Startup news and updates: daily roundup (September 2, 2022)
YourStory presents daily news roundups from the Indian startup ecosystem and beyond. Here's the roundup for Friday, September 2, 2022.
Insurance hiring up by 87% over one year: Naukri JobSpeak Index
While getting jobs has been a challenge for some areas, hiring in the insurance sector was up by 87% year-on-year (Y-o-Y) as of August 2022. The travel and hospitality sector came second at 56%, followed by BFSI at 43% growth, according to a report by Naukri JobSpeak.
The report also claims that hiring activity remained stable with 6% y-o-y growth. Pharma and biotechnology sectors recorded a 3% decline, while hiring in IT and software services fell by 10%.
Fintech firmclaims to have recorded Rs 5.4 billion in revenue in FY2021-22, with growth and its contribution margin rising to Rs 1.45 billion.
GITAM students’ win at Smart India Hackathon 2022
Students of Gandhi Institute of Technology and Management (GITAM) created a water recycling system for Indian kitchen sinks, which led them to win the Smart India Hackathon, Hardware Edition, held in Tamil Nadu.
Working on Project Hydrogravitricity, the team won Rs 1 lakh for their innovation, among five other teams—from different parts of India—competing in the same category.
"As part of the core technical team in the IEEE student branch of GITAM in 2019, they were required to make a group project innovatively related to water conservation. Coincidentally, the water crisis in Chennai was at its peak, with an extreme shortage of water for daily use. That became the key catalysing event for the team to embark on the project of recycling water draining out of kitchen sinks after dishwashing. It took the students 2.5 years to take the concept to the prototype stage through multiple designs and iterations,” said Vikas Kumar Srivastav, the team's coach, in a release shared by GITAM.
(This article will be updated with the latest news throughout the day)
Edited by Kanishk Singh