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Ratan Tata to inaugurate T-Hub, the biggest start-up incubator, in Hyderabad on November 5

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NewsGram Staff Writer

Hyderabad: Ratan Tata is scheduled to inaugurate the T-Hub, the country’s biggest start-up incubator on November 5. The inauguration ceremony will also witness the presence of  Telangana Governor ESL Narasimhan and Chief Minister K Chandrasekhar Rao.

However, the non-availability of Ratan Tata forced the postponement of the event to November 5, which was earlier slated to be held on September 7.

The first phase has come up at the International Institute of Information Technology (IIIT).

The facility is being set up in collaboration with IIIT Hyderabad, the Indian School of Business (ISB) and the NALSAR University of Law.

While NALSAR would help in intellectual property and related areas, ISB and IIIT would provide business and technology mentoring respectively.

Phase I which is being set at IIIT at a cost of Rs 35 crore will be spread over 60,000 square feet and can accommodate 400 start-ups by 2017.

The second phase will come up on three acres of land in Raidurgam near Hitec City, the IT hub.

The government promises that it will be an ‘incubator of incubators’, offering startup environment available in the west.

The facility will also have venture capitalists and angel investors.

The government is also mulling a venture capital fund. Officials said discussion with various venture fund groups had already taken place.

(With inputs from IANS)

 

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Swiggy to use digital payments for delivery fleet

Founded in 2014, Swiggy aims to "change the way India eats" and is currently operational in cities like New Delhi, Gurugram, Mumbai, Pune, Kolkata, Bengaluru, Hyderabad and Chennai among a few others

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Encouraging Digital Transactions by exempting service tax on Cards (Wikimedia commons)
  • Swiggy is an online food ordering platform
  • It will now allow digital payments for delivery feet
  • this method will prevent any leakage in cash payment process

Online food ordering and delivery platform Swiggy on Monday said it would use privately-run ICICI Bank to allow its delivery fleet to make digital payments.

“Through the use of Unified Payment Interface (UPI)-based solution for instant fund transfers and automated cash deposit machines at ICICI Bank branches and ATMs across the country, the delivery fleet will have a hassle-free way of transferring funds,” the company said in a statement. Swiggy operates with a fleet of over 20,000 delivery persons delivering food from over 25,000 restaurants across 12 cities.

These digital payments will prevent leakage in cash payments. Wikimedia Commons

With cash-on-delivery being a widely used method of payment on the platform, the digital payment methods allow the delivery men to quickly transfer the funds to Swiggy, saving their time, according to the statement.

“With the delivery fleet being the backbone of Swiggy, the adoption of the digital payment solutions will support the ease of operations and save their time and thousands of kilometres of travel,” said the company’s Chief Financial Officer (CFO) Rahul Bothra in the statement. The digital payment methods will also help in preventing any cash leakages, the company said.

Also Read: Rise Of Digital Media Unstoppable: Experts 

Founded in 2014, Swiggy aims to “change the way India eats” and is currently operational in cities like New Delhi, Gurugram, Mumbai, Pune, Kolkata, Bengaluru, Hyderabad and Chennai among a few others. IANS