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NPCI Teams Up With PhonePe, ToneTag And UltraCash To Launch Proximity Payments Pilot On UPI
National Payments Corporation of India (NPCI), the umbrella organisation for all payment systems in the country, has reportedly launched a pilot to allow proximity payments through UPI. The pilot project has been rolled out in collaboration with three startups: PhonePe, ToneTag and UltraCash. By integrating proximity payments into UPI, the NPCI is, therefore, trying to enable more merchants to accept digital payments without having to purchase additional point-of-sales devices for smartphone or card-based transactions.
Uber doubling down on India investments after exiting SE Asia
Ride-hailing giant Uber Technologies Inc is doubling down on its investments in India, one of its biggest markets, after its recent exit from Southeast Asia, its chief operating officer said on Wednesday. COO Barney Harford said investments in India are made using funds from profitable markets. We are doubling down on our investments in this country like never before, he said, adding that India was a core market for the San Francisco-based company.
Twitter Co-Founder Biz Stone Backs Indian AI Driven Healthtech Startup Visit
One of the creative minds behind social media giant Twitter, Biz Stone has backed Delhi-based healthtech startup Visit which is on a mission to democratise healthcare by shrinking the shortage of doctors using artificial intelligence (AI). Founded in 2016 by BITS, Pilani students Anurag Prasad, Vaibhav Singh, Shashvat Tripathi and Chetan Anand, Visit is an AI-powered chatbot for health advice. The funding round was led by Biz Stone in his personal capacity.
Insurance Startup Coverfox Raises $22 Mn Series C Funding From IFC, Transamerica, Others
Mumbai-based online insurance brokerage platform Coverfox has raised $22 Mn in a Series C funding round led by IFC, a member of the World Bank Group; Transamerica and other existing investors. The startup will use the Series C funding to expand insurance coverage into Tier-II and Tier-II cities and specifically address women's needs. Coverfox had earlier raised $17 Mn in Series A and B funding together, from SAIF Partners, Accel and NR Narayana Murthy's private investment arm - Catamaran Ventures.
DST Global in talks to invest in Swiggy
ET had reported in March that Coatue Management was in talks to invest between $50 and $100 million in Swiggy. Swiggy has received interest from four to five investors and this will be its largest round of funding, said one of the sources cited above. DST Global, which counts Facebook and Alibaba in its investment portfolio, is likely to join the ongoing round of fund-raising at online food delivery platform Swiggy.
Abhishek Mishra Who Canceled Ola Ride as Driver Was Muslim Gets Lectured on Secularism by The Cab Company
An Ola (app-based taxi service) user Abhishek Mishra who associates himself with the Vishwa Hindu Parishad (VHP) took to Twitter on Sunday claiming that he cancelled his ride as the driver was a Muslim. While he continues to receive the expected backlash from Twitterati, Ola cabs responded to the man. Replying to Abhishek in a tweet, Ola cabs tutored him on secularism and how they expect their customers to be one.
Punit Soni On What It Takes To Traverse Both The Indian And Silicon Valley Startup Ecosystem
As global companies identify the Indian potential with a commitment of billions of dollars, we tried to address the basic question of difference in the Indian and Silicon Valley Startup Ecosystem. During a recent Inc42 Facebook Live AMA, we caught up with Punit Soni, ex-Chief Product Officer of Flipkart and the current CEO of healthtech startup Robin, who has traversed with equal ease both the Indian and the Silicon Valley startup ecosystem.
Phoenix-CPPIB platform buys L&T’s Bengaluru land parcel for $98m
An L&T spokesperson confirmed the sale and said the land is part of a larger land parcel for mixed-use development that will have residential and offices and now, a mall. With the investment, CPPIB increased its investment in Island Star to a total of Rs1,662 crore, constituting a 49% stake. Bengaluru is amongst the most preferred cities for retailers given the high percentage of the population in the working age group.
Droom ventures into customised bikes starting Rs.70,000
Droom, an online automobile transactional marketplace announced that it is venturing into the customised bike segment. These customised bikes will be available at a starting price range of Rs 70,000. Through this category, Droom enables buyers to choose from a vast collection of modification designs and modified bikes at a single platform. These customised bikes can be bought and sold by buyers and sellers across India. Droom currently sells these customised bikes through its B2C and C2C operations.
Another Safety Probe Hits Tesla After Subcontractor Breaks Jaw
Days before Tesla Inc defended its safety record this week, California began inspecting an incident involving a subcontractor who was hospitalized after a piece of factory equipment broke his jaw. The incident and inspection haven't been reported previously and took place before Tesla's safety practices came under scrutiny this week. The Center for Investigative Reporting's Reveal published a story Monday saying Tesla failed to report serious injuries as legally required.
This Hyd-based startup is on a mission to produce safe drinking water out of thin air
In fact, Bengaluru is on the list compiled by BBC of the 11 cities most likely to run out of drinking water. That was when they decided to work on a solution that could produce water out of thin air. Within the next 2 years, Uravu wants to launch its consumer household device, which can be simply installed on the roof to produce clean drinking water. The on-site harvesting of water addresses bigger challenges like distribution, logistics and management rather than just water shortage.
Cryptocurrency: Delhi High Court Issues Notice To RBI And Others
Accepting the petition filed by Ahmedabad-based cryptocurrency startup Kali Digital EcoSystems, the Delhi High Court has now issued a notice to the Reserve Bank of India (RBI), The Union of India through Secretary, Ministry of Finance and GST Council. Kali Digital had approached the High Court of Delhi on April 16, 2018 challenging RBI circular dated April 6, 2018 Withdrawing Banking Support to Virtual Currency Exchanges.
How startup staffers strike out on their own and make it big
Singh says the core team at TFS has been his support system, providing advice and mentoring him whenever required. People who have worked in these organisations for a few years have seen the company go from zero to scale. Somani gives the example of a conversation he had with a few entrepreneurs who worked at SaaS startup Zoho previously. Experience of being a startup employee doesn't of course guarantee the success as a startup founder.
'In two months, 100 bankers said no to our payment gateway before one backed us'
Mathur tells TOI why the payment space in India is ripe for growth post GST, demonetisation and the rise of UPI. We talked to a couple of traditional banks and realised that bankers didn't have a clue about how payment gateways worked. Last year you launched Razorpay 2.0, a pivot from just being a payment gateway. I always talk to the SMEs I work with to know the problems they face on the payment side.
Pivotal CEO talks IPO and balancing life in Dell family of companies
Whatever the challenges, the company went public yesterday and joined VMware as a separately traded company within Dell. CEO Rob Mee says the company took the step of IPOing because it wanted additional capital. Mee says that independence is essential because Pivotal has to remain technology-agnostic and it can't favor Dell products and services over that mission. Michael Dell has encouraged the IT group to adopt our methods and they are doing so, he said.
'We are building the future of urban transport': Taxify CEO
Taxify has been called Uber killer in the Australian market, despite being a new player. Taxify was the first ride-hailing company to break Uber's monopoly in the Australian market. In Europe, we are one of the leading providers and millions of European customers love and rely on Taxify. The way we see this, we are building the future of urban transport. In the long run, on-demand transportation will definitely make up a larger share of urban transportation.
Ola gears up for the Australian market
It is also a large market with diversity - this made the decision easy, given our experience in India. In a bid to draw drivers to its platform, Ola is charging only 7.5% of fares as commission; Uber charges 22%. The driver Karras, who uses Taxify and Uber platforms apart from Ola, agrees: Ola helps increase my income the most.

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