Startup news and daily updates: Daily roundup (December 1, 2023)

YourStory presents daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Friday, December 1, 2023.

Startup news and daily updates: Daily roundup (December 1, 2023)

Friday December 01, 2023,

2 min Read

L&T Technology Services collaborates with NASSCOM to boost GenAI startups

Global digital engineering and R&D services firm L&T Technology Services Ltd is collaborating with NASSCOMGenAI Foundry initiative to stimulate the growth of generative AI in India.

GenAI startups in the country have raised over $475 million in funding from 2021 till May 2023, showcasing the sector's rapid expansion and potential, says a report by NASSCOM.

In response to this trend, L&T Technology Services aims to nurture the continued growth of generative AI by offering resources and expertise to a select group of startups to bring their innovative concepts into execution. Out of the 26 startups chosen for this initiative, L&T Technology Services will actively engage with many through an ongoing collaborative process.

The selected startups will be given mentoring and help with product development and innovation roadmaps. They will also be provided with proof of concepts that align with the company’s technology and innovation trajectory. L&T Technology Services will also host bootcamps and knowledge-sharing workshops to enhance their domain expertise.

ICICI Bank introduces UPI payments via RuPay credit cards

ICICI Bankhas integrated its RuPay credit cards with UPI transactions to enhance payment convenience for its customers.

This integration allows ICICI Bank customers to seamlessly link their RuPay credit cards to UPI, facilitating both online person-to-merchant transactions, such as shopping and utility bill payments, and offline transactions, including POS (point of sale) machine payments. Customers can also earn reward points on their spending.

“This partnership is a significant step taken by the bank to offer improved convenience to customers on digital payments. The integration of RuPay credit cards with UPI provides customers with better financial liquidity by giving them interest-free credit for up to 50 days," said Bijith Bhaskar, Head – Cards, ICICI Bank. 

The bank has collaborated with National Payments Corporation of India to enable UPI transactions on its RuPay credit cards. The customers can link ICICI Bank Coral RuPay Credit Card, ICICI Bank HPCL Super Saver RuPay Credit Card, and ICICI Bank Rubyx RuPay Credit Card to UPI. They can scan the merchant QR code and make the payment from their RuPay credit cards using any UPI payment app, including iMobile Pay.