Pan-India Hotel Lobby Drags OYO To Competition Watchdog Media reports have surfaced claiming that Cathcart is looking to appraise officials of the Reserve Bank of India and the National Payments Corporation of India on steps taken by the company to meet data localisation norms for its planned payment service. The company hopes to solve WhatsApp’s legal and regulatory challenges in the country. Will Cathcart is currently managing WhatsApp globally and recently visited India.He also acknowledged India’s affinity for WhatsApp’s easy and simple user interface, NITI Aayog’s CEO Amitabh Kant said that Facebook-owned popular messaging app, WhatsApp has been very slow in fulfilling the regulatory commitments required for the launch of WhatsApp Payments in India.The government is afraid that the Facebook-owned messaging app might share Indian users’ data with Facebook and Instagram, which might put user’s non-commercial information at risk. Just a day after the announcement of WhatsApp Payments’ tentative launch later this year, the Indian government reportedly raised concerns about the users’ data privacy on WhatsApp Payments.Jio has asked its corporates to take appropriate measures to protect data.Ģ5th August, 2022 WhatsApp Troubles Continue In another development, Reliance Jio, emphasised on the requirement and a framework for data localisation to ensure cyberattacks are prevented. Under this plan, the company had claimed to bring together 350 Mn customer footfalls at Reliance Retail stores, 307 Mn Jio connectivity customers and 30 Mn small merchants all over India who provide the last-mile physical market connectivity. In 2018, Reliance had announced its foray into the ecommerce space with a hybrid online-offline model. The differentiated business model will provide a technology platform for millions of small merchants across India to strengthen and grow their business, the company added. Reliance Retail has started the pilot phase of its new commerce initiative, according to the company’s latest shareholder presentation. Reliance Retail Starts Pilot Project Ahead Of Ecommerce Launch The investing and operating teams will work very closely.” Managing partner of SoftBank Investment Advisers, Munish Varma reportedly said that, “while the operating team will focus on helping our portfolio companies grow globally, they will also be actively investing. Further, another media report has noted that the SoftBank Vision Fund is not looking for an early exit from Indian startups and is willing to wait for the right time for startups to go public. Japanese technology-focused mega-corpus, SoftBank Vision Fund, is reportedly looking to hire a dozen executives in its India operations team over the next few months, according to a media report. Important Indian Startup News Stories Of The Week SoftBank Vision Fund Expands Its Operations Team To Deepen India Focus

Here’s a look at the important Indian startup news stories of the week. The week was filled with interesting developments across WhatsApp, ecommerce and much more. The listing is expected to be on New York-headquartered stock exchange, NASDAQ. The Global Innovation Index 2019 ranks 129 economies based on 80 indicators, from traditional measurements like research and development investments and international patent and trademark applications to newer indicators including mobile-phone app creation and high-tech exports.Ĭhennai-based Software-as-a-Service unicorn Freshworks is reportedly working towards an initial public offering (IPO) as early as 2021. Last year India was ranked 57th, up from 81st in 2015. Released jointly by World Intellectual Property Organisation (WIPO), Cornell University, and INSEAD, the 12th edition of Global Innovation Index ranked India at 52nd position. The change includes a penalty of 200% on startups for not complying with the government’s conditions while availing angel tax exemption under Section 56 (2) (vii). The government has introduced an amendment to the Finance Bill passed by the Lok Sabha on July 18. The most recent addition to the rules includes a penalty of 200% on startups that don’t comply with angel tax requirements. The Sahamati framework addresses pain points and provides a digital platform for easy sharing and consumption of data between its partner entities, with user consent.Įarlier in the week, reports surfaced that the government is on a mission to ensure that only genuine startups are benefiting from the relaxation of angel tax rules, and if any startup fails in complying with the rules, it could be risking a severe angel tax penalty. Nilekani debuted Sahamati, a collective of account aggregator focussed on fintech data and addressing the friction in accessing this data.

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