Tax Returns Double 💼, Starlink Launches in India 🛰️, NODWIN Buys Comic Con 🎮

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Preview: Today, we dive into the doubling of income tax returns in FY23, the anticipated launch of Starlink in India, and NODWIN Gaming's acquisition of Comic Con India. 📈🛰️🎮 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Income tax returns in FY23 double over the past decade, says CBDT 🇮🇳 IndiaTech - The Central Board of Direct Taxes (CBDT) reported a 104.91% increase in Income Tax Returns (ITRs) filed in FY23 compared to 2013-14. - Net direct tax collections rose 160.52% from FY14 to FY23, with the government aiming to collect ₹18.23 lakh crore from direct taxes in the next fiscal. - The direct tax-to-GDP ratio increased from 5.62% to 6.11%, while the cost of collection decreased from 0.57% to 0.51% of the total collection. Cricket NFT platform Rario to launch new product following shutdown 🇮🇳 IndiaTech - Rario, a cricket NFT platform, is shutting down its current product and launching a new one in March, following the departure of its co-founders and many employees. - The company cited industry headwinds, a crash in the NFT sector, and management failures as reasons for not meeting expectations, and has put a new management team in place. - Rario, which spent significantly more than it earned in FY23 and wrote off NFTs worth Rs 458 crore, assures customers that their wallet cash balances are safe and withdrawable until March 31, 2024. The ultimate guide to starting and scaling your startup! [NBW Newsletter Ad]( Bundle of 7 courses 64% off! Learn everything to grow your business [Enroll 👊]( NODWIN Gaming purchases Comic Con India 🇮🇳 IndiaTech - NODWIN Gaming has bought Comic Con India for Rs 55 crore in a cash and share swap deal with co-founders Jatin Varma and Karan Kalra. - The co-founders will continue to operate the business under NODWIN Gaming, and the Comic Con India team will become NODWIN shareholders. - The acquisition aims to create a unique platform for gaming enthusiasts and pop culture fans, with plans to expand the number of festivals and their reach across India. HP aims to transition to subscription-based printing, says CEO 🇮🇳 IndiaTech - HP CEO Enrique Lores revealed the company’s goal to transition to a subscription-based model for its printers and ink cartridges. - Lores defended the company’s controversial Dynamic Security system, which disables printers when used with non-HP ink cartridges, as a measure against potential viruses. - Critics argue the move is more about locking customers into HP’s ecosystem, with cybersecurity experts skeptical about the claimed virus threat. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Starlink set to launch in India, challenging Reliance Jio and Airtel 🇮🇳 IndiaTech - Starlink is awaiting approval from the Department of Telecommunications to operate in India, following clarification of its shareholding pattern. - The satellite-based internet provider, which offers speeds comparable to 4G, applied for its GMPCS license in 2022. - Pricing for the service is yet to be officially announced, but reports suggest initial costs could be around ₹1,58,000 in the first year. Cult.fit, backed by Tata and Zomato, lays off 150 employees amid cost-cutting measures 🇮🇳 IndiaTech - Cult.fit, a fitness unicorn with Tata Digital and Zomato as core investors, has laid off mid to senior level employees to cut costs and improve financial health. - The layoffs aim to reduce the company’s monthly cash burn from ₹15 crore to around ₹10 crore, as it transitions from an online fitness platform to an offline gym chain. - The layoffs come as Cult.fit prepares for a pre-IPO round of funding and follows similar moves by other tech companies such as Paytm and Flipkart. Renewable energy stocks surge following PM Modi’s Pradhan Mantri Suryoday Yojana announcement 🇮🇳 IndiaTech - Renewable energy companies like Tata Power and IREDA saw their shares rise over 5% after PM Modi announced the Pradhanmantri Suryodaya Yojana. - The scheme aims to install rooftop solar systems on 1 crore houses, boosting demand for solar panels. - Despite a major market crash, the announcement led to a significant rise in shares in India’s renewable energy sector. Elon Musk criticizes India’s absence from UNSC, calls for reform 🇮🇳 IndiaTech - Tesla CEO Elon Musk labels India’s lack of a permanent seat in the United Nations Security Council (UNSC) as ‘absurd’, echoing concerns raised by UN secretary-general António Guterres about the absence of any African nation. - Venture capitalist Michael Eisenberg suggests the dismantling of the UN and the creation of a new organization with stronger leadership. - Despite India’s efforts for a permanent membership, its attempts have been blocked by China due to ongoing animosity between the two nations. Groww app users express frustration after trading glitch 🇮🇳 IndiaTech - Financial services app ‘Groww’ experienced a trading glitch, causing panic among users. - Despite Groww’s clarification and resolution of the issue, users expressed their dissatisfaction and concerns about potential losses on social media. - Groww, which surpassed Zerodha last year to become India’s largest broker, had 66.28 lakh active investors at the end of September. Ferns N Petals reports Rs 607 Cr revenue in FY23, suffers significant losses 🇮🇳 IndiaTech - Ferns N Petals, a gifting platform, reported a modest 4.8% increase in income in FY23, but incurred heavy losses nearing Rs 110 crore. - The company’s revenue from operations rose to Rs 607 crore in FY23 from Rs 579 crore in FY22, with the majority of income coming from selling cakes, flowers, and customized gifting solutions. - Despite the revenue increase, a 25% surge in total expenditure pushed the company into losses, with Ferns N Petals posting a Rs 109 crore loss in FY23 compared to a Rs 10 crore profit in FY22. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](