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Non-bank institutions now reportedly can’t load credit lines into Prepaid Payment Instruments (PPIs) such as wallets and prepaid cards
While the Reserve Bank of India (RBI) is yet to announce a clarification on these instruments, at least one media outlet has reported that the regulator’s new move could affect the services of some fintech players such as Jupiter, Slice, and PayU’s LazyPay.
In other news, the instant messaging service Telegram has rolled out a premium monthly subscription plan that will allow users to send files as large as 4GB (up from 2GB) and access exclusive stickers and reactions. Media outlets have reported the price per month to be around $4.99 to $6.
Meanwhile, the cryptocurrency industry remained on edge on Monday as Bitcoin held just above $20,000.
Startups surviving crypto crash
All cryptocurrencies are taking some serious hit in the market, with the price of Bitcoin momentarily dipping below $20,000 last weekend—breaching the psychological threshold that has been in place since late 2020.
The turmoil in the crypto markets matches the uncertainty in the financial markets led by macroeconomic factors like the rising inflation across the world, supply chain bottlenecks, and the war in Europe.
However, some crypto startups are now bracing themselves for the bear market. Coinbase, Gemini, Robinhood, BlockFi, BitMex, and Crypto.com earlier announced that they were downsizing their workforce. Meanwhile, Web3 startups, including CrowdPad, DAOLens, and Hike, are confident that their financial reserves will help them tide over the current mayhem.
Quick insights from founders:
- Startups should look to extend their runways during funding rounds.
- Crypto enthusiasts and Web3 startup founders are confident that the current bear market will lead to innovations.
- Countries like Vietnam, Brazil, Turkey, and India play a key role in Web3’s growth.
“Any new technology, in my opinion, will go through such stages. The fact that there is some uncertainty and fear could eventually spark a more significant revolution,” says Vikram Aditya, Co-founder and CEO, 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 brand, Fruit N Root.
The brand, according to the founder, took years of experiments to launch.
Fruit N Root products include daghashamini (a medicianal powder) from the thorns; kanmashi (kohl) from the gum; payasam, avalose podi from the seeds; preserve from the fruit; cakes and chocolate from the powdered seeds; and much more.
Layer by layer:
- Rajasree sells her products in the local markets and Fruit N Root made its foray online with mydukaan.com.
- All its products are preservative-free, the founder says.
- As the production is lengthy and time-consuming, and despite a government subsidy, Rajasree admits that profits are not as high as one hopes.
Lowering medical costs
Founded in 2019 by Akshat Nayyar and Kunal Wani, healthtech startup Truemeds helps chronic patients cut medicine bills by offering alternative generic drugs that are priced much lower than branded ones.
Key takeaways
- On Truemeds, a patient needs to upload the prescription on the site. The startup has built algorithms that scan through over two lakh drugs and suggest precise alternatives that are priced lower.
- The online pharmacy also has a panel of doctors to address any doubts that patients may have while ordering these generic drugs as they are not those prescribed by their doctor.
- Truemeds claims to deliver around one lakh orders a month, and says it is growing at an average of 20 percent month-on-month. The goal is to take it to five lakh orders by March 2023.
“We wanted to solve the challenge of affordability in medicines so that patients can have them as a right rather than a privilege,” Akshat says.
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