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Tag: Inc42 Media

  • Parliamentary Panel Recommends Reinstating MDR on UPI Transactions for Financial Sustainability

    This article was generated by AI and cites original sources.

    A parliamentary panel has suggested the reinstatement of the merchant discount rate (MDR) on UPI transactions to ensure financial sustainability for fintech companies facilitating these services. The Standing Committee on Finance highlighted that the absence of MDR creates financial pressures on the government and hampers ecosystem investment in long-term infrastructure.

    The committee stressed the importance of establishing a viable revenue model to support the UPI ecosystem’s financial sustainability without overburdening government finances. MDR, a fee paid by merchants for digital transaction processing, was eliminated on Person-to-Merchant (P2M) UPI transactions in 2020. Industry bodies like the Payments Council of India have advocated for the reinstatement of MDR on UPI payments to enable ecosystem players to generate direct revenue.

    The governmental allocation of ₹2,000 Cr in the Union Budget 2026-27 for promoting RuPay debit card transactions underscores the ongoing efforts to incentivize digital payments. The debate over MDR on UPI transactions highlights the necessity of striking a balance between fostering financial sustainability and incentivizing digital transactions within the fintech landscape.

    Source: Inc42 Media

  • Agritech Startup WayCool Secures ₹210 Cr Funding to Enhance Food Production and Distribution

    This article was generated by AI and cites original sources.

    Chennai-based agritech startup WayCool has secured ₹210 Cr (approximately $22.7 Mn) in a recent funding round led by Lightrock India. Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool is dedicated to revolutionizing food production and distribution through the strategic use of technology.

    The startup manages a sophisticated supply chain that spans from cultivation to retail, showcasing its commitment to efficiency and innovation in the agritech sector. WayCool engages with over 85,000 farmers through its platform ‘Outgrow’ and markets a variety of food items under seven distinct labels.

    This funding milestone follows a previous round of ₹38.2 Cr led by Trifecta Capital, further strengthening WayCool’s trajectory in reshaping the agricultural landscape in India and meeting the evolving demands of the market.

    Source: Inc42 Media

  • CureFit’s Fiscal Year 2025: Narrowing Net Loss Highlights Financial Progress

    This article was generated by AI and cites original sources.

    CureFit, the Bengaluru-based health and fitness startup, reported significant financial progress in its fiscal year 2025. Founded in 2016 by Mukesh Bansal and Ankit Nagori, CureFit operates the popular Cult.fit gym chain and focuses on holistic health solutions.

    In FY25, CureFit demonstrated an 83% reduction in net loss, narrowing it down to ₹483 Cr from the previous year’s ₹888 Cr. This positive financial outcome reflects the startup’s strategic decisions and operational efficiency.

    CureFit’s total revenue for FY25 reached ₹1,272 Cr, with operating revenue increasing by 31% to ₹1,215 Cr. The majority of revenue, amounting to ₹841.3 Cr, came from service sales. Additionally, CureFit’s D2C fitness apparel brand contributed ₹326.4 Cr to its revenue stream.

    The startup’s decision to discontinue operations for brands Onyx and Trade.fit in FY24 resulted in impairment costs, but was part of its restructuring efforts to streamline its offerings and optimize its business model.

    CureFit’s franchise model, generating around ₹50 Cr, also played a significant role in its revenue diversification strategy. The startup’s financial progress in FY25 underscores its resilience and adaptability in the competitive health and fitness market.

    Source: Inc42 Media

  • Sarvam AI’s Innovative Approach to India’s Language Diversity Challenges

    This article was generated by AI and cites original sources.

    Sarvam AI, an Indian startup, is addressing India’s AI adoption challenges stemming from its diverse linguistic landscape. With a focus on developing large language models (LLMs) tailored for India’s 22 languages and multiple scripts, Sarvam aims to bridge the gap between technical innovation and enterprise implementation.

    Sarvam’s approach includes two indigenous models – a 30B and 105B open-source models, utilizing a unique mixture-of-experts system. Notably, Sarvam’s custom tokenizer optimized for complex Indian dialects like Odia and Manipuri reduces computational requirements, making it more efficient.

    Sarvam’s models have been deployed in real-world applications, such as a voice-first rural banking assistant developed by Aphelion Labs. Industry experts recognize Sarvam’s strength in Indic language processing, especially in non-Hindi and non-English contexts.

    However, Sarvam faces challenges, including the lack of local execution formats and support for inference frameworks, posing obstacles to widespread adoption. The company is actively engaging with the Indian startup ecosystem through initiatives like offering credits and founder sessions to address these challenges.

    Source: Inc42 Media

  • CCI Dismisses Complaint Against BookMyShow: Implications for Online Ticketing Market

    This article was generated by AI and cites original sources.

    The Competition Commission of India (CCI) has recently dismissed a complaint against BookMyShow, a leading player in the online ticketing market, regarding alleged abuse of dominance. The complaint, filed by Showtyme, a smaller rival, raised concerns about BookMyShow’s market position and its pricing strategies.

    BookMyShow, while acknowledged to hold a dominant position in online ticketing, was found not to have abused its position, according to the antitrust body. The complainant accused BookMyShow of charging higher convenience fees to users, entering into exclusive agreements with cinemas, and offering preferential terms that hinder competition.

    Showtyme’s founder, Vijay Gopal, highlighted disparities in convenience fees and partnership terms between BookMyShow and smaller platforms like his. He pointed out that BookMyShow’s agreements with cinemas restricted ticket sales through other platforms, affecting competition in the market.

    Despite these allegations, CCI’s ruling determined that BookMyShow’s practices did not violate competition laws. This decision has implications for the online ticketing industry, signaling regulatory scrutiny on market dominance and pricing strategies.

    Source: Inc42 Media

  • LPG Shortage Disrupts Food Delivery Operations in India

    This article was generated by AI and cites original sources.

    Food delivery platforms Swiggy and Zomato are facing operational challenges due to a looming LPG crisis in India. The shortage of LPG, exacerbated by global events, is impacting partner restaurants and supply chains, leading to restricted deliveries and operational disruptions.

    While quick-service restaurant chains have been less affected due to their reliance on electric appliances, approximately 90% of India’s 5 Lakh restaurants heavily depend on commercial LPG cylinders. Limited inventory buffers have resulted in lower order fulfillment rates, putting operational stress on a significant portion of the industry.

    The crisis has also affected the stock market, with shares of Zomato’s parent company Eternal dropping nearly 5% and Swiggy hitting a 52-week low. Global tensions, particularly concerning the US-Israel-Iran conflict, have further contributed to the energy market instability.

    Industry experts warn of potential severe impacts on the restaurant sector. Anurag Katriar, former president of the NRAI, highlighted the risk of operational stress for a substantial number of restaurants if the supply shortage persists. Some eateries in major cities like Delhi-NCR, Bengaluru, and Mumbai have already ceased operations, with fears that permanent closures may follow.

    Source: Inc42 Media

  • India Unveils ₹1 Lakh Cr Fund to Boost Domestic Semiconductor Manufacturing

    This article was generated by AI and cites original sources.

    The Indian government is reportedly planning to launch a ₹1 Lakh Cr (approximately $12.5 billion) fund to strengthen domestic chip production in the country. The proposed fund will offer subsidies for chip design projects, manufacturing equipment, and semiconductor supply chain development, aligning with India’s ambition to become a global semiconductor manufacturing hub.

    According to industry estimates, the Indian semiconductor market is expected to grow to $100 Bn–$110 Bn by 2030. The government aims to significantly increase domestic manufacturing capacity to meet this growing demand.

    In 2021, the India Semiconductor Mission was initiated with a ₹76,000 Cr budget to support semiconductor fabrication, display manufacturing, and chip design projects. The current programme for 2026–27 has an outlay of ₹8,000 Cr to boost investment, employment, and capabilities in semiconductor manufacturing.

    Source: Inc42 Media

  • Netflix Expands Visual Effects Capabilities with New Studio in Hyderabad

    This article was generated by AI and cites original sources.

    Netflix has announced the launch of Eyeline Studios, a new production and innovation studio, in Hyderabad, India. The 32,000 sq. ft. facility will focus on generating visual effects and generative virtual effects for Eyeline’s global production network, operating on a hybrid cloud infrastructure.

    The studio in Hyderabad will support virtual production and next-generation technologies, as well as leverage India’s growing pool of VFX and animation talent. This strategic expansion aligns with Netflix’s goal to broaden its global production infrastructure and strengthen its presence in the Indian market.

    Hyderabad will now serve as the fifth global location for Eyeline Studios, alongside centers in Los Angeles, Vancouver, Seoul, and London. The Indian unit is expected to contribute significantly to global film and show production, showcasing the country’s pivotal role in the visual effects industry.

    The inauguration was attended by Telangana chief minister Revanth Reddy, government officials, and actor-producer Rana Daggubati, highlighting the importance of this collaboration in bolstering Hyderabad’s position as a prominent hub for film, technology, and the AVGC sector.

    Source: Inc42 Media

  • GalaxEye Secures ₹44 Cr in Series A Funding to Develop Multi-Sensor Earth Observation Satellite

    This article was generated by AI and cites original sources.

    GalaxEye, a spacetech startup, has successfully raised approximately ₹44.2 Cr (around $4.8 Mn) in its extended Series A funding round. The company is focused on developing a multi-sensor earth observation satellite, aiming to provide high-resolution imaging and geospatial intelligence for various sectors such as defense, agriculture, infrastructure, and disaster management.

    The funding round attracted investments from a variety of backers, including Speciale Invest, MV Core, Rainmatter, Mounttech Growth Fund, Grand Anicut Angel Fund, Navam Venture Fund, Faad Capital, and LV Angel Fund, among others. This financial boost will support GalaxEye’s mission to deploy a constellation of indigenous micro-satellites equipped with data fusion capabilities.

    Founded in 2021, GalaxEye was co-founded by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, and Rakshit Bhatt. The company is working to revolutionize earth observation technology through innovative satellite design and advanced imaging capabilities.

    Source: Inc42 Media

  • Zomato Launches ‘Ritual’ Cloud Kitchen Brand Focused on High-Protein Offerings

    This article was generated by AI and cites original sources.

    Zomato, the popular food delivery platform, has quietly introduced a new cloud kitchen brand called ‘Ritual’ that focuses on high-protein beverages and health-conscious meal options. Currently operational in four locations in Gurugram, ‘Ritual’ offers a variety of protein-rich drinks, including plant protein shakes, whey protein shakes, yeast protein shakes, and protein milkshakes, alongside coffee selections. The menu also includes salads, indicating a focus on fitness and health-conscious consumers seeking nutritious meals.

    Zomato has partnered with cloud kitchen and restaurant chain Massive Restaurants to curate the ‘Ritual’ menu, which features protein products from D2C brands like Wellbeing Nutrition, The Whole Truth, and SuperYou. The collaboration with Massive Restaurants involves menu design and recipe creation for the protein-rich offerings, aligning with the company’s emphasis on specialized nutrition-focused food options.

    While Zomato has yet to provide official information about ‘Ritual’, the presence of the brand on the Zomato app suggests a potential trial of a distinct nutrition-oriented segment on its platform. The partnership with Massive Restaurants, known for its popular dining establishments like Bo Tai and Farzi Cafe, underscores Zomato’s strategic approach to offering innovative and health-conscious food options to its customers.

    Source: Inc42 Media