Fintech startup NIRA closes US$ 2.1 million pre-series A funding round

NIRA, Fintech startup, which provides small ticket loans to blue and grey collared workers through its mobile app and website, has closed US$ 2.1 million in pre-series A funding from existing and new angel investors in UK, Europe, and India.

These funds will be utilised in hiring new talent, developing its product and technology further and scaling up its lending volumes.

“We’re delighted to move to the next phase of our journey with this new raise. While we did get offers for funding from a couple of VCs, we decided to stick to our existing investors and take more time to find the right long-term partners" said Mr Rohit Sen, chief executive and co-founder of NIRA.

“In the last 12 months, we’ve found a good product-market fit, so now we want to build on this strong foundation to scale our business."

The startup was founded in 2018 by former Goldman Sachs executives Mr Rohit Sen and Ms Nupur Gupta. The Bengaluru-based firm has thousands of customers in over 100 cities across the country. The company presently offers loans of up to Rs 1 lakh (US$ 1,418.64) for up to a year through its app-based credit line.

HCARD, a robot, to assist frontline COVID-19 healthcare warriors

Healthcare workers at hospitals are risking COVID-19 infection while taking care of those infected by it 24/7. Perhaps the level of risk may get reduced hereafter with the help of a new friend, HCARD. The robotic device HCARD, in short for Hospital Care Assistive Robotic Device, can help frontline healthcare workers in maintaining physical distance from those infected by coronavirus.

HCARD is developed by Durgapur-based CSIR lab, Central Mechanical Engineering Research Institute. The device is equipped with various state-of-the-art technologies and works both in automatic as well as manual modes of navigation.

This robot can be controlled and monitored by a nursing booth with a control station having such features as navigation, drawer activation for providing medicines and food to patients, sample collection and audio-visual communication.

Prof (Dr) Harish Hirani, Director, CSIR-CMERI stated that “This Hospital Care Assistive Robotic Device could be effective for frontline healthcare officials dealing with COVID-19 patients in delivering services while maintaining mandatory physical distancing”. The cost of this device is less than Rs 5 lakh (US$ 7,093.2) and the weight is less than 80 kilograms, added Prof Hirani.

CSIR-CMERI is working on war footing to minimize the impact of COVID-19 through technological interventions. As spelled out by WHO, personal protective equipment (PPE) is very important in preventing transmission of coronavirus in the society, thus the Institute has channelized its resources optimally to develop PPE and community-level safety equipment for helping the public at large and healthcare institutions.

Scientists at CMERI have also developed a few other customized technologies, including Disinfection Walkway, Road Sanitizer Unit, Face Mask, Mechanical Ventilator and Hospital Waste Management Facility.

JNCASR scientists develop a natural product based Alzheimer inhibitor

Scientists from Jawaharlal Nehru Centre For Advanced Scientific Research (JNCASR) an autonomous institute under the Department of Science & Technology (DST), Govt. of India have modified the structure of Berberine, a natural and cheap product similar to curcumin, available commercially, into Ber-D to use as a Alzheimer’s inhibitor. Their research work has been published in the scientific journal iSceince.

Alzheimer’s disease is the most prevalent neurodegenerative disorder and accounts for more than 70 per cent of all dementia. The multifactorial nature of the disease attributed to multifaceted toxicity has made it difficult for researchers to develop effective medication.

Prof T. Govindaraju, a Swarnajayanti fellow from JNCASR, led his team in the quest to discover natural product based therapeutic candidates for Alzheimer’s disease, and selected isoquinoline natural product berberine found in India and China and used in traditional medicine and other applications. However, berberine is poorly soluble and toxic to cells. So they modified berberine to Ber-D, which is a soluble (aqueous), antioxidant. They found it to be a multifunctional inhibitor of multifaceted amyloid toxicity of Alzheimer’s disease.

Protein aggregation and amyloid toxicity predominantly contribute to multifaceted toxicity observed in neuronal cells, including generation of reactive oxygen species (ROS), mitochondrial dysfunction, interfering with synaptic signaling, and activation of premature cell death. The JNCASR team developed this multifunctional inhibitor to ameliorate in cellulo multifaceted toxicity.

The structural attributes of Ber-D are such that they prevent the generation of reactive oxygen species (ROS) and rescue biomacromolecules from oxidative damage. Ber-D inhibits aggregations of metal-dependent and -independent Amyloid beta (Aβ) (which are the peptides of amino acids crucially involved in Alzheimer's disease as the main component of the amyloid plaques found in the brains of people with Alzheimer's disease).

The team developed Ber-D to effectively target multifaceted Aβ toxicity of Alzheimer’s disease. Berberine has 4 Phenolic hydroxyl groups which are methylated, hence water-insoluble. Natural product berberine was subjected to demethylation to obtain water-soluble polyphenolic derivative Ber-D. Treatment of berberine with demethylation agent BBr3(Boron tribromide) gave Ber-D Because of demethylation of berberine, 4 phenolic groups are free, increase water solubility, antioxidant property, and Cu-coordination to ameliorate multifaced toxicity of Alzheimer’s disease Detailed studies showed that Ber-D modulated Aβ toxicity of Alzheimer’s disease. Ber-D treatment averts mitochondrial dysfunction and corresponding neuronal toxicity contributing to premature apoptosis (cell death) making Ber-D a potential therapeutic candidate to ameliorate multifaceted Aβ toxicity in Alzheimer’s disease.

The antioxidant Ber-D efficiently quenched both Reactive nitrogen species(RNS) & reactive oxygen species (ROS) and prevent DNA damage, protein oxidation, and lipid peroxidation, which cause numerous adverse biochemical cascade reactions leading to neuronal death. Ber-D inhibits the formation of toxic Aβ fibrillar aggregates and protects mitochondria from dysfunction, one of the major causes of neuronal death. Their design strategy of synthetically transforming berberine to Ber-D, a multifunctional antioxidant and aggregation modulator, effectively ameliorate multiple Aβtoxicity both in vitro and in cellulo conditions.

These multifunctional attributes make Ber-D a promising candidate for developing effective therapeutics to treat multifaceted toxicity of Alzheimer’s disease.

More than one crore face masks prepared by Self Help Groups across the country

More than one crore face masks have been made by various Self-Help Groups across the country. It shows relentless effort, positive energy and united resolve of SHGs to fight Covid-19 under DAY-NULM flagship scheme of Ministry of Housing and Urban Affairs.

At the core of this proud moment is a strong face of women entrepreneurs supported by the Mission. Their resilience is motivating others to multiply the efforts with more energy and determination. It is women empowerment safeguarding lives in true sense.

Ms Shubhangi Chandrakant Dhaygude, President, Samrudhhi Area Level Federation (ALF) has a distinct smile on her face that symbolizes satisfaction and pride. She collects orders through phone and stitches masks at her home in Titwala, Maharashtra. She says that they have made 50000 masks and 45 more women are involved in making masks with her.

Ms Meenu Jha, member of Savarni SHG in Kota, Rajasthan says that even she did not imagine that this small step can be so inspiring for others. These lines of Ms Meenu Jha reiterate the fact that all of us have unique capability of contributing to this fight even during lockdown.

Gamocha, the traditional cloth and symbol of respect in Assam has today become a symbol of health, safety and hygiene. Ms Rashmi from Nagaon, member of Runjhun SHG is busy preparing masks using this traditional cloth.

Ms Updesh Andotra, member Prayas Self Help Group in Kathua, J&K feels proud while making the tricolour masks.

403 Lifeline Udan flights operated to ensure delivery of essential and medical supplies across the country

403 flights have been operated under Lifeline Udan in domestic sector by Air India, Alliance Air, IAF and private carriers. 235 of these flights have been operated by Air India and Alliance Air. Lifeline Udan flights cover distance of over 3,97, 632 km to deliver essential and medical supplies of around 748.68 tons till 27th April 2020 for people across the country. Lifeline Udan flights are being operated by MoCA to transport essential medical cargo to remote parts of the country to support India’s war against COVID-19.

Private Operators SpiceJet, Blue Dart, Indigo and Vistara are operating cargo flights on a commercial basis. Spicejet operated 633 cargo flights till 27th April 2020 covering a distance of 11,09, 028 km and carrying 4,637 tons of cargo. Out of these, 228 were international cargo flights. Blue Dart operated 219 cargo flights covering a distance of 2,38,928 km and carrying 3,636tons of cargo till 27th April 2020. Out of these, 10 were international cargo flights. Indigo has operated 50 cargo flights till 27th April 2020 covering a distance of 77,996 km and carrying around 185 tons of cargo and including 17 international flights.  This also includes medical supplies carried free of cost for the government. Vistara has operated 14 cargo flights till 27th April 2020 covering a distance of 20,466 km and carrying around 113 tons of cargo.

In international Sector, a cargo air-bridge was established with East Asia for transportation of pharmaceuticals, medical equipment and Covid-19 relief material. The quantity of medical cargo brought in by Air India is 609 tons. In addition to the above, Blue Dart has uplifted around 109 tons of medical supplies from Guangzhou from 14th April to 27th April 2020. Blue Dart has uplifted 5 tons of medical cargo from Shanghai on 25th April 2020. Spicejet has uplifted 140 tons of medical supplies from Shanghai upto 27th April 2020 and 13 tons medical supplies from Hong Kong and Singapore upto 25th April 2020.

Fittr raises US$ 2 million in pre-series A funding from Surge

Fittr, a Pune-based online fitness startup, has raised US$ 2 million in pre-series A funding from Surge, Sequoia Capital India’s rapid scale-up programme for early-stage startups in India and Southeast Asia.

The startup was founded in January 2016 by Mr Jitendra Chouksey. It is an online fitness community that have over 850,000 members. The company was bootstrapped and has been profitable since inception, achieving a cumulative revenue of US$ 13 million, the company said in a statement.

“...Our vision is to become the leading global social platform and marketplace for fitness coaching, and the confidence shown by Surge in this vision is a shot in the arm for Fittr," said founder Mr Jitendra Chouksey.

Fittr offers free access to diet and training tools, over 5,000 healthy recipes, live fitness sessions with experts, Q&A with coaches, and connects users to a community of fitness experts and enthusiasts. Personalized nutrition and exercise plans to reach their health and fitness goals are offered on a subscription basis. These customised plans are provided by one of Fittr’s 200 certified coaches. Consultation call with the coach, as well as weekly check-ups on their progress is available via the app in the subscription scheme.

Till now, the start-up claims to have transformed over 100,000 people and 30 per cent of their user base is global, spread across the US, UK, Australia, UAE and Canada. The central philosophy underlying Fittr is to encourage the end-user to transform and inspire others to get fit, said co-founder Mr Sonal Singh.

During Lockdown EPFO Settles about 13 Lakh Claims Including 7.40 Lakh COVID-19 Claims Under PMGKY Package

Keeping up the momentum speedier EPF disbursal during Lockdown, Employees' Provident Fund Organization (EPFO), under Union Ministry of Labour & Employment, has settled a total of 12.91 lakh claims, including 7.40 lakhs COVID-19 claims under Pradhan Mantri Garib Kalyan Yojana (PMGKY) package. This involves disbursal of a total amount of Rs 4684.52 crore (US$ 664.57 million) which includes Rs 2,367.65 crore (US$ 335.88 million) COVID claims under PMGKY package.

It is heartening to note that the exempted PF trusts have also risen to the occasion amidst the COVID-19 pandemic. As on 27.04.2020, Rs 875.52 crore (US$ 124.20 million) have been disbursed to 79,743 PF Members as advance  for COVID-19 by the exempted PF Trusts under this Scheme, with 222 private sector establishments disbursing Rs 338.23 crore (US$ 47.98 million) to 54641 beneficiaries, 76 public sector establishments disbursing Rs 524.75 crore (US$ 74.44 million) to 24178 beneficiaries and 23 cooperative sector establishments disbursing Rs 12.54 crore (US$ 1.78 million) to 924 claimants.

M/s Tata Consultancy Services Mumbai, M/s HCL Technologies Ltd. Gurugramand M/s HDFC Bank Powai, Mumbai are the top three exempted establishments in private sector, both in terms of “number of claims settled and “amount disbursed”. In public sector, M/s ONGC Dehradun, M/s Neyveli Lignite Corporation Neyveli and M/s BHEL Trichyare the top 3 exempted           establishments to have settled maximum number of COVID-19 advance claims; whereas, M/s Neyveli Lignite Corporation Neyveli, M/s ONGC Dehradun and M/s Vishakhapatnam Steel Plant Vishakhapatnam are top three establishments in terms of amount disbursed to EPF members.

The provision for a special withdrawal from the EPF Scheme to fight Covid-19 pandemic is part of the PMGKY scheme announced by the government and an urgent notification on the matter was made to introduce a para 68 L (3) of the EPF Scheme on 28th March, 2020. Under this   provision non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75 per cent of the amount standing to member's credit in the EPF account, whichever is less, is provided.

Despite only one-third staff being able to work due to lockdown, EPFO is committed to serve its members during this difficult situation and EPFO offices are functional to help them during these testing times.

Record fertilizer sales during lockdown period

Amid National level covid -19 lockdown, Department of Fertilizers, Ministry of Chemicals and Fertilizers has had a record sale of Fertilizers to farmer community.

During 1 - 22 April 2020, POS sale of fertilizers to farmers was 10.63 lakh MT which is 32 percent higher than the last year sale of 8.02 lakh MT during the same period.

During 1-22 April 2020, dealers purchased 15.77 lakh MT fertilizers which is 46 percent higher than last year sale of 10.79 lakh MT during the same period.

Despite lot of movement restrictions due to National level COVID-19 lockdown, with the concerted efforts of Department of Fertilizers, Railways, States and Ports, production and supply of fertilizers in the country is going on without hindrance.     

This is in line with the commitment made by the Ministry of Chemicals and Fertilizers to ensure availability of fertilizers to farmers for the upcoming Kharif season.         

Union Minister of Chemicals and Fertilizers, Shri D V Sadananda Gowda has said, there is no problem of Fertilizers. State Government have Sufficient stock of the Fertilizers. He said we are in touch with State Agriculture Ministers. Shri Gowda said his Ministry is committed to ensure availability of fertilizers to the farmer community before sowing time.         

On 17th April, 41 Fertilizer Rakes moved from plants & ports. This is the highest movement of fertilizers during lockdown period in a day.  One Rake carries 3000 MT of load at a time.  production in fertilizer companies is going on in full capacity.

Government of India, under Essential Commodities Act has allowed operation of Fertilizers plants in the country so that agriculture sector may not feel the heat of lockdown.

As loading and unloading of fertilizers are in full swing at fertilizer plants, railway stations and ports, no compromise is made with precautions to avoid COVID-19. Masks and all other preventive equipments are provided to labours and all other working staff.

India signs US$ 1.5 billion loan with ADB to support India's COVID-19 immediate response

The Government of India and the Asian Development Bank (ADB) today signed a $1.5 billion loan that will support the government’s response to the novel coronavirus disease (COVID-19) pandemic, focusing on immediate priorities such as disease containment and prevention, as well as social protection for the poor and economically vulnerable sections of the society, especially women and disadvantaged groups.

The signatories to the loan agreement for the ADB’s COVID-19 Active Response and Expenditure Support Programme (CARES Programme) were ShriSameer Kumar Khare, Additional Secretary (Fund Bank and ADB), in the Department of Economic Affairs in Ministry of Finance, and Kenichi Yokoyama, Country Director, ADB, in India.

Earlier, the ADB’s Board of Directors approved the loan to provide budget support to the government to counter and mitigate the adverse health and socio-economic impact of the pandemic.

“We thank ADB’s timely assistance for the government’s immediate response measures to the coronavirus pandemic to implement (i) COVID-19 containment plan to rapidly ramp up test-track-treatment capacity, and (ii) social protection for the poor, vulnerable, women, and disadvantaged groups to protect more than 800 million people over the next three months,” said Shri Khare. “ADB’s financial and technical support will contribute to the sound implementation of the government’s far reaching emergency response programs launched in March 2020.”

“ADB is glad to support India’s bold measures to contain the COVID- 19 pandemic outbreak while protecting the most vulnerable people affected by movement restrictions, by fast-tracking and delivering the largest ever loan to India. We will continue to engage with the government to strengthen the implementation framework and capacities including monitoring and evaluation systems of its health services and social protection programmes so that the benefits reach to the poor, women, and other disadvantaged people,” said Mr Yokoyama.

Earlier, during the telephone call with Smt Nirmala Sitharaman, Minister of Finance & Corporate Affairs and ADB Governor on 9thApril 2020, ADB President Mr Masatsugu Asakawa conveyed ADB’s commitment to support India’s emergency needs for the health sector while alleviating the economic impact of the pandemic, as well as short- to medium-term measures to restore the dynamic economic growth of the country by exploring all available financing options.       The CARES Programme is provided as the first support to meet the immediate requirements of the government. 

Building on the CARES Programme, ADB is also in dialogue with the government for further possible support for stimulating the economy, support strong growth recovery, and to build resilience to future shocks. This includes the support for the affected industries and entrepreneurs particularly micro, small, and medium-sized enterprises (MSMEs) by facilitating their access to finance through credit guarantee schemes, MSME integration into global and national value chains through enterprise development centers, and a credit enhancement facility for infrastructure projects. Strengthening of public service delivery will be another important agenda, including the extension of comprehensive primary health services in urban areas, and of secondary and tertiary health care systems through PPP modalities.

India has taken several decisive measures to contain the outbreak of COVID-19 pandemic, including a US$ 2 billion health sector spending programme to expand hospital facilities, ramp up test-track-treatment capacity and launched a US$ 23 billion pro-poor package to provide direct cash transfer, provide basic consumption goods and free cooking gas cylinders to the poor, particularly to women, old and socially disadvantaged groups. It has also extended insurance coverage to frontline health workers engaged in COVID-19 response. The Central bank, Reserve Bank of India, has slashed policy rates, eased asset quality norms, provided loan moratoriums, taken measures to support exporters and allowed states to borrow more to meet their financing requirements. It has also pumped in massive liquidity to support banks, non-banking financial companies, mutual funds as well as taken measures to push the flow of funds to the MSMEs and the corporate sector.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

BEML bags Rs 398 crore order from Coal India

BEML Limited, Bengaluru-based ‘Schedule A’ company under the Ministry of Defence, has bagged order from Coal India Ltd for supply of seven 150-T and eight 205E-T Dump Trucks under trial-cum-sale along with 8-year spare parts contract.

Coal India subsidiaries viz SECL’s Gevra Project and NCL’s Amlohri & Nigahi Projects, respectively will be responsible for deploying these dumpers. The order is worth about Rs 398 crore (US$ 56.46 million).

Dump Trucks are indigenously designed and developed by BEML and are being manufactured at its Mysuru complex. These products are expected to address the growing demand for higher capacity equipment in the mining industry and will improve its production substantially.

All these trucks have eco-friendly emissions certificate engines with electronic fuel management system to deliver maximum power. Its wide body design-higher value metric capacity and low body weight ensures high stability and productivity. A state-of-the-art AC drive system have been engineered to provide exceptional road performance with reduced maintenance.