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    Startup Digest: Go Digit Insurance files DHRP for IPO, Razorpay acquires PoS player Ezetap & Losses from crypto hacks surge 60%

    Startup Digest: Go Digit Insurance files DHRP for IPO, Razorpay acquires PoS player Ezetap & Losses from crypto hacks surge 60%

    Startup Digest: Go Digit Insurance files DHRP for IPO, Razorpay acquires PoS player Ezetap & Losses from crypto hacks surge 60%
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    By Aishwarya Anand   IST (Published)

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    Startup Digest brings you a quick wrap of all the news that matters.

    Here are the top headlines from the startup space.
    Go Digit Insurance files DHRP for IPO
    Go Digit Insurance, backed by Canada’s Fairfax, Indian cricketer Virat Kohli and actor Anushka Sharma, has filed its draft red herring prospectus (DRHP) to raise around Rs 5,000 crore through an initial public offering (IPO).
    The IPO will have to have both fresh issuances of equity and offers for sale (OFS). Companies use OFS to meet the needs of additional capital, In OFS, a buyer has to provide a bid to acquire the shares. The company sets a ‘floor price.’ Buyers cannot bid at a price below the floor price.
    A fresh equity of Rs 1,250 crore will be issued by Go Digit Insurance, while the offer-for-sale will be worth Rs 3,750 crore, sources told CNBCTV18. The company will issue 15 percent equity via its IPO. The value of the Go Digit Insurance IPO is likely to be Rs 30,000-35,000 crore.
    Byju’s stares at tax issues as Deloitte delays audit nod: Report
    A delay in signing the fiscal 2021 financial statement of edtech giant Byju’s by its auditor Deloitte has led to compliance issues for the startup, Economic Times reported.
    In the absence of an audited financial statement, the company, one of India’s most valuable startups, filed its income tax returns after roping in a Chennai-based audit firm, Suri & Co, under a special provision
    As per the ET report, the firm could be sitting on a consolidated loss of Rs 2,400 crores.
    Meanwhile, an IANS report states that the audited financial statements of the edtech major will be made public ‘within a week’. Earlier, the edtech major set Independence Day 2022 as the day to release the financial statements for the last fiscal.
    IANS cited sources stating that BYJU’S is ready to make its much-awaited 2020-21 financial statements public after months of discussions with the auditor Deloitte. According to the report, BYJU’S has completed ‘due diligence’ and filed the financial results.
    Razorpay acquires PoS player Ezetap: Report
    Digital payments and neobanking platform Razorpay has acquired point-of-sale (POS) machines provider Ezetap, making its offline foray. As per an Entrackr report, Razorpay bought an 80 percent stake in Ezetap.
    As of June 2021, Ezetap was valued at a post-money valuation of $145 million, and so, for an 80 percent stake, Razorpay would likely have paid close to $120 million, the report said.
    Ezetap caters to several large enterprises in India including BigBasket, Reliance, Indian Oil Corporation and Bharti Airtel.
    Ola Electric plans to start producing electric cars in 2024
    Ola Electric plans to start producing electric cars in India in 2024 with a range of up to 500 km (310 miles), Chief Executive Bhavish Aggarwal said.
    Ola, which is backed by Japan's Softbank Group (9984.T) and currently makes e-scooters, did not give an investment figure or production target.
    Aggarwal said that while companies such as Tesla are leading the way in building electric vehicles more suited for Western markets, India can lead in the area of small cars, scooters and motorbikes for which global demand is higher.
    Ola's electric car with the most advanced features would go from 0 to 100 km per hour (62 miles per hour) in four seconds. The company was setting up an electric vehicle ecosystem, aiming to produce cars, two wheelers and batteries all at a single plant in the state of Tamil Nadu, he said.
    eBay launches Global Xpansion Program for Indian businesses
    E-commerce firm eBay has launched the Global Xpansion Program (GXP) exclusively for Indian brands, aggregators and manufacturers, which will provide Indian brands support in scaling their business beyond borders.
    “The GXP aims to provide a plethora of opportunities and benefits to India’s brands, aggregators, and manufacturers in scaling their business to over 190 countries on the eBay platform. Through GXP, we will continue to play the role of an enabler that is simplifying and making e-commerce exports accessible to businesses of all sizes,” said Pavan Ponnappa, Head - Categories, Acquisition & Marketing (India - Cross Border Trade).
    As per the company, some benefits of Global Xpansion Program include access to detailed market insights and demand-based inventory planning, year-round seller programs, Integrated global shipping services and prioritized seller support, training, and education.
    Skye Air partners with Flipkart Health to deliver medicines in Kolkata
    Drone delivery firm, Skye Air Mobility, has partnered with Flipkart Health, a pharma business division of Flipkart Internet, to deliver medicines by drone.
    The collaboration kicked off with the launch of BVLOS flights from Flipkart Health warehouse in Baruipur, West Bengal to multiple Health Buddy OTC locations within Kolkata and Suburbs, a statement said.
    This initiative will witness up to 20 flights every day, each carrying a payload up to 5 kg of medicines to be delivered from the Warehouse to 10 Health Buddy OTC locations. The maximum distance to be covered by the flight will be 16 Kms aerial. The trials will continue till 8th September 2022, the firm added.
    T-Hub launches new cohort for semiconductor startups
    Technology incubator T-Hub launched the semiconductor cohort of the AIC T-Hub Foundation programme to foster innovation and entrepreneurship across the semiconductor sector startups.
    The programme will aid entrepreneurs to navigate the challenges of scaling the startup through expert-led workshops, specialised mentorship, market access, and investor and industry connections.
    "Indian engineers have contributed massively to the semiconductor sector while working with global companies. Therefore, we must aid them in setting up and scaling their design startups with solid support from the ecosystem," AMSR, chief executive officer (CEO) of T-Hub, said in a statement.
    "T-Hub and AIC, together with other ecosystem enablers through this programme, are trying to provide the semiconductor startups access to the right mentorship, funding channels, and networking opportunities," MSR added.
    This is a six-month-long hybrid cohort-based programme that will mentor 20 startups with potentially disruptive technologies that could reshape semiconductor supply chains in the future.
    Alstom partners with NSRCEL to launch Incubation Program for startups in sustainable mobility
    Alstom and NSRCEL, the startup hub at IIM Bangalore have partnered to implement the Sustainability Incubation Programme to support startups that demonstrate the potential to innovate and implement and create social, financial, and environmental impact.
    The programme will facilitate the development, scale-up, and market penetration of technology solutions that replace high-emitting, energy-hungry and non-recyclable incumbents, a statement said.
    It will foster startups in early revenue stages and will be selecting innovations in the areas of sustainable mobility, last-mile connectivity, sustainable logistics & supply chain, green buildings, consumption management, agriculture and farming equipment, upcycling & recycling, and waste management, it added.
    NXP Semiconductors offers scholarship for women engineers in India
    NXP Semiconductors India has announced the WOMEN IN TECH (WIT) programme aimed at offering 1-year training to 50 female students currently completing their B.E. / B.Tech. Electronics/ Computer Science 2nd semester and entering into 3rd semester from a college in India.
    As per the company, the one-year program aims to give female students the exposure and opportunities to make a difference in the semiconductor space. It will help female engineering students to develop skills and empower the future with their knowledge.
    This will be a hybrid programme encompassing theory, industry-relevant use cases and practical classes on SoC Architecture, Analog Design, Design Architecture, Verilog/System Verilog, Verification & Validation, RISC-V and DFT Basics. This program will be delivered in collaboration with FutureWiz, a reputed training institute for VLSI industry in India, it added.
    “We need women in the tech industry as diversity and innovation help businesses thrive. Having a sizeable representation of women across various roles also encourages other women to work in technology,” said Lars Reger, Chief Technology Officer, NXP Semiconductors.
    Curefoods partners with Shark Tank, Big Boss, FIFA Digital
    Cloud kitchen operator Curefoods has announced partnerships for its brands EatFit and CakeZone with various consumer-facing content platforms such as Shark Tank, Big Boss, and FIFA Digital. This announcement comes just after its recent partnership with ICC.
    With these new partnerships, Curefoods aims to release various ad campaigns, which will involve "deep" content integration across the partner brands, to spread the brand's ethos of "healthy and nutritious eating" to a larger set of audience, a statement said.
    “We are keen to leverage this opportunity to reach out to entrepreneurs and consumers in the food ecosystem, to show the world the immense opportunity that the food industry has and the positive change that it can bring in today’s world with the impact that food creates on us. With the upcoming festive season in India, I believe that these partnerships will also allow us to capitalise well on our products,” said Gokul Kandhi, Chief Business Officer, Curefoods.
    SBI opens its first branch for startups in Bengaluru
    Country's largest lender SBI has opened its first-ever startup branch in Bengaluru, which will be dedicated to fund and support early-stage entrepreneurs in setting up new companies till their listing on stock exchanges.
    State Bank of India while inaugurating the 'SBI StartUp Branch' at Koramangala, said the facility comes under a pact between the Karnataka government and SBI to further boost the state's startup ecosystem.
    The exclusive branch for startups will provide services such as loans, deposits, transaction banking, outward and inward remittances, payments, cash management, forex, insurance, custodial services, capital market and legal advisory, structuring, demat and trading.
    GLOBAL TECHNOLOGY & STARTUP NEWS
    Fidelity, BlackRock cut fintech giant Ant’s valuation further: Report
    Fintech giant Ant Group’s valuation was trimmed again by global investors who bought private shares ahead of its suspended initial public offering.
    As per Bloomberg News, Boston-based Fidelity Investments cut its estimate for Ant to $70 billion at the end of May, according to Bloomberg calculations based on filings. That’s down from $78 billion in June last year, and $235 billion just before Ant’s IPO was torpedoed by regulators in November 2020.
    BlackRock lowered the value to $151 billion as of March from $174 billion, while T. Rowe Price Group trimmed it to $112 billion as of May, compared with $189 billion last year.
    Tencent plans to divest Meituan stake worth $24Bn
    China's Tencent plans to sell all or a bulk of its $24 billion stake in food delivery firm Meituan to placate domestic regulators and monetise an eight-year-old investment, sources told Reuters.
    Tencent, which owns 17 percent of Meituan, has been engaging with financial advisers in recent months to work out how to execute a potentially large sale of its Meituan stake, said the sources.
    The planned sale comes against the backdrop of China's sweeping regulatory crackdown since late 2020 on technology heavyweights that took aim at their empire building via stake acquisitions and domestic concentration of market power.
    Losses from crypto hacks surged 60% to $1.9Bn from January to July, Chainalysis Report
    Losses arising from cryptocurrency hacks jumped nearly 60 percent in the first seven months of the year to $1.9 billion, propelled by a surge in funds stolen from decentralized finance (DeFi) protocols, according to a blog post from blockchain analysis firm Chainalysis released.
    In the same period last year, stolen funds from hacking amounted to $1.2 billion.
    Chainalysis noted that the trend is not likely to reverse any time soon, given the $190 million hacking of cross-chain bridge Nomad and $5 million hacking of several Solana wallets already in the first week of August.
    With respect to crypto scams, the blockchain intelligence firm saw a sharp 65 percent decline through July, in line with the slump in digital asset prices. Total scam revenue in the year to July was $1.6 billion, down 65 percent from around $4.46 billion in the same period last year.
    Judge orders Twitter to give Elon Musk former executive's documents
    Twitter needs to give Elon Musk documents from a former Twitter executive who Musk said was a key figure in calculating the amount of fake accounts on the platform, according to a court order.
    Bot and spam accounts on Twitter have become a central issue in the legal fight over whether Musk, who is Tesla’s chief executive, must complete his $44 billion acquisition of the social media company.
    Twitter was ordered to collect, review and produce documents from former General Manager of Consumer Product Kayvon Beykpour, according to the order from Chancellor Kathaleen McCormick of the Delaware Court of Chancery.
    McCormick said in her order that she was denying Musk's request for access to 21 other people with control over relevant information. Musk's legal team had written to McCormick last week asking her to order Twitter to hand over employee names so they could be questioned.
    EV maker Faraday Future to raise up to $600M in funding
    Faraday Future Intelligent Electric said that the electric-vehicle startup will raise up to $600 million in funding as it looks to deliver its FF 91 luxury car later this year.
    As per Reuters, the company will get an initial $52 million of funds as part of a new financing facility. Its cash balance was $52.2 million as of August 9.
    Chief Executive Carsten Breitfeld said Faraday Future's manufacturing facility in California was nearing completion and was testing the FF 91 electric vehicle.
    The electric-vehicle maker said it was in talks with investors in the United States and globally for a "significant additional near-term funding" as it looks to start deliveries in the third or fourth quarter.
    Apple sets Sept 5 deadline for employees to return to office: Report
    Apple has set a September 5 deadline for corporate employees to return to office at least three days a week, a Bloomberg News reported.
    The company, which told its employees of the new plan, will require employees to work from the office on Tuesdays, Thursdays and a regular third day that will be determined by individual teams, the report said.
    Apple joins several technology and finance companies that have begun mandating a return to office as COVID cases ease.
    Earlier in June, Tesla CEO Elon Musk has asked employees to return to the office or leave the company, according to an email sent to employees and seen by Reuters.
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