#Marketwire is your quick summary of notable market movements in the technology industry. The firms covered in this segment include NASSCOM, DIPP, Paytm and Oyo Rooms.
NASSCOM Launches India’s First IoT Center of Excellence
NASSCOM has launched a Centre of Excellence – Internet of Things (CoE – IoT) at its startups warehouse in Bengaluru. The CoE is a joint initiative between the Department of Electronics and Information Technology (DEITY), Education and Research Network (ERNET) and NASSCOM. The center will focus on leveraging IT strengths and creating a new age industry with the support of IoT-based ideas. Read More
Paytm to Infuse Rs 350 Cr in Its Payments Bank Arm
Mobile Payment and eCommerce firm Paytm is infusing Rs. 350 crores in its payments bank arm for developing its technology and build physical branches in rural areas, as reported by Times of India “Our plans show this initial capital is adequate for rolling out a payments bank as we are not looking to open too many branches in one go. We have got separate solutions to address urban and rural consumers as both have different sets of challenges”, Chief executive of Paytm’s payments bank Shinjini Kumar told TOI. Read More
DIPP asks All States and UTs to Set Up Startup Hubs and Incubators
The Commerce and Industry Ministry has asked all the states and the Union Territories to set up Startup Hub as well as incubators to help startups at various stage of developments. The Department of Industrial Policy and Promotion (DIPP) has already resolved over 12,000 queries received from startups through its startup hub which started operating in April this year.
The department will write to top companies requesting them to support the initiative by setting up new incubators or scale up existing incubators in collaboration with educational institutes, DIPP said in a status report on Startup India. Read More
Oyo Eyes Rs 413 Cr Funding Through Proposed Rights Issue
Budget hotel brand Oyo Rooms is all set to raise a fresh round of funding worth Rs 413 crore through a proposed right issue of shares to existing shareholders, according to documents filed with the Registrar of Companies. The new round of funding will set the post money valuation of the startup at Rs 3,129 crore. Read More
Malware Infects 10M Android Users
Upto 10 million Android smartphones have been infected by HummingBad malware. The malware generates fake clicks for adverts, secretly installs apps and spy on the browsing habits of victims. The creator of malware are currently making about $300,000 per month through it, as reported by BBC news. Read More
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