Startup news and updates: daily roundup (October 27, 2022)

Shiprocket goes live on ONDC

Shipping and logistics solution provider Shiprocket announced that it has gone live on Open Network For Digital Commerce (ONDC). The first successful transaction was fulfilled on October 22.

Shiprocket is the first inter-city logistics provider to plug into the ONDC network. The development expands ONDC’s footprint from hyperlocal logistics to inter-city shipping across India, enabling products to be picked up and delivered from all corners of India.

“ONDC’s mission is to enable an inclusive ecommerce ecosystem for all of India where a business in a small village in a remote corner of India can have the confidence and the opportunity to sell their products to customers anywhere in the country. With Shiprocket and ONDC working in tandem, this is now a reality,” ONDC CEO T Koshy said in a media statement.

ONDC and Shiprocket are also working to enable warehousing-as-a-service on ONDC. This will allow small and medium businesses to provide same-day shipping services to their customers.

SUGAR Cosmetics appoints Amit Aggarwal as new CFO

Premium beauty brand SUGAR Cosmetics has announced the appointment of Amit Aggarwal as its Chief Financial Officer (CFO). He will oversee the firm’s financial operations including financial planning and analysis, reporting, taxation, risk management and treasury operations.

Prior to joining SUGAR, Amit was leading the finance team at Marico Limited as their Head of Finance - India Business. With over two decades of experience, he has been associated with large multinational companies such as Nestle India and Price Waterhouse Cooper.

“His (Amit) vast experience and ability in handling financial decisions will help us grow responsibly towards our goal of an eventual IPO. We look forward to him working closely with our numerous business units to implement the company's vision of balancing aggressive expansion with an eye on profitability,” SUGAR Cosmetics Co-founder and CEO Vineeta Singh,” said in a media statement.

Cashfree Payments launches lending solution to help NBFCs, LSPs

Payment and API banking solutions firm Cashfree Payments rolled out its disbursement and collections solution for lending to enable Non-Banking Financial Companies (NBFCs) and Loan Service Providers (LSPs) to comply with RBI’s new Digital Lending guidelines.

The company said it will facilitate both digital lending and co-lending use cases through its solution.

“The digital lending and co-lending segments in India have grown very rapidly driven by the high fintech adoption in the country. With the exponential growth, there is a strong need to enable compliant and scalable solutions for loan disbursals, loan repayment, KYC verification among other things,” Cashfree Payments Co-founder and CEO Akash Sinha, said in a media statement.

(This article will be updated with the latest news throughout the day.)