Indian start-ups raised issues, such as blockages in international wire transfers, disruptions due to threshold limits on withdrawals, lack of communication from US agencies, and the need for preferential access to credit, in a meeting with the government over the fallout of Silicon Valley Bank's collapse. Rajeev Chandrasekhar, minister of state for electronics and information technology, held a virtual meeting with over 450 members from start-ups, venture capitalists, and investors who have been directly affected by the closure of SVB. He assured them that the IT ministry would put together a list of suggestions and give it to the finance minister on behalf of start-ups.
Indian start-ups breathed a sigh of relief after the UK government facilitated the acquisition of the now-defunct Silicon Valley Bank's (SVB's) British arm by HSBC. In a bid to allay fears, the US Federal Deposit Insurance Corporation (FIDC) announced recently that it had transferred all deposits of start-up-focused SVB to a newly created bridge bank and all depositors would have access to their money. President Joe Biden also sought to reassure jittery depositors that they can have confidence that the US banking system is "safe".
Fintech and venture capital firms such as Recur Club, Razorpay and Trifecta Capital have come to the aid of homegrown start-ups caught in the crossfire of the Silicon Valley Bank fiasco. Alternative funding platform Recur Club said it was allocating $15 million to all Indian founders affected by the crisis. It will not charge any platform fee for the same.
'The fortunate part is that the severity is less. New strains are continuously forming and the virus is getting less severe.'
'The first two years of the Jal Jeevan Mission were wasted in UP.' 'But after a push from the Centre, work has picked up pace in the state.'
IPO-bound hospitality major OYO has written to the Ministry of Tourism (MoT) requesting it to intervene and investigate the running of the Federation of Hotel and Restaurant Associations of India (FHRAI) and order eviction of erring executive committee members. The hotel aggregator urged the MoT to take necessary action against FHRAI's "illegally run" Executive Committee and its members who are working for self-interest instead of that of small hotel owners. The representation by OYO alleged that FHRAI's actions are detrimental to small hotel owners.
The writing has been on the wall for some time and it showed up prominently during the festival-season sales last year, when Meesho toppled Amazon to become the second-largest player in order share. During the sales season, 60 per cent of the orders Meesho received were from tier-4 cities and beyond. According to a report by consulting firm Redseer, festival-season sales last year were driven primarily by tier-2 and tier-3 cities, with 64 per cent of the shoppers coming from those.
Key drivers of profitability for Zomato has not witnessed remarkable growth, the management believes the venture will turn profitable in the long term.
India added over 1,300 active tech start-ups to its ecosystem in calendar year 2022, taking the total tally to between 25,000-27,000, according to a recent report. The country continues to be the world's third largest tech start-up ecosystem. The Nasscom-Zinnov Indian Tech Start-up Landscape Report 2022 found that India added the second highest number of Unicorns - companies with a valuation of at least $1 billion - in the world, with over 23 added in CY2022.
In a relief to industry, the government has accepted a parliamentary panel's recommendation on allowing cartels to opt for the settlement scheme under the Competition Amendment Bill, according to official sources. The proposed Bill seeks to introduce a clause for settlement and commitment that offers any enterprise against which an inquiry has been initiated to file an application for settlement. The Parliamentary Committee on Finance had suggested including cartels in the scope for settlement "as a pragmatic recourse to the whole process".
While movie stars like Akshay Kumar, Amitabh Bachchan and Salman Khan are among the top I-T payers, very few of the wealthiest Indians figure on the list.
Food aggregator platform Zomato has discontinued its 10-minute delivery offering, Zomato Instant, as the business has struggled to grow and faces challenges in turning profitable, media reports said. The company has denied these claims, stating that the business is just being rebranded. This comes as the company's CEO Deepinder Goyal announced 800 job vacancies across 5 roles via a Linkedin post.
'The protective effect of the vaccine lasts for about nine months to a year.' 'For health workers that period is already over. This is the right time to augment their immunity.'
Less than 30,000 booster doses daily in December.
'If there are any symptoms/variants of concern, states can prepare accordingly.'
To ramp up domestic battery manufacturing capacity and reduce the dependence on imports, the government has initiated talks with a few lithium-rich countries to supply the mineral to Indian companies, industry sources informed Business Standard. The Ministry of External Affairs (MEA) held a meeting with the ambassadors of countries, including Argentina, Chile, and Bolivia, among others, to put forth its request.
'It's a big technology company and may offer good remuneration, but stability in my career is equally important to me.'
With the fashion world blurring the lines between innovation, technology and reality, shopping is all set to be revolutionised.
If you are a budding developer and interested in Web3, chances are that you will be headed to one of India's largest-ever meetings of Web3 developers, being held by Polygon, a Web3 platform. The company's ongoing "Web3: Made in India Tour" is expected to see close to 4,000 developers coming together at the inaugural Polygon Connect event in Bengaluru on December 1. The event highlights the growing dominance of Web3 developers from India, as well as the sector's rising interest to investors, who continue to invest in startups despite a funds crunch.
The National Financial Reporting Authority (NFRA) has issued guidelines to inspect select audit firms to identify areas and opportunities for improvement in the audit firm's system of quality control, a statement said. "Inspections will consist firm-wide review of audit quality and individual file reviews on test-check basis to evaluate the level of compliance with applicable auditing standards and quality control policy and processes," NFRA said. The selection of the audit firm or the auditor for such inspection by NFRA would be based on assessment of risks in the audit environment.
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