Category: Business & Economy

NATIONAL: KARNATAKA / BUSINESS & ECONOMY, : 3 Bengaluru Startups Win at Conquest a BITS Pilani Students Run Event – Green Tiger Mobility, Daffodil Health and StreamMoney

Green Tiger Mobility, the cleantech firm, and Daffodil Health, a healthcare startup, won in the Pan India Track, where participants were invited from across the country.

Of the 15 startups, shortlisted from over 1,500 applications, four have been selected to receive an equity-less grant of Rs 30 lakh each. Of these, three are from Bengaluru. Winners were chosen based on three categories or tracks — Pan India, BITSian and Web3.0. 

Green Tiger Mobility, the cleantech firm, and Daffodil Health, a healthcare startup, won in the Pan India Track, where participants were invited from across the country.

Green Tiger is working on developing a hybrid vehicle, while Daffodil Health is a behavioural healthcare platform aimed at children.The latter aims at giving parent-mediated therapy to children with behavioural and developmental disorders like autism, ADHD, dyslexia and others.

Conquest, run by around 30 engineering students from BITS Pilani’s Centre of Entrepreneurial Leadership, is the first and largest student-run startup accelerator, hosting programmes every year to help startups get funding and mentors. 

The Demo Day for the 18th edition of the accelerator programme was held in Bengaluru on Sunday, with 15 startups shortlisted to pitch their ideas to a panel of investors, industry leaders and others. Another Bengaluru-based company StreamMoney won in the Web3.0 Track, where the focus is on startups developing or utilising technology related to Web3.0. StreamMoney focuses on the ability to transfer conditional ownership of non-fungible tokens (NFTs). 

The startup is working towards making a utility protocol, allowing NFT owners to rent out or allow ticketing or subscriptions of their NFTs. This allows owners to add in a utility contract with their NFTs that allows access to their tokens for a limited period of time.

Green Tiger Mobility, the cleantech firm, and Daffodil Health, a healthcare startup, won in the Pan India Track, where participants were invited from across the country.

 A clean technology firm, focusing on building hybrid cars that allow you to switch between electric and internal combustion engines at the switch of a button, was one of the three Bengaluru startups that won big at BITS Pilani’s Conquest.

Of the 15 startups, shortlisted from over 1,500 applications, four have been selected to receive an equity-less grant of Rs 30 lakh each. Of these, three are from Bengaluru. Winners were chosen based on three categories or tracks — Pan India, BITSian and Web3.0. 

Green Tiger Mobility, the cleantech firm, and Daffodil Health, a healthcare startup, won in the Pan India Track, where participants were invited from across the country. Green Tiger is working on developing a hybrid vehicle, while Daffodil Health is a behavioural healthcare platform aimed at children.

The latter aims at giving parent-mediated therapy to children with behavioural and developmental disorders like autism, ADHD, dyslexia and others. Conquest, run by around 30 engineering students from BITS Pilani’s Centre of Entrepreneurial Leadership, is the first and largest student-run startup accelerator, hosting programmes every year to help startups get funding and mentors. 

The Demo Day for the 18th edition of the accelerator programme was held in Bengaluru on Sunday, with 15 startups shortlisted to pitch their ideas to a panel of investors, industry leaders and others.

Another Bengaluru-based company StreamMoney won in the Web3.0 Track, where the focus is on startups developing or utilising technology related to Web3.0. StreamMoney focuses on the ability to transfer conditional ownership of non-fungible tokens (NFTs). 

The startup is working towards making a utility protocol, allowing NFT owners to rent out or allow ticketing or subscriptions of their NFTs. This allows owners to add in a utility contract with their NFTs that allows access to their tokens for a limited period of time.

source/content: newindianexpress.com (headline edited)

INVESTMENT INTO INDIA: BUSINESS & ECONOMY/ IT & eCommerce: Japanese Company Rakuten Opens Office in Bengaluru.

Rakuten India is a global product and innovation centre for Tokyo-based Rakuten Group that focuses on electronic commerce and online retailing.

Rakuten India, a global product and innovation centre for Tokyo-based Rakuten Group that focuses on electronic commerce and online retailing, has opened an office in Bengaluru to grow its customer base in India.

Rakuten’s new office is situated near Cubbon Park. The 20-storey building, Rakuten-Crimson House, has office space of 3 lakh sq.ft. with a capacity to accommodate over 3,000 persons.

The office is expected to enhance the company’s capability for deep-tech innovation and R&D in e-commerce, fintech, content and entertainment, as well as AI in computer vision, speech, and natural language processing (NLP).

“India is and has been central to our growth strategy. Our new R&D centre will build on the high value-added engagements that Rakuten has been delivering from India in deep tech and product innovation,’‘ said Yasufumi Hirai, CIO, CISO, Group Executive Vice President of Rakuten Group, Inc.

source/content: thehindu.com (headline edited)

KARNATAKA: TRAVEL & TOURISM: Airbnb Ranks Bengaluru among Top Tourist Destinations

Travellers are eager to visit India, and inclined to stay on for longer to explore more places, which is increasing economic opportunities for the locals, a survey by Airbnb has revealed.

Travellers are eager to visit India, and inclined to stay for longer to explore more places, which is increasing economic opportunities for the locals, a survey by Airbnb has revealed. A study of searches by international tourists for Airbnb Stays in India showed that it jumped by more than 60 per cent Y-o-Y from Q1 2021 to Q1 2022, indicating that the tourism industry is bouncing back.

Data also showed that metro cities like New Delhi, Bengaluru, Mumbai, Hyderabad and Chennai have emerged as the most popular destinations among international and domestic travellers.

Those from Canada, the UAE, the UK, Germany, and Australia were among the top origin countries for searches for India.

Airbnb GM for India, Southeast Asia, Hong Kong and Taiwan, Amanpreet Bajaj said the uptick in preference for metro cities and tourist hotspots indicates people have resumed travelling along with workstations and vacations.

source/content: newindianexpress.com (headline edited)

KARNATAKA: SCIENCE & TECHNOLOGY / INNOVATION: Mysuru’s Vidyavardhaka College of Engineering (VVCE) Students Develop an ‘Automated Stick for the Visually Challenged’

Four students from Vidyavardhaka College of Engineering (VVCE), Mysuru, have developed an automated stick as a supportive device for the visually challenged.

Constant worry about potholes and obstacles affects the confidence of the visually impaired when they step out of their home. The stick helps them traverse safely, identifying potholes and hurdles while moving in crowded places, according to the students.

The stick developed by the students uses ultrasonic sensors for obstacle detection and pothole detection for ensuring timely alerts to the visually challenged person.

Smrithi Baliga, a third-year Electronics and Communications Engineering student at VVCE, was worried seeing visually-challenged persons facing difficulties while crossing roads.

Teaming up with enthusiastic classmates Sapna H.M., Shreyas N., and Yogesh Gowda V., Ms. Smrithi came up with the idea of developing the stick. The Internet of Things (IoT)-based stick with an obstacle and pothole detection system using ultrasonic sensors was developed with guidance from Chandrashekar M. Patil, professor and Head, Department of ECE, and Girijamba D.L., assistant professor.

B. Sadashivegowda, principal, VVCE, said: “We are proud of our students for taking up the project. In recent times, technology has helped improve healthcare across the world. Through this project, our students have proven how technology could be used to fight visual impairment. The automated stick helps visually-impaired individuals move freely with confidence.”

The students have proposed to bring in some improvements to their product. Voice output via Bluetooth; upgrade of pothole detection from ultrasonic sensors to image-processing technique; LDR to sense lighting conditions; RF remote to locate the stick itself are among the additions, a note from the college said.

source/contents: thehindu.com (headline edited)

KARNATAKA: SCIENCE & TECHNOLOGY, EDUCATION: Srinivas Institute of Technology (SIT) Students Receive ‘Best Project of the Year Award’ for the Project’ Energy Generation using Fly-Wheel & Magnet’. Simultaneously ‘Robotic Arm Installed Fruit Plucking UAV based on AI’ was Awarded the ‘Best Project Of The Year’ under Seminar Category

The 45th series of state-level ‘Student Project Program’ was conducted by KSCST, Bengaluru, in association with VTU, Belagavi on August 12 and 13 at VTU.

In this project exhibition, project titled ‘Energy generation using fly-wheel and magnet; was awarded the ‘Best Project Of The Year’ under the project exhibition category.

This project was carried out by the students- Chirag G Poojary, Karthik C, Sajith and Vijetha K Naik of department of Electrical and Electronics Engineering, under the guidance of professor Lokesha B.

Also, the project titled ‘Robotic Arm Installed Fruit Plucking UAV based on AI’ was awarded the ‘Best Project Of The Year’ under seminar category. This project was carried out by the students- Navaneeth Soni, Naveen Kumar, Nithin Kumar and Vardhaman Ravindra Vasavade of department of Aeronautical Engineering, under the guidance of professor Srinidhi Kukkila.

Dr Karisiddappa, vice-chancellor of VTU presented the awards.

There were 332 projects for the exhibition. Dr CA A Raghavendra Rao, president and Dr A Srinivas Rao, vice-president of Srinivas group of institutions have appreciated the efforts by the students and also congratulated them for winning the awards.

Dr Shrinivasa Mayya D, principal and the heads of the departments have also complemented the students for their outstanding performance in the programme and receiving the awards.

source/content: daijiworld.com (headline edited)

KARNATAKA: HEALTH & MEDICAL SERVICES : Clinical Psychology Society of India (CPSI) Launched to Boost Mental Healthcare

More investment should come into the crucial clinical psychology segment, said Capt. P Manivannan, secretary to the government, Social Welfare Department.

At the launch of the Clinical Psychology Society of India (CPSI), he said 75 per cent of employees face mental health issues because of an unstable work environment and initiatives like CPSI will help in educating professionals to provide the right care.

NIMHANS Director Dr Pratima Murty said the number of clinical psychologists at 2,900 is meagre in the country. Efforts are required to bring a drastic change in resolving mental health issues. CSPI will help in providing quality healthcare to people and training and education to medical graduates, she said.

CPSI president Dr Jamuna Rajeshwaran said the organisation will establish evidence-based care for psychological disorders. CPSI was formed as a regulating and monitoring body was lacking, she added.

source/content: newindianexpress.com (headline edited)

INDIA OVERSEAS: Hindustan Aeronautics Ltd (HAL) Opens Office in Kuala Lumpur to Explore Business Operations both in Malaysian and all of Southeast Asia

HAL’s new office in Kuala Lumpur would take up the market promotion of the company’s range of products and services not only in Malaysia but also all of Southeast Asia.

Hindustan Aeronautics Limited will set up an office in Kuala Lumpur to tap business opportunities in Malaysia and the entire Southeast Asian region, the PSU said in a statement on Thursday.

The new office is expected to help the public sector firm to explore business around Fighter Lead-in Trainer (FLIT) LCA and other requirements of Royal Malaysian Air Force (RMAF) like Su-30 MKM and Hawk upgrades, as per HAL.

“It will reinforce the commitment of India in supporting the Malaysian Defence Forces and industry for sustainable aerospace and defence landscape in Malaysia,’‘ said a company communique.

According to HAL, the company had submitted a proposal to the Ministry of Defence (MINDEF), Malaysia in October 2021 for the supply of 18 FLIT LCAs against a global tender issued by RMAF.

The final winner of the tender is expected to be declared soon by Malaysian authorities and LCA Tejas stands a fair chance of selection in the bid as it meets all the parameters sought by RMAF, as per the release.

source/content: thehindu.com (headline edited)

NATIONAL: KARNATAKA: India’s largest lender the State Bank of India (SBI) opens its first National operation dedicated to startups – the First ‘SBI Start-UP Branch’ in Koramangala, Bengaluru

State Bank of India, while integrating the ‘SBI Start-Up Branch’ at Koramangala, said the facility comes under a pact between the Karnataka government and SBI to further boost the state’s startup ecosystem.

India’s largest lender SBI on Tuesday opened its first-ever startup branch in Bengaluru, which will be dedicated to fund and support early-stage entrepreneurs in setting up new companies till their listing on stock exchanges.

Karnataka has been ranked the best state in the country in terms of startup ecosystem and creating new avenues for them to access credit and funding, SBI said in a release.

“It is the first in the country to provide financing to support startup growth, facilitating entrepreneurs all the way to realise their dreams,” Ashwath Narayan C. N., Minister for Higher Education; IT & BT, Science & Technology; Skill Development, Entrepreneurship & Livelihood, government of Karnataka, said on Twitter, the release said.

Exclusively for startups

The exclusive branch for startups will provide services such as loans, deposits, transaction banking, outward and inward remittances, payments, cash management, forex, insurance, custodial services, capital market and legal advisory, structuring, demat and trading.

source/content: thehindu.com (headline edited)

GLOBAL: BUSINESS & ECONOMY / ACQUISITION: William Penn, India’s leading Brand for Premium Writing Instruments Acquires ‘Sheaffer’, the 110-year-old Iconic American Manufacturing Company of Writing Instruments,

William Penn, India’s leading brand for premium writing instruments and lifestyle accessories recently acquired Sheaffer, the 110-year-old iconic American manufacturing company of writing instruments, mainly known for their luxury fountain pens.

In 1907, Walter A. Sheaffer invented an ink-loading system for fountain pens and W.A. Sheaffer Pen Company was incorporated in the US on May 16, 1913 and grew to spread its footprint in over 75 countries. With the Sheaffer ac quisition, William Penn has become a global brand.

Founder and Managing Director of William Penn Nikhil Ranjan, who is a Mysurean, always believed in the power of the written word. After getting a mechanical engineering degree in Mysuru, Nikhil thought out-of-the-box and founded William Penn in Bengaluru in 2002, to introduce the beauty of fine stationery. He launched a line of luxury stationery and soon, his business flourished. Today,  William Penn is also credited with bringingthe fountain pen and ink back from the brink and reclaiming its rightful place in fine writing. B.C. Thimmaiah of Star of Mysore spoke to him about the acquisition and what it means to William Penn. —Excerpts:

Star of Mysore (SOM): What do you have to say about this acquisition?

Nikhil Ranjan: Well, we have been in the business for the last 20 years and until now, we have been the retailer and distributor of global brands. This is an opportunity for us to own a global brand and that’s a big step for us. This allows us to design and market products across the world because Sheaffer is an iconic brand, it is a 110-year-old brand present in 75 countries. We will have a footprint in those countries and it is a huge leap.

We also believe that as a company which is home-grown, out of India and being a global brand, having the opportunity to design and market products to have an impact around the world is what excites us.

source/content: starofmysore.com (headline edited)