🚀 TechSparks Bengaluru is here and how!

The most interesting news selected specially for you! 26 September 2024 [View in Browser]( Hello, A new India is emerging, and so is a clutch of new-age startups. Bharat 3.0 heralds the next stage of India’s growth journey, where entrepreneurial ventures are elevating India to new heights driven by tech and innovation. And that’s what TechSparks Bengaluru 2024 is all about! YourStory’s flagship summit [Techsparks]( is back for its 15th edition, featuring a showcase of the nation’s top emerging startups, and conversations with pioneers who’ve already scaled the summit. With an all-star speaker list and insightful panels on everything from space to fintech, it’s definitely set to be an experience like never before. Follow all the action [here](. While startups are moving towards shaping the future, Meta Platforms is a step closer to another goal entirely: reshaping reality. The Facebook parent is prepared to kick off its annual Connect conference at its California headquarters today, where it is expected to preview its first [augmented reality]( (AR) glasses. Fully functional AR technology has been a long-sought goal for the company, which hinged its vision of building immersive metaverse systems on the still-developing technology. This has been a costly bet for the company, whose metaverse unit Reality Labs lost $8.3 billion in the first half of this year, and $16 billion last year. Then again, it seems no price is too high for Big Tech’s ambitions to harness new technologies. Just ask Noam Shazeer, who was just courted once again by his ex-employer Google for a pricey sum. A co-author of a seminal research paper that kicked off the AI boom, Shazeer’s reunion with Google to the tune of a cool [$2.7 billion]( is drawing attention… and raising questions. Just how much is too much to pour into the new Silicon Valley arms race that is AI? In today’s newsletter, we will talk about - TechSparks Bengaluru 2024 begins - Faster deliveries in the festive season - LenDenClub's P2P lending hopes Here’s your trivia for today: Which celebrity chef also famously served in an intelligence agency during World War II? --------------------------------------------------------------- TechSparks TechSparks Bengaluru 2024 begins finally showtime for the 15th edition of YourStory’s flagship conference, TechSparks 2024! As we set the context for ‘Building Bharat: 3.0’—celebrating India’s rise towards global tech leadership—YourStory is excited to bring a meticulously curated lineup of power-packed panels, engaging keynote addresses, educational workshops, and innovative exhibits. Who's who: - The Indian spacetech sector is attracting investor and government interest. Catch ISRO Chairman Sreedhara Panicker Somanath as he breaks down the future trends and gives insights into the opportunities for spacetech startups. - PhonePe Founder and CTO Rahul Chari and CBO (Consumer Payments) Sonika Chandra, among other leaders from the unicorn, will take the stage to discuss the fintech sector’s expansion beyond payment gateways. - 3one4 Capital's Siddharth Pai, LetsVenture's Shanti Mohan, Stellaris' Alok Goyal, Chiratae Ventures' Mandeep Julka, and Unicorn India Ventures' Bikram Mahagan will break down what Indian VCs are now betting on. [Know More]( --------------------------------------------------------------- Funding Alert 1) Whatfix: $125M| Series E 2) Aarna.ml: $6.7M|Series A 3) Ahammune Biosciences: $5M| Series A --------------------------------------------------------------- In-depth Faster deliveries in the festive season festive season is here and so are flashy sales and deep discounts. Behind the scenes, ecommerce giants and logistics platforms are mobilising an army of gig workers. Quick commerce companies are also ramping up efforts to attract customers. “Buoyed by easing inflation in July, firms are optimistic about the festive season, albeit with a bit of caution,” says Balasubramanian A, Senior VP and Business Head at General Staffing, TeamLease Services. Gearing up: - Flipkart has prepared for its Big Billion Days sale by onboarding one lakh new workers across various supply chain verticals. Ecommerce marketplace Meesho plans to add 8.5 lakh seasonal job opportunities. - Delivery partners also have the opportunity for additional earnings and incentives ranging from 30% to 60%, says Harshal Bhoi, Chief Business Officer, Xpressbees. The incentives include attendance bonuses, referral incentives, and bonuses on the first attempt delivery strike rate. - “We are also focusing on expanding our presence in Tier II and III cities, such as Jaipur, Indore, and Coimbatore, to cater to the growing customer base in these regions,” says Zaiba Sarang, Co-founder of iThink Logistics, a 3PL firm. [Read More]( --------------------------------------------------------------- Lending LenDenClub's P2P lending hopes the RBI tightened the norms around P2P lending, several NBFC-P2Ps, including Lendbox, IndiaP2P, and 13Karat, halted withdrawals. However, LenDenClub remains unfazed by the RBI’s recent revisions to P2P lending norms. “Not for a single day did LenDenClub have to pause onboarding new customers, whether on the borrower side or the lender side,” CEO Bhavin Patel tells YourStory. Transparency: - Manual lending sits at the heart of the problem the RBI seeks to solve. LenDenClub displays multiple warnings during the onboarding process and before the investment is made, ensuring that lenders fully understand the risks associated. - “It possibly took this long for the regulators to address the issues because they may be thinking that the sector is not that big. But now that the regulator has addressed it, that's a very clear signal that they are looking at this sector in the long term,” Bhavin proclaims. - A potential problem with the T+1 settlement scheme, according to Bhavin, is the dissatisfaction arising from not being able to allow customers a longer period to claim chargebacks in case there is a dispute. [Read More]( --------------------------------------------------------------- From the CapTable Banking on change: The case for disinvesting in India’s public sector banks Recently, at a Confederation of Indian Industry (CII) gathering in Kolkata, some of the country’s veteran bankers argued for the government to begin disinvesting its stake in the country’s many public sector banks. Indeed, the stability of India’s economic landscape, particularly in the banking sector, presents a rare and timely opportunity for the government to advance its disinvestment strategy, especially within public sector banks (PSBs). The health of these banks has significantly improved, with non-performing asset (NPA) ratios reaching multi-year lows and capital adequacy ratios—a measure of a bank’s ability to handle losses— comfortably surpassing regulatory requirements. In the year ended March 2024 (FY24), PSBs even raked in record net profits of Rs 1,40,000 crore as the net profit of India’s banking sector crossed Rs 3,00,000 crore for the first time. This suggests that the sector is poised for more market-driven growth and is less reliant on government interventions. The banking sector’s cleaned balance sheets, combined with the broader capital market enthusiasm, make a compelling case for the government to divest its stakes in these banks—either partially or fully—and let market forces drive their future trajectory. Key takeaways: - The health of India’s Public Sector Banks (PSBs) has greatly improved in recent years, with these banks raking in record net profits in FY24. - Other crucial metrics, such as their NPA and capital adequacy ratios, are also trending in the right directions. - The stability of India’s banking sector presents a rare and timely opportunity for the government to advance its disinvestment strategy. - While it will be complex to execute, if done right, it could unlock immense value and propel the sector towards greater efficiency, innovation, and global competitiveness [Continue Reading]( --------------------------------------------------------------- News & Updates - [Anti-competitive:]( Alphabet unit Google filed a complaint to the European Commission against what it said were Microsoft's anti-competitive practices to lock customers into Microsoft's cloud platform Azure. - [Price fixing:]( German software developer SAP SE, product reseller Carahsoft Technology Corp, and other companies are being probed by US officials for potentially conspiring to overcharge government agencies over the course of a decade. - [Greenwashing:]( Italian antitrust officials opened an investigation into Shein, saying the online fast-fashion giant might be making misleading claims about the sustainability of the clothing it sells. --------------------------------------------------------------- Did you know? Which celebrity chef also famously served in an intelligence agency during World War II? Answer: Julia Child. She was a junior research assistant with the Secret Intelligence Branch of the Office of Strategic Services, where she also helped develop a shark repellant for the military. We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, [sign up here](. For past editions of the YourStory Buzz, you can check our [Daily Capsule page here](. [Feedback]( [Unsubscribe]( [Newsletters](