Indian VCs have only invested 26% of the dry powder accumulated and set aside for FY24, per Inc42’s latest survey More than 60% of Indian investors are cautious about backing Indian startups VCs have now started asking difficult questions, and only those with answers will be seen confidently flocking with them Despite sitting on massive reserves of dry powder, investors are not too keen on jumping headfirst and investing in Indian startups, an industry survey conducted by Inc42 reveals. According to Inc42’s ‘The State Of Indian Startup Ecosystem Survey 2023’, which surveyed 70-plus active VC firms in India, Indian VCs have only invested 26% of the capital they have accumulated and allocated for FY24, holding on to the rest. However, what presents a promising investment prospect for both local and global investors is that the Indian economy is poised to achieve a growth rate of 6.1% in FY24, outpacing China’s growth rate of 4.5%. According to Inc42 data, Indian startups have raised $6.1 Bn in funding across 528 deals this year (as of July 28, 2023), a far cry from the $19 Bn raised across 900 deals in the first half of 2022. Download The Report The funding slowdown has been, for the most part, due to the investors being cautious with their decision, after having been burned during last year. According to Inc42’s survey, more than 60% of Indian investors remain cautious about backing Indian startups. Over the past few months, multiple issues of egregious corporate governance lapses, massive losses, layoffs, faltering unit economics and other controversies emerging from the Indian startup ecosystem have impacted investors’ sentiments significantly and prompted them to tighten their purse strings. Investor Confidence: A Sand Castle? Indian startups enjoyed unprecedented highs in 2021, as startup funding hit an all-time high. In retrospect, coming out of the pandemic, the investors were flush with cash and threw money at everything that looked lucrative. No wonder Gopal Srinivasan, the chairman and MD of TVS Capital Funds, called the year 2021 an ‘alcohol party’. “We’re coming out of the massive alcohol party of 2021, so some hangover will be there,” Srinivasan said at a media briefing, ahead of the 2023 CK Prahalad Next Practice Entrepreneur Award ceremony. Not to mention, this ‘hangover’ still persists. With no funding in sight and investor confidence at the lowest, the only startups to survive FY24 will be the ones that have enough runway to smoothly glide through the year — and investors will be on the watch out for such startups. The irony of the situation, however, is further highlighted when one looks at the amount of dry powder still at the disposal of Indian startups, indicating that the funding winter may be over and investors could exercise caution to invite guests (founders) to the funding buffet. Rajan Anandan, the MD of Peak XV Partners, declared the end of the funding winter at Inc42’s MoneyX in July. “The funding winter is gone. The Indian startup funding is back to normal, and Peak XV has INR 20,000 Cr to invest,” Anandan said. Since the beginning of 2022, startup investors have raised nearly $22 Bn to back Indian startups; part of it, over $4 Bn has been announced in 2023 alone. In the midst of a volatile investment landscape, marked by the highs of 2021 and the lessons learned from it, the Indian startup ecosystem finds itself at a crossroads. Inc42’s survey paints a vivid picture of cautious investors, reluctant to repeat the exuberance of the past. With the closure of deals becoming a more time-consuming process, and audit cycles growing in duration, it’s evident that investors are being meticulously thorough in their due diligence. The trepidation stemming from past mishaps and uncertainties has led investors to approach the funding arena with a discerning eye. This heightened scrutiny is mirrored in the slowed pace of investments and the accumulation of substantial dry powder reserves. As the Indian economy readies itself for an ambitious growth rate in FY24, the startup realm stands at an intriguing juncture. Despite the past year’s fervor, it’s clear that investor sentiment has evolved. The startups that navigate this new landscape with sustainable runway and compelling value propositions are more likely to emerge resilient.

In a compliance report filed before the Delhi HC on August 17, MeitY said it has taken cognisance of the concerns flagged by the court in its previous orders The HC disposed of the case saying the government’s intention to bring a policy in the matter is sufficient compliance of the Court’s order While hearing a case involving webseries ‘College Romance’, the court previously remarked that there was a need for ‘urgent attention’ to frame rules to regulate content OTT platforms The union government reportedly told the Delhi High Court (HC) that it will frame necessary rules and regulations to curb the use of ‘vulgar language’ on social media and OTT platforms.  As per news agency PTI, the Ministry of Electronics and Information Technology (MeitY), in a compliance report filed before the HC on August 17, said it has taken cognisance of concerns flagged by the HC in its previous orders. “… (as) part of its regular exercise on policymaking for the techno-legal ecosystem, it (MeitY) gives due consideration to the observations of this honourable court in its judgement to regulate the social media platforms/intermediaries for making it safer from the use of vulgar languages,” noted the affidavit.  In its previous observations, the HC noted that there was a need for ‘urgent attention’ to frame rules to regulate content on social media and streaming platforms.  Meanwhile, the HC disposed of the matter after the submission from the ministry. “This court takes note of the fact that it is a policy decision which is to be undertaken by the Ministry and the legislature, it is sufficient compliance of the order of this court. This court has been assured that the concerns of this court expressed through the said judgement will be incorporated in the future rules and regulations which will be shortly undertaken,” observed the HC.  At the heart of the matter is a case involving a webseries, College Romance, streamed on major Indian streaming platforms such as SonyLiv, YouTube and TVFPlay. In 2019, an Additional Chief Metropolitan Magistrate directed the Delhi Police to file an FIR in the matter against the show’s director Simarpreet Singh and actor Apoorva Arora under the Information Technology Act. A year later in 2020, an additional sessions judge upheld the order and directed the concerned authorities to register an FIR under the relevant sections of the IT Act. Eventually, the creator of the show, The Viral Fever (TVF), moved the Delhi HC to challenge the matter. On March 6 this year, the HC upheld the order of the Additional Chief Metropolitan Magistrate but added that registering FIR did not include a direction to arrest the accused or the petitioner. The HC came down heavily on the OTT platforms and raised concerns over the use of vulgar language in public domain and on social media platforms. While delivering the verdict, the HC also said that the bench watched the episodes through earphones and that the ‘profanity of the language’ on the show could not have been heard without ‘shocking or alarming the people around’. It also flagged the ‘sheer enormous power’ and reach of online platforms across all age groups, adding that such avenues were also open to ‘children of tender age’. The HC also remarked that the shows that include the use of ‘obscene words and foul language’ cannot ‘take shelter under the argument of the new generation using such language’. Earlier today, the Supreme Court also warned users of ‘action’ for posting abusive or vulgar content on social media. Earlier in March, Information and Broadcasting Minister Anurag Thakur said that streaming vulgar and abusive content on OTT platforms in the name of creativity was not acceptable.  Later in July, reports surfaced that the Centre told streaming giants such as Netflix and Disney that the content on their platforms ought to be reviewed independently for obscenity and violence before premiering online. 

Amazon India has launched the third edition of Machine Learning (ML) Summer School. This program aims to provide students with the opportunity to learn key ML technologies from Scientists at Amazon. The e-commerce giant claims that this program will make students industry-ready for a career in machine learning. Amazon Machine Learning Summer School: Availability and eligibility The free educational course will be conducted over four weekends in September.This course will cover eight modules that will provide students with an opportunity to gain skills on key ML topics.These topics include Supervised Learning, Deep Neural Networks, Probabilistic Graphical Models, Dimensionality Reduction, and Unsupervised Learning. The course will also focus on fostering a strong foundation in both theoretical concepts and practical applications.ML Summer School is open to all engineering students enrolled in Bachelor’s/Master’s/ PhD degrees from any recognised institute in India and are expected to graduate in 2024 or 2025. Eligible students will be required to take an online assessment focused on basic ML concepts and math fundamentals on topics such as probability, statistics, and linear algebra.The top 3000 students will then be enrolled on ML Summer School, where they cover eight modules in classroom sessions over four weekends, each session followed by live Q&A sessions with scientists at Amazon.Amazon Machine Learning Summer School: Key featuresDiverging from conventional approaches that emphasise theory, Amazon’s ML Summer School offers an application-focused learning method. Participants can not only grasp theoretical concepts but also gain hands-on experience, preparing them for real-world challenges. The program’s curriculum integrates practical applications, equipping learners with both knowledge and practical skills. Moreover, Amazon’s ML Summer School also assimilates existing science curricula in universities with industry trends, and prioritises practical learning, catering to students with varying ML backgrounds.Amazon Machine Learning Summer School: TimelineSince its pilot in 2021, the Amazon ML Summer School has demonstrated growth. The inaugural program saw participation from over 3500 students, with the top 300+ students earning the opportunity to partake. Building on this success, the program expanded in 2022, attracting over 17,500 registrations from engineering students across India. Out of these, a select group of 2880 students were invited to join the program. This year it is being expanded to include engineering students enrolled in any recognised institute in India and will see a bigger class size.

Airtel Payments Bank has enabled Fastag-based parking payments at Jayprakash Narayan International Airport, Patna. Fastag-based parking enables automatic cashless payments at the airport exit. This ensures seamless and efficient vehicle movement within airport parking zones. The parking fee gets deducted from the valid Fastag affixed to the vehicle. This also helps to curb the increasing congestion at the airport.Ganesh Ananthanarayanan, Chief Operating Officer of Airtel Payments Bank said, “Customer convenience is of utmost importance to us.By enabling the Fastag-based parking payments, we aim to alleviate the time-consuming challenges faced in busy airport parking lots, ultimately enhancing the overall travel experience for our customers.”Airtel Payments Bank Fastag: Availability Airtel Payments Bank is working with multiple partners to enable Fastag-based parking payments across the country. The facility is already live at airports in Varanasi, Bhubaneswar and Aurangabad. Airtel Payments Bank is also among the top five issuers of Fastag in the country. The bank claims that its digital-first approach has helped it become a leading player in the Fastag segment. Customers can easily purchase a Fastag from the banking section of the Airtel Thanks App.Airtel Payments Bank: More detailsAirtel Payments Bank is a multi-segment fintech that operates with a banking license. This bank offers a diverse range of safe, simple and other banking solutions through a network of 500,000 banking points spread across the country and its digital platforms. The Bank has also built a digital payments ecosystem across the country. Airtel Payments Bank is committed to contributing to the Government’s vision of Digital India and Financial Inclusion by taking digital banking services to the doorstep of every Indian.

Meta has announced that it is releasing an AI model that can translate and transcribe speech in up to 100 languages. The model can be useful to communicate and understand information in language that people don’t know.“Today we’re releasing SeamlessM4T, a new multimodal AI model that lets people who speak different languages communicate more effectively,” Meta CEO Mark Zuckerberg said in a post on his Instagram Channel.Zuckerberg said that the AI model can do speech-to-text, text-to-speech, speech-to-speech, text-to-text translation and speech recognition for up to 100 languages. The company plans to integrate the AI model in translation and transcription into Facebook, Instagram, WhatsApp, Messenger and Threads.How SeamlessM4T AI model worksAccording to Meta, the model supports speech recognition in up to 100 languages, however, the number is less when it comes to text-to-speech translation. Speech recognition for nearly 100 languages Speech-to-text translation for nearly 100 input and output languages Speech-to-speech translation, supporting nearly 100 input languages and 36 (including English) output languages Text-to-text translation for nearly 100 languages Text-to-speech translation, supporting nearly 100 input languages and 35 (including English) output languages “In keeping with our approach to open science, we’re publicly releasing SeamlessM4T under a research licence to allow researchers and developers to build on this work. We’re also releasing the metadata of SeamlessAlign, the biggest open multimodal translation dataset to date, totaling 270,000 hours of mined speech and text alignments,” the company said.According to Meta, SeamlessM4T builds on previous advancements in this space, such as last year’s No Language Left Behind (NLLB), a text-to-text machine translation model that supports 200 languages, which is integrated into Wikipedia as one of the translation providers.The company also shared a demo of Universal Speech Translator, which was the first direct speech-to-speech translation system for Hokkien, a language that doesn’t have a widely used writing system. The company also revealed Massively Multilingual Speech that provides speech recognition, language identification and speech synthesis technology across more than 1,100 languages.

FundsIndia said that Westbridge Capital’s investment in the company, coupled with its expertise and network, will enable the former to significantly enhance its investment offerings FundsIndia provides users access to mutual funds from various fund houses in the country, stocks from the BSE and NSE, corporate fixed deposits, and various other investment products FundsIndia, which has raised a total funding of $16.6 Mn till date, currently claims to have 25 Lakh customers and over 10,000 Cr of assets under management US-based investment firm Westbridge Capital has reportedly picked a majority stake in digital investment platform FundsIndia for an undisclosed amount. FundsIndia, in a statement, said that Westbridge Capital’s investment in the company, coupled with its expertise and network, will enable the former to significantly enhance its investment offerings and pursue expansion plans to further strengthen its position as one of the most trusted financial services brands in India. Inc42 has reached out to FundsIndia for more information on the deal. The story will be updated on receiving a response from the company. Founded in 2009, FundsIndia provides users access to mutual funds from various fund houses in the country, stocks from the BSE and NSE, corporate fixed deposits, and various other investment products. As per publicly available data, FundsIndia has raised a total of $16.6 Mn in funding till date. The company currently claims to have 25 Lakh customers and over 10,000 Cr of assets under management. FundsIndia also announced that Manish Gadhvi has joined the platform as chief executive officer of its B2B partner business. The platform is now reportedly looking to build a pan-India omnichannel experience to support independent financial advisors (IFAs) and their institutional partners.

It’s well known that the secret to any business’s success is a genuine passion for what you do as a leader and entrepreneur. For Leah Wise, the reason she has become so successful as a lawyer and entrepreneur is that this passion radiates throughout every one of her business ventures — including her clothing line, CrashGal Couture. Leah Wise — perhaps better known by her social media handle, @CrashGal — is a McAllen, Texas-based attorney and entrepreneur. After graduating from the St. Mary’s University School of Law with a JD in 2016, Wise founded her own practice, the first Latina-owned law firm in Texas dedicated 100% to personal injury law. However, Wise’s venture into entrepreneurship doesn’t stop with being the owner of a law firm. She has also founded a real estate investing company, a non-profit organization dedicated to empowering women in the community, and perhaps most surprisingly, a clothing line. How Leah Wise founded CrashGal Couture to pursue her passion for fashion As one of her many business ventures, Wise founded CrashGal Couture to pursue her passion for fashion design beyond her primary career as a lawyer. Wise is a testament to the fact that with an entrepreneurial spirit, it’s possible to turn your passion into a significant profit. CrashGal Couture sells clothes in an online store that offers shipping, as well as inside the McAllen, Texas boutique Shop 112. Whether you are in the Rio Grande Valley or across the United States, you can take advantage of the sleek, affordable style of the CrashGal Couture line. According to Wise, the philosophy behind CrashGal Couture is to “bring the modern, working woman a clothing line that would allow them to express themselves at an affordable price.” Because of this, customers will find clothes from all sorts of styles in CrashGal Couture’s online or physical store — from dresses and rompers to two-piece sets and even cover-ups. This makes CrashGal Couture a perfect fashion line for the everyday woman’s needs, whether it’s showing up to work in style or finding the perfect outfit for a girls’ night out. One of the defining features of the CrashFal Couture line is that all pieces are priced under $100. As a result, Wise is putting upscale, elegant fashion into the hands of women from all walks of life at a price they can afford. How Leah Wise gives back to the community as a successful Latina entrepreneur Through her actions, Wise has shown a continued commitment to giving back to the community — both in terms of the local Rio Grande Valley and those in her community of Latina entrepreneurs. In terms of her practice, Wise regularly shows the willingness to help clients financially while their cases are being resolved, setting them apart from large corporate firms who treat their clients like they are “just another case.” At the same time, Wise goes above and beyond to give back to the community and empower other Latina entrepreneurs. For one, Wise refuses to let her social media following go to waste. She started an initiative called “Latina Feature Friday” on her social media platforms to highlight other Latina-owned businesses in the Rio Grande Valley. Through her business ventures — including CrashGal Couture and her law firm — Wise has grown a following of thousands across her various accounts. She believes that using this following to help other Latina entrepreneurs is an important part of giving back and supporting those experiencing the same challenges she did in her journey. Wise has also shown her commitment to elevating fellow Latina entrepreneurs through her philanthropic efforts. For example, she recently founded the CrashGal Mentorship Group, a program through which she provides Latina entrepreneurs with mentorship and guidance to help them in their journey toward becoming successful entrepreneurs. She also began the Leah Wise Latina Student Hardship Fund at St. Mary’s University School of Law in 2022, pledging $50,000 to help Latina law students going through financial hardship. The goal of both initiatives is to empower the next generation of great female entrepreneurs and lawyers. Leah Wise’s story should be an inspiration to any Latina who hopes to start her own business and pave a path for herself in whatever industry she chooses. Wise has not only seen success as a lawyer, but also as a fashion designer, philanthropist, and entrepreneur in general. Her unwavering desire to give back to the community makes her an extraordinary role model for girls and women who hope to take their passions and turn them into profitable ventures.

Google Photos on the web is getting some new capabilities. This comes soon after the Android’s default gallery app received a redesign for foldables and tablets. The gallery app on the web has received a new editor as reported by 9to5Google. The update also includes some minor changes to the overall user interface.What users get with Google Photo’s new editorGoogle Photos now shows a new contextual Suggestions tab first with necessary options like Enhance, Warm and Cool, similar to what we see on the Photos app. Google One subscribers will also see more features here. This includes Portrait light, Blur, Sky, Color, and HDR. Next to that, there’s the Aspect Ratio which has been updated to offer more options to users. The tool, instead of opening the photo into full screen crop mode, offers users the multiple aspect ratios to choose from, including Free, Original, Square, 16:9 (9:16), 5:4 (4:5), 4:3 (3:4), and 3:2 (2:3). Earlier these options were tucked within a dropdown menu. Thanks to the bigger screen, all the editing controls are shown in one go, instead of grouping them under Light, Color, and Pop. However, the icons accompanying these options are similar to the Android version of the app. In the end, the Filters tab is there which by the way used to be the first tab before the update. Nothing much has changed here. Users can simply click on the available filters to apply on the photo. The biggest takeaway from this is Google Photos on web also offers an almost similar set of features and options as the mobile version and this makes things easier for users. Rollout detailsThe report says that the updated editor in Photos’ web version is rolling out now and users will see a new popup “Try the new editor” when opening a picture.

The European Commission is reportedly analysing India’s newly-formed data protection law EU’s GDPR requires other countries to be fully compliant with its norms and ensure an adequate level of data protection for transferring the personal data of EU citizens to those countries Following President Droupadi Murmu’s assent to the DPDP Bill, the Indian government is now gearing up to notify the establishment of the Data Protection Board Amid privacy-related concerns around the recently passed Digital Personal Data Protection (DPDP) Act, 2023, the European Commission is reportedly analysing the data protection law. “We take note of the adoption of the law, and we are analysing it,” a European Commission spokesperson was quoted as saying by Moneycontrol following its query to the Commission on whether the DPDP Act would have an impact on data transfer from the EU to India. The European Commission is the European Union’s (EU’s) politically independent executive arm responsible for drawing up proposals for new European legislation and implementing the union’s laws. Inc42’s email to the European Commission to clarify the matter did not elicit a response till the time of publishing the article. The EU’s General Data Protection Regulation (GDPR) requires other countries to be fully compliant with its norms and ensure an adequate level of data protection for transferring the personal data of EU citizens to those countries. There have been some concerns around the amount of privacy the DPDP Act provides, particularly because certain clauses of the Act allow exemptions to the central government in the processing of personal data. As per the report, experts are of the view that such an exemption could affect the EU’s assessment of India’s newly-formed data protection law. It is pertinent to note that the DPDP Bill was passed in the Lok Sabha on August 7 amid protests from the opposition parties. Soon, it was passed in the Rajya Sabha and on August 11, President Droupadi Murmu finally granted her assent to the Bill to become an Act. Besides opposition MPs, the bill has received criticism from industry stakeholders, civil society, and rights groups alike. They have raised concerns that the DPDP Act would lead to state-sponsored surveillance of citizens and it violates the right to privacy. As part of the Act, there are also hefty penalties for non-compliance with its provisions. For instance, a failure to take security measures to prevent data breaches could invite a penalty of up to INR 250 Cr. Non-fulfilment of obligations related to children, violators could attract penalties up to INR 200 Cr.  Now, the government is also gearing up to notify the establishment of the Data Protection Board (DPB). The government is actively formulating the criteria for selecting members and the chairperson for the functioning of the board, Minister of State for Electronics and IT, Rajeev Chandrasekhar said recently. Meanwhile, Ireland’s Data Protection Commission reportedly welcomed India’s DPDP Act. Being an EU member country, Ireland also comes under the jurisdiction of GDPR.

Back in 2017, Microsoft announced that it won’t be making Kinect, a device that came with a depth camera and microphone. Two years later, the company introduced Azure Kinect Developer Kit. And now the company has discontinued that as well. According to a company blog post, the Azure Kinect Developer Kit is being ‘killed’. “We have made the decision to end production of Azure Kinect Developer Kit, but this is far from the end of this technology as it will continue to be available through our partner ecosystem,” said company executive Swati Mehta. While Microsoft is doing away with Kinect, it is offering certain options to developers who want a similar gadget. “If you are an existing user of Azure Kinect Developer Kit or are planning to use it for your application, you can continue to do so without disruption. The Azure Kinect Developer Kit SDK (software development kit) will continue to be available for download,” said Mehta in the blog post. Buyers can also purchase additional devices until the end of October or until supplies last. “If you are looking for a long-term solution or need to customise the hardware for your specific needs, we encourage you to explore the offerings from our partners,” Mehta said. What options is Microsoft offeringThe Femto Bolt from Orbbec is an option for those interested in a solution like Azure Kinect Developer Kit can consider. Orbbec’s camera offerings use the same depth camera module as Azure Kinect Developer Kit, and developers can migrate their existing applications using Azure Kinect Developer Kit to Orbbec’s cameras using the API bridge provided as part of their SDK, said Microsoft. “We believe that with these partnerships the community will have access to a broad variety of sensors, camera modules and camera systems built on top of Microsoft iToF technology,” added Mehta in the blog post.