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Oct 03

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IIT Delhi Startups Launch Antiviral Protection Kit

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IIT Delhi Startups Launch Antiviral Protection Kit

Finshorts | 3rd Oct, 2020 | 1 min read

NEW DELHI: Indian Institute of Technology Delhi incubated startups- E-TEX and Clensta- have partnered to launch an antiviral protection kit for masses. The antiviral kit consists of a novel Clensta protection lotion and hand sanitiser; E-TEX Kawach Antiviral T-Shirt and Kawach Mask. The products are backed up by experts from the chemical and textile departments of IIT Delhi. “It is indeed a proud moment for IIT Delhi to see such Indigenous technologies impacting and creating job opportunities amidst this pandemic and making India Atmanirbhar,” said V Ramgopal Rao, Director, IIT Delhi. The antiviral fabric in E-TEX Kawach has been designed using advanced technology that inhibits hosting microbes, reduces the likelihood and speed of contaminations, and transmissions by destroying micro-organisms on contact. The antimicrobial property of the garment remains effective even after 30 washes at mild condition, stated a release issued by the IIT. Clensta Protection Lotion, launched under the brand name COVID-19 Protection Lotion, offers 99.9% virus protection with antiviral and antiseptic properties for up to 24 hours.

Oct 02

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Ahead Of Festive Season, Amazon Infuses Rs 1,125 Crore Into India Marketplace Business

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Ahead Of Festive Season, Amazon Infuses Rs 1,125 Crore Into India Marketplace Business

Finshorts | 2nd Oct, 2020 | 1 min read

Ahead of the festive season which is expected to boost economic sentiment, online retailer Amazon has pumped in Rs 1,125 crore into its India marketplace business, according to regulatory filings. Amazon has invested the money into Amazon Seller Services, which runs the India marketplace business. The money has been routed through two of its foreign units- Amazon Corporate Holdings in Singapore, and Amazon.com Inc Limited in Mauritius, according to filings accessed via Tofler. Earlier this week Amazon also said it has ramped up its delivery network in anticipation of high demand during the festive season. It has added close to 200 delivery stations, including those operated by delivery service partners across the country, including in remote northeastern towns such as Champhai, Kolasib, Lumding and Mokokchung. Amazon India has close to 250 Amazon-operated and more than 1,500 partner delivery stations run by more than 280 people across the country to enable deliveries across the country. This is also in line with e-commerce companies generally ramping up delivery infrastructure and raising funds from off-shore units to be sufficiently funded and efficient during the festive season.

Oct 02

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India Open To Launching Own Mobile App Store As Start-Ups Criticise Google

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India Open To Launching Own Mobile App Store As Start-Ups Criticise Google

Finshorts | 2nd Oct, 2020 | 1 min read

India is open to launching its own mobile app store or expanding an existing one if it receives enough demand from domestic firms for an alternative to Apple and Google platforms, a senior government official said on October 1. Alphabet-owned Google also said this week that it will strictly enforce a policy which will levy a 30 percent commission on payments made within apps on its Android store. India already runs a mobile app store that lists over 1200 mainly government-backed applications, but also Paytm, and the government could also consider expanding that instead of starting from scratch, the official added. Google has previously said that fewer than 3 percent of developers with apps on its Play store sold digital goods over the last 12 months, and nearly 97 percent comply with its payment system policy. Several Indian start-up founders are calling for a local app store that doesn’t charge a high service fee. “It’s absolutely necessary to have a local app store,” said Vishal Gondal, co-founder of Bengaluru-based gaming firm nCore Games. Paytm disagreed with Google’s assessment but removed certain promotions to have its app reinstated.

Oct 01

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Lee Fixel Returns To India, Makes First Investment From New Fund Addition

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Lee Fixel Returns To India, Makes First Investment From New Fund Addition

Finshorts | 1st Oct, 2020 | 1 min read

After a hiatus of almost two years, Lee Fixel, the media shy former Tiger Global fund manager, known widely as the big bull of India’s consumer Internet story, is back to investing in local startups. Fixel, who launched his own $1.2 billion fund Addition in the US earlier this year, has led a $35 million round in Inshorts, a platform which aggregates news and information. His first new bet in India comes at a time when New York-based Tiger Global has been actively investing in the country under Scott Shleifer, who took over the private equity portfolio of the firm last year after Fixel’s departure. “We are profitable at Inshorts and raised this capital for our new app Public. With more than 50 million active users and over 1 million videos being created every month on the app, Public aims to connect the local communities of Bharat and become the one-stop solution for all their local needs,” Iqbal said. Fixel has invested in DLocal, a cross-border payment processor, mental health startup Lyra Health, developer-first security company Snyk, among others.

Oct 01

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India Tries To Beat The Pandemic, The Health-Startup Way!

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India Tries To Beat The Pandemic, The Health-Startup Way!

Finshorts | 1st Oct, 2020 | 1 min read

Now, Indian health tech startups are reaping the benefits of growing awareness among Indians as more take to working out at home. Sharing its revenue figures, Chief Executive Officer Jitendra Chouksey said the company had recorded $800,000 in revenue in August, and was looking to clock $900,000 in September. Another Bengaluru-based fitness platform, Healthifyme, has reported a revenue run rate of $15 million in August. Revenue run rate is what the company would make in a year, if it were to make the same revenue for the next twelve months. Consumers are driven to these platforms by the need to invest in health and ensure that co-morbidities such as hypertension, obesity, diabetes and other related lifestyle diseases can be controlled. Fitness experts have pointed out since COVID-19 is turning out to be less fatal for healthy humans, many people are choosing a healthy lifestyle and working out regularly. Cult Fit, which is the fitness service offered by the Bengaluru-based startup, has used celebrity trainers, and a wide range of live classes of different types to get users to the platform through the pandemic.

Oct 01

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Sunstone Raises Rs 24 Crore In Series A From Saama Capital, Others

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Sunstone Raises Rs 24 Crore In Series A From Saama Capital, Others

Finshorts | 1st Oct, 2020 | 1 min read

Sunstone Eduversity has raised Rs 24 crore in its Series A round of funding led by Saama Capital along with participation from venture capitalist Ashish Gupta and PeopleStrong co-founder Pankaj Bansal, who invested in their personal capacities. The education technology company will use the fresh capital to invest in its technology platform, hiring and curriculum. Sunstone works closely with corporates to develop industry-ready specialisations across sectors like BFSI, logistics, analytics, sales management and digital marketing and others. Sunstone tries to produce students who are ready to foray into the job market right after college and have the desired skill sets required to manage daily office work. The company had received 10,000 applications this year compared to 2,500 last year. Founded by IMT-Ghaziabad alumnus Ashish Munjal and Piyush Nangru, Sunstone has eight partner institutions in six cities and will have 20 partners in 15 cities by July 2021.”One of the challenges faced by freshers is the lack of industry-relevant skills that reduce their chances of getting hired by reputed companieswe focus on imparting practical skills training instead of outdated theory and remote learning methods. For the batch of 2019-21, we generated more than 450 Internship offers even during this pandemic,” Co-Founder Ashish Munjal said.

Oct 01

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Social Network App Public Raises $35 Million From Lee Fixel’s Addition, Others

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Social Network App Public Raises $35 Million From Lee Fixel's Addition, Others

Finshorts | 1st Oct, 2020 | 1 min read

BENGALURU: Location-based social network app Public has raised $35 million from venture capitalist Lee Fixel’s Addition, SIG Global and Tanglin Venture Partners. Tiger Global, advised by Fixel, was one of the most active investors in India consumer internet companies, making early bets in Flipkart, Ola and Quikr India Pvt Ltd. Public App is social network platformfor everything local – from local updates and happenings to local commerce, jobs, classifieds and more. “We are thrilled to have this support from Addition, SIG Global and Tanglin Venture Partners in our journey towards building the world’s largest location based social network,” said Azhar Iqubal, Founder & CEO, Public App. “With more than 50 million active users and over 1 million videos being created every month on the app, Public aims to connect the local communities of Bharat and become the one stop solution for all their local needs,” Iqubal added. After its launch last year, Public app is now available in multiple Indian languages including Hindi, Bengali, Punjabi, Telugu, Tamil, Kannada, Malayalam, Odia, Assamese, Gujarati and Marathi. It has around 50 million active users, with one million videos being created every month. The app allows people to record and share happenings around them enabling real-time local updates.

Sep 30

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The Big 5G Question Before India

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The Big 5G Question Before India

Finshorts | 30th Sept, 2020 | 1 min read

In India, 5G has the potential to bring major societal transformation and support the government’s flagship schemes in infrastructure, development and e-governance. Key ministries and departments in the government have worked on policy documents, reports and papers to help build a concrete roadmap to deploy 5G in India. A final decision on allowing Huawei to build India’s 5G networks remains an open one. The opinion of India’s largest mobile operators can significantly influence the government’s decision on any future 5G policy. A recurring concern for all nations – including India – has been operational risks and vulnerabilities related to security. A proposed way to offset security concerns is to boost indigenous development of the 5G technology – an important step given that India imports 90 percent of its telecom equipment. There can be only two scenarios for New Delhi: one, where it allows Huawei to supply India’s 5G network, or another, where it bans Huawei and other Chinese vendors.

Sep 30

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Of All The EV Startups, Why Is Ather Energy’s Valuation Down?

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Of All The EV Startups, Why Is Ather Energy's Valuation Down?

Finshorts | 30th Sept, 2020 | 1 min read

The dip in valuation is beyond comprehension, especially when seen against the fact that Ather is the only EV startup to have a product in the market. From a mere Rs 35 crore in 2017 when TVS made its maiden stake-buy in Ultraviolette, the startup’s valuation has increased to a whopping Rs 805 crore as of September first week when TVS increased its stake to 29.48 percent, with an infusion of Rs 30 crore. Incorporated in 2015, Pune-based startup Tork Motors is yet to launch its first all-electric product but the valuation of the Bharat Forge-backed company is at Rs 113 crore. The Series A2 fundraising done a few months ago saw Yulu’s valuation increase to Rs 585 crore after venture capital fund Rocketship. Engine manufacturer Greaves Cotton acquired a 67 percent stake in the 10 year-old, Ratan Tata-backed start-up Ampere Vehicles in 2018 for Rs 77 crore, thereby giving it a valuation of Rs 115 crore. After having bought the remaining stake, Ampere’s valuation shot up to Rs 325 crore in less than 18 months. This transaction gave Ather a valuation of little under Rs 2,550 crore.

Sep 29

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Artificial Intelligence – Significant Impact in Accounting and Finance

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Artificial Intelligence – Significant Impact in Accounting and Finance

As artificial intelligence has done for every industry, it’s making a significant impact in the world of accounting and finance.

From saving time and money and providing insights, AI-enabled systems for accounting and finance are the way finance professionals and their firms will stay competitive and attract the next generation as employees and customers.

If you could reduce costs by 80 per cent and the time it takes to perform tasks by 80 or 90 per cent, would you be interested? According to Accenture Consulting, robotic process automation will yield these results for the financial services industry.

For accounting firms and finance professionals to deliver services their clients will demand and compete with other professionals for business, they must begin to embrace artificial intelligence.

Benefits of Artificial Intelligence for Accountants and Finance Professionals

New technology is changing the way people work in every industry. Artificial intelligence can help accountants be more productive and efficient. An 80-90 per cent reduction in the time it takes to do tasks will allow human accountants to be more focused on providing counsel to their clients. Adding artificial intelligence to accounting operations will also increase the quality because errors will be reduced.

When accounting firms adopt artificial intelligence to their practise, the firm becomes more attractive as an employer and service provider to millennials and Gen Z professionals. As clients, millennials and Gen Zers will determine who to do business with based on the service offerings they can provide. As more accounting firms adopt artificial intelligence, they will be able to provide the data insights made possible by automation while those who don’t commit to the technology will not be able to compete.

Robotic process automation allows machines or AI workers to complete repetitive, time-consuming tasks in business processes such as document analysis and handling that are plentiful in accounting. Once RPA is in place, time accountants used to spend on these tasks is now available for more strategic and advisory work. Intelligent automation is a more sophisticated version of RPA. IA can mimic human interaction in many cases, such as understanding inferred meaning in client communication and using historical data to adapt to an activity. There are multiple applications of RPA and IA in accounting work.

AI can often provide real-time status of financial matters since it can process documents using natural language processing and computer vision faster than ever making daily reporting possible and inexpensive. Automated authorization and processing of documents with AI technology will enhance several internal accounting processes including procurement and purchasing, invoicing, purchase orders, expense reports, accounts payable and receivables, and more.

In accounting, there are many internal corporate, local, state and federal regulations that must be followed. Fraud costs companies collectively billions of dollars each year and financial services companies have $2.92 in costs for every dollar of fraud.

Changing the Human Mindset

It seems like the only barrier to artificial intelligence adoption in accounting is getting people on board with the change. Since the chief executives seem to understand the importance of artificial intelligence, it just requires a mindset shift from the accounting professionals to accept the changes. With an assist from AI-enabled systems, accountants are freed up to build relationships with their clients and deliver critical insights.

To help accountants accept and hopefully embrace the tech addition to accounting firms, it’s vital that the benefits of automation and artificial intelligence are shared with them and they are provided with the proper training and any support necessary to learn how best to use AI to their advantage. AI and automation in accounting and finance are just beginning. The technology is getting more sophisticated, and the tools and systems available to support accounting are expanding at a rapid pace.