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HomeBusinessStartupStartup news and updates: daily roundup (July 29, 2021)

Startup news and updates: daily roundup (July 29, 2021)

Swiggy launches Emergency Support Services to assist delivery partners

To ensure the safety of delivery partners on the road foodtech unicorn Swiggy has introduced Emergency Support Services (ESS). These will encompass various options to cater to the needs of delivery partners during an emergency or mishap.

A statement from the company said this will include a 24*7 hotline number, emergency cards for delivery partners, and a direct link to the local police and ambulance service via an SOS button on the Delivery Partner app.

Zomato begins pilot in Delhi for grocery delivery

Zomato has begun rolling out its grocery services in select areas and for select users on pilot basis in Delhi. This comes as part of Zomato’s plan to add online grocery services on its app soon, which it has been experimenting with for some time, especially following its investment in e-grocer Grofers.

Minimalist raises Rs 110 Cr Series A round led by Sequoia Capital (Funding)

Minimalist, the new-age homegrown skincare brand, has raised Series A funding of Rs 110 crore, (approx $15 million) led by Sequoia Capital India, with participation from Unilever Ventures. The round also saw multiple international investors in just nine months of its inception.

Minimalist plans to utilise the funds to enhance its infrastructure and R&D capabilities, launch in global markets, as well as double down on its content creation efforts by sharing well-researched knowledge about skincare with its consumers.

Blockchain developer tool provider Biconomy raises $9M led by Mechanism Capital and DACM (Funding)

Blockchain transaction platform Biconomy said it has raised $9 million in a private funding round led by DACM and Mechanism Capital, with strategic investments from Coinbase, Bain Capital, Coinfund, NFX, True Ventures, Proof Group, Ledgerprime, Primitive Ventures, Genblock, Rarestone Capital, Huobi Innovation Labs, and Capital Partners.

The startup stated that the the new round of funding will enable Biconomy to further propel its multi-chain transaction infrastructure for next-generation Web3.0 applications.


mortgage home loan

Easy raises $15M in Series-A round led by Xponentia Capital, others (Funding)

Mortgage tech startup Easy has announced that it has raised $15 million as part of its Series A funding round. The round was led by Xponentia Capital Partners and saw participation from global VC funds — existing investor Harbourfront Capital, Finsight VC, RaSa Future Fund, Navida Capital AB, Helena Wasserman Eriksson, and Integra Software.

Ashok Leyland to invest up to $200M in EVs

Hinduja group flagship firm Ashok Leyland will invest up to $200 million (nearly Rs 1,500 crore) in its electric vehicles journey through its UK-based arm Switch Mobility in the next few years, according to company officials.

Switch Mobility, which will play in the commercial e-mobility space globally for the group through next-generation electric bus and light commercial vehicles, will launch an electric light commercial vehicle (eLCV) later this year in India.


Reserve Bank of India, RBI

(Photo credit: AFP)

RBI allows non-bank PSPs to participate in centralised payment systems

The Reserve Bank of India (RBI) has allowed authorised non-bank payment system providers (PSPs) to participate in centralised payment systems (CPS) such as real-time gross settlement (RTGS) and national electronic fund transfer (NEFT), as direct members.

PSPs include prepaid payment instrument (PPI) issuers, card networks, white label ATM (WLA) operators, and trade receivables discounting system (TReDS) platforms.

Sebi revising risk management framework for MFs: Official

Capital markets regulator Sebi is in the process of issuing a revised risk management framework for mutual fund industry in view of the changes in the industry landscape which will define the roles and responsibilities of officials, a senior official said.

The new framework will have policies regarding risk management incorporating a risk management culture within the organization, and principles for identification and management of risk at the level of MF schemes and overall functions of AMCs (asset management companies), its executive director SV Murali Dhar Rao said.

Government launches secured logistics document exchange platform

The government on Wednesday launched a secured logistics document exchange platform (SLDE) for digital exchange of logistics-related papers and a calculator for greenhouse gas emissions for choosing the sustainable and right mode of transport for freight movements.

The digital initiative is now set to improve logistics efficiency, reduce logistics cost, and promote multi-modality and sustainability in a big way, the commerce ministry said in a statement.



FamPay team

FamPay inks deal with Visa to launch numberless cards for teens

Teen-focussed payments platform FamPay on Thursday said it had signed a deal with card issuer Visa Inc to launch numberless, prepaid cards for teenagers to enable them to make NFC-powered payments.

Those availing the cards from FamPay will be able to customise the cards to their liking using doodles, different fonts, and unique names, the startup said in a press release.

FamPay had earlier been issuing cards on the RuPay network. The Visa cards will come with 4X rewards on every spend, complimentary subscriptions to teen brands, and Visa-specific offers.

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