Startup news and updates: daily roundup (Feb 22, 2021)
India's largest online grocery platform Bigbasket has sent a 'cease and desist' notice to Coimbatore-based grocery startup DailyBasket for the usage of 'basket' in its name.claims that DailyBasket's nomenclature is a trademark infringement. It has alleged that the latter's mobile app and website layouts are similar to its and has urged them to "discontinue" it.
Net new enrolments with retirement fund body EPFO grew by 24 percent to 12.54 lakh in December compared to the same month in 2019, according to the payroll data released on Saturday, providing a perspective on formal sector employment amid the coronavirus pandemic. The Labour Ministry in a statement said that the provisional payroll data of Employees' Provident Fund Organisation (EPFO) highlights a positive trend for net subscribers base growth with the addition of 12.54 lakh subscribers in December 2020.
IT czar Azim Premji on Sunday said more than 90 percent of the workforce in the country's technology industry continue to work from home, and lauded the hybrid model of work. "Within the first few weeks of the (COVID-19-induced) lockdown, over 90 percent of the technology industry was working from home, and even today over 90 percent of people continue to work from home," he said.
SBI Payments, a subsidiary of India's largest lender State Bank of India, will launch YONO Merchant App to provide low-cost digital payments infrastructure to merchants, the bank said on Saturday. YONO Merchant App will expand digitisation of merchant payments in the country, SBI said.
Small business lender raises $10M from IndusInd Bank
Kinara Capital, a lender to small businesses, on Monday announced that it had raised $10 million (Rs 74 crores) from IndusInd Bank with a 100 percent guarantee from the US International Development Finance Corporation (DFC). Existing investors Gaja Capital, GAWA Capital, Michael & Susan Dell Foundation (MSDF), and Patamar Capital also participated in this round, which is a part of a debt and equity round of Rs 100 crore.
India had an age-old experience in making arms and military equipment but after Independence this capacity was not strengthened, Prime Minister Narendra Modi said on Monday, asserting that now the country is committed to enhancing its capabilities in defence manufacturing at a fast pace. Addressing a webinar on the effective implementation of the Union Budget's provisions in the defence sector, the prime minister listed a series of measures taken by his government to boost self-reliance in the defence sector.
The Supreme Court on Monday sought responses from Future Retail Ltd and others on Amazon's plea against the Delhi High Court direction to maintain status quo on the Future-Reliance deal. A bench comprising Justices R F Nariman and B R Gavai issued notices to Future Retail Ltd, Chairperson Kishore Biyani and others, and sought their replies.
India-UK bilateral relations will touch a new high in the post-COVID world, as India is likely to be a priority country for the UK, leading to an enhanced economic partnership, says a report. According to the Britain Meets India report, developed by CII and Grant Thornton Bharat, foreign direct investment (FDI) inflow from the UK to India for a particular year increased from $898 million in 2015-16 to $1.42 billion in 2019-20.
Mumbai-based LivePools, a fantasy sports platform backed by the likes of Yuvraj Singh and Dino Morea, has announced that Canada-based online and mobile gaming company i3 Interactive Inc has picked up 51 percent stake in the startup for shares worth $7.5 million. Launched in late-2017 by brothers, serial entrepreneurs, and sports enthusiasts Gaurav and Vickram Assomull, fantasy sports startup LivePools offers a skill-based sports predictor platform to online gamers and lets them earn real cash rewards based on their teams’ on-field performances.