StartupTalky

Tag: #news

  • Mission Digital Agriculture: Technology to Improve Farmers’ Lives

    The advent of digital identities, secure payment methods, and online transactions has had a profound impact on India’s government and the provision of public services in the last several years. Thanks to these advancements, India is now at the forefront of citizen-centric digital solutions, and its digital ecosystem is booming in many different areas, such as retail, healthcare, education, and finance.

    With a considerable financial commitment of INR 2,817 crore, including a central government share of INR 1,940 crore, the ‘Digital Agriculture Mission’ was approved on September 2, 2024, by the Union Cabinet Committee, which was chaired by Prime Minister Narendra Modi, to bring about a comparable revolution in the agriculture sector.

    Appreciating this move, Akshat Jain, CEO of KLK India stated, “Mission Digital Agriculture represents a transformative step in empowering India’s farmers. By leveraging cutting-edge technology and sustainable energy solutions like solar, we can revolutionize agricultural productivity, enhance resource efficiency, and improve the livelihoods of millions. At KLK Ventures, we believe that integrating renewable energy into digital farming tools not only boosts crop yield but also reduces costs for farmers, creating a more resilient and self-reliant agricultural sector. The future of farming is digital, and solar will be its driving force”.

    The goal of the Digital Agriculture Mission is to provide a framework within which different digital agriculture projects can thrive. The Digital General Crop Estimation Survey (DGCES), the creation of Digital Public Infrastructure (DPI), and the support of IT projects by the federal, state, and academic sectors are all part of this.

    Two primary components, Agri Stack and Krishi Decision Support System, form the foundation of the scheme.

    Furthermore, the purpose encompasses ‘Soil Profile Mapping,’ which seeks to empower digital services focused on farmers to deliver accurate and fast information to the agriculture sector.

    AgriStack: To Streamline Services and Scheme

    AgriStack is a Digital Public Infrastructure (DPI) that aims to simplify the delivery of services and schemes to farmers, with a focus on their needs. The Farmers’ Registry, the Crop Sown Registry, and the Geo-referenced village maps make up its three main parts.

    An essential component of AgriStack is the implementation of a ‘Farmer ID,’ which functions as a reliable digital identification for farmers and is comparable to the Aadhaar card.

    The State Governments or Union Territories will generate and keep track of these IDs, and they will be associated with a variety of data about farmers, such as land records, livestock ownership, crops planted, and benefits received. Nineteen states have inked memorandums of understanding with the Ministry of Agriculture, a step towards a more coordinated effort between the federal and state governments to implement AgriStack. The Digital Crop Survey and Farmer IDs were pilot programs in six different states.

    The six states are as follows: Tamil Nadu (Virudhnagar), Uttar Pradesh (Farrukhabad), Gujarat (Gandhinagar), Maharashtra (Beed), Haryana (Yamuna Nagar), and Punjab (Fatehgarh Sahib).

    Krishi Decision Support System – To Integrate Remote Sensing Data on Crops

    As part of an all-encompassing geospatial system, the Krishi Decision Support System (DSS) will incorporate meteorological, agricultural, soil, and water resource data acquired by remote sensing. As part of the effort, 29 million hectares of soil profile inventory have already been mapped, and precise soil profile maps on a 1:10,000 scale for about 142 million hectares of agricultural land are planned.

    Experiments with crop-cutting will utilize the Digital General Crop Estimation Survey (DGCES) to produce accurate yield estimates, further improving the precision of agricultural output, as part of the Digital Agriculture Mission.

    Nearly 2,50,000 educated local youth and Krishi Sakhis stand to gain from the mission’s projected expansion of agricultural employment opportunities, both directly and indirectly.

    The mission’s use of data analytics, artificial intelligence, and remote sensing would enhance the delivery of services to farmers, such as making government schemes, agricultural loans, and real-time warnings easier to access.

    What Lies Beyond?

    In addition to the Digital Agriculture Mission, the Union Cabinet gave its approval to six other significant projects, totaling INR 14,235.30 crore.

    To guarantee food security and resilience to climate change by 2047, INR 3,979 crore will be allocated to Crop Science. Additionally, INR 2,291 crore will be used to enhance Agricultural Education, Management, and Social Sciences to assist students and researchers. To improve income from livestock and dairy, INR 1,702 crore has been set aside for Sustainable Livestock Health and Production, and INR 1,129.30 crore is earmarked for Sustainable Development of Horticulture. Furthermore, Krishi Vigyan Kendra will be fortified with INR 1,202 crore, while Natural Resource Management will receive INR 1,115 crore.

    These all-encompassing methods can improve the lives of millions of farmers in India by utilizing digital technologies to increase agricultural sector productivity, efficiency, and sustainability. India plans to further establish itself as a world leader in technologically advanced solutions for vital economic areas by bringing the digital revolution to the agricultural sector.

    A Budget of INR 2817 Crore Has Been Approved for the Digital Agriculture Mission by the Cabinet
    The Digital Agriculture Mission, with a budget of INR 2817 crore (including the central share of INR 1940 crore), was granted authorization on 2 September 2024 by the Union Cabinet Committee.
    StartupTalkyNitin Konde

  • PM Modi to Launch ‘Jal Sanchay Jan Bhagidari’ Program in Gujarat

    On September 6, 2024, in Surat, Gujarat, Prime Minister Narendra Modi will inaugurate the “Jal Sanchay Jan Bhagidari” program, a joint venture with community partners. Jal Shakti Abhiyan: Catch the Rain is hoping to gain further traction with this project.

    The Government of Gujarat has endeavored to mobilize citizens, local bodies, industries, and other stakeholders to ensure a water-secured future, inspired by Prime Minister Narendra Modi’s vision of a whole society, whole government approach to water conservation with a strong emphasis on community partnership and ownership. This campaign aims to show how community ownership and engagement may help achieve Modi’s goal of water security. Improving rainwater gathering and attaining long-term water sustainability will be greatly assisted by the recharge structures created under the initiative.

    Jal Sanchay Jan Bhagidari Campaign’s Aims

    The Prime Minister’s steadfast commitment to water conservation is shown in the Jal Sanchay Jan Bhagidari initiative. This effort is inspired by his strong advocacy for sustainable water management, which he frequently emphasizes in his talks. Everyone from citizens to businesses and government agencies must work together to ensure water security, according to the prime minister, who has stressed this point on multiple occasions.

    A paradigm for water conservation in Gujarat that is firmly based on community engagement and CSR-driven projects, the Jal Sanchay Jan Bhagidari program seeks to broaden this approach. The goal of the program is to bolster the Jal Shakti Abhiyan: Catch the Rain campaign, which is the Prime Minister’s plan to make use of every drop of rain.

    With this program, India hopes to pave the way for future water conservation initiatives. Sustainable water management is crucial to the nation’s development, and by highlighting Gujarat’s innovative model, it hopes to motivate collective action in this direction.

    Effects and Prospects for the Future

    By providing a blueprint for similar CSR-driven programs, the “Jal Sanchay Jan Bhagidari” project hopes to energize people to do more to save water. Through the program, Gujarat’s achievements will be highlighted, potentially inspiring other states and union territories to follow suit. The participation of State Nodal Officers from various parts of the nation at this launch ceremony highlights the initiative’s significance on a national level.

    Launching “Jal Sanchay Jan Bhagidari” is a major milestone on India’s path to water security. Through the utilization of community involvement and CSR funding, this endeavor has the potential to revolutionize water conservation efforts nationwide, guaranteeing a sustainable water future for upcoming generations.

    This initiative is poised to set a new benchmark for water conservation initiatives across the country by utilizing the power of community engagement and CSR funding. This will ensure that future generations will have access to water that is sustainable.

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  • Apeda Aims to Export $1 Bn Worth of Indian Alcoholic Beverages

    The Agricultural and Processed Food Export Development Authority (Apeda), which is responsible for facilitating exports of agricultural products, has set a goal of $1 billion to promote Indian alcoholic and non-alcoholic beverages internationally over the next several years, in response to the robust demand for Indian spirits around the world. One goal of Apeda’s ‘Make in India’ campaign has been to boost sales of Indian spirits to key international markets.

    In terms of alcoholic beverage exports, India is presently ranked forty-first globally. An opportunity for expansion exists due to the rising demand for Indian spirits on a global scale, according to a statement from the Commerce Ministry.

    Major markets for the country’s alcoholic beverage exports in 2023–24 included the UAE, Singapore, Angola, Kenya, and the Netherlands, with a total value of over INR 2,200 crore. The spirits export value of India reached USD 325 million in 2022–23 and is projected to have strong development due to the high demand for Indian spirits.

    Diageo India (United Spirits Ltd) to Set Its Foot in the UK

    According to the announcement made by APEDA, Diageo India (United Spirits Ltd), one of the most prominent alcohol and beverage firms in India, is planning to introduce Godawan, an artisanal single malt whisky that is produced in Rajasthan, to the United Kingdom. This will be a significant step forward for the Indian spirits industry.

    Godawan is being manufactured by the Government of India as part of their Make in India effort, which has resulted in an investment of more than two hundred crore rupees. By the year 2030, the government of India has set an ambitious goal of achieving a total export value of $2 trillion, with $1 trillion consisting of products and $1 trillion consisting of services. The transformational programs that we are working on, such as Make in India and Atmanirbhar Bharat, are integrally connected to this goal.

    Godawan is a shining example of the effectiveness of these programs, according to the Additional Secretary of the Ministry of Commerce and Industry. These programs are pushing India’s transformation into a global manufacturing hub.

    Rajesh Agrawal, Additional Secretary of the Ministry of Commerce and Industry, and Debra Crew, Chief Executive Officer of Diageo Plc, along with Abhishek Dev, Chairman of APEDA, and Hina Nagarajan, MD and CEO of Diageo India, were the individuals who jointly flagged off the first batch of Godawan to the United Kingdom, as stated by the ministry. Other senior representatives were also present. At the International Food and Drinks Event (IFE) that took place in London in March of this year, Godawan Single Malt whisky was one of the featured beverages. The introduction of Godawan in the United Kingdom and the beginning of exports were both facilitated by this first step. The six-row barley that is used in the production of Godawan has been sourced from within the neighborhood, which contributes to the enhancement of the agricultural income of the local farmers of the Alwar region through the establishment of backward linkages.

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  • New Guidelines From Oct 1, 2024, to Regularise 3 Types of Irregular PPF Accounts

    The Public Provident Fund (PPF) is a centrally sponsored savings-cum-investment program renowned for its investor-friendly characteristics and long-term rewards. Under the Income Tax Act of 1961, the principal, interest, and maturity amounts will all remain tax-free because the scheme is classified as EEE (exempt-exempt-exempt).

    Over the years, the PPF regulations have undergone multiple revisions by the Centre. The Department of Economic Affairs also issued a circular announcing significant adjustments to the PPF standards last month under the Ministry of Finance. Starting October 1, 2024, the Postal Savings Fund (PSF) regulations will be altered to address issues including children opening PPF accounts, individuals holding multiple PPF accounts, and Non-Resident Indians (NRIs) extending their PPF accounts through the post office’s National Savings Schemes.

    “The powers to regularise irregular small savings accounts are vested with the Ministry of Finance,” states a circular printed by the ministry on August 21, 2024. As a result, the Ministry of Finance should refer all situations involving unusual accounts to this department for reconciliation.

    Establishing a PPF Account in a Minor’s Name

    Post Office Savings Account (POSA) interest will be paid on these types of irregular accounts until the person (minor) turns 18 and can start an account legally. Following that, the relevant interest rate will be settled.

    The date the minor attains legal adult status or the date the person becomes eligible to open the account, shall be used to determine the maturity period for such accounts.

    Two or More PPF Accounts

    Assuming the deposit stays within the annual ceiling, the principal account will earn interest at the scheme rate. (An investor’s preferred account at any Post Office or agency bank where they wish to maintain their holdings after regularisation is known as the “Primary Account”).

    So long as the main account doesn’t go over the annual investment limit, the funds in the second account can be combined with the first. Even after the merger, the main account will keep earning interest at the current scheme rate. There will be no interest charged on any refunds made to the second account if there is an excess balance.

    From the date of opening, any additional accounts beyond the primary and second accounts will earn zero percent interest.

    Account Extension for Non-resident Indians

    The account holder, who is an Indian citizen who became an NRI during the duration of the account, will be granted the POSA rate of interest until 30th September 2024, provided that their PPF account was opened under the Public Provident Fund Scheme (PPF), 1968 and Form H did not specifically ask about the account holder’s residency status. After then, the interest rate on such an account will be zero percent.

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  • Government Unveils Vishvasya-Blockchain Tech Stack

    Launched by S. Krishnan, Secretary of India’s Ministry of Electronics and Information Technology (MeitY), the Vishvasya-Blockchain Technology Stack provides Blockchain-as-a-Service through a distributed infrastructure that can support different approved Blockchain applications.

    The National Blockchain Portal, Praamaanik, a groundbreaking blockchain-enabled solution for authenticating the provenance of mobile applications, and the NBFLite-Lightweight Blockchain Platform were also introduced by Secretary MeitY.

    Building a Nationwide Blockchain to Improve Online Security and Customer Satisfaction

    Initiated by MeitY, the National Blockchain Framework (NBF) aims to promote research and application development; enable the delivery of state-of-the-art, transparent, secure, and trustworthy digital services to citizens; and build trusted digital platforms.

    Distributed infrastructure, core framework functionality, app development offering blockchain as a service (BaaS), security, privacy, and interoperability make up the technology stack of the national blockchain framework. At the moment, NBF is expandable and works with two Blockchain systems. Hosted across NIC Data centers in Bhubaneswar, Pune, and Hyderabad, the Technology Stack takes advantage of geographically dispersed infrastructure.

    Blockchain Platform for Institutions and Startups

    Designed with businesses and academics in mind, NBFLite is a Blockchain sandbox platform that facilitates research, capacity building, and rapid application prototyping. With funding from MeitY, C-DAC, NIC, IDRBT Hyderabad, IIT Hyderabad, IIIT Hyderabad, and SETS Chennai collaborated to create these technologies.

    Enhancing Citizen Security and Transparency with a Nationwide Blockchain Framework

    The National Blockchain Framework will enable security, trust, and transparency for various citizen-centric applications, according to S. Krishnan, Secretary, MeitY, who stated at the launch that this is an important part of the government of India’s efforts to provide trusted digital service delivery. He further emphasized that all parties involved should work towards making India the world leader in blockchain technology and spreading the solutions that have been developed so that it may be adopted worldwide. This would help to drive digital empowerment, social development, and economic growth, and position India as a global leader in blockchain.can

    What Blockchain Can Do to Revolutionise Governance?

    Blockchain technology can revolutionize Indian administration by increasing the openness, efficiency, and accountability of public services, according to Bhuvnesh Kumar, Additional Secretary, MeitY. The importance of expanding NBF application use across agencies and states was emphasized by him, and he also recommended looking at adding new platforms, apps, and innovative components to the NBF stack.

    Objectives of NBF in Confronting Difficulties

    According to Sunita Verma, Scientist G and Group Coordinator, R&D in Electronics & IT, MeitY, the goal of launching NBF is to create an extensible framework using a Blockchain technology stack on distributed infrastructure. This framework will help tackle issues like vendor lock-in, the lack of qualified workers to construct Blockchain-based applications, and research hurdles in areas like security, interoperability, and performance.

    The NBF is a consortium-mode effort to address research difficulties and leverage the benefits of technology to build applications in cooperation with Government organizations, according to Magesh E, Director General, C-DAC.

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  • Mulyam: An Agri-Tech Startup Redefining the Fruits and Vegetable Supply Chain

    New Delhi [India] September 5: Mulyam an agri-tech marketplace based out of Pune, is one of the pioneer startups which is strengthening the supply chain process. It connects farmers directly with the organized sector’s retailers, institutional firms, and quick commerce firms, ensuring fresher produce and better market access, ultimately boosting profitability and sustainability. Mulyam has a network of 3000 farmers from Uttar Pradesh, Haryana, Punjab, Himachal Pradesh, Delhi, Karnataka, Maharashtra, and West Bengal. A detailed discussion was held with Yogesh Kedari, Founder and CEO of Mulyam, about the company and how it is supporting the farmers.

    Tell us about Mulyam. What does it offer?

    Launched in December 2022, Mulyam is revolutionizing the agriculture supply chain by connecting farmers directly with bulk buyers of fruits and vegetables. Mulyam is developing a comprehensive marketplace (Platform) that enables seamless, transparent, and scalable transactions between buyers and sellers nationwide.

    Beyond basic trade functions, Mulyam offers value-added services such as trade financing, logistics solutions, quality assessment, and mandi information. This integrated approach aims to create a robust ecosystem that supports efficient trading and fosters growth for all stakeholders in the supply chain.

    What is the scope for Mulyam in the Indian agriculture and agri-tech sector?

    Mulyam is creating an ecosystem that aims to transform both the Indian and global agriculture and agri-tech sector. Mulyam targets a diverse range of buyers, offering them the opportunity to source produce of their desired quality directly from farmers.

    By developing the capability to liquidate all grades of produce to a broad spectrum of buyers, Mulyam gains a competitive edge over its peers. Mulyam empowers farmers and Farmer Producer Organizations (FPOs) to trade seamlessly nationwide, enabling them to utilize their infrastructure better, take stock positions as needed, make informed sales decisions, seize trade opportunities across India, and build their own brand for fresh produce nationwide.

    What inspired you to found Mulyam?

    As a member of a farming family, agriculture has always been a part of my life. I have witnessed the challenges faced by both farmers and buyers. Farmers struggle to sell their produce at fair prices, while buyers face difficulties in obtaining consistent quality produce at competitive prices.

    From a young age, I was passionate about contributing to the agriculture industry and ensuring that the food we eat is of high quality. After completing my undergraduate degree in horticulture and an MBA in agriculture, I sought to build a scalable solution within the agri-value chain that would benefit both farmers/FPOs and buyers.

    How does it work for farmers and other stakeholders? Tell us about the latest developments.

    Mulyam’s business model revolves around two key stakeholders: farmers and Farmer Producer Organizations (FPOs) and bulk buyers, including wholesale distributors, institutional clients, quick commerce platforms, and retail stores. Currently, Mulyam has a network of 3,000 farmers from Uttar Pradesh, Haryana, Punjab, Delhi, Karnataka, Maharashtra, and West Bengal, with the goal to expand to 150,000 farmers by the end of FY 2025.

    Our onboarding process begins with Mulyam’s sourcing managers connecting with farmers through mobile phones, WhatsApp, or face-to-face meetings to register them as suppliers. Once registered, farmers deliver their produce to Mulyam’s collection centres, where it undergoes quality and quantity checks. Mulyam then sorts, grades, and packages the produce according to buyer requirements, including bulk sizes (100 grams to 10 kilograms per the specific required packaging types).

    The produce is distributed across 17 cities, with quick commerce and HORECA services provided in 7 metro cities. Payments are handled via banks for farmers and suppliers, while buyers settle transactions through bank transfers, UPI, or cash.

    How is the journey so far and what is your long and short-term vision?

    We are dedicated to building a robust and comprehensive marketplace that seamlessly integrates every aspect of the agricultural ecosystem. Our current business model is more of a trading-heavy operation, but with this, we aim to unify financial solutions, logistics, and trade matching, creating a streamlined and efficient environment for all stakeholders. We target to create a tech-enabled and data-driven platform, making it more accessible, efficient, and beneficial for everyone involved.

    Please brief us on the business and revenue model. What is the revenue currently? Have you reached the break-even?

    We source produce from farmers and FPOs and once procured, we perform grading, sorting, packaging, and delivery based on the specific needs of our clients. Currently, we have achieved a turnover exceeding INR 75 crores, with zero burn and a slight margin in the kitty. However, we anticipate to scale further and ensure we are delivering consistent and improving EBITDA positive margins.

    Tell us about you and what your background is.

    I have over 19 years of experience in business development, sales, procurement, and P&L management, with a particular focus on the perishables sector. I have held leadership positions at NCDEX eMarkets Limited and DeHaat, where I served as VP and Senior VP, respectively, overseeing the Perishables Business. Additionally, I have worked with renowned organizations like Aditya Birla Retail More and Bharti Wal-Mart, demonstrating my expertise in setting up and running businesses from scratch.

    I hold a Bachelor’s degree in Horticulture (Fruits, Flowers & Vegetables) from Pune Agriculture College and an MBA from VAMNICOM Pune. To further enhance my leadership skills, I have completed a Leadership Management Course from ISB Hyderabad.

    What are your expansion and future plans to take Mulyam to the next level? Are there any fund-raising plans?

    We aim to achieve a revenue of ₹4,000 crore by 2030 and are targeting an exit value of ₹120 crore+ by the end of FY 2025, which will mark a significant milestone for us in our first full year of operation. To support our growth, we have successfully launched our buyer platform and plan to introduce the seller module by FY 2025.

    We are actively seeking investment from impact fund houses, venture capitalists, and other potential investors to fuel our expansion initiatives and take Mulyam to the next level.

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  • Visa Forges Partnership With Skill India to Empower 20,000 Youth for India’s Flourishing Tourist Sector

    Visa, a world leader in digital payments, and the Tourism & Hospitality Skill Council (THSC), which is overseen by the Ministry of Skill Development and Entrepreneurship, Government of India have inked a Memorandum of Understanding (MoU) for a three-year collaboration with a potential value of $1 million. At a recently concluded event, Jayant Chaudhary, Minister of State (Independent Charge) of India’s Ministry of Skill Development & Entrepreneurship (MSDE) and Minister of State of the Ministry of Education, officially launched an initiative to train 20,000 young people in skills relevant to the tourism industry.

    Training young people in 10 states—including Assam, Gujarat, Himachal Pradesh, and West Bengal—to improve the quality of service provided to tourists is the goal of the cooperation, which expands on Visa’s previous work with the Ministry of Tourism. Coursework will center on domestic tourism’s essential occupations, including those of tour guides, customer service representatives, naturalists, and tandem paraglider pilots.

    Leaders Comment

    At the signing of the memorandum of understanding, Minister Jayant Chaudhary stated that the tourist industry in India could create millions of employment and propel the country’s economy forward. Joining forces with Visa is a game-changer in our quest to tap into this untapped potential, train the next generation to be successful in the tourism industry, and elevate India to the status of a world-class tourist destination. The Ministry’s mutual goal of providing young Indians with the knowledge, opportunity, and support they need to build their futures and make meaningful contributions to India’s progress is at the heart of this partnership.

    According to Visa’s Vice Chair, Chief People and Corporate Affairs Officer Kelly Mahon Tullier, the company’s goal is to help young people find better jobs and have a better time while visiting India by providing them with the skills they need to succeed in the tourism industry. By collaborating with the Tourism and Hospitality Skill Council (THSC) and receiving backing from the Ministry of Skill Development and Entrepreneurship, Visa continues to demonstrate its steadfast dedication to India through the cultivation of talent and the endorsement of the government’s goal of elevating the country to the forefront of global tourism.

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    In 2023, the tourist industry in India employed over 42 million people and contributed over $231 billion to the country’s gross domestic product (GDP). As the number of people looking to travel after the pandemic increases, the NSDC-Visa program will help train workers to meet demand, allowing India to realize its dream of being a major tourist destination.

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  • Hindustan Composites Follows Big B’s Family Office in Investing in Swiggy

    The auto ancillary company Hindustan Composite has purchased a minority share in the online food delivery company Swiggy, which is planning to go public shortly. In the days that followed the acquisition of a minority investment in the Bengaluru-based company by Amitabh Bachchan’s family office, this new development has taken place.

    According to a disclosure that was submitted through the National Stock Exchange (NSE), the board of directors of Hindustan Composite has struck an agreement with Swiggy to acquire 1,50,000 equity shares, which will result in an investment of INR 5.17 crore.

    The report went on to state that as of March 2023, Swiggy’s net value was an impressive INR 9,810 crore, which is equivalent to $1.18 billion. To gain both short-term and long-term benefits, Hindustan Composite intends to complete this minor acquisition by the 30th of November in the year 2024.

    Swiggy Planning to Raise INR 3,750 Crore via a Fresh Issue

    In May, Swiggy submitted documents for an initial public offering (IPO) through a confidential process. With the help of a new issue of equity shares and an offer for sale of up to an aggregate sum of INR 6,664 crore ($800 million), the company would be able to raise a maximum of INR 3,750 crore ($450 million) through its first public offering. Media sources indicate that the company will shortly submit draft initial public offering documents to SEBI.

    In July, Swiggy further launched its sixth employee stock ownership plan (ESOP) liquidity program, which had a total value of $65 million. It claims to have permitted over INR 1000 crore worth of ESOPs liquidity throughout five events, which benefited three thousand and two hundred employees.

    In addition, the company that is supported by Prosus strengthened its leadership team by appointing new chief executive officer (CEO) and chief operating officer (COO) positions in the first week of November.

    In the first three quarters of the fiscal year 24 (FY24), Swiggy’s revenue was INR 5,476 crore, while the company suffered a loss of INR 1,600 crore. It has not yet submitted audited results for FY24.

    According to the data provided by the stock exchange, the competitor of Swiggy, Zomato, is currently valued at $28.3 billion. During the first three months of fiscal year 24 (FY24), the company that is run by Deepinder Goyal reported a revenue of INR 4,206 crores and a profit of INR 253 crores.

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  • The CCAvenue Soundbox Max Is Now Available to Retailers Through Infibeam Avenues

    The CCAvenue SoundBox Max, developed by fintech firm Infibeam Avenues, is an innovative and reasonably priced point-of-sale (POS) system that can accommodate the various payment acceptance requirements of Indian retailers.

    Providing a comprehensive solution that surpasses previous ways, the new device is poised to revolutionize the way merchants and retailers process payments, according to the business.

    Launch details were revealed at Mumbai’s Global Fintech Fest (GFF) 2024.

    Meeting Customer Demands With the Ability to Accept Multiple Payments

    The CCAvenue SoundBox Max is not merely an additional payment device; rather, it is a solution to the particular demands that the market has brought out.

    According to Infibeam, merchants and retailers have made it clear for a long time that they require a device that is capable of supporting more than simply UPI payments.

    As a result of the introduction of debit and credit card payment options into the CCAvenue SoundBox Max, this gap has been addressed. This has enabled businesses to take a larger variety of payment methods, such as UPI QR codes, debit cards, and credit cards.

    According to Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd., CCAvenue SoundBox Max is intended to revolutionize the payment landscape for retailers and merchants by providing them with the ability to collect payments from a variety of sources, including UPI, debit cards, and credit cards.

    Crucial Elements That Improve Retail Processes

    The CCAvenue SoundBox Max comes equipped with several features that make transactions more straightforward and safe. In addition to contactless (NFC) payments, it is also compatible with chip-based credit and debit card transactions, as well as static and dynamic QR payments.

    Furthermore, the gadget comes equipped with a built-in SoundBox that provides audible confirmation of successful transactions in several different languages, making it suited for use in a variety of retail settings.

    Additionally, the design of the gadget incorporates a sizable display that is positioned in front of the user and displays order quantities as well as the status of transactions. The display on the back of the device and the keypad work together to make it simple to navigate and enter transaction details as well as card PINs. It also includes a battery life that lasts for a long time and swift C-type charging.

    Improving Abilities

    Additional value-added features, such as Card EMI and Brand EMI choices, are going to be added to the CCAvenue SoundBox Max by Infibeam Avenues. These features will be designed to cater to a wide variety of retail sectors, such as supermarkets, quick-service restaurants, salons, fashion boutiques, and more.

    According to what was stated, the gadget complies with numerous standards, including EMV L1, L2, PCI PTS, CE, FCC, and RoHS.

    The company has engaged in agreements with several important players, such as Karnataka Bank, ICICI Bank, ShopSe, Citibank India, PayMyTV, Cars24, Muthoot FinCorp ONE, Loyalty Rewardz, Society on Click, Chalo App, and BHIM, to provide innovative solutions that bring about further improvements to the payment ecosystem.

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  • ShareUrSpace Simplifies Investing in Real Estate Through Fractional Ownership

    Indore (Madhya Pradesh) [India], September 3: Investing in real estate has traditionally been about full ownership. However, a fresh approach that has a chance to change how people buy and use vacation homes completely is making waves in the industry. ShareUrSpace, a newly launched fractional ownership platform, is set to redefine the Indian market with its approach.

    Bharat Agrawal, a seasoned professional with a family legacy of 14 years in the real estate industry, is the driving force behind the introduction of fractional ownership in India. His deep understanding of the sector and the challenges individuals face in owning a vacation home has led to the creation of ShareUrSpace, a platform that addresses these pain points with confidence.

    Fractional ownership, a concept that has gained traction in other parts of the world, offers a host of advantages. By owning a share of a property rather than the entire unit, investors can enjoy reduced upfront costs, shared maintenance expenses, and the flexibility to use the property on a scheduled basis. This model is set to redefine the way people buy and use vacation homes.

    ShareUrSpace intends to make fractional ownership accessible to a broader audience in India. By partnering with reputable developers and property owners, the platform provides a curated selection of vacation homes across various locations. ShareUrSpace caters to diverse preferences and lifestyles from beach destinations to mountain retreats.

    “The idea behind ShareUrSpace is to democratise vacation home ownership,” explains Bharat Agrawal. “We believe everyone should have the opportunity to experience the joy of owning a second home without the financial burden.”

    People can buy a fractional portion of a holiday house through ShareUrSpace and have exclusive access during the times they’ve chosen. To provide a hassle-free ownership experience, the platform also manages rental income, maintenance, and property management. ShareUrSpace allows individuals to create lasting memories and invest in their future by providing a convenient and affordable way to own a vacation home.

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