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ONDC to increase digital consumption💸, Jupiter secures NBFC🏦, Truecaller📞
ONDC to $340 billion by 2030, Jupiter secures NBFC licence, Truecaller in talks with telcos, Funding Deals and more.
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ONDC likely to increase digital consumption to $340 billion by 2030: Report
RBI grants NBFC licence to neobank Jupiter
Truecaller in talks with telcos to weed out pesky calls, messages, curb fraud
India’s digital consumption to grow to $340 Bn by 2030 with ONDC💸
The government-backed Open Network for Digital Commerce (ONDC) can potentially increase India’s digital consumption by five times to around $340 billion by 2030, American consulting firm McKinsey said in a report on Tuesday.
“India could exceed expectations for the growth and possibilities of digital commerce with ONDC. The network could evolve into a nerve center of new connections, sparking continuous innovation and advances. However, there are multiple challenges to address to allow ONDC to scale and achieve greater momentum for success,” McKinsey’s report said.
Some of the hurdles include the lack of digital ease for customers and sellers, lower trust factor compared with traditional retail options, and fears of unsafe online fraud, among others.
RBI grants NBFC licence to neobank Jupiter🏦
At a time when business models of neobanks are being questioned, fintech firm Jupiter is making a push toward its lending aspirations. The company has received a non-banking finance company (NBFC) licence that will help the four-year-old firm extend credit from its own books.
The NBFC is expected to operate as a separate regulated entity, Amica Finance, under the Jupiter group, with a professional CEO to run its operations.
The move is significant for the fintech firm as it adds a new revenue pipe, and increases margins in lending. Further, with the NBFC in the group, it will be able to directly serve customers instead of working as just a loan-service provider (LSP).
Truecaller in talks with telcos to weed out pesky calls, messages, curb fraud📞
Truecaller is looking to work with telecom operators Reliance Jio, Bharti Airtel, and Vodafone Idea to weed out spam and phishing scams through its artificial intelligence (AI)-based solutions.
Truecaller said it has recently launched an AI-powered SMS fraud protection solution, which recognizes fraudulent senders and messages. The company has already been offering a solution to curb spam calls.
“We have built a solution to respond to (SMS frauds) and to safeguard our users, and we’d be happy to work with both the regulator and carriers on this side. In fact, we are in conversations with them,” Nami Zarringhalam, chief strategy officer and co-founder of Truecaller told.
Space tech startup InspeCity has secured $1.5 million in a pre-seed funding round co-led by Speciale Invest, Antler India and Veda VC.
Men’s grooming brand Menhood has raised Rs 2.35 crore over multiple tranches from Velocity.in, a revenue-based financier.
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