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Akemona becomes first smart contract-based funding portal on blockchain

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Akemona becomes first smart contract-based funding portal on blockchain

Bengaluru: Akemona, a digital securities provider, has announced that it has registered with the US Securities and Exchange Commission (SEC) and is now a member of the Financial Industry Regulatory Authority (FINRA) making it the first smart contract-based funding portal to achieve this distinction.

Akemona allows qualified businesses to raise funds by offering and selling zero-coupon bonds as digital securities on its platform. Digital securities introduce efficiency in capital markets.

Traditional securities require complex post-trade processes and large investments in infrastructure of depositories and clearing agencies for settlement of trades. These settlement processes take two days.

Recognizing this as an opportunity, Ravi Srivastava, Founding Partner, focused Akemona’s technology on digital securities, which eliminates post-trade processing. Ravi emphasizes, “Digital Securities can be traded 24×7 and are settled immediately, providing full transparency of trade and pricing.”

Brady Matthews, Chief Technology Officer, points out, “Akemona meets this challenge by introducing the aPledge software token to represent investment commitments as well as digital securities. Underlying an aPledge is a smart contract, which is a self-executing software containing the terms of the agreement between buyer and seller. This agreement is immutable and resides on a decentralized blockchain network. All transactions executed by the smart contract are visible on the blockchain, which allows full auditability of transactions by any third-party.”

“Polsinelli is delighted to represent Akemona in their use of innovative blockchain technology to enhance its crowdfunding platform under Regulation CF,” noted Stephen Rutenberg, Polsinelli shareholder and member of their Fintech and Regulation practice.

Akemona plans to release a beta version in 2020 and expects to go live by the end of the year.

Skyroot becomes India’s first private firm to test upper stage rocket engine

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Skyroot becomes India’s first private firm to test upper stage rocket engine

Bengaluru: Skyroot Aerospace, a Hyderabad-based startup says it has successfully test-fired its upper stage rocket engine, as it aims to launch its first rocket by the end of 2021.

The company which was established in 2018 by former scientists of the Indian Space Research Organisation (ISRO) into building India’s first privately built space launch vehicles.

“No better day than Dr. Vikram Sarabhai’s birthday to announce our successful test firing of our Vikram-1 Launch vehicle’s upper stage Engine-Raman. Four Raman engines with multi-start capability produce a thrust of 3.4kN and inserts multiple satellites into orbit.” a note from the company said, without giving details of when the launch was conducted.

“We demonstrated India’s first 100 per cent 3D-printed Bi-Propellant Liquid Rocket Engine injector. Compared to traditional manufacturing this reduced the overall mass by 50 per cent, reduced total number of components and lead time by 80 per cent. The engine is capable of multiple restarts enabling them to insert various satellites into multiple orbits in a single mission,” Pawan Kumar Chandana, Co-Founder and CEO, Skyroot Aerospace said.

Two of the firm’s rocket stages are getting ready for test firing in six months, he added.

Skyroot has developed in-house software for launch vehicle guidance, navigation and control functions and testing for onboard avionics modules is in progress and the firm is targeting its first launch vehicle in December 2021, Naga Bharath Daka, Co-Founder and Chief Operating Officer, Skyroot said.

“Our first launch vehicle ‘Vikram-I’ which is under manufacturing and targeting launch in Dec 2021, hosts an Orbit Adjustment Module (OAM) at the top which gives the final burn and inserts multiple satellites into space. In an ‘India’s first’, we successfully test-fired its liquid engine,” he said.

Skyroot will highly benefit from the newly-created Indian National Space Promotion and Authorisation Centre (IN- SPACe)which allows access to ISRO’s testing and launch range facilities, Naga Bharath Daka said.

“We are already in active discussions with ISRO for testing activities. We look forward to utilising ISROs launch ranges for our launch,” he added.
The startup has so far raised Rs31.5 crore till now and is in the process of raising another Rs90 crore before 2021.

Former HCL boss Arjun Malhotra joins Accolite as Chairman

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Former HCL boss Arjun Malhotra joins Accolite as Chairman

Bengaluru: Former HCL boss and IT pioneer Arjun Malhotra has joined Accolite as Chairman to its Advisory Board.

Accolite is a new age digital transformation technology services company providing Product Engineering Technology solutions with offices across the US, UK and India. 

“My aim is to ensure a 10 fold growth over the next 5 years across Accolite’s core verticals,” says Malhotra, who in 1975 co-founded and grew the HCL group from a six-person “garage operation” to one of India’s largest Information Technology corporations.

Malhotra served as Chairman of Headstrong’s Board of Directors before its acquisition by Genpact in May 2011. Prior to Headstrong he was Chief Executive Officer and Chairman of TechSpan, which merged with Headstrong in October 2003. Malhotra led the seamless integration across businesses and cultures, resulting in Headstrong’s recognition as one of the fastest growing IT-based Financial Services companies.

“I look forward to leveraging my experiences and insights from Headstrong and HCL to influence Customer Success and Growth at Accolite,” added Malhotra.

Accolite CEO Leela Kaza said, “BFSI continues to be our corner stone of growth and our aspiration is to generate $100M annual revenue in the BFSI vertical by 2023.”

Amazon pips Flipkart for top smartphone sales channel in India

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Amazon pips Flipkart for top smartphone sales channel in India

Bengaluru: Amazon overtakes Flipkart to become the top online smartphone channel for the first time in India in the second quarter of this year, driven by Xiaomi, Samsung and OnePlus.

Amazon held 47 per cent market share, followed by Flipkart with 42 per cent and Mi with 10 per cent.

Even though the smartphone shipments in the online segment declined by 46% year on year due to Covid-19, the offline segment also declined by 54% year on year.

According to Counterpoint Research stats, 43% of smartphones purchased in India in the second quarter were online and it is an indication of a shift in consumer purchase behavior as they resort to online shopping.

While OnePlus was the top premium smartphone brand on Amazon, Realme remained the top brand on Flipkart.

Amazon saw strong shipments of Xiaomi Redmi 8A Dual, Samsung Galaxy M30s, and Galaxy M31 despite OnePlus remained the top premium smartphone brand.

Among the top ten smartphone models on Amazon, nine were from Xiaomi and Samsung.

Six out of the top ten online models were from Xiaomi, followed by Samsung with three models. Xiaomi Redmi 8A Dual was the best-selling device in the quarter.

Top models on Flipkart

Among the top ten models on Flipkart, five were from Realme. Newly launched Narzo 10 series drove the shipments for the brand.

Realme, Xiaomi, Samsung, and Poco contributed most for Flipkart and accounted for more than three-fourths of its total smartphone shipments.

Poco maintained its strong performance in online channels in the second quarter of the year.  Poco X2 was the second-highest shipped model on Flipkart.

Prachir Singh, Senior Research Analyst at Counterpoint Research, said that the pandemic had a huge impact on the overall smartphone market, April being a washout month.

“Online channels’ shipments also declined compared to the last year. However, due to the current circumstances, consumers prefer online platforms. We have already witnessed pre-Covid level shipments at the end of the second quarter due to the pent-up demand created in the market by the nationwide lockdown,” he said.

Looking forward, he said that online channels are expected to remain strong this year and taking a 45% share in the Indian smartphone market for the full year.

Shilpi Jain, Research Analyst at Counterpoint Research, said that Xiaomi remained the market leader in online channels with 44% market share, followed by Samsung with 25 per cent market share and Realme with 16 per cent.

 “We believe that offline channels will fare better during the latter half of the year. Vivo remained the top brand in offline channels, followed closely by Samsung. Vivo Y91i was the top model for offline channels,” Jain said.

DIFC becomes hotbed for Etisalat to deploy innovative technologies

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DIFC becomes hotbed for Etisalat to deploy innovative technologies
  • Collaboration will provide advanced digital infrastructure to businesses registered within the financial centre.

Dubai:  Dubai International Financial Centre (DIFC) has become a preferred location for Etisalat to test and deploy new smart and innovative technologies as they are developed.

The agreement was signed between Arif Amiri, Chief Executive Officer of DIFC Authority, and Salvador Anglada, Group Chief Business Officer of Etisalat.

“DIFC’s strategic partnership with Etisalat will help address the current and future communication and technology needs of our clients. The agreement will also help DIFC contribute to Dubai’s smart city aspirations,” Arif Amiri, Chief Executive Officer of DIFC Authority, said.

In line with Dubai’s 2021 strategy, the agreement will also allow DIFC and Etisalat to collaborate on implementing smart city initiatives utilising big data, analytics and new technology.

These initiatives will allow DIFC to understand trends which will help enhance their business and lifestyle offerings.

Comprehensive building, energy consumption, waste management and vehicle parking smart systems will be explored, supporting Dubai and DIFC’s ambitions to be the region’s most sustainable city for financial services.

Salvador Anglada, Group Chief Business Officer of Etisalat, said that Etisalat’s strategic partnership with DIFC will transform the financial community by leveraging smart technologies to accelerate the transition to the new era.

Facebook bashes Apple for refusing to waive 30% commission fees

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Facebook bashes Apple for refusing to waive 30% commission fees
  • Facebook says it will only be able to pay small businesses a portion of sales from a new paid online events feature

Bengaluru: Facebook said that Apple had declined its request to waive a 30% commission fee the iPhone maker charges apps listed on iOS devices, taking a shot at its fellow Big Tech peer as developers challenge the policy.

“We asked Apple to reduce its 30% App Store tax or allow us to offer Facebook Pay so we could absorb all costs for businesses struggling during Covid-19,”  Fidji Simo, the head of the Facebook app, said in a blog post.

 “Unfortunately, they dismissed both our requests and SMBs will only be paid 70% of their hard-earned revenue. While Facebook is waiving fees for paid online events we will make other fees clear in the product,” she said.

Paid events

Apple takes a cut of between 15 per cent and 30 per cent for most app subscriptions and payments made inside apps while Google also takes a 30% commission for payments within apps on its Android devices.

Facebook launched the ability for businesses, creators, educators and media publishers to earn money from online events on its platform.

Now Page owners can create an online event, set a price, promote the event, collect payment and host the event, all in one place.

By combining marketing, payment and live video, paid online events meet the end-to-end needs of businesses. Pages can host events on Facebook Live to reach broad audiences, and we’re testing paid events with Messenger Rooms for more personal and interactive gatherings.

“With social distancing mandates still in place, many businesses and creators are bringing their events and services online to connect with existing customers and reach new ones. People are also relying on live video and interactive experiences more when they can’t come together physically,” she said.

In June, Facebook saw live broadcasts from Pages double compared to the same time last year, largely attributed to broadcasts since March.

To support small businesses and creators, Facebook will not collect any fees from paid online events for at least the next year.

“For transactions on the web, and on Android in countries where we have rolled out Facebook Pay, small businesses will keep 100% of the revenue they generate from paid online events,” she said.

Epic Games files lawsuit

On Thursday, Apple removed popular video game “Fortnite” from its app store for violating its in-app payment guidelines, sparking a backlash online and prompting developer Epic Games to file a federal antitrust lawsuit challenging Apple’s rules.

Apple’s App Store is the only way to install software on iPhones, and in recent weeks, top app makers have started to revolt against its rules and the 30% cut it takes from payments.

 “When people are paying $20 for a paid online event and they assume that the $20 is all going to the local business they’re trying to support — when 30% is going to an almost $2 trillion company, that’s relevant information for people to have,” Simo said on a press call.

“We felt this was an important thing to call out.”

The social networking giant had warned investors that its income could be impacted by an upcoming feature in Apple’s iOS 14 that could make it more difficult for the social media company to target ads to its users.

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