Non-banking institutions could no longer load lines of credit into prepaid payment instruments (PPIs) such as wallets and prepaid cards
While the Reserve Bank of India (RBI) has yet to announce any clarification on these instruments, at least one outlet has reported that the regulator’s new decision could affect the services of some fintech players such as Jupiter, Slice and LazyPay from PayU.
In other news, instant messaging service Telegram has rolled out a premium monthly subscription plan that will allow users to send files up to 4GB (instead of 2GB) and access stickers and exclusive reactions. The media reported that the price per month was around $4.99-$6.
Meanwhile, the cryptocurrency industry remained on edge Monday as Bitcoin held just over $20,000.
Startups survive the crypto crash
All cryptocurrencies are taking a serious hit in the market, with the price of Bitcoin momentarily dipping below $20,000 over the weekend, breaching the psychological threshold in place since late 2020.
The turmoil in the crypto markets corresponds to the uncertainty in the financial markets due to macro factors such as rising inflation around the world, supply chain bottlenecks and war in Europe.
However, some crypto startups are now preparing for the bear market. Coinbase, Gemini, Robinhood, BlockFi, BitMex, and Crypto.com announced earlier that they were downsizing. Meanwhile, Web3 startups including CrowdPad, DAOLens and Hike are confident their financial reserves will help them weather the current chaos.
Quick overview of the founders:
- Startups should look to expand their leads during funding rounds.
- Crypto enthusiasts and founders of Web3 startups are convinced that the current bear market will lead to innovations.
- Countries like Vietnam, Brazil, Turkey and India are playing a key role in the growth of Web3.
“Any new technology, in my opinion, will go through such stages. The fact that there is some uncertainty and fear could eventually trigger a larger revolution,” said Vikram Aditya, co-founder and CEO of DAOLens. .
jackfruit all the way
From pasta, chocolate, burger patties, vermicelli to cakes, Rajasree R from Kerala uses jackfruit to make 400 products under the Fruit N Root brand.
The brand, according to the founder, took years of experience to launch.
Fruit N Root products include daghashamini (a medicinal powder) from the thorns; kanmashi (kohl) from gum; payasam, podi swallows seeds; preserve fruit; cakes and chocolate made from powdered seeds; and much more.
Layer by layer:
- Rajasree sells its products in local markets and Fruit N Root has made its foray online with mydukaan.com.
- All of its products are preservative-free, says the founder.
- As the production is long and time-consuming, and despite a government subsidy, Rajasree admits that the profits are not as high as hoped.
Lower medical costs
Founded in 2019 by Akshat Nayyar and Kunal Wani, health tech startup Truemeds helps chronic patients reduce their drug bills by offering alternative generic drugs that are priced far below brand name drugs.
Key points to remember
- On Truemeds, a patient needs to upload the prescription to the site. The startup has built algorithms that analyze more than two lakh drugs and suggest accurate alternatives that are priced lower.
- The online pharmacy also has a panel of doctors to answer any doubts that patients may have when ordering these generic drugs because they are not the ones prescribed by their doctor.
- Truemeds claims to deliver around one lakh of orders per month and says it is growing by an average of 20% month-on-month. The aim is to increase it to five lakh orders by March 2023.
“We wanted to address the issue of drug affordability so that patients could have them as a right rather than a privilege,” Akshat says.
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