The Union Minister of Commerce, Piyush Goyal, is expected to meet top executives of Amazon, Flipkart, Meesho, Shiprocket and Swiggy, among others The government is looking to understand the business models of these companies and figure out whether they are in compliance with FDI norms The government earlier sought specific information on seller patterns, private label sales, dark store ownership and discounting and platform algorithms The Ministry of Commerce and Industry has reportedly invited major ecommerce companies operating in India, including online marketplaces, food delivery companies, logistics and quick commerce platforms for consultations on the National Ecommerce Policy. According to people cited in an ET report, the Union Minister of Commerce and Industry, Piyush Goyal, is expected to meet top executives of Amazon, Flipkart, Meesho, Shiprocket and Swiggy, among others. According to the officials, the government is looking to understand the business models of these companies and figure out whether they are in compliance with FDI norms. Earlier this year, the Department of Consumer Affairs also sought data from online grocery and quick commerce platforms to understand their business models as well. The government sought specific information on seller patterns, private label sales, dark store ownership in the case of quick commerce startups and details about discounting and platform algorithms from ecommerce startups. Quick Commerce Startups On Commerce Ministry Radar Incidentally, the commerce ministry is also working on concerns over whether quick commerce startups comply with local ecommerce norms. Quick commerce startups typically operate out of dark stores – micro-warehouses operated by third-party entities. Under draft rules, ecommerce platforms can’t own entities selling products on their platforms, and the government is exploring the ownership of these dark stores.  Further, the Centre is also seeking data on private-label products sold on online grocery platforms to see if companies were pushing in-house brands over other products. It is also looking to ensure that consumers are being offered choices transparently. Quick commerce, which rose to prominence in early 2022, includes players such as Zomato-owned Blinkit, Swiggy’s Instamart, Zepto and BigBasket’s BBnow. Business Practices Under Govt Lens The ecommerce rules, being framed under the Consumer Protection Act, will also look at the business practices of ecommerce players.  Earlier this year, media reports suggested that the government is likely to issue rules which excluded ‘related parties’ of marketplaces such as online retailers and food delivery platforms that would not be allowed to sell products or services to a registered merchant on their platform. To exemplify, this would mean that Flipkart and Amazon India would not be able to offer their in-house logistics services, Ekart and Amazon Transportation Services, to registered sellers. Ecommerce players have further attracted attention from the consumer affairs department, as it wrote to major players warning them against the use of ‘dark patterns’ in their user interface. Some of these dark patterns include False Urgency, Subscription Traps, Confirm Shaming, Forced Action, Bait and Switch and Hidden Costs. Multiple industry bodies, including the Confederation of All India Traders (CAIT), along with a few other national associations, have also been calling for an immediate rollout of the ecommerce policy and the formation of an empowered regulatory authority. The Department for Promotion of Industry and Internal Trade (DPIIT) started inter-ministerial consultations for the National Ecommerce Policy this June. The government had even floated a draft for the policy in 2019, with the work having started back in 2018, during the first tenure of the Modi government.

Samsung has just concluded its Galaxy Unpacked 2023 event in Seoul, South Korea with several new announcements including the new foldables — Galaxy Z Fold 5 and Galaxy Z Flip 5. This is the company’s 5th-generation foldable smartphone and the company has clocked decent sales numbers with its previous-generation Flips and Folds. With the new Galaxy Z Fold 5 and Galaxy Z Flip 5, the company aims to expand the reach of its foldable devices. The question is how it’s going to do that. It appears that Samsung has a well-thought-out plan to push its foldable phone market and make them more common among users. T M Roh, president and head of mobile eXperience business at Samsung Electronics told TOI-Gadgets Now in an interaction that foldable smartphone users instantly feel its advantages once they start using them. Things like a bigger display or the fact that it can fold into a much more compact form factor along with various additional features can make them stick to the idea of a foldable device, he said. How Samsung is planning to drive people into buying foldable smartphonesThe biggest advantage of foldable as Roh mentioned during the interaction is its distinctiveness. Some may like the bigger display while some will love the idea of having a phone that can become more compact. Plus the services and features. Getting people to experience these things is the company’s first step towards making them go for Z Fold or Z Flip. “The big question for ourselves is how we are going to get the Indian consumers to experience the phone first, either by going to the retail stores or from users that they know. So, from the existing users, maybe they can get more information and get to experience the phone as well”, said Roh. He further mentioned, “We hope that many more of them can actually get their hands on and experience the foldable phones”.Better awareness around foldablesThere’s no doubt that in-hand experience matters. However, Roh mentioned that to make people come to the stores and experience these devices, they first need to be aware of this.The next step towards making foldable go mass market is creating awareness around foldable smartphones. Roh mentioned that this is where the mass media events and promotional activities come in. Making it easier to access these devicesRoh mentioned that they want to make it easier for users to buy these foldable smartphones and to make that happen, they are running several sales programs in India with our sales partners. “One example is the program that we have in India – Samsung Finance+. This is one such program to make it more accessible to Indian consumers”. “We’ll continue to work on that front as well, not only by ourselves but along with our partners”, Roh added. Samsung appears to have a clear picture of the direction where the foldable smartphones are heading and what it needs to do to make them become mass-market products.

The newly demerged company has underlined plans to offer full-fledged insurance services from 2024 onwards Jio Financial Services has set aside a capital of INR 1,000 Cr each to enter both general as well as life insurance segments Last week, Jio Financial Services signed a 50:50 joint venture with investment giant BlackRock to enter the homegrown asset management space Pulling all stops for its insurtech foray, Jio Financial Services (JFS) is reportedly all set to apply for an insurance licence soon. Sources told ET Now that Jio Financial is readying plans to approach the Insurance Regulatory and Development Authority of India (IRDAI) to apply for a licence. As per the report, the newly demerged company has underlined plans to offer full-fledged insurance services from 2024 onwards.  Once the initial application is submitted, the insurance regulator will then take a call on the matter over the course of the next six to eight months.  People familiar with the development further noted that JFS is looking to venture into both the general as well as life insurance categories. The conglomerate has reportedly set aside a capital of INR 1,000 Cr for each of these segments.  The fresh development comes weeks after it was reported that JFS was hiring for its upcoming insurtech arm and has already recruited a former PSU personnel.  With this, Jio could be looking to make a big dent in the country’s underpenetrated insurance sector. However, its entry could also intensify competition in the space, which is led by legacy players and new-age tech startups. Apart from players like Life Insurance Corporation of India (LIC), HDFC, ICICI Group, Jio’s insurtech arm will also lock arms with digital-heavy startups such as IPO-bound Go Digit, Acko, and Navi. At the heart of Jio’s strategy is the country’s burgeoning insurance sector. As per a report, the life insurance penetration in the country stood at a mere nearly 3% while non-life insurance penetration was much lower at 1% in financial year 2021-22 (FY22). It is this vast expanse, which offers an attractive proposition for Reliance Jio, which could leverage its digital infrastructure and resource base to create ripples in the insurtech ecosystem. Meanwhile, the newly-demerged arm is gearing up its plans to foray into other financial segments as well. Just last week, Jio Financial announced that it has signed a joint venture with investment giant BlackRock to enter the homegrown asset management space. The two companies have earmarked $150 Mn each for the AMC entity, which has been named Jio BlackRock.  With much at stake, the entry of Reliance into the insurance space could complicate matters for incumbents who have already been battered by adverse market conditions and customers cutting down on discretionary spending.  Despite big investments and the deployment of tech, insurance penetration in India continues to be dismal. While other players have not been able to spur the metric, it remains to be seen if Reliance’s new insurtech arm is able to create the same storm that its telecom vertical created back in 2016. 

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Sunil Mittal-led telecom giant Bharti Airtel has announced its pre-payment of Rs 8,024 crores to the Department of Telecom (DoT). The payment was made towards deferred liabilities related to the spectrum acquired in the auction of 2015. To leverage the lower-cost financing that was available to the company, Airtel has prepaid the entire amount as the said instalments had an interest rate of 10%. Airtel claims that it continues to enjoy access to well-diversified sources of capital/financing. This allowed the company to have enhanced financial flexibility in its capital structure. Such capabilities include optimised cost of financing as well as using all opportunities for significant interest savings, like this prepayment.Airtel’s global telecom presence The home-grown company is a global communications solutions provider that has a customer base of 500 million in 17 countries across South Asia and Africa. The company ranks amongst the top three mobile operators globally and its networks cover over two billion people. Airtel’s telecom products and servicesAirtel’s retail portfolio includes high-speed 4G/5G mobile broadband, Airtel Xstream Fiber that promises speeds up to 1 Gbps with convergence across linear and on-demand entertainment, streaming services spanning music and video, digital payments and financial services. For enterprise customers, Airtel offers a wide range of solutions that includes secure connectivity, cloud and data centre services, cyber security, IoT, Ad Tech and CPaaS (Airtel IQ). Airtel’s 5G spectrum auctionIn August 2022, Airtel paid Rs 8312.4 crores to the DoT towards dues for the spectrum acquired in the 5G auctions. The company paid 4 years of 2022 spectrum dues upfront. At that point, Airtel claimed that this payment coupled with the moratorium on spectrum dues and AGR-related payments for four years will free up future cash flows and allow the company to dedicate resources to single-mindedly concentrate on the 5G rollout.

Fidelity has now valued its holding in Gupshup at $8.08 Mn, at the end of June, trimming it from $10.15 Mn at the end of May this year The updated valuation of Fidelity’s holding in Gupshup has lowered its total valuation to $697 Mn, snatching its unicorn tag In May, Fidelity slashed the fair value of Meesho by 9.7% and marked down Pine Labs by about 9.2% to $4.5 Bn US-based asset management company Fidelity Investments has once again slashed the valuation of SaaS unicorn Gupshup. The company’s valuation has been cut by more than 20% between May and June.  Fidelity has now valued its holding in Gupshup at $8.08 Mn, at the end of June, trimming it from $10.15 Mn at the end of May this year, according to Fidelity’s monthly disclosure with the US Securities and Exchange Commission (SEC). In May, Fidelity slashed the fair value of its holding in the Indian startup by 8.4% from $11 Mn as of April 28, 2023. Meanwhile, the latest investment valuation of Fidelity has seen an over 50% cut from $16.2 Mn — the amount that the former had originally invested in Gupshup in mid-2021. The funding round valued Gupshup at $1.4 Bn. As per the Economic Times, the updated valuation of Fidelity’s holding in Gupshup also lowers the entity’s total valuation to $697 Mn, snatching its unicorn tag. Founded in 2004 by Beerud Sheth, Gupshup is a conversational messaging platform that enables companies to enhance customer experience. The startup is said to send over 7 Bn messages per month to enable conversations with customers. It also counts major Indian banks and unicorns, including IndusInd Bank, HDFC Bank, Zomato, Ola, and Flipkart, as its clients. Gupshup last raised $340 Mn in 2021 with participation from Fidelity Management and Research, along with marquee investors like Tiger Global, Malabar Investments, Think Investments, and Harbor Spring Capital, among others. Gupshup reported a consolidated net profit of INR 39.9 Cr in FY22, down from INR 52.5 Cr in FY21 while its total revenue increased 53% year-on-year to INR 1,140.7 Cr. Amid a severe funding winter and weakening investor sentiment towards tech startups globally, several companies have witnessed back-to-back valuation cuts by their top investors. In May this year, Invesco cut the valuation of its holding in Swiggy, valuing it at $5.5 Bn, which stood at $10.7 Bn in January last year. BlackRock cut the valuation of BYJU’S by nearly half to $11.5 Bn. Now, Peak XV Partners is also reportedly looking to significantly mark down the fair value of its investment in the edtech giant. In May, Fidelity also slashed the fair value of ecommerce unicorn Meesho by 9.7%. It also marked down the valuation of fintech major Pine Labs by about 9.2% to $4.5 Bn.

Hackers are coming up with new ways to trick their victims. Now researchers have discovered a new security flaw in smartphones that can be misused by scammers. This vulnerability was found in text messaging that may enable attackers to trace users’ locations. According to a report by Northeastern Global News, a research group led by US-based-Northeastern University PhD student Evangelos Bitsikas, has exposed the flaw. Bitsikas used a machine-learning program to collect data from the SMS system that supported texting to and from mobile phones since the early 1990s. “Just by knowing the phone number of the user victim, and having normal network access, you can locate that victim. Eventually, this leads to tracking the user to different locations worldwide,” Bitsikas noted. He mentioned that SMS security has slightly improved since it started for 2G networks almost 30 years ago. Whenever a user receives a text message, their smartphone instantly sends a notification to the sender. Smartphones send this notification as a receipt of delivery. How hackers can use this flawAs per the report, the method used by Bitsikas can be used by criminals to spam users by sending several text messages to multiple numbers. Hackers will be able to triangulate the location based on the timings of their smartphones’ automated delivery replies. The report also notes that attackers will be able to track users’ location even if their communications are encrypted. “Once the machine-learning model is established, then the attacker is ready to send a few SMS messages. The results are fed into the machine-learning model, which will respond with the predicted location,” Bitsikas said. Apart from this, Bitsikas has reportedly not discovered any of this vulnerability being exploited actively. “This does not mean that (hackers) aren’t going to make use of it later on,” he warned. The report mentioned that the security flaw has already been exploited through Android operating systems. However, the procedure might be difficult to scale as scammers will need to have Android devices in multiple locations. Moreover, these devices have to keep sending messages every hour and the attackers have to calculate the responses to find the location. The report also added that a collection of fingerprints can take several days to decipher depending on the number of them being sought by the attacker.

Britain’s antitrust regulator Competition and Markets Authority (CMA) has opened up its probe into Microsoft‘s Activision Blizzard deal as it aims for a final decision by August 29. The CMA also published Microsoft’s arguments explaining why the $69 billion deal should be re-evaluated, and invited comments on the new version of Microsoft’s takeover by August 4. The regulator has previously blocked the deal – the biggest gaming in history – in April.“Microsoft has made a series of submissions to the CMA about developments since the publication of the Report, including the acceptance by the European Commission of commitments offered by Microsoft and the agreement recently entered into between Microsoft and Sony. These submissions state that there has been a material change of circumstances since the Report or that there are otherwise special reasons for reaching a different decision on the remedies question,” the CMA said. It is to be noted that Microsoft provided its final and consolidated submission on the matter on July 25. According to a report by news agency Reuters, a court involved in the case had already published the tech giant’s argument.Recently, CMA chief executive Sarah Cardell said that the UK regulator will carefully consider the proposals put forward by Microsoft.“We understand from Microsoft that they would like to put forward a proposal to restructure the deal, potentially re-notifying the deal to address our competition concerns. If they do that, we will consider those restructured proposals carefully,” Cardell said. Microsoft’s 10-year agreementsMicrosoft has already announced multi-year commitments with Sony and Nintendo for bringing the Call of Duty game on their consoles and with Nvidia, Boosteroid and Ubitus to stream the game on their cloud service.Earlier this month, Microsoft and Activision Blizzard announced that they have agreed to extend their merger agreement to October 18. Activision said that the companies agreed to increase the deal termination fee. If the deal does not close by August 29, Activision will have to pay $3.5 billion – an increase from $3 billion earlier – to Microsoft. In case the deal is not closed before September 15 and it backs out, Activision will pay $4.5 billion to the tech giant.

For aspiring entrepreneurs seeking to break new ground and make a mark in their respective industries, innovative business ideas are the key to success. Here are fifteen innovative business ideas that have the potential to disrupt markets and captivate customers in the modern business landscape. 1. Subscription Box Services Subscription box services have gained popularity in recent years, offering curated products or experiences delivered directly to customers’ doors on a recurring basis. Consider niche-specific subscription boxes catering to various interests, such as beauty, fitness, gourmet foods, or books. 2. Personalized Wellness and Health Services As health and wellness become top priorities for consumers, businesses can capitalize on personalized services and products. Innovative concepts may include personalized nutrition plans, fitness apps, stress management programs, and customized health supplements. 3. Eco-Friendly and Sustainable Products With increasing environmental awareness, eco-friendly and sustainable products are in high demand. Explore business ideas that promote sustainable practices, such as reusable products, upcycled fashion, and environmentally conscious packaging solutions. 4. Virtual and Remote Services As remote work and virtual experiences become the norm, there are ample opportunities to offer virtual services. Consider businesses in virtual event planning, remote team-building activities, online tutoring, or telemedicine services. 5. Personalized Learning and Skill Development Create a platform that offers personalized learning experiences and skill development opportunities. Utilize adaptive learning technologies to tailor educational content to individual learners’ needs and goals. 6. Shared Mobility and Electric Transportation Embrace the growing trend of shared mobility and electric transportation solutions. Explore ideas like electric scooter rentals, electric vehicle charging stations, or eco-friendly ride-sharing services. 7. AI-Powered Virtual Assistants Develop AI-powered virtual assistants that provide efficient and personalized support to individuals or businesses. These assistants can handle tasks like scheduling, customer service inquiries, and managing digital interactions. 8. Niche E-commerce Marketplaces Create niche e-commerce marketplaces catering to specific interests or target audiences. These platforms can offer a unique selection of products that appeal to a specialized customer base. 9. Smart Home Solutions With the rise of the Internet of Things (IoT), smart home solutions are gaining traction. Consider business ideas that offer smart home devices, home automation systems, or energy-efficient home solutions. 10. Online Cultural Experiences Offer virtual cultural experiences for those who wish to explore the world from the comfort of their homes. These experiences can include virtual tours of historic sites, cooking classes with international chefs, or virtual language and music lessons. photo credit: Michael Burrows / Pexels 11. Personalized Digital Art and Creations Tap into the growing demand for personalized and unique digital art and creations. Consider starting a business that offers custom digital artworks, personalized illustrations, or digital designs for branding and marketing purposes. Customers are increasingly seeking one-of-a-kind digital creations that reflect their individuality and style. 12. Plant-Based and Alternative Protein Products As the popularity of plant-based diets and sustainability continues to rise, explore business ideas that focus on plant-based and alternative protein products. This could include innovative plant-based meats, dairy-free alternatives, or plant-based meal delivery services. 13. Telehealth Mental Health Services The importance of mental health has become increasingly recognized, and telehealth mental health services present a valuable opportunity for innovative entrepreneurs. Consider creating a platform that offers online therapy sessions, mental health coaching, or mindfulness and meditation apps. 14. Eco-Tourism and Sustainable Travel Experiences For nature enthusiasts and environmentally conscious travelers, eco-tourism and sustainable travel experiences are on the rise. Develop a business that offers unique eco-friendly travel packages, sustainable adventure trips, or nature-focused retreats that promote responsible travel and conservation efforts. 15. Personalized Fashion and Styling Services In the world of fashion, personalized experiences are gaining traction. Launch a business that offers virtual styling consultations, custom-made clothing, or AI-driven fashion recommendations based on individual preferences and body measurements. 16. Remote and Virtual Fitness Classes With the growing demand for at-home fitness options, consider starting a business that offers remote and virtual fitness classes. Offer a diverse range of classes, from yoga and pilates to high-intensity interval training (HIIT) and dance workouts, accessible to customers from the comfort of their homes. 17. Personalized Pet Services and Products Pet owners are always on the lookout for personalized and unique services for their furry friends. Create a business that offers personalized pet grooming, custom pet accessories, or even personalized pet food subscriptions based on the pet’s individual dietary needs. 18. Green Technology and Renewable Energy Solutions Incorporate innovation into the green technology sector by exploring business ideas that focus on renewable energy solutions. Develop and offer eco-friendly products such as solar-powered gadgets, energy-efficient home appliances, or sustainable power storage solutions. 19. Digital Health and Fitness Platforms Leverage technology to create an all-in-one digital health and fitness platform. This platform can include features like personalized workout plans, nutrition tracking, health monitoring, and access to expert advice from health and fitness professionals. 20. Sustainable Fashion Rental and Resale Promote sustainability in the fashion industry by starting a business that offers sustainable fashion rental and resale services. Customers can rent or purchase high-quality pre-owned clothing and accessories, contributing to the circular fashion economy. 21. Virtual Reality Entertainment and Experiences With the advancement of virtual reality (VR) technology, there’s a growing appetite for unique virtual experiences. Create a business that offers immersive VR entertainment, virtual travel experiences, or virtual events and concerts. 22. Smart Agriculture and Indoor Farming Combine technology and agriculture to create smart agriculture and indoor farming solutions. Develop automated indoor farming systems that optimize crop growth and water usage, enabling sustainable and efficient food production. 23. Eco-Friendly Home Cleaning and Organizing Services Address the demand for eco-friendly and sustainable home cleaning services. Use environmentally friendly cleaning products and methods to offer customers a green and healthy home environment. Additionally, consider providing professional organizing services to help customers declutter and optimize their living spaces. Conclusion Innovation is the driving force behind successful modern businesses. By embracing unique and creative business ideas that align with current trends and consumer preferences, entrepreneurs can carve out a niche in the market and build

Reliance has finally made the JioBook laptop official in India. The new JioBook comes as the successor to the outgoing model. This is the company’s first always-on, always-connected laptop aimed at students and educational purposes. Reliance JioBook laptop: Price and availabilityReliance has launched the laptop at Rs 16,499 and it is now available for purchase via Amazon India website. In addition to this, the company is also offering buyers additional benefits worth Rs 1500. This includes a free backpack, Quick Heal antivirus program, and access to DigiBoxx.Reliance JioBook laptop: FeaturesJioBook is a compact laptop that is aimed at students. It features an 11.6-inch HD anti-glare display and is powered by Mediatek MT 8788 Octa Core/2.0 GHz/ ARM V8-A 64-bit, 4GB LPDDR4 RAM and 64GB storage which can be expanded by up to 256GB via microSD card slot. The laptop runs Jio OS out of the box and Jio claims that it has been designed like a PC for minimum learning curve for users. JioOS comes with over 75 shortcuts, support for native apps, extended display, touchpad gestures and more. The laptop claims 8+ hours of battery life and comes with stereo speakers, an infinity keyboard and a large touchpad. It’s always connected. JioBook comes with multiple connectivity options including an in-built 4G SIM card that keeps the devices always on and always connected. However, users will be required to activate the SIM card via the Jio website or the MyJio app. Furthermore, JioBook also comes with dual-band Wi-Fi (2.4GHz and 5GHz) support out of the box. In addition to all these, Jio has also included its own services like JioTV, JioGames and more. At this price, it is hard to find anything in the market. Considering the idea of Netbooks is already dead, the JioBook is probably the only option you can get.