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Indian Railways to Launch Sandbox to Accelerate Startup Innovation

YourStory

YourStory · 2m ago

Indian Railways to Launch Sandbox to Accelerate Startup Innovation

Indian Railways will launch a sandbox policy to promote innovation by allowing startups a controlled environment to test ideas. Announced by Union Minister Ashwini Vaishnaw, this initiative supports the Startups for Railways program, fostering collaboration with over 3,000 entities. This policy aligns with India’s broader technological advancements, like developing indigenous chipsets and AI infrastructure. It aims to transform the startup ecosystem and modernize the railway network, enhancing safety, efficiency, and customer experience.

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Govt eyes regulatory sandbox for OTT communication apps

Economic Times

Economic Times · 1y ago

Govt eyes regulatory sandbox for OTT communication apps

The Indian government is considering the implementation of a regulatory sandbox for over-the-top (OTT) communication apps, allowing them to test features in a controlled environment before being released to the public. The sandbox would enable both new and existing companies to gather feedback from users and the government on potentially harmful or misused features. This move aims to encourage tech innovation and protect consumer interests, with specific rules and eligibility criteria expected to be released. The government previously proposed a regulatory sandbox for driving tech innovation in the telecom sector.

Railways Award Startups With 23 Innovation Projects Worth 43.87 Cr To Improve Services

Inc42 · 1y ago

Railways Award Startups With 23 Innovation Projects Worth 43.87 Cr To Improve Services

The Indian Railways has received 423 proposals from startups in response to the 28 problem statements posted on their innovation portal. They have allocated approximately INR 10.52 Crore in grants to eligible startups involved in ongoing innovation projects. The 'Startups for Railways' program, launched on June 13, 2022, aims to harness the potential of Indian startups, MSMEs, innovators, NGOs, and entrepreneurs to improve operational efficiency and safety within the railway network.

IBM Signs MoU To Deploy AI Cluster At GIFT City

Inc42 · 1y ago

IBM Signs MoU To Deploy AI Cluster At GIFT City

IBM is set to launch an AI cluster in GIFT City, India, to drive innovation and collaboration in the financial industry. The cluster will utilize IBM's GenAI platform, watsonx, to provide financial institutions with support in areas such as proof of concept and access to AI Sandbox, AI literacy programs, and digital assistant solutions. In recent years, Indian GenAI startups have raised over $600 million in funding.

Crypto exchange CoinDCX partners with The Sandbox

IndianStartupNews

IndianStartupNews · 1y ago

Crypto exchange CoinDCX partners with The Sandbox

Indian crypto exchange CoinDCX has partnered with blockchain gaming company The Sandbox to focus on BharatBox, a section within The Sandbox highlighting Indian artists and brands. The partnership aims to increase user engagement in the metaverse, provide educational resources, and foster creativity. Initiatives include educational content, interactive Q&A sessions, and developing new metaverse projects specifically for the Indian market. The partnership will educate and empower users about the potential of the metaverse and encourage innovation and creativity.

Planys Raises INR 43 Cr To Offer Underwater Infrastructure Testing Solutions

Inc42 · 1y ago

Planys Raises INR 43 Cr To Offer Underwater Infrastructure Testing Solutions

Deeptech startup Planys Technologies has secured INR 43 crore ($5 million) in funding led by angel investor Ashish Kacholia. The Indian company, founded by IIT Madras alumni and faculty, offers underwater infrastructure testing solutions. The funding will be used to accelerate Planys’ mission to revolutionise infrastructure inspections through advancements in marine robotics, underwater testing, and digital analytics and reporting platforms. Planys already works with industry players including Reliance Industries, IOCL, BPCL, and Indian Railways, and aims to expand globally and diversify into oceanographic and defence use cases.

RBI releases enabling framework for regulatory sandbox to aid fintechs

Economic Times

Economic Times · 1y ago

RBI releases enabling framework for regulatory sandbox to aid fintechs

The Reserve Bank of India (RBI) has introduced a detailed framework for a 'regulatory sandbox' to provide fintech startups with a controlled environment to test their products before going to market. The sandbox will be supervised by the RBI's fintech department and aims to facilitate the development of low-cost financial products. The central bank has shown openness to innovation but excluded private cryptocurrencies. Startups can apply for themes like smart contracts, blockchain technologies, and digital payments. Graduating from the sandbox may require additional regulatory clearances. This is not the first sandbox initiative by the RBI.

CoRover AI secures $4 million in funding round led by Venture Catalysts

Economic Times

Economic Times · 11m ago

CoRover AI secures $4 million in funding round led by Venture Catalysts

Indian startup CoRover AI has raised $4m in a Series A funding round led by Venture Catalysts. Other participants in the round included CanBank Venture Capital Fund and IIM Calcutta. The funding will be used to develop CoRover's technology, expand its team and accelerate its go-to-market strategy. The Bengaluru-based company offers generative AI-powered conversational bots for businesses across various industries. CoRover's platform aims to make AI technology more human, enabling hardware and software systems to communicate as humans do. The firm's solutions have been deployed by partners such as Indian Railways and LIC.

IIMB to establish ‘Centre of Excellence for fintech’ backed by govt

Economic Times

Economic Times · 10m ago

IIMB to establish ‘Centre of Excellence for fintech’ backed by govt

The Karnataka government will partner with NSRCEL to establish a fintech Centre of Excellence (CoE) at IIMB's incubation centre. With an allocation of Rs 13.24 crore, the CoE aims to foster innovation, support startups, and accelerate the growth of the fintech sector in the state. The programme will provide mentorship, infrastructure, and networking opportunities to 20 startups over a 12-month period. The CoE will be led by NSRCEL and focus on incubation, acceleration, skill development, and providing sandbox environments for startups. The government aims to position Karnataka as India's fintech capital through this initiative.

Bangalore man left corporate job to help Indian startups innovate

Inshorts · 11m ago

Bangalore man left corporate job to help Indian startups innovate

Jitesh Bajaj quit his corporate career to launch two ventures aimed at transforming Indian startup ecosystem and education sector. His incubator, Tetris Innovations, supports founders with groundbreaking ideas, while EdVANS focuses on AI-driven entrepreneurship education. EdVANS recently raised ₹5 crore funding, bolstering Jitesh's mission to drive innovation in the Indian startup sector.

Flipkart selects five startups for third cohort of Flipkart Leap Innovation Network

YourStory

YourStory · 9m ago

Flipkart selects five startups for third cohort of Flipkart Leap Innovation Network

Flipkart Leap Innovation Network (FLIN), Flipkart's startup accelerator programme, has selected five startups for its third cohort. The chosen startups, including Intelligence Node, Invenzo Labs, StoryBrain, Phyllo, and D-ID, will collaborate with Flipkart to develop solutions in areas such as GenAI, omnichannel, analytics, and video commerce. These startups will have access to mentorship and resources, as well as the opportunity to run pilot programs within the Flipkart ecosystem. The FLIN programme aims to accelerate the growth of the Indian startup ecosystem and foster innovation in the retail industry.

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