Startup news and updates: daily roundup (July 20, 2022)
YourStory presents a daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, July 20, 2022.
Edtech startup Skillslash targets $10-$15 million in revenues by FY23-end
AI-based online learning platformsaid on Wednesday it is targeting a turnover of $10-$15 million by the end of FY 2022-23.
The startup added that it would continue to invest heavily in bolstering its tech offering.
Founded by Rahul Kashyap and Krishna Kumar, Skillslash focuses on training professionals using live projects and work experience to help them secure employment in MNCs and firms.
D2C startup FableStreet launches new house-of-brands entity, FS Life
D2C western wear brandsaid it has transitioned from a single brand into a house of brands under the umbrella FS Life to focus on the lifestyle space.
Under FS Life, two new brands—Mikoto, a jewellery brand, and Marigold, a modern Indian wear brand were launched.
The company said all brands will continue to operate on their own D2C channels, and also be available on marketplaces.
RBI approves Cashfree Payments' cross-border payments product
said the Reserve Bank of India has approved its cross-border payments product which will enable Indian fintechs to offer shares, ETFs, and other assets listed on foreign exchanges via UPI/net banking.
"We are delighted to have successfully completed the test phase of RBI’s second cohort under the regulatory sandbox on cross-border payments... Our cross-border payments platform intends to make investing in foreign stocks a lot simpler and convenient, allowing retail investors to make payments via local payment methods," said Reeju Datta, Co-founder of Cashfree Payments.
The payment and API banking solutions startup said it is working with multiple Indian fintech firms to offer cross-border investing for as little as Rs 1,000.
The RBI on Tuesday released a list of four companies that have completed the 'test phase' of their products in the second cohort under the cross-border payments regulatory sandbox. The four companies are Cashfree, Fairex Solutions, Nearby Technologies, and Open Financial Tech.
Gupshup hires Krishna Tammana as CTO
Global conversational platformsays it has hired Krishna Tammana as its chief technology officer, to lead tech strategy, engineering and integration for the startup.
Krishna brings with him two decades of experience. Previously, he was CTO at Talend, a data integration and management company. He has also worked with Splunk, E*Trade, and Sybase.
"We are on the cusp of another fundamental shift in how the world leverages mobile technology. Gupshup is uniquely positioned to help many more brands reach and engage with a much broader customer base more effectively," said Krishna in a press release.
Accenture opens Advanced Technology Center in Coimbatore
IT giant Accenture said it has opened a new advanced tech centre in Coimbatore, Tamil Nadu, to focus on building and delivering "transformative technology services" for global clients.
"We are committed to expanding our presence to Tier II cities and Coimbatore is a preferred choice as the city is home to some of India's leading educational institutions and has emerged as a critical talent hub for technology professionals," said Mahesh Zurale, senior managing director, lead – Advanced Technology Centers in India, Accenture.
Mahesh added that Accenture is recruiting people who have deep skills in platforms, cloud, data, AI, and the metaverse.
E-mobility startup Motovolt partners with CSC Grameen E-Store to make e-cycles available in remote villages
, an electric mobility venture, said it is collaborating with CSC Grameen E-store to provide its range of e-cycles available to people in the remotest villages of India.
CSC said it will take the initiative for promoting rural e-mobility to ensure that "students, small vendors, farmers and women enhance their business, economic and social activities."
To access the e-cycles, people can visit their nearest common service centre (CSC) and place an order.
"Our e-cycles are zero-emission, cost significantly less to own and operate more efficiently than an electric 2-wheeler, and can be safely used without the need for registration or driving license etc," said Tushar Choudhary, Founder of Motovolt.
LoanTap inks deal with Muthoot Finance
Digital lending startupsaid it will collaborate with Muthoot Finance to help the latter onboard more millennials using its tech and sourcing strength.
"Through this partnership, we will be able to service more customers especially the millennial crowd through LoanTap's quick and simple platform and offer hassle-free personal loans to them," said SG Mahesh, Business Head of Unsecured Loans at Muthoot Finance.
Oxane Partners set up new Hyderabad office; to hire 500+ in the next two years
Fintech solutions providersaid on Wednesday it will launch a new office in the HITEC city of Hyderabad-its fourth office location-and hire around 100 professionals this year.
Over the next two years, it wants to hire 500+ people in its offices, across the intersection of finance and technology.
The company has more than doubled its workforce to over 250+ professionals since the pandemic started, it said. In the first half of 2022, it hired 88 people.
"The firm is looking to add professionals with analytical thinking, financial expertise, business analysis, and technology skillsets to its existing team."
Founded in 2013 by former Deutsche Bank executives, Oxane Partners provides tech-driven solutions to help banks and investment firms analyse and manage their investments.
(This story will be updated with the latest news throughout the day.)
Edited by Saheli Sen Gupta