TICE News | Startup News Of The Week |

Welcome to our latest edition of the Startup Spotlight, where we bring you the hottest updates and developments from the dynamic world of startups! From groundbreaking innovations and government schemes to funding and new hirings in the startup space, our news bulletin dives into the heart of the startup ecosystem, keeping you informed and inspired.

Fintech Unicorn Slice to Merge with North East Finance Bank

Slice recently announced its merger with the Guwahati-based North East Finance Bank. This merger has the potential to increase financial inclusion in the country. It's worth noting that Slice already acquired a 10% stake in this bank. Both Slice and North East Finance Bank aim to provide a wider range of products and omnichannel access to users. This merger also highlights the importance of RBI's approval in the fintech startup landscape.

Krafton, the developer of BGMI, Launches Indian Gaming Incubator

Krafton India Gaming Incubator has been launched within BGMI (Battle Grounds Mobile India). This gaming startup incubator aims to boost the Indian gaming industry. The incubation program by Krafton will run for 6-12 months and mentor 6-10 gaming startups annually. These startups will gain access to internal resources such as data analytics and market research, along with mentorship from gaming experts.

Wearable Startup Brand BOULT Expands into 13 New States with 2,500 Stores

After making a mark in the online market, BOULT is strengthening its offline presence by opening 2,500 new stores in 13 different states, including Gujarat, Tamil Nadu, Karnataka, Maharashtra, Madhya Pradesh, Telangana, Bihar, Kolkata, Jodhpur, Jalandhar, Kashmir, and Jammu. These smart stores not only offer BOULT's products but also allow customers to experience their innovative technologies.

Karnataka Tax Department Sends Letters to Gaming Startups for Compliance with New GST Rules

The Karnataka GST authority has sent letters to 161 gaming platforms, instructing them to adhere to the new GST rules. These rules require gaming platforms to collect GST at a rate of 28% on the full face value of bets in online real money games. This rule came into effect on October 1, and gaming startups are now obligated to comply with this tax regime.

Flipkart Introduces Flippi and Vibes Ahead of Festive Sales

Before launching its festive sales, Flipkart has introduced two new features to enhance the shopping experience for users: Flippi and Vibes. Flippi is a shopping assistant powered by ChatGPT, while Vibes is a unique video-led browse mode as part of Flipkart's SwipeScreen experience. These features aim to help consumers quickly and efficiently find products they prefer.

Zoomcar Plans to Go Public in the US After Global Acquisition

Indian car rental platform Zoomcar Inc. has announced its plans to go public in the United States through a blank-check merger, valuing the combined company at $456 million, including debt. This move is part of Zoomcar's expansion into new markets, following its acquisition by Innovative International Acquisition Corp in the first half of 2023.

Amitabh Bachchan Faces Controversy Due to Misleading Flipkart Ad

The Confederation of All India Traders (CAIT) has filed a complaint against Amitabh Bachchan and Flipkart with the Ministry of Consumer Affairs. The complaint is related to an advertisement promoting Flipkart's Big Billion Days sale, in which Amitabh Bachchan states that all offers and deals are exclusively available on Flipkart's online sale. CAIT has deemed this ad misleading, as similar offers and deals are also available in the offline market, and it alleges that the ad is influencing buyers inappropriately.

Actress Nayanthara Launches a New Skincare Startup

South actress Nayanthara, in collaboration with director Vignesh Shivan, has launched a skincare startup called "9Skin." This skincare brand aims to redefine skincare by combining the power of science with natural nourishment. Prior to this, Deepika Padukone and Katrina Kaif also launched their skincare brands.

Indian Startup Funding Sees a 71.5% Decline

Startup funding in India has experienced a significant decline of 71.5% in the first eight months of 2023, according to a report by GlobalData. This decline in venture capital funding is not unique to India and has become a global trend.

NCLAT Issues Notice to Uber in Meru Cab's 2021 Complaint

The National Company Law Appellate Tribunal (NCLAT) has recently issued a notice to Uber in response to a complaint filed by Meru against Uber in October 2021. Meru alleged that Uber engaged in anti-competitive activities from 2014 to 2017 by offering misleading discount offers to attract new users, which created challenges for smaller startups like Meru in markets such as Delhi-NCR. The hearing for this case is scheduled for January 2024.

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