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Groww gets RBI's in-principle nod to operate as payments aggregator

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New Delhi, April 30 (IANS) Groww Pay, the UPI payments platform of broking firm Groww, has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Payments Aggregator (PA).

According to the latest RBI data, the online payment aggregator licence was granted on April 29. This licence will allow the company to enable e-commerce transactions through its UPI app — Groww Pay.

In July last year, the broking firm rolled out UPI payment services through the Groww Pay Private Limited feature to expand its financial services.

The company obtained its third-party application provider (TPAP) license last year and provided the services in collaboration with banking partner Yes Bank.

Their payment application mainly focuses on bill payment services such as electricity and water bills, as well as DTH recharge among other options. Additionally, the application provides options for loan and credit card repayments.

RBI has approved multiple online payment gateway companies to be PAs since late last year, including Groww-backed identity verification startup DigiO, PayU, CRED, Mswipe, Razorpay, Cashfree, Decentro, Zoho, CC Avenue, Tata Pay, Google Pay, and EnKash, among others.

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Meanwhile, Groww has registered Rs 1,277 crore in revenue in FY23, a huge 266 per cent surge.

The Zerodha rival reported a net profit of Rs 448.7 crore in FY23 against Rs 239 crore in net loss in the previous fiscal year.

–IANS

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294 million people living with hypertension in South-East Asia: WHO

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New Delhi, May 16 (IANS) An estimated 294 million people are living with hypertension in the South-East Asia region, including India, said Saima Wazed, WHO Regional Director for South-East Asia on Thursday.

World Hypertension Day, observed on May 17 every year, “aims to increase awareness of this silent killer, and galvanise global action to combat high blood pressure”. This year, the theme is a call to ‘Measure Your Blood Pressure Accurately, Control It, Live Longer’.

Stressing the importance of “early detection and control,” she noted that half of people with hypertension are unaware of it.

“Among adults with hypertension, half are unaware they have it, and nearly 1 in 6 do not have their blood pressure under control.

“Uncontrolled, it can lead to heart attacks, strokes, kidney failure, and early death,” the Regional Director said.

The key risk factors for its rising prevalence include “high intake of salt, tobacco and alcohol use, unhealthy diets, physical inactivity, stress, and air pollution”.

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While lamenting the “limited access to affordable healthcare services for hypertension” in the region, she said that countries are implementing evidence-based strategies.

The trends, she said, indicate a decline in tobacco use, and in exposure to household air pollution.

“Notably, four countries have initiated measures to eliminate trans-fatty acids from their national food supply chains. Two countries have implemented standards for labelling and marketing to give consumers the information needed to make healthier dietary choices,” she said.

Further, several countries have also established national targets to improve hypertension and diabetes management within primary healthcare settings.

–IANS

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Cloud software major Zoho to pump millions of dollars into chip design in India

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New Delhi, May 16 (IANS) As India bets big on its semiconductor dream under the vision of Prime Minister Narendra Modi, homegrown IT software major Zoho is apparently planning to invest millions of dollars into a chip design and manufacturing facility in the country.

The cloud software major is currently seeking incentives under the production-lined incentive (PLI) scheme, according to sources with direct knowledge of the matter.

The government in 2021 announced the Rs 76,000 crore chip incentive schemes, aimed at catalysing the semiconductor value chain — design, manufacturing, packaging and testing of microchips.

When reached, Chennai-headquartered Zoho did not immediately comment on the development.

In March, Zoho Founder and CEO Sridhar Vembu announced plans to create an advanced chip design facility in Tenkasi district in Tamil Nadu.

Responding to an X post by Ananthan Ayyasamy, a BJP leader from Tenkasi, Vembu said that they have been planning a “semiconductor design project” in Tenkasi. There has been a flurry of activities in the country on the semiconductor manufacturing front in the last couple of years, with some big-ticket announcements.

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According to latest data by the India Cellular and Electronics Association (ICEA), the current electronics manufacturing at nearly $103 billion translates to a semiconductor requirement of $26-$31 billion.

As the country aims to reach $300 billion in electronics production by FY26, it will increase demand for semiconductors worth at least $100 billion.

The ICEA data showed that in FY23, the import of integrated circuits (ICs) reached $16.14 billion — out of which $12 billion was only for mobile phones.

PM Modi laid the foundation stone for three semiconductor projects worth Rs 1.25 lakh crore in March this year.

–IANS

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13-year-old girl fights Wilson's disease, liver failure & hepatitis A to live

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New Delhi, May 16 (IANS) In a case of medical marvel, a 13-year-old girl has fought all odds against Wilson’s disease (a rare inherited condition), hepatitis A, and liver failure to live.

The girl, Radha, was first presented to Sir Ganga Ram Hospital (SGRH) seven years ago, in 2017, with a liver problem, swelling in her stomach, and swelling in her legs, which was diagnosed as Wilson’s disease.

It is a rare genetic disease that leads to the accumulation of copper levels in several organs, especially the liver, brain, and eyes.

She was under treatment and her condition was controlled via diet and medication.

But her condition deteriorated when hepatitis A dealt a deadly blow to her already damaged liver, leading to acute chronic liver failure in March this year.

“Radha’s body turned like a battlefield as her illness worsened at an alarming rate. Her jaundice, accompanied by skyrocketing bilirubin levels (44), was a clear sign of failing liver function,” said Dr. Naresh Bansal, Senior Gastroenterologist at SGRH.

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Further, the subtle development of hepatic encephalopathy (loss of brain function) sent her into a state of altered consciousness.

Making the situation much worse, she also suffered catastrophic upper gastrointestinal blood vomiting where she was put on life support.

The family was advised to consider a liver transplant as a life-saving option, and her mother decided to give up a portion of her liver.

The transplant was successfully done in a 12-hour-long surgery led by Dr. Ushast Dhir, Director of liver transplant and hepatobiliary Surgery.

Radha opened her eyes on the second day after the liver transplant, said Dr. Ushast.

“It was the toughest case to make it possible for a young patient with Wilson disease to get the success of this transplant. It was difficult to counsel the family, briefing the importance of a liver transplant which was the only way to save her life.

“The child was critical and a living donor liver transplant had to be performed in the perfect time frame,” he added.

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“The girl has recovered very well and now is back home with siblings and getting ready to go back to school after summer vacation,” the doctor said.

–IANS

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63 pc of Gen Z consumers now aware of AI-infused smartphones: Report

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New Delhi, May 16 (IANS) About 63 per cent of Gen Z consumers are now aware of artificial intelligence (AI)-infused smartphones powered by chipsets from MediaTek and Qualcomm, a new report showed on Thursday.

According to CyberMedia Research (CMR), consumers, particularly tech-savvy Gen Z and Gen Alpha, crave the on-device AI advancements.

“They recognise the value of AI-powered features that not only meet but exceed expectations. Chipset manufacturers delivering on this promise will establish unwavering brand loyalty. In a dynamic world, consumers are willing to invest in smartphones that can keep pace,” Prabhu Ram, Head- Industry Intelligence Group (IIG), CMR.

The report surveyed more than 1,500 consumers, across demographics, and based across Delhi, Mumbai, Chennai, Kolkata, Bengaluru, and Hyderabad.

According to the report, both chipmakers MediaTek and Qualcomm are locked in tight competition.

MediaTek has a slightly higher brand salience score of 69 (out of 100), followed by Qualcomm at 62.

Both brands have a substantial presence among Gen Alpha (MediaTek – 37 per cent, Qualcomm – 34 per cent) and Gen Z (MediaTek – 32 per cent, Qualcomm – 30 per cent).

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In addition, the report found that a whopping 40 per cent of consumers are willing to pay a premium for MediaTek, compared to 36 per cent for Qualcomm, the long-time leader. This shift suggests a new era where chip brand recognition is translating into a key purchase driver, the analysts noted.

“On-device AI empowers smartphones to handle complex AI tasks directly, reducing reliance on cloud infrastructure. Future-proof smartphone chipsets are crucial to achieving this vision,” said Sugandha Srivastava, Senior Manager – Industry Consulting Group, CMR.

–IANS

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After CEO, Ola Cabs CFO Karthik Gupta steps down within 7 months

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New Delhi, May 16 (IANS) Ride-hailing platform Ola Cabs has witnessed another top-level exit as the Chief Financial Officer (CFO) of ANI Technologies (the parent firm) Karthik Gupta has stepped down seven months after taking charge.

Gupta’s exit comes two weeks after the company’s CEO Hemant Bakshi quit.

According to the company, Gupta’s departure is part of an “ongoing restructuring” process.

“As part of an ongoing restructuring, Ola Mobility CFO Karthik Gupta has stepped down from the company. This restructuring is aimed at productivity enhancement in an AI-led era that is redefining the cab-hailing industry globally,” an Ola spokesperson told IANS.

The spokesperson also said that the restructuring process will allow Ola to “strengthen cost structures, focus on growth and increase its bottom line”.

According to his LinkedIn profile, Gupta joined Ola Cabs seven months ago and was in charge of financial strategy, growth, regulatory compliance, tax, treasury, and investor relations. He spent over 17 years as Procter & Gamble’s Vice President and regional CFO for Asia Pacific, the Middle East, and Africa before joining Ola.

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Last month, the ride-hailing platform announced job cuts.

Ola founder Bhavish Aggarwal addressed staff in a letter about a restructuring exercise to improve profitability and prepare for future growth. The restructuring process will reportedly affect at least 10 per cent of the company’s workforce.

Meanwhile, the company has appointed Ola founder’s brother Ankush Aggarwal as the Chief Executive Officer of Ola Financial Services.

–IANS

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