However, the COVID-19 crisis continues to affect the ecosystem and investors struggle to survive and believe that the startup valuation is precise. The Uttar Pradesh government has announced that when India’s unemployment rate rises, startups will become the subject of colleges and universities to boost young entrepreneurs.
Chief Minister of Uttar Pradesh Yogi Adityanath said that not only job seekers but also young people want to be owners. On the other hand, the Ministry of Electronics and Information Technology announced that they will discuss a comprehensive proposal for software product development funds. They are working on a national seed fund and credit guarantee scheme to support early-stage development of startups, and facilitate easy mobilization of loans.
Here are some weekly stories from India’s early startup:
The Aarogya Setu app is not mandatory for air travel
India’s contact tracing app, Aarogya Setu is promoting privacy issues as it is being used to steal users’ data. According to cybersecurity firm SonicWall Labs, some malicious fake apps can make phone calls, send SMS, take photos, and record videos.
On the other hand, when the government of India reopens the economy in various union territories and states, the contact tracing application for interstate travel and essential services are made via phone’s Bluetooth and as a means of preventing disease using GPS based location tracker.
Swiggy offers credit to restaurant partners
Bengaluru-based food delivery unicorn Swiggy recently launched its new B2B platform, Swiggy Staples Plus, which brings groceries, meats, fresh fruits, vegetables, and other items to packaging equipment for restaurants.
The company is offering these products on credit as it wants to reduce the loss of restaurants in the last two months due to a nationwide lockdown. The minimum order that can be placed on this app is Rs 900 as shown in the restaurant partners’ Swiggy app.
Reserve Bank seeks permission to ease the tap of Visa and MasterCard
American financial services companies want to waive the Visa, MasterCard, Industrial Body Payment Council of India, and Reserve Bank of India on tap-and-Go contactless payment.
Previously, users could make contactless payments worth INR 2K which requires pin authentication through the tap-and-go feature. However, despite the fears of the Covid-19 pandemic, financial services firms want to reduce the limit to INR 5K to eliminate contact with point-of-sale machines for large base transactions.
Denzo entry in Google Pay
To help customers take advantage of the company’s services, the digital payment app Google Pay has brought hyperlocal delivery player Denzo to its platform. Now, Google Pay users can order groceries, medicines, other essentials, and non-essentials through Danzo within the payment app.
In addition, the hyperlocal app has greater access to a large number of new users dealing with Google Pay. According to a media report, Google Pay had 115 million monthly active users in India.
TikTok Parent Bytedance Made 3 Mn Profit In FY19
China’s Bytedance recently reported a net profit of $3 billion in 2019. The company also has popular apps like TikTok, Helo, Resso, and Douyin. The company recorded revenues of $ 17 billion in 2019, a 2-fold increase compared to 2018 revenue.
Currently, the startup value is close to 100 billion. Bytedance’s proprietary mini-video app has significantly improved TikTok’s rating and now stands at a 4.4-star rating on the Google Play Store, with 6 million comments deleted.
Startups are growing at a very fast rate in India due to the support of investors and innovative ideas. The government is also supporting startups with initiatives.