Startup news and updates: daily roundup (Dec 19, 2021)

Clear eyes growth in West Asia market

Online tax filing venture Clear expects to generate $100 million from its expansion in West Asia, led by Saudi Arabia and the United Arab Emirates (UAE), which are moving towards a taxation regime, according to a top official of the company.

Rohit Razdan, Chief Business Officer of Clear, told PTI it plans to invest between $15 million and $30 million in the next two years to build capacity in West Asia, especially in expanding the team size.

Odisha unveils O-Hub for entrepreneurs

Naveen Patnaik, Chief Minister of Odisha, inaugurated the O-Hub, a startup incubation centre in Gothapatna, Bhubaneswar, on Saturday.

"O-Hub will be the first point to identify the best in the industry," Odisha CM Patnaik said, adding that more than 1,200 startups have taken off since 2016 under the state's startup policy.

"It is the Promised Land for all you innovators out there, the garage geeks, the grunge-T shirt folks, the rain forest microbes and all ye alternative life forms. Come, enact your dreams here," tweeted Mindtree Co-founder Subroto Bagchi.

Kotak Securities invests in Entroq Technologies

Kotak Securities, a subsidiary of Kotak Mahindra Bank, has invested Rs 3 crore in Entroq Technologies for a 7.5 percent stake, according to a stock exchange filing on December 17.

Founded in October 2020, Entroq is a fintech startup that provides short-curated financial news platform and a social community (Circles) for early-stage investors and millennials, stated the exchange filing.

The deal entails primary share issuance of 100 equity shares and 10,568 cumulative compulsorily convertible preference shares to Kotak Securities for Rs 3 crore, it added.

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CSC, Infosys tie up to upskill 6 crore citizens in rural India

CSC e-Governance Services India and IT giant Infosys have collaborated to impart digital skills to 6 crore students aged between 10 years and 22 years in rural parts of the country.

The common services centres (CSCs), an SPV under the Ministry of Electronics and IT, will empower the students through Infosys Springboard, a digital platform that helps accelerate reskilling and improves employability, according to a statement.

WHO issues emergency use listing for Serum Institute-Novavax Covid vaccine

The World Health Organisation on Friday issued emergency use listing for anti-COVID vaccine Covovax produced by Serum Institute of India under licence from Novavax, expanding the basket of jabs validated by the global health body against the viral disease.

Adar Poonawalla, CEO of Serum Institute of India (SII), hailed the WHO's decision as "yet another milestone" in the fight against COVID-19.

"WHO issued an emergency use listing for Covovax, expanding the basket of WHO-validated vaccines against COVID-19. The vaccine is produced by the Serum Institute of India under licence from Novavax," the world health body said in a tweet on Friday.

Myntra witnesses 40 percent growth in new users

The 15th edition of Myntra’s flagship EORS (End of Reason Sale) kicked off to a roaring inaugural, witnessing over 45 percent growth in site traffic over the previous winter edition, spreading cheer to around 1.6 million fashion, beauty and lifestyle shoppers.

Over 7 lakh items were purchased within the first three hours of the mega fashion carnival that went live in the early hours of December 18. The online fashion venture also witnessed a 40 percent growth in new users shopping on the platform for the first time on the opening day of the six-day event that will go on till December 23.

Myntra witnessed a record 4 million new app installs during the pre-buzz period, indicating excitement and anticipation among shoppers for the arrival of EORS, Myntra said in a press release.

More than 50 percent of the shoppers were from tier 2-3 cities and beyond, making their first purchase on Myntra, giving the 15th edition a major fillip.

The traffic to the platform rose to a record of over 15 million  during the early access period of the shopping bonanza.