Startup

Startup Digest: Top startup stories of the day

Updated : July 22, 2020 11:39 PM IST

A closer look at today's start up news and everything you need to know.

#1. NPCI introduces UPI AutoPay facility for recurring payment

National Payment Corporation of India (NPCI) launched the functionality of UPI AutoPay for recurring payments. With this new facility introduced under UPI 2.0, customers can now enable recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds and loan payments, paying for transit/metro payments among others of up to Rs 2,000. If the amount exceeds Rs 2,000, customers have to execute every mandate with UPI PIN.

#2. Omidyar India Fund for MSMEs and migrant workers

Omidyar Network India launched ReSolve Initiative to create a portfolio of ‘lighthouse investments’ in solutions built to empower the MSME sector & support migrant workers. The preferred range of funding will be between $500,000 to $2 million per project.

The initiative is a response to the new challenges the pandemic and the consequent economic impact has created for Omidyar Network India’s focus segment, the "Next Half Billion" (NHB) – those in the lower 60 percent of India’s income distribution. Under this initiative, Omidyar Network India is keen to work in partnership with other funders and support coalitions that work on solutions.

#3. Netflix testing Rs 349 Mobile+ plan in India

Video streaming service Netflix is testing a new mobile+ plan in India. The plan is currently under testing and is priced at Rs 349. The new affordable plan comes with an option to stream in high-definition (HD) but is priced lower than the most-affordable standard-definition (SD) plan at Rs 499.

The Rs 349 plan lets users stream content in HD on a single device at a time. Unlike the mobile-only plan, users can choose to watch videos on their mobile, tablet or a personal computer with the mobile+ subscription. The mobile-only plan costs Rs 199 per month and can be used to stream content in SD on a smartphone or tablet at a time.

#4. PineLabs invests in Southeast Asian fintech startup Fave

Southeast Asian fintech platform Fave gets strategic investment from digital payments and merchant commerce platform, Pine Labs. The partnership will see Fave's QR code become interoperable and integrated with Pine Lab's terminals, enabling a single and seamless platform for digital payments and loyalty solutions in Southeast Asia.

This is an important partnership for the Noida-based company which has been looking for fresh opportunities abroad. While the arrangement will help Pine Labs strengthen its presence in Southeast Asia, it will also enable Fave's entry into card payments.

#5. Airbnb launches enhanced cleaning protocol in India to boost domestic tourism

Airbnb launched its Enhanced Cleaning Protocol for its local hosts in the country. The initiative is one of the first overarching standardised protocols for cleaning and sanitisation for home stays in the country, and is aimed at providing guidance to hosts offering small-scale accommodations. These practices have also been reviewed by the Indian Medical Association

These industry-first guidelines include a step-by-step cleaning handbook designed for everyday hosts. Hosts who attest to follow the program will receive a special badge on their listing, making it easy for guests to identify and book listings that follow the home stay industry’s most robust set of cleaning standards.

#6. Facebook Inc placed a "voting info" disclaimer on US President Donald Trump's post

Facebook Inc on Tuesday placed a "voting info" disclaimer on US President Donald Trump's post on mail-in voting. "Mail-In Voting, unless changed by the courts, will lead to the most CORRUPT ELECTION in our Nation's History! #RIGGEDELECTION," Trump wrote in the post. The disclaimer by Facebook on the post redirects users to details from a US government website on how to vote in the 2020 elections.

#7. TikTok former CEO Alex Zhu has been tasked with finding new companies for the parent company ByteDance

TikTok former CEO Alex Zhu has been tasked with finding new companies for the parent company ByteDance to invest in. Zhu co-founded Musical.ly app that ByteDance acquired for up to $1 billion and re-branded as TikTok.

TikTok has been trying to distance itself from ByteDance as Chinese companies face increasing levels of scrutiny from various nations. Earlier, TikTok was banned in India at the end of June and pulled out of Hong Kong earlier this month after Beijing imposed a sweeping new security law that gave police more powers in the region.

#8. Best CEOs for Diversity: Satya Nadella tops the list; Sundar Pichai in top 10

Comparably, the US-based company that reviews workplaces for both employees and employers, has compiled its annual Best CEOs for Diversity list. The list includes the chiefs of large firms who, according to Comparably, create an inclusive culture at work without regard to race, colour or gender of employees.

While Microsoft CEO Satya Nadella tops the list, Alphabet CEO, Sundar Pichai makes it on the third number. In other news, Bengaluru-based startup, IDSign, a new-age Verifiable Digital ID and Signing platform, announced the formal launch of its brand and its novel and India's first-ever mobile- based application. While logistic marketplace LetsTransport claims to have hit pre-COVID bookings level and witnessed 50 percent growth spurt in demand.

Startup Digest: Top startup stories of the day

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