Ready for TechSparks, Mumbai? Streamlining loan disbursals for banks

Hello,

TechSparks is back in Mumbai!

Over the next two days, India’s most influential startup-tech summit will host conversations with startup founders, investors, and industry stakeholders on what’s shaping ‘The Great Indian Techade’.

Meanwhile, Mukesh Ambani-owned Reliance Industries and entertainment conglomerate The Walt Disney Company have agreed to form a joint venture.

As part of the transaction, which is estimated to be valued at about $8.5 billion on a post-money basis, the media undertaking of Viacom18 will be merged into Star India Private Limited through a court-approved scheme of arrangement, the companies said in a statement.

Speaking of mergers and acquisitions, Bengaluru-based news aggregator platform DailyHunt is in talks to acquire homegrown social media platform Koo. The deal is reportedly expected to materialise in the next few weeks. 

In other news, Thrasio, the US startup that raised billions of dollars and popularised the concept of ecommerce aggregation, has filed for Chapter 11 bankruptcy protection to cut its losses as it deals with a mountain of debt.

Lastly, in 46 BC, Roman emperor Julius Caesar had a tough task at hand—to fix the hopelessly disorganised Roman calendar. 

Here’s a deep dive into the origins of the modern calendar and why we have a Leap Day. 

In today’s newsletter, we will talk about 

• What to expect on Day 1 of TechSparks
• Streamlining loan disbursals for banks
• South Indian snacks for global audience

Here’s your trivia for today: In which European capital city would you find the landmark known as the Spanish Steps?

TechSparks

What to expect on Day 1 of TechSparks

India is in the midst of ‘The Great Indian Techade’ of growth fuelled by the determination and entrepreneurial spirit of India’s startup ecosystem, the government’s vision to see India become a Viksit Bharat by 2047, and a tech-led approach.

YourStory is on a mission to bring entrepreneurial conversations to the table with the flagship event TechSparks—back in Mumbai with panel discussions and fireside chats on what's happening in sectors including banking, insurance, and fintech, and how emerging technologies like AI and electric vehicles will shape the future.

Line-up:

• Fortune India 500 leader and FMCG guru Harsh Mariwala, Chairman of Marico Limited, will spill the secrets of building a 36-year-old company.  
• Ronnie Screwvala—Chairperson and Co-founder of upGrad—will discuss the leadership lessons needed to sail through chaotic times as the edtech sector adjusts to a hybrid reality.
• Akanksh Gupta, Co-founder and CEO of EV fleet platform Zypp Electric, will discuss the startup’s rapid expansion plans, logistics and delivery partnerships.

Funding Alert

Startup: Kushal’s

Amount: Rs 284 Cr

Round: Series B

Startup: Digantara

Amount: $2M

Round: Series A

Startup

Streamlining loan disbursals for banks

Chennai-based software firm Cloudbankin believes it can address the challenge of obtaining a loan through its lending software that facilitates unsecured loan approvals in less than ten minutes. The software supports both secured and unsecured loans for individuals and businesses.

“Through integrated APIs, the entire process is automated using credit bureaus and financial analysis, enabling an easier onboarding experience," says Mani Parthasarathy, Co-founder and CEO of Cloudbankin.

Financial solution:

• Cloudbankin’s AI-powered low-code platform is an end-to-end cloud-based loan software that offers customisable workflows and solutions for various tools in financial products, including savings, loans, and deposits.
• API connections on its platform facilitate communication between different software applications, allowing them to interact and exchange information.
• Currently, the firm has a customer base of over 50 financial institutions, including banks, NBFCs, and fintech firms across India, the US, the UK, Sri Lanka, and the Philippines.

Food

South Indian snacks for global audience

Oorla, a sweets and savoury brand from Coimbatore, was founded in 2021 with the idea of bringing regional South Indian delicacies to a global market. 

Going global: 

• Oorla sets itself apart by specialising in Andhra, Telugu, and Tamil cuisine. Unlike competitors who primarily target the South Indian snacks and savouries market, Oorla aims to source products from other parts of India.
• The brand has so far partnered with more than 30 vendors for its products. To maintain quality standards, the company tests its products at a lab in Coimbatore. 
• Oorla has dispatched over 50,000 orders so far.  The company says it will likely close FY24 with a revenue of Rs 14 crore and that it has been profitable since the beginning. 

News & updates

• Fixing bias: Google is working to fix its Gemini AI tool, CEO Sundar Pichai told employees in a note, saying some of the text and image responses generated by the model were "biased" and "completely unacceptable". 
• New heights: Bitcoin continued its surge on Wednesday, shooting above $60,000 for the first time since November 2021. The price of the flagship cryptocurrency was last higher by 6% at $60,688.00, according to Coin Metrics. 
• End of a dream: Apple Inc is cancelling a decade-long effort to build an electric car, Bloomberg reports. Apple made the disclosure internally, surprising the nearly 2,000 employees working on the project. 

In which European capital city would you find the landmark known as the Spanish Steps?

Answer: Rome. 

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