In Brief: SIDBI to roll out SME service platform; Fresh funds for HAPPY, Scentials

In Brief: SIDBI to roll out SME service platform; Fresh funds for HAPPY, Scentials
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The Small Industries Development Bank of India (SIDBI) is set to roll out a platform to facilitate digitisation and provide access to credit for small and medium enterprises (SMEs), according to an Inc42 report. The companies, if they have partnered with fintech firms, industry bodies or corporates, can access tools for automated accounting, tax reconciliation, cloud services, cybersecurity and online meetings for free on the platform until the Covid-19 lockdown is lifted, the report said. 

Read: SIDBI launches Covid-19 assistance scheme to ease startups’ working capital pain

Lending startup HAPPY, wellness company Scentials raise capital

Mumbai-based Finserve, which owns lending startup HAPPY, has raised Rs 7.5 crore from software company DCR Workforce, Inc42 reported, citing regulatory filings. HAPPY has issued 750 debentures to DCR Workforce, at Rs 1 lakh per debenture, it said.


Separately, beauty and wellness company Scentials has scooped up Rs 3 crore in a debt funding round from angel investors Ambiga Subramanian and Goutham Ekollu, the media platform reported. While the former invested Rs 2 crore for 2,00,ooo debentures, the latter contributed the rest for 1,00,ooo debentures, at Rs 100 per debenture, it added.

Cos invested most in cloud tech, IoT in past two years: EY

At 64%, cloud technology received the most investment from organisations in India and Europe in the past two years, according to a survey. Second in line was internet of things (IoT) at 51%, according to the report from assurance and advisory services firm Ernst and Young. The company surveyed 500 large corporations and 70 startups in nine sectors in 2019 for the study, it said. Looking ahead, 43% of the organisations surveyed said that artificial intelligence is likely to get the most investments over the next two years. 

Read: Startups increasingly using tech to identify and address consumer needs: EY

Streaming platform iQIYI uses Avaya solutions for business continuity  


Beijing-based video streaming platform iQIYI, which has over 500 million monthly users, has ensured business continuity with work-from-anywhere solutions from technology company Avaya Holdings. The company’s employees use the solution, called intelligent office system, to get remote access to business applications, according to a statement. Headquartered in Santa Clara, Avaya builds solutions to enhance and simplify communications and collaboration for cloud and on-premise usage.

Naspers-backed DOT launches solution for contactless shopping

Naspers-backed commerce platform DOT has rolled out a QR-based contactless commerce and payments solution. Shoppers can scan a QR code using their mobile phone camera to access catalogues of retail brands and menus of restaurants on a browser, the Gurugram-based company said in a statement. Payments can be made with credit cards, debit cards, net banking, UPI apps and wallets, it said. The solution will enable 2,500 retailers to resume business with minimal human contact, it said. 

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