went into force. Many stakeholders and industry participants argued that the new regulation will negatively affect the domestic online gaming market and called for its reversal. The Centre, however, remained steadfast. Online gaming companies’ collections increased 412% year over year (YoY) to INR 6,909 Cr in the six months following the new regime’s implementation (October 2023 to March 2024).

    The Central Board of Indirect Taxes & Customs, Department of Revenue, Ministry of Finance, is home to the former Directorate General of Central Excise Intelligence (DGCEI), now known as the Directorate General of GST Intelligence (DGGI). This top intelligence agency is tasked with gathering, compiling, and disseminating information about the evasion of the Goods and Services Tax (GST), which was implemented on July 1, 2017, and the duties of the Central Excise and Service Tax throughout India.

    The Directorate General has a variety of responsibilities when it comes to combating the threat of duty avoidance. Through its nationwide intelligence network, it gathers intelligence, particularly in emerging areas of tax evasion, and disseminates it by sending out Modus Operandi Circulars and Alert Circulars to advise field formations of the most recent developments in duty avoidance. When it is deemed essential, this Directorate General conducts operations to uncover GST, Central Excise Duty, and Service Tax evasion, either alone or in coordination with field forces.

    CCI Approves KKR’s Investment in Rebel Foods
    The CCI has approved US-based KKR’s proposal to acquire a share in Rebel Foods, paving the way for a significant investment in the food tech company.
    StartupTalkyNitin Konde

  • The US-Based KKR’s Plan to Purchase a Share in Rebel Foods has been Approved by CCI

    The application by private equity (PE) giant KKR to purchase a share in cloud kitchen upstart Rebel Foods has been approved by the Competition Commission of India (CCI). The CCI announced that Royce Asia Holdings, a subsidiary of KKR, will purchase an undisclosed quantity of the startup’s shares and compulsorily convertible preference shares (CCPS) through a secondary transaction.

    Therefore, since the proposed transaction won’t have a negative impact on competition in India, the relevant market need not be specified and can remain open in the absence of any horizontally overlapping and/or vertically complementary commercial operations of the parties in India. According to a statement from the CCI, the proposed transaction is being submitted through the green channel process. If a transaction does not pose a significant risk of having a negative impact on competition, it is considered permitted via the green channel method after being communicated to the CCI.

    Funds are Expected to be Raised at a Valuation of $800 Mn to $860 Mn

    This development occurs a few days after it was reported that KKR was prepared to purchase shares from Rebel Foods‘ current investors, such as Peak XV Partners and Coatue, for between $50 million and $75 million through a secondary sale. The funds are expected to be raised at a valuation of $800 million to $860 million, according to various media reports. In its Series G round, which was headed by Temasek and included current backer Evolvence, Rebel Foods raised an incredible $210 million last week. There were both main and secondary deals in the round. Rebel Foods was established in 2011 by Jaydeep Barman and Kallol Banerjee. It runs a number of quick-service restaurant (QSR) brands, including Wendy’s, Behrouz Biryani, Ovenstory Pizza, The Good Bowl, and SLAY Coffee.

    Funding Till Date And Financial Report Card

    With support from companies like Lightbox and Evolvence, among others, the firm has secured over $773 million in capital so far. According to reports from October of this year, the cloud kitchen unicorn planned to list on the Indian stock exchanges within the next 12 to 18 months. In terms of finances, Rebel Foods was able to reduce its net loss from INR 656.5 Cr in the previous fiscal year to INR 378.2 Cr in the fiscal year 2023–24 (FY24), a 42% reduction. From INR 1,195.2 Cr in FY23 to INR 1,420.2 Cr, operating revenue increased by 19%.

    Among its rivals are Tiger Global-funded Eatclub and Curefoods, which is supported by Binny Bansal. Temasek Holdings, a sovereign wealth fund based in Singapore, was approved by CCI last month to purchase a share in Rebel Foods.

    CCI Orders Investigation into Google Following Winzo Complaint
    The CCI orders an investigation into Google after gaming company Winzo files a complaint, raising concerns over competitive practices in India.
    StartupTalkyNitin Konde

  • Meity Seeking Concepts for Creating a Reliable AI Ecosystem and Tools

    Startups and other pertinent parties have been asked to submit ideas for developing AI-powered tools that can identify deepfakes to the Ministry of Electronics and Information Technology (MeitY). The Ministry has requested five suggestions for the creation of domestic technical AI tools, rules, frameworks, and standards in order to establish a reliable AI ecosystem, in accordance with the expression of interest (EoI) issued by MeitY. As artificial intelligence (AI) advances make deepfakes more realistic, it is critical to provide deepfake detection techniques that protect society from possible disinformation and manipulation, as per the document released by MeitY. According to MeitY, in order to assess the authenticity of media and identify manipulation, the possible deepfake detection system should use advanced deep learning algorithms, provenance-based approaches, and other detection methods.

    Additionally, it stated that in order to facilitate automated cross-modal content verification, offer real-time detection, and improve digital ecosystem security, the submitted deepfake detection technologies should be constructed in a way that makes them simple to incorporate into web browsers and social media platforms.

    Laying Emphasis on Tool that can Differentiate Between AI Generated and Non AI Generated Content

    The creation of a tool to distinguish AI-generated content from non-AI-generated content is another project the ministry hopes to carry out under the IndiaAI Mission. The EoI emphasised that in order to guarantee traceability and security and stop the creation of harmful and unlawful information, such a platform should contain distinct and undetectable identifiers in AI-generated content. The third initiative entails creating a platform that can assess how resilient AI systems are for high-stress situations like cyberattacks, natural catastrophes, and operational and data failures. Stress testing can guarantee readiness for high-stakes scenarios and offer useful insights into system flaws. According to the EoI, this theme focuses on the creation of instruments and techniques, like simulation-based testing or stress evaluation metrics, that are especially intended to strengthen the resilience of AI systems under pressure.

    Setting Up of Ethical AI Framework

    Furthermore, in order to guarantee that “AI systems respect fundamental human values, uphold fairness, transparency, and accountability, and avoid perpetuating biases or discrimination,” MeitY has urged stakeholders to submit recommendations for “ethical AI frameworks” that provide an organised method. The report also stated that in order to facilitate the widespread use of AI, “it is necessary to create thorough AI Risk Assessment and Management tools and frameworks that are intended to detect, evaluate, and reduce cross-sectoral safety risks, guaranteeing that failures in one area are contained and managed without affecting interconnected sectors.”

    Applications are Invited From All Institutions

    The EoI adds that entrepreneurs, academic institutions in India, research and development groups, commercial businesses, and startups are all welcome to apply for the projects. This comes days after S Krishnan, the IT secretary, allegedly stated that the Ministry was developing a system to assess the reliability and safety of AI technologies. Additionally, he stated at the time that the centre aims to emphasis innovation while avoiding restrictive rules. Earlier this year, Union IT Minister Jyotiraditya Scindia notably reiterated this opinion, stating that ethical considerations and a strong legal framework should govern the adoption of AI. The Indian generative AI (GenAI) ecosystem, which is home to 200 businesses and has raised over $1.2 billion in funding between 2020 and the third quarter (Q3) of 2024.

    RBI Panel to Regulate Ethical AI in Financial Services
    RBI establishes a panel to oversee the ethical use of AI in financial services, aiming to ensure responsible innovation and safeguard consumer trust.
    StartupTalkyNitin Konde