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India-US Startup Setu, Rbi to Pilot Digital Currency in 2022, Influencer Guidelines Coming Soon


By Akil V IST (Released)

Indian-American start-up SETU will help connect entrepreneurs and investors, says Piyush Goyal

Indian-American start-up SETU, which stands for Supporting Entrepreneurs for Transformation and Upskilling, will serve as a bridge between American and Indian businesses, Commerce Minister Piyush Goyal said today.

The start-up will help entrepreneurs improve their skills, transform and capitalize on the success stories of the Indian diaspora in the United States, Goyal said after launching the program in San Francisco.

Urging American entrepreneurs to participate in the initiative, the minister said it would give them the opportunity to give back to the country by supporting the bright minds in India.

Goyal is on a six-day tour of the United States for various programs including the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting and the India-US Strategic Partnership Forum Conference.

Digital currency to be launched as pilot project this year: RBI Deputy Governor

Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar said on Wednesday that the central bank will launch its digital currency as a pilot project this year.

Speaking to the India Ideas Summit, he said Central Bank Digital Currency (CBDC) is the most efficient system for cross-border payments. He however reiterated that RBI is not aiming for a cashless society but is keen to offer customers viable alternatives.

Union Finance Minister Nirmala Sitharaman had announced in the Union Budget that the CBDC would be launched in 2022-23.

Coming Soon: Guidelines for Social Media Influencers on Brand Recommendations

Within the next 10 days, the government is expected to announce guidelines for social media influencers endorsing brands and products.

Nidhi Khare, the head of the Central Consumer Protection Authority, said influencers must provide disclaimers and will be treated as endorsers. Any violation could result in penalties starting from Rs 10 lakh.

“Consumers are gullible. They can’t determine if it’s an innocent review or if there’s a business relationship between the influencer and the advertiser,” Khare said. CNBC-TV18.

Zomato Instant in extended pilot phase, says co-founder Mohit Gupta

Zomato’s 10-minute food delivery service – Zomato Instant – is in an extended pilot phase, said food aggregation platform co-founder Mohit Gupta. HEY.

Since announcing the launch of the pilot project in April, the company has scaled it up from two to six sites in NCR Delhi, with plans to test it at two sites in Bengaluru, according to the report.

Last week, Zomato announced the launch of its latest service – Intercity Legends – which allows users to order popular dishes from select locations across the country, with same-day delivery, whether biryani from Hyderabad or kebabs from Lucknow.

In second round of layoffs, goal-loan platform Rupeek lays off 50 employees

Gold lending platform Rupeek has laid off 50 staff, saying it is moving to a lean cost structure by focusing on its core business of providing door-to-door gold lending, according to a report. MoneyControl report.

This is the startup’s second round of downsizing, having laid off 180 employees three months ago as the funding winter turned into a layoff season in India’s startup ecosystem.

The startup has indicated that it could become profitable within the next 12 to 18 months, with the layoffs undertaken to move in that direction, according to the report.

CREDAI and Venture Catalysts create a $100 million proptech fund

The supreme body of real estate agents CREDAI and Venture Catalysts have set up a $100 million (about Rs 800 crore) proptech fund to support startups looking to disrupt the real estate industry.

The Confederation of Real Estate Developers Associations of India (CREDAI) has over 13,000 developers among its members, while Venture Catalysts is an integrated incubator and accelerator for startups.

This fund will invest in early-stage startups that have the potential to transform the real estate industry through technology, data analytics, blockchain, AI and augmented reality.

Agnikul Cosmos obtains a patent for its 3D-printed one-piece rocket engines

Indian space technology start-up Agnikul has announced that the Indian government has granted it a patent for the design and manufacture of its 3D-printed one-piece rocket engines. Agnikul’s Agnilet is the world’s first 3D-printed one-piece rocket engine, which was successfully tested in early 2021.

The announcement comes shortly after the startup announced the inauguration of its Rocket Factory-1, which became India’s first private rocket engine facility. The facility, dedicated to 3D printing large-scale rocket engines, is located in the IIT Madras Research Park.

Founded in 2017 by Srinath Ravichandran, Moin SPM and Prof. SR Chakravarthy (from IIT Madras), Agnikul is building a small private satellite rocket – Agnibaan – which will be capable of carrying up to 100-300 kg payload into Earth orbit low. at 700 km.

UserStudy raises seed funding from Better Capital

UserStudy, a SaaS startup that simplifies user research for product teams, raised $1 million in a pre-seed funding round led by Better Capital. Other investors who participated are Sparrow VC, Maninder Gulati, Good Capital and notable angels from Gojek, Microsoft, Meta, Oyo, FlexiLoans and Upgrad.

UserStudy develops a video-centric search solution that collects information from an organization’s video and audio channels and consolidates all information and feedback in one place. The company also assists product teams in recruiting research participants with segmentation of demographics and professional attributes.

“Our vision is to create a single SaaS for all the research needs of product teams worldwide. While product and design managers understand the importance of user research, most teams can’t do enough because they lead research is difficult and time-consuming. With UserStudy, research becomes easy. Insights are generated in hours, not weeks,” said Anshul Divakar, co-founder of UserStudy.

Mental health tech start-up Evolve raises pre-seed funding

Evolve, a mental health start-up, has raised a pre-seed round of Rs 3 crore led by Rajesh Ranavat, executive director, Fund Strategic Holdings. The round also saw participation from prominent angel investors, including Ankit Mehrotra and Nikhil Bakshi (Founders, Dineout), as well as senior global executives from Meta and McKinsey.

Evolve claims to be the world’s first holistic mental health app that focuses on the needs of the LGBTQ+ community. Co-founded by Anshul Kamath and Rohan Arora in 2020, the startup claims to have over 2,50,000 users worldwide, with its proprietary interface providing a safe virtual space as well as personalized, evidence-based interventions to improve mental health.

Microsoft Backs Uber Co-Founder Travis Kalanick’s CloudKitchens: Report

According to a report by The Financial Times.

The investment is part of the startup’s $850 million funding round that closed last November at a valuation of $15 billion, according to sources cited in the report.

Previously, Microsoft invested around $100 million in Uber in 2015 before Kalanick left Uber following a series of controversies and scandals.



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