AI Economic Value 🤖, DealShare & Perfios Acquire 💰, India Halts Visas 🚫

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to the NextBigWhat Daily IndiaTech News! Today's headlines cover AI-driven economic value, DealShare & Perfios' acquisitions, Livspace's growth, and India’s visa services for Canadians. 🤔 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( AI will produce $2.6-4.4 trillion in economic value each year; India to benefit most 🇮🇳 IndiaTech - As over 100 new genAI use cases are created, the addressable market for the IT industry is expected to rise by an additional 15-20% in India. - GenAI will produce an annual economic value of $2.6-4.4 trillion. 75% of this will be concentrated in areas like software engineering, customer operations, product and R&D, and sales and marketing. DealShare Closes B2B Division, Shifts Focus to B2C; Fires Approx. 130 Employees 🇮🇳 IndiaTech - DealShare shuts down B2B business to concentrate efforts on B2C operations across multiple regions. - Structural business changes follow departure of CEO Vineet Rao and recent appointment of new chief executive. - Despite significant financial growth, inability to stabilize the business model cited as primary reason for pivot. How to start a startup course: The world’s most comprehensive guide [NBW Newsletter Ad]( What we’ll delve into during this course is not just how to dream, but how to do. Starting a startup is not just about having a good idea; it’s a combination of focus, determination, iteration, and often, serendipity. [Enroll]( Perfios Acquires Fintech Firm Fego.ai to Expand Financial Software and Tools 🇮🇳 IndiaTech - Fintech startup Fego.ai was acqui-hired by Perfios. The startup provides an open-finance product stack for developers, helping companies understand customers’ financial behavior. - Fego’s financial tools include Fego XP, which allows developers to embed personal finance management in their offerings, and Fego Connect, granting access to real-time financial data. - Perfios, a financial and data analysis software firm, recently raised a $229m Series D round. Its services are used by banks and financial institutions, processing 1.7 billion transactions yearly. Livspace records 85% YoY growth with Rs 1,148 Cr revenue in FY23, despite losses 🇮🇳 IndiaTech - Omnichannel home interior platform Livspace registered 85% YoY growth in FY23, with operations revenue reaching Rs 1,148 crore. - Despite strong growth, the company posted a loss of Rs 621 crore and overall expenses rose 47.4% to Rs 1940 crore. - Livspace’s offerings include pre-designed rooms and a marketplace for interior services, generating revenue from both product sales and design services. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Sanket S Bhondve Appointed to Establish Data Protection Board 🇮🇳 IndiaTech - The IT Ministry appointed Sanket S Bhondve as Officer on Special Duty for the Data Protection Board. - The board ensures compliance with the Digital Personal Data Protection Act. - The Data Protection Board will be constituted and notified within 30 days. Despite Rising Tensions, Canada Remains Major Player in Indian Capital Markets 📈 India Business - Canada is among the top 10 nations in terms of assets held by Foreign Portfolio Participants (FPIs) in India. - Canadian FPIs have Rs 1.77 lakh crore in cumulative assets, a majority invested in equities. - Despite diplomatic rifts, Canada’s investment in India, especially in the digital sector, continues to grow. Air India’s Chief of Flight Safety Suspended over Inspection Lapses 📈 India Business - The Directorate General of Civil Aviation (DGCA) suspends Air India’s Chief of Flight Safety for a month on the grounds of inspection lapses. - Covert surveillance on July 25 and 26 revealed perfunctorily executed internal audit checks, non-adherence to regulatory requirements, and lack of technical manpower. - In addition to the suspension, the officer has been barred from conducting any compliance-related audits or checks for the DGCA. SBI Ecowrap shows 55% of retail credit went to housing, education, vehicles over two years 📈 India Business - SBI Research states household net financial saving decreased but financial liabilities rose by Rs 8.2 trillion since the pandemic. - 55% of the increased household borrowing from commercial banks was used for housing, education, and vehicle purchases. - The shift from financial to physical savings was influenced by low interest rates; physical assets are expected to cover 70% of household savings in FY23. Diplomatic Tensions Spike as India Halts Visa Services for Canadians 📈 India Business - In response to allegations made by Canadian Prime Minister Justin Trudeau, India suspends visa services for Canadian nationals indefinitely. - India’s Ministry of External Affairs has issued an alert to its citizens in Canada, warning of the growing anti-India activities and potential venues in Canada that have seen such incidents. - Despite India’s warnings against traveling to certain parts of Canada, Canada’s Public Safety Minister Dominic Leblanc maintains ‘Canada is a safe country’. AI platform EaseMyAI secures Rs 3 Crore in Seed funding round led by Inflection Point Ventures 🇮🇳 IndiaTech - EaseMyAI will utilize funds for product development, hiring sales and marketing personnel, and distributor network expansion. - Founded in 2022, the platform specializes in automating business operations, aiding in improved efficiency and cost reduction. - Clients include Hitachi, Ericson, Mudra Port, ICICI Bank, and Standard Chartered Bank. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](