TLDR

In recent news, U GRO Capital has raised $30 million from ADB, RBI has stopped Paytm Payments Bank from accepting deposits after Feb 29, Aquaconnect has secured $4 million in pre-Series B funding round, Electrifi Mobility has secured 25 Crore in seed stage funding, Karnataka’s Kitven has launched a Rs 20 Crore venture capital fund, Indus Appstore and Start-Up India have collaborated to launch the Indus Appstore Emerging Start-Up Awards, and the Cisco 2024 Data Privacy Benchmark Study reveals that over 1 in 4 organizations ban the use of GenAI due to privacy and data security concerns. Additionally, Visa Accelerator Program 2024 has invited applications from growth-stage fintech start-ups.

Key Points:

• U GRO Capital raises $30 million from ADB
• RBI stops Paytm Payments Bank from accepting deposits after Feb 29
• Aquaconnect secures $4 million in pre-Series B funding round
• Electrifi Mobility secures 25 Crore in seed stage funding
• Karnataka’s Kitven launches Rs 20 Crore venture capital fund
• Indus Appstore and Start-Up India collaborate to launch Indus Appstore Emerging Start-Up Awards
• Cisco 2024 Data Privacy Benchmark Study reveals 27% ban on use of GenAI due to privacy and data security concerns
• Visa Accelerator Program 2024 invites applications from growth-stage fintech start-ups

U GRO Capital, an Indian start-up, has successfully raised $30 million from ADB. This funding will enable U GRO Capital to continue scaling its operations and expanding its impact across India. In another development, RBI has taken action against Paytm Payments Bank Ltd (PPBL) and will no longer allow them to accept deposits after February 29. The action follows a comprehensive system audit report and subsequent compliance validation report from external auditors.

Aquaconnect, an Indian start-up focused on aquaculture technology, has secured $4 million in a pre-Series B funding round led by S2G Ventures. This funding will allow Aquaconnect to scale its operations and expand geographically across India. Electrifi Mobility, a start-up in the electric mobility sector, has also secured 25 Crore in seed stage funding from ADB Ventures and AdvantEdge. This capital will be used to scale up asset deployment, cover new cities, and expand asset refurbishment and service infrastructure.

In an effort to bridge the urban-rural divide, stakeholders in the health-tech sector are expecting the government to use technology and digital infrastructure to make affordable healthcare accessible in remote areas of India. Additionally, Karnataka’s Kitven has launched a Rs 20 Crore venture capital fund to boost the AVGC sector, which includes animation, visual effects, gaming, and comics.

Indus Appstore has collaborated with Start-Up India to launch the Indus Appstore Emerging Start-Up Awards. These awards aim to provide a level playing field for emerging start-ups in India and position them to compete with global players. The Cisco 2024 Data Privacy Benchmark Study reveals that over 1 in 4 organizations ban the use of GenAI, at least temporarily, due to concerns about privacy and data security. This highlights the importance of addressing these concerns in the development and implementation of artificial intelligence technologies.

Visa Accelerator Program 2024 is now accepting applications from growth-stage fintech start-ups. This program offers support and resources to help these start-ups accelerate their growth and achieve their business goals. Overall, these updates from the Indian start-up ecosystem demonstrate the ongoing growth and innovation in various sectors, including finance, technology, and healthcare.