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Tag: Inc42 Media

  • RBI Introduces Compensation Scheme to Safeguard Consumers from Digital Fraud Losses

    This article was generated by AI and cites original sources.

    The Reserve Bank of India (RBI) has introduced draft guidelines for a compensation scheme to protect consumers from digital fraud losses. Under the proposed rules, affected customers could receive up to 85% of their lost amount or ₹25,000, whichever is lower. This compensation can be claimed once in a customer’s lifetime. Additionally, the maximum loss amount eligible for reimbursement is capped at ₹50,000.

    The RBI’s initiative shifts the burden of proving customer liability to banks, requiring them to demonstrate customer responsibility in cases of fraudulent electronic transactions. The new regulations will take effect for transactions conducted on or after July 1, 2026.

    In situations where fraud occurs due to a bank’s negligence or a third-party breach, customers will bear zero liability, and the transaction will be reversed. However, compensation is contingent on the bank confirming the loss as legitimate and the victim promptly reporting the fraud to both the bank and the National Cyber Crime Helpline (1930) within five days.

    These measures aim to address the prevalent issue of digital banking fraud, with the RBI highlighting that a significant portion of cases involve amounts below ₹50,000. By setting clear guidelines and compensation limits, the RBI’s proposed scheme intends to enhance consumer protection in the digital financial landscape.

    Source: Inc42 Media

  • Flipkart Trims Workforce Amid IPO Preparations and Annual Performance Review

    This article was generated by AI and cites original sources.

    Indian e-commerce giant Flipkart has announced layoffs affecting around 400-500 employees as part of its regular annual performance review process. The move comes as Flipkart prepares for an initial public offering (IPO) to list on the Indian stock exchanges. While the exact number of employees impacted was not disclosed, this represents approximately 3-4% of Flipkart’s total workforce. The company stated that these terminations are a standard part of the review cycle, with affected employees receiving transition support. Layoffs following performance reviews are common for large organizations like Flipkart, typically affecting 1-2% of the workforce.

    Flipkart has reportedly engaged in discussions with investment banks, such as Goldman Sachs and Kotak Mahindra Capital, to evaluate the feasibility of the IPO. The timing of the public offering, expected by late 2026 or early 2027, and its size are yet to be determined.

    Source: Inc42 Media

  • India and UAE Collaborate to Connect Central Bank Digital Currencies for Efficient Cross-Border Payments

    This article was generated by AI and cites original sources.

    India and the United Arab Emirates are exploring the potential linkage of their central bank digital currencies (CBDCs) to facilitate rapid cross-border transactions. The proposal aims to connect India’s e-rupee with the UAE’s digital dirham, allowing direct transfers between digital wallets in both countries without the need for traditional banking intermediaries.

    This initiative could streamline international remittances and business payments, offering a seamless transfer experience. With the UAE being a significant source of remittances to India and hosting a large Indian workforce, the corridor could enhance financial inclusion and reduce transaction costs.

    India has been actively testing retail and wholesale CBDCs since 2022, with millions of users conducting transactions worth billions using the e-rupee. The government’s efforts to expand CBDC usage were highlighted by a recent pilot program for benefit transfers under a welfare scheme.

    This collaboration between India and the UAE signifies a step towards modernizing cross-border payments and embracing digital currencies for efficient financial transactions.

    Source: Inc42 Media

  • India Taps Spacetech Startups to Develop ‘Bodyguard’ Satellites for Critical Assets

    This article was generated by AI and cites original sources.

    Amid escalating geopolitical tensions, Indian security agencies have initiated discussions with deeptech and spacetech startups to create ‘bodyguard’ satellites aimed at protecting high-value satellites in orbit. These bodyguard satellites are designed to safeguard critical assets like military, communication, or reconnaissance satellites from potential threats in space.

    According to a report by Bloomberg, the Indian government is in advanced talks with startups like Galaxeye, Agnikul, and Dhruva Space to launch their first test satellite by June 2026. The subsequent plan includes additional launches later this year or in early 2027, with potential procurement and scaling by the government once the technology is proven.

    Bodyguard satellites play a crucial role in detecting and mitigating risks such as interference, jamming, or physical attacks on valuable satellites. As space activities become more contested, especially among major spacefaring nations heavily reliant on satellites for various operations, the need for defensive measures like bodyguard satellites has become increasingly apparent.

    By closely monitoring the space environment, these protective satellites can identify potential threats, alert the at-risk satellite, and even take defensive actions to deter or block any hostile maneuvers. This development signifies a proactive approach by India to secure its space assets amidst growing concerns over space security.

    Source: Inc42 Media

  • SEDEMAC IPO Sees Strong Investor Interest as Issue Subscribed 90% on Day 3

    This article was generated by AI and cites original sources.

    SEDEMAC, a deep-tech company, has garnered significant attention from investors with its ongoing initial public offering (IPO). The IPO, which initially faced tepid interest, has seen a surge in subscriptions on its final day of bidding. Qualified institutional buyers (QIBs) have led the way, bidding for 41.99 lakh shares against 16.07 lakh shares on offer, resulting in a 90% subscription rate as of 13:21 IST.

    On the other hand, interest from non-institutional investors (NIIs) and retail investors (RIIs) has been relatively subdued, with NIIs subscribing to only 36% of their quota and RIIs showing a 14% subscription rate. SEDEMAC’s employees have shown strong support, oversubscribing their allocated shares by 2.4 times.

    SEDEMAC’s IPO marks the company’s foray into the public market, following a successful pre-IPO fundraise of ₹325.89 crore from anchor investors. The company’s IPO closure today positions it as the fifth startup to list on the bourses in 2026, joining the ranks of other new-age tech companies that have recently gone public.

    Source: Inc42 Media

  • Aye Finance Reports Impressive 87% Profit Growth in Q3 FY26

    This article was generated by AI and cites original sources.

    Aye Finance, a recently listed Non-Banking Financial Company (NBFC), has announced strong financial results for the third quarter of fiscal year 2026. The company recorded a significant 87% year-over-year increase in net profit, reaching ₹42.6 Cr compared to ₹22.8 Cr in the same period last year. This growth also represents a 25% rise from the previous quarter’s profit of ₹34.5 Cr.

    The operating revenue for the quarter saw a substantial 23% year-on-year surge, reaching ₹442.8 Cr, with interest income, the primary component of the company’s revenue, rising by 17% year-on-year to ₹393.4 Cr. When factoring in other income of ₹12.2 Cr, Aye Finance’s total income for the quarter amounted to ₹455 Cr.

    Despite the revenue growth, total expenses for the company also increased by 18% year-on-year to ₹401.1 Cr, indicating a balanced approach between revenue generation and cost management.

    These financial results underscore Aye Finance’s ability to navigate the competitive financial services landscape and maintain a trajectory of growth and profitability.

    Source: Inc42 Media

  • Karnataka Proposes Social Media Ban for Children Under 16 to Address Digital Addiction

    This article was generated by AI and cites original sources.

    The Karnataka government has proposed a ban on social media usage for children under the age of 16. This decision aims to address the growing concerns over digital addiction and excessive screen time among young individuals.

    Chief Minister Siddaramaiah stated that the proposed ban is intended to mitigate the negative impacts associated with increased mobile phone and social media usage by children. The announcement comes amid heightened awareness among policymakers about the influence of smartphones and social media on children’s behavior, learning, and overall well-being.

    Karnataka officials have been studying international models of age-based social media restrictions to inform their framework effectively. Several other states, including Andhra Pradesh, have also been considering similar measures to restrict children’s access to social media platforms. The Andhra Pradesh government recently formed a ministerial group to evaluate existing laws and explore potential regulations to safeguard children online.

    This move underscores the ongoing global conversation about managing children’s digital exposure and highlights the role of governments in shaping societal responses to the challenges posed by widespread digital connectivity.

    Source: Inc42 Media

  • Rozana Raises ₹290 Cr to Expand Rural E-commerce Reach

    This article was generated by AI and cites original sources.

    Rozana, a rural India-focused e-commerce startup, has secured ₹290 Cr ($31.6 Mn) in a recent Series B funding round. The investment, led by Bertelsmann India Investments and joined by Spark Growth Ventures, Bikaji Family Office, FE Securities, and Fireside Ventures, aims to enhance Rozana’s tech infrastructure, broaden product categories, develop private-label offerings, and strengthen brand partnerships.

    Founded in 2021, Rozana’s platform facilitates affordable last-mile delivery of daily essentials and household products to underserved villages. By enabling micro-entrepreneurs to engage customers, showcase deals, and facilitate online orders, Rozana has scaled its operations to over 21,000 villages in Uttar Pradesh and Haryana.

    With plans to expand to 200+ physical stores and penetrate northern states along the Gangetic belt, Rozana offers a range of products including groceries, electronics, and footwear through its e-commerce app available on Google Play Store and Apple App Store.

    The funding will further solidify Rozana’s presence, diversify its product offerings, and empower local communities through e-commerce innovation.

    Source: Inc42 Media

  • Fractal’s Q3 Financials Highlight Growth in AI and Analytics Sector

    This article was generated by AI and cites original sources.

    Fractal, an AI and advanced analytics startup, recently released its Q3 financial results, revealing an 8.5% increase in net profits to ₹100.1 Cr compared to the previous year. The company’s revenue from operations surged by nearly 21% to ₹854.4 Cr, attributed to strong demand in healthcare, life sciences, and BFSI segments. Operating expenses also rose by 18.4% to ₹772.8 Cr, showcasing the company’s investment in growth.

    Fractal’s financial performance highlights the growing importance of AI and advanced analytics in driving business success across various industries. The company’s focus on enterprise AI capabilities, as emphasized by cofounder and group CEO Srikanth Velamakanni, has contributed to its organic growth, gross margins, and client retention rates.

    Source: Inc42 Media

  • Delhi High Court Cracks Down on Fake Dream11 Apps

    This article was generated by AI and cites original sources.

    The Delhi High Court (HC) has issued an interim order to block several websites associated with gaming apps accused of imitating the brand identity and interface of Dream11. The court restrained the operators of the apps ‘Come’ and ‘Come Sports’ from using Dream11’s trademarks or offering services that could mislead users into believing they were official.

    Dream11’s parent company, Sporta Technologies, filed a petition alleging that unknown operators were running real-money gaming apps under names such as ‘Come x Dream11’, ‘Come’, and ‘Come Sports’, mimicking Dream11’s branding, design, and user interface elements. The court noted that these operators utilized similar logos, color schemes, and interface elements to those of Dream11, promoting the apps on social media platforms and distributing them through various websites.

    Justice Jyoti Singh highlighted that the operators seemed to be creating confusion by associating their services with Dream11, potentially deceiving users into thinking the apps were official or endorsed by the company. The court’s decision reflects ongoing efforts to combat the proliferation of copycat apps exploiting established brands in the gaming sector.

    Source: Inc42 Media