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  • There Have Been 6.3 lakh UPI Fraud Incidents Totalling INR 485 cr so Far in FY25

    As of September 2024, 6.32 lakh cases of UPI payment scams totalling INR 485 crore had been registered nationwide, according to RBI data. In FY24, there were 13.42 lakh UPI fraud instances, involving around INR 1,087 crore, a significant increase from FY23’s INR 573 crore. In FY 2023-24, the RBI reported that ‘financial scams’ cost Indians INR 2,715 crore, with each case involving sums of INR 1 lakh or more. Pankaj Chaudhary, the Minister of State (MoS) for Finance, presented the information to the Lok Sabha on 25 November.

    The amounts involved in fraud cases in commercial banks and all Indian financial institutions decreased in FY24 from FY23, when they stood at INR 3,607 crore, according to Reserve Bank of India (RBI) data on financial frauds based on the date of occurrence and the amount involved of INR 1 lakh and above in each case, MoS Chaudhary said. According to the minister, there has been a decrease in financial fraud during the last three years. In FY 2021–2022, there were financial scams of INR 9,298 crore.

    Tamil Nadu Tops the List

    With 6,468 financial fraud instances totalling INR 663.63 crore in FY24, Tamil Nadu recorded the most, followed by Maharashtra with INR 391.78 crore and Karnataka with INR 243.43 crore. The amount engaged in frauds has decreased over the years as a result of extensive measures implemented to prevent financial frauds and discourage scammers, Chaudhary stated.

    According to the minister, the RBI released updated master directions on “fraud risk management” in commercial banks and All India Financial Institutions (AIFIs) in July 2024 after reviewing previous master directions, circulars, and new challenges. In addition to highlighting the necessity of establishing a strong internal audit and controls framework, these also mandate a framework on early warning signals and red flagging of accounts, strengthen the board’s role in governance and oversight of fraud risk management, and create a dedicated data analytics and market intelligence unit in banks.

    Central Payment Fraud Information Registry (CPFIR)

    According to the minister, the RBI has been using the Central Payment Fraud Information Registry (CPFIR), a web-based mechanism for reporting payment-related crimes, since March 2020 in an effort to stop frauds arising from UPI transactions. Payment-related scams must be reported to the aforementioned CPFIR by all regulated enterprises (RE).

    The government and regulatory agencies have put in place measures like device binding, which links a customer’s mobile number to the device; two-factor authentication via PIN; a daily transaction cap; and restrictions on use cases, among others, to stop payment-related frauds, including UPI transaction frauds.

    Paytm Launches UPI Lite Auto Top-Up for Payments Under INR 500
    Paytm launches UPI Lite Auto Top-Up, designed for hassle-free everyday payments under INR 500, enhancing convenience for small transactions.
    StartupTalkyNitin Konde

  • Temasek Holdings Receives Approval from the CCI to Purchase Share in Rebel Foods

    The proposed purchase of a share in the foodtech startup Rebel Foods by Singapore’s Temasek Holdings was approved by the Competition Commission of India (CCI) on November 26. Rebel Foods, the company behind Faasos, Behrouz Biryani, Oven Story, and other cloud kitchens, is being acquired by Temasek Holdings through its subsidiary Jongsong Investments Pte.

     According to a release from the regulator, the proposed combination calls for Jongsong Investments Pte Ltd to purchase equity shares of Rebel Foods Private Ltd (Rebel Foods) and subscribe for certain compulsorily convertible preference shares.

    Rebel Foods Hitting the IPO

    Rebel Foods is considering going public in the upcoming 12 to 18 months. Prior to that, it is reported that early investors, such as Coatue Management, Lightbox, and Peak XV Partners, are seeking partial exits. It is anticipated that Jongsong Investments will purchase their combined 20–25% shareholding for between $180 and $200 million. Temasek will become Rebel Foods’ biggest stakeholder after the deal.

    At the moment, the Qatar Investment Authority owns roughly 10% of the firm, while the founders share 12%. Behrouz Biryani, Ovenstory Pizza, The Good Bowl, SLAY Coffee, and Wendy’s are just a few of the quick-service restaurant (QSR) brands that Rebel Foods, which was founded in 2011 by Kallol Banerjee and Jaydeep Barman. Selling food products through its own cloud kitchens and third-party kitchens is the startup’s main source of income. Through agreements, it also generates revenue from royalties and delivery fees.

    Financial Report Card of Rebel Foods

    Thanks to a rise in its top line and cost discipline, 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% decrease. From INR 1,195.2 Cr in FY23 to INR 1,420.2 Cr in FY24, operating revenue increased by 19%. The development occurs as early investors are trying to sell some shares in order to squeeze out profits, while a number of late-stage Indian businesses are seeing secondary share sales before their scheduled IPOs. Acko, Urban Company, and Lenskart are among the startups that have experienced secondary transactions, which have resulted in partial exits and multi-bagger returns for certain early investors.

    With more than 450 kitchens spread across 70 cities, Rebel Foods is the biggest online restaurant operator in the world. At the moment, Rebel Foods has more than 45 brands across several nations.

    In addition, Rebel Foods has been opening physical locations in an effort to reach a wider audience and generate more income. Among its rivals are Tiger Global-funded Eatclub and Curefoods, which is supported by Binny Bansal.

    CCI Approves Alphabet’s Stake Purchase in Walmart’s Flipkart
    CCI authorizes Alphabet’s stake purchase in Flipkart, a Walmart subsidiary, marking a significant investment in India’s e-commerce sector.
    StartupTalkyNitin Konde

  • CCI Authorises Alphabet’s Purchase of Stake in Flipkart, a Walmart subsidiary

    The purchase of a portion of Flipkart, a Walmart group company, by Alphabet affiliate Shoreline International Holdings LLC has been authorised by the Competition Commission of India (CCI). A wholly owned subsidiary of Alphabet Inc., the parent company of Google, Shoreline International will purchase shares in Flipkart.

     According to the CCI, the deal entails an investment in Flipkart Pvt Ltd as well as a contract for particular service provisions between an Alphabet affiliate and Flipkart’s subsidiary. The primary activities of Flipkart, a prominent e-commerce platform, are marketplace-based e-commerce services and wholesale trading. The CCI revealed in a post on X that the Commission had authorised the subscribing of Flipkart Pvt Ltd shares by Shoreline, a subsidiary of Alphabet Inc.

    Flipkart’s Recent Funding

    Google joined Walmart in contributing $350 million as a minority investor in Flipkart’s extended investment round in May. With this investment, the domestic marketplace’s valuation increased to $36 billion, bringing its total capital to $950 million. Google’s financing was meant to help Flipkart expand into new financial and fast commerce enterprises as well as into established major categories like Cleartrip and Shopsy.

    According to Flipkart’s official announcement, Google’s proposed investment and its cloud collaboration will help the company grow and modernise its digital infrastructure so it can serve customers nationwide.  Walmart, the company that controls 85% of Flipkart, strengthened Flipkart’s standing in the market by contributing $600 million to the fundraising effort.

    Streamlining Regulations

    The CCI pointed out that Alphabet’s stake is an “extremely small and non-controlling acquisition of shareholding” and affirmed that Flipkart and Alphabet will continue to function separately.  As stated in its order, the competition watchdog stressed that the focus of its investigation was possible impacts on the cloud services market in India.

    However, CCI stated in the order that if the Hon’ble Commission were to evaluate the impacts on competition, it should only consider the markets that are directly impacted by the proposed merger, specifically the Indian cloud services market.

    Flipkart’s Dominance in the Indian Market

    With the $36 billion investment, Flipkart is the market leader in India’s e-commerce sector, catering to hundreds of millions of customers in smaller cities and villages. According to Bernstein, Flipkart, which also owns the fashion e-commerce company Myntra, controls roughly 48% of the Indian e-commerce market.

    Amazon, Meesho, which is supported by SoftBank, Reliance Retail, and an expanding number of quick-commerce applications, are competitors of Flipkart. The largest retail chain in India is operated by Reliance Retail, which is rapidly trying to develop an e-commerce strategy. It is owned by Mukesh Ambani, the richest man in Asia. Last year, QIA, ADIA, and KKR invested close to $2 billion in Reliance Retail, which was valued at $100 billion. According to Bernstein, India’s e-commerce market is expected to reach a value of $133 billion by the following year.

    Amazon Launches Tez Delivery for Rapid Commerce Solutions
    Amazon launches Tez Delivery, a rapid commerce solution aimed at providing faster and more efficient delivery services for customers.
    StartupTalkyNitin Konde

  • E-commerce Unicorn Meesho Introduces GenAI Voice Bot to Revolutionise Customer Service

    Meesho, an e-commerce unicorn located in Bengaluru, has introduced a state-of-the-art multilingual voice bot driven by generative AI with the goal of transforming customer support. The speech bot is intended to offer scalable, human-like assistance, particularly to customers in tier II towns in India.

    In order to meet the demands of Meesho’s primary audience, the bot is optimised for noisy situations and low-end smartphones, and it presently supports Hindi and English.

    Features of GenAI

    By differentiating between genuine interruptions and informal affirmations like “yes,” “ji,” or “okay,” it has an interruption-handling feature that guarantees smooth communication. The business claims that this innovation has resulted in a 10% increase in customer satisfaction (CSAT) ratings. The average handling time (AHT) for requests has been cut in half by the bot, which handles 60,000 client contacts every day with a 95% resolution rate.

    Compared to human-operated calls, these efficiency improvements have resulted in a 75% reduction in per-call expenses, with additional cost savings expected. Meesho has promised that there won’t be any layoffs in spite of the automation, emphasising its efforts to upskill staff for more difficult jobs. To deliver quick, precise, and culturally appropriate responses, Meesho’s voice bot makes use of state-of-the-art technologies including natural language processing (NLP), automatic speech recognition (ASR), text-to-speech (TTS), and large language models (LLM).

    Strategies for Growth and Innovation

    In further updates, Meesho plans to incorporate emotion detection skills and add six more regional languages to the bot’s linguistic support. Additionally, the business intends to expand the bot’s capabilities from less than 50% of post-order queries to all of them within a year. Sanjeev Barnwal, Meesho’s co-founder and chief technology officer, stated, “Our commitment to industry-first innovations is demonstrated by our Gen AI-powered voice bot.”

    The voice bot was created with India’s diverse multilingual landscape in mind. It uses large language models (LLM), advanced Gen AI, and state-of-the-art natural language processing to enable users to converse in their preferred language with ease, promoting unmatched accessibility and inclusivity. One of its most notable features is its human-like interaction, which facilitates conversation, fosters trust, and provides help that is relatable and feels natural. This strategy not only improves the user experience but also firmly establishes Meesho as a leader in technology, offering effective, user-friendly solutions that satisfy our users’ varied needs, according to Barnwal.

    According to the company’s official statement, the speech bot increases customer satisfaction and reliability by guaranteeing accurate and consistent service with strict adherence to standard operating procedures (SOPs). This presents it as a seamless, round-the-clock customer service solution.

    How to Link Better with Artificial Intelligence Like ChatGPT?
    Discover how you can use ChatGPT to make your SEO backlinking faster, easier and better. Learn to link better with artificial intelligence.
    StartupTalkyRinky Moolchandani

  • Ola Electric Enters the Gig Market and Plans to Introduce an E-Scooter for Less Than INR 40K

    Ola Electric introduced a new range of affordable e-scooters, with prices starting at less than INR 40,000, in light of the prediction that India’s gig economy will double in size and employ over 10 million people in the upcoming years. The market reacted favourably, as Ola Electric’s stock increased 5.67% and ended the day at INR 73.47 on the BSE.

    The Ola Gig, which costs INR 39,999 and is intended for gig workers who travel lesser distances, is part of the new line. With a starting price of INR 59,999, the S1 Z series provides a cost-effective substitute for the original S1 model.

    Bhavish Aggarwal, the CEO of Ola Electric, wrote on X that the S1 Z is identical to the S1 but more reasonably priced. In a different post, he predicted that India’s gig economy would double in size in the next years, employing over 10 million people. Regrettably, these employees are compelled to operate products of inferior quality at a significantly elevated cost.

    Coming up With Four New Variants

    The four new models—Ola Gig, Ola Gig+, Ola S1 Z, and Ola S1 Z+—are designed to cater to a variety of use cases, including small business owners, gig workers, and urban commuters. The Ola Gig and Gig+ will start deliveries in April 2025, and the Ola S1 Z and S1 Z+ will follow in May 2025. These models are available for reservations, with prices starting at INR 499.

    “The pricing is very competitive—50-60% lower than other market options—reflecting the company’s expectation of a twofold surge in demand,” said Kripa Ananthan, head of design at Ola Electric. According to Ananthan, Ola Electric anticipates that the gig worker market will grow quickly, tripling from the present 5 million to 10 million in the upcoming years. Aggarwal reaffirmed in another X post that Ola Cabs and Ola Electric will collaborate to expand the use of these new products.

    Competitiveness and Characteristics

    Current models like Yulu’s electric scooter Wynn, which costs INR 59,999 and has a top speed of 25 kmph and a range of 70 km, Kinetic Green’s Zing Big B, which costs INR 75,990 and has a similar top speed of 25 kmph and a range of 100 km, and Okinawa’s R30, which costs INR 61,998 and has a top speed of 25 kmph and a range of 60 km, will compete with Ola’s Gig scooters.

    A detachable 1.5 kWh battery powers the Ola Gig, a scooter with an IDC-certified range of 112 km and a top speed of 25 kmph. The Ola Gig+, which costs INR 49,999, has a detachable single or twin battery arrangement, an IDC-certified range of 81 km (157 km with dual batteries), and a top speed of 45 kmph for customers who need more range and cargo capacity.

    Both models, which will be offered in retail and battery-as-a-service, are made with fleet operators and gig economy workers in mind. The Ola S1 Z, which costs INR 59,999, is aimed towards elders, students, and urban commuters. With a range of up to 146 kilometres, it has two 1.5 kWh detachable batteries. At INR 64,999, the Ola S1 Z+ is intended for light commercial customers and small business owners. Its performance specifications, including the detachable battery mechanism, are identical to those of the S1 Z.

    Ola Electric Announces Layoffs of 500 Workers Due to Controversies
    Ola Electric plans to lay off 500 workers due to ongoing controversies and subpar performance, sparking discussions about workforce management.
    StartupTalkyNitin Konde

  • Pine Labs Selects Five Banks As IPO Plans Get Finalised

    The fintech giant has reportedly chosen five investment banks to serve as advisors for its $1 billion (about INR 8,424.7 crore) initial public offering (IPO), months after it was revealed that Pine Labs has been considering going public. According to a media report, which cited people familiar with the situation, Pine Labs has selected Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies to manage its initial public offering (IPO) mandate, which is scheduled to launch in the first half of FY26.

    According to the report, as part of the pre-IPO investment, a secondary offer worth $100 million (about INR 842.5 crore) will be made possible, allowing share transfers between new venture capital companies and current investors. The company is expected to seek a valuation of over $6 billion for the initial public offering (IPO), according to reports that first surfaced in June about its plans to go public.

    Business Dynamics of Pine Labs

    Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs offers a variety of payment solutions to businesses, such as point-of-sale devices and payment systems. Additionally, it provides businesses with cashback, rewards, and pay-later options. Investors including Peak XV Partners, Actis Capital, Temasek, PayPal, Mastercard, Alpha Wave Global, Chimaera Capital, and State Bank of India have contributed a total of around $1.6 billion to the fintech company’s investment to date.

    In August, Pine Labs obtained the first set of licences from the National Company Law Tribunal (NCLT) to combine its Singapore business with its Indian subsidiary, one of several steps the fintech startup took to move its headquarters to India.

    IPO Scenario in India

    Aforementioned development occurs at a time when at least ten companies are making their debut this year, and entrepreneurs from a variety of industries are eager to get on the exchanges. In the meantime, a long line of startups is expected to go public next year.

    Axis Capital, Morgan Stanley, JP Morgan, Citigroup, and Bank of America are among the five banks that have joined SoftBank-backed B2B marketplace OfBusiness for its $1 billion initial public offering (IPO), which is anticipated to take place next year. About two weeks ago, the manufacturer of smartwatches and audio goods, boAt, hired ICICI Securities, Goldman Sachs, and Nomura as bankers for its $300–500 million initial public offering (IPO) that will take place next year.

    With initial public offerings (IPOs) emerging as a crucial means of obtaining funding, the Indian startup scene is undergoing a significant transformation. For the second time in history, mainboard initial public offerings (IPOs) have raised more than INR 1 lakh crore in 2024. Over INR 1.03 lakh billion has been raised through 70 initial public offerings (IPOs) this year, the most since 2007. In contrast, 63 firms raised more than INR 1.19 lakh crore through IPOs in 2021, compared to 100 IPOs that were launched in 2007 and raised INR 34,179 crore.

    BlackBuck’s IPO Success: Stock Opens 2.9% Above Issue Price
    BlackBuck stock listed 2.9% above its IPO price, marking a strong debut and reflecting investor confidence in the company.
    StartupTalkyNitin Konde

  • The Atal Innovation Mission’s Continuation is Approved by the Cabinet

    Under the direction of NITI Aayog, the Union Cabinet, presided over by Prime Minister Narendra Modi, has authorised the continuation of its flagship programme, the Atal Innovation Mission (AIM), with an expanded scope of work and a budget of INR 2,750 crore for the period ending March 31, 2028. India’s existing thriving innovation and entrepreneurship ecosystem is to be strengthened, deepened, and expanded through AIM 2.0, a step towards Viksit Bharat.

    The government’s dedication to developing a strong innovation and entrepreneurial environment in India is demonstrated by the clearance. The upcoming Atal Innovation Mission (AIM 2.0) phase is anticipated to further boost India’s global competitiveness, as the country is home to the third-largest start-up ecosystem in the world and ranks 39th on the Global Innovation Index. AIM’s continued existence will directly support the development of better jobs, cutting-edge goods, and high-impact services across a variety of industries.

    AIM 2.0 Marking Qualitative Shift in the Mission’s Approach

    AIM 2.0 represents a qualitative change in the mission’s strategy while expanding on the achievements of AIM 1.0, such as Atal Tinkering Labs (ATL) and Atal Incubation Centres (AIC). AIM 2.0 entails piloting new initiatives intended to close gaps in the ecosystem and scaling successes through the federal and state governments, industry, academia, and community, in contrast to AIM 1.0, which involved implementing programmes that created new innovation infrastructure to strengthen India’s then-nascent ecosystem.

    India’s innovation and entrepreneurship ecosystem will be strengthened by AIM 2.0 in three ways: (a) increasing input (meaning more innovators and entrepreneurs will be welcomed), (b) increasing the success rate or “throughput” (meaning more startups will be helped to succeed), and (c) improving the quality of “output” (meaning better jobs, goods, and services will be produced).

    Strengthening the Ecosystem

    The Language Inclusive Program of Innovation (LIPI) aims to reduce the barriers to entry for innovators, entrepreneurs, and investors who do not speak English by creating innovation and entrepreneurship ecosystems in India’s 22 scheduled languages. Existing incubators will host 30 Vernacular Innovation Centres.

    For the innovation and entrepreneurial ecosystems of Jammu and Kashmir (J&K), Ladakh, the Northeastern states (NE), and Aspirational Districts and Blocks—where 15% of India’s population resides—the Frontier Program will develop tailored templates. In order to develop templates, 2500 new ATLs will be made.

    A system for developing professionals (managers, educators, and trainers) to establish, run, and preserve India’s innovation and entrepreneurial ecosystem is being developed under the Human Capital Development Program. 5500 of these professionals will be produced by the pilot.

    The Deeptech Reactor will provide a research sandbox to test strategies for bringing research-based deep tech firms to market, which will take a lot more time and money. There will be at least one Deeptech reactor piloted.

    By concentrating on their areas of strength, the State Innovation Mission (SIM) helps states and UTs develop a robust ecosystem for innovation and entrepreneurship. The State Support Mission of NITI Aayog will include SIM.

    India’s innovation and entrepreneurship ecosystem will expand globally through the International Innovation Collaborations program. The United Nations’ World Intellectual Property Organisation (WIPO) has identified four areas of intervention: (a) an annual global Tinkering Olympiad; (b) the establishment of ten bilateral and multilateral engagements with advanced nations; (c) serving as a knowledge partner and assisting the WIPO in disseminating AIM’s models and programs (ATL, AIC) to the global south; and (d) serving as the anchor for India’s Startup20 Engagement Group of the G20.

    Telangana Gig Workers Demand State-Owned Ride-Hailing Platform
    The gig workers’ union in Telangana is urging the government to launch a state-run ride-hailing service to ensure fair pay and improved working conditions.
    StartupTalkyNitin Konde

  • Foxconn is in Discussions With TN to Expand its Battery Manufacturing Business in India

    According to reports, Foxconn, a Taiwanese electronics giant, is in talks with the Tamil Nadu government about growing its battery manufacturing operations in India. The Tennessee government has approached Foxconn, the largest contract manufacturer in the US, about 200 acres of property for the company’s proposed battery energy storage system (BESS) unit, according to media reports. Energy from both renewable and nonrenewable sources is typically locked and stored in batteries via a battery energy storage system.

    Talks are in Final Stage

    According to the reports, Foxconn has not yet made a decision, but the negotiations are nearing a close, and the business is probably going to move on with the project at the designated property in Tamil Nadu, as chairman Young Liu stated during his visit to India. During his August trip to India, Liu allegedly disclosed the Taiwanese electronics manufacturer’s intentions to establish a BESS facility there. With the first facility already established in Taiwan, the firm is aiming to increase its market share in the electric vehicle sector.

    It is important to remember that the Tennessee unit would be the second BESS unit in the world after the talks and state government clearance. According to the sources, Foxconn has also received an incentive package from the Tamil Nadu government.

    Manalur in Tiruvallur District Most Likely to Become Manufacturing Plant’s Destination

    The state also provided Foxconn property in the Tiruvallur district, close to Manalur. According to sources, the union government was preparing to issue tenders for the establishment of 10 gigawatts (GW) of battery energy storage projects in order to bolster India’s standing in the energy storage market. This news comes shortly after that. Foxconn was also thinking about investing about $1 billion (INR 8,354 cr) to establish a smartphone display module assembly plant in TN, which would be the company’s first facility of that kind in India.

    About Foxconn

    The largest electronics firm in the world, Hon Hai Technology Group (Foxconn), was founded in Taiwan in 1974. As the top supplier of technical solutions, Foxconn consistently uses its knowledge of hardware and software to combine cutting-edge technology with its distinctive manufacturing techniques. The Group’s long-term growth strategy and its four main product pillars—Smart Consumer Electronics, Cloud and Networking, Computing Products and Components, and Others—are fuelled by the three technologies it has expanded into: artificial intelligence (AI), semiconductors, and new-generation communications technology. It has also expanded its capabilities into the development of electric vehicles, digital health, and robotics.

    Hon Hai’s yearly income in 2023 was USD 198 billion. The company has set up manufacturing and research and development facilities in a number of international markets, including the United States, China, India, Japan, Vietnam, Malaysia, and the Czech Republic. The corporation has more than 57,729 patents and focuses on research and development. 

    Telangana Gig Workers Demand State-Owned Ride-Hailing Platform
    The gig workers’ union in Telangana is urging the government to launch a state-run ride-hailing service to ensure fair pay and improved working conditions.
    StartupTalkyNitin Konde

  • For Everyday Payments Under INR 500, Paytm Introduces UPI Lite Auto Top-Up

    Paytm’s parent company, One 97 Communications Limited (OCL), declared on 25 November that Paytm UPI Lite now offers automatic top-up. In order to ensure smooth small-value transactions without requiring a PIN, the feature will enable users to immediately replenish their UPI Lite balance when it drops below a predetermined level. It is perfect for regular daily payments because it allows payments of up to INR 500 each transaction and has a daily cap of INR 2000.

    By doing away with the requirement for a PIN, Paytm UPI Lite simplifies everyday activities like managing subscriptions, paying for transportation, buying groceries, and paying small invoices. Because regular payments are handled via an on-device wallet rather than gaining direct access to the primary bank account, it helps keep bank accounts clear of congestion. 

    UPI Statement Download Feature

    A UPI statement download tool has also been added by the firm, allowing users to view and download comprehensive records of all UPI transactions, including those done through Paytm UPI Lite. According to the firm, the Paytm UPI Lite auto top-up feature is currently available for a limited number of users on Yes Bank and Axis Bank accounts and will shortly be extended to all consumers and the remaining partner banks.

    According to a Paytm spokeswoman, the addition of automatic top-up to Paytm UPI Lite speeds up and simplifies daily payments for everything from daily meals and tea to bus, subway, and car rides. It ensures that tiny, regular transactions don’t overtake the main bank statement by keeping it clear of clutter. Users can efficiently track and manage all of their payments with the Paytm app’s comprehensive UPI statement, which also includes Paytm UPI Lite expenditures.

    Paytm’s Partners

    To facilitate UPI payments, Paytm has worked with institutions such as State Bank of India, HDFC Bank, Axis Bank, and Yes Bank. For peer-to-peer transactions, online and offline payments, self-account transfers, and account balance checks, the platform lets users link their bank accounts and get UPI IDs. It improves the entire payment experience by providing auto-pay, RuPay Credit Card linkage on UPI, and UPI Lite for small-value transactions. According to Paytm, the platform has expanded its reach by enabling international UPI payments in countries including the UAE, Singapore, France, Mauritius, Bhutan, Sri Lanka, and Nepal where UPI is accepted.

    By enabling cashless payments for dining or shopping, the international UPI service streamlines spending at well-known locations across the globe. As leaders in mobile payments, Paytm is excited to provide its services to Indian tourists, particularly as the holiday season draws near, a Paytm representative stated. The company’s dedication to empowering users anywhere in the world is demonstrated by this invention.

    NPCI Approves Phi Commerce’s UPI Switch for Seamless Payments
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    StartupTalkyNitin Konde

  • A 15-Minute Delivery Service is Piloted by Tata’s Neu To Stay Head-to-Head in Race

    As India’s need for speedy deliveries increases, the Tata Group’s e-commerce business, Neu, is testing a quick commerce delivery service called Neu Flash. The 15-minute delivery service is currently available in more than 20 Indian cities.

    The service has been extended to a number of tier-II cities, while the main markets are big metro areas like Delhi NCR, Mumbai, Bengaluru, Hyderabad, Pune, and Chennai. A carefully chosen range of products will be offered during the first phase of the rollout, which is currently restricted to a few pin codes within these cities.

    Offering Wide Range of Products

    Neu Flash provides product delivery for anything from groceries and electronics to clothing and cosmetics. The app provides fast delivery in a number of categories, such as food, electronics, clothing, and cosmetics, and is based on Tata’s current digital infrastructure. It makes use of BigBasket‘s pre-existing hyperlocal network, while Tata Cliq handles fashion and lifestyle items and Croma oversees electronics deliveries.

    Following its previous difficulties in the superapp category, Tata Digital is attempting to improve Neu’s market position with this growth. The rapid commerce expansion comes after Neu’s platform underwent significant backend enhancements over the previous 12 months, such as a redesigned user interface and improved integration of Tata’s digital assets.

    Current Scenario of Quick Commerce Industry in India

    According to industry data, the rapid commerce business in India has expanded by 280% in the past two years, and the top three companies, Blinkit, Zepto, and Swiggy Instamart, have combined to generate over $1 billion in revenue for FY24. This occurs as Indian businesses are stepping up their rapid commerce solutions. Amazon India is getting ready to debut its rapid commerce service, Tez, while Myntra recently introduced M-Now for 30-minute- to 2-hour deliveries. The fierce competition in the rapid commerce area is shown by Zepto’s recent $350 million fundraising round, which was led by Motilal Oswal’s Private Wealth division. The company has raised $1.35 billion this year alone to increase the number of its dark stores and diversify its product offerings, demonstrating the significant investments being made by competitors to gain market share in this quickly expanding industry.

    E-commerce and other retail formats are being disrupted by quick commerce, which, according to a recent Bernstein analysis, is expanding more quickly than contemporary retail chains like Reliance Retail, Dmart, and Spencer Retail. This is one of the reasons why consumer platforms are responding to the shift by preparing to deliver a variety of goods outside of groceries in 10–20 minutes.

    Tata Neu has been urged to exercise caution when spending large sums of money on consumer incentives, so it will be fascinating to see how it handles the fast commerce sector. Meanwhile, the industry leaders have plenty of money and are making every effort to gain market share.

    Amazon Launches Tez Delivery for Rapid Commerce Solutions
    Amazon launches Tez Delivery, a rapid commerce solution aimed at providing faster and more efficient delivery services for customers.
    StartupTalkyNitin Konde