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Today: Jun 13, 2024

Visa Accelerator Program seeks dynamic fintech start-ups for 2024

2 mins read

TLDR:

  • Switzerland-based investment firm ResponsAbility will invest $25 million in Indian smart electric vehicle (EV) start-up BluSmart.
  • Audit findings reveal that Paytm Payments Bank in India was not following the parameters outlined in the service-level agreement.
  • The fourth edition of the Visa Accelerator Program is inviting applications from growth-stage fintech start-ups.
  • CreatTrust, a company that helps with tracking and fraud detection in advertising and media buying, has raised $1.9 million in pre-series A funding.
  • Bengaluru-based drone start-up Squadrone has collaborated with Geodia Industries and was involved in a tunnel rescue operation in 2023.
  • Priyanka Gill has joined Kalaari Capital as a venture partner, where she will promote women entrepreneurs in the start-up ecosystem.
  • Experts anticipate adjustments in income tax exemption limits and support for women entrepreneurs in the upcoming budget.
  • Co-founder Binny Bansal has stepped down from the board of Flipkart after Walmart acquired a majority stake, and has started a new start-up called OppDoor.
  • Equirus has launched a $25 million fund called the Equirus InnovateX Fund.
  • Global venture capital deals hit their lowest levels in Q4 2023, despite sustained interest in AI.

Switzerland-based investment firm ResponsAbility has announced that it will invest $25 million in BluSmart, a smart electric vehicle (EV) start-up based in India. BluSmart operates an all-electric ride-sharing service in Delhi and offers a fleet of electric sedans with trained chauffeurs. The company plans to use the funding to expand its operations and scale up its fleet of EVs.

An audit by Indian Highways Management Company Ltd found that Paytm Payments Bank in India was not adhering to the parameters outlined in the service-level agreement. The audit revealed several weaknesses in the bank’s operations, including non-compliance with prescribed standards and inadequate monitoring of service levels. As a result, the National Highways Authority of India has barred Paytm Payments Bank from issuing fresh FASTags until the issues are resolved.

Visa has launched the fourth edition of its Accelerator Program, which invites applications from growth-stage fintech start-ups. The program, which is open to start-ups from across the globe, will focus on the development of proof of concept, product solutions, and fast-tracked commercialization. Selected start-ups will receive mentorship and support from Visa experts, as well as access to Visa’s network of clients and partners.

ClearTrust, a start-up that helps advertising operations and media buying companies with tracking and fraud detection, has raised $1.9 million in pre-series A funding. The funding round was led by venture capital firm Ideaspring Capital and saw participation from other investors. ClearTrust plans to use the funds to enhance its product offerings and expand its customer base.

Bengaluru-based drone start-up Squadrone has announced a collaboration with Geodia Industries. Squadrone was one of the tech players involved in the 2023 Silkyara tunnel rescue operation, where 41 trapped laborers were rescued using drones. The collaboration aims to leverage Squadrone’s expertise in drone technology for various industrial applications.

Kalaari Capital, an Indian venture capital firm, has appointed Priyanka Gill as a venture partner. In her new role, Gill will focus on promoting women entrepreneurs in the start-up ecosystem. She will also oversee the investment firm’s direct-to-consumer (D2C) companies.

As the Indian government prepares to announce the interim budget for 2024, experts have outlined their expectations for the budget. Some of the anticipated measures include adjustments in income tax exemption limits, support for women entrepreneurs, the implementation of a stable long-term taxation policy, and measures to stimulate both consumption and savings.

Co-founder Binny Bansal has officially stepped down from the board of Flipkart, one of India’s largest e-commerce companies, after Walmart acquired a majority stake in the company. Binny had previously sold his remaining stake in Flipkart to Walmart. He has now initiated a new start-up called OppDoor.

Equirus, a financial services company, has launched the Equirus InnovateX Fund with a corpus of $25 million. The fund will focus on investing in early-stage start-ups across sectors such as technology, consumer internet, healthcare, and financial services. Equirus aims to provide capital and support to promising start-ups in their growth journey.

Despite sustained interest in artificial intelligence (AI), global venture capital deals hit their lowest levels since Q3 2016 in Q4 2023. While AI continues to be a popular investment theme, the decline in overall venture capital activity suggests a cautious approach by investors.