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  • Swiggy and the Ministry of Skill Development Work Together to Offer Training and Employment Opportunities

    The Central Government has partnered with Swiggy, a fast-commerce and food-delivery company, to enhance internship and job possibilities, according to a statement released on September 7.

    An initiative was launched by the Bengaluru-based startup with the Ministry of Skill Development and Entrepreneurship to offer job opportunities and skilling within the company’s food delivery and rapid commerce networks. The 2.4 lakh delivery partners and employees of the affiliated restaurants with Swiggy are anticipated to reap the benefits of the cooperation. Jobs, internships, and training in restaurant management and other areas of retail management are likely to be created as a result of this program.

    Skill India Digital Hub

    As part of its Skills commitment, Swiggy will provide its employees with access to online training modules, certificates, and courses through its delivery partner platform’s integration with Skill India Digital Hub (SIDH).

    According to Jayant Chaudhary, the Union minister of state (independent charge) for skill development and entrepreneurship (MSDE), today’s alliance exemplifies the power of public-private partnerships to expand opportunities for the logistics industry’s workforce. The ministry is hoping that more corporations will get involved because there is a lot of potential in this field.

    Almost 2.4 lakh delivery partners and the staff of its 2 lakh restaurant partners will have easy access to online skill development courses, offline certifications, and training modules, according to Rohit Kapoor, CEO of Swiggy Food Marketplace. The company intends to integrate with MSDE’s Skill India Digital Hub (SIDH) across its partners’ apps.

    Through its Swiggy Instamart activities, the company will be able to recruit 3,000 people nationwide. Additionally, 200 individuals who have been taught by MSDE will be provided with internship opportunities in its senior-level rapid commerce activities, according to Kapoor.

    Introducing Incognito Mode Feature

    In the meanwhile, Swiggy announced the debut of its Incognito Mode, a first in the industry that lets customers shop for food and other items anonymously.

    Incognito Mode prevents these orders from being saved in the app’s history, so you won’t have to worry about accidentally deleting them when you’re planning a surprise, treating yourself, or making a secret purchase. You may place orders on Swiggy Food and Instamart with confidence when you use Incognito Mode.

    According to Swiggy, Incognito Mode is perfect for buying personal wellness products on Swiggy Instamart or any other kind of purchase when the buyer would like to keep their identity hidden.

    “As social as our lives are becoming, there are still things we prefer to keep private, and Incognito Mode is designed to address that need,” added Kapoor.

    Incognito Mode protects the privacy of customers’ choices, whether they are placing a dinner order or making a short transaction. We are thrilled to provide our users with a smooth experience that allows them to enjoy Swiggy’s numerous services while enhanced privacy is prioritized.

    Ten percent of Swiggy users have access to the functionality right now, and the rest will get it in the next few days.

    Users can access Incognito Mode by simply toggling a button in their cart. A confirmation message will show up after Incognito Mode is turned on to let you know. Customers can monitor their orders for up to three hours after delivery to address any issues that may arise after they’ve received their packages. Following this, the order is subtly removed from the order history, guaranteeing that the purchase will stay confidential.

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  • Paysharp, a Fintech Firm, Has Been Authorized to Function as a Payment Aggregator by the RBI

    A fintech firm called Paysharp, which is based in Chennai, has been granted the final approval to function as a Payment Aggregator (PA) by the Reserve Bank of India (RBI).

    After receiving an in-principle license in December 2022, the company was awarded approval on August 30, 2024. This approval came after the company received the license.

    Paysharp is now one of the 36 payment processors (PAs) that have been approved by the Reserve Bank of India (RBI). Other notable companies in this category include Razorpay, Cashfree, and Stripe.

    Acquiring New Customers

    After receiving approval from the Reserve Bank of India (RBI), Paysharp is now able to officially engage in India’s payment ecosystem and onboard merchants.

    Non-card-based payment solutions are the primary emphasis of the startup company, which provides services such as the Unified Payments Interface (UPI) and virtual account-based collections for NEFT, IMPS, and RTGS transactions.

    Among the many industries that Paysharp serves, the government, business-to-business (B2B) organizations, non-banking financial companies (NBFCs), small and medium-sized businesses (SMBs), and the rising eCommerce sector are among those that benefit from the company’s services.

    Paysharp, in contrast to other aggregators, which charge fees based on a percentage, provides a flat price approach to provide a service that is more cost-effective for businesses, particularly those who engage in high-volume transactions.

    New and Exciting Product Selections

    Link Payment and Payment Pages are two of Paysharp’s groundbreaking UPI-powered technologies.

    Quick and easy payments can be made by consumers using the Link Payment function, which lets retailers generate and transmit payment links using messaging apps like WhatsApp, text messages, or email.

    Alternatively, businesses can use Payment Pages to set up a personalized page where clients can pay instantly.

    Along with these services, Paysharp offers branded UPI handles, dynamic QR code generation, and solutions designed for the Bharat Bill Payment System (BBPS), which are ideal for business-to-business bill collections.

    In his remarks after the final approval from the Reserve Bank of India (RBI), Krishna Kumar Mani, the co-founder and CEO of Paysharp, expressed that it is a source of tremendous pride to be a recipient of India’s payment system. The company recognizes the significance of the authorization as well as the responsibility that comes along with it, and it will continue to provide businesses with a straightforward and secure payment option that costs a flat rate rather than a percentage-based pricing structure.

    In addition, Mani emphasized that the license will make it possible for the company to extend its operations and broaden its presence in the Indian fintech industry.

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  • Celebrating 5 Years of Success, The Rolling Plate Transforms Lives with New Job Opportunities

    New Delhi [India], September 7: The Rolling Plate, a leading cloud kitchen franchise company, is celebrating its 5th anniversary by giving back to society. The company is all set to change the lives of five underprivileged people on this special occasion. These people are currently working as beggars, and The Rolling Plate is going to provide them with a new look that includes haircuts, clothes, and shoes. The company is also going to provide them with jobs, which will help them earn a living and lead a better life.

    This initiative taken by The Rolling Plate is a part of its social work towards the betterment of society. The founder of The Rolling Plate, Mr. Jahaan Khurana, is proud to make a difference in the society by celebrating the 5th anniversary in such a unique way. The company’s three unique models FOFO, FOCO, and FOPO, have been successful in the market, and the company aims to further expand its reach.

    The Rolling Plate has previously carried out various social initiatives as well. In the past, the company conducted a defense training program for 400 girls. The aim was to empower these girls and make them aware of their safety and the importance of self-defense. The initiative towards women’s safety was successful, and the company is proud to have made an impact on the lives of these girls.

    The company also organized a plantation drive two years back to contribute towards environmental conservation. The plantation drive was carried out in different parts of the city, and the company took this step to keep the environment clean and green.

    The Rolling Plate Bringing Change to Society
    The Rolling Plate Bringing Change to Society

    The Rolling Plate’s commitment to social work is evident through its various initiatives over the years. The company remains committed to making a positive impact on society and contributing to its growth and development. 

    About The Rolling Plate 

    The Rolling Plate is a cloud kitchen franchise company that has been providing tasty, healthy, and affordable food to customers for the past five years. The company is known for its unique concept of FOFO, FOCO, and FOPO models, which has been successful in the market. With a focus on quality and consistency, The Rolling Plate has been able to win the trust of its customers.

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  • Ambak’s Digital Platform Empowering Home Loan Distributors Nationwide

    Gurgaon (Haryana) [India] September 7: In a bold move to transform the home loan approval process, Ambak has launched a new platform feature designed to improve the user experience and operational efficiency for home loan agents.

    According to their findings, the traditional home loan process can take up to 45 days, with customers and loan agents shuttling between multiple financers, at times leaving them unaware of many formalities and paperwork involved, leading to confusion and rejection of home loans.

    The platform’s new feature was integrated to address such customer pain points by leveraging a proprietary Bank Rule Engine technology to provide greater transparency, real-time updates and faster loan processing time for its users.

    Ambak uses digital integrations for credit score checks and has an in-depth understanding of each financier’s criteria to ensure a more accurate match between customers and financiers.

    “We believe this feature sets a new standard for efficiency and transparency in the home loan sector. Our goal is to simplify the process for everyone involved, reducing operational costs for financiers and improving the overall experience for customers,” said Raghuveer Malik, Co-Founder & CEO of Ambak.

    This launch marks a significant milestone in Ambak’s mission to become the leading home loan aggregator in the industry. Ongoing improvements and continuous collaborations with top banks and financial institutions are planned to offer even greater value to users.

    The new update, designed to address key market needs such as lack of transparency, high turnaround times, and unclear commission structures, has significantly improved user experience and operational efficiency for home loan agents.

    “By transforming this experience, we aim to reduce the operational costs for financiers by ensuring only relevant files are processed. This improvement in efficiency can lead to an 80-90% first-time approval rate, enhancing customer satisfaction and optimizing the unit economics from a financier’s perspective. Once we connect customers to the right financier, we use both technology and our team to follow up with banks, provide updated status, and ensure the loan disbursement is completed quickly,” Mr Malik concluded.

    Summary: Ambak has launched a new platform feature to transform the home loan approval process. The update uses proprietary Bank Rule Engine integrated with other tools to provide greater value to its users. This launch marks a significant milestone in Ambak’s mission to become the leading home loan aggregator in the industry.

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  • 18% GST on Small-Value Digital Payment Aggregator Income

    According to media reports, the GST Council might take into consideration a plan to charge payment aggregators (PAs) 18% GST for digital transactions with a minor value of up to INR 2,000 that are made through debit and credit cards during their upcoming meeting.

    Following the overnight demonetization of 500 and 1,000 rupee notes in 2016, the government implemented measures to enhance digital payment systems. The service tax was not applied to debit and credit card transactions that were less than INR 2,000, which was a crucial step. To aid in the country’s transformation to a digitally empowered economy, this measure sought to encourage more individuals to switch from paying with cash to using cards. This occurred in December 2016, far before the Goods and Services Tax was implemented in July 2017.

    Updated Plan: Goods and Services Tax for Payment Aggregators

    Now, according to updated information circling, the GST Council is considering what amounts to a major shift. When it comes to fees charged by payment aggregators for debit and credit card transactions, they might think about implementing an 18% GST. Such costs for transactions below INR 2,000 have previously not been applied.

    The standard range for payment gateway fees is 0.5% to 2% per transaction, with the majority charging approximately 1%. Payment aggregators will most likely charge merchants the new GST on top of these fees.

    “If this tax is imposed, it will hurt small businesses which generally have low-value transactions…” said a prominent fintech executive in the payments field, speaking to a renowned media house. The payment processors will simply forward the information to the companies and vendors.

    The Absence of the UPI

    There may not be much of an effect on digital transactions as a whole because UPI is already the most used digital payment method, particularly for transactions with low values. The volume of transactions processed by UPI surpassed 131 billion in FY24, an increase of 57% year-over-year.

    More than 80% of all digital payments made in India’s retail sector currently go through UPI. Keep in mind that this GST is exclusive to online purchases paid for using a credit or debit card. The fee will not impact Unified Payments Interface (UPI) transactions because there is currently no Merchant Discount Rate (MDR). As a result, UPI continues to be an appealing payment option for both customers and retailers for transactions up to INR 2,000, as it does not incur any fees.

    Effects on Small Companies

    The additional 18% tax on payment gateway fees would not be too much of a problem for retailers who deal in high-value transactions. However, this can have a more noticeable effect on small enterprises that deal in frequent low-value transactions.

    Picture this: the merchant pays INR 10 for a 1% payment gateway fee, on top of the 1,000 transaction. This is how the present system works. This price would grow to INR 11.80 after the planned GST—a small increase, but one that can build up rapidly over hundreds of transactions.

    Way Forward

    The disparity in tax treatment between UPI and debit/credit cards can cause shoppers and businesses to reevaluate their preferences, especially as UPI transactions continue to grow in popularity owing to their zero-cost nature. To keep digital payments everywhere accessible and reasonable, we’ll need to strike a balance.

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  • Banks Have Prepared a List of 3000 Businesses That Are Perpetrators of Fraud

    According to sources familiar with the matter, banks have compiled a comprehensive list of over 3,000 companies implicated in fraud, which they intend to share and update in real time in response to an upsurge in financial scams. Legal professionals, construction workers, and gold loan evaluators are among those on the list of those who allegedly conspired to get loans using deceitful ways.

    A senior bank executive informed the media that the matter was discussed at a meeting last month with the Advisory Board for Banking and Financial Frauds (ABFF). The decision was made to require lenders to check this list before doing business with such entities, and it will be updated in real time.

    Adhering to RBI Guidelines

    As banks keep sticking to the most recent fraud classification criteria that was announced by the Reserve Bank of India (RBI) on July 15, the list may contain additional items. Furthermore, at a discussion with the ABBFF, it was brought to the attention of the group that the operational staff does not always monitor the ‘caution list,’ which may make it possible for fraudulent entities to potentially re-enter the financial system.

    One of the bank officials mentioned that to guarantee complete compliance, the banks will be issuing internal directions.

    Even though banks typically take separate actions against fraudulent companies, these entities frequently find ways to interact with other regulated entities (REs). It is easier for lenders to verify and avoid dealing with organizations that have been reported for banking fraud thanks to the consolidated list.

    Instruction by the Central Vigilance Commission

    All public sector banks (PSBs), public sector insurance firms, and public sector financial institutions have been given instructions by the Central Vigilance Commission (CVC) to send any cases of fraud that involve more than INR 3 crore to the All India Bank for Financial Facilitation (ABFF) for advice.

    The board has also been given the authority to conduct periodic fraud analysis in the financial system and to provide suggestions, if any, to the Reserve Bank of India and the Central Values Commission (CVC) for the formation of policy.

    The list may be revised because banks will soon be finishing their internal exercise, according to one of the executives associated with the bank. There is a possibility that the new list will include other businesses such as valuers, chartered accountants, and business correspondents.

    It has been found that fraudulent entities frequently manage to engage with other regulated entities (REs), even though banks normally take individual action against fraudulent organizations. The consolidated list gives lenders the ability to verify organizations that have been identified for financial fraud and to avoid associating with those organizations.

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  • While Wazirx Quickly Processes INR Withdrawals, Customers Must Wait Six Months to Trade Cryptocurrency

    Wazirx, an Indian cryptocurrency exchange, announced on 3 September 2024 through social networking site X that Phase 2 of INR withdrawals had been released ahead of schedule. This comes after the cyberattack that occurred on July 18 and resulted in the theft of more than $230 million worth of cryptocurrencies. Even though users are becoming increasingly aggravated by the restriction placed on cryptocurrency withdrawals, the exchange claimed.

    Beginning today, all users who are entitled to do so are now able to withdraw up to the absolute maximum of 66% of their INR holdings. The 9th of September was the original date that the company had planned for this, however, it has moved it up to provide faster access.

    In the aftermath of the cyberattack, Wazirx submitted a request to the High Court of Singapore for a moratorium by the Insolvency, Restructuring, and Dissolution Act to restructure its liabilities through the implementation of a scheme of arrangement. This filing intends to grant a respite period of thirty days to reorganize these liabilities.

    Hold Off on Crypto Trading for Six Months

    On 2 September 2024, Wazirx organized a virtual town hall session to explain the process of its restructuring. According to a report of the conference that was written by X user Budhil Vyas, the meeting did not provide clarification but rather raised issues with attendees. It was described by him that Wazirx did not address the most important questions that users had during the meeting, that comments were disabled, and that users were directed to send inquiries via email instead. During the exchange, positions that had been voiced in the past were restated without any new material being provided.

    When consumers were asked when they would be able to trade cryptocurrency again, they responded, “Not for at least six months.” As a means of putting things right, they requested a six-month break in Singapore. People who are looking to get their money will find this to be unfavorable.

    According to Vyas, Wazirx did not provide any clear explanation as to why users are required to fund legal costs, and their responses were ambiguous. During the same period, $6.3 million that was associated with the Wazirx hack was transferred to Tornado Cash, which raised concerns owing to the timing of the transfer with the meeting. In general, Wazirx’s communication continues to be opaque, which leaves customers with persistent concerns regarding the finances of their accounts.

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  • India Getting Global Clothing Agreements Amid Bangladesh Crisis

    In light of the ongoing political turmoil in Bangladesh, the Noida textile cluster and the little town of Tiruppur in Tamil Nadu are benefiting from an influx of multinational apparel firms looking for new factories to manufacture their goods.

    In the past two weeks, Tiruppur’s knitwear export business has brought in orders worth INR 450 crore. This is because, as reported by a prestigious media company, brands from Germany, the Netherlands, and Poland are looking to India as a haven due to the turmoil in Bangladesh.

    According to KM Subramanian, president of the Tiruppur Exporters’ Association (TEA), major stores including KiK, Zeeman, and Pepco have placed urgent orders for clothing costing around $3 each. The garments are expected to be delivered before Christmas and New Year.pajamas

    A Surge in Interest in Knitwear From Well-Known International Labels

    Kids’ clothes, pajamas, blouses, and nightgowns are among the knitted items included in the orders. According to Subramanian, this is an “unusual situation” because normally brands place their orders in December and January for the spring/fall season, or in June and July for the holiday season. The Tiruppur hub has never experienced such an unexpected increase in demand so close to Christmas.

    Global brands have begun social audits at ten knitwear manufacturers in Tiruppur that were recently chosen, suggesting an uptick in future orders. By mid-September, we anticipate having finished the auditing process. “More orders will follow in the New Year if these factories meet global standards,” Subramanian said.

    Noida Clothing Export Cluster Experiences a Surge in Zara Orders

    The garment export sector in Noida has also been doing well; according to the Noida Apparel Export Cluster (NAEC), Zara‘s orders have increased by 15% in the past month compared to the same time last year. The NAEC president brought up the fact that Zara has placed an order for women’s dresses and tops ranging in price from $5 to $9, with a very tight deadline of 60 days for delivery.

    Closest Rivalry Between Bangladesh and India in Garment Exports

    Compared to Bangladesh’s $9.7 billion, India’s apparel exports in FY24 were $14.5 billion, with readymade garment exports hitting $3.9 billion in Q1 FY25. While India’s garment exports were 2.5 times larger than Bangladesh’s in the first quarter of FY25, the gap decreased to 3.2 times in FY24, according to CareEdge Ratings, showing that India’s market share was increasing.

    Effect on the Bangladeshi Textile Sector

    The building of the India-Bangladesh Friendship Pipeline (IBFP) has been put on hold by the Indian government as a response to the turmoil that has been occurring. It was mentioned in various media reports that this decision could have an impact on diesel, which is an essential resource for Bangladesh’s textile industry. This could potentially cause disruptions in the manufacture of garments in the country.

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  • SAMRIDH: MeitY’s Second Round of Startup Accelerators Kicks off to Foster Product Innovation

    On 4 September 2024, the Ministry of Electronics and Information Technology (MeitY) initiated the second group of students to participate in the SAMRIDH program. MeitY’s S. Krishnan, the Secretary, was the one who initiated the program.

    The Government of India has set a goal of cultivating 300 businesses, and as part of its 100-day agenda, it will choose and provide support to 125 startups through possible accelerators. This will allow them to reach their future goal. A statement released by MeitY said that the interested accelerator may apply for the second cohort of SAMRIDH.

    By the National Policy on Software Products (NPSP)-2019, the ministry has revealed that it is actively trying to promote the expansion of India’s software product industry. According to the ministry, the Indian software product industry, which includes startups, is receiving support from a variety of programs.

    These programs include Centres of Excellence (CoEs), the Technology Incubation and Development of Entrepreneurs (TIDE) program, the Next Generation Incubation Scheme (NGIS), the Information and Communication Technology Grand Challenges, and Gen-Next Support for Innovative Startups (GENESIS), among others.

    Addressing SAMRIDH: Encouraging Software Startups in India

    According to the National Policy on Software Products–2019, SAMRIDH is a flagship program of MeitY that supports the acceleration of startup companies. Launched in August 2021, the SAMRIDH initiative has the objective of providing financial assistance to 300 software product companies, with a total expenditure of INR 99 crore, over four years. With the help of potential and established accelerators throughout India, SAMRIDH is being implemented. These accelerators offer services to startups such as making their goods market-fit, developing a business strategy, connecting them with investors, and expanding their operations internationally. Additionally, MeitY is providing matching capital of up to INR 40 lakh. MeitY Startup Hub (MSH), which is part of Digital India Corporation (DIC), is the organization that is putting the plan into action.

    Commenting on the development, Edul Patel, co-founder and CEO, Mudrex stated, “The government’s continued commitment to nurturing India’s startup ecosystem through initiatives like the SAMRIDH programme is well appreciated. The launch of the second cohort is an exciting development, especially for smaller startups. Having access to top accelerators that provide crucial mentorship, funding, and resources is a game changer for young entrepreneurs. The matching funding of up to INR 40 lakh, combined with guidance on making products market-fit and scaling internationally, provides invaluable support to entrepreneurs who are just starting up. This initiative truly encourages budding entrepreneurs in building tech solutions from India to the world.”

    Multi-Agent Accelerator System for SAMRIDH

    Twenty-two accelerators from 12 different states were chosen to participate in the inaugural cohort of SAMRIDH after open requests for ideas were issued. The list of accelerators includes organizations that receive support from the government, academic institutions, entities from the business sector, and platforms that provide finance for early-stage start-ups. A multi-level screening procedure is then utilized by these accelerators to choose five to ten companies in each of the following categories: health technology, education technology, agriculture technology, consumer technology, financial technology, software as a service (SaaS), and sustainability.

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  • Zerodha Co-founder Nikhil Kamath Launches ‘Innovators Under 25’

    Zerodha co-founder Nikhil Kamath introduced the ‘Innovators Under 25’ at the most recent WTFund Summit in Mumbai. An inaugural event was held to celebrate the establishment of WTFund, the first non-equity grant fund in India, to support innovation among entrepreneurs under the age of 25. Jeet Adani, Kishore Biyani, Nithin Kamath, Jay Kotak, Ananya Birla, and Shashwat Goenka were among the notable individuals who attended the event.

    WTFund’s Initial Group of Trailblazers

    Kamath introduced the first round of WTFund grantees at the summit; they were fifteen entrepreneurs from fields as diverse as healthcare, artificial intelligence, and sustainable consumer goods with ambitious ideas. To drive innovation and challenge conventional businesses, the program seeks to equip young minds with the resources they need.

    The role of young entrepreneurs in creating India’s future was highlighted by Kamath. Anyone, from 25 to 80 years old, may be an entrepreneur and create the next great product. “But, come on, the enthusiasm, determination, and boldness usually come more naturally when you’re younger,” he said.

    To support nine startups now and nine thousand young businesses tomorrow, Kamath said, “We’re dedicated to building an India that isn’t afraid to take risks and step outside our comfort zones.” He went on to say that he hopes to aid thousands of startups in the future. Whoever decides to build their own aspirations instead of helping someone else realize theirs will lead India in the coming decade. The diversity of India’s innovation landscape is on full display among the fifteen grantees.

    Assistance Extending Beyond Monetary Grants

    With non-equity awards of up to INR 20 lakh, WTFund provides more than only financial aid. The young entrepreneurs learn from established professionals in the field while keeping complete control of their companies. This direction, together with access to accounting and legal services, and strategic alliances with industry heavyweights, provides them with the groundwork they need to expand their firms.

    Beyond providing financial support, Kamath wants the fund to help young entrepreneurs grow their businesses and have a positive impact on the sector. With the help of WTFund’s resources, these innovators will be able to conquer the obstacles of startup life and set themselves up for sustained success.

    The WTFund Summit marks a fresh chapter for India’s startup scene, bringing together influential Indian businesspeople to support the country’s aspiring innovators. The fund paves the way for game-changing innovations in many different fields by providing essential funding to young entrepreneurs.

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