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Cybersecurity startup Treacle raises INR 4 Crores in pre-seed round led by Inflection Point Ventures

Kolkata: Treacle, a startup focused on cybersecurity, has secured INR 4 Crores in a pre-seed funding round led by Inflection Point Ventures. The investment will be allocated towards various aspects such as advancing technical and business development, bolstering marketing efforts, covering office expenses, forging partnerships, and expanding operations within the Indian market.

Originating from the IHub program at FIRST, IIT Kanpur, Treacle specializes in Defensive Security. It is guided by Co-founders Subhasis Mukhopadhyay (CEO), Subhajit Manna (CTO), and Partha Das (COO), who bring together extensive expertise in cybersecurity and software development. Subhasis, possessing 8 years of experience in Defensive Cyber Security and notable research skills, leads the charge in innovation. Subhajit, equipped with a B.Tech in ECE and 7 years’ proficiency in OT systems security and DevOps, ensures technical excellence. Partha, holding a BCA degree and certified as an Ethical Hacker, leverages over 11 years of IT and cybersecurity experience to enhance operational efficiency and drive product development. Together, their diverse skill sets underpin Treacle’s commitment to pioneering cybersecurity solutions.

Vikram Ramasubramanian, Partner, Inflection Point Ventures says, “Treacle’s core strengths lie in our AI-Based Deception Technology, a cornerstone of our Defensive Cyber Security solutions. By analyzing attacker behavior and diverting them into simulated networks, Treacle provides advanced protection. Additionally, the AI-Based Early Warning System enhances the ability to identify threats swiftly and proactively, issuing early alerts to SOC analysts.”

The integration of an AI-driven Early Warning System significantly boosts its capacity to swiftly and proactively detect potential dangers. These unique selling points enable Treacle to provide unmatched security, giving organizations the ability to stay ahead of ever-changing cyber threats. Committed to bolstering national cybersecurity, Treacle caters to both private and government sectors with state-of-the-art solutions crafted through thorough research.

Subhasis Mukhopadhyay, Co-Founder & CEO, said, “Our mission centers on safeguarding network infrastructures through early detection, containment, and deception of threats. We’re committed to delivering unparalleled value in the market, ensuring our clients have access to premium security solutions in an affordable manner. Our goal is to establish ourselves as a market leader and create sufficient value to make the cyber world a safer place within the next five to six years.”

Treacle has marked significant milestones since its inception. Notably, they secured grants like the C3iHub Grant and the SISFS Grant, totaling INR 26 lakhs, in 2021 and 2022, respectively. In addition, Treacle represented India through DPIIT and participated in a sponsored delegation journey to Dubai in 2022. Moreover, they obtained the DCIS 2023 Grant worth INR 25 lakhs from the Department of Telecommunications, GoI, and emerged victorious in the AWS Campus Fund Grand Challenge 2023, earning the title of Best Student-Led Startup. These achievements highlight Treacle’s commitment to innovation and excellence in the cybersecurity sector.

The global cybersecurity market is anticipated to reach $424.97 billion by 2030, with a compound annual growth rate (CAGR) of 13.8%. In the SAM, revenue is poised to hit US$2.53 billion by 2023, with Cyber Solutions leading at US$1.26 billion. Additionally, the TAM for cybersecurity is predicted to reach US$166.20 billion by 2023.

IIT Madras Shatters Records with Rs 513 Crore Funding Haul in 2023-24 Fiscal Year

In a groundbreaking achievement, Indian Institute of Technology (IIT) Madras announced a staggering Rs 513 crore raised in funding during the fiscal year 2023-24, marking a significant milestone in philanthropic support. This record-breaking sum was sourced from a combination of contributions from alumni, industry partners, and individual donors, demonstrating a remarkable surge in support for the institute’s endeavors.

Moreover, the institute garnered an additional Rs 717 crore in new pledges from alumni and corporate entities, reflecting a resounding vote of confidence in IIT Madras’ mission and vision. These funds are earmarked for various initiatives, including technology research and development, deployment of existing technologies to address societal needs nationwide, scholarships for deserving students, and bolstering the Sports Excellence Admission program.

This achievement marks the second consecutive year in which IIT Madras has set a new benchmark for fundraising among academic institutions, underscoring its leadership in driving innovation and fostering academic excellence. The substantial increase from the previous fiscal year, where Rs 218 crore was raised, highlights the growing momentum and support behind the institute’s endeavors.

Notably, the fundraising efforts were spearheaded by the Office of Institutional Advancement, under the stewardship of the IIT Madras Alumni Charitable Trust. A total of 48 donors, including 16 alumni and 32 corporate partners, contributed over Rs one crore each, reflecting their commitment to advancing education and research.

Alumni played a pivotal role in this success, contributing Rs 367 crore during the fiscal year, marking a remarkable 282 percent increase from the previous year. Their contributions will support a wide array of initiatives, including cutting-edge research, infrastructure development, scholarships, and the establishment of Chair Professorships focused on specific research areas.

Amrit Abhijat, IAS, Principal Secretary, GoUP, Discusses State’s Endeavor for Private Sector Engagement in Urban Development; ObserveNow Exclusive

The development of infrastructure projects and public welfare schemes, and other ongoing projects are making Uttar Pradesh a breakthrough for the development of new India. The state aims to have 21 airports soon and has seen increased power generation capacity, solar energy projects, and tourism. The government also focuses on improving law and order and creating a secure environment for the common people.

From empowering communities through skill development programs to fostering collaboration between government and private entities, the conversation highlights key priorities, upcoming projects, and strategies aimed at enhancing the quality of life and boosting employment in urban areas.

Read more: Tech Turmoil & Regulatory Hurdles — Is it going to impact India’s Banking Sector in long run?

Shivani Babbar, ObserveNow in an exclusive interview with Amrit Abhijat IAS, Principal Secretary of Urban Development, Government of Uttar Pradesh, provides insights into the transformative initiatives driving urban employment and shaping the future of urban living in the region.

Here is an edited excerpt:

Could you highlight some of the key initiatives taken to boost urban employment under your leadership?

Several initiatives have been implemented to boost urban employment through Urban Development Projects under various missions-

1. Initiatives under Smart Cities Mission:
· Skill Development Program- to support micro skill development for providing targeted skill development trainings to Self-Help Groups (SHGs) and establishing Micro Skill Centers. This initiative aims to boost employment opportunities and nurture a culture of entrepreneurship within urban communities by imparting practical skills to individuals.

· Mission Rojgar- to enhance both the quality and quantity of employment outcomes through various initiatives. These include fostering an environment conducive to enterprise growth, sustainability, and create job opportunities. Moreover, strategies are being implemented to align training programs with future market demands, nurturing a skilled workforce that meets industry requirements. Collectively, these endeavours aim to not only increase employment opportunities but also ensure their sustainability and relevance in the evolving job market.

· Career Mitra- Career Mitra is an all-encompassing job portal designed to serve artisans and Unskilled industrial workers by linking them to employment prospects across different sectors. Acting as a digital hub for skilled workers in demand by employers seeking their expertise, the platform aids in locating job opportunities close to their homes, tailored to their skillsets and areas of expertise. It offers a user-friendly interface accessible to both job seekers and providers, streamlining the employment process for all parties involved.

2. Shakti Rasoi and SHGs under NULM: Implemented under the National Urban Livelihoods Mission (NULM), is designed to empower women and promote self-reliance through culinary entrepreneurship and SHG support networks. This initiative not only provides opportunities for economic empowerment but also fosters social cohesion and community resilience.

3. SVANidhi- providing financial assistance and support to street vendors, enabling them to sustain their livelihoods and improve their socio-economic status.

4. Fellowship Aspirational Cities Program- a unique opportunity for the youth to engage with government initiatives and contribute to policy, management, and implementation processes. Through this program, aspiring leaders are equipped with the skills and knowledge necessary to drive positive change in their communities, fostering a culture of civic engagement and leadership.

5. Outsourcing of employee in the Corporations- outsourcing of employees in municipal corporations is being explored as a strategy to enhance operational efficiency and service delivery. By leveraging external expertise and resources, municipal corporations can streamline processes and improve the quality of public services, ultimately benefiting urban residents and businesses alike.

How is the urban employment landscape evolving, and what strategies are being implemented to ensure job creation and economic growth in urban areas?

The urban employment landscape is continually evolving, influenced by technological advancements, demographic shifts, and economic trends. Over the last 5 years, formation of 119 ULBs have facilitated development and widened the scope of employment in the State.

To effectively respond to the dynamic nature of urban employment various strategies are being implemented to ensure job creation and foster economic growth in urban areas.

1. Cities are increasingly focusing on promoting innovation and embracing technology to drive economic growth and create new job opportunities.

2. Recognizing the importance of a skilled workforce, governments and organizations are investing in education and skills development programs. These initiatives aim to equip individuals with the necessary skills and competencies to thrive in the modern job market.

3. The State is providing various forms of support to aspiring entrepreneurs, including access to financing, mentorship programs, and streamlined regulatory processes to facilitate business creation and expansion.

4. Infrastructure projects not only creates jobs during construction but also stimulates economic activity and attracts businesses to urban areas, leading to long-term employment opportunities.

5. Promoting certification-based Internship and Volunteer program and stipend-based fellowship program in Urban Local Bodies.

6. Promoting the aspiring female culinary artist by providing a platform in various local bodies.

Overall, a combination of these strategies, along with proactive policy-making and effective implementation, is essential for addressing the evolving urban employment landscape and fostering sustainable economic growth in urban areas.

How is the government fostering collaboration with the private sector in urban development projects, and what benefits are being realized through such partnerships?

In today’s scenario, the State is readily looking for collaboration with the private sector to play a bigger role in urban development. These partnerships leverage the strengths of both sectors to achieve better outcomes in city planning.

· EPC (Engineering, Procurement, and Construction): Under the EPC model, private firms are contracted to design, build, and deliver infrastructure projects. This allows for efficient project execution while ensuring quality and adherence to timelines.

· CSR (Corporate Social Responsibility): Private companies contribute to the Urban Development projects as part of their CSR initiatives. By investing in social and infrastructure projects, they contribute to the betterment of urban communities and enhance their own brand image.

· PPP involve joint investment and management of urban infrastructure projects by both the government and private entities. This model allows for risk sharing, innovation, and efficiency in project delivery.

· Stakeholder Consultation- Prior to the implementation of new scheme or innovation, the department actively seeks comments and feedback from relevant stakeholders. This inclusive approach fosters a collaborative environment, ensuring that the final outcomes are aligned with the needs and expectations of all involved parties. A notable example is seen in the Aspirational Cities Program, where the department has onboarded 10 knowledge partners through consultation. This collaborative effort not only enhances project effectiveness but also promotes transparency and accountability in urban development endeavours.

· Revenue Sharing: In revenue-sharing models, private companies invest in urban development projects in exchange for a share of the revenue generated from the project. This incentivizes private investment while ensuring the sustainability of urban infrastructure.

Through these collaborative efforts, governments can access additional resources, expertise, and innovation from the private sector, leading to improved infrastructure, services, and overall quality of life in urban areas. Moreover, such partnerships contribute to economic growth, job creation, and sustainable development, benefiting both public and private stakeholders and fostering inclusive Urban development.

Can you highlight key priorities and upcoming projects that will shape the future of urban living and employment opportunities in the area?

Following are the key priorities and upcoming projects that will shape the future of urban living and employment opportunities:

The department not only focuses on the development of the city but also for its people from all walks of life-

· Senior Care Centers: offers a space for the elderly to rejuvenate, particularly those who do not reside with their families. These centers will offer a comprehensive range of amenities to address concerns related to security, loneliness, health, and social well-being.

· Study Centres / Digital Libraries: Establishing educational facilities for lifelong learning and skill development.

· Smart Classes: Implementing technology-enabled learning environments for education and skill enhancement.

· Working Women Hostels: Providing safe and affordable accommodation for working women.

· Vet Clinics: Offering veterinary services for pet care and animal welfare.

The state is now diligently working on infrastructure projects geared towards the masses. Public/Urban plazas, town halls, Kalyan Mandapans, and Heritage Street projects are being are being taken up by the department to create a vibrant and inclusive spaces that foster community engagement and overall well-being of its citizens.

· Kalyan Mandapams: Creating spaces for community gatherings, events, and celebrations.

· Urban Plazas: Designing public spaces for recreation, leisure, and cultural activities which includes market areas, food hub and multiactivity for kids.

· Town Hall: Constructing administrative buildings for governance and civic engagement.

· Heritage Streets: Preserving and showcasing historical and cultural heritage through streetscaping and beautification.

· Co-working Spaces: Providing infrastructure for entrepreneurs and professionals a Space to work remotely with smooth internet facility.

· Public Parks: Creating green spaces for relaxation, recreation, and environmental sustainability.

· Vending Zones / Kiosks: Setting up spaces for small-scale retail and entrepreneurial activities.

· Community Centers: Establishing hubs for community engagement, social services, and cultural activities.

· Urban Fairs: Organizing events to promote local artisans, entrepreneurs, and cultural diversity.

· Kumbh / Magh Mela: Hosting religious and cultural festivals to boost tourism and economic activity.

· City Beautification / Branding: Enhancing the aesthetics and identity of the city to attract visitors and investors.

· Health ATM: Providing accessible healthcare services through automated kiosks.

· Public Bike Sharing: Implementing bike-sharing systems to promote sustainable transportation and reduce congestion.

Employment Generation Initiatives:

CM Fellow: Engaging youth in governance and policy implementation through fellowship programs.

TULIP (The Urban Learning Internship Program): Providing internship opportunities for students in urban development projects.

Other indirect employment generation initiatives through the implementation of the above projects, include job creation in construction, maintenance, hospitality, retail, healthcare, education, and other sectors.

These priority projects and employment generation initiatives aim to enhance urban living standards, promote economic growth, and create diverse employment opportunities for residents in the area.

Atlan Secures $105 Million in Series C Funding, Valuation Surges to $750 Million

Atlan has secured $105 million in its Series C funding round, with leading investment from GIC, Singapore’s sovereign wealth fund, and Meritech Capital. Notably, this round also saw continued support from existing investors such as Salesforce Ventures and Peak XV Partners. This funding follows a previous tranche of $27.5 million raised in March.

Previously, Atlan had garnered approximately $50 million in a Series B round in March 2023 and $16 million in a Series A round led by Insight Partners in May 2021. The company’s valuation has soared to around $750 million, marking a significant increase from its valuation of $450 million in the Series B round.

Atlan provides a platform for large enterprise teams to collaborate effectively on data projects, offering a centralized repository for all data assets with seamless integrations with tools like Slack and data warehouses such as Snowflake and Redshift. Its clientele includes prominent names like Ingersoll Rand, Cisco, Autodesk, Unilever, Ralph Lauren, FOX, News Corp, Nasdaq, NextGen, Plaid, and HubSpot.

The company boasts remarkable financial growth, with revenues expanding over sevenfold in the past two years, an 80% success rate in competitive trials, and a 400% increase in enterprise sales growth in Q1 2024. Although specific revenue figures were not disclosed, Atlan’s Indian entity reported a threefold increase in operating scale to Rs 94 crore in FY23, with a profit of Rs 7.7 crore.

During the Series B round, co-founders Sankar and Varun Banka held a 23.63% stake each in the company. Insight Partners emerged as the largest external stakeholder. For comprehensive details on Atlan’s ownership structure, visit TheKredible.

Tags: AtlanFUNDING

PhonePe Maintains UPI Dominance with Nearly Half the Market Share in April 2024

PhonePe reaffirmed its dominance in the unified payments interface (UPI) realm, capturing an impressive 49% market share in April 2024. This continued leadership marks over 40 consecutive months of PhonePe’s reign at the top since November 2020.

According to data released by the National Payments Corporation of India (NPCI), PhonePe facilitated 6.5 billion transactions via UPI out of a total of 13.3 billion transactions last month. This translates to a substantial 48.87% market share within the UPI ecosystem, alongside competitors like Google Pay and Paytm. Despite a slight 1% decline in UPI transactions volume from March to April, with the total transaction value also dipping by 0.7%, PhonePe’s steadfast performance remains noteworthy.

In comparison, both Google Pay and Paytm maintained their transaction volumes at 5 billion and 1.11 billion, respectively, across March and April. This stagnation for Paytm, however, marks its third consecutive monthly decline in 2024. The January imposition of restrictions by the RBI on Paytm due to compliance concerns seems to have had a lingering impact, leading to a sharp decrease in active users and subsequent UPI transactions. Yet, Paytm’s recent authorization from NPCI to engage in UPI through third-party application providers (TPAP) under the multibank model might pave the way for a potential rebound.

Meanwhile, April witnessed CRED rising as the fourth-largest UPI-enabled app, processing 138 million transactions, followed by Amazon Pay and Fampay. BHIM and WhatsApp also maintained their presence with 25 million and over 34 million transactions, respectively, highlighting a diverse landscape of UPI-enabled platforms. Notably, NPCI’s rumored plan to reassess its decision on implementing a 30% cap on UPI apps’ market share by the end of 2024 adds an element of anticipation to the evolving UPI ecosystem.

Tags: PhonePeUPI

Turbulence at Air India Express: Cabin Crew Protests Disrupt Operations Amidst Merging Process

In a saga reminiscent of recent airline woes, Air India Express finds itself embroiled in turmoil as a significant portion of its cabin crew stage a protest by calling in sick. This upheaval, mirroring a similar incident at Vistara just weeks prior, stems from discontent surrounding the carrier’s human resources policies amidst its ongoing merger with AIX Connect (formerly AirAsia India) and expansion endeavors.

Since Tuesday night, disruptions have plagued Air India Express operations, with over 200 cabin crew members reporting sick, causing havoc for approximately 80 flights, including cancellations and substantial delays. The airline, which typically operates over 350 daily flights, faces a critical shortage of crew, attributed to the sudden sick leave taken en masse by senior staff.

International and domestic flights serviced by Air India Express bore the brunt of these disruptions, with airports in Kochi, Calicut, and Bangalore particularly affected. Passengers, frustrated by cancellations and lengthy delays, took to social media to voice their grievances, amplifying the scrutiny on the situation.

Civil Aviation authorities have launched an investigation into the unprecedented occurrence, focusing on the staffing deficit at Air India Express. Initial reports suggest that discontent among employees, purportedly stemming from mismanagement under Tata Group ownership, triggered the mass sick leave as a form of protest.

In response to the chaos, Air India Express issued a statement, acknowledging the turmoil and offering affected passengers full refunds or rescheduling options. They advised travelers to verify the status of their flights before journeying to the airport, acknowledging the uncertainty surrounding upcoming operations.

Meanwhile, the Air India Express Employees Union (AIXEU) directed their concerns to Air India’s Chairman, Natarajan Chandrashekharan, outlining grievances and alleging mismanagement post-Tata acquisition. The union highlighted disparities in treatment among staff and voiced concerns over dwindling morale, despite assurances of job security and equitable treatment following the merger.

CCI Greenlights Greenko Energies’ Expansion in Sikkim Urja Limited

The Competition Commission of India (CCI) has given the green light to Greenko Energies Private Limited’s move to acquire more shares in Sikkim Urja Limited (formerly known as Teesta Urja Limited).

Greenko Energies, an Indian company and a subsidiary of Greenko Mauritius, received approval for its additional investment in Sikkim Urja, a special purpose vehicle dedicated to the development of a 1200 Mega Watt hydro power project in North Sikkim, India.

This acquisition marks a strategic move for Greenko Energies as it strengthens its presence in the power generation sector in the country.

Encube Ethicals appoints Mansi Kampani as Chief Human Resources Officer

Encube Ethicals has elevated Mansi Kampani to the position of Chief Human Resources Officer.

Formerly serving as the company’s Head of Human Resources since 2020, Kampani brings a wealth of experience to her new role. Her promotion was heralded in a recent LinkedIn update where she conveyed her enthusiasm for the opportunity. Prior to her tenure at Encube Ethicals, Kampani honed her skills as a Compensation Consulting Data Analyst at Mercer India.

With a background in management consulting, Kampani is adept in various facets of human resources, including Employee Grievance, Talent Management, Employee Engagement, Recruiting, and HR Management. Her academic credentials include a postgraduate degree in human resource management and organization analysis from King’s College London, underscoring her commitment to excellence in the field.

Ministry of Education Launches CBDE Program for Design and Entrepreneurship Development in Higher Education

The ‘Capacity Building on Design and Entrepreneurship (CBDE)’ program was virtually inaugurated by K. Sanjay Murthy, the Secretary of the Department of Higher Education within the Ministry of Education. The launch event saw the participation of department officials, Program Advisory Council members, industry mentors, representatives from selected Higher Education Institutions (HEIs), and other stakeholders, totaling over 130 attendees.

Murthy emphasized the collaborative effort between industry and academia driving the program, with industry experts providing crucial guidance and support to HEIs. Notably, 30 HEIs were carefully chosen through a rigorous selection process to implement the program, facilitated by the IIITDM, Kancheepuram.

The program aims to empower HEIs and faculty members to foster Design and Entrepreneurship development within their institutions, aided by industry mentors. It emphasizes a problem-solving approach among students, encouraging creative solutions to complex challenges and facilitating their implementation with mentorship from industry professionals.

Industry figures like Manoj Kohli and Debjani Ghosh expressed optimism about the program’s potential outcomes, stressing the importance of nurturing an entrepreneurial mindset among students. Prof. V. Kamakoti from IIT Madras highlighted the significance of addressing locally relevant challenges for global recognition.

Industry mentors, including Dr. Miftahul Barbaruah and Chandrasekaran Balakrishnan, underscored the program’s role in transforming students into entrepreneurs capable of tackling societal issues.

Prof. Sudhir Varadarajan, the Program Director at IIITDM Kancheepuram, outlined the program’s future steps and provided guidance to participating HEIs on its implementation.

Tech Turmoil & Regulatory Hurdles — Is it going to impact India’s Banking Sector in long run?

In recent years, particularly amidst the pandemic, banks have intensified their focus on upgrading technology, recognizing digital platforms as indispensable during lockdowns. Although the momentum towards digitalization was already building, the pandemic underscored its paramount importance for survival in the banking sector.

Deputy Governor of the Reserve Bank of India, Swaminathan J, recently highlighted a concerning trend as per a report by Business Standard – banks are not allocating sufficient resources to their IT budgets. This sentiment is echoed by top IT companies, who observe that Indian banks are lagging behind their global counterparts in terms of investment in technology. Complicating matters further, the banking industry faces a stringent regulatory environment, with numerous regulations and compliance requirements adding pressure to an already constrained situation.

A recent decision by the Reserve Bank of India to halt Kotak Mahindra Bank from onboarding new customers via its online channel has sparked discussions about the state of India’s banking technology. This action is not an isolated incident; the RBI has levied significant penalties on other major banks, including HDFC Bank, UCO Bank, and Bank of Baroda.

These developments raise pertinent questions about the underlying challenges within India’s banking technology landscape. It prompts reflection on the adequacy of IT investments, the readiness of banks to navigate regulatory complexities, and the imperative for technological modernization to ensure resilience and competitiveness in the digital age.

What is happening?

The sector, which is swiftly embracing technology across its spectrum of services, finds itself amidst a challenging phase. The pivotal question arises: Is technology steering the industry in the right direction? If not, where are the shortcomings?

The banking sector’s performance in 2023 was undeniably impressive. Profits surged, marking a collective increase of 38.4%, notably led by public sector banks, which nearly tripled their net profits. Notably, asset quality emerged as a highlight, with non-performing assets plummeting to multi-decade lows, standing at 3.9% (Gross NPAs) and 0.78% (Net NPAs) by the close of the year.

In conversation with Aliasgar Karanchiwala, EVP & IT Head, RBL Bank, ObserveNow found that Regulatory compliance adds another layer of complexity, as banks must navigate a myriad of rules and regulations governing their operations. Moreover, cultural resistance to change within traditional banking institutions can slow down the adoption of new technologies. Also, there’s the issue of inadequate investment in IT budgets, as highlighted by the deputy governor of RBI, which limits the resources available for technological innovation and transformation. Overall, these challenges collectively impede the BFSI sector’s ability to fully leverage the potential of technology to improve efficiency, customer experience, and competitiveness.”

Additionally, he added, “I feel the challenges hindering the adoption of technology in the BFSI sector are multifaceted. Firstly, legacy systems pose a significant obstacle, as many banks still rely on outdated infrastructure that is costly and complex to replace. Additionally, concerns around data security and privacy are paramount, especially in an industry dealing with sensitive financial information.”

Presently, there’s a pressing demand to completely rethink the foundational structure of core banking and the outdated monolithic infrastructure established by banks over two decades ago. However, instead of addressing the fundamental issues, most banks are primarily engaged in “patching” up existing systems. The future trajectory of the BFSI industry is poised to be intriguing as it navigates these challenges.

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