Wilful Defaulters 🤔, EkStep Launches ONEST 🚀, X Content-Blocking Appeal 🤝, Meesho Fake Prods 🚫, Actyv.ai Cuts Workforce ⬇️, Freshworks Q2 Rev 💰

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to today's edition of the NextBigWhat Daily IndiaTech News! Today's top stories include wilful defaulters owing banks, EkStep launching ONEST, X appealing content-blocking verdict, Meesho eliminating fake products, Actyv.ai reducing workforce, and Freshworks Q2 revenue. 📰 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Top 50 wilful defaulters owe Rs 87,295 cr to banks: Finance Minister 🇮🇳 IndiaTech - The finance ministry on Tuesday said top 50 wilful defaulters including Gitanjali Gems Limited, Era Infra Engineering Limited, REI Agro Limited, and ABG Shipyard Limited owe Rs 87,295 crore to banks and financial institutions. - Fugitive Mehul Choksi’s Gitanjali Gems is the biggest wilful defaulter owing Rs 8,738 crore to banks. EkStep to Launch ‘ONEST’, an Open Network for Education 🇮🇳 IndiaTech - EkStep plans to launch the Open Network for Education Skilling Transaction (ONEST), which aims to bring together entities across the education sector on one platform. - ONEST will facilitate discovery of services and transactions in the education sector, and primarily focus on learning experiences, financial aid, and work opportunities. - This initiative will be led by EkStep, with ONDC as the network facilitator, utilising ONDC’s existing network infrastructure for a pilot. Masters of Scale - Reid Hoffman: Dropbox’s Drew Houston (Podcast summary) [NBW Newsletter Ad]( Read how he outmaneuvered the big guys. Startups can succeed against established companies by identifying and utilizing their unique advantages, rather than trying to compete on the same terms. [Get it]( Elon Musk’s Social Media Platform X Appeals Against Karnataka High Court’s Content-blocking Verdict 🇮🇳 IndiaTech - X, formerly Twitter, has appealed the Karnataka High Court decision that approved the Indian government’s content-blocking orders under the Information Technology Act. - X argues that the court has incorrectly interpreted Section 69A of the IT Act and challenges the decision to uphold the blocking of 29 accounts, demanding the reversal of a Rs 50 lakh penalty. - The case raises questions about a foreign platform’s ability to protect fundamental rights against government overreach in India. Meesho Eliminates Millions of Fake Products and Suspends 12,000 Accounts 🇮🇳 IndiaTech - Indian e-commerce platform Meesho removes 42 lakh counterfeit and 10 lakh restricted products within six months. - Over 12,000 ‘bad actor’ accounts blocked, employing natural language models and computer vision to detect infringements. - Launches ‘Project Suraksha’ to strengthen quality checks and build trust, identifying 1,800 high-risk brands to be actioned against. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Bengaluru-based SaaS startup Actyv.ai reduces workforce by over 60% 🇮🇳 IndiaTech - The reduction has taken place in two phases, after securing $12m pre-Series A funding. - Leadership team asked to work without salary until new funding or December 2023. - Layoffs come amid economic issues in several growth and early-stage startups. Freshworks Q2 Revenue Hits $145 Million, Reduces Losses by 17.8% 🇮🇳 IndiaTech - SaaS firm Freshworks saw a 5.3% Q-o-Q growth and reduced its net loss by 17.8% in Q2. - The firm’s second quarter operational revenue grew to $145 million and expects to hit $149-151 million in the next quarter. - Tiger Global sold its entire Freshworks stake in Q2. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](