Startup news and updates: daily roundup (January 31, 2023)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, January 31, 2023.

Ayshwaria Lakshmi

Trisha Medhi

Startup news and updates: daily roundup (January 31, 2023)

Tuesday January 31, 2023,

4 min Read

IDFC First Bank, ToneTag partner to launch CBDC Payments

IDFC FIRST Bank has partnered with Tonetag, a global proximity and voice tech solution provider, to enable acceptance of the digital rupee at Merchant outlets.

This partnership comes at the back of a pilot programme launched by the Reserve Bank of India (RBI), which recently announced the launch of Central Bank Digital Currency (CBDC) for retail users. 


The initiative is in the first phase of its implementation with four banks, including IDFC FIRST Bank. The currency is issued in the same denominations and distributed through financial intermediaries, and users can transact through a digital wallet offered by the participating banks.

Madhivanan Balkrishnan, COO of IDFC FIRST Bank said, “Digitization of cash payments is one more step in making transactions easier for our customers. As a bank that firmly believes in the ‘Customer First’ approach, this initiative aligns well with the same.”

Government E-Marketplaces catching up with Amazon, Flipkart: Economic Survey 2022-23 launches ACH payment gateway has launched a first-of-its-kind Automated Clearing House (ACH) payment gateway as a financial alternative to credit cards, debit cards, net banking, and UPI payment options for ecommerce consumers.

With this new payment method, consumers can now opt to split their ecommerce payments into easy instalments right at the point of checkout without using their credit cards.


Karthik Thenkarai, Chief Business Officer at, said, “This technology service has been launched in liaison with a few select banks in India. Banks will offer the ‘Pay by ACH’ option to all their ecommerce and other corporate customers who can extend it to their consumers. These banks will provide the underlying credit and the instalment options, while will become the backbone, providing them with the necessary technology.”

Startups created over 9 lakh jobs in 2022: Economic Survey 2022-23

LenDenClub Alpha's startup support programme launches first cohort of fintech startups

LenDenClub Alpha, the corporate venture capital (CVC) arm of LenDenClub, announced its first cohort of its Bharat FinTech Programme.

Launched last quarter, the programme, in association with Startup Reseau, aims to foster innovation, encourage, and support fintech startups in semi-urban and rural India. From over 150 applications received for joining the incubation programme, six fintech startups across India were selected.


The fintech startups incubated through the programme span different areas, including multi-asset investment, alternate investment, digital banking services, P2P aggregators, and AI-led investment advisors.

The selected fintech startups will receive specialised mentorship in verticals such as tech and product upgradation, driving customer acquisition, innovation audits, go-to-market, and industry connections from LenDenClub Alpha.  

India's EV, clean energy sectors need mineral policies to address supply chain issues: Economic Survey

Turno makes new leadership appointment

Commercial EV marketplace Turno added several senior leadership appointments, including Anita Devraj Mookherjee (Head of Brand),  Varun Nair (Head of Growth), Kranthi C (Head of Business), and Karthik Ganesh (Head of Battery).


"We are excited to have some of the best leaders in the industry who are dedicated to making EVs truly ubiquitous in India," said Hemanth Aluru, Co-founder of Turno. "Under their leadership, we are confident that Turno will become a desirable workplace for creative talent across functions."


Sudhindra Reddy, Co-founder of Turno, said, “We believe that the leadership of Anita, Varun, Kranthi, and Karthik will lead Turno and EV adoption in India to great success. These individuals are highly visionary and skilled and have chosen to lend their expertise and make Turno their workplace.”

Capital expenditure target of Rs 7.5 lakh Cr for FY23 to be met: Economic Survey

Barry M joins forces with Myntra

Barry M, UK's leading colour cosmetics brand, has forayed into India through its association with Myntra and Progressive Lifestyles, giving Indian customers access to the brand’s on-trend, high-quality, and vegan cosmetic range.


Starting at Rs 500, Barry M will launch some of its most sought-after products, including on-trend make-up such as eye-brow essentials, clickable eye shadows, high vis neon, metallic eyeliners, dazzle dust, lip plumpers, lip paints, lip rehab mask, contour, lip and cheek tints, glitters, and fixers.

Edited by Suman Singh