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| Jan 01, 1970 | Daily Report |
| RISING BHARAT | News Count (102612) | |
22181. Trivago for taxis? This startup is solving intercity travel in Tamil Nadu with smart tools
Innovation and startups, ISRO/Defense/Water infrastructure/EV and other sectors
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Startups in Bharat
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Tamil Nadu
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- Chennai-based taxi marketplace Taxida launched in the lockdown to ease intercity trips by Rosario Narchison Alex in 2020. The startup is targeting a gross booking value of $3.2 million, riding on the renewed interest in outstation travel.
- Taxida is an on-demand marketplace and booking platform that connects travellers with a variety of unorganised taxi service providers — airport taxis, local taxis, intercity taxis, zero-emission taxis, and even robotaxis in future.
- Some smaller players do one-way drops but they are fragmented and the trips are coordinated on WhatsApp. Sometimes drivers don’t show up, and there’s no way to track them. There was no single player to connect all these cabs.
22182. How this fintech startup overcame COVID-19 challenges to see over 100 percent growth in 2020
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Startups in Bharat
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- 1) Bengaluru-based Slice, which provides digital payment and financial credit services, is focused on providing credit to Gen Z and young millennials.
- 2) Founded in 2016 by Rajan Bajaj, the startup provides digital payment and financial credit services focused on Generation Z and young millennials.
- Rajan Bajaj, Founder and CEO, Slice, says, “Prior to COVID-19, our customers were largely relying on us for ecommerce transactions. But now, 50 percent of their monthly payments are happening through the Slice card.” With around 3,00,000 customers, Slice has its presence in around 30 cities in the country as of now, and aims to extend it to 50 in the next one year.
22183. Apple-supplier Wistron starts expanding India plant
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
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India
Ultra News
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- Taiwan-based contract manufacturer Wistron Infocomm has started carrying out a significant expansion of its existing facility in Kolar near Bangalore as Apple Inc continues to source more assembled-in-India iPhones.
- “Wistron is a Taiwan based contract manufacturer of electronic goods and is one of the major manufacturers of iPhones for Apple. Wistron has been producing Apple devices at its existing factory at Kolar, Bengaluru, and has now embarked upon its Phase II expansion as a part of which, it is constructing a large manufacturing block and an IT building,” Blue Star said. Air conditioning equipment provider Blue Star revealed the information in a regulatory filing today.
- A major push by the Indian government to cut down India’s electronics imports bill, which runs into hundreds of billions of dollars and accounts for more than half of the total non-oil imports made by India every year. According to a Reuters report, Wistron plans to invest around Rs 1,300 cr to expand its capacity from around 200,000 per year to 400,000 per year, creating an extra 10,000 jobs in the country.
22184. How EV startup Earth Energy is focusing on Made in India products to disrupt the segment
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Startups in Bharat
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India
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- Mumbai-based EV startup Earth Energy launched in the year 2017, is developing smart, affordable, and easily adoptable electric vehicles for consumers and businesses.
- Rushi Shenghani, Founder and CEO of Earth Energy says all vehicles come with a default in-built app for smartphones that helps riders to keep live navigation status, incoming calls/messages alert, trip history, and current destination on-screen.
- The app also allows a third-party usage model for food delivery agents. The entire order mapping can be easily done on the display screen itself.
22185. [Funding alert] Pharmacy chain Wellness Forever raises Rs 130 Cr from Poonawalla, Allana Group
Make in India / Atmanirbhar
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Investment in Bharat by Bhartiya companies
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Maharashtra
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- The Mumbai-headquartered retail pharmacy chain Wellness Forever on Monday announced that it has raised Rs 130 crore in funding led by UAE-based Allana Group and Serum Institute CEO Adar Poonawalla.
- According to the official statement, funds will be utilised for store expansion, strengthening their highly profitable private label brands which are under its 100 percent subsidiary Amore — which focuses on wellness and health products and invests more in ecommerce.
- It was founded in 2008 by entrepreneurs Gulshan Bakhtiani, Ashraf Biran, and Mohan Chavan who come with a collective experience of over 100 years of operating profitable pharmacies. Since inception, the company claims to witness 35 percent growth y-o-y with over 4,000 employees, of which 800 are qualified pharmacists. It claims to have over one million loyal paid customers.
22186. Clean, green and profitable: A Pune-based startup bucks economic gloom to e-cycle its way to success
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Startups in Bharat
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- A Pune-based startup, Emotorad, is showing that e-cycles are good for health, the environment and the economy.
- A six-month-old company, Emotorad, is defying the current economic gloom by making sales of 1,200 e-cyles in just a month-and-a-half.
- By the end of the first quarter of this year, they intend to close more than 100 dealerships across India and sell more than 12,000 e-bikes to penetrate the Indian market.
22187. UK firms invested GBP 140 million in India during coronavirus pandemic-hit months, says report
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
English
India
Financial Express
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- The latest Confederation of Business Industry (CBI) and EY Sterling Access' report, which examines trade between the UK and India, finds that despite trade disruptions caused by the COVID-19 pandemic, British firms from April to June this year continued to invest around GBP 140 million in India.
- trade between the UK and India hit GBP 24 billion till March 2020, up by nearly 12 per cent in just one year. India invested in 120 projects and created 5,429 new jobs, making India the second-largest foreign investor in the UK, just after the US.
- “The Indian government has hugely stepped up its efforts to improve the business environment this year, from accelerating the use of digital and online services in the supply chain to implementing major labour reforms,” said Lord Karan Bilimoria, the Indian-origin president of the CBI, which speaks on behalf of 190,000 British businesses.
22188. This Chennai-based startup builds unmanned ground vehicles for the Indian Army
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Startups in Bharat
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- SRM University alumni M. Vignesh, Vibhakar Senthil Kumar, and K.Abbhi Vignesh set out to build solutions for the Indian defence sector.
- In 2019, the trio launched Torus Robotics in Chennai to help the Indian Armed forces with modular Unmanned Ground Vehicles (UGV) that could cater to diverse mission requirements.
- Torus Robotics is involved in designing, developing, and delivering fully electric unmanned ground vehicles for the Indian defence services equipped with a 6DOF (six degrees of freedom), a robotic arm for detection, identification, and disposal of life menacing unidentified objects.
22189. Zomato raises $195M in funding from 6 investors, valuation touches $3.6B
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
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India
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- Zomato has raised $195 million (about Rs 1,455.4 crore) in funding from six investors including Luxor, Kora and Steadview, valuing the online food ordering platform at $3.6 billion.
- Mirae Asset (headquartered in Seoul, South Korea), through its investment vehicle Mirae Asset Naver Asia Growth Investment Pte Ltd and/or any of its affiliates, invested $40 million
- Zomato acquired the Indian business of Uber Eats in an all-stock deal that will give the ride hailing company 9.99 percent stake in Zomato.
22190. ACT scales its focus beyond COVID-19 to healthcare, education, environment, and women’s participation in the workforce
Innovation and startups, ISRO/Defense/Water infrastructure/EV and other sectors
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Startups in Bharat
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India
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- 1) ACT in 2020 enabled 54 Indian startups to build solutions for fighting COVID-19.
- 2) In March 2020, the Indian startup ecosystem - founders and VCs came together to launch ACT, a Rs 100 crore grant to power startups building and deploying solutions to combat COVID-19.
- 3) Act has now expanded its focus to build solutions for healthcare, environment, education and women’s participation in the workforce.