💻 Srikanth Nadhamuni on building Trustt

Start Your Day with YS Buzz: Your 8 AM Snapshot of Today's Top Startup News! 15 February 2024 [View in Browser]( Hello, These days it seems like fintech cannot avoid the spotlight. The Reserve Bank of India has instructed card payment gateways Visa and Mastercard to suspend all business payment solution providers’ (BPSPs) transactions involving [card-based commercial payments](. The directive is expected to affect companies such as Enkash, Karbon, and Paymate. Meanwhile, the Enforcement Directorate is reported to have sought information on [international transactions]( from Paytm Payments Bank. This follows earlier reports that said ED was investigating One 97 Communications, which operates Paytm, on suspicion of violation of foreign exchange rules. “One 97 Communications Limited (‘Company”), its subsidiaries and its associate, Paytm Payments Bank Limited, have over time been receiving notices and requisition for information, documents and explanations from the Authorities, including Enforcement Directorate (ED), with respect to the customers that may have done business with the respective entities, and provided the required information, documents and explanations to the Authorities,” the company said in a statement. Elsewhere, payments service provider PayU has [partnered]( with the National Payments Corporation of India (NPCI) to enable merchants to accept digital payments through credit lines. Moving on from fintech, Le Travenues Technology Ltd, which operates the travel booking platform Ixigo, on Wednesday, filed preliminary papers for an [initial public offering](. Lastly, a new term to describe why we find it so difficult to concentrate: [Popcorn brain](. In today’s newsletter, we will talk about - Srikanth Nadhamuni on building Trustt - ClearTax’s playbook for GCC - Making informed choices with game Here’s your trivia for today: Popular American clothing company Levi Strauss & Co. was founded in which year? --------------------------------------------------------------- --------------------------------------------------------------- Interview Srikanth Nadhamuni on building Trustt Nadhamuni wears many hats—founder, investor, and technologist, among others. But perhaps, you know him best for his work on Aadhaar. Now, Nadhamuni is creating new-age banking solutions leveraging AI at Trustt. In an interaction with YourStory, he discusses his vision for the company, his take on Gen AI, and more. Insights: - Trustt (formerly Novopay) is an AI-powered SaaS-based core banking platform that helps consumers remit money, withdraw it, make payments, and avail themselves of a variety of banking and consumer-related products and services on its merchant network. - He says that fintechs, despite their expertise in financial products, often lag behind banks due to their reluctance to leverage innovations in cloud technology, which greatly enhance data storage and security practices. - Nadhamuni says the company [Trustt] is run quite differently from a lot of startups, and has been profitable for 3-4 years. [Read More]( --------------------------------------------------------------- Funding Alert 1) Moove: $10M| Debt 2) Ascend Capital: Rs 50 Cr| Series A 3) Segise: $1.6M | Pre-Seed --------------------------------------------------------------- Gulf ClearTax’s playbook for GCC achieving significant milestones and growth in India, Clear, called ClearTax in the GCC, entered the region in 2021 after raising $75 million in Series C round led by Kora Capital, Stripe, Alua Capital, Think Investments, and existing investors. It has launched invoicing and taxation products for medium to large enterprises in the Kingdom of Saudi Arabia (KSA). It also assists businesses in adjusting to digital mandates and helps in automating financial processes. Expansion: - The startup, working closely with government bodies like Zakat, Tax and Customs Authority (ZATCA), the tax authority of Saudi Arabia, plans to extend its offering to include VAT compliance, A/R automation, and B2B payments in the next 6-12 months. - It provides integration options like API and file transfer methods, making it compatible with various billing systems like ERPs, POS, and hand-held devices. - To date, the platform claims to have onboarded more than 250 companies in the retail, telecom, and transport sectors. [Read More]( --------------------------------------------------------------- Women Empowerment Making informed choices with game Nisha, a 19-year-old girl from a lower-middle-class family in Delhi, is studying to be a teacher. She has dreams and ambitions to pursue but life is not easy, and she must navigate through the realities of life. Nisha is a character in a mobile game, Go Nisha Go, but she could well be one among the 116 million population of adolescent girls in India who are bogged down by societal mores and a lack of understanding of what they want. Right to choose: - Go Nisha Go is a free mobile game app for girls between the ages of 15-19 years. It provides reproductive health education (RHE) on menstruation, consent, and making choices on marriage, education, and career. - The mobile game takes the user through five different levels, enabling them to explore, learn and develop decision-making skills through immersive role-play with the help of Nisha. - The app also provides links to helplines of women-focused NGOs like TechSakhi, Rati Foundation, and Project Nyay'ri—not just as a way to help the character but equip the user with resources. [Read More]( --------------------------------------------------------------- From the CapTable Jio-bp acquires Magenta’s charging network as EV charging consolidation gains steam Electric vehicle (EV) solutions startup Magenta Mobility has sold off its public charging infrastructure business to petroleum major Jio-bp, multiple sources familiar with the matter told The CapTable. The deal, which was agreed as far as a year ago, according to a source close to Magenta, will see Jio-bp—a joint venture between Reliance Industries Ltd and British oil major bp—acquire 100 charging stations from Shell-backed Magenta. A formal announcement of the deal is expected soon. Industry sources signal that the space is only set to consolidate further, with smaller firms finding it difficult to sustain their businesses. One of the primary reasons for this, they say, is the lack of widespread EV adoption among the Indian masses, especially when it comes to four-wheelers. This has seen public chargers going under-utilised and charging companies facing mounting losses as a result. These short-term struggles, though, aren’t deterring larger companies such as Tata Power and Jio-bp from aggressively growing their EV charging footprint. Key takeaways: - Sources say that EV solutions startup Magenta Mobility has sold its public charging infrastructure business to Jio-bp. - The sale is the latest development in India's EV charging market, which has seen smaller businesses getting swallowed up by large firms. - Industry players highlight the lack of enough EVs requiring public charging as a key reason for the underutilisation of charging stations, making it difficult for startups to sustain their businesses. - Larger companies such as Tata Power and Jio-bp, meanwhile, are aggressively growing their EV charging footprint, aiming to add thousands more charging points to their rapidly growing networks. [Continue Reading]( --------------------------------------------------------------- Namaste Doston, TechSparks ki duniya mein aapka phir se swagat hai! TechSparks, YourStory's flagship event, is set for its exciting return to Mumbai at the Grand Hyatt on February 29 and March 1, 2024. It's more than just a conference; it's a hub for the brightest minds in startups and tech. Here, you'll have the chance to engage with India's top investors and business innovators. Whether you're looking to pitch your ideas, seek funding, or form new partnerships, TechSparks is the place to be. This event is an incredible opportunity for networking with a select group of motivated individuals and leaders. It's a platform to share ideas, learn from industry pioneers, and contribute to shaping the future of tech in India. [Get Your Passes Today!]( --------------------------------------------------------------- News & Updates - [Price rise:]( The value of all the bitcoin in circulation, or market capitalisation, on Wednesday rose above $1 trillion for the first time since late 2021, according to CoinMarketCap data. The cryptocurrency also broke through the $51,000 level during the day, marking the first time it has hit this price since December 2021. - [Buyback:]( Uber Technologies said on Wednesday it would buy back up to $7 billion worth of company shares for the first time ever following a strong recovery in ride-share and healthy demand at its food delivery business. - [AI Boom:]( Nvidia overtook Google-parent Alphabet's stock market capitalisation to become the third biggest US company on Wednesday, days before the poster child of AI boom is due to report fourth-quarter results. Here's what else we have for you Future-ready education: Unmasking the dynamics of AI and skills mastery In association with AWS Ready to revolutionise education? Join us for a thought-provoking webinar on AI's impact on learning and skills mastery. Register now for the Bharat Innovators Series webinar hosted by AWS, AMD and YourStory on'Future-ready education: Unmasking the dynamics of AI and skills mastery' on February 23 at 3PM IST. Join our distinguished panel of speakers: Giridhar L V, Co-founder & CEO, Nuvepro Technologies Hemant Sahal, Founder & CEO, Digii Moderated by: Sunil PP, South Asia Lead for Education, AWS Explore the transformative power of AI in education with our panellists. Reserve your spot now. [Register Now]( --------------------------------------------------------------- Leading the charge: Meet the women at the helm of innovation in India's business landscape In association with AWS Empowering women in tech and driving innovation forward! Our AWS Women In Tech Series features the stories of Dr. Rashi Gupta, Neha Gupta, and Shrestha Chowdhury as they share their experiences at Rezo.AI, Gameskraft, and Razor Group respectively. Read the detailed article for insights into fostering gender equality and embracing cutting-edge technologies! [Know More]( Did you know? Popular American clothing company Levi Strauss & Co. was founded in which year? Answer: 1853 We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, [sign up here](. For past editions of the YourStory Buzz, you can check our [Daily Capsule page here](. [Feedback]( [Unsubscribe]( [Newsletters](