Also in this letter:
■ Interview with the winner of ETSA Best on Campus
■ Wakefit Financial Statements for FY24
■ Adda247 acquires PrepInsta
Ashwini Vaishnaw will be the guest of honor at The ET Startup Awards
Minister of Railways, Information and Broadcasting, Electronics and IT Ashwini Vaishnaw will be the guest of honor at the tenth edition from The Economic Times Startup Awards (ETSA) on Saturday, October 5.
DO @10: Vaishnaw is no stranger to the event, which over the years has grown to become the country’s most coveted recognition of business excellence. ETSA will feature a stellar list of founders, investors and policymakers, as well as ETSA 2024 turns a decade to celebrate India’s best and brightest entrepreneurs and startups.
AI in India: The country has positioned itself as a key player in global policymaking on artificial intelligence (AI), led by the Vaishnaw-led Ministry of Electronics and Information Technology (MeitY), with India underlining its commitment to fostering development. responsible for AI at a global level. scale.
Vaishnaw, who was also at the forefront of India’s implementation of its personal data protection law affecting digital businesses across the spectrum, is expected to detail the government’s agenda for the coming months to the who’s who of the world of the startups.
Winners: The winners of the ET Startup Awards 2024 were chosen at a meeting of the elite jury on 9/11led by Infosys co-founder and chairman Nandan Nilekani in eight categories from a shortlist of 41 nominees.
Omnichannel eyewear retailer Lenskart won the coveted Startup of the Year award. Mukul Arora, co-managing partner of Elevation Capital, was chosen winner of the coveted Midas Touch award as a better investor due to his astute sense of timing when exiting early bets.
Here are all the important stories about ET Startup Awards 2023:
The sale is active! E-commerce because it sees strong demand this season.
The e-commerce sales season started three days ago. With the help of identical growth in all categories, the It seems that the festive season sales will register a year-on-year (YoY) growth of 20-25%..
Festive surge: From September 26 to 28, online retailers recorded sales growth of around 26% compared to last year, approximately Rs 26.5 billion or $3.2 billion, according to Datum Intelligence. The market research firm has estimated total gross sales of $12 billion during the holiday season (a growth of about 23%), including discounts and returns.
Critical time: Online marketplaces have been hit by the rise of fast-track trading, which is eating into their market share in major cities, making the festive season crucial for them, especially this year. Both Flipkart and Amazon said in separate press releases that they continue to see strong consumer demand across segments. Several brands in segments such as luggage, electronics and accessories, and home goods told us that they have seen significant growth compared to a typical day or BAU.
Capacity restrictions: However, some deliveries on Amazon India may face delays in some cities as Amazon has informed major suppliers about “capacity limitations in their warehouses, which means sellers will have to ship on their own and not from Amazon’s fulfillment centers.
Read also | Meesho’s Christmas sales record record orders on the first day, 100% more than the previous year
ETSA 2024: ClaimBuddy wins by easing the pain of insurance claims for everyone
Khet Singh Rajpurohit and Ajit Kumar Patel, co-founders of ClaimBuddy
It was during Khet Singh Rajpurohit’s stint at a healthcare startup that he gained first-hand experience with patients facing insurance claim resolution. The ClaimBuddy co-founder saw numerous cases where people had to extend their hospital stays or endure more stress simply due to delayed or denied claims.
During his second year at IIM Bangalore, Rajpurohit contacted Ajit Patel, his former colleague, and the two envisioned a solution that would simplify the claims process for both patients and healthcare providers. ClaimBuddy won this year’s Best on Campus category at The Economic Times Startup Awards.
Industry problem: Typically, the insurance industry includes third-party administrators (TPAs), who work with insurers to process claims. However, there is no such interface available for hospitals and patients.
Up to 91% of the total premiums collected from the sale of health insurance policies are claimed. While there are many companies selling insurance, almost none are solving the claims problem, even though both are equally large markets, Rajpurohit said.
Quote, remove quotes: “ClaimBuddy is a commitment to ensuring patients receive the care they need without the added stress of navigating complex insurance processes. We are driven by the belief that healthcare should be compassionate, efficient and accessible to all,” said Rajpurohit.
Other featured stories from our reporter
Wakefit Wakes Up to Profits in FY24: Bengaluru-based mattress and furniture manufacturer Wakefit reported 24% year-on-year (YoY) revenue increased to Rs 1,017 crore for the financial year ended March 31, 2024. The company said it returned to profitability during the financial year, with earnings before interest, taxes, depreciation and amortization (Ebitda) of 65 crores.
Edtech startup Adda247 buys internship preparation platform PrepInsta: Google-backed edtech startup Adda247 has acquired PrepInstaan internship preparation platform. Financial details of the transaction were not disclosed. The agreement marks the entry of Adda247 as an integrated provider of employment-focused training and education programs spanning public and private sector jobs.
Tier 2 and 3 cities make a small dent in Bengaluru’s GCC growth story: While Bengaluru remains the hub of global capability centers (GCCs) in India, has experienced a drop of 4.4 percentage points in its stake in GCC units over the last five financial years, according to an ET analysis.
Persistent sees more interest in fixed price deals: CEO | Persistent systems are watching More interest in results-based agreements (fixed price). than deals that are priced based on time and material, said its CEO Sandeep Kalra.
Old roots find new routes: young Turks embrace technology to modernize family businesses: Coimbatore, known for its textile units, manufacturing prowess and more recently as Flourishing software hub in Tamil Naduis witnessing a quiet transition in its legacy businesses.
Global Picks We’re Reading
■ Who’s left at OpenAI? Sam Altman consolidates power after a failed coup (FOOT)
■ Space travel is dangerous. Could genetic testing and gene editing make it safer? (MIT Technology Review)
■ The United States could finally ban forced password changes (cabling)
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