- The status of crypto assets in India a key agenda in the FSDC meeting
The Financial Stability and Development Council earlier this week called its members to fast-tracking the decision on the legality of Cryptos. The council noted that it wants to take a final call on the matter and has sought a collaborative approach to deal with the issue. “India’s non-compliance with FATF guidelines on crypto assets” was also covered in the discussion.
2. Over 44Mn ‘Made in India’ smartphones were shipped
According to research firm Counterpoint, manufacturers shipped over 44Mn ‘Made in India’ smartphones in the first quarter of the financial year 2022-23. Chinese manufacturer Oppo accounted for 23.9% of the total shipment, while Samsung stood at second place with 21.8%. The research also says going forward, the upcoming festive season will further drive the “Made in India” shipments due to the expected increase in local demand.
3. Bangalore based startup EMO found solution for EV fires
The startup said it has been testing its battery pack in adverse conditions for the last three months, and is now able to offer a full fire safety assurance to customers, while also increasing a battery’s life cycle. This increases the overall life of an electric vehicle. The company was founded by Rahul Patel and Sheetanshu Tyagi, who earlier worked in the battery department at Ola Electric.
4. ONDC To Improve Inclusion, Ecommerce Penetration: CBO Shireesh Joshi
The Chief Business Officer of the ONDC said that the idea behind the creation of Open Network for Digital Commerce was not just recreating transactions, but to Improve inclusion and e-commerce penetration in the country. He also said ONDC may help in outdating the current ecommerce infrastructure and its closed network practices. The ecommerce sector evolved after the onset of pandemic, which gave birth to the idea of ONDC on the lines of UPI and Aadhaar. It aims to generate 3Bn orders per month, bring 15Bn neighbourhood shops online and sign up 900 Mn digital buyers over the next five years he added.
5. D2C Ecommerce India has raised Rs 6 crore in a seed round
The funds were raised in a friends and family round. The company was founded by manish Gupta and began operations last month. The company is a multi-brand e-commerce company that runs the portal d2cscale.com. Funds will be used to invest in brands, expand product offerings, add new technologies and scale up customer acquisition. The company also plans to expand its workforce and ensure last-mile delivery, and thereafter, branch out into new categories.
