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Month: December 2024

Digital Native

Groyyo Promotes Nitin Jain to Cofounder Role

ObserveNow Media December 27, 2024

B2B manufacturing and supply chain enablement startup Groyyo has elevated Nitin Jain to the position of cofounder, transitioning from his previous role as managing director of exports. Jain will continue to focus on expanding the company’s footprint in international markets, the company said in a statement.

Jain has been instrumental in driving Groyyo’s growth across key markets, including the UK, EU, Australia, and South Korea. Prior to joining Groyyo, he served as director of marketing at Wearwell India, where he successfully built its global order book.

Commenting on Jain’s promotion, Subin Mitra, Groyyo’s CEO and cofounder, said, “He has been pivotal in scaling our exports order book in regions like the UK and EU, bringing onboard strategic customers such as Next, John Lewis, and Mango. We are confident that his larger role will help us deepen our presence in existing markets and expand into exciting new territories like Australia and South Korea.”

Founded in 2021 by Mitra, Pratik Tiwari, and Ridam Upadhyay, Groyyo assists manufacturing micro, small, and medium enterprises (MSMEs) in the fashion and lifestyle sectors by digitizing processes like inventory management and connecting them with brands through a unified platform. The company also facilitates access to raw materials, including fabric and yarn, for manufacturers.

Groyyo has over 360 MSMEs on its platform producing more than 150 categories of products for over 110 brands in nine countries. The startup reports its exports business has tripled in the past two years, with rapid expansion into markets such as the US, UK, and EU.

In January, Groyyo secured $5.4 million in debt funding from Lighthouse Canton and Trifecta Capital, bringing its total funding to over $36 million from investors including Tiger Global and Alpha Wave Global.

The promotion follows a series of leadership appointments at Groyyo, including Smita Verma Kansal as chief business officer and Alessandro Bertini as vice president – commercial, in September 2024.

Tags: GroyyoNitin Jain

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Digital Native

India’s startup ecosystem grows stronger with 73,000+ women-led ventures

ObserveNow Media

The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized 157,066 startups, with 759,303 users registered on its portal as of December 25, according to the Union Ministry of Commerce & Industry.

Highlighting the success of the ‘Startup India Initiative,’ the ministry revealed that over 73,000 startups with at least one woman director are part of this ecosystem, accounting for nearly half of all government-supported startups.

India has cemented its position as the third-largest startup hub globally, with a thriving ecosystem of over 100 unicorns that continue to drive innovation and entrepreneurship. “The entrepreneurial spirit in India has undergone a paradigm shift in the last decade. Cities like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR have become epicenters of innovation,” the ministry stated.

In 2024, 13 startups launched initial public offerings (IPOs), collectively raising over ₹29,200 crore from the stock market. Of this, ₹14,672 crore was raised through fresh issues, while ₹14,574 crore came through offers for sale. The IPOs included 10 mainboard and 3 SME listings.

The rapid growth of the Indian startup ecosystem has been fueled by affordable internet access and a young, dynamic workforce. Startups are flourishing across sectors such as fintech, edtech, health-tech, and e-commerce. Many are leveraging cutting-edge technologies like artificial intelligence (AI), blockchain, and the Internet of Things (IoT) to address local and global challenges, as outlined in the ‘Indian Startup Ecosystem Report’ by Startup India.

Launched in 2016, the flagship Startup India program has played a crucial role in fostering this ecosystem. Complementary initiatives such as the Atal Innovation Mission (AIM) and the National Initiative for Developing and Harnessing Innovations (NIDHI) further support entrepreneurs with infrastructure and funding.

India’s vibrant startup culture is a testament to its ability to drive global innovation and economic growth, setting the stage for a promising future in entrepreneurship.

Tags: Atal Innovation MissionIndia's startup

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BFSI

RBI Forms Panel to Develop Ethical AI Framework for Financial Sector

ObserveNow Media

The Reserve Bank of India (RBI) has announced the formation of an eight-member committee, named FREE-AI, to establish a framework for the responsible and ethical enablement of artificial intelligence (AI) in the financial sector. Headed by Pushpak Bhattacharyya, a professor in the Department of Computer Science and Engineering at IIT Bombay, the committee will receive support from the RBI’s fintech department and is expected to submit its report within six months of its inaugural meeting.

The committee’s mandate includes assessing the current state of AI adoption in financial services, analyzing global regulatory and supervisory practices, and proposing a governance framework for ethical AI usage. Additionally, it will identify risks associated with AI implementation and recommend strategies for evaluation, mitigation, and monitoring for regulated entities.

Joining Bhattacharyya on the panel are Suvendu Pati, Chief General Manager at RBI; Abhishek Singh, Additional Secretary, Ministry of Electronics and Information Technology; Debjani Ghosh, independent director at the Reserve Bank Innovation Hub; Dr. Balaraman Ravindran of IIT Madras; Rahul Matthan, Partner at Trilegal; and Anjani Rathor, Chief Digital Officer at HDFC Bank, among others.

This initiative comes as India intensifies its focus on regulating AI, particularly in the financial sector. The Securities and Exchange Board of India (SEBI) recently reminded regulated entities that they bear full responsibility for the AI programs they develop or deploy, including adherence to data privacy norms, compliance with existing laws, and accountability for AI-generated outputs. SEBI has also mandated disclosure of AI usage by Investment Advisers and Research Analysts to their clients.

Meanwhile, the Ministry of Electronics and Information Technology (MeitY) has launched a second round of bids under the “Safe & Trusted AI” pillar of the India AI mission, following the approval of eight proposals in the initial phase.

The developments signal a concerted effort by Indian authorities to ensure AI technologies are deployed responsibly while safeguarding the interests of stakeholders in the financial ecosystem.

Tags: RBIReserve Bank of India

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Exclusive

Former Indian Prime Minister Dr. Manmohan Singh Passes Away at 92

ObserveNow Media

In a statement, the All India Institute of Medical Sciences (AIIMS) announced the demise of Dr. Manmohan Singh, India’s 13th Prime Minister, who passed away on December 26, 2024, at the age of 92.

Dr. Singh was being treated for age-related medical conditions and suffered a sudden loss of consciousness at his home. Despite immediate resuscitative measures and hospitalization, he could not be revived and was declared dead at 9:51 PM.

A renowned economist and statesman, Dr. Singh had a distinguished political career spanning over three decades. He served as a member of the Rajya Sabha, representing Assam and Rajasthan, and was praised by Prime Minister Narendra Modi for his contributions to Indian democracy.

During his tenure as Prime Minister from 2004 to 2014, Dr. Singh played a crucial role in shaping India’s economy. His government implemented several significant economic reforms, including the liberalization of India’s economy and the introduction of the Indo-U.S. nuclear deal.

The Indo-U.S. nuclear deal, in particular, was a landmark achievement of Dr. Singh’s government. Despite facing opposition from various quarters, Dr. Singh successfully negotiated the deal, which paved the way for India’s entry into the global nuclear mainstream.

The Congress party has canceled all official programs, including its foundation day celebrations, for the next seven days as a mark of respect for the former Prime Minister. The party flag will be flown at half-mast during this period of mourning.

Dr. Singh’s demise has been widely condoled by leaders across the political spectrum, with many remembering him as a wise and visionary leader who worked tirelessly for the country’s progress and development.

Tags: Dr. Manmohan Singh

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Cybersecurity

Gurugram Police Register 16,788 Cyber Fraud Complaints, Rs 125 Crore Loss

ObserveNow Media December 26, 2024

The Gurugram Police have recorded a total of 16,788 complaints related to cyber fraud, with an estimated monetary loss of Rs 125 crore, according to the Cyber Police Gurugram. So far, 21 individuals have been arrested in connection with these crimes.

On December 19, the Delhi Police apprehended a 21-year-old cyber fraudster, Ayan Das, from Kolkata. Authorities seized multiple items from him, including five mobile phones, a laptop, five chequebooks, 20 debit cards, one passbook, and three business stamps.

Das is alleged to have provided bank accounts to fraudsters on a commission basis, facilitating illicit transactions. The investigation began after a victim, Srinivasan, reported a cyber fraud involving Rs 23 lakh at the Cyber Police Station in South West Delhi.

Srinivasan had joined a WhatsApp group named “MFSL Stock Chat 40,” where administrators offered stock recommendations at discounted prices. After following the group’s advice for a month, he was invited to join the Marwadi Security Quota VIP fast trading account, where he transferred Rs 23 lakh to invest in the IPO of “Kronox Lab Sciences.”

The victim received 25,000 shares, and his portfolio value rose to Rs 39 lakh. However, when he tried to withdraw Rs 20 lakh, he was told to wait for a month’s end settlement. When he continued facing refusal and was asked to deposit more money to receive his payment, Srinivasan realized he had been scammed and reported the matter to the police. This led to the arrest of Ayan Das.

Tags: Cyber FraudCyber Police Station

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Technology

AI Breakthrough: OpenAI’s o3 Model Achieves Human-Level Performance on General Intelligence Test

ObserveNow Media

OpenAI’s latest artificial intelligence (AI) system, o3, has marked a significant milestone in the race toward artificial general intelligence (AGI). On December 20, the o3 model achieved a groundbreaking 85% score on the ARC-AGI benchmark, surpassing the previous AI record of 55% and matching the average human performance. The system also excelled in tackling an advanced mathematics test, showcasing its adaptability to complex challenges.

The ARC-AGI benchmark evaluates an AI system’s ability to generalize and adapt to novel problems with limited data, a capability central to intelligence. Unlike models like GPT-4, which rely on vast datasets and struggle with uncommon tasks, o3 demonstrated remarkable “sample efficiency,” learning and solving new problems from minimal examples.

This development is seen by many experts as a major step toward AGI, the ultimate goal for leading AI research labs. Francois Chollet, the creator of the ARC-AGI benchmark, suggests that o3 employs a strategy of exploring multiple “chains of thought” to solve tasks, akin to how Google’s AlphaGo mastered the game of Go.

Despite the breakthrough, skepticism persists. Critics argue that o3’s success might result more from specialized training for the ARC-AGI test rather than a leap in its underlying intelligence. OpenAI has disclosed limited details about o3’s architecture and functioning, leaving many questions unanswered.

The potential impact of o3 is profound. If its adaptability proves comparable to human intelligence, it could revolutionize industries and accelerate technological advancements. However, its success also raises concerns about governance and the need for new benchmarks to evaluate AGI.

For now, the release of o3 to a broader audience will determine whether this achievement signals the dawn of AGI or remains an impressive yet incremental step in AI development.

Tags: artificial intelligenceOpenAI

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HR

Joy Banerjee Joins CDSL as Head of Human Resources and Administration

ObserveNow Media

Joy Banerjee, a seasoned HR professional with over 30 years of experience, has taken on the role of Head-Human Resources and Administration at Central Depository Services Limited (CDSL) following a successful five-year tenure at IL&FS.

An alumnus of XLRI Jamshedpur, Banerjee’s illustrious career spans multiple industries and includes expertise in HR operations, business development, customer relationship management, strategy, learning and development, and employee engagement.

Banerjee began his career in 1993 as an office executive at LIC, later transitioning to Max New York Life Insurance in 2002 as an assistant manager. His journey in HR saw him hold key roles, such as National Training Manager at Reliance Life Insurance, and Head of Training and Business Excellence at Tata AIA Life Insurance, where he spent nearly five years.

He further honed his HR leadership skills at Blue Dart DHL Courier, Liberty General Insurance, and Liberty Mutual Insurance, where he rose to the position of Senior Vice President-Human Resources in 2017. Banerjee joined IL&FS in December 2019 as Head-Human Resources, later being promoted to Group Head-Human Resources.

In his new role at CDSL, Banerjee will focus on employee engagement, talent development, culture building, and aligning HR strategies with business objectives. Known for his composure, dependability, and strategic thinking, Banerjee is expected to be a key asset in driving CDSL’s growth and organizational excellence.

Tags: Central Depository Services LimitedJoy Banerjee

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Article

Building Trust Through Technology: How Digital Traceability is Shaping the Future of Supply Chains

ObserveNow Media

Digital Traceability is transforming the way firms across business verticals develop, run, and manage their supply chains and logistics operations.

Supply chain traceability is rapidly becoming a source of competitive advantage. By making product information accessible to customers transparently, digitally-equipped supply chains help companies win customer confidence and loyalty. Whether it’s Amazon’s extensive web capabilities or Unilever’s SAP Green token, companies today are going the extra mile to ensure the digital traceability of their products and practices. No wonder, estimates predict the size of blockchain technology to help enhance traceability in the supply chain to reach $25 bn by 2032. If you are wondering how digital traceability can help you build trust and find favour with potential customers, here are the complete details:

Enhanced Transparency

Transparency is an outcome of making complete product information available and accessible to all stakeholders in the value chain. Digital tools enable this traceability through real-time data logs which collect and record information as products move from the sourcing stage to the selling point.

Elevating Efficiency

By streamlining supply chain processes, digital traceability can boost operational efficiency by a significant margin. Digital tools enable automated data collection, processing, and evaluation protocols, thereby minimizing manual processes in the supply chain. The reduction in human intervention, in turn, results in faster processing and decreased errors, leading to significant improvement in operational efficiency. Take, for instance, the German Shipping company DHL. The global leader in the Logistics space uses advanced digital solutions to trace its supply chain and optimize its routing operations. In addition, the use of digital technologies has enabled the brand to run preventive maintenance, resulting in a significant 30% reduction in transit times. The company has also been able to achieve an on-time delivery rate of 95% which is extraordinary given the global scale of the operations it runs worldwide.

Delivering Quality

With real-time tracking capabilities, firms can ensure strict quality controls for their products. Digital traceability also helps companies identify quality issues and solve them proactively by working with concerned stakeholders. Automobile firms can identify vehicles through their unique identification numbers (UIN) and send targeted messages to owners about their vehicles, service needs, or other updates. This digital traceability is specifically significant in recalling vehicles by pinpointing only those cars that need repair work. Further, digital traceability helps in fixing quality issues by identifying the origin of the fault and offering specific, actionable information to stakeholders to plug the quality gaps.

Meeting Compliance

By automating the tasks of compiling and sharing records, digital traceability can help firms meet regulatory compliance efficiently. The automation of compliance management also reduces errors and makes the entire process secure, efficient, and reliable in the long run. Traceability software can capture compliance data at source and allow firms to link it to their orders, products, or promotion campaigns. The data can also be propagated to various stakeholders to meet both strategic and operational requirements from time to time.

Business Insights

Digital traceability can help firms garner insightful information on several crucial parameters. From understanding consumers to managing inventory, digital tools can help firms discover new business opportunities while ensuring transparency in their supply chain operations. Supply chain traceability can ensure real-time product tracking with the help of geofencing of the products. The location-based service can set virtual boundaries and help firms combat the infiltration of fake products in the supply chain. The insights from this traceability data can be used to refine business processes and achieve excellence in value creation and delivery processes.

Digital traceability is the backbone of successful supply chain and logistic practices. Firms with optimum supply chains benefit from enhanced transparency, elevated efficiency, and better quality management. Digital traceability also equips companies with efficient compliance management and business insights, helping them foster their brand image and customer loyalty. As we head into the future, the significance of digital traceability of supply chains is going to reach a whole new dimension. Brands with digitally equipped supply chains will create a win-win situation for all stakeholders and emerge as favorites in their categories of operation. It’s high time that companies start taking the digital traceability of their supply chains seriously, or else they might fail to meet the rising expectations of their customers and allied stakeholders.

Author: Adithya Kasibhatla, Chief Operating Officer, Genefied

Disclaimer: The views expressed in this article are solely those of the author and do not necessarily reflect the opinions or policies of ObserveNow Media. The author is solely responsible for ensuring the accuracy, completeness, and validity of the information presented, encouraging readers to independently verify and seek professional advice if needed.

Tags: Adithya KasibhatlaSupply ChainsTechnology

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Technology

Route Mobile Limited Announces Leadership Reshuffle to Accelerate Growth

ObserveNow Media

Route Mobile Limited, a leading cloud communications platform provider, has announced key changes to its leadership team, effective December 17. The company’s board of directors has approved the re-designation of Rajdipkumar Gupta as Managing Director (MD) after stepping down as Group Chief Executive Officer (CEO). Gupta will continue to serve as a key managerial personnel under the Companies Act, 2013, focusing on leveraging Proximus Group’s global strengths to drive Route Mobile’s growth trajectory.

Gautam Badalia, formerly the Group Chief Strategy Officer, has been appointed as the CEO. In his new role, Badalia will oversee the company’s overall operations, including implementing strategic initiatives to enhance growth and profitability. He will work closely with Gupta to translate the Group’s strategic plans into actionable outcomes for Route Mobile.

The company has also announced the appointment of Milind Pathak as Chief Corporate Marketing Officer (CCMO). Pathak will lead corporate marketing efforts, focusing on global brand identity, engagement at key industry events, and stakeholder relations. Additionally, Vinay Binyala has been named Chief Strategy Officer (CSO), responsible for spearheading strategic affairs and driving new business initiatives across operations.

These appointments underscore Route Mobile’s commitment to strengthening its leadership to sustain its growth momentum globally.

Tags: Route Mobile Limited

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Digital Native

Razorpay Marks 10th Anniversary with ESOP Allocation to All Employees

ObserveNow Media

Bengaluru-based fintech unicorn Razorpay, backed by Peak XV Partners, has announced a significant gesture to celebrate its 10th anniversary. The company has allocated employee stock options (ESOPs) worth INR 1 Lakh to each of its over 3,000 employees, spanning all levels and functions.

In a statement, Razorpay highlighted the uniqueness of this move, noting that it is rare for companies to uniformly allocate fresh ESOPs to all employees. For many staff members, this marks their first-ever ESOP allocation.

Razorpay has a history of supporting its employees through liquidity events. In 2018, the company executed its first ESOP buyback, allowing 140 employees to liquidate their vested shares. A second buyback worth $75 million followed in 2022, benefitting 650 current and former employees.

Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay has evolved into an omnichannel payments and banking platform. Its offerings now include SME payroll management, lending, insurance, and more.

The company is also part of a growing trend of startups relocating their corporate headquarters back to India. In February 2024, cofounder and CEO Harshil Mathur confirmed plans to shift Razorpay’s domicile from the US to India by the end of the year. This move aligns with the company’s goal of launching an initial public offering (IPO) within the next two years.

To facilitate this transition, Razorpay is undergoing a major restructuring. It plans to consolidate its six Indian units under a single entity, Razorpay Software India. The restructuring could result in a $200 million tax liability to the US government.

Financially, Razorpay has shown robust growth. In FY24, it reported a 365% surge in net profit to INR 33.5 Cr, up from INR 7.2 Cr in the previous fiscal year. Operating revenue also increased by 9% year-on-year, reaching INR 2,475 Cr.

This announcement comes amidst heightened regulatory scrutiny in India’s fintech sector, which has impacted several startups, including ZestMoney, Instamojo, Jupiter, Slice, PayU, and Paytm.

Tags: Harshil MathurRazorpay

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