Govt to match VC investments in Indian chip startups; Shah Rukh Khan, QED Investors back AI content firm Flam
Amitesh Kumar Sinha, Additional Secretary at the Ministry of Electronics and Information Technology and CEO of the India Semiconductor Mission, lays out the thinking behind Semicon 2.0.
The Indian government has announced a new framework for UPI payments that will impose a 0.4% charge on transactions above Rs 2,000 for merchants, and cap fees for payments above Rs 75,000 at Rs 300. Person-to-person and person-to-merchant transactions up to Rs 2,000 will remain exempt from this Merchant Discount Rate (MDR). The change comes after the zero-MDR regime ended in January 2020.
In the realm of e-commerce, Amazon's Q-comm service, Amazon Now, is expanding rapidly across India, now serving over 60 cities within just 10 weeks of its launch. The company aims to reach 100 cities by Diwali, having already achieved $1 billion in annualized gross sales over the past three months.
In the tech sector, AI content firm Flam has secured $40 million in Series B funding from QED Investors, Bollywood star Shah Rukh Khan, and other investors. Flam's Bengaluru and San Francisco-based startup, founded in 2021 by BITS Pilani alumni, Shourya Agarwal, Malhar Patil, and Amit Gaiki, provides AI-powered interactive content for marketing, product visualisation, learning, entertainment, fan engagement, customer support, and sales.
Flam's interactive solutions, including Flicks, Forge, and Airboards, cater to large enterprises like Google, Reliance, and Hyundai.
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