StartupTalky

Tag: #news

  • Nivesh, a Wealth Tech Platform, Buys Wealthzi

    Wealthzi, a wealth platform run by Lime Internet Private Limited, has been acquired by wealth tech platform Nivesh. This is a significant step for the business in achieving its objective of becoming a 360 degree platform that handles all of its clients’ investment and insurance-related demands.

    Anurag Garg and Sridhar Srinivasan created Nivesh in 2016, which uses AI-driven technologies and support to improve client results. It has 60,000 customers in 6,000 Indian cities and is supported by LetsVenture, IAN Fund, and prominent figures in the sector like Rahul Gupta, Dipak Gupta, and Basab Pradhan.

    What is Wealthzi?

    In 2020, Pradeep Pillai, a seasoned wealth management expert who has worked with companies like Reliance Wealth, Karvy Private Wealth, Ameriprise, and Deutsche Bank, and PV Sahad, the former founder of VCCircle, created Wealthzi. The Wealthzi team has managed substantial assets for family offices, UHNIs, and HNIs for more than 20 years.

    Mutual funds, PMS, AIF, bonds, and other assets totalling more than INR 500 crore are currently under its management. In order to expand its operations and offer advisory services, it just received an RIA license from SEBI. The team will be able to use the Nivesh technology’s platform to improve user experience and expand its business thanks to the integration. Additionally, the purchase will allow the two companies to gain from product, research, and operational synergies. In the next three years, the combined company’s assets are expected to exceed INR 10,000 crore, with an AUM of INR 2,500 crore.

    Benefits of This Acquisition

    Speaking about the advantages of this transaction, PV Sahad stated that the Wealthzi team is thrilled to work with Nivesh, a leader in B2B2C financial offerings. By combining Nivesh’s distribution network with Wealthzi’s direct-to-consumer wealth service, a strong financial partnership will be formed to serve India’s rapidly expanding investor base.

    Speaking about the purchase, Nivesh founder and CEO Anurag Garg stated that the company is extremely pleased to have acquired Wealthzi, which would allow it to broaden its product line and target the Affluent and HNI categories, which present enormous opportunities for wealth management. The company anticipates growing quickly and becoming a major force in the sector.

    As the growth of stock markets and wealth creation creates new prospects for wealthtech businesses, this acquisition coincides with increased investment in India’s wealth management industry.

    Citing statistics from the market intelligence platform Tracxn, a prominent media outlet reported on August 19 that during the last two years, investors have invested over $228 million in Indian wealthtech businesses. Consolidation is also occurring in the industry, as seen by an increase in mergers and acquisitions (M&A).

    WazirX Plans Decentralised Exchange and Platform Enhancements
    WazirX is set to launch a decentralised exchange, bringing new capabilities to its platform and enhancing user experience.
    StartupTalkyNitin Konde

  • Hyperface and EaseMyTrip Collaborate to Improve Card Management and Customer Satisfaction

    EaseMyTrip said in a press statement on 7 November 2024 that it has partnered strategically with Hyperface, Asia’s first Credit Cards as a Service (CCaaS) platform. The partnership intends to improve the card management features of the travel booking website and provide a more customised, digital-first experience for both new and returning consumers.

    Hyperface will assist EaseMyTrip throughout the customer experience through this relationship, from launching hyper-individualised ads for current users to onboarding new ones. It is anticipated that the change will improve client interaction and offer a more fulfilling experience.

    In an effort to provide its clients with the greatest financial products available, EaseMyTrip is thrilled to collaborate with Hyperface. According to Rikant Pittie, co-founder of EaseMyTrip, this partnership is a big step towards improving the company’s card programmes and guaranteeing that its clients have a smooth, value-added experience.

    How Hyperface will Further Help EaseMyTrip?

    Currently in conjunction with several banks, EaseMyTrip’s co-branded credit and debit card programmes will be streamlined with Hyperface’s assistance as part of this relationship. Customers of EaseMyTrip should find it simpler to manage their cards and take advantage of customised benefits and rewards as a result of the integration, which will increase convenience and value. EaseMyTrip and Hyperface are aggressively pursuing the development of new co-branded credit card programmes in addition to improving their current card programmes. These programmes are designed to give EaseMyTrip users specialised advantages and incentives.

    Hyperface’s dedication to using creative card solutions to address real-world problems is demonstrated by its collaboration with EaseMyTrip. According to Ramanathan RV, co-founder and CEO of Hyperface, the company is excited to work with EaseMyTrip to provide their clients with the greatest card experiences possible and to help them expand internationally.

    ScanMyTrip, a Unique Travel Platform on ONDC, Launched by EaseMyTrip

    According to a press statement from the company, ScanMyTrip.com, the nation’s first travel marketplace of its sort, was launched in September 2024 by EasyMyTrip.com. Additionally, it is now the first online travel agency (OTA) to use the ONDC Network to both buy and sell travel services. In order to increase their visibility in the online market, OTAs, MSMEs, travel agencies, and homestays will be able to include services including flights, hotels, and lodging on ScanMyTrip.com.

    Businesses in the travel and tourism industry can take advantage of the digital infrastructure offered by ONDC thanks to EaseMyTrip’s partnership with the ONDC Network. Through this collaboration, even small-scale service suppliers can reach a wider clientele. ScanMyTrip.com simplifies the onboarding procedure, which helps companies interact with passengers and prosper well in the cutthroat online market.

    WeCredit Joins ONDC to Make Financial Services Accessible for All
    WeCredit joins India’s ONDC initiative to make financial services more accessible, aiming to democratise financial support for all citizens.
    StartupTalkyNitin Konde

  • ED Raids Flipkart and Amazon Merchants’ Offices

    A few sellers on Amazon and Walmart-owned Flipkart had their premises raided by the Enforcement Directorate (ED) on 7 November 2024 on suspicion of breaking the Prevention of Money Laundering Act (PMLA) and foreign investment standards.

    19 locations in New Delhi, Gurugram, Panchkula, Hyderabad, and Bengaluru were searched, according to official sources. According to various sources, among of the companies being investigated are Appario Retail, Shreyash Retail, Darshita Retail, and Ashiana Retail. This could not be independently confirmed, though.

    Why These Offices Have Been Raided?

    There have been accusations, according to sources, that these dealers have been importing goods from China by paying lower import taxes and rerouting them through other countries. Complaints about underinvoicing are also present. According to a media report, many vendors route their goods through other areas for quicker clearance because Chinese consignments are detained for extended periods of time at ports for security inspections. According to media sources, they might not be aware of all the facts because the searches were conducted on sellers rather than e-commerce companies.

    According to official sources, there have been multiple grievances from impacted parties alleging that e-commerce companies are favouring some sellers over others and even influencing product prices either directly or indirectly.

    Dos and Don’ts of FDI

    Companies like Flipkart and Amazon use the marketplace model since inventory-based e-commerce prohibits foreign direct investment (FDI). This indicates that they provide an online marketplace for vendors to sell their goods rather than maintaining their own stock. However, physical B2B stores run by Amazon and Flipkart also permit FDI. They sell goods to sellers through these businesses, and the vendors resell the goods on their platform.

    The government has implemented a few further restrictions to prevent any FDI violations. The marketplace platform, for example, is not permitted to own stock in seller entities. Additionally, no more than 25% of the products that vendors on their marketplace can source come from their B2B businesses. The merchants, not Flipkart or Amazon, must offer the discounts.

    According to official sources, ED examined documents from roughly six of these vendors and made copies of some of them. The Confederation of All India Traders (CAIT), meanwhile, applauded the ED’s move.

    CAIT and AIMRA Already Filled Petitioned to CCI

    The mainline mobile retailers’ group AIMRA and the CAIT had previously petitioned the CCI to immediately suspend Flipkart and Amazon’s operations, claiming that the companies were using predatory pricing and burning money to offer steep product discounts.

    This government is dedicated to making sure that the trading community cannot be harmed by anyone. CAIT Secretary General Praveen Khandelwal said, “We urge both the CCI and the ED to take swift action and prevent any further, irreparable damage to the businesses of small traders in response to multiple complaints filed by the trading community regarding FDI violations and the anti-competitive practices of quick-commerce companies such as Blinkit, Swiggy, and Zepto.”

    Amazon.in Launches Creator Central for Indian Content Creators
    Amazon India launches Creator Central, a new platform for content creators to grow, monetize, and engage with their audiences across Amazon’s network.
    StartupTalkyNitin Konde

  • 15% of the 1% Club’s Workforce is Let Go by Sharan Hegde

    As part of its attempts to increase profitability and reduce unnecessary expenses, finance influencer Sharan Hegde’s 1% Club has laid off 15% of its employees. In a LinkedIn post, Hegde stated that he recently let go of 15% of his employees and that he had received numerous messages from friends and the media asking if he was going bankrupt. The irony is not lost on him as a finance guru who made financial education the cornerstone of his business.

    Hegde did not specify how many workers were impacted; however, a Reddit user stated that about 40 workers were let go.

    Sharan Hedge Discusses the Financial Results of 1% Club

    Hegde’s LinkedIn post states that 1% Club has a strong EBITDA margin of 35–40% and generates about $8 million in annualised revenue. Hegde emphasised the company’s sound financial standing by stating that it has operated independently of outside investor funding.

    He said that the client had placed INR 10 crore in a fixed deposit (FD) that was yielding an 8.5% interest rate. In October of last year, millionaire Nikhil Kamath’s Gruhas and Abhijeet Pai from the Puzzolana Group contributed INR 10 crore to the 1% Club. Additionally, according to Hegde, 1% Club has been creating new financial services and products that have already turned a profit and serve close to 85,000 active, paying clients.

    What Caused the Layoffs?

    The layoffs, according to Hegde, are a part of the startup’s first significant cost-cutting initiative since its founding. He disclosed that 1% Club, which started off with just five interns two years ago and currently has close to 200 employees, saw quick expansion that resulted in some hiring and operating expense inefficiencies.

    “Two years ago, I launched this business in my bedroom with just five interns. Today, we employ about 200 people. It goes without saying that when you expand at such a rapid rate, you will inevitably make some hiring and unnecessary spending blunders,” he said.

    This is the company’s first cost-cutting initiative since its founding. According to Hegde, the company has discovered substantial AI-driven cost savings that can increase efficiency and profitability and be put back into the expansion of the company.

    Assistance for Impacted Workers

    Hegde recognised the decision’s difficulty and the psychological toll it would take on the impacted staff. He stated that the 1% Club will continue to assist laid-off workers in locating new employment prospects and has provided substantial severance compensation depending on seniority.

    One of the leading financial influencers in India, Sharan Hegde, has more than 3 million followers on social media, including more than 2.7 million on Instagram. The online platform 1% Club, which was co-founded by Raghav Gupta and Sharan Hegde, assists users in becoming financially independent. The startup offers masterclasses, financial planning tools, and teaching materials.

    WazirX Plans Decentralised Exchange and Platform Enhancements
    WazirX is set to launch a decentralised exchange, bringing new capabilities to its platform and enhancing user experience.
    StartupTalkyNitin Konde

  • Truecaller is Being Investigated by the IT Department for Violations of Transfer Pricing

    On November 7, a renowned news outlet stated in its report that the Income Tax Department of India (IT) had begun an investigation into the spam caller blocking software Truecaller and calling ID due to a suspected violation of the transfer pricing regulation action.

    According to the report, Truecaller’s offices and other locations connected to the app in Gurugram and a few other locations have been raided by IT department officers.

    In India, the app has more than 400 million active users. Truecaller Fraud Insurance is a new service that the app introduced in India with the intention of providing premium customers with extra security in the event that they become victims of fraud.

    Truecaller, a calling ID and spam caller blocking app, teamed up with HDFC Ergo to offer this service. Since these types of frauds are becoming more common, Truecaller stated that the new tool will truly assist consumers to protect themselves with these fake and fraud calls.

    Truecaller’s Response

    The corporation responded by saying that Truecaller is now fully supporting the authorities at its headquarters. This was unexpected, and Truecaller is presently awaiting formal confirmation and word from the tax authorities.

    According to the company’s press statement, Truecaller will fully comply with the appropriate authorities, and this is not an unusual practice. The business added that, other than regular tax audits, Truecaller is not the target of any tax investigations in India. 

    For its intra-group transactions, Truecaller follows the globally recognised arm’s length norm for transfer pricing, as was previously stated. As far as the Swedish and Indian tax authorities are concerned, the goal is to make sure Truecaller pays taxes correctly. According to the release, the policy is regularly examined by an impartial party to make sure it complies with the requirements of both nations’ tax laws.

    To make sure that cross-border transactions between linked firms are carried out at market value and avoid profit shifting to lower-tax jurisdictions, the tax authorities have increased their inspection of transfer pricing legislation. To stop income leaks, the tax probes on international firms that were previously conducted to verify compliance in the tech and digital industries have been expanded.

    With features like caller ID, call blocking, flash messaging, call recording, chat, and voice over the internet, the Stockholm-based startup runs a smartphone application.

    The business maintained that, aside from regular tax audits, its operations are “entirely transparent” and immune to tax investigations in India.

    Rishit Jhunjhunwala Has Been Appointed as the New CEO of Truecaller

    Rishit Jhunjhunwala, the current chief of products, was named Truecaller’s new CEO the day before the raids took place. Jhunjhunwala is the managing director of Truecaller’s India division and has been with the company since 2015. On January 9, 2025, he will assume his new position following Alan Mamedi’s resignation. In a letter, co-founders Alan Mamedi and Nami Zarringhalam announced their decision to leave Truecaller’s operational responsibilities on June 30, 2025.

    India Accelerator & 01 Booster Partner for Pan-India Startup Corridor
    India Accelerator partners with Tokyo-based 01 Booster to create a pan-India startup corridor, fostering cross-border innovation and growth.
    StartupTalkyNitin Konde

  • Google Cloud Now Offers More Assistance to Indian Early-Stage AI Firms

    At an AI firms summit in Bengaluru, tech giant Google unveiled a number of initiatives and collaborations aimed at boosting the expansion of artificial intelligence (AI) firms in the nation. These initiatives assist early-stage AI entrepreneurs in developing, expanding, and gaining clients for their Google Cloud-based solutions.

    Google announced the launch of the 12-week Emerging ISV Partner Springboard initiative, which is intended to accelerate the growth of AI firms. In addition to expedited onboarding to Google Cloud Marketplace, participants will receive practical assistance in creating go-to-market assets, access to Google AI specialists for product refinement, and advice on technical architectural best practices.

    Google is Now Focusing on Empowering AI Startups

    Supporting AI businesses to encourage innovation and expansion is a priority for Google. According to Manish Gupta, senior director, research, Google DeepMind, these efforts show Google’s commitment to giving early-stage founders the resources and assistance they need to create and grow profitable AI-powered companies.

    Google Cloud CEO Thomas Kurian praised the creative thinking and persistence of entrepreneurs using AI and cloud technology to drive revolutionary growth during a fireside chat at the Global Google Cloud Summit in October 2024. The goal of Google Cloud, he said, is to help these trailblazers succeed by giving them the resources, tools, and guidance they require. By means of strategic alliances, customised initiatives, and cutting-edge infrastructure, Cloud is dedicated to helping companies expand their influence and propel the upcoming digital revolution.

    Google for Startups Cloud Programme

    Through the Google for Startups Cloud Program, which will now offer $200,000 in Google Cloud credits over two years, early-stage startups will receive more assistance, allowing them the time they need to develop and expand their ideas. With $350,000 in credits, AI-first firms will get even more help, acknowledging the higher processing demands of advanced AI development. The founders will be able to take advantage of Google Cloud’s full potential and capability thanks to this investment.

    Additionally, Google and Y Combinator have teamed up to provide its Summer 2024 cohort of AI-first entrepreneurs with cloud credits, coaching, support, and dedicated access to NVIDIA H100 GPUs and Google Cloud TPUs. Furthermore, Google is working with top early-stage incubators and accelerators, such as Berkeley Skydeck, StartX, 500, and others, to provide early-stage creators with a unique bundle of technical seminars, professional advice, and Google Cloud credits.

    Startup School: GenAI and Google Cloud’s Collaboration with DeliverHealth

    Furthermore, Google announced the opening of Startup School: GenAI, a thorough four-week immersive training programme created to enable entrepreneurs to fully utilise artificial intelligence. This free online series features live, interactive seminars taught by Google AI specialists starting on October 29. In addition to learning best practices for creating and implementing AI solutions, participants will investigate the most recent advancements in Google Cloud AI and obtain hands-on experience with generative AI. From fundamental ideas to sophisticated methods, the programme covers a wide range of subjects, giving businesses the know-how and abilities they need to create innovative AI-powered goods and services.

    In an effort to revolutionise the way healthcare practitioners record patient care, Google Cloud recently announced its partnership with DeliverHealth, a prominent company in healthcare clinical documentation. With the help of DeliverHealth’s vast collection of 150,000 audio hours of human-curated medical notes every month and Google Cloud’s cutting-edge Gemini 1.5 Pro multimodal AI models, the partnership seeks to provide a novel solution with precision, speed, and medical specificity.

    According to Bikram Singh Bedi, vice president and country managing director of Google Cloud India, the two companies are working together to rethink clinical documentation in order to free up doctors to concentrate more on patient care.

    Modi Meets 15 Tech CEOs at MIT Roundtable in the US; Nvidia, and Google CEOs Praise AI Vision
    On 23 September 2024, Prime Minister Narendra Modi participated in an important roundtable meeting with top technology experts from the United States.
    StartupTalkyNitin Konde

  • Orington & Partners Announces Strategic Partnership with Meliora; Launches Energy and Mining Vertical

    Orington & Partners teams up with Meliora Advisory to seize the booming $42 billion renewables market in India by 2032. This powerful alliance aims to accelerate growth and innovation in energy and mining, driving India toward its ambitious 500 GW renewable energy target.

    Orington & Partners, an Australian-headquartered international firm specializing in investment banking, management consulting, restructuring, and corporate advisory services, announces an exclusive strategic partnership with Meliora Advisory, a consulting, investment advisory, and technology commercialization firm, to expand their combined presence across global markets, with a focus on the energy and mining sector.

    Meliora, headquartered in Bengaluru, India, is a consulting firm with having group of seasoned professionals with deep expertise in investment advisory, technology commercialization, and industrial sector consulting. The firm’s core leadership team comprises Raaj Kumar, who has served as CEO of GMR Energy and JSW Energy in his past roles. The team is also led by A. Subba Rao, and Rohit Laumas, bringing significant industry experience to the partnership.

    In the last 12 months, the renewables sector in India witnessed mergers and acquisitions activity to the tune of $3 billion, with both strategic and financial investors being active. India’s distinct green energy journey involves major investments in the next decade, with potential in areas such as power transmission and distribution, renewables and storage, and electric transportation.

    Speaking on the partnership, Kashish Grover, Managing Partner & CEO of Orington & Partners said, “Meliora’s team comprises exceptional professionals with extensive experience and deep expertise in the energy and mining sectors. As India continues to emerge as a high-growth market with a substantial demand for energy, we believe that as a team we can make a significant contribution to the industry. This partnership will help us unlock new doors to opportunities, and together, we will be stronger in making a meaningful impact on the market, driving growth, and delivering innovative solutions to meet evolving industry needs.”

    Executive Chair of Orington & Partners, Wei-Khing Seow said, “We are very excited about this partnership with Meliora, as it will not only enhance our capabilities in the energy and mining sector but also strengthen the India-Australia relationship. This collaboration allows us to tap into our extensive network across geographies and explore synergies to deliver exceptional value to clients. We are extremely bullish on this opportunity and look forward to making a meaningful impact, and fostering innovation across the industry.”

    Senior Partner – Energy & Mining, Mr. Raaj Kumar said, “The Meliora team is very excited about the partnership with Orington & Partners. Both teams share common core values of integrity, professionalism, and collaboration. This partnership makes the O&P-Meliora combine well-equipped to address client needs in today’s dynamic and challenging business environment. Our shared expertise and experience in consulting, investment advisory, and technology commercialization will act as a “force multiplier” to serve clients across global frontiers”

    India’s renewable energy sector is on a strong growth trajectory, with installed capacity expected to rise from 135 GW in December 2023 to 170 GW by March 2025. As the country pushes towards its 500 GW target by 2030, the sector is buzzing with billions worth of mergers, acquisitions, and fundraising activities. The O&P-Meliora partnership is strategically positioned to seize these opportunities, leveraging our expertise to drive investments and innovation in this high-growth market.

    Australia and India are deepening ties in the energy and mining sectors, supported by new agreements. Australia’s rich natural resources and advanced technologies align with India’s growing demand, creating immense potential for collaboration. Australian modular solar pioneer 5B has partnered with Waaree Renewable Technologies to build a giga-scale production facility in India, enhancing its global market access while supporting efforts to diversify supply chains away from China. The O&P-Meliora partnership aims to leverage such developments, positioning us to capitalize on India’s growing role in global renewable energy supply chains and drive impactful solutions in the sector.

    About Orington & Partners

    Orington & Partners (“O&P”) is an Australian headquartered, international firm specialising in management consulting, business development, restructuring and corporate advisory services. In India, it also provides investment banking and capital raising services. Under business development, O&P helps emerging businesses by building channel partnerships and forging strategic alliances for them to expand domestically and in the international markets. It services clients and partners across the globe including Australia, the US, India, UAE, Singapore, and the UK. For more information, please visit: orington.com

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  • To Establish a Pan-India Startup Corridor, India Accelerator Collaborates with Tokyo-Based 01 Booster

    01 Booster, a renowned accelerator, venture capital firm, and venture builder with its headquarters located in Tokyo, Japan, has announced a strategic agreement with India Accelerator, the country’s top startup accelerator, multi-stage venture capital, and co-working space.

    With the goal of enabling startup founders in both countries, the alliance is concentrated on creating a Japan-India Startup Corridor. The relationship between 01Booster and the India Accelerator is concentrated on a number of key projects aimed at empowering and assisting startup founders in Japan and India.

    How Partnership is Going To Help Founders?

    Business expansion and market access are two important areas where the collaboration seeks to assist founders in growing their companies by gaining access to new markets in both nations. Startups will have more opportunities to grow their clientele and establish a solid international presence as a result.

    Another top focus is cross-border funding and co-investment. The alliance connects companies with a wider network of investors in both regions and helps them achieve necessary capital by facilitating co-investment options. The cooperation will also plan startup events and trade missions to promote cross-cultural interaction and collaboration. Startups will be able to present their innovations, network with business executives, and identify possible partners at these events.

    Additionally, the cooperation places a strong emphasis on innovation and technology exchange, promoting the transfer of cutting-edge technologies and fresh concepts between India and Japan. New cooperative projects and improvements in both ecosystems will result from this interchange. Initiatives for talent exchange and skill development will include skill workshops, startup internships, and talent programs, giving professionals and entrepreneurs the chance to hone their abilities, travel abroad, and further their careers.

    Both Countries Benefiting From the Newly Formed Alliance

    Given India’s fast-growing startup ecosystem and Japan’s increasing emphasis on technology, this partnership has enormous potential for both nations’ startup communities. Through cross-border assistance and group expansion, the establishment of this startup corridor will allow entrepreneurs to prosper.

    Executive Director Takeuru Kawashima of 01 Booster stated that the company is a firm believer in the potential of international innovation and that India offers a stimulating environment for joint expansion. Through this collaboration with India Accelerator, 01 Booster is able to collaborate closely with a thriving startup community, utilising both countries’ advantages to help entrepreneurs succeed internationally.

    This agreement with 01 Booster marks a new age of cooperation between India and Japan, said Deepak Sharma, co-founder and managing partner at India Accelerator. Together, the two companies will open doors for startups to enter new markets, secure strategic capital, and stimulate international innovation.

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  • WazirX is Planning to Release a Decentralised Exchange and Update its Platform with Additional Capabilities

    In addition to resuming platform operations, WazirX has announced plans to create a decentralised exchange (DEX). This action is intended to assist in compensating users who suffered losses totalling INR 2,000 crore as a result of a massive cyberattack that compromised the company’s multisignature wallet.

    Features including cryptocurrency staking, an over-the-counter (OTC) desk, and futures trading will be added to the new DEX and redesigned platform, generating income streams for compensating impacted consumers.

    Recovery Tokens to Make up for the Losses

    WazirX intends to provide creditors with “recovery tokens,” which equal 48% of the stolen money, to assist users affected by the breach. These tokens, which are distributed pro rata, give users flexibility by allowing them to be held with the hope of long-term recovery through future platform revenues or traded for instant compensation. This strategy seeks to provide some liquidity to impacted users while offering a route towards a possible full recovery.

    Nischal Shetty, the founder and CEO of WazirX, claims that the new DEX will provide a user-friendly interface equivalent to centralised exchanges, increasing accessibility to decentralised trading. Shetty observed that self-custody—where people keep control of their assets—is becoming more and more popular among cryptocurrency users. The security advantages of DEXs, which let users control their transactions and assets directly rather than depending on a centralised system that is susceptible to assaults, are consistent with this trend.

    Planning to Launch Test Version in February 2025

    Even while DEXs are becoming more and more popular, less than 5% of global cryptocurrency traders utilise them, and they only account for 13–15% of worldwide trading volumes. In addition to encouraging more users to embrace self-custody, WazirX hopes to capitalise on this market.

    By February, WazirX anticipates releasing a test version of the DEX along with the new platform. The company’s remuneration plan will be linked to advancements in decentralised finance by offering users who own recovery tokens the opportunity to trade them for DEX tokens. The money made by the improved WazirX platform and the new DEX will be used to pay back creditors.

    WazirX is functioning under a restructuring moratorium issued by a Singaporean court while it attempts to recover from the attack. Financial analysts caution that even with these efforts, only about 57% of the losses would be compensated, which might leave users with losses of almost INR 850 crore that have not been recovered.

    About WazirX

    WazirX is more than just a digital asset trading platform since its founding in 2018. The path has been driven by enthusiasm, determination, and a desire to provide all Indians with democratized access to cryptocurrency. WazirX is the market leader in terms of transaction volumes, boasting a listing of over 350 cryptos and tokens and over 16 million users. This solidifies WazirX’s position as a reliable leader in the nation’s cryptocurrency market.

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  • Telangana and DENSO Collaborate to Promote Automotive Technology and Startups Via T-Hub

    A new collaboration between T-Hub, India’s top startup incubator, and DENSO, a Japanese automotive technology company, was recently announced by the Telangana government. In keeping with the state’s goal of becoming a leader in cutting-edge, environmentally friendly automotive solutions, the Telangana government said that this partnership intends to incorporate DENSO’s experience into Telangana’s vibrant startup scene.

    Key Telangana officials, including Minister Duddilla Sridhar Babu, IT Advisor Sai Krishna, Chief Strategy Officer Sreekanth Lanka, and T-Hub CEO Sujit Jagirdar, were present when the Memorandum of Understanding (MoU) was signed. CEO Yasuhiro Iida and other senior executives represented DENSO.

    DENSO’s Future Plan

    To develop next-generation technologies, DENSO will cooperate with a select network of Indian automotive startups via T-Hub’s T-Connect platform.

    One way to do this is to take part in T-Hub’s mentorship programmes, where DENSO officials may exchange global thoughts and learn from Indian entrepreneurs.

    Telangana Becoming a Hub of Automation

    In addition to facilities from businesses like Mahindra, Bharat Forge, Exide, and Amara Raja Batteries, the state is home to major players in automotive design, semiconductors, and sensors. By teaming up with DENSO, Telangana is taking giant leaps towards becoming a centre for electric and conventional car technology.

    With the help of large investments and a thriving, innovation-driven ecosystem, Telangana is quickly becoming a major player in India’s automotive sector, Minister Babu said, highlighting the state’s rising prominence in the sector. An important turning point in this journey has been reached with DENSO’s recent partnership with T-Hub, which reaffirms Telangana’s desire to become a premier hub for sustainable and automotive technology innovation.

    How DENSO Going To Support Startups?

    In order to address concerns in the domestic automotive industry, DENSO will also participate in T-Hub’s events such as industry panels, hackathons, CXO roundtables, and innovation challenges. With DENSO promoting innovation through hackathons centred on AI, ADAS, electrification, and V2X communication, these events aim to promote cooperation and promote sustainable practices.

    The CEO of DENSO International India, Yasuhiro Iida, expressed excitement about the collaboration, saying that DENSO is eager to work with companies that share its vision for an intelligent and sustainable mobility future through T-Hub’s T-Connect platform. Access to technological know-how and R&D resources will be part of the firm’s assistance, enabling these firms to grow effectively.

    Telangana’s T-Hub Programme

    T-Hub has successfully empowered India’s innovation ecosystem for nine years as of 2024. Over the years, T-Hub has endeavoured to create a single ecosystem that fosters innovation and entrepreneurship. Over the past nine years, T-Hub has created and implemented over 100 innovation initiatives, helping 2000 businesses grow both domestically and internationally and introducing them to a range of significant ecosystem partners.

    Over 50 scaling interventions, over 150 corporate engagements with startups, 60 corporate innovation programmes, and the curation of creative companies across 50 countries have all been accomplished with success by T-Hub’s corporate innovation initiatives. It includes 2000 mentor links and more than 600 national and international corporates.

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