Govt. Battling Online Crimes, Ullu’s Leap Of Faith, Amazon’s Propel Program and much more!

From government initiatives combating online deceit to Ullu’s visionary leap into mythological content, and Soket AI Labs' breakthrough multilingual model, the scene is buzzing. Meanwhile, Pine Labs' UAE partnership and PhonePe's Sri Lanka venture redefine digital payments, while IPOs like Go Digit and Awfis shake up the market. Amidst index reshuffles and acquisitions like Niyogin's move, Amazon's Propel program fuels the dreams of budding entrepreneurs.

Grab your simmering cup of StartupChai and unwind with our hand-brewed memes.

What Matters

“Ram Naam Japna, Paraya Maal Apna”: Ullu’s Founder Vibhu Agarwal Set To Roll Out Mythological OTT Platform Hari Om

Ullu’s founder Vibhu Agarwal is making a bold shift with Hari Om, a mythological OTT platform launching in June 2024. Aiming for family-friendly entertainment, it’ll feature 'U' rated shows and engaging animated mythological content for kids.

This comes as Ullu faces serious probes for allegedly selling pornographic content involving school children.

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“Aapne Ghabrana Nahi Hai”: Peak XV Partners-Backed Awfis’ IPO To Open On May 22

Awfis, the coworking space sensation backed by Peak XV Partners, is gearing up for its IPO launch on May 22, set to run until March 27. Investors are eyeing a fresh issue of shares worth up to INR 128 Cr alongside an offer for sale (OFS) component of up to 1.23 Cr shares.

With big players like Peak XV Partners, Bisque Limited, and Link Investment Trust looking to offload shares, it's shaping up to be a hot ticket in the IPO market.

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“Sarva Bhasha Samanta”: Soket AI Labs Partners Google Cloud To Launch Open-Source Multilingual Model Pragna-1B

Soket AI Labs is teaming up with Google Cloud to unveil Pragna-1B, an open-source multilingual model tailored for India. Trained on local data and available in Hindi, English, Bengali, and Gujarati, Pragna-1B boasts 1.25 billion parameters and a 2048-token context length.

Founded by Abhishek Upperwal, this groundbreaking model is built on TinyLlama, utilizing Meta’s Llama 2 architecture.

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“PhonePe Ka Jalwa”: PhonePe Rolls Out UPI Payments For Indian Travellers In Sri Lanka

PhonePe is making travel easier for Indians in Sri Lanka by enabling UPI payments at LankaPayQR merchants. Simply scan the QR codes, and your account gets debited in Indian rupees at current exchange rates.

This follows PhonePe's recent pact with the Singapore Tourism Board, making seamless digital payments a reality for Indian travelers across Asia.

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“Hum Saath Saath Hai”: Pine Labs Partners with Emirates NBD To Offer Digital Payment Solutions In The UAE

Pine Labs is teaming up with Emirates NBD to introduce advanced digital payment solutions in the UAE. Utilizing Pine Labs' Credit+ platform, this partnership will initially cater to corporate clients in the UAE, with plans to expand to Saudi Arabia and Egypt.

Despite Pine Labs' net loss doubling to INR 56.2 Cr in FY23, their operating revenue surged by 37% to INR 1,280 Cr, showcasing robust growth amid challenges.

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“Savdhaan Rahe, Satark Rahe”: Govt Mulling App To Curb Deceptive Practices By Online Platforms

Ever felt tricked by sneaky tactics on shopping sites? The new government app, launching within the first 100 days of the next administration, aims to curb deceptive practices by online platforms.

Just download the app, get alerted about dark patterns, and easily file complaints with consumer forums, shopping safety at your fingertips.

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“Bharose Ka Khel”: Ecommerce Players Support Centre’s Move To Make Quality Consumer Review Norms Mandatory

E-commerce giants like Flipkart, Amazon, Google, and Meta are backing the government’s push to enforce quality norms for online consumer reviews. At a recent consultation by the Department of Consumer Affairs, these stakeholders acknowledged the issue of fake reviews and supported mandatory compliance.

With e-commerce complaints soaring by 366% between 2018 and 2023, this move aims to restore consumer trust and integrity in online shopping.

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“Naam Bade, Darshan Chhote”: Go Digit IPO subscribed 36% on day 1, retail portion gets full subscription

The Digit IPO had a lukewarm start, with just 36% subscription on day one. Retail investors showed the most enthusiasm, oversubscribing their portion 1.44 times, while Qualified Institutional Buyers (QIBs) bid for a mere fraction of their allocated shares.

Aiming to raise INR 2,614.6 Cr, Digit’s IPO is priced between INR 258-272 per share.

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“Maarenge Bhi Hum, Bachayenge Bhi Hum”: Niyogin To Acquire Shark Tank Featured Orbo’s AI Platform For The BFSI Sector

Niyogin Fintech Ltd is making waves by acquiring Orbo's AI platform, which gained fame on Shark Tank, for the BFSI sector. Orbo's decision to sell its BFSI arm, 'SuperScan', and concentrate on its BPC offering aligns with its recent launch of BeautyGPT, a text-to-image LLM model.

Despite Orbo posting an operating revenue of INR 2.3 Cr in FY23, accompanied by a net loss of INR 4.4 Cr.

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“Ye Dukh Khatam Kaahe Nahi Hota”: Paytm Removed From MSCI India Index Amid Declining Market Cap, PB Fintech Added

Paytm's rollercoaster ride continues as it's ousted from the MSCI India Index due to a dwindling market cap, while PB Fintech takes its place. This move reflects Paytm's market cap plunge, now sitting at $2.6 Bn after the RBI's scrutiny.

Despite the setback, Paytm finds solace in its reclassification to the MSCI India Domestic Small Cap Index, navigating the ever-changing landscape of India's financial markets.

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“Ready, Steady, Po”: Amazon announces fourth season of Propel for startups

Amazon's gearing up for another round of Propel, and it's promising to be bigger and better than ever! With a wider array of benefits and support, they're aiming to assist up to 50 Indian startups in making their mark in global markets this year.

This initiative isn't just about boosting businesses, it's part of Amazon's pledge to facilitate $20 billion in e-commerce exports from India by 2025.

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1. EV components manufacturer Matel secures $4 million in Series A funding from Transition VC, alongside investments from Gruhas and Haresh Abichandani, founder of Millennium Semiconductor.

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2. Logistics firm Porter stealthily achieves unicorn status, reaching a $1 billion valuation in an internal round led by individuals purchasing shares from the ESOP pool, with backing from Tiger Global.

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3. FSSAI-certified online paan brand, The Betel Leaf, secures $1.2 million in a bridge round, spearheaded by Inflection Point Ventures and Venture Catalysts, following an $800,000 seed funding round in November 2021 led by Venture Catalysts and 100Unicorns.

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4. Noida-based astrotech startup, InstaAstro, secures INR 18.5 Cr (approximately $2.3 Mn) in a Pre-Series A round led by Artha Venture Fund, aiming to bolster its astrology services and venture into the southern states.

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