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This smartglass can do things that Apple's Vision Pro can only dream of — thermal vision, built in 5G, no wires and yes, it can easily withstand falls

TechradarTechradar · 1y ago
This smartglass can do things that Apple's Vision Pro can only dream of — thermal vision, built in 5G, no wires and yes, it can easily withstand falls
Medial

Apple's Vision Pro has sold an impressive 160,000 to 180,000 units during its pre-order launch. In contrast, RealWear Navigator Z1 is an intrinsically safe wearable tech product geared towards challenging environments, such as the oil and gas industry. The device holds multiple certifications and features advanced AI capabilities. With a modular design, it offers customization options like an IS-certified thermal micro camera and a swappable battery. The Navigator Z1 is priced at $5,850 and is available for purchase in select regions, with shipping in Europe, the United Arab Emirates, and the Asia-Pacific region.

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CRED launches e₹ wallet in collaboration with RBI

EntrackrEntrackr · 5m ago
CRED launches e₹ wallet in collaboration with RBI
Medial

CRED launches e₹ wallet in collaboration with RBI Fintech unicorn CRED has launched a beta version of its e₹ wallet, developed in partnership with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This launch makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC). The e₹ wallet integrates the security and reliability of a sovereign currency with CRED’s payment experience. It will allow members whitelisted for the beta program to pay UPI-linked bank accounts, as well as send and receive money to other CBDC wallets. To begin, users must complete video KYC to activate their e₹ wallets, which can then be loaded via UPI. The wallet supports transactions of up to Rs 10,000 per transfer, with a daily limit of Rs 50,000, and can store up to Rs 1 lakh. As per the company, merchant transactions come at zero cost. In the future, CRED will include features like programmable merchant payments, integration with CRED Pay, and PIN-less transactions below Rs 500. The company added that full access for all CRED members is expected in the coming months. Kunal Shah, founder of CRED, said, “The e₹ wallet is a milestone in India’s financial evolution. With RBI’s support, we’re empowering the creditworthy to shape the future of digital currency in the world’s fastest-growing economy. Our aim is to make e₹ transactions seamless and accelerate its adoption among India’s most creditworthy citizens.” This initiative aligns with the RBI’s vision to reduce cash circulation, promote financial inclusion, and strengthen India’s position as a global leader in digital finance. In its April 2024 monetary policy, the RBI emphasized making CBDC-Retail accessible to broader segments of users and enabling non-bank payment operators to offer CBDC wallets. The sponsor bank, YES BANK, will facilitate the issuance of CBDC tokens from RBI to CRED.

Funding and acquisitions in Indian startup this week [01 - 06 July]

EntrackrEntrackr · 12m ago
Funding and acquisitions in Indian startup this week [01 - 06 July]
Medial

This week, 24 Indian startups raised around $270.3 million in funding. These deals count 4 growth-stage deals and 20 early-stage deals. In the previous week, over 25 early and growth-stage startups cumulatively raised more than $211 million in funds. [Growth-stage deals] Among the growth-stage deals, 4 startups raised $234.2 million in funding this week. E-commerce company Purplle topped with its $120 million Series F round. Hospitality firm OYO, EV startup Matter and agritech brand Arya.ag followed with $50 million, $35 million and $29.2 million funding respectively. [Early-stage deals] Moreover, 20 early-stage startups secured funding worth $36.13 million during the week. D2C brand Comet spearheaded the list followed by health startup Watch Your Health, fintech startup Dice, logistics tech firm Ripplr, and media & entertainment startup Pepul. Automotive tech Bike Bazaar, SaaS startup Wify, and logistics firm Lobb also raised funding among others. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with seven deals followed by Delhi-NCR, Mumbai, Pune and Ahmedabad among others. Segment-wise, e-commerce startups grabbed the top spot with four deals. Healthtech, proptech, agritech and logistics startups followed this list. [Series-wise deals] During the week, Seed funding deals led the list with 5 deals followed by 4 Series A and pre-Series A deals. Pre-seed and debt funding also saw 3 deals and 2 deals respectively. [Week-on-week funding trend] On a weekly basis, startup funding slipped 76.73% to $211 million as compared to around $906 million raised during the previous week. The average funding in the last eight weeks stands at around $404 million with 28 deals per week. [Fund launches] Japanese automaker Suzuki is diving into Indian social impact investing with Next Bharat Ventures. This Rs 340 crore fund targets early-stage startups tackling challenges in rural areas and the informal economy. Focusing on sectors like agriculture tech and financial inclusion, Next Bharat Ventures will invest Rs 1 crore to Rs 8 crore per startup, aiming to support up to 20 ventures annually over the next few years. [Key hirings] Here’s a summary of the key hirings and departures: Among key hirings, Mandar Vaidya, formerly of OYO, took the helm as CEO at Cloudphysician. The investment world welcomed Ajay Mittal to ValuAble as a General Partner and Investment Manager, transitioning from Ascent Capital. Paytm saw a shift with Swati Rustagi taking on a Vice President role at Adobe. Pickrr bolstered their product team with Kunal Bariwal joining as Lead Product at CaptainBiz. Finally, Softbank appointed Lydia Jett as an Independent Director for Flipkart. [M&A] Indian crypto exchange CoinDCX has fully acquired BitOasis, a Middle Eastern virtual asset platform. Both teams will merge, with BitOasis retaining its brand. In the HR tech space, US-Indian platform Phenom gobbled up Tydy, a human resources tech firm, in its fifth acquisition. While Nodwin Gaming, the esports arm of Nazara Technologies, is acquiring German esports agency Freaks 4U Gaming in a two-part share swap deal worth Rs 271 crore, solidifying their position in the esports market. [Layoffs and shutdowns] Edtech giant Unacademy has laid off 250 employees in a restructuring effort aimed at streamlining operations and boosting efficiency. The company seeks to achieve sustainable growth and profitability. While the exact number of impacted employees is undisclosed, Unacademy assures support for those affected during this transition. Koo, the Indian microblogging platform that focused on local languages, is shutting down. Founder Apramyea Radhakrishna announced the closure on LinkedIn, stating they couldn’t find a buyer. Radhakrishna expressed his vision for a local language platform in India but acknowledged the high costs of running a social media app. [Potential deals] Bengaluru-based logistics and distribution platform Ripplr is close to securing Rs 40 crore (around $4.7 million) in debt financing from Northern Arc. Meanwhile, B2B sweets supplier Scandalous Foods, backed by investors like Anthill Angel Fund and EvolveX, is reportedly seeking fresh capital to fuel its growth. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Zomato stops Xtreme delivery service; relaunches intercity food delivery [Financial results this week] Ixigo posts Rs 656 Cr revenue and Rs 73 Cr PAT in FY24 Mylab’s op revenue nosedives to under Rs 100 Cr in FY23, slips into losses NoBroker in FY23: Op revenue grows 87% to Rs 609 Cr; losses up by 64% Akumentis’ income crosses Rs 400 Cr in FY24; posts Rs 57 Cr profit [News flash this week] DPIIT recommends removal of angel tax; Finance Ministry to take final call Zerodha set to stop zero brokerage model after SEBI’s new circular SoftBank-backed FirstCry, Unicommerce get SEBI approval for IPO Zomato receives Rs 9.5 Cr demand notice from GST Swiggy’s two-punch for users: Eatlists and UPI Payments on the Menu Karnataka cracks down on illegal bike taxis after driver protests Delhivery’s drone dream takes flight with MCA nod [Conclusion] After a sudden spike in the weekly funding last week, the startups saw a nearly 77% drop in funding to $211 million this week. Only fund startup-focused fund launched this week namely BizDateUp. The Commerce Ministry has proposed removing the “angel tax” on startups in India. This tax, currently at 30%, is levied on investments exceeding the fair market value of the startup. Many argue the angel tax stifles startup growth and innovation. The government implemented it in 2012 to combat money laundering, but its effectiveness is debated. While DPIIT-registered startups were exempted last year, many still received tax notices. The Commerce Ministry’s recommendation is a positive step for startups, but the final decision lies with the Finance Ministry. SoftBank-backed startups FirstCry and Unicommerce received approval from SEBI to launch their initial public offerings (IPOs). FirstCry, a kids’ retailer, initially filed its IPO application in December 2023 but faced delays due to SEBI requesting more financial data (beyond Q1 FY24). Unicommerce, an e-commerce software company, filed its IPO application in January 2024 and will only offer existing shares for sale, with no new issuance of shares. Food delivery giant Zomato recently shut down its intra-city logistics service “Xtreme” due to a lack of customer demand. Meanwhile, Zomato’s woes deepened with another Goods and Services Tax (GST) demand notice of Rs 9.45 crore from Karnataka authorities. This adds to previous notices exceeding Rs 585 crore, all stemming from a dispute over GST on delivery charges. Zomato argues they only collect these charges on behalf of partner restaurants and shouldn’t be liable for GST. In a separate move, Zomato is relaunching its intercity food delivery service “Legends.” IPO-bound Swiggy is piloting new features. The first feature “Eatlists” allows users to create and share curated lists of their favorite dishes within the app, similar to creating music playlists. Secondly, Swiggy is testing a new in-app UPI payment system developed in collaboration with Yes Bank and Juspay.

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