StartupTalky

Tag: #news

  • British Company Rolls-Royce and TCS Forms Partnership for Hydrogen Project

    To further strengthen its green projects, the Indian IT firm Tata Consultancy Services has deepened its collaboration with the British multinational Rolls-Royce, which focuses on civil and defence aircraft as well as services and power systems.

    As part of the partnership, researchers are looking into hydrogen fuel system technology, which might one day be used as a zero-carbon aviation fuel.

    The environmental effect is something that TCS is also aware of. With 2016 as the baseline year, TCS established an ambitious sustainability goal in 2021: to cut absolute emissions from Scope 1 and Scope 2 by 70% by 2025 and reach net zero by 2030. After a baseline year of 2016, TCS decreased its absolute carbon footprint across Scope 1 and Scope 2 by 80% by FY24, surpassing its objective result by 10%, a full year before the deadline.

    Aiding Rolls-Royce With Their Engineering Needs

    In order to help Rolls-Royce overcome the three main obstacles to enabling hydrogen for use in aviation—fuel combustion, fuel delivery, and fuel systems integration with an engine—TCS has announced that it will offer engineering expertise and support to assist RR in achieving its goal.

    The collaboration is in line with Tata Consultancy Services’ primary objective of using technology for the betterment of society.

    Innovative sustainability solutions are required to meet the ambitious targets set by the International Air Transport Association (IATA) to achieve net zero carbon emissions by 2050.

    Remarks From the Leadership

    Alan Newby, Director of Research and Technology at Rolls-Royce, expressed his enthusiasm for “TCS’s participation in our hydrogen research program, stating that their engineering capabilities will be instrumental in achieving our technological objectives. We have already made significant progress, and the presence of TCS provides us with supplementary capabilities as we continue on our mission to facilitate the energy transition in the aviation sector.”

    “The partnership between TCS and Rolls-Royce is an exciting one that represents a powerful alliance in the quest for sustainable aviation solutions,” stated Anupam Singhal, President of Manufacturing at TCS. “We are in agreement with Rolls-Royce’s aspiration for a more sustainable future. This partnership is the ideal opportunity to leverage our technological capabilities and environmental passion to promote innovation and an environmentally friendly aerospace sector.”

    Regu Ayyaswamy, Senior Vice President and Global Head of Internet of Things and Digital Engineering at TCS, stated, “For nearly a decade, TCS and Rolls-Royce have collaborated to enhance engineering excellence.” At a time when the aviation industry is confronted with the pressing challenge of reducing carbon emissions while maintaining performance and efficiency, the new partnership for research into hydrogen fuel systems is a critical next step. It is in accordance with TCS’ dedication to utilising technology to create a more sustainable future and make a positive impact on society.

    Advanced Waste Management Solutions: Reducing Carbon Footprints for Sustainable Business
    Discover advanced waste management strategies for businesses to reduce their carbon footprints, contribute to sustainability goals, and enhance operational efficiency.
    StartupTalkySubham Kumar

  • Pradeep Bhanot’s The Cosmic Voice: Illuminating India’s Astrological Landscape

    New Delhi (India), July 20: Pradeep Bhanot has emerged as a guiding light in India’s astrological landscape, honing his expertise over nearly two decades in the realms of Vedic Astrology and Vastu Shastra. Mentored by the revered Dr. Ajai Bhambi, Bhanot’s journey is marked by an insatiable thirst for knowledge and a profound commitment to empowering individuals on their spiritual paths.

    As a distinguished member of the SME Climate Hub Community, Bhanot intertwines his astrological practice with a staunch advocacy for sustainability. His approach emphasizes non-invasive Vastu modifications, promoting harmony while respecting the delicate balance of nature. This fusion of ancient wisdom and environmental consciousness sets Bhanot apart, making him a pioneer in the field of eco-friendly astrology.

    Founder of The Cosmic Voice, Bhanot offers a range of transformative services, from personalized astrological consultations to Vastu Verification, guiding clients towards holistic well-being and self-realization. Through his innovative “Soul Motivation Sessions,” he facilitates profound introspection, empowering individuals to unlock their highest potential. These sessions have garnered acclaim for their ability to inspire and catalyze personal growth, making Bhanot a sought-after mentor in the spiritual community.

    With an unparalleled accuracy rate exceeding 80%, Bhanot has earned the trust of a diverse clientele, including luminaries from Bollywood and beyond. His legacy transcends mere astrological practice, embodying a synthesis of timeless wisdom and contemporary consciousness, inspiring countless souls to navigate life’s journey with purpose and authenticity. Bhanot’s contributions continue to illuminate the path for many, fostering a deeper understanding of the cosmic forces that shape our lives.

  • Meta Launches Largest Llama 3 AI Model, Citing Language and Math Advancements

    On Tuesday, Meta Platforms (META.O) unveiled the most recent version of its Llama 3 AI models, which are primarily available for free. These models compete with paid models from competitors like OpenAI and offer superior multilingual skills and general performance metrics.

    Announcing the release of the new Llama 3 model, the parent company of Facebook stated in blog posts and a research study that it can talk in eight languages, produce higher-quality computer code, and solve more complicated math problems than earlier versions.

    Although it is still smaller than top models supplied by competitors, this new version outshines the previous one with 405 billion parameters, or variables, that the algorithm considers to produce answers to user questions.

    During his extensive promotion of Llama 3, Facebook CEO Mark Zuckerberg stated he expects that the future Llama models will surpass proprietary competition by the end of next year. He claimed that hundreds of millions of people were already using the Meta AI chatbot, which was driven by those models, and that it was on course to become the most popular AI assistant by the end of the year.

    Competition Is Getting Stiffer

    The release aligns with the ongoing competition among technology companies to demonstrate that their expanding portfolios of resource-intensive large language models can generate substantial improvements in well-established problem areas, such as advanced reasoning, to justify the substantial investments they have made in them.

    According to Meta’s leading AI scientist, these models will eventually run into reasoning limitations, necessitating the development of new AI systems.

    Amazon is reportedly working on a model with two trillion parameters, whereas OpenAI’s GPT-4 model reportedly has one trillion.

    Meta announced that it is updating its flagship 405 billion parameter model as well as its 8 billion and 70 billion parameter Llama 3 models, which debuted in the spring but are reduced in weight, with new versions coming out soon.

    Meta has announced that it will be releasing revised versions of its flagship 405 billion parameter model, as well as its 8 billion and 70 billion parameter Llama 3 models, which debuted in the spring. The models are lighter in weight.

    With an expanded “context window,” the three new models can handle larger user requests and are multilingual.

    Benefits Llama offers to its users

    Meta makes its Llama models available to developers for little or no cost, an approach that Zuckerberg claims will lead to better products, less reliance on potential rivals, and higher engagement with the company’s primary social networks.

    If developers choose the company’s free models over its paid ones, it would hurt its competitors’ business models and benefit the company too. Meta highlighted potential improvements in important mathematics and knowledge exams in its announcement, which may increase the attraction of that possibility.

    How to Use Meta Business Suite for Effective Management
    Meta Business Suite is designed to help businesses manage their presence on Facebook and Instagram. Learn what it is and how to use it.
    StartupTalkyShalini Rath

  • The Startup Environment Receives a Significant Boost as the Centre Abolishes the Angel Tax

    Finance Minister Nirmala Sitharaman announced on Tuesday 23 July, during the presentation of the Union Budget for 2024-25, that the government has proposed to repeal the angel tax on all asset classes. This move will greatly benefit the startup environment. Angel tax, which is a provision in the Income Tax Act known as Section 56 (II) (viib), applies to privately-held companies where the consideration for the issuance of shares exceeds their fair worth. Following the budget announcement, the changes to the angel tax system will take effect on April 1, 2025, and they will be relevant for the assessment year 2025–26. The startup and VC community has long advocated for the elimination of angel tax.

    Industry’s Reaction

    “The Union Budget 2024 is a significant step forward for India’s growth, focusing on empowering women in the workforce, supporting employee welfare, and driving innovation. The allocation of over INR 3 lakh crore for schemes benefiting women and girls, along with new initiatives like skilling programs and salary support for first-time employees, highlights the government’s commitment to gender inclusivity and employment generation,” stated Swati Bhargava, Co-Founder of  CashKaro.

    She elaborated further by stating that eliminating the angel tax for all investors is a huge win for businesses, creating an environment that is more creative and dynamic. For online companies, a significant step towards tax relief and economic expansion has been the lowering of the TDS rate on online purchases from 1% to 0.1%. Further evidence of progressive tax policy is the plan to decriminalize TDS delays until the tax return is filed and the six-month-long examination of the customs duty structure. All things considered, these steps will lead India into a better and more inventive future by boosting growth and development in the economy.

    Echoing similar sentiments, Megha Gambhir, Founder and CEO at Stupa Sports Analytics said, “The removal of angel tax is a big boost for the Indian startup ecosystem, and will make the path for startups like ours easier, so we can focus on building innovative tech solutions without previous financial burdens. Additionally, the announcement of investing in sports infrastructure in states like Bihar is positive news to continue developing sports at the grassroots level in our country. This will eventually lead to more facilities, academies, and sports centers integrating cutting-edge tech solutions in the coming years, and transform the way sports are played, viewed, and organized”

    Pramod Gummaraj, Founder of Aprecomm opined, “The proposed abolishment of angel tax is a landmark decision that will significantly boost the Indian startup ecosystem. By removing this hurdle, the government is encouraging early-stage investments and fostering a conducive environment for innovation. This move will be particularly beneficial for sectors like technology and telecom, where funding plays a crucial role in driving research and development.”

    Adding further to his comment, he said that the telecom industry also welcomes the renewed emphasis on city planning. Strong and dependable communication networks are becoming more important as cities develop and thrive. Opportunities for telecom software as a service (SaaS) providers like Aprecomm to aid in citywide digital transformation and better residents’ quality of life will arise as a result of investments in urban development.

    “We also welcome the abolition of the 30% Angel Tax for all investor classes. This move will encourage more angel investors to support startups, fostering innovation and growth in the startup ecosystem,” said Manish Aggarwal, CEO & Founder, of FINQY.

    Vidita Kochar, Co-founder at Jewelbox said, “The recent reduction of customs duty on gold to 6% marks a significant advancement for the jewelry industry, enhancing its competitiveness and making it more accessible to consumers. This move aligns seamlessly with our commitment to providing high-quality, affordable lab diamond jewelry to our customers. Additionally, the abolition of the angel tax is a laudable initiative that will invigorate India’s startup ecosystem. This change is poised to spur innovation, attract global investors, and provide a substantial boost to startups. We are confident that these measures will significantly contribute to the growth and dynamism of both the jewelry sector and the broader startup community in India.”

    Gunjan Agarwal, Co-founder of XYST commented, “Abolishing Angel Tax will have a long-term impact on startup founders. This will not only motivate angel investors but also help to encourage entrepreneurial spirit in the Indian business domain. Additionally, the job generation push, coupled with the government’s financial assistance will help startups acquire more talented professionals, leading to cumulative growth in the long term. This Union Budget is full of opportunities for Indian startups pushing to become the next Unicorn, and governmental assistance is bolstering it to ensure success and growth.”

    Mahankali Srinivas Rao (MSR), CEO, T-Hub stated, “Budget 2024 marks a significant milestone for the Indian startup ecosystem, with initiatives that will undeniably foster innovation and growth. The abolition of the Angel Tax for all classes of investors is a pivotal move that will create a more supportive environment for angel investments, ultimately benefiting startups and paving the way for India to become a global innovation hub. The establishment of a INR 1,000 crore venture capital fund dedicated to boosting the space sector is another forward-thinking initiative. This substantial investment will propel growth in the space economy by supporting innovative startups and groundbreaking research, positioning India at the forefront of space technology and exploration.”

    In 2012, India implemented an angel tax to combat the problem of unreported wealth, namely that which arises when a closely held company receives funding from Indian investors that exceeds its fair market worth. Not only will this measure bring tremendous relief to existing investors, but it will also attract new investors due to the easing of taxes.

    Online Gaming Faces 28% GST Hike: Expert Insights
    The new 28% GST on online gaming has produced divided opinions about the industry’s future in India. Some experts condemn the GST hike, while others see it as boosting government revenues.
    StartupTalkySayantan Mondal

  • Travelers From Other Countries Can Now Use UPI One World to Pay in India

    The launch of UPI One World, an enhanced convenience and security digital wallet, has made traveling to India much easier for international travelers. Using this cutting-edge payment method, visitors worldwide may enjoy their time in India without dealing with complicated currency exchanges or carrying large amounts of cash.

    The UPI One World wallet, which was first introduced during the G20 meeting that India hosted last year, is now available to more countries’ tourists. The app allows users to pay at merchant locations with the simple scan of QR codes, making it a hassle-free experience for tourists. Thanks to a joint effort by NPCI (National Payments Corporation of India), IDFC First Bank, and Transcorp International Limited, with the support of the Reserve Bank of India, unused balances can be returned to the original payment source in compliance with foreign exchange regulations.

    “We are thrilled to offer the UPI experience to international guests visiting India through UPI One World. This move aims to enhance the visitor experience by equipping them with UPI, the most preferred payment choice among Indians. International travelers can manage their financial needs conveniently and transfer any unused balance back to the original payment source. By enabling foreign travelers to experience the real-time payment system developed by India, we are taking a significant stride towards creating a more interconnected global digital payments ecosystem,” an NPCI spokesperson commented to various media outlets.

    UPI ONE WORLD

    How Can Visitors Access the Wallet?

    The UPI One World wallet, which may be obtained from authorized Prepaid Payment Instrument (PPI) issuers in various locations such as airports, hotels, and designated money exchanges, necessitates a comprehensive Know Your Customer process based on a valid passport and visa. The World Heritage Committee meeting will be held at Bharat Mandapam in New Delhi, and special arrangements are being made to distribute these wallets to the attendees there. Visitors can add funds to the wallet using cash or other payment methods once it’s been issued.

    Upon exiting India, they will be able to return any remaining money to their source per foreign exchange restrictions.

    The purpose of this program is to ease travel for tourists from other countries who are visiting India. By providing the flexibility and safety of the Unified Payments Interface (UPI), which is India’s most widely used digital payment system, tourists can enjoy their time in India without having to worry about managing cash or currency exchange.

    UPI – Unified Payments Interface | Features and Benefits
    UPI (Unified Payments Interface) is an instant real-time payment system. Know about advantages & disadvantages of UPI, services, charges, and more.
    StartupTalkyPiyush Mishra

  • With the help of FanCode Shop, Hardik Pandya Is Launching His Own Brand

    Hardik Pandya, an all-rounder, has launched a line of athletic apparel through an exclusive licencing agreement with FanCode Shop, the online goods store owned by Dream Sports. In a revenue-sharing collaboration, FanCode Shop will create, produce, and sell the products under the Hardik Pandya brand.

    Starting from INR 999 and going all the way up to INR 2299, the first collection features t-shirts, vests, polos, shorts, and jackets.

    Endorsements of Pandya

    Pandya will be breaking into licencing business with the launch of his brand identity and performance wear range, according to Rise Worldwide, a wholly owned subsidiary of Reliance Industries Limited. Up until now, Pandya has only done endorsement deals.

    Pandya earns between INR 2 and 3 crore (about $30,000) for each of the twenty products that he promotes at the moment.

    “We are aiming to establish an ecosystem through a long-term partnership with FanCode Shop,” the business said. By releasing his line of products, Pandya becomes Rise’s first athlete managed by the company.

    FanCode Shop has previously collaborated with team sports companies, according to FanCode co-founder Yannick Colaco, but this partnership with an athlete-owned sports business is a first.

    “For over a year, we collaborated with Hardik and Rise to develop the product. Currently, we have 26 performance wear goods available for purchase, and we will be releasing even more in the near future”, he said.

    Both MS Dhoni and Virat Kohli have already established their own labels: Seven by MS Dhoni for sportswear and One8 by Virat Kohli for lifestyle products. One8 by Kohli also has a partnership with Puma.

    SEVEN by MS Dhoni

    After its launch by Rhiti Group in 2016, SEVEN by MS Dhoni has solidified its position as the first domestic Indian global sportswear brand. With 309 multi-store stores spanning India and the United States, Canada, South Africa, and the United Kingdom, SEVEN by MS Dhoni is well-established in 45 countries, catering to the growing need for active lifestyle wear around the world.

    Not only does the brand have its own website, www.7.life, but it is also available on major online platforms such as Tata Cliq, Myntra, Amazon, Google, and Flipkart.

    In addition to the South African Wanderers Club and the American Cricket Academy and Club (ACAC), it is the official apparel partner of the Chennai Super Kings. As the sole cricketer in history to hold all ICC titles, MS Dhoni represents SEVEN on a worldwide scale.

    List of Brands Endorsed By MS Dhoni
    MS Dhoni is a well-known right hand Cricketer and former captain of the Indian cricket team. Here is the list of brands endorsed by MS Dhoni.
    StartupTalkyPV Vyshnavi

    One8 by Virat Kohli

    Athleisure, performance clothes, and footwear were the original offerings from Virat Kohli’s One8, a partnership that began in 2017 with the German sports lifestyle brand Puma.

    The company expanded out into other markets later on, offering formal shoes, retro bars, fragrances, and more. The majority of the endorsement arrangement, which is valued at around INR 12 to 14 crore per annum, is reportedly tied up in a fixed sum, according to media sources.

    Virat Kohli Investment | Startups funded and owned by Virat Kohli
    Virat Kohli, an Indian Cricketer is a fierce cricketer on the ground and a promising investor off it. Here are the startups funded by Virat Kohli and his investments.
    StartupTalkyPratyusha Srivastava

  • Seventh Episode of Crafting Bharat Podcast: Sravanth Aluru, Avataar Co-Founder & CEO, on AI’s Future & Spatial Storytelling in India

    ‘Startup’ has become the buzzword for the current generation. It has become a career path where students and professionals are changing their career to pursue their dreams and passion. For decades this wave has hit India, making it the 3rd largest ecosystem globally.

    The “Crafting Bharat – A Startup Podcast Series” powered by AWS, and an initiative by NewsReach, in association with VCCircle, unlocks the secrets behind these successful entrepreneurs’ journeys aiming to equip aspiring entrepreneurs and business enthusiasts with invaluable insights. The podcast series is hosted by Gautam Srinivasan, famed for hosting a diverse range of TV and digital programs, currently consulting editor at CNBC (India), CNN-News18, Forbes India, and The Economic Times.

    The Indian Startup ecosystem has witnessed an exceptional leap with AI/ML technologies. Sravanth Aluru, Co-Founder and CEO of Avataar, is the light bearer in revolutionizing the industry with the power of spatial storytelling. In the Crafting Bharat Podcast Series, Aluru talks about his entrepreneurial journey, spatial storytelling, and trends in the AI industry.

    Explore the tales of Indian startup founders’ transformation from dreams to reality, navigating challenges to seize opportunities through the Crafting Bharat Podcast Series. 

    Crafting Bharat, Episode 7 With Sravanth Aluru, Co-Founder and CEO of Avataar

    Segment 1: The Incubator

    How did your previous stints help you zero in on this new way of enabling consumer interactions for brands?

    I found the passion of spatial storytelling and the power of spatial depth towards visual discovery at Microsoft, where I kind of started my career, I was a computer vision fanatic back then. Kinect is a depth sensor that would sit on top of Xbox and do the skeleton tracking and some of those early AI and computer vision use cases. That’s where I saw the power of spatial depth and just to allude to that we all live in a physical world which has a third dimension, our digital experiences are flat today on the flat screens that we carry be it a mobile, laptop or tablet and I could see there’s a huge gap or a digital physical divide, in terms of how consumers are today consuming content and visual experiences on digital versus how physical happens.

    Anything that we should look forward to from your moonshot factory called Avataar Reality Labs?

    I think the physical and the digital reality will not be distinguishable anymore if you were to fast forward to maybe 5 years from now, we are seeing that already in the pilot R&D POCs that we’re doing internally in the Avataar Reality Labs. But the kind of photo realism and the way we can blend the physical and digital reality today with devices like Quest 2 by Meta or Vision Pro by Apple. I think it is going to give superhuman capabilities across everything digital starting from communications to even just information consumption to productivity in various different contexts.

    Could you expand on your partnership with AWS and how it helps you scale up and innovate?

    We are focused on a very clear AI computer vision convergence era and having said that AWS gives us a lot more capabilities to connect various dots that either remove friction or create delight for our clients or the end consumers and that’s where I see the partnership to be very complimentary of a strong win-win for both entities.

    Segment 2: The Accelerator

    What’s your idea of the perfect product? 

    Honestly, the perfect product is like infinity to me, where you can tend to it and limit it but there’s nothing called reaching infinity. Similarly, I don’t think there’s a perfect product that exists in the world. But if I must express my point of view, a perfect product would be something that is continuously improving with a very clear utilitarian purpose of either removing existing friction today or driving value in terms of delight where you are able to do things that you couldn’t do yesterday.

    How challenging was it to attract the right talent?

    I do think that people want a purpose, they want to be part of a journey that’s value creation from nothing and if you can spin on the ability for people because it’s a collective journey as just one founder cannot achieve anything by himself but it’s a collective team that achieves it.

    The Ultimate Guide To Find The Right Talent Amidst Pandemic
    Learn to Hire right from the massive hire drive along with the sources of hiring right talent and quality candidates Post Pandemic.
    StartupTalkyDeesha Bakshi

    Everyone wants to scale quickly but how about staying small till you really understand the business inside out and scale smartly and sustainably? Your thoughts? 

    I think there’s a little bit of instant gratification that’s creeped into the startup philosophies. I am not sure if that’s the right approach, I’m not saying that you should spend 10 years. What I mean is you really need to find a true value proposition that’s sustainable.

    The Indian Startup Ecosystem is having a quantum shift with motivated startup founders bringing forth exceptional innovation. Startup founders’ vision and dedication drive India’s startup surge.

    Stay tuned to the Crafting Bharat Podcast Series as they bring you these inspirational entrepreneurs for insightful and candid discussions with Gautam Srinivasan.

  • Order for Frigates Worth INR 70,000 Crore to Be Cleared by the Defence Ministry

    A massive purchase of new warships for the Indian Navy, around INR 70,000 crore, is about to be approved by the defence ministry. The stealth frigates are the next generation of Indian naval vessels, following in the footsteps of the Nilgiri class, which are presently in the works.

    According to sources, the order, which is referred to as Project 17B, is being bid on by two state-run yards, Mazagon Dockyards Limited (MDL) and Garden Reach Shipbuilders and Engineers (GRSE). Project 17A (Nilgiri class) frigates are now being built at the two yards. Four frigates are being built by MDL and three are being built by GRSE.

    Details will be revealed once the project has been approved by the military ministry. However, similar to Project 17A, it is possible that the project could be divided between the two yards. The Navy can reduce delivery times with a split order.

    What is Project 17B

    On the P-17B, which is also generally known as the “P-17A repeat order,” there will be eight ships, as opposed to the seven ships that were indicated earlier. The project is anticipated to be split between the two shipyards that are comparable to P-17A, with each shipyard potentially producing four hulls. When compared to the cost of INR 45,000 crore for seven ships under P-17A, the project is anticipated to cost approximately INR 70,000 crore for eight ships. The primary reason for this is inflation and the introduction of new technology.

    Arsenal That Goes in Frigates

    Electronic warfare equipment, anti-submarine weaponry, Brahmos cruise missiles, and fire control systems created domestically will make up a large portion of the advanced frigates’ indigenous content. The order is a boon to dozens of vendors and sub-suppliers, who will split the workload fairly.

    MDL Order Book

    With current projects like the Kalvari class submarines and Project 15B class destroyers, MDL, one of India’s leading shipyards, possesses an enormous order book. Furthermore, the yard has almost finished finalizing a contract for three more Kalvari class submarines this fiscal year, with an anticipated cost of around INR 35,000 crore. The current six Kalvari class submarines built by MDL will be surpassed in capability by these modern submarines.

    GRSE Order Book

    The Kolkata-based GRSE is building anti-submarine warfare corvettes and next-generation offshore patrol vessels at the same time. Significant progress in export orders has also been made by the yard, highlighting its rising status in the global maritime industry.

    Indian Defense Startups Transforming National Security
    Explore the dynamic landscape of Indian defense startups as they rapidly redefine and elevate national security.
    StartupTalkyNitin Konde

  • More Than 12.42 Lakh Direct Jobs Created by 1,17,254 DPIIT-Recognized Startups

    Today, on the first day of the budget session, Nirmala Sitharaman, the union finance minister, presented the Economic Survey 2023-24 to the house. Tomorrow, she will present the Union Budget 2024-25.

    In it, the Modi government laid out its plans to improve India’s startup scene and tracked the progress of the sector over time.

    Interventions such as the Bharat Startup Knowledge Access Registry, the Anusandhan National Research Foundation (ANRF) bill 2023, and the notification of Patent Rules 2024 all contributed to the expansion of India’s startup ecosystem.

    Multi-Sector Growth in DPIIT-Recognized Startups

    A total of 1,17,254 startups were recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as of 31 December 2023, up from 300 in 2016 (as reported in the Economic Survey), and these businesses have allegedly generated more than 12.42 lakh direct employment opportunities. 

    The government’s ongoing initiatives, including “simplification and handholding,” “funding support and incentives,” and “industry academia partnership and incubation,” are believed to be responsible for the significant increase in the figures. 

    There were about 2,000 tech startups in India in 2014, but by 2023, that number had jumped to about 31,000. 387 of the 1,000 agritech startups in the agricultural and related industries were founded by women. Over 13,000 AI, nanotech, and robotics startups recognised by DPIIT were also highlighted, showcasing the rise of deep tech in India. There was an emphasis on the growth of mental health startups as well.

    It goes on to say that over half of all acknowledged startups hail from India’s tier 2 or 3 cities, and that over half of those have a female director, a sign of gender inclusion. Stand-Up India has 77.7 percent female beneficiaries, while the PM Mudra Yojana has approximately 68% female beneficiaries. 

    Financial Support and Patents

    According to the survey, by the end of FY24, more than 135 Alternate Investment Funds had invested about INR 18,000 crore in startups, with over INR 10,500 crore allocated under the Fund of Funds for startups. 

    According to the report, between 2016 and March 2024, startups submitted over 12,000 patent applications, showcasing their commitment to innovation and its protection. The announcement of patent rules, 2024, which streamline the process of acquiring and managing patents, has further strengthened this. 

    Factors Boosting Startup Culture in India

    Startups have been on the rise in many different industries, and this is due to a number of causes. A rise in internet penetration and shifts in consumer habits created an ideal environment for new retail IT companies to emerge. Notable events, such as the launch of UPI, sparked a boom in the Banking, Financial Services and Insurance (BFSI) sector’s startup activity beginning in 2016. There have been 21 unicorns since 2014 in the Software as a Service (SaaS) industry, driven by the need for efficient and scalable cloud solutions. Due to the surge in demand for tele-consulting and remote learning solutions, industries such as HealthTech and EdTech experienced rapid growth during the COVID-19 pandemic.

    According to National Association of Software and Service Companies (NASSCOM), India’s IT startup environment has outperformed both the United States and the United Kingdom, placing it third internationally. The capacity to scale, a big number of startups, and the presence of unicorns are the hallmarks of India’s tech startup ecosystem. India showcases its position as an innovation hub by rapidly adopting AI talents; it has 16% of the world’s AI talent.

    How To Get Jobs At a Startup Company | Startup Jobs
    If you are passionate of the startup jobs, this can be a great way to grow your career. You need to know how to find job in a startup company…
    StartupTalkySweta

  • Hackers Steal $230 Million From Cryptocurrency Exchange WazirX

    Hackers allegedly stole over $230 million in customer holdings, or about half of the platform’s reserves, from WazirX, one of the country’s main cryptocurrency enterprises. This was one of the worst hacks on an Indian exchange. This event demonstrates the difficulty in securing Bitcoin exchanges and their subsequent heightened vulnerability to hacking attempts on a global scale.

    A “force majeure event” that was “beyond its control” was what WazirX referred to as the security breach. A number of deposits have been stopped and the affected wallets have been contacted to facilitate recovery. The business said in a statement that it is in communication with top-tier resources that can assist with the undertaking.

    “Our preliminary investigations show that one of the self-custody multi-sig smart contract wallets created outside of the Liminal ecosystem has been compromised. We can confirm that Liminal’s platform is not breached and Liminal’s infrastructure, wallets and assets continue to remain safe,” the company stated in its official statement.

    Comprehensive Action Taken by the Company

    • Police are currently reviewing a physical complaint and the online report submitted through the National Cyber Crime Reporting Portal. Along with CERT-In and the Financial Intelligence Unit (FIU) India, the company has reported the incident.
    • The listed addresses were blocked after proactive outreach to 500+ exchanges. In order to aid in its recovery efforts, the company is actively collaborating with the many exchanges that are cooperating with it.
    • Recruiting a team of cybersecurity professionals to aid in the company’s probe and restoration operations.
    • Set up a bounty program to get back the stolen property. If anyone has information that can help freeze and retrieve the stolen cash, then that person could win up to $10,000. A White Hat Bounty of up to $23 million, or 10%, is what the company is proposing.
    • It has temporarily disabled the ability to deposit or withdraw INR or cryptocurrency to guarantee the security of your valuables.
    • The company has chosen to halt all trading operations, despite its earlier warning about partial collateralization of assets. The company will thoroughly inspect the security measures in place, review the impacted systems and forensic data, and then resume normal operations.

    Next Step to Keep Its Customers Updated With Recent Developments

    • The complete impact and recovery methods will be understood and determined by the company’s analysis of all forensic evidence in collaboration with experts.
    • WazirX is making great strides to facilitate the withdrawal of funds. It values its clients’ understanding while it navigates this intricate issue, as processes such as security audits and forensic analysis take time.
    • As the project develops, the company will keep its clients aware of its status through frequent updates.

    Why has ED Issued a showcause notice to WazirX?
    Ed has issued a showcause notice to largest crypto exchange WazirX but Why did it receive a notice and What is WazirX’s response to it? lets find out.
    StartupTalkyAlan Joseph