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Indian B2B SaaS Startups Urged to Embrace Generative AI for Survival and Funding in 2024, Reveals Upekkhas SaaS Outlook 2023 Report

New Delhi: A recent report by SaaS accelerator fund Upekkha highlights the imperative for Indian Business-to-Business (B2B) Software-as-a-Service startups to integrate generative AI into their operations to stay relevant and secure funding in 2024. The report emphasizes the changing funding landscape, signaling a shift away from easy capital access and underlining the significance of product-market fit for early-stage startups. Thiyagarajan Maruthavanan, Managing Partner at Upekkha, warns that Series A investments may see a dip, with investors scrutinizing metrics and prioritizing product-market fit.

 

The report identifies the crowded and commoditized nature of the SaaS industry, particularly in segments like MarketingTech and Healthtech. Maruthavanan advises entrepreneurs to innovate within the space or introduce entirely new ideas to stand out. Against the backdrop of increasing investor support for SaaS AI firms, the report notes the rising popularity of generative AI and the doubling of GenAI-based SaaS startups in India, raising $590 million in funding as of May 2023.

 

Upekkha’s focus on investing in startups developing innovative generative AI software applications aligns with the growing trend. Notable Gen AI SaaS startups include Composio, Workhack, and Rapidclaims. The report underscores the need for founders to allocate marketing resources wisely and build a distinct brand in preparation for 2024.

 

Maruthavanan expresses optimism for long-term investments, citing the positive trend from zero unicorns in 2017 to around 19 in 2023. The report identifies AI SaaS as the standout sector in 2023, followed by healthtech, marketing tech, and fintech SaaS firms. While no SaaS companies entered public markets in 2023, the possibility of SaaS companies listing in India is suggested for 2024, providing opportunities for smaller firms with a lower ARR threshold compared to Nasdaq.

Tags: Startup

Digital Rupee, New Heights for Digital payments

New Delhi: In November, Unified Payment Interface (UPI) transactions soared to a record value of Rs 17.4 trillion, marking a 1.4% increase from October’s Rs 17.16 trillion. Despite a 1.5% decrease in transactions to 11.24 billion, compared to October’s peak of 11.41 billion, the UPI continues to play a pivotal role in India’s digital financial landscape.

 

Data from the National Payments Corporation of India (NPCI) reveals a substantial year-on-year growth of 54% in volume and 46% in value compared to the same month in the previous year.

The success of UPI in boosting the Indian economy has been evident since its inception. However, a significant development has taken place with the Reserve Bank of India (RBI) unveiling the Central Bank Digital Currency (CBDC) on December 1, 2022.

 

The Digital Rupee, also known as e₹ or E-Rupee, represents a tokenized digital version of the Indian Rupee, issued by the RBI as a central bank digital currency (CBDC). Proposed in January 2017, it officially launched on December 1, 2022.

 

How Digital Rupee Operates:

RBI generates tokens and distributes them to selected banks, known as Token Service Providers (TSPs), participating in the Digital Rupee Pilot Program. TSPs then allocate tokens to interested parties, functioning similarly to physical bank notes or coins but in digital form.

 

Storage and Transactions:

Users can store Digital Rupees in their bank’s digital wallet CBDC-R app, facilitating entirely paperless transactions.

 

Comparison with Other Payment Methods:

·       Cash vs e₹: Similar to cash transactions, users transfer e₹ from their e₹ Wallet to others.

·       UPI vs e₹: Unlike e₹, which is a currency, UPI serves as a payment system for transferring money between bank accounts through an intermediary.

·       Bitcoin vs e₹: While cryptocurrencies rely on decentralized networks, the Digital Rupee involves the central bank in transaction settlements, offering stability comparable to the rupee.

 

Multiple banks, including Canara Bank, IDFC First Bank, IndusInd Bank, UBI, PNB, ICICI Bank, SBI, HDFC, among others, have introduced their CBDC apps for seamless digital transactions.

 

The aim is to reduce risks and cut expenses associated with managing physical currency, including the costs related to replacing worn-out notes, transportation, insurance, and logistics. Additionally, it aims to discourage the use of cryptocurrencies for money transfers.

Tags: Business

Expansion of Science Museums Nationwide Unveiled

New Delhi: In a significant stride towards fostering a culture of science, the Ministry of Culture is spearheading the establishment of state-of-the-art science centers and museums across the nation through the Scheme for Promotion of Culture of Science (SPC). The National Council of Science Museums (NCSM), an autonomous body under the Ministry of Culture, Government of India, has been entrusted with the implementation of Science Centers, Cities, Museums, and Innovation Hubs under the SPCS Scheme.


Detailed information on the new science museums inaugurated in the past four years, categorized by state and year, has been provided in an annexure.


All Science Centers are now accessible to the public, welcoming both school and college students. NCSM Science Centers are taking it a step further by organizing annual programs such as Science Fairs, Science Seminars, Science Dramas, Science Demonstration Lectures, and Traveling Science Exhibitions, enriching the educational experience for students.


Additionally, all Archaeological Survey of India (ASI) site museums are open to the general public, with special invitations extended to local school students on specific days. Notably, students under the age of 15 enjoy complimentary entry to these museums.


This  update was delivered by the Union Minister for Culture, G.Kishan Reddy, in the Rajya Sabha today.

Tags: Trending

Ministry of Health authorises Pharmacy Council of India to perform Aadhaar authentication

New Delhi: The Union Health Ministry has authorised the Pharmacy Council of India (PCl) to perform Aadhaar authentication on voluntary basis for the purpose of authenticating the officials, faculty and students on the portal for capturing the attendance of the faculty through biometrics using Yes, No or / and eKYC authentication. A Gazette notification in regard to this was also published on November 23, 2023.

 

As per the notification, this is permitted for authenticating the officials, faculty and students on the portal; and for capturing attendance of the faculty through biometrics using Yes/No or/and e-KYC authentication facility.

 

 The Pharmacy Council of India shall adhere to the provisions of Act, Rules, Regulations or Guidelines made thereunder and directions with respect to use of Aadhaar authentication as laid down by the UIDAI/Central Government from time to time, it added. 

 

This measure aims to enhance security and ensure accurate identification within the system to modernise attendance tracking and streamline administrative processes. 

 

This story is sourced from ANI.

Tags: Trending

Gujarat Sports Startup Conclave concludes, winner of Pitchbook Competition takes home Rs 10 lakh

Ahmedabad: Gujarat Sports Startup Conclave came to a spectacular end in Ahmedabad, with sports-ed platform CoLLearn walking away with top honours and Rs 10 lacs in prize money as a massive Rs 26lac was given as overall awards to the awards winners on Monday.

 

The panel of judges comprising Abhishek Desai (Founder, Cricheroes), Punit Balan (Chairman & Managing Director, Punit Balan Group), Tenzing Niyogi (CEO, Ultimate Kho Kho) and Jalaj Dani (Founder/President, Sportscom) picked winners from the eight startups during the grand finale at India’s first-ever Pitchbook Competition dedicated for Sports Startups by Government of Gujarat.

 

CoLLearn, a platform founded by Srishty Jain that offers non-traditional courses in sports analytics, sports commentary, sports journalism, cricket umpiring, football analytics, was adjudged winner by the panel, as per a press release from Sports Authority of Gujarat. Hyderabad-based Gamepoint finished a close second to win a purse of Rs seven lakhs. Gamepoint founded by Aditya Reddy and Siddharth Reddy is a sports tech fullstack company who are on a mission to foster a thriving sports culture in India by providing convenient access to sports for millions of individuals.

 

The purse for the third place was raised to Rs five lakhs and equally split between Gujarat-based Hyperlab and Baller Athletik, a company specialising in sleep athleisure apparel, as per a press release from Sports Authority of Gujarat. Harsh Sanghavi, Minister of State for Home, Industries, Transport, Youth and Sports, Government of Gujarat said, “It is our fortune to welcome sports startups as they endeavour to transform their ideas and innovations into reality. We are working on various policies to position Gujarat as a sports manufacturing hub. We have also prioritised sports manufacturing in our Sports Policy. We will introduce changes in the policies based on your feedback.”

 

Meanwhile, India Khelo Football, PlayCKC, Fanplay and Atium Sports received consolation prizes and an amount of Rs one lakhs each. As many as 64 startups had registered for the Pitchbook Competition, out of which eight were shortlisted for the final round. Besides the top four winners, four additional startups received a consolation prize of Rs one lakhs each. The winners will also receive mentorship from industry experts. The top 15 startups selected by the panel of seasoned judges demonstrated their products at free stalls during the exhibition held on the sidelines of the Gujarat Sports Startup Conclave which was also keenly inspected by the Sports Minister.

 

The Gujarat Sports Startup Conclave, a first-ever initiative by any state government was an intersection between sports and business in alignment with the Government of Gujarat’s vision for the growth of sports in India. The conclave, organised by the Sports Authority of Gujarat, in partnership with TransStadia University and Sportscom Industry Confederation and backed by Startup India, i-Hub and The Bridge, has been working with the Gujarat Government to facilitate ‘Next Generation Entrepreneurship’. 

 

It was organised to recognise and celebrate the outstanding sports businesses that are revolutionising innovative companies working in the sporting landscape across the country. The conclave not only showcased India’s potential as a sporting powerhouse but also bolstered the startup economy and contributed to the progress of sports in Gujarat as well as other parts of the country.

 

This story is sourced from ANI.

Tags: Startup

Rajya Sabha Passes Bill to Setup Central University in Telangana

New Delhi: The Rajya Sabha on December 13, 2023 passed the Central Universities (Amendment)Bill, 2023 further to amend the Central Universities Act, 2009 for establishment Sammakka Sarakka Central Tribal University at Mulugu in the State of Telangana. The Bill was passed by the Lok Sabha on 7th December, 2023.

 

Dharmendra Pradhan, Union Minister for Education, in his response to the discussion on the Bill in Rajya Sabha said that under the leadership of Prime Minister Shri Narendra Modi, yet another promise made to the people of Telangana has been fulfilled. He thanked all the MPs who voted to make this bill a reality. The passage of the bill reflects the collective commitment to improve access and quality of higher education in the country, he added.

 

Pradhan added that the university will cater to the regional aspirations for years to come, enhance quality and promote research among tribal communities, including in subjects such as tribal art, culture, customs and traditional knowledge systems. The university will be a harbinger of progress for our tribal brothers and sisters across states, he emphasised.

 

He mentioned that the Central Educational Institutions (Reservation in Teachers’ Cadre) Act, 2019 ensured the rights of SC/ST/OBC/EWS of reservation envisaged under the Constitution.

 

He further informed about the Balvatika initiative, which includes activities like Jaadui Pitara, has been started for 3-5 year kids to inculcate teaching-learning methods. The Skill-based education & training has been started in schools, he added.

 

Shri Pradhan also highlighted the international acceptance of NEP. He informed that Iran has done a Persian translation of NEP 2020 to implement the policy in Iran and Mauritius has sought cooperation in developing an institution, similar to NCERT in their country.

 

The University will be established at a cost of Rs. 889.07 crore. In the University, there will be graduate, postgraduate and Doctoral level courses under the five schools having 11 departments. A total of 2790 UG and PG students are proposed for the initial seven years of operation of this Tribal University. The establishment of this University will create direct employment in the form of  faculty and non-faculty positions. Besides, it will also create employment avenues through outsourcing/ contractual basis. It will result in developing surrounding areas through  several services and commercial activities which in turn will generate indirect employment opportunities.

 

The University has been named “Sammakka Sarakka Central Tribal University” on the mother and daughter, Sammakka and Saralamma (commonly known as Sarakka), who are believed to be manifestations of Adi Parashakti sent to protect the tribal communities of Telangana.

Tags: Governance

SRM-AP awarded for promising syllabus design and development

Vijayawada: SRM University-AP was awarded the “Most Promising University for Curriculum Design and Development” at the 2nd Education Leaders and Awards Conclave held at Hyderabad.

 

The award function was organized by Observe Now, a media platform and presented by LinkedIn, under the aegis of the Government of Telangana.

 

“The award is a testimony to our tireless pursuit of excellence,” said Prof Manoj K Arora, Vice-Chancellor, SRM University-AP. He added that advancement in the education system should be on par with the advancement of technology, the education system cannot afford to fall behind, so the revamped curricula at SRM-AP are designed with a futuristic perspective.

 

“The curriculum was made taking into consideration of the National Education Policy. Industrial experts from across the country were invited for an Industry-Academia Dialogue at SRM-AP to deliberate and strategise an industry-relevant curriculum,” he explained.

Tags: Event

Edvancer Receives Outstanding EdTech Company of the Year Award at 4th Education Leaders Conclave & Awards

Mumbai: Edvancer, a leading provider of data science, machine learning, and AI training courses, proudly participated in the 4th edition of the Education Leaders Conclave & Awards held on October 26, 2023, in Mumbai. Edvancer not only participated actively but also earned the esteemed accolade of “Outstanding EdTech Company of The Year” for its exceptional contributions to the education technology sector.

 

The conclave, organized by ObserveNow Media, was a platform for thought leaders and innovators to discuss the future of higher education under the theme “TechForward: Embracing the Future of Higher Education.” The event served as a catalyst for meaningful discussions, networking, and the exchange of innovative ideas within the education sector, further contributing to the growth of the industry.

 

Aatash Shah, Co-founder of Edvancer and a distinguished speaker at the event, shared his insights on the intersection of education and technology and how it can revolutionize learning. Aatash Shah’s vision for education was perfectly encapsulated in his statement, “We are passionate about combining education with technology to create a new paradigm of learning which is relevant, timely, cost-effective, and focused on fulfilling the end goal of education, which is meeting the needs of the employers.”

 

The Education Leaders Conclave & Awards brought together key participants, including Chairman, Chancellors, VC’s of Higher Education Institutes, policymakers from the government, key officials from central and state examination boards, key officials from regulatory bodies, and representatives from the ed-tech and startup sectors. The event facilitated discussions on several critical topics, including government efforts to bring digital education to remote areas in Maharashtra through EdTech, evaluating the impact of technology integration in teaching and learning, evolving pedagogies to adapt to technological advances, enhancing industry-academia collaboration in higher education, and the impact of artificial intelligence in higher education.

 

The 4th Education Leaders Conclave & Awards event was a resounding success, continuing the legacy of previous editions in Hyderabad. ObserveNow Media Group, the event organizer, provided a platform for higher education figureheads, government dignitaries, and leading edtech companies to share their insights, experiences, and thought-provoking visions. This summit aimed to explore and implement technology-driven innovations that would shape the future of learning, improve student outcomes, and empower academic institutions in today’s digital age.

Tags: Event

ObserveNow Media Bags Brands Impact Right Choice Award 2023

New Delhi: ObserveNow Media; A new age B2B Media Marketing organization has achieved a stellar foot by winning the Best B2B Media Marketing Brand Award presented at the eighth edition of the Right Choice Awards graced by the esteemed presence of Ms. Neha Dhupia as the Chief Guest held on September 23, 2023 at Hotel Radisson Blu, Dwarka New Delhi.

Right Choice Awards organized by Brands Impact presents an exciting and unparalleled opportunity for participants to showcase the exceptional quality that defines their brand and services. It also serves as a meaningful indicator of the trust their customers place in their brand.

ObserveNow Media has won this award for its impeccable performance in the B2B Marketing industry particularly for their work in the Field Marketing Events across sectors like Education, Governance, Human Resources, Technology, Cyber Security and Healthcare.

This achievement reaffirms ObserveNow’s position as a leading B2B Media Marketing company in India, which is currently working with close to 172+ marquee clients from Technology Giants to Ed-Tech organizations.

ObserveNow Media Group as a company is instrumental in creating various communities across spaces where thought leaders come together to discuss industry trends and exchange information with each other to significantly transform their industries.

Founded in 2019 by IIT Delhi alumnus Jeet Sharma and Ex Journalist Taniya Tikoo, the company was formed with a vision to help Markeeters enhance their brand presence and reach out to their Target Customers in a strategic manner and through editorially curated Thought Leaders’ session.

In the last four years of its existence and with a small team of 25+ members, the organization has built a network of 2 Lac+ Corporate Leaders and have marked footprints from India to Middle East. Currently bootstrapped the company has an ARR (Annual Run Rate) revenue of 10 Cr+ and have Headquarter in Noida with offices active in Hyderabad, Mumbai, and Bengaluru.

Founders of the company Jeet and Taniya run the company with a mission to simplify marketing activities for companies and help each out to reach out to the right set of people in order to accelerate their growth. And look up at the founders of Zerodha for inspiration to build a bootstrapped, profitable and sustainable business. They also credit a big chunk of their success to their industry mentor Mr Umang Bedi, Co-Founder, Dailyhunt & Josh who they turn to whenever in need for some direction and advice.

“This is the first of many accolades and recognitions to come for ObserveNow. We have deep knowledge and understanding of the B2B media marketing space. Our USP is identifying the right set of format and people for our clients to whom they can reach and achieve the business growth they look for,” said Mr Jeet Sharma, Co-founder & CEO, ObserveNow.

“ObserveNow has grown exponentially in the last 4 years. The secret to our growth is our consistency and focus on quality delivery of the projects and the fact that we have constantly evolved and rediscovered ourselves. While you have seen the biggest of companies laying people off. We have never laid off a single employee, or delayed salaries by even a day. I take pride in my organization and healthy culture we have built within,” said Ms Taniya Tikoo, Co-founder & Editor-in-Chief, ObserveNow.

Both the founders plan to scale up the company’s operations by launching their services as a SAAS platform for marketers to shift gears and embrace the tech revolution the world is in the middle off.

 

This story is sourced from PTI.

Tags: Event

Adani to invest USD 100 bn in green energy transition

New Delhi: Billionaire Gautam Adani’s group will invest USD 100 billion in green energy transition over the next 10 years across its ports, power and cement operations as it aims to become a net zero emitter by 2050.

 

The conglomerate is expanding its renewable portfolio to 45 gigawatts as well as building three giga factories to manufacture solar panels, wind turbines and hydrogen electrolysers, it said in a statement.

 

“The portfolio companies will be investing USD 100 billion over the next decade towards achieving energy transition,” it said.

 

This story is sourced from PTI.

Tags: Technology

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