Top Startup News: JioFin in Paris, RBI's Lending Crackdown & More

This week’s startup spotlight brings you a comprehensive overview of the most significant developments in the Indian startup ecosystem. From the Reserve Bank of India’s proactive measures against unauthorized digital lending apps to Ola’s ambitious plans for re-entering the quick commerce market, there’s a lot happening in the world of business and technology. We also cover the latest in fintech, with Niyo expanding its travel-banking offerings, and in space tech, with GalaxEye securing significant funding for its satellite mission. Plus, Zepto’s strategic relocation to Bengaluru signals a new phase for the quick commerce unicorn. Stay with us as we dive into these stories and more, highlighting the key moves shaping the future of startups in India.

RBI to Establish Public Repository for Digital Lending Apps

The Reserve Bank of India (RBI) has announced the creation of a public repository to monitor digital lending apps and combat unauthorized practices. Governor Shaktikanta Das stated that all regulated entities must report their digital lending apps to the RBI. In related developments, the Monetary Policy Committee (MPC) has maintained the repo rate at 6.5 percent, along with a 'withdrawal of accommodation' stance, while projecting a real GDP growth of 7.2 percent for 2024-25.

Ola Plans Quick Commerce Comeback with Dark Stores and UPI Launch

Ola is making a return to the quick commerce sector by setting up dark stores—highly automated retail warehouses—to meet the rising demand for quick delivery services. Additionally, Ola is preparing to launch its own Unified Payments Interface (UPI), with CEO Bhavish Aggarwal expected to unveil these initiatives during the company's Independence Day celebrations.

AESL Appoints Rishabh Pant as Brand Ambassador After BYJU’s Exit

Aakash Educational Services Limited (AESL) has appointed Indian cricketer Rishabh Pant as their new brand ambassador. This follows AESL's recent departure from its partnership with BYJU’s. Pant's one-year association with AESL is expected to inspire students with his values of hard work, dedication, and continuous learning.

JioFinance Expands to Paris, Enabling Payments for Indian Travelers

In a move towards international expansion, JioFinance has enabled payments in Paris, allowing Indian travelers to use the JioFinance app at select tourist attractions and stores in the French capital. This initiative marks JioFinance's first international market entry, supported by a dedicated experience center at 'India House,' in partnership with the Indian Olympic Association.

NPCI Explores Biometric Authentication for UPI Transactions

The National Payments Corporation of India (NPCI) is in discussions to introduce biometric authentication for UPI transactions, which would allow users to authenticate payments using fingerprints or face ID. This initiative aims to enhance security and convenience, potentially replacing the current UPI PIN system.

Zepto Relocates Headquarters from Mumbai to Bengaluru

Quick commerce startup Zepto is relocating its headquarters from Mumbai to Sarjapur, Bengaluru, to consolidate its operations and expand its tech presence. The move is expected to bring together 1,700-1,800 employees under one roof by the end of November or early December, improving operational efficiency and reducing costs.

Niyo Expands Travel-Banking Platform with Flight and Visa Services

Fintech company Niyo is broadening its travel-banking platform by adding flight bookings and visa application services. Known for its zero-forex markup cards, Niyo is positioning itself to capture the booming outbound travel market in India by offering integrated travel solutions, including a rewards program through Niyo Coins.

GalaxEye Space Secures $6.5 Million in Series A Funding

GalaxEye Space, a space tech startup incubated at IIT Madras, has raised $6.5 million in the first tranche of its Series A funding. The funds will be used to develop the "Drishti Mission," GalaxEye's first satellite, and to advance its multi-sensor payload technology, which has applications across various sectors, including agriculture and national defense.