Month: March 2021

PAN-Aadhaar card linking deadline extended till June 30; Check details

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In view of the difficulties arising out of the COVID-19 pandemic, the Narendra Modi government on Wednesday has extended the last date for PAN-Aadhaar linking.

As per the Income-Tax Department tweet, the PAN Card-Aadhaar Card linking last date has been extended till June 30, 2021.

Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out of the COVID-19 pandemic.(1/2)@nsitharamanoffc@Anurag_Office@FinMinIndia

— Income Tax India (@IncomeTaxIndia) March 31, 2021

The previous deadline for linking PAN and Aadhaar was March 31, 2021.

Date for issue of notice under section 148 of Income-tax Act,1961, passing of consequential order for direction issued by the Dispute Resolution Panel (DRP) & processing of equalisation levy statements also extended to 30th April, 2021.(2/2)

— Income Tax India (@IncomeTaxIndia) March 31, 2021

If the two are not linked by the stipulated deadline, then PAN may become ‘inoperative’. This means that users will no longer be able to conduct any financial transactions where quoting PAN is mandatory.

Also, recently government passed the Finance Bill 2021 in the Lok Sabha and inserted a new section 234H under which a person may be liable to pay a late fee of up to Rs 1,000 in case of non-linking of their PAN with Aadhaar. However, a detailed clarification regarding this is still pending.

Meanwhile, subscribers who have not linked the two can visit the official e-filing website of the Income Tax (I-T) department to do the seeding. The Income Tax Department also provides an SMS-based facility to enable the linking of Aadhaar with PAN.

Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar, must intimate his Aadhaar number to tax authorities.

Aadhaar is issued by the Unique Identification Authority of India (UIDAI) to a resident of India and PAN is a 10-digit alphanumeric number allotted by the IT Department to a person, firm or entity.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

LPG cylinder price to be reduced by Rs 10 from April 1, says IOCL

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian Oil Corporation Limited (IOCL) on Wednesday said that the cost of a domestic LPG cylinder will reduce by Rs 10 per cylinder from April 1.

LPG cylinder prices had been increased by Rs 125 per cylinder in recent weeks. At present, an LPG cylinder costs Rs 845 in Kolkata, Rs 819 in Mumbai and Delhi and Rs 835 in Chennai.

The price of LPG cylinders was first hiked by Rs 25 on February 4, by Rs 50 on February 14 and on February 25 it was hiked by Rs 25. Again on March 1, prices were hiked by Rs 25.

In India, the price of LPG cylinders — both cooking and commercial — is determined by state-run oil marketing companies. According to the prevailing rules, the government provides subsidies on a total of 12 (14.2 kg) cylinders per year to each household.

On the basis of the market rate, customers have to pay extra to purchase additional LPG cylinders as per their requirement. The quantity of the subsidy offered by the government on the annual quota of 12 refills fluctuates from month to month. The subsidy on LPG is influenced mainly by factors such as crude oil as well as foreign exchange rates.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Uniphore raises $140 million in Series-D funding, its largest yet

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Conversational AI start-up Uniphore has raised Series-D funding of $140 million, the company said in a statement. The round is Uniphore’s largest yet, and is led by investors like US-based Sorensen Capital Partners, Europe’s Serena Capital and Sanabil Investments from the Middle East.

Uniphore’s existing investors March Capital Partners, National Grid Partners, Chiratae Ventures, Iron Pillar Fund and Sistema Capital, the company said, have also participated in the round. Cisco Ventures has come on board, as a “strategic investor”.

“This is truly an exciting moment for Uniphore; what this financing signifies is the maturing and coming-of-age in AI opportunities in larger enterprise,” said Umesh Sachdev, co-founder and CEO, Uniphore, speaking exclusively to CNBC-TV18. “Over the last few years, we have been consistently winning in several markets including the US, Asia and several parts of the world,” Sachdev added, “This financing is a testament to that success.”

Where does the money go?

With its latest round, Uniphore’s total funding stands at $210 million. Incidentally, the latest round comes just months after the start-up announced the acquisition of video AI start-up Emotion Research Lab in October. Uniphore says it will now deploy funds towards product innovation, in the aftermath of the acquisition.

“What this (funding) allows us to do is double-down on our product innovation cycles,” said Umesh, “We are in the process of integrating Emotion Research Labs into the product, and building new products that combine voice and video AI.”

Then there’s fund-allocation towards global expansion: “We are also using this capital to expand to parts of the world where we don’t do business like Europe, Middle East, and a few others.”

Uniphore targeting ARR of $100 million in FY22

Tech development and expansion aside, Uniphore has also affirmed that it is targeting a Contracted Annual Recurring Revenue (ARR) of $100 million in FY22. “We are likely to get to a 100 million dollars ARR, which is one year ahead of our originally announced schedule,” said Umesh, “During COVID, business got a bit of a tailwind as markets saw a bigger demand for our product, which has continued in 2021 as well.”

Interestingly enough, it could well be its classical contact centre product that could catapult Uniphore into notching up $100 million in ARR in the coming fiscal, as opposed to newer products. “Our contact centre product, which has brought us this far, will continue to drive growth,” said Umesh, “The newer products, including the video AI capability, will only be announced towards the later part of the year, which won’t have major impact on revenues for this year.”

Uniphore will look to double head count by the end of FY22, from present-day 350 to 700 employees, even as it builds what Umesh calls an “investor network” across the globe, especially in countries like Europe and the Middle East.

Cisco Ventures, as strategic partner, Umesh says, will add value to this eclectic mix: “This (mix of existing and new investors) gives us a good map of the world where we can tap into resources from our investor network not just in the US, but also in Europe and Asia.”

The billion-dollar question remains: when will Uniphore issue an IPO? Umesh hints that the decision may not be too far away. “Our investors are exciting about us potentially becoming a very large business in the coming years,” he says, “This means that at some point in the future, going public is a natural outcome. As we start to execute this round of capital next year, we will start getting to the drawing board of when is the right time to start thinking about going public.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Lodha Developers may hit capital market on April 7 with Rs 2,500 crore IPO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Realty major Lodha Developers is likely to hit the capital market on April 7 with a Rs 2,500 crore initial public offer (IPO), as it seeks to raise funds to reduce debt and future growth.

Mumbai-based Lodha Developers Ltd, which has been renamed Macrotech Developers, filed the draft red herring prospectus (DRHP) with the Securities Exchange Board of India (Sebi) last month.

According to banking sources, the company has got the SEBI approval to launch its IPO. The public issue is likely to hit the capital market on April 7, they added.

A company spokesperson declined to comment. This would be the third attempt by Lodha Developers to launch a public issue and list its shares on the stock exchanges.

The company had filed its DRHP for the first time in September 2009, to raise about Rs 2,800 crore. It had received Sebi”s nod in January 2010 but later shelved the plan due to unfavourable market conditions post the global financial crisis.

In April 2018, Lodha Developers again filed the DRHP and got SEBI”s approval in July 2018 to launch its IPO to raise up to Rs 5,500 crore. However, the plan was shelved amid market turmoil.

Earlier, sources had said that Lodha Developers aims to raise around Rs 2,500 crore through its IPO with a dilution of 10 percent stake. The proceeds will be used to repay debt and the development of projects.

The privately-held Lodha Group, which was founded in 1995 by Mangal Prabhat Lodha, is a leading player in the Indian real estate market. It has a presence in Mumbai, Pune, and London.

Lodha Group is the country’s largest residential real estate developer by sales bookings. The group had forayed into the London realty market in 2013 and acquired two prime sites in central London for an investment of about 400 million pounds.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Delhi Metro smart cards can now be recharged through Amazon Pay

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Delhi Metro smart cards can now be recharged through Amazon Pay as well with the rapid transport network launching the facility on Wednesday to make top-up more convenient for its commuters.

According to a Delhi Metro Rail Corporation (DMRC) statement, customers can open the Amazon shopping app and click on the ‘Metro Recharge’ option under Amazon Pay tab to avail the facility. After entering their Metro Smart card number, they can choose any amount between Rs 100 to Rs 2000 to recharge their smart cards.

After successful payment, they need to tap the card at the automatic vending machine (AVM) at any Delhi Metro station and select “Top-UP” to add the balance to their card.

The facility was jointly introduced by DMRC’s managing director Mangu Singh and Amazon Pay CEO Mahendra Nerurkar through video-conferencing in the presence of other senior officials.

“The initiative is in line with DMRC’s commitment towards supporting the digital drive to promote cashless transactions among the Delhi Metro commuters at a time when social distancing has become a new normal for everyone, Singh said.

Speaking on the occasion, Nerurkar said, “customers to recharge their Delhi Metro cards in a contactless manner, we aim to make their lives more convenient, safe, cashless and secure.

To facilitate easy top-up of smart cards and sale of tokens to avoid queues and save time at stations, the DMRC had launched various other initiatives, including option of smart card top-up through TVMs, launch of Metro Combo Cards with banks, Credit/Debit Card transaction facility at stations, netbanking, other UPI and e-wallets, the DMRC stated.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

STARTUP DIGEST: Top stories of the day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There were several developments in the startup space during the day on Wednesday. Here’s a wrap of all the top stories from the startup universe.

Uniphore raises $140 million in Series D funding

Conversational Service Automation company – Uniphore has raised $140 million led by Sorenson Capital Partners and new investors Serena Capital and Sanabil Investments, and strategic investor, Cisco Investments. Existing investors March Capital Partners, National Grid Partners, Chiratae Ventures, Iron Pillar Fund, and Sistema Capital also participated in the Series D round, the company said.

The new round of funding is Uniphore’s largest to date. The funds will be used to extend Uniphore’s technology in AI, Automation and Machine learning across the enterprise, it added. Uniphore also plans to increase its focus on video-based AI applications stemming from Uniphore’s acquisition of Emotion Research Labs earlier this year as well as applications in Trust, Security and RPA markets.

Uniphore expects to reach $100 million in contracted annual recurring revenue (ARR) in fiscal 2022.

Amazon acquires Perpule to aid kirana-tech

Amazon Technologies has acquired retail tech startup Perpule for its PoS business for ₹107.6 crore. With this, the ecommerce firm plans to up its game in the kirana-tech space as it would now leverage Perpule’s cloud-based point-of-sale (PoS) offering ‘UltraPoS’ and offer a new suite of technology products to kirana partners, while digitizing neighbourhood stores. UltraPoS, which is the tech startup’s primary product is a full-fledged store management solution that helps small businesses digitally manage and automate inventory, purchase orders from distributors, and billings.

Amazon is expected to pay additional remuneration to Bengaluru-based Perpule’s employees, which may bump up the overall deal value to about Rs 150 crore, according to two individuals aware of the discussions, as per Mint.

HealthPlix raises $13.5 million led by Lightspeed

Health-tech start-up HealthPlix Technologies has raised $13.5 million as part of its ongoing Series B funding led by Lightspeed, with participation from existing investors JSW Ventures, Kalaari Capital and Chiratae Ventures.

The startup plans to grow five times by expanding the doctor base in existing geographies, adding new towns and medicine specialties and bolstering its team and product, it said in a statement. Healthplix helps doctors digitise clinical operations and clinical treatment methodologies. It provides electronic medical record (EMR) software to medical practitioners, assisting them with clinical decision support, generating e-prescriptions and digitally managing the operations of their clinics.

Uable raises $3.5M pre-series A round led by JAFCO Asia and Chiratae Ventures

Life skill development platform for kids- Uable has raised $3.5 million in pre-series A round led by JAFCO Asia and Chiratae Ventures. Existing investor 3one4 Capital also participated in this round.

The funding will help Uable build a global team, scale the product globally and add more real-world domains for teenagers to explore, the company said. Founded in 2020 by Saurabh Saxena, (who formerly co-founded Vedantu) Uable seeks to reimagine career discovery for GenZ and help young learners find their passion, it added.

The platform will empower teens between 13 and 18 years of age to discover and design their own career pathways in the 21st century domains including but not limited to AI, Climate Change, Gig Economy, Space Tech and Robotics, the company said.

Rapido offers free rides to citizens heading for COVID 19 vaccination

Bike taxi platform Rapido will provide free Rapido Auto rides to and from COVID- 19 vaccination centres for Delhi NCR citizens. The #RideToVaccinate initiative is aimed at providing a safe and accessible commute option to senior citizens eligible for vaccination across Delhi NCR, the company said.

The offer will be auto applied on Rapido Auto ride once the commuter chooses the 12 eligible hospitals as their destination, it said.

Airtel receives CERT-IN empanelment for cybersecurity services

Telecom major Bharti Airtel has said that has been empanelled by Computer Emergency Response Team (CERT-IN), which will allow the firm to offer its cyber security solutions to the government and public sector companies. Airtel provides end-to-end managed security services to enterprise customers under Airtel Secure, which combines Airtel’s robust network security with cutting-edge solutions delivered through global partnerships, the company said in a statement.

Airtel Secure has set up a state-of-the-art Security Intelligence Centre with access to advanced technology and AI / ML tools to track and mitigate potential online threats. “From end point protection, email protection to cloud DDOS protection and more, Airtel Secure has created the most comprehensive solutions portfolio through strategic partnerships with global leaders such as Cisco, Radware, VMWare, and Forcepoint”, it said.

GetWork raises seed funding from Artha Venture Fund

Early-stage micro-VC fund Artha Venture Fund has invested in HRtech platform, GetWork.India. The round also saw participation of Angel investors of India Accelerator.

GetWork enables corporates, SMEs, and startups to directly hire from its network of 18,000 placement cells in institutes and colleges, a statement said. It plans to use this funding to grow its reach with employers and build tools that will help closing positions directly on its platform, it added.

Deliveroo dives 30% as debut of the decade turns torrid

Shares of Deliveroo plunged by as much as 30% in their trading debut on Wednesday, slicing more than 2 billion pounds off the company’s valuation in a blow to the food delivery group and the London market for initial public offerings (IPO).

The highly-anticipated listing, the biggest in the London market in a decade, had been hailed by British finance minister Rishi Sunak as a “true British tech success story” that could clear the way for more IPOs by fast-growing technology companies, Reuters reported.

But the debut had already been overshadowed as some of Britain’s biggest investment companies shunned the listing, citing concerns about gig-economy working conditions and the share structure.
The 390 pence price tag gave an overall valuation of 7.6 billion pounds ($10.46 billion) and was already set at the bottom of an initial range.

Google to contribute $29 million to new EU fund to fight fake news

Google will contribute 25 million euros ($29.3 million) to the newly set up European Media and Information Fund to combat fake news, the company said on Wednesday, amid criticism tech giants are not doing enough to debunk online disinformation. The COVID-19 pandemic and the U.S. election last year spurred a massive spike in misinformation, with some blaming social media for not being more proactive in tackling the issue while regulators have indicated they may take action via heavy-handed restrictions.

The European Media and Information Fund, launched by the Calouste Gulbenkian Foundation and the European University Institute last week, aims to enlist researchers, fact-checkers, not-for-profits and other public interest-oriented bodies to help in the fight against fake news. “While navigating the uncertainty and challenges of the last year, it has proven more important than ever for people to access accurate information, and sort facts from fiction,” Matt Brittin, head of Google’s EMEA Business & Operations, said in a blog post. The fund has a duration of five years. The European Digital Media Observatory, which is a European Commission project set up last year and whose members include fact checkers and academic researchers, will evaluate and select the projects.

Self-driving truck startup Plus raises extra $220 million

U.S. autonomous truck startup has raised an extra $220 million from investors in an extension of a $200 million funding round in February, as the global auto industry looks to a driverless future.
A source with direct knowledge of the matter also said Plus was in advanced talks with a few special purpose acquisition companies (SPAC) over a potential merger, adding an announcement was expected within weeks, Reuters reported.

SPACs are becoming an increasingly popular way for private companies to seek public listings as a cheaper and less administratively burdensome alternative to an initial public offering (IPO).

The latest funding round was led by FountainVest Partners and ClearVue Partners, Plus said in a statement. Other investors included Quanta Computer Inc and Millennium Technology Value Partners, as well as existing investors including Sequoia Capital, SAIC Motor and Full Truck Alliance.

Plus raised $200 million in February from investors such as Guotai Junan International, CPE, and Wanxiang International Investment.
Plus did not disclose its valuation after the fundraising.

The Cupertino-based startup, which was founded in 2016, has a joint venture with China’s state-owned automaker FAW to develop and build autonomous trucks. It is testing trucks in the United States, China and Europe. With the funding it will accelerate its production and deliveries of autonomous trucks and improve research capabilities.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Leopard has miraculous escape as biker rams into wild cat at Ranthambore wildlife sanctuary — See photos

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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An encounter with a wild cat in a forest is a memory to cherish, but with dwindling forest land, incidents of man vs wild encounters are increasing across national parks around the country.

In fringe areas around jungles, human settlements are seeing increased confrontations with wild cats, especially leopards as they stray towards these settlements in search of food.

In a similar incident, some stunning images have emerged, where a leopard has a miraculous escape after being hit by a motorbike. See photos below.

Sridhar Sivaram a nature lover and Investment Director at Enam Holdings, who witnessed the incident and managed to capture it on his camera said: “I am giving an update of a very sad incident that I witnessed in Ranthambhore… a day before Holi.”

Sivaram, visited the sanctuary during the extended Holi weekend. He recalled, “It was around 1.30 [pm] that we entered the Main Road which leads to the gate [no 4]. Because of Holi, we saw a lot of people on foot and on bikes and cars. Traffic on the road [within the jungle] seemed busy. At one of the water points (Mishra Darrah), we saw some people taking selfies and I told the guide, ‘A tiger can come here anytime…’ He just smiled and indicated that nothing could be done.”

Sivaram continued, “As we headed a few 100 meters, (around the Adda Balaji Temple area ), we heard a call of langurs. There is a small pond nearby and we noticed something near the water. We reversed our vehicle, and parked along the road.”

“Just then Bobby [the guide] said, ‘get ready, a leopard will cross the road’. And soon enough a leopard leaped from the bushes to cross the road, but unfortunately, a bike coming from the opposite direction — with three men on it — crashed into the leopard. The bike skidded off and the trio fell.”

“Fortunately, the leopard and the men escaped with very minor injuries,” Sivaram said.

In the photos the leopard can be seen sprinting away into the jungle after the crash.

Lastly, Sivaram said, “It is high time that the Ranthambhore forest authorities decide to regulate free movement of people on this road, to avoid such incidents.”

(Image courtesy: Sridhar Sivaram)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mamata Banerjee writes to oppn leaders, underscores ‘assaults’ by BJP, govt on democracy

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Trinamool Congress on Wednesday said West Bengal chief minister Mamata Banerjee has written personal letters to non-BJP leaders highlighting the “assaults” by the BJP and its government on democracy and constitutional federalism of India.

Ahead of the second phase of polls in the state, Banerjee’s letter, which was released by the TMC on Wednesday, seeks to drum up support from opposition leaders by stating how non-BJP states have suffered due to the saffron party led Centre’s actions.

“I am writing this letter to you, and to several leaders of non-BJP parties, to convey my serious concerns over a series of assaults by the BJP and its government at the Centre on democracy and constitutional federalism in India,” Banerjee said.

Referring to the passage of the National Capital Territory of Delhi (Amendment) Bill by the two Houses of Parliament, she said that it is an “extremely grave” development.

“With this law, the BJP government at the Centre has snatched away practically all the powers of the democratically elected government of Delhi, and vested them in the hands of the Lt Governor, a nominee of the Centre. The Lt Governor has been made the undeclared Viceroy of Delhi, acting as a proxy for the home minister and the prime minister,” she said.

The three-page letter has been addressed to Congress chairperson Sonia Gandhi, NCP’s Sharad Pawar, DMK’s MK Stalin, Samajwadi Party’s Akhilesh Yadav, RJD’s Tejashwi Yadav, Shiv Sena’s Uddhav Thackeray among others.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow