Digital Identity start-up Veri5Digital raises
$2 mn in series A from Khosla Ventures
Veri5Digital will utilise the capital to scale its identity solutions for the India market.
Veri5Digital, an initiative of Khosla Labs, one of India's leading Identity Verification and User Onboarding Company, recently raised a sum of 2 million USD in its series A funding round. The funding was led by the California- based venture capital firm Khosla Ventures which manages over USD 5 billion in assets. The Bengaluru-based Veri5Digital will utilise the capital to rapidly scale its identity solutions for the India market as well as build new Identity and Digital India related products and services. Additionally, the company looks forward to launch its identity related products in the United States and Asia markets..
Veri5Digital, previously known as Aadhaar Bridge, is the undisputed leader in user on-boarding and verification space, with more than 2 Million onboardings a month for customers ranging from India's largest e-commerce companies to banking corporations. With a revamped brand identity and an expanded suite of products, Veri5Digital is poised to meet the needs of the $20 billion digital identity industry globally.
Sharing his insight, Vinod Khosla, Founder, Khosla Ventures, added, "Identity is a key underlying infrastructure that drives digital transactions globally. It is possible to not only deliver high assurance identity verification, but also maintain the privacy of every individual. Veri5Digital has built innovative AI solutions around KYC and authentication which address the online, digital identity needs of companies globally.
Speaking on the latest development, Saru Tumuluri, CEO of Khosla Labs, said, "The new digital service economies be it P2P services like Ola/Oyo, eCommerce companies like Amazon/Flipkart delivering goods, or Job sites like Teamlease/Quess all have a common challenge. How does one build trust between strangers (eg a delivery boy and a customer at home) in a digital economy."
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EPFO seeks first right to assets in bankruptcies
In case of liquidation, EPF money should get priority over other debts, says a labour ministry proposal. EPFO is seeking to recover Rs 574 crore from IL&FS and Rs 700 crore from DHFL.
The Employees' Provident Fund Organisation (EPFO) may gain the first right to assets of a company that goes bankrupt, according to an amendment proposed by the labour ministry.
The move comes as the pension fund struggles to recover nearly Rs 1,800 crore of its subscribers' money from companies including crisis-ridden shadow lender Infrastructure Leasing and Financial Services Ltd (IL&FS) and troubled mortgage lender Dewan Housing Finance Corp. Ltd (DHFL).
The proposal says that during recovery or liquidation process, the pension fund money should receive priority over other debts.
"Priority of payment of contribution over other debts: Notwithstanding anything contained in any other law for the time being in force, any amount due under this (EPF) Act shall be the first charge on the assets of the establishment and shall be paid in priority to all other debts," according to the proposal, a copy of which was reviewed by Mint.
The proposal has been circulated for consultations among various stakeholders including the relevant ministries and experts. It will be later forwarded to the cabinet. If approved, the proposal may be tabled in the winter session of Parliament.
There are two categories of firms that may fall under this priority payment to EPFO in case they go bankrupt. The first are those companies where EPFO has invested such as IL&FS and DHFL, while the second are those that owe employees money as part of their EPFO obligations.
The second category of firms has two subgroups-those which collect the EPF contribution from their employees and submit it to the retirement fund manager, and those that collect and keep it in their company trust under the overarching rules of EPFO, two government officials said, requesting anonymity.
EPFO is seeking to recover Rs 574 crore from IL&FS and Rs 700 crore from DHFL. It is also trying to recover around Rs 500 crore from some other companies that have collected but not deposited EPF contributions of their workers for months, said one of the two officials cited earlier. The official did not disclose the names of the other companies.
On 14 August, Mint reported how the retirement fund body was seeking early redemption of about Rs 700 crore worth of bonds of DHFL to safeguard workers' savings.
"Right now, EPFO does not have any structured provision on how it will go for recovery of its dues from a troubled firm. The fresh proposal will make it part of the EPF Act and make detailed notes on ways ahead in case its money is fixed in a bankrupt firm," said the second official cited earlier.
EPFO covers all formal sector establishments employing 20 or more employees.
Every month, an EPF subscriber pays 12 percent of his or her basic salary as mandatory EPF deductions and a matching contribution is made by the employer. Currently, EPFO has around 60 million active subscribers.
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Power Mech Projects zooms 10% on
Rs 77 cr order win
The stock witnessed spurt in volume by more than 1.64 times. It was trading with volumes of 3,608 shares, compared to its five day average of 2,030 shares, an increase of 77.70 percent.
Shares of Power Mech Projects Limited zoomed over 10 percent intraday on September 11 after the company won orders worth Rs 77 crore.
Power Mech was given orders for construction of C.O.P's, Pit lines, Service building and balance work of between Charlapalli-Ghatkesar station for construction of Parcel shed, Pit wheel lathe shed, F.O.Bs, Station Building, Approach Road, Electrical Sub Station, Bio Toilets shed and Escalator, Lifts among others in connection with Proposed Development of New Coaching Terminal Facilities at Charlapalli station to be completed within 18 months awarded by South Central Railway.
The stock also witnessed spurt in volume by more than 1.64 times. It was trading with volumes of 3,608 shares, compared to its five day average of 2,030 shares, an increase of 77.70 percent.
At 1140 hrs, Power Mech Projects was quoting at Rs 703.10, up Rs 68.95, or 10.87 percent. It has touched an intraday high of Rs 710 and an intraday low of Rs 646.05.
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#BoycottMillennials trends after Nirmala Sitharaman's comment on auto sector slowdown
Sales of cars and SUVs have been sliding for 10 straight months. The sector is seeing the worst slump in two decades
#BoycottMillennials is one of the top trends on Twitter in India after Finance Minister Nirmala Sitharaman attributed the lower demand for automobiles to the changing mindset of millennials.
"The automobile and components industry has been affected by BS-VI (norms) and the mindset of millennials, who now prefer to have Ola and Uber rather than committing to buying an automobile," ANI quotes Sitharaman as saying.
Sales of cars and SUVs have been sliding for 10 straight months. The sector is seeing the worst slump in two decades. In August, domestic passenger vehicle sales fell 31.57 percent year-on-year, according to industry body Society of Indian Automobile Manufacturers (SIAM).
Many Twitter users disagreed with Sitharaman's assessment and made sarcastic comments to express their views. Many were of the opinion that the Finance Minister was blaming millennials.