Startup news and updates: daily roundup (Jan 12, 2022)

Microsoft CEO Satya Nadella says tech intensity can improve businesses

Businesses of various scales can improve productivity and affordability of their products and services by building tech intensity, Microsoft CEO Satya Nadella said.

Nadella noted that organisations globally are undergoing digital transformation amid the COVID-19 pandemic, and that trends like hybrid work, hyperconnected business and multi-cloud environments require "a boundaryless digital ecosystem where trust between different parties needs to be established in real-time".

"Digital technology is a powerful deflationary force in an inflationary economy. Businesses - small and large - can improve their productivity as well as the affordability of their products and services by building tech intensity," he said.

India can tap new opportunities like chip design, electronics mfg services: R Chandrasekhar

India can tap new opportunities in areas like semiconductor design, electronic systems design and electronics manufacturing services, on top of its core capability over the next five to seven years, Minister of State for Electronics and IT, R Chandrasekhar, said on Tuesday.

Speaking at the Microsoft Future Ready event, the Minister said the next wave of computing performance is going to come from software optimisation, semiconductor design, electronic systems design, and innovation.

Fantasy sports companies contributed biz worth Rs 3,000 Cr last year: Dream Sports CEO

Fantasy sports companies, which engage with users online, invested over Rs 3,000 crore last year across various segments, including buying media rights and sponsoring players, a top official of Dream Sports said on Tuesday.

During the IAMAI Digital Summit, Dream Sports Co-founder and CEO Harsh Jain said the company is looking to invest in startups and anything that makes sports better.

"Last year, the fantasy sports industry, which consists of over 200 companies, has contributed Rs 3,000 crore in media rights, sponsoring teams, leagues, players and spending money in every single sports event," Jain added.

He said the Dream Sports Foundation, the corporate social responsibility arm of the company, supports 6,000 athletes in India at present.

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IAMAI forms India Edtech Consortium (IEC) to build a ‘Code of Conduct’ for edtech firms

The Internet and Mobile Association of India (IAMAI) has announced the formation of the India Edtech Consortium (IEC), an autonomous and independent body, to ensure every learner will have access to quality and affordable education.

Under the aegis of IAMAI, edtech companies will observe and adhere to a common ‘Code of Conduct’ and establish a two-tier grievance redressal mechanism to ensure that business is conducted with high transparency and with customer interest in mind.  

Edtech startups such as BYJU'S, Careers 360, Great Learning, Harappa Education, Times Edutech and Events Ltd, Scalar, Simplilearn, Toppr, Unacademy, upGrad, Vedantu, WhiteHat Jr, and many others have joined the consortium. 

The comprehensive ‘Memorandum’ will assist edtech companies in a seamless transition to self-regulation and guide them on various dimensions like appropriate/ethical sales practices, marketing communication, robust financing/loans/refunds, and fair and transparent functioning of a grievance redressal mechanism, with escalation to an Independent Grievance Review Board with independent members.

Entrepreneur Anand Mahurkar receives The International Achievers Award 2021

Anand Mahurkar, Founder and CEO of Findability Sciences, received The International Achievers Award 2021 in recognition of his business leadership and service towards global Fortune 500 clients and for shaping traditional enterprises with AI-led digital transformation. 

Hailing from a small town in Maharashtra, Anand grew up with his parents who work as teachers and took an early interest in science and now runs Findability Sciences, an enterprise AI company that enables businesses to harness data intelligence. It serves over 40 marquee clients across verticals such as manufacturing, telecom, retail, professional services, financial services, and government.

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Mensa Brands acquires majority stake in personal care brand Florona

Mensa Brands, India’s first tech-led house of brands, on Wednesday announced that it has acquired the majority stake in Florona, a digital-first aromatherapy brand.

Florona offers aromatherapy and natural personal care products. It offers more than 70 types of natural oils, including essential oils for diffusers as well as cold-pressed carrier oils.

Ananth Narayanan, Founder and CEO of Mensa Brands said, “The natural personal care market is growing exponentially across the globe. We are confident that with our technology, operations, and digital brand building expertise, we can grow the brand 10X in the next five years. We plan to launch a range of aromatherapy bath products and natural skincare and haircare solutions, expand presence to new markets and build a tech-led global supply chain to best serve our consumers.”

Bollywood movie 83 launches official NFTs; Social Swag sees record hourly sale worth Rs 10 lakh

NFT marketplace Social Swag saw a record sale worth Rs 10 lakh within an hour after the movie 83 launched its NFT collections.

Minted on the Polygon blockchain, the movie's NFT has three different collections. The Prestige Collection includes 16 one-copy-only asset-backed NFTs of pivotal movie scenes along with physical autographed cricket memorabilia from the movie, autographed by the stars.

Another collection titled 'For Your Eyes Only' has five certified authentic video moments from the movie that did not make it to the final cut while 'Taste of Success' collection includes 20 exclusive PFP-style animated digital avatars. They are designed by IIT Bombay alum and artivists Vidhushi and Medhavini Yadav, along with Ashwin Vasudevan and sound artist Anupama Thakur.

Flipkart’s former cyber defence head Divakar Prayaga to head CoinDCX’s security system

Cryptocurrency exchange platform CoinDCX appointed Divakar Prayaga as the unicorn startup’s Senior Vice President and Head of Information Security. 

In this role, Divakar will look at building, scaling, and sustaining CoinDCX’s security systems to ensure a seamless and safe trading experience. 

He has earlier served as the head of cyber defence at e-commerce giant Flipkart and vice president of cybersecurity at Wells Fargo.

“Divakar will now steer CoinDCX’s information security strategies and governance processes and spearhead an inclusive and comprehensive data protection programme to support development, research, and administrative information systems and technology,” according to a statement released by the startup.

Divakar will also chair the Information Security Advisory Committee and lead the Information Security Liaisons.