Startup news and updates: daily roundup (August 11, 2022)

Easebuzz gets RBI nod for payment aggregator license 

Payments solutions platform Easebuzz announced that it has received in-principle approval from the Reserve Bank of India (RBI) for Payment Aggregator (PA) authorisation. With this, Easebuzz joins companies such as Razorpay, Stripe, Pine Labs, Mswipe, 1Pay, and Innovati that received their respective payment aggregator license.

“RBI regulation definitely brings in more trust towards the digital payment ecosystem and allows players like us to innovate, so as to strengthen and accelerate the growth of digital payments in the country. Our focus is on creating secure, cutting-edge and easy-to-use payment solutions that are more accessible to SMEs,” said Rohit Prasad, MD and CEO of Easebuzz.

Robo advisory Jarvis enters UAE market, raises funds

Mumbai-based robo advisory platform Jarvis Invest, on Thursday, said it has raised $600,000 from a leading family office in UAE, marking its entry into the region. The funds will be used to build new products which will be accessible to the global market, set up office in Dubai, and business expansion.

The AI-based advisory will operate under AI Innovation License by Dubai International Finance Center (DIFC) and is in process of applying for the fund manager’s license by the Dubai Financial Services Authority. 

It will be launching a B2B product—White label Jarvis— for banks and wealth managers as early as November 2022. The product will be used by banks and wealth managers for advisory towards their customers in local markets like UAE. This will be followed by its launch in the US and the Middle East market. 

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Amagi announces over 100% revenue growth in Q1 FY23

SaaS mediatech startup Amagi has announced over 100% revenue growth Y-O-Y for the quarter ending June 2022 (Q1), at the back of a surge in demand for connected TV devices. 

The Bengaluru-based unicorn startup helps media companies create, distribute and monetise streamed content. Demand for its services is rising as consumers worldwide binge on movies and TV shows, with the pandemic providing an added boost. The startup’s clients include NBCUniversal, CBS, USA Today and Japan’s Rakuten Group Inc.

In Q1, the firm won new clients, including Cox Media Group and Banjiay Rights, entered new regions (South Korea and Australia) besides seeing demand for its products in the U.S., leading to an increase in the sales.