Marketwire is a quick summary of notable market developments in the Indian technology ecosystem.
Google Announces Initiatives to Empower SMBs in India
Google has announced 2 key initiatives for the small and medium businesses in India — My Business and Digital Unlocked. Google My Business is a tool to enable small businesses set up website from just a smartphone. Whereas Digital Unlocked, is an education programme in association with industry body FICCI and Indian School of Business. The programme will provide mobile and online courses to help small businesses. Read More
Paytm Payments Bank to Open First Branch in Noida
Digital payments firm Paytm has received the final approval from RBI to open up a Payments Bank. Payments Bank is a new concept formulated by RBI, which would allow such financial institutions to accept deposits of upto Rs 1 lakh and provide customers with payment facilities like Debit Cards, netbanking, mobile banking etc.
The first branch of Paytm Payments Bank would open up in Noida next month. All the wallet accounts would also move under the new entity. Airtel was among the 11 applicants which got approval from RBI to open a payments bank, and was the first to launch one November 2016. Read More
InnoVen Capital Launches Capital Assistance Program to facilitate Debt Financing for Startups
Temasek-backed venture debt firm, InnoVen Capital, has created a syndicate of banks and non-banking financial companies (NBFCs) under the program ‘InnoVen Capital Assistance’. It has syndicated over $4.5 Million of credit lines since September 2016 to provide growth stage startups meet their working capital or capital expenditure needs.
Partnering organisations include IndusInd Bank,RBL Bank, Standard Chartered, and Tata Capital. Companies which have benefitted from the program till date include Chai Point, Capillary Technologies, MoveInSync, Koye and K12 Techno Services. Read More
BHIM App Downloaded by 5M Users in 4 Days
BHIM App, which was launched last week by Prime Minister Narendra Modi to promote digital transactions using Unified Payments Interface, has reportedly been downloaded 5 million times. According to CEO of Niti Aayog, Amitabh Kant, the new platform has facilitated close to 700,000 transactions already. Read More
Security services firm SISA Group to Enter eCommerce Logistics Space
Surat-based security firm, SISA Group, is looking to raise Rs 50 crore, to enter into the eCommerce logistics sector. The company is already operating in the last mile delivery space with eCommerce firms like Flipkart, Snapdeal, Grofers, Amazon etc. It will however restrict itself in the space of heavy goods. Read More