StartupTalky

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  • We Are Seeing Rapid Expansion in the Indian Market: Suleyman, CEO of Microsoft AI

    Mustafa Suleyman, the CEO of Microsoft AI, said on his first visit to India that the business is proud that India is one of its fastest-growing markets and that it has one of its best teams globally, with offices in Hyderabad and Bengaluru.

    Suleyman, who is well-known for having founded Inflection AI and DeepMind, two of the top artificial intelligence (AI) firms in the world, offered his thoughts on the direction of AI and how it may enhance human welfare.

    Suleyman stated during the Microsoft: Building AI Companions for India event in Bengaluru on November 6, 2024, that India has incredibly talented engineers and developers.

    Social scientists, psychologists, therapists, screenwriters, and comedians—those people who may often connect with the film or video game industries—are also becoming more and more involved with Microsoft. He noted that the company has the chance to synthesise more varied viewpoints and obtain a more comprehensive understanding of those engaged in the design and operating process.

    Microsoft 365 Copilot

    While citing Microsoft 365 Copilot as an example, Suleyman added that Microsoft 365 is a productivity tool driven by AI that enables users to do activities more effectively and efficiently. To offer real-time support, it interfaces with Microsoft 365 applications, including Word, Excel, PowerPoint, Outlook, and Teams. Copilot offers skills and content that are pertinent to a user’s tasks by utilising Microsoft Graph data and massive language models.

     According to Suleyman, this innovative artificial intelligence application can look up and cite any query users ask by looking at their calendar or email, Excel sheets, papers, supply-chain data, or firm human resource records. This is contributing significantly to the workplace. Knowledge workers can now act on the beneficial knowledge they have access to. “I believe that many of our industries will experience significant economic benefits,” he stated.

    Speaking with the Ministry of Electronics and Information Technology

    Suleyman spoke with S. Krishnan, the secretary of the Indian government’s Ministry of Electronics and Information Technology. Suleyman responded that the internet has already made information accessible to everyone when asked about the economic benefits and growth potential that artificial intelligence (AI) can bring to India, particularly in a setting with limited capital.

    According to Suleyman, AI will now make information accessible to anyone. This knowledge is synthesised, condensed, and customised to users’ preferred methods of information acquisition and utilisation. That holds true at work just as much as it does at home.

    India’s AI Mission

    Through the India AI mission, the country hopes to build a strong AI computing infrastructure. Suleyman responded that voice is the best approach to making the technologies widely available and accessible when questioned about Microsoft’s role in fostering diversity in India. According to him, the government ought to invest in fields like translation and languages. He also underlined how crucial it is for startups and companies to have access to sizable government datasets in order to train their models and promote innovation.

    The 2024 Chemistry Nobel Prize was given to John Jumper and Demis Hassabis of Google DeepMind for creating the ground-breaking AI tool AlphaFold, which predicts protein structures, he said, highlighting the scientific advances made possible by AI.

    Suleyman emphasised the importance of proactive regulation in the field while talking about the risks posed by AI. According to him, it needs to be discussed openly rather than as a taboo subject. 

    Google’s Bard Vs. Microsoft’s Bing Chat: The Clash of Titans
    Both Google’s Bard and Microsoft’s Bing Chat are performing well. Bard hasn’t been yet launched here in India; however, you can use Bing Chat.
    StartupTalkyRishi Mundra

  • Amazon.in Introduces India’s Creator Central For Content Creators

    On November 7, 2024, Amazon.in announced the opening of Creator Central, a comprehensive platform aimed at empowering content creators, in India. By providing user-friendly workflows and a dedicated shopfront, Creator Central simplifies the content development process and frees up creators to concentrate on their artistic vision rather than intricate technical details.

    With the help of Creator Central, content producers can easily create and market their work on Amazon.in, reaching millions of customers. They can also improve their success by using performance reports, automatic product recommendations, and instructional materials. In the next few weeks, more than 50,000 creators connected to the Amazon Influencer Programme will have access to Creator Central.

    How Creator Central Helps Creators?

    Creators can produce content such as idea lists, images, and videos using Creator Central right within the Amazon app and then post it straight to their own shopfronts. They can also quickly examine their performance reports, which include information on their availability and deals, overall earnings, and the top-promoted products and categories. User-friendly features like store switching and account administration are provided by Creator Central to guarantee a flawless user experience. In order to streamline their workflow and increase efficiency, creators may effortlessly manage numerous accounts, add users with varying levels of access to their shopfront, and move between stores. By planning when to publish their shoppable content, creators can now take charge of their content schedule. They can quickly schedule their posts to coincide with forthcoming significant events, such as Prime Day, or they can choose a specific time and day. Both desktop and mobile devices can utilise this capability.

    Creator University, which was introduced earlier this year, will be included in Creator Central in order to promote ongoing development and advancement. The goal of Creator University is to give content producers the skills and information they need to thrive in the ever-changing creator economy. The initiative will serve a wide range of content producers, including both seasoned and up-and-coming artists. The curriculum gives participants the fundamental knowledge and useful tactics they need to build a long-lasting business on the Amazon marketplace through a carefully chosen collection of resources.

    Key Features of Creator Central

    Automated product and category suggestions, robust educational resources, streamlined reporting, user management, and other dynamic features are all part of this distinctive and cutting-edge platform. An all-in-one platform called Creator Central was created to empower Indian content producers. Amazon India is streamlining the process from production to promotion and optimising, allowing creators to concentrate on their passion: producing incredible content. According to Zahid Khan, Director of Shopping Initiatives for India and Emerging Markets at Amazon, Creator Central provides all the tools creators need to be successful on Amazon.in, including a dedicated shopfront, thorough analytics, and product recommendations tailored to their consumers.

    Amazon has launched a number of initiatives for content creators in recent years. In 2022, Amazon.in launched Amazon Live, a special live shopping tool that allows users to communicate directly with content creators who display products, provide real-time customer service, conduct surveys, and give temporary discounts. For influencers looking to make money off of their work, Amazon.in also offers the Amazon Influencer Programme. With the help of this programme, influencers can choose and suggest Amazon products and services to their followers while receiving commissions on eligible purchases. By posting their affiliate links or shopfront URLs, influencers can make money off of the content they share, reaching a wider audience and drawing in new clients. These programmes demonstrate Amazon’s dedication to fostering a vibrant retail environment while enabling small companies, influencers, and artists.

    Amazon India Surge in Premium Product Sales During Festive Season
    Amazon India reports a significant increase in premium product sales this Diwali season as consumers opt for high-end purchases during festive shopping.
    StartupTalkyNitin Konde

  • 6 Startups are Chosen by Applied Ventures, Applied Materials VC’s arm, for its 5th ASTRA Cohort

    Six innovative firms have been chosen as part of the fifth cohort of the Applied Startup Technology & Research Accelerator (ASTRA) by Applied Ventures, LLC, the venture capital division of Applied Materials, Inc., in partnership with Applied Materials India Private Limited.

    The programme aims to speed up the creation of novel solutions that could potentially solve some of the most important problems faced by the deep-tech sector, which includes sophisticated manufacturing, software, supply chain, and semiconductor technology.

    The Main Focus of This Year’s ASTRA Programme

    The chosen startups, Augmentus, Cloudsek, CynLr, Distil, Syenta, and Xyma Analytics, are headquartered in India, Singapore, and Australia and were chosen from more than 60 applicants. The leaders and associates of Applied Materials from the venture capital and startup ecosystems were presented with the innovative solutions of the companies in fields such as robotics, cybersecurity, materials, and sensors. Supply chain innovations, semiconductor and display technologies, market scalability, and generative AI were also prioritised in this year’s ASTRA programme.

    The companies were assessed according to their innovative solutions, market and growth potential, management team strength, and compatibility with the business and technological goals of Applied Materials.

    The startups chosen for ASTRA 2024, according to Om Nalamasu, Senior Vice President and Chief Technology Officer of Applied Materials, Inc. and President of Applied Ventures, LLC, represent the future of technological innovation, exhibiting ground-breaking solutions that have the potential to revolutionise industries. Their technical expertise and inventiveness complement Applied’s endeavours to advance materials engineering and facilitate next-generation deep-tech breakthroughs.

    Nalamasu continued, “Applied looks forward to collaborating closely with these innovative businesspeople, providing them with its resources, global network, and mentorship to help accelerate their growth opportunities.”

    India’s place in the global semiconductor and technology ecosystem is growing quickly, and Applied Materials must encourage deep-tech innovation to keep up with this expansion, according to Avinash Avula, Country President, Applied Materials India. A key component of ASTRA 2024 is the company’s dedication to fostering the next wave of tech firms that will propel the growth of India’s deep-tech and semiconductor industries. The company hopes to support a future in which India is a key player in global technological breakthroughs by working with these entrepreneurs.

    Positive Outcomes for the Chosen Startups

    The firm claims that the companies chosen for ASTRA 2024 can take advantage of Applied Materials’ materials engineering experience, opportunities for cooperation with the business units of the company, access to infrastructure and ecosystem partners, and exposure to best practices in the sector.

    These firms may be able to establish alliances and look at funding options through this involvement, which could assist them in overcoming technological and market obstacles.

    List of 116 Unicorn Startups in India | Top Unicorns in India
    India has already seen 116 unicorn startups. Here’s an exhaustive list of all unicorn companies in India, including those that joined the unicorn club in 2024.
    StartupTalkyAnik Banerjee

  • Bacancy Systems Invests USD 7M in Railway Electronics Research, Unveils New Product Line

    New Delhi [India] November 7: Bacancy Systems, a rapidly growing provider of embedded solutions and e-mobility technology, is proud to announce its entry into the railway electronics and power electronics sectors. As part of this strategic expansion, Bacancy is positioning itself as a key player in delivering cutting-edge solutions for railways projects and beyond.

    Bacancy aims to foster partnerships to indigenize products currently imported for core functions in railway systems. By localizing these essential components, Bacancy is helping to build a more self-reliant and sustainable railway infrastructure for India and global markets.

    New Railway Solutions for a Growing Market

    Bacancy is poised to launch a range of advanced products, including TCMS ( Train Control And Monitoring Systems) Applications, TCMS simulators, Various control systems, PA/PIS ( Public address and Passenger Information Systems), and Communication Based Train Control (CBTC) solutions.  These solutions enhance rail operations’ efficiency, safety, and reliability. Bacancy’s roadmap includes expanding these offerings for a broader market and meeting national and international standards.

    Looking ahead, Bacancy is actively pursuing entry into international markets over the next five years. This ambitious expansion will leverage the company’s core expertise in embedded systems and manufacturing, positioning Bacancy to deliver innovative, high-quality solutions globally.

    Investment in Innovation and Expansion Opportunities

    In line with its growth strategy, Bacancy Systems is also exploring strategic partnerships to accelerate its expansion into the railway sector. The company, which currently operates two manufacturing units, is set to enhance its production capacity to meet the increasing demand for railway and power electronics solutions. Through these collaborations, Bacancy aims to establish new manufacturing facilities and establish industry-leading innovation for rolling stock

    A Global Vision for the Future

    Looking ahead, Bacancy Systems plans to leverage its core expertise in embedded systems and manufacturing to expand its footprint into international markets. The company’s roadmap includes delivering high-quality, innovative solutions that meet both national and international standards, solidifying Bacancy as a global leader in railway and power electronics.

    Founded in 2021, Bacancy Systems has quickly established itself as a leader in embedded systems and e-mobility solutions, serving industries such as automotive, IoT, healthcare, and now, railways. With a focus on technological advancement and sustainable transportation, Bacancy is at the forefront of driving the future of embedded technology.

    For more information on Bacancy Systems’ railway electronics solutions and investment opportunities, please visit: bacancysystems.com

    Driving India’s EV Growth: Focus on Battery Reuse, Funding, and Skilling
    As EVs dominate the decade, overcoming challenges in battery recycling, infrastructure, funding, and talent upskilling is crucial for India’s sustainable mobility sector to thrive.
    StartupTalkyPrithvi Durai

  • Ola Electric is ordered by the Consumer Commission to Reimburse a Client INR 1,63,986

    After a customer’s e-scooter was discovered to be defective, the District Consumer Disputes Redressal Commission in Ranga Reddy, Telangana, ordered Ola Electric to reimburse INR 1,63,986 with interest and provide INR 10,000 in compensation. Following persistent issues with his Ola S1 Pro since its delivery in June 2022, Hyderabad counsel K Sunil Chowdary lodged a complaint.

    The scooter’s charger was defective from the beginning, and unsolved battery problems have made it inoperable since August 2023, even with an extended warranty and Ola Care Plan. Despite raising these issues several times with the company, Ola Electric was unable to provide a satisfactory result to the customer.

    Ola Electric did not show up for or reply to hearings in response to Chowdary’s legal notification from October 2023. Ola’s failure to fix the scooter was determined by the commission to be a service deficiency. Within 45 days, the refund and the 9% interest that has accumulated since August 2023 must be paid; otherwise, the interest rate would rise to 12% annually.

    When Ola Electric Mobility’s three-month lock-in period ended earlier in the day on November 5, the company’s shares were down more than 7%.

    Ola Claims that 99% of Customer Complaints are Resolved

    On the other hand, contradicting from aforementioned development, Ola Electric last month made a statement mentioning that out of the 10,644 customer complaints it has received thus far, 99.91% have been handled and resolved successfully. In a regulatory filing on September 21, 2024, the manufacturer of electric two-wheelers notified the Central Consumer Protection Authority (CCPA) of the latest developments on long-pending customers’ issues. The CCPA issued a show-cause notice to the Bengaluru-based company earlier this month in response to subpar conditions at its service centres throughout the nation.

    The Department of Consumer Affairs’ National Consumer Helpline reports that between September 1, 2023, and August 30, 2024, 10,644 complaints were filed against Ola e-scooters. Of these, 1,899 deal with new vehicle delivery delays, 3,389 with servicing delays, and 1,459 with unmet promises of services.

    In a regulatory filing, Ola Electric stated that it wants to be clear that it has a robust framework in place to address any complaints regarding its electric two-wheeler. The company would like to emphasise that, in fact, 99.1% of the 10,644 complaints it received from the CCPA were resolved to the complete satisfaction of the customer because of Ola Electric’s robust redressal mechanism.

    This calculating approach was a response to growing customer dissatisfaction, as seen by the 80,000 customer complaints that went viral on social media each month, along with the stories and pictures of Ola Electric vehicles soaking dust at repair facilities. The outcry attracted the attention of both lawmakers and consumer watchdogs.

    The Central Consumer Protection Authority (CCPA) had sent Ola Electric a show-cause notice, citing potential violations of consumer rights, misleading advertising, and unfair business practices. The notification identified over 10,000 unresolved after-sales support issues. 

    Electric 2W Sales Surge 85% in October: TVS Overtakes Bajaj
    Electric two-wheeler sales surged 85% to 139,000 units in October. TVS overtook Bajaj, while Ola regained its position in the competitive market.
    StartupTalkyNitin Konde

  • Paytm Makes it Simple to Track Expenses by Launching the UPI Statement Download Option

    Paytm, a major player in digital payments, has introduced a new feature that lets users download UPI statements straight from the app. By providing transaction data in an easily readable, downloadable PDF format, this update seeks to simplify the process of keeping track of spending and being ready to file taxes.

    The “Balance & History” area of the app is where Paytm users may access the new UPI statement download option. In order to generate comprehensive statements that include transaction amounts, recipient information, bank accounts used, and timestamps, users can choose particular date ranges or even full fiscal years. These documents, which are organised, help users manage their financial records, budget, and keep tabs on their expenditures.

    It is anticipated that both people and tax professionals will find the UPI statement download service very helpful. Users can keep thorough records with this function, which makes tax filing and spending reviews easier.

    Service Will Bring in More Transparency and Help in Managing Finances

    According to a Paytm spokesperson, the service is made to satisfy the demands of consumers who value openness and simplicity in handling their money. The company’s dedication to developing mobile payments motivates it to provide services that make financial management easier and give its customers convenience. The company provides quick access to transaction history through the UPI statement download, enabling consumers to make wise financial decisions.

    Along with this capability, Paytm keeps improving its services by adding features like UPI Lite, which enables uncluttered bank statements for minor transactions under INR 2,000.

     The platform’s reputation as a complete digital payments solution is further supported by its ability to link RuPay Credit Cards with UPI, auto-pay for smooth bill payments, and self-account transfers.

    Paytm Receives NPCI Approval to Onboard New UPI Customers

    Last month,  One97 Communications (OCL), the firm that runs the Paytm brand, announced on 22 October 2024 that it has been given permission by the National Payments Corporation of India (NPCI) to onboard new UPI users.

    In a letter to Vijay Shekhar Sharma, the founder and CEO of the Noida-based company, NPCI chief Dilip Asbe gave the company permission to start onboarding new users. The NPCI’s procedural rules and agreements with Payment Service Provider (PSP) banks govern the permissions.

    According to the filing, “Paytm would like to notify the exchange that the National Payments Corporation of India (NPCI) has authorised the company to onboard new UPI users in accordance with all NPCI procedural standards and circulars, as stated in a letter dated October 22, 2024.” The corporation may see a rise in UPI transaction volumes as a result of the decision to onboard new users. 

    The fintech major’s associate entity, Paytm Payments Bank, was subjected to severe restrictions by the banking regulator in January, which resulted in a substantial decline in its UPI market share. The NPCI’s approval will fume fresh energy into the business operations of Paytm. 

    SEBI Warns on Virtual Stock Games Using Real-Time Data
    SEBI warns investors about the risks of virtual stock games that use real-time market data, citing potential regulatory concerns.
    StartupTalkyNitin Konde

  • INR 5,085 Crore is Raised by Swiggy from Anchor Investors

    More than 75 anchor investors have contributed about INR 5,085 crore (about $600 million) to Swiggy, one of the top food and grocery delivery services in India. The Bengaluru-based business, which rivals Zomato, which is run by Deepinder Goyal, revealed the investment in a stock exchange filing on 5 November 2024.

    Specifications of the IPO: Scale and Composition

    The INR 11,327.43 crore Swiggy IPO consists of a primary issuance as well as a secondary offering by current shareholders. The secondary offering, also known as the Offer for Sale (OFS), is worth INR 6,828 crore, while the primary issue, or fresh money raise, is worth INR 4,499 crore.

    Second only to Zomato’s public debut in 2021, this IPO is anticipated to be among the biggest in India this year and among the largest in the food technology sector. Swiggy wants to be valued at INR 87,300 crore ($11.3 billion), which is at the upper end of the pricing range of INR 371-390.

    Important Investors and Allocation Information

    Swiggy’s anchor segment has been supported by a wide range of domestic and foreign investors, with a sizable percentage of the shares going to Indian institutions. SBI Mutual Fund, Kotak Mutual Fund, HDFC Life, and Axis Mutual Fund are examples of domestic investors.

    By indicating strong institutional backing, the anchor allocations are intended to stabilise the IPO and perhaps draw in more retail and non-institutional investors.

    Evaluation and Financial Performance

    Swiggy has prioritised expansion, as seen by its most recent financial reports, which show notable advancements. Swiggy reported revenue of INR 11,247 crore for FY24, up 36% from INR 8,265 crore for FY23.

    In comparison to the prior fiscal year, losses also significantly decreased, falling 44% to Rs 2,350 crore. The business’s future growth, especially in its network of dark stores, as well as investments in marketing, technology, and possible acquisitions, will be financed by the IPO proceeds from the main issue.

    In an attempt to fortify its position against its main rival, Zomato, which has a market worth of INR 2.1 trillion, or INR 2.18 lakh crore (as of November 6, 2024), Swiggy has entered the public market.

    Current Anchor Book Investors

    Notable international investors that have made anchor book investments in the company include New World Fund, Fidelity, Omnis Portfolio Investments, Nomura, Government Pension Fund Global, PGGM World Equity, Blackrock, Carmignac, Eastspring Investments, Citigroup, TOCU Europe, Integrated Core Strategies, CLSA, Matthews Asia Funds, and Societe Generale.

    ICICI Prudential Mutual Fund, Kotak Mahindra AMC, SBI Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life Trustee, 360 ONE, Mirae Asset, Nippon Life India, Bandhan Mutual Fund, Invesco India, Motilal Oswal Mutual Fund, Sundaram MF, Tata MF, UTI Mutual Fund, DSP India Fund, Ashoka Whiteoak, Baroda PNB Paribas, Helios MF, and Avendus were among the domestic institutional investors that took part in the anchor book.

    Zomato CEO Clarifies ‘Future Packing Date’ on Button Mushrooms
    Zomato’s CEO addresses consumer concerns over button mushrooms labeled with a ‘future packing date,’ providing clarity on the labeling issue.
    StartupTalkyNitin Konde

  • In Response to Claims of Bias and Inaccuracy, the Centre Has Placed Wikipedia on Notice

    In the midst of its ongoing legal battle with a national news agency, the Indian government has placed the online encyclopaedia Wikipedia under notice. The government has complained to Wikipedia on multiple occasions about the website’s bias and falsehoods.

    The government has also reportedly indicated that a small group controls the website’s editorial direction. According to media reports, the government has questioned why Wikipedia shouldn’t be regarded as a publisher rather than a middleman.

    Asian News International (ANI), a news agency, is suing Wikipedia for allegedly publishing “defamatory” articles against it. According to ANI, a passage in the news organisation’s Wikipedia page incorrectly charges it of being “a propaganda tool for the incumbent government” and “propagating material from fake news websites.” ANI had called for the removal of the page.

    The Delhi High Court strongly objected to Wikipedia’s unwillingness to provide the identities of people who made revisions to the ANI entry page and sent it a contempt notice on September 5.

    Court Ordered Wikipedia to Leave India

    The court was enraged by the news agency’s failure to comply with its order in connection with a defamation complaint. The court had instructed Wikipedia to cease operations in India if it did not wish to do so, and that it would request that the central government block the platform in the country.

    The court threatened to shut down Wikipedia if it didn’t comply with its instructions in August, ordering the website to reveal the identity of people responsible for the allegedly defamatory alterations to the ANI page.

    Very Few Individuals Making Content Decisions

    Wikipedia has been accused of launching a war on India in a dossier released by the news website Opindia. According to the document, a select few individuals worldwide manage all of the content on Wikipedia. Only a small number of people have the final say over what content is uploaded and what isn’t, according to the report.

    Google and Wikimedia have a formal business partnership, and Google has donated millions of dollars to the Wikimedia Foundation. The defamatory material on Wikipedia effectively turns into a fact sheet for the relevant public figure and/or organisation when Google uses Wikipedia to create knowledge panels. According to the dossier, such controversial pages involving public figures and groups are typically locked, meaning that only a small group of editors and administrators can make changes.

    Elon Musk Urging People to Not to Donate to Wikipedia

    Elon Musk, the creator of SpaceX, said last month that “far-left activists” were in charge of Wikipedia and advised users to cease making donations.

    According to rumours earlier this year, the Centre was reportedly planning to notify Google for the “biased” way in which its AI platform Gemini responded to a query concerning Prime Minister Narendra Modi. Prior to the Centre sending out a notification, Google claimed to have fixed the problem and to be “constantly working on improving” the system.

    SEBI Warns on Virtual Stock Games Using Real-Time Data
    SEBI warns investors about the risks of virtual stock games that use real-time market data, citing potential regulatory concerns.
    StartupTalkyNitin Konde

  • To Democratise Financial Services, WeCredit Joins the Indian Government-Backed ONDC

    In an effort to democratise financial services nationwide, WeCredit, an Udaipur-based firm, has joined the ONDC (Open Network for Digital Commerce) Network, which is supported by the Indian government, as a Buyer App. 

    According to the press note, the strategic integration will make it possible for users—both people and businesses—to easily access lending and borrowing services through the ONDC Network, offering a simplified experience for anyone looking for financial solutions.

    According to WeCredit co-founder Mukul Devpura, the company is excited to be a part of the ONDC Network and sees this as a major chance for investment and expansion within its broader business plan.

    Making an Effort to Streamline the Loan Application Procedure

    The landscape of digital banking has undergone a dramatic change with WeCredit’s admission into the ONDC Network. The firm will concentrate on improving financial accessibility and streamlining the loan application procedure, enabling consumers to more effectively reach their financial objectives.

    The advancement supports ONDC’s overarching goal of promoting a more transparent and inclusive digital economy. Firm is delighted to be a part of a movement that seeks to make e-commerce more equitable and accessible for all people and businesses, regardless of their size or location, as India prepares for a digital revolution. According to Devpura, ONDC is about more than just expanding businesses; it’s also about helping to transform Indian trade by encouraging cooperation, diversity, and creativity.

    Plans to Increase the Range of Products Offered

    WeCredit will first concentrate on credit products as part of its staged strategy, with plans to soon broaden its offerings to include investment options, insurance, and a few retail categories.

    WeCredit will function as a Technology Service Provider (TSP) on the ONDC Network in addition to being a Buyer App. Because of this function, WeCredit may assist companies that want to access the network without having to invest in a large internal IT infrastructure. 

    “ONDC is dedicated to furthering its goals of democratising digital commerce and promoting financial inclusion,” said T Koshy, MD and CEO of ONDC. Both small and large enterprises will be better able to negotiate the digital financial landscape thanks to WeCredit’s capabilities, which will create new avenues for growth and businesses.

    What WeCredit Does?

    WeCredit is a website that offers loans to both people and companies. It gives consumers a platform that enables them to apply for credit cards and loans instantly, with little paperwork and at affordable interest rates. In order to satisfy their credit needs, they concentrate on putting prospective borrowers in touch with various banks and regulated organisations. Over $2.86 billion has been raised by WeCredit and its rivals in 102 investment rounds with 375 investors, according to Tracxn. The competition set consists of three public companies, two acquired companies, and one private unicorn.

    SEBI Warns on Virtual Stock Games Using Real-Time Data
    SEBI warns investors about the risks of virtual stock games that use real-time market data, citing potential regulatory concerns.
    StartupTalkyNitin Konde

  • Major Quick Commerce Representatives Will Meet With FSSAI Regarding Expiration Date Violations

    According to various media reports, the Food Safety and Standards Authority of India will meet with important representatives from the main rapid commerce platforms, such as Blinkit, Swiggy, Instamart, and Zepto, within the next ten days.

    Reports further state that the main goal of the discussion is to address the grave concerns about the sale of consumer goods, particularly packaged food items, that are getting close to expiration dates on these online platforms.

    Consumer Forums and Trade Bodies Urging Regulator to Step In

    Numerous consumer forums and trade organisations have been advocating for the Union government to take action against e-commerce and quick commerce companies for failing to provide mandatory disclosures, including the expiration and best-before dates of groceries and other daily essentials sold on their platforms.

    Additionally, they have urged the government to look at how fast-moving consumer goods companies are abusing these channels by selling products that are about to expire. Although the original shelf life was substantially greater, consumers have complained that these convenience platforms are delivering products with significantly shorter shelf lives.

    According to Sachin Taparia, founder of LocalCircles, an independent community platform that conducted a survey with 12,000 people nationwide, at least 57% of respondents are worried about online businesses failing to display their best before dates. The results of the survey were forwarded to the FSSAI and the Department of Consumer Affairs last month.

    A packet of bread, which usually has a five- to seven-day shelf life, was sent to certain customers with just one day remaining before it expired. According to Taparia, customers who bought other perishable goods noticed similar issues.

    Violation of the Food Safety and Standards Amendment Regulations of 2020

    The Food Safety and Standards Amendment Regulations of 2020, which require platforms and sellers to offer only food items with a minimum shelf life of 30% or at least 45 days left for sale, are allegedly being disregarded by these quick service organisations.

    In order to stop the sale of products that are about to expire, the food regulator will also meet with state food safety commissioners this week and give them instructions to scrutinise e-commerce and quick-commerce businesses more closely. Officials say they will probably be told to perform unexpected on-site inspections to make sure that these online platforms’ warehouses and dark stores don’t include goods with less than 30% of their shelf life left.

    For various reasons, the Competition Commission of India and the Central Consumer Protection Authority, which is housed under the Ministry of Consumer Affairs, have also begun to examine the fast delivery behemoths.

    The All-India Consumer Products Distributors Federation had previously urged the ministry to enact stronger rules in order to stop these kinds of abuses. They assert that the packaged goods business is increasingly using the quick commerce platforms as a means of pushing unsold inventory. The federation had issued a statement stating that “this practice, often disguised by steep discounts, poses a significant risk to consumer rights and threatens the stability of traditional retailers.”

    Among the businesses that do not provide best-before dates in their product photos or descriptions are Swiggy, Instamart, Zomato’s Blinkit, and Zepto. By displaying the production and expiration dates of the packaged items offered on its website, Flipkart Minutes, on the other hand, distinguishes itself as the only platform that offers transparency.

    Zomato is Already Under Scanner

    Food safety officials in Telangana recently discovered 18 kg of button mushrooms classified as packed on October 30 during a raid at Zomato’s Hyperpure warehouse. The inspection was conducted on October 29.

    However, Zomato CEO Deepinder Goyal asserted that the warehouse crew had already spotted these mushrooms and “were rejected during an inward” quality check, with a future packaging date at the company’s Hyderabad plant.” This is unusual and was caused by a vendor-side manual typing error. However, Goyal had stated on X, “The concerned vendor has been delisted from our database.”

    Zomato CEO Clarifies ‘Future Packing Date’ on Button Mushrooms
    Zomato’s CEO addresses consumer concerns over button mushrooms labeled with a ‘future packing date,’ providing clarity on the labeling issue.
    StartupTalkyNitin Konde