Startup news and updates: Daily roundup (August 30, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Friday, August 30, 2024.
Funding news
35North India Discovery Fund-II (IDF-II) invests in Nukleus
SEBI accredited venture capital firm 35North’s India Discovery Fund-II has invested an undisclosed amount into co-working and managed office spaces startup, Nukleus Office Solutions.
India Discovery Fund-II is an early stage growth fund who portfolio includes a range of companies across various sectors like Global Care, Cloud Tailor, Stupa Analytics, and Big Bang Boom Solutions.
“We are extremely thrilled to have a SEBI accredited VC Firm, 35North's investing with us and backing us on our mission to create personalized workspaces for everyone. We look forward to even more exciting times ahead and thank the firm for being a Partner for Nukleus in its growth journey,” Nipun Gupta, founder of Nukleus said.
PayU partners with Mastercard to launch new solutions on Subscription Multiplier
Financial services provider PayU on Friday launched new solutions on Subscription Multiplier with cross border support and cross-border Issuer Authentication Solution at the Global Fintech Festival 2024.
The company will initially launch these solutions with Mastercard and later extend these offerings to other major networks.
PayU said that these solutions aim to secure and streamline international transactions.
“At PayU, we are dedicated to removing barriers in global payments through continuous innovation and a strong focus on customer centricity. Our subscription multiplier and cross-border issuer authentication solutions are thoughtfully designed with the needs of the payments’ ecosystem in mind, providing essential tools for success in the global marketplace. By prioritizing security and convenience, we ensure that our solutions not only drive industry advancements but also deliver exceptional value and experience to our customers,” said Manas Mishra, Chief Product Officer at PayU.
BiUP Technologies bags pre-Series A investment from CarDekho Group's Girnar Vision Fund
AI-led immersive tech SaaS company BiUP Technologies has entered into a partnership with CarDekho Group through its investment arm, Girnar Vision Fund (GVF) through a pre-Series A funding.
The investment is expected to boost the company's technology and help its expansion into both Indian and global markets such as Southeast Asia, the Middle East, and the US.
GVF was launched by CarDekho Group in late 2023 and focuses on new-age technology companies across sectors such as fintech, autotech, and insurtech.
“Our focus is on developing world-class AI-driven products that not only address current enterprise challenges but also anticipate future needs. This collaboration empowers us to expand our global footprint across North America, Europe, Southeast Asia, and the Middle East, while deepening our understanding of the automotive sector and customer behaviour,” said Prashant Sinha, Co-founder and CEO of BiUP Technologies
Other news
NPCI, IRCTC, CoRover launch conversational voice payment for UPI
NPCI, IRCTC, and conversational AI platform CoRover unveiled conversational voice payment for Unified Payments Interface (UPI) at the Global Fintech Fest.
The feature will allow customers to complete transactions by using their voice or typing in their UPI ID or mobile number which the system will automatically process and initiate payment requests.
It also provides customers the option to update their mobile number or UPI ID within the transaction time limit.
“What's the natural way to interact? The natural way is that we see and talk, so why should technology not talk? In this pursuit, with the help of NPCI and IRCTC, you will now be able to talk to Disha and ask her to get your ticket booked, including payment. It is just a start; you will see everything, even hardware products talking,” said Ankush Sabharwal, CoRover.ai’s Founder and CEO.
Twid launches reward mandates to integrate rewards into recurring transactions
Rewards-based payment network Twid on Friday launched Reward Mandates that integrates rewards into recurring transactions.
The solution, introduced under the NPCI Partner Program, is expected to enhance the efficiency and appeal of subscription payment setups across a range of services.
Twid’s Reward Mandates will ensure that payments continue to be processed with customers earning points even on transactions where the reward points balance is low or depleted.
Customers can also benefit from cashback in reward points for future payments and is applicable on all auto-pay setups such as payment for OTT platforms, newspaper subscriptions and utility bills.
Reward Mandates are also projected to reduce the churn rate of subscription payments by 15-20%, as customers are less likely to pause or cancel their mandates when they receive ongoing rewards, the company said.
“There is no sustainable funding method for offers tied to subscriptions, as they involve multiple transactions and rely on user loyalty. Our Rewards Mandates address this issue by offering higher conversion and the lowest churn,” said Vaibhav Srivastava, Senior VP-Products at Twid.
Mswipe launches B2B Bharat BillPay System at the Global Fintech Fest 2024
Mswipe on Friday said that it will participate as an operating unit for the Bharat Bill Payment System (BBPS) of the NPCI Bharat BillPay Ltd (NBBL) platform.
The new platform will allow businesses to present invoices and collect payments directly from other players via their ERPs or Mswipe’s BBPS platform. It will also enable buyers to make payments via cards, UPI, or net banking, based on their preference.
“We are thrilled to bring the Bharat BillPay system, a NBBL product, to merchants across the country. This integration is a significant step towards simplifying financial operations for small and medium businesses, giving them the tools they need to manage their receivables and payables more effectively,” said Co-founder and CEO Ketan Patel.
LoanTap,South Indian Bank partner for retail loans
Fintech startup LoanTap has partnered with Thrissur-based private sector bank, South Indian Bank, for retail loan offerings.
The partnership is expected to benefit a broad base of customers across India by bridging the gap between traditional banking and modern fintech solutions.
“We are excited about this alliance and expect it to enhance customer satisfaction while broadening access to retail loan products across the country. LoanTap’s tech-driven approach will complement South Indian Bank’s vision of providing innovative, customer-centric financial solutions,” said Ameet Venkeshwar, CBO of LoanTap.
(This article will be updated with the latest news throughout the day.)
Edited by Megha Reddy
