India Observers

The National Payments Corporation of India (NPCI) is introducing something called 'UPI for Secondary Market' from January 1, 2024. This is a big step in how you buy and sell stocks. Imagine UPI, the system we use for quick payments. It's now going to be used for trading stocks in the market. But first, they're testing it with a small group of people to see how well it works. Here's what's happening, when you want to buy stocks, you can use UPI to block some money in your bank account. This money stays in your account until your stock trade is confirmed. When the trade is done, that money is used to pay for the stocks. If you sell stocks, the money you get will be sent to your account the next day. This new system is like ASBA, a method used when people apply for IPOs. It's been really helpful in making the process of buying new shares faster and simpler. In this trial phase, people with HDFC Bank and ICICI Bank accounts can try it out. The trading app Groww ...

ZestMoney is a company in Bengaluru that gives loans to people, especially those who don't have credit cards or other ways to borrow money.  Recently, they said they will stop working by the end of this month. Now, two other companies, Aditya Birla Finance, and DMI Finance, are thinking about buying ZestMoney . These companies, Aditya Birla Finance and DMI Finance, have worked with ZestMoney before. They are interested in ZestMoney's technology and the loans it has given to people, which are worth about ₹400 crore.  ZestMoney has many customers and a special technology that helps banks and other finance companies work together to give loans. This technology was made after the Reserve Bank of India (RBI) made new rules for digital lending in 2022. The talks about this deal are happening now, and they might reach an agreement soon. ZestMoney was started in 2015 by three people who know a lot about finance technology. It has grown big, with about 17 million users and acceptance i...

FirstCry, a company that sells things for mothers and children online, has taken a big step towards selling its shares to the public. They filed a DRHP with SEBI, the market regulator.  This means they're getting ready to sell new shares and raise Rs 1,816 crore. BrainBees Solutions, which owns FirstCry, is doing this. They also plan to sell some old shares in an offer-for-sale, about 5.4 crore shares. Big investors like SoftBank and Premji Invest are planning to sell a part of their shares. SoftBank might sell 2 crore shares and Premji Invest about 86 lakh shares. FirstCry will use the money it gets to expand its business, both in India and abroad, and to improve its technology and marketing. They want to open new stores and warehouses in India.  They also have plans to grow in Saudi Arabia by opening stores and warehouses there. Besides, they'll put money into a company called Globalbees Brands and spend on marketing, technology, and buying other companies. In the last finan...

The Ministry of Electronics and IT in India has issued a strong order to online platforms like Facebook, Instagram, and Google. They have been told to remove ads of fake loan apps within a week. These apps are illegal and can trick people into scams. The Indian Express did an investigation and found that these loan apps are still being advertised on platforms like Instagram and Facebook. This is happening even though these platforms say they have filters to stop such ads. Some of these apps were already marked as dangerous by the government. The government is making new changes to the Information Technology (IT) Rules. With these changes, if social media platforms show ads for these fraudulent loan apps, they could lose their legal protection. The advisory from the government says that the online platforms must take extra steps to stop these ads. If they don't, and something goes wrong because of these ads, the platforms will be responsible. Minister of State for Electronics and IT...

SCOPE, a platform known for bringing startups together, has just introduced a big funding project. They've set up a venture capital fund, which is like a large pool of money, worth $45 million.  This fund is specially aimed at startups in two areas: fintech, which is about technology in finance, and gaming. So, what is SCOPE planning to do with this fund? They're looking out for startups that are doing something really new and groundbreaking in these sectors.  The idea is to find these young companies that have the potential to change the way we think about finance and gaming. Once they find them, SCOPE will provide them with money and support to grow faster and become more successful. The founder and CEO of SCOPE, Appalla Saikiran, mentioned that fintech and gaming are not just regular industries; they're dynamic and are changing the world in big ways. SCOPE wants to support startups that have big, bold ideas in these fields. This isn't the first time SCOPE is doing so...

Walt Disney and Reliance Industries, two major companies, have decided to join hands in India. This involves combining their media businesses in our country. Last week in London, these companies agreed to start the process of merging their media operations in India.  This agreement is a major move, as it will create one of India's largest media companies. This new company will be a big player, challenging other major media houses like Zee Entertainment, Sony, and popular streaming services like Netflix and Amazon Prime. The structure of this deal is quite interesting. Reliance Industries will hold a majority, with a 51% share, while Disney will have 49%. This means Reliance will have a bit more control over the new company. They plan to complete this big merger by February. Key people like Kevin Mayer, a former Disney executive, and Manoj Modi, advisor to Mukesh Ambani, have been working hard to make this deal happen. They have been in discussions for months. Now, they will start ...

India's electric vehicle company, Ola Electric, known for its electric scooters, has made a big move. On December 22, they submitted their draft papers to SEBI, the organization in India that oversees the stock market. This step is part of their plan to launch an IPO. Ola Electric aims to gather a whopping Rs 5,500 crore through this IPO. This event is quite special because it's the first time an Indian electric vehicle company, especially one that makes two-wheelers like scooters, is going for an IPO. The last time a two-wheeler company did this in India was Bajaj Auto in 2008. Now, let's talk about what's in these IPO papers. Ola Electric will sell new shares worth Rs 5,500 crore and some existing shares too. The founder of Ola Electric, Bhavish Aggarwal, is also planning to sell a part of his shares. The exact price for these shares and when you can start buying them hasn't been announced yet. They're planning to use the money they raise in different ways. A ...

Aylo, a company that operates various adult content platforms, including the well-known site Pornhub, has been involved in a serious legal issue. This matter revolves around their connection with explicit videos that were not consensual. Aylo has acknowledged that they hosted videos on Pornhub which featured women who were forced into performing acts they didn't consent to. These videos were produced by a company that was later found to be involved in sex trafficking.  Essentially, Aylo was accepting payments from this company to show these videos on their platform, despite knowing the problematic nature of the content. The situation became more alarming when it was revealed that even after they received requests to remove these videos back in 2016.  Despite being aware of a lawsuit against the production company in 2017, Aylo didn't take adequate steps to verify whether the women in the videos had consented.  It wasn't until 2019 that they removed these videos from Pornh...

Cyber fraud, also known as online or internet fraud, is a crime where someone uses the internet to deceitfully take money or sensitive information. This can happen through SMS, emails, or phone calls, where fraudsters aim to steal personal details or hack into your digital devices. Now, if you find yourself a victim of such a crime, it's crucial to report it immediately. The Government of India has set up a National Cyber Crime Reporting portal for this purpose. You can either visit this portal online or dial their helpline number, 1930, for assistance. Let's walk through the steps to file a complaint online: 1. First, go to the website cybercrime.gov.in using your web browser. 2. On the homepage, you'll find an option that says 'File a complaint.' Click on it. 3. You'll be asked to read and accept the terms and conditions. 4. After that, click on 'Report other cybercrime.' 5. Select 'citizen login,' fill in the necessary details, and verify usin...

Prime Minister Narendra Modi addressed the Smart India Hackathon. He talked about India's future in technology and innovation, especially focusing on the next 25 years, which he calls 'Amrit Kaal'. PM Modi emphasized the significance of technology in our daily lives and stressed the need for India to become self-reliant. India should not have to rely on importing technology from other countries.  This is crucial because, in some areas, especially in defense, we currently depend a lot on technology from other countries. We are confident that India, with its large talent pool, can provide cost-effective and high-quality solutions to many global problems. An interesting point he raised was about the challenges of cyber fraud, especially with new technologies like deepfake videos . These videos, made using advanced AI, look very real and can be misleading.  PM Modi warned everyone to be careful and scrutinize these videos closely. He mentioned that India is working on creating ...

VideoVerse, originally known as Toch.ai, is a platform that's changing how we handle video content. They specialize in transforming lengthy videos into short, engaging clips using advanced technologies like artificial intelligence, computer vision, and machine learning.  Imagine having a cricket match's best moments or a film's highlights crafted in no time – that's what VideoVerse does. The big news is that VideoVerse has raised $45 million in a funding round led by Bluestone Equity Partners, a major player focusing on sports, media, and entertainment.  This isn't the first time VideoVerse has attracted significant investment. Just last year, they raised $46.8 million, and before that, $12 million. It's clear that big investors see a bright future in this company. Flipkart’s co-founder Binny Bansal was one of the investors in VideoVerse's Series B funding round. In April 2022, VideoVerse raised $46.8 million in this round, which was led by A91 Partners and...

BHIVE Workspace, a well-known provider of flexible office spaces, has recently announced its acquisition of Praemenio, a company specializing in product engineering. Based in Bengaluru, BHIVE Workspace is a major player in the co-working sector. The company has stated that this acquisition includes both cash and equity, although the exact value of the deal hasn't been disclosed. One key aspect of this acquisition is that BHIVE will be bringing on board a team of 10 members from Praemenio, including its co-founders, Rohit Parab and Gaurav Gandhi. This integration is expected to significantly bolster BHIVE's operations.  The expertise from Praemenio will aid BHIVE in various areas like financial management, processing approvals, identifying issues, lead generation, and decision-making processes.  This support is crucial for efficiently managing BHIVE's extensive network of co-working spaces, which spans 1.5 million square feet across 25 locations. Shesh Rao Paplikar, the Foun...

BharatGPT, an Indian version of ChatGPT, has been launched, marking a remarkable step in the nation's AI journey. CoRover.ai, a leading AI startup, has partnered with Google Cloud to create BharatGPT.  This platform ‘BharatGPT’ is designed to cater specifically to our diverse nation, supporting more than 14 Indian languages across various formats like text, voice, and video. It's a big deal because it's the first time we're seeing such a wide range of language support in AI technology in Bharat. Collaborators of BharatGPT Ankush Sabharwal, the CEO of CoRover, shared that BharatGPT isn't just about technology; it's about embracing and showcasing our rich cultural heritage. The platform is built on Google Cloud's robust infrastructure, ensuring it's reliable and secure. Bikram Singh Bedi from Google Cloud India highlighted how BharatGPT could transform lives by making technology accessible to more people. It's about democratizing AI, making it easy fo...

The Supreme Court of India has recently made a crucial decision regarding Goods and Services Tax (GST) demands on online gaming companies. Two major players in this field, Head Digital Works and Games 24/7, were looking for immediate relief from these GST demands, but the Supreme Court didn't grant it. What's The Core Issue?  Well, the government decided to impose a 28% GST on the full amount of bets placed in online games. This decision is to be applied retrospectively, meaning it takes effect from the past, specifically from October 1. Earlier, these companies were paying 18% GST, but now they're facing a much higher rate. Perspectives Of Gaming Companies The gaming companies, represented by Senior Advocate Harish Salve, asked the Supreme Court to tell the government not to act on these tax demands until the court fully reviews this matter.  They're feeling the pressure because the GST department is constantly asking for details and any negative decision could really...

Ola's CEO, Bhavish Aggarwal, has unveiled a new AI model called 'Krutrim' through his venture, Krutrim Si Designs. This AI is being celebrated as 'India's own AI model.' Now, what's special about Krutrim?  It's designed to understand and create content in 20 Indian languages. That's right, from Hindi to Kannada, Marathi, Odiya, and Telugu, Krutrim can handle them all. This is a big deal because it's even better than GPT-4, a famous AI model (used for ChatGPT) when it comes to supporting our Bharatiya languages. Krutrim comes in two versions. The first one, the base model, will be available to everyone from next month. Then, there's Krutrim Pro, a more advanced version for complex tasks, which will be out early next year. What makes Krutrim stand out?  Firstly, it's trained on a huge amount of data – over 2 trillion 'tokens,' these are small units of language. This training helps it understand and use our languages more effectively...