StartupTalky

Tag: #news

  • Sebi Approves INR 700 Crore IPO of Payment Platform MobiKwik

    The Securities and Exchange Board of India (SEBI) has given the payment platform MobiKwik permission to earn INR 700 crore through an initial public offering (IPO). There is no offer-for-sale component to the IPO, which is purely a new issue of equity shares with a face value of INR 2 per share.

    Using INR 250 crore, MobiKwik intends to build its financial services division, accelerate growth in its payment services with INR 135 crore investment, and devote another INR 135 crore to data, machine learning, and artificial intelligence breakthroughs.

    Together with general corporate factors, the remaining INR 70.28 crore will be earmarked for capital expenditures in its payment devices division.

    Link Intime India Private Limited is the registrant of the offer, and SBI Capital Markets Limited and DAM Capital Advisors Limited are the book-running lead managers for the initial public offering (IPO). It has been suggested that the equity shares be exchanged on both the BSE and the NSE.

    Exploring Options for Raising an Additional INR 140 Crore

    As part of a “Pre-IPO placement,” the company may consider raising an additional INR 140 crore through options such as a rights issue, preferential allotment, or private placement. The fresh issue size will be adjusted proportionately if this is finalized.

    In January 2024, the company founded by Bipin Preet Singh and Upasana Taku refiled its draft papers with Sebi, resulting in a substantial reduction in the size of the IPO from INR 1,900 crore to INR 700 crore.

    The company achieved profitability in FY24, generating a net profit of INR 14.1 crore, a significant improvement from the INR 83.8 crore loss it experienced in FY23. The revenue from operations also experienced a significant increase, rising from INR 540 crore in FY23 to INR 875 crore in FY24.

    The Company Focuses on Providing Financial Solutions

    MobiKwik provides businesses and merchants with a wide range of financial and payment services. Currently, the company offers services such as online transactions, Kwik QR scan and pay, MobiKwik Vibe (Soundbox), MobiKwik EDC Machine, and Merchant Cash Advance.

    The company also operates a B2B payment gateway specifically designed for e-commerce enterprises through its subsidiary, Zaakpay. Additionally, RBI approval has been granted to Zaakpay for Payment Aggregator (PA) operations.

    Mobikwik has registered 146.94 million users and enabled 3.81 million merchants to process online and offline payments as of September 30, 2023. MobiKwik ZIP GMV (Disbursements) experienced a remarkable 354.86% increase from Fiscal 2021 to Fiscal 2023, while the Payment GMV has experienced an annual growth rate of 32.33%.

    MobiKwik Success Story – Business Model | Founders | Startup Story | Funding
    MobiKwik is one of the largest mobile wallets in India. Read about MobiKwik owner, founder, valuation, business model, revenue, launch, net worth and competitors.
    StartupTalkyShubham Kumar

  • The Government Is Planning to Extend the Current Import Authorization Regime for It Hardware Products

    According to a news agency that cited an official source, the government is likely to extend the current import management system for imports of specific information technology hardware products, such as laptops and tablets, for an additional three months. The review of the deadline is scheduled to take place on September 30.

    The report from the agency stated that the total amount of IT products imports in 2023-24 was $8.4 billion, although the authorization was for approximately $9.5 billion. A significant portion of these imports originated from China.

    An Earlier Mandate Was Drafted to Monitor Inbound Shipments

    Several electronic devices, including laptops, tablets, all-in-one personal computers, ultra-small form factor computers, and servers, were subject to import restrictions by the government in August of 2023. Licenses or permissions from the government are required for the sale of products that are restricted. As a consequence of this, the government implemented an import management and authorization system in October of the previous year to import laptops, personal computers, and other types of information technology hardware products. Without negatively impacting the availability of goods in the market, the system is designed to monitor shipments of these products that are coming into the country.

    It is permissible for importers to submit applications for numerous authorisations, and the authorizations that they successfully get will be valid until September 30, 2024. Authorizations will be granted for any number of consignments that are intended for imports up until September.

    The Government Cleared Over 100 Applications Last Year

    On the very first day of the new system’s deployment, which was November 1, 2023, the government approved more than one hundred applications, including those submitted by Apple, Dell, and Lenovo. These companies had requested authorization to import information technology hardware products with a value of about ten billion dollars.

    There is going to be a formal request for an extension of the current system, as stated in a statement that was referenced in a media report. By extending the deadline by three months, the entire year will be covered. This means that there will be no disruptions in the industry throughout the current year. To ensure that India’s supply chain is reliable, the new license system applies to laptops, personal computers (including tablets), microcomputers, large or mainframe computers, and specific data processing units.

    Personal computers, including laptops, were imported into the country at a value of $5.33 billion in 2022-23, which is a decrease from the $7.37 billion that were imported in 2021-22.

    Hardware Industry Wants Computer Import Regulation Clarity
    Recently, representatives from the electronics hardware business penned a letter to the Ministry of Electronics and Information Technology (MeitY) requesting more information on the plans for future policies regarding the import of specific computer items under HS 8471.
    StartupTalkyNitin Konde

  • Amazon Raises Content Creator Commission During the Festive Sale

    The online retailer Amazon has revealed an increase in its normal commission earning rates for select categories within its network of over 50,000 influencers ahead of the festive sale.

    According to its site, for active creators who collaborate with Amazon, the updated commission structure offers influencers a significant rise ranging from 1.5x to 2x across a wide range of product categories, including fashion, beauty, and personal care products.

    Director of shopping initiatives for India and emerging markets, Zahid Khan stated that Amazon is giving creators the tools and incentives they need to succeed during the festive season and beyond by drastically raising commission rates across important categories, the company is providing additional incentives through various programs to further back these creators.

    Amazon Live Programs

    With Amazon Live, sellers can stream video material as a way to promote their products or make sales. It can be used by sellers and marketers to show off their goods and sell them to people who might be interested. By showing a live demo of their product, sellers can talk to buyers and answer their questions right away.

    Hundreds of producers will host over 1,500 live streams in a variety of categories for the Amazon Great Indian Festival (AGIF), including smartphones, home appliances, décor, fashion, and cosmetics, in addition to cost adjustments as part of the Amazon Live program.

    Amazon Tackling Competition

    Confronted with formidable competition from Flipkart in India’s e-commerce sector, Amazon has launched several new initiatives. The initiatives include the establishment of three new fulfillment centers in Delhi NCR, Guwahati, and Patna, which will help over 250,000 merchants.

    Rufus, Amazon’s artificial intelligence chatbot, was also launched in India recently. Manish Tiwary had already left the company, and Sameer Kumar had been appointed to head of operations in India. These actions occur as Amazon addresses legislative obstacles and managerial changes, while Flipkart enhances its rapid-commerce footprint with the introduction of its “Minutes” service.

    Flipkart Big Billion Day vs Amazon Great Indian Festival
    The Great Indian Festival and The Big Billion Days are the most treasured online sale for the Indian population as they offer great savings.
    StartupTalkyShubham Kumar

    Flipkart’s Move

    At the same time, renowned brands like Hero, TVS, and Bajaj are among the many electric and conventional two-wheelers that Flipkart is stocking up on in preparation for the festive season. Flipkart saw a sixfold increase in demand for two-wheelers in August 2024 compared to the previous year.

    An investigation into Amazon and Flipkart was ordered by the Competition Commission of India (CCI) in the year 2020. The CCI was concerned that the two companies were reportedly giving preference to certain listings and were encouraging particular merchants with whom they had business connections.

    Investigators from the Competition Commission of India (CCI) concluded that Amazon and Flipkart had developed an environment in which preferred merchants appeared higher in search results, thereby displacing other vendors. The CCI investigators made this discovery in two distinct reports, each of which was around 1,696 pages long and submitted on 9 August.

    According to both findings, which are not available to the public and are being published by a renowned media house for the very first time, each of the anti-competitive practices that were said to have occurred was investigated and confirmed to be genuine.

    Flipkart and Amazon violated antitrust regulations in India
    An Indian antitrust investigation has determined that U.S. eCommerce giant Amazon and Walmart’s Flipkart violated local competition laws by providing preferential treatment to specific sellers on their shopping websites, according to reports published by a reputable media outlet.
    StartupTalkyNitin Konde

  • India Seeks FATF Control for Online Gaming to Reduce Risks of Money Laundering

    As per a report published by a media house, India is actively advocating for the inclusion of online gaming companies within the framework of the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) systems. To implement stringent KYC rules and the mandatory reporting of suspicious activity by these organizations, the government has initiated internal conversations and is currently investigating potential methods to address these issues.

    It is anticipated that New Delhi will bring up this matter once more at the upcoming conference of the Financial Action Task Force (FATF) in Paris. Officials from New Delhi are expected to bring attention to the fact that online gaming platforms such as Mahadev Apps are being used for money laundering.

    An official’s statement reported in the report mentioned that India will once again submit its line of reasoning regarding the necessity of these platforms being governed by global standards.

    The government’s goal, according to the report, is not to hamper the expansion of the online gambling industry but rather to safeguard it against the hazards of money laundering. Gaming platforms would be required to comply with Know Your Customer (KYC) standards and report suspicious transactions, including the identification of the beneficiaries of the transactions if the FATF were to bring the industry under the AML/CFT framework.

    Gambling Controversy Exposed

    An unlawful betting network that was connected to the Mahadev Online Book platform was discovered by the Enforcement Directorate (ED) in the 2023. This platform featured variety of games, including online cricket and card games. Match-fixing and money laundering through bitcoin are two activities that the ED believes the platform may have been involved in.

    As indicated in the report, another official voiced his concerns regarding the transfer of funds across international borders, particularly in relation to gaming applications that are based in foreign countries but cater to users in India specifically.

    Tighter Gaming Regulations

    Despite the fact that compliance has been limited, the government has already made it mandatory for overseas gambling enterprises to register in India. The scope of the Prevention of Money Laundering Act (PMLA) was expanded by the government in March 2023 to include certain acts that are associated with virtual digital assets.

    According to the study, there were initial concerns that online gaming platforms might be required to comply with PMLA due to their participation with cryptocurrencies. However, the obligations continue to be restricted to cryptocurrency exchanges, and gaming companies are not yet taken into consideration by the law.

    In the Indian Online Gaming Space, DGGI Discovered Tax Evasion of INR 81,875 Crore in FY24
    A total of 78 instances were investigated by the Directorate General of GST Intelligence (DGGI), which is the central investigative and anti-evasion arm of the finance ministry.
    StartupTalkyNitin Konde

  • To Calculate Fines in an Antitrust Lawsuit, CCI Wants Amazon and Flipkart’s Transaction Data

    According to a report published by a renowned media house, the Competition Commission of India has entered the final stage of its anti-trust lawsuit against Amazon and Flipkart. The regulator is seeking financial documents from the two e-commerce giants to determine the penalty.

    The specifics of the annual revenue will be used to assist in determining the penalties in the case that has been going on for four years after the defense of the two companies has been heard.

    Fine up to 10% on Global Turnover

    An update to the competition legislation was made in 2023 that allows the regulator to fine companies up to 10% of their global revenue or income from the last three fiscal years for anti-competitive actions. According to various media reports that were published earlier, the anti-trust regulator is poised to impose penalties on Amazon for alleged anti-competitive behavior. A notice was going to be published very soon, and the investigation arm of the CCI confirmed the accusations that were brought against Amazon Seller Services Pvt Ltd.

    Ecommerce Companies in India Are Under Strict Scanner

    Increased surveillance has been directed towards the Amazon in India. A question that was posed by the Minister of Commerce, Piyush Goyal, in August was whether or not the exponential expansion of e-commerce companies in the country was a “matter of concern” or something that should be celebrated.

    The government is also keeping a close eye on businesses that engage in quick trade. On 20th September a media report stated that the trade promotion organization DPIIT forwarded a complaint against rapid commerce companies that it had received from a retail sector body to the CCI. The report also stated that the commission had the option of taking suo motu notice of the matter.

    What Exactly Are Investigation’s Findings?

    An investigation into Amazon and Flipkart was ordered by the Competition Commission of India (CCI) in the year 2020. The CCI was concerned that the two companies were reportedly giving preference to certain listings and were encouraging particular merchants with whom they had business connections.

    Investigators from the Competition Commission of India (CCI) concluded that Amazon and Flipkart had developed an environment in which preferred merchants appeared higher in search results, thereby displacing other vendors. The CCI investigators made this discovery in two distinct reports, each of which was around 1,696 pages long and submitted on 9 August.

    According to both findings, which are not available to the public and are being published by a renowned media house for the very first time, each of the anti-competitive practices that were said to have occurred was investigated and confirmed to be genuine.

    Flipkart and Amazon violated antitrust regulations in India
    An Indian antitrust investigation has determined that U.S. eCommerce giant Amazon and Walmart’s Flipkart violated local competition laws by providing preferential treatment to specific sellers on their shopping websites, according to reports published by a reputable media outlet.
    StartupTalkyNitin Konde

  • BYJU’s Founder Raveendran Assures Employees That They Will Get More Than Their Fair Share

    The founder and chief executive officer of the educational technology giant BYJU’s, Byju Raveendran, has expressed his profound sympathy for the recent difficulties that the company and its personnel have encountered.

    Raveendran gave his employees the assurance that he would support and be committed to the future of the company, even though there were allegations of layoffs and financial troubles.

    Raveendran Expresses His Gratitude via Letter

    Raveendran acknowledged the “turbulent times” that BYJU’s has been navigating in a letter that he sent to his staff. He also expressed his gratitude for the dedication that the employees of the company have shown him.

    The payout will not be very large, but by this weekend, every single person who is employed by the company will receive a tiny amount. “Even if this is not even close to what you deserve, it is the best that I can give you at this moment. In addition, I assure you that on the day  we take control of our company, you will receive a greater portion than what is considered to be your fair share,” Raveendran stated in the letter. The plea that he made to employees was that they continue to be dedicated to their responsibilities and continue teaching at the company, as reported by a media group.

    “You have my sincere apologies. Despite the fact that you have performed to the best of your abilities, we have not been able to reward you for the work that you have done. Please accept my sincere apologies for this, as it is not appropriate. In the past three months, we have been confronted with a perfect storm of legal disputes, financial concerns, and obstacles that none of us could have prepared for. But you have maintained your composure throughout it all,” he commented further.

    According to Raveendran, All employees have demonstrated that they are committed to the ultimate calling of a teacher, which is to educate, to inspire, and to guide.

    Company’s Plans to Address Challenges

    Raveendran provided an overview of the company’s strategies to overcome the difficulties and secure the company’s continued viability over the long run. It was his assurance to the staff that BYJU’s would continue to be dedicated to its purpose of providing students all over the world with a quality education and that the company would be taking proactive actions to better both its financial condition and its operations.

    He further asserted that lenders located in the United States have submitted a weak case, asserting that they have a claim on the Indian assets of the company. However, according to the deal that company has signed with them, they do not have any rights to have access to these assets. They are not legally represented by the so-called trust that is supposed to represent them in India. The majority of these lenders are not represented by this specific entity. “Nevertheless, the fact of the matter is that I am no longer in charge of the company’s financial accounts, he stated. Raveendran expressed his understanding of the stress that this situation currently places on company’s employees and assures them that case will end up in company’s favour. 

    BYJU’S Faces Legal Challenges: BCCI’s Insolvency Petition Accepted by NCLT
    Explore the latest developments as the country’s education tech giant BYJU’s encounters significant financial and legal issues.
    StartupTalkyNitin Konde

  • Investment in China’s Startup Scene Has Dried Up

    A comparable decline has occurred in the fundraising efforts of Chinese venture capital firms, which has led to a reduction in the number of new businesses that are established in China on an annual basis.

    The Chinese startup scene was portrayed in a recent media piece as being in a grave state, with founders, investors, and venture capitalists expressing negative remarks.

    According to a report citing information from a Beijing-based executive, the entire industry has recently perished before our eyes. There is no longer any spirit of entrepreneurship. The entire sector is saddened to see this.

    IT Juzi’s Data Reveals a Sad Story

    Data from IT Juzi, which was quoted in the research, indicates that the number of firms that have been established in China up to this point in 2024 is just 260. This figure is on course to go below the goal of 1,202 in 2023 and represents a 99% decrease from the highest point of 51,302 in 2018.

    It was stated by the CEO of IT Juzi in comments that were published on X that the data do not represent all companies. He also stated that despite the fact that China’s venture capitalists and founders have been facing issues in recent times, the country still possesses “great creativity and entrepreneurial spirit.”

    On the other hand, venture capital fundraising has experienced a comparable decline. Since the beginning of the year, funds denominated in Yuan have raised the equivalent of $5.38 billion, which is a significant decrease from the peak of about $125 billion in 2017. According to Preqin, a privately held London-based investment data company, dollar-denominated funds have raised less than one billion dollars, which is a significant decrease from the high of $17.3 billion dollars in 2022.

    The Present Scenario

    The collapse of China’s startup scene occurs at a time when the country’s economy is still slowing down and continues to cool overall, according to new data released recently.

    In the meantime, Beijing’s industrial policies have contributed to the worsening of economic imbalances, which in turn are contributing to the current economic downturn. In addition, the anti-corruption campaign, the “common prosperity” drive, and the crackdown on the private sector that President Xi Jinping has implemented have all contributed to a reduction in entrepreneurial activity.

    According to the research, state-run funds have assumed a more significant role as a result of an increase in the number of investors’ withdrawals, and they currently account for around 80 percent of the total capital in the market.

    The investment managers of these funds are also required to guarantee returns, which encourages them to look for opportunities with low risk or to steer money to Beijing’s designated priorities.

    Top 15 Startups in China
    Startup ecosystem in China is emerging hugely. Here is the list of successful startups in China that contributes in China’s technological growth.
    StartupTalkyRia Puneyani

  • Sandhill Chariot Launches as Indo-Malay Startup, Poised to Revolutionize Aviation and Yacht Management

    New Delhi [India], September 23: A new player has entered the world of aviation and yacht management with the official launch of Sandhill Chariot, a cutting-edge Indo-Malay startup headquartered in Kuala Lumpur, Malaysia. The company aims to bridge the gap between Southeast Asian and Indian markets by offering premium services in both the aviation and maritime sectors.

    Sandhill Chariot’s core mission is to offer high-quality, personalised aviation and yacht management services with a focus on creating seamless travel and leisure experiences. By blending Indian hospitality with Malaysian operational efficiency, the company seeks to provide an unmatched level of service that caters to high-end clients, corporate travellers, and luxury yacht owners.

    We are incredibly excited to launch Sandhill Chariot as a symbol of collaboration between India and Malaysia, two nations rich in culture and innovation. Our goal is to offer world-class services that redefine standards in the aviation and yachting industries, said Vikram Jain.

    Sandhill Chariot’s aviation services include comprehensive aircraft management, charter solutions, and consultation for clients looking to optimize their fleets or private aircraft. The company plans to cater to individuals, corporations, and charter companies, providing 24/7 support for smooth operations.

    In the yachting space, Sandhill Chariot offers top-tier yacht management solutions, from maintenance to crew recruitment and itinerary planning. The company also specializes in assisting owners with compliance and international regulations, ensuring their vessels are always in top shape and ready to sail anywhere in the world.

    Sandhill Chariot Offers Top-Tier Yacht Management Solutions
    Sandhill Chariot Offers Top-Tier Yacht Management Solutions

    Looking ahead, Sandhill Chariot is set to open a premium training center in 2025. This facility, which will be located in Malaysia, will focus on preparing professionals for careers in aviation, yachting and hospitality, offering world-class training in partnership with industry experts. “We believe in not just offering services but also in creating opportunities for the next generation of aviation and yacht management professionals, noted Uma Jain.

    The company’s market positioning aims to capitalize on the growing demand for private and luxury travel in Southeast Asia and India. Sandhill Chariot’s location in Malaysia, coupled with its strong connections to India, positions it as a strategic gateway for clients from both regions looking for premium, tailored services in the aviation and maritime industries.

    Sandhill Chariot is already making waves with its ambitious growth strategy. The company plans to expand its services by acquiring strategic partners and leveraging digital marketing tools to penetrate new markets. The startup’s unique combination of aviation and yacht management under one roof is designed to cater to a niche but fast-growing client base of high-net-worth individuals, corporations, and tourism businesses.

    Analysts believe that Sandhill Chariot is well-positioned to disrupt the aviation and yachting industries in both India and Southeast Asia. With initial capital injections from both Indian and Malaysian investors, the company projects steady revenue growth over the next five years, with plans to expand its fleet of managed aircraft and yachts as demand increases.

    Sandhill Chariot’s launch marks the beginning of a new chapter in Indo-Malay business relations, bringing innovation, luxury, and operational excellence to the aviation and maritime sectors. As the company continues to grow and evolve, it is set to play a key role in shaping the future of private aviation and luxury yacht management in the region.

    Indian Civil Aviation Industry – Who Leads the Market?
    The Indian Civil Aviation Industry has received strong backing from the government and is increasingly emerging as a fast-growing sector.
    StartupTalkyKinnary Nensee

  • The State of Telangana’s New MSME Policy Assists Female Entrepreneurs

    Telangana has made significant progress in the direction of encouraging female entrepreneurs through the implementation of its MSME policy, which was recently unveiled. According to the most recent figures, the state has 58,644 women entrepreneurs who have registered their businesses on the Udyam portal of the Centre. In Telangana, which is home to more than 1.88 crore women, this essentially amounts to 3.1 women entrepreneurs for every 1,000 women in the state.

    With a state of affairs in October 2022, the NITI Aayog’s study on women entrepreneurs places Telangana at the third spot on the list. 7.85 percent of micro, small, and medium-sized enterprises (MSMEs) were held by women. West Bengal was at the top with a percentage of 23.42%, while Tamil Nadu had a percentage of 10.37%.

    “The new MSME policy in Telangana marks a pivotal moment for women entrepreneurs. It opens up a world of possibilities, empowering us to pursue our ambitions with renewed confidence. This initiative provides essential resources, financial backing, and mentorship opportunities tailored specifically for women-led businesses. With this support, we can expand our ventures and enhance our offerings, ultimately reaching more families in our communities. It’s truly inspiring to see a government recognise the vital contributions that women make to the economy and society at large. This policy isn’t just about financial assistance; it represents a commitment to creating an inclusive environment where women can thrive,” said Akanksha Sharma, CO-Founder & CEO, CITTA.

    MSMEs Led by Women in India

    With 12.39 million women-led businesses out of a total of 60.84 million micro, small, and medium-sized companies (MSMEs), women-owned MSMEs accounted for 20.37 percent of all MSMEs on a national scale. This, however, indicates that the majority of these businesses owned by women are very small, and the majority of them fall into the category of micro firms. What’s more, the majority of them are run by a single individual.

    Only 17 percent of these kinds of enterprises had employees, and ninety-five percent of those who did have employees had five or less employees. The report continues to suggest that the proportion of women-owned businesses is reduced as the size of the enterprise increases.

    Obstacles Faced by Female Entrepreneurs

    According to Dr. Anupama Panduru, who serves as the Chairperson of the Indian Women Network (IWN) Telangana for the CII, 93.6% of the women entrepreneurs in the state are operating in the nano and micro segments. The manufacturing industry is home to a large number of female entrepreneurs; nevertheless, there are a number of obstacles that must be overcome. These obstacles include the high cost of entrance into the industry as well as necessities such as subsidies, worker accommodations, and specialised labour.

    K. Rama Devi, the Chairperson of ALEAP WE-HUB, pointed out that maintaining a business continues to be a difficulty for women entrepreneurs, despite being able to gain access to financial resources and experiencing an overall improvement in conditions. The majority of these businesses that are managed by women are unable to expand and thrive in such a competitive market because they lack the marketing strength necessary to sell their products or services.

    The state government was approached by CII-IWN with a number of recommendations, including an industrial park strategy, the necessity of worker housing, the necessity of subsidies to lower the cost of starting up business for women entrepreneurs, and access to a pool of skilled labour.

    Top 45 Successful Women Entrepreneurs In India 2024
    Women entrepreneurship is growing at a fast pace in Idnia. so we have listed some of the most successful women entrepreneurs in India.
    StartupTalkyAshwini

  • 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. The topic of discussion was regarding the promotion of creativity and collaboration within India’s fast-growing technology sector.

    In the course of Prime Minister Modi’s three-day trip to the United States, a significant portion of the trip was spent in New York City, where this high-profile meeting took place at the Lotte New York Palace Hotel.

    The School of Engineering at the Massachusetts Institute of Technology (MIT) was the host institution for the event, which brought together renowned chief executive officers from leading firms that specialize in artificial intelligence, quantum computing, semiconductors, and biotechnology. Other notable individuals who were present at the event included Sundar Pichai, who works for Google, Jensen Huang, from Nvidia, Lisa Su, who serves for AMD, and Shantanu Narayen, CEO of Adobe.

    Focus of This Round-Table Meet

    The conversation centered on how cutting-edge technologies such as artificial intelligence (AI), quantum computing, and biotechnology are influencing the landscape of technology around the world and making a contribution to the advancement of humankind. The Ministry of External Affairs (MEA) brought attention to the fact that the discussion focused on how these technologies are being utilized to revolutionize the economy of the entire world and to improve the standards of living of people all over the world, including those living in India.

    In the statement made by the Ministry of Executive Affairs (MEA), Prime Minister Modi emphasized India’s commitment to fostering ethical and responsible usage of artificial intelligence through its ‘AI for All’ strategy during the meeting.

    Further, the Prime Minister reminded the leaders of the technology sector that India is committed to protecting intellectual property and developing an environment that is conducive to innovation driven by technology. He strongly encouraged the chief executive officers to capitalize on India’s economic expansion and the country’s potential to become the third-largest economy in the world in a relatively short time.

    The Meet Highlights the Investment Opportunities in India

    Another important point that was brought up throughout the conversation was the potential for investment in India’s rapidly developing startup ecosystem. An emphasis was placed on the role that startups play in driving technological developments and providing creative solutions, as well as the potential that startups have to function as a bridge for American corporations who are entering the Indian market.

    Sundar Pichai, CEO of Google, spoke to the press after the roundtable and said that Prime Minister Modi has encouraged the tech industry to keep creating and developing in and for India. In addition to this, he went on to state that the Prime Minister of India is concerned with ensuring that artificial intelligence is ultimately developed for the benefit of the people of India. He is pressing those who work in the field of technology to do more in the field of artificial intelligence so that it might be of use to the people of India.

    As both countries continue to investigate potential pathways for mutual growth and innovation, this roundtable represents a crucial step in strengthening the ties that bind India and the United States, particularly in the field of technology.

    Global Meets Local: How Worldwide Startup Trends Reshape Our Ecosystem
    Discover the transformative impact of global forces on local startup ecosystems, shaping the future of entrepreneurship in a dynamic landscape of innovation and evolution.
    StartupTalkyMuskaan Kapoor