In Brief: DPIIT intervenes in NRAI-food aggregator tussle; Govt to set up startup advisory panel
The DPIIT (Department for Promotion of Industry and Internal Trade) held a meeting to resolve the growing discontent between restaurant owners and food aggregator startups, as per a report by The Inc42. The meeting was attended by representatives of the NRAI (National Restaurant Association of India) and food delivery platforms like Swiggy, Zomato and UberEats, the report said. The discussion was held on three main agenda points, which include cloud kitchens, exclusivity on aggregator platforms and issues with the methods used by food delivery platforms and aggregators. The DPIIT will communicate the outcome of the discussion after “due deliberation”, the report said.
Govt looks to set up advisory body for startups
The government is planning to set up an advisory board for startups across India, The Economic Times reported. The government will include top names from technology, startups, venture capitals, industries as well as government representatives to form the committee. Ride-hailing firm Ola’s founder Bhavish Aggarwal, ed-tech platform Byju’s founder Byju Raveendran, Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan, and several global and home-grown venture capital investors, including founding partner of 3one4 Capital Siddarth Pai, are expected to be part of the Startup Advisory Council, the report said.
Zoomcar may acquire Revv
Self-drive car rental startup Zoomcar is in advanced stages to acquire its competitor Revv, The Entrackr reported. The deal is stuck at the share swap ratio stage as Revv is expecting one share for every three shares, whereas Zoomcar is offering one share for every 4.25 shares, the report said. South Korean multinational automotive manufacturer Hyundai may invest in the merged entity, the report added.
McAfee Brings Its Internet Security Solutions on Flipkart
Santa Clara-based computer security software company McAfee and Walmart-owned ecommerce platform Flipkart jointly said that McAfee products will now be available on Flipkart.com. The companies are working together to promote a culture of internet security among consumers in an increasingly connected world, they said in a joint statement. “McAfee’s partnership with Flipkart aims to give consumers peace of mind by highlighting the importance of online security and helping them protect what matters to them, from their mobile devices and connected homes,” said Venkat Krishnapur, vice president (engineering) and MD, McAfee India.
PhonePe launches savings product 'liquid fund'
PhonePe, the digital payments arm of home-grown e-commerce platform Flipkart, has introduced ‘Liquid Fund’, a new savings product, as part of its wealth management offerings. The Bengaluru-based company claims that its all-digital product will help over 175 million PhonePe users grow their savings by earning higher short-term FD (fixed deposit)-like returns with the ease and liquidity of a savings account, it said in a statement. PhonePe said that users can start saving with as low as Rs 500. “This is our second product in the mutual funds space... Liquid Fund will allow millions of our users to earn higher returns on their savings with the ability to withdraw their money instantly,” Terence Lucien, head of mutual funds at PhonePe, said.
Paytm launches all-in-one QR for merchants at 0% fee
Noida-based One97 Communications, which owns and operates digital payments company Paytm, has rolled out its all-in-one QR (quick response) for merchants across the country. The company said that the QR will enable merchants to accept unlimited payments through Paytm Wallet, Rupay Cards and all UPI-based payment apps directly into their bank account at 0% fee, Paytm said in a statement. Paytm also launched Business Khata to manage credit and cash sales, and Paytm QR merchandising for merchant partners. “I am sure this QR will accelerate the Digital India mission and make more financial services available to the underserved," said Vijay Shekhar Sharma, founder and CEO, Paytm.