Tag: Business

  • Nexpact Ltd Picks up Stake in ARC Finance Ltd

    Nexpact Ltd Picks up Stake in ARC Finance Ltd

    New Delhi (India), February 21: Nexpact Ltd.,an FII, purchased 2,55 000 shares through bulk deal on BSE at a price of Rs. 52.70 in BSE listed ARC Finance Ltd, (BSE: 540135) a NBFC, Non Deposit taking Non Banking Finance Company engaged primarily in the business of advancing loans and investing/trading in securities.

    The company had earlier informed the BSE that in its board meet, it had approved a proposal for subdivision of equity shares of Rs.10 each to Re.1 each.

    The Company has been able to give the significant upward performance in terms of Sales, Profitability from the last five years. The financial parameters of the company are the indicators of its performance, and the company has been able to outshine and stand among the other players in the Finance Industry.

    Finance company offers loans in various segments, including small and large scale industries, for affordable rates. The company is also offering Microfinance loans in different sectors.

    The company offers loans to the customers for their business expansions and widely operates on a vast scale in financing and rendering financial services to their customers. The company operates from branches in urban, semi-urban & rural areas of Maharashtra and Gujarat, Eastern India, etc., with offices, direct selling agents and business partners.

    ARC has a strong Loan book, which it is planning to increase.

    As per a recent survey, Non-banking finance companies (NBFCs) continue to grow in the personal loan (PL) segment in volume terms, doubling their market share in the last two years. Also, this helps in expanding their borrower base rapidly and provides cross-sell opportunities for other financial products & services.

    With the Budget laying thrust on infra related sector, ARC can benefit as its loan and financing to the infra sector may improve substantially.

  • greytHR makes place in G2’s Best Software List

    greytHR makes place in G2’s Best Software List

    Mumbai (Maharashtra) [India], February 19: Greytip Software, makers of the HR platform greytHR, announced it has been named to G2’s 2022 Best Software Awards in the HR Software category. The company received placement in two lists: HR Products and India Sellers.

    Operating a software marketplace used by more than 60 million software buyers annually, G2 is the definitive online destination to discover, review and manage the technology businesses need to reach their potential.

    This is the first time greytHR is appearing on one of G2’s Best Software lists, earning its place this year. The recognition is a result of the company’s endeavour to develop user-friendly and affordable HR tools that help organisations be healthy and productive.

    “I am proud to say that greytHR, our HR automation platform, is now a trusted name in the category. We have put in a lot of focus on offering a complete, accurate and reliable solution,” said Girish Rowjee, Co-founder & CEO of Greytip Software.

    “Apart from the greytHR platform and services, we have created an ecosystem consisting of a strong community, an HR academy, extensive online resources, a partner network, and alliances with the best in the industry,” added Sayeed Anjum, Co-founder & CTO of Greytip Software.

    G2’s annual Best Software List ranks the world’s best software companies and products based on authentic, timely reviews from real users. The top 100 software sellers are ranked based on a combination of Satisfaction and Market Presence scores for each seller, and the top 100 products are ranked based on reviews across all categories they are a part of. To be included in one of G2’s Software Sellers or Software Products “Best Of” lists, a software seller or product must receive at least 50 approved and published reviews during the 2021 calendar year.  

    About greytHR:

    Greytip Software is an HR software company serving global SME businesses through a cloud HR platform ‒ greytHR. The greytHR platform is a popular cloud HR & Payroll software with 15,000+ customers and 15 lakhs+ users. The platform offers 40+ tools in areas like Core HR, payroll, leave and attendance, statutory compliances, expense claims, employee self-service and much more. Headquartered in Bangalore, India, Greytip has branches in Mumbai, New Delhi, Chennai, Hyderabad, Pune and Dubai.

  • Who’s Behind India’s First Cloud Platform – MicroHost Cloud, A conversation with Founder

    Who’s Behind India’s First Cloud Platform – MicroHost Cloud, A conversation with Founder

    February 18: Twelve years ago, a developer from Haryana wanted to provide the solution to the mass population of India. In the process, he would tackle a much bigger opportunity by starting a web hosting business. Today, his company owns the most modern cloud computing services in different locations all over the world and serves more than 9000 clients across the globe. Most of their clients are from southeast Asia.

    MicroHost Cloud became the first cloud platform in India and the fastest-growing cloud computing platform worldwide in 2018. The company focused on simplifying the complexities of infrastructure for software developers. The simple and fast SSD/NVMe servers can be deployed with just one click to provide your applications with scalable performance without any worries about scalability or hardware maintenance costs!

    In this special interview with the founder and CTO of MicroHost Cloud’ Manoj Dhanda, we discover a special blend of his long-term vision, discuss the hosting business landscape, and Manoj’s journey in the web hosting business.

    MicroHost Cloud is a cloud computing company for developers. What do developers need to know about how MicroHost Cloud makes their job easier? 

    Our mission is to help developers all around the world create amazing products, and our robust, cost-effective, and easy architecture is making cloud computing more accessible than ever.

    Outside of the core developer market, start-ups are driving our growth. Even if it’s for personal use cases, developers’ familiarity with our platform enables them to bring MicroHost Cloud to their business or enterprise environments as well.

    Developers and startups care about the same things regardless of their location – they want a cloud platform that’s simple, fast, feature-rich, and inexpensive. MicroHost Cloud meets these criteria because we take care of the infrastructure side while allowing developers to focus on creating applications that address real client issues.

    You can select the type of operating system you want to use on our platform and have a server up and running in less than 30 seconds. Other cloud platforms, on the other hand, have a significant learning curve.

    We’ve always prioritized making our products easy to use. While other cloud providers have focused their efforts on large enterprises and legacy businesses, we’ve continued to develop better development tools for cloud developers wanting to deploy and manage apps.

    Simplicity is our trademark, which can be found in all of our items. This characteristic may be seen in every item we release. We make sure that the idea of simplicity is kept across our services such as Block storage and object storage, firewall, and load balancer.

    We want to provide a simple yet efficient cloud platform, as well as pay-as-you-go pricing that is simple and transparent. We’ve also concentrated on developing a genuine community of developers to assist in the growth of the market and support them as they create tomorrow’s technology.

    We provide phone, email, and ticket support to all of our clients at any time.

    Let’s talk about the products. Can you break down your product line and explain what each of the offerings does? 

    Our Cloud Servers are virtual machines with a pre-determined compute, storage, and networking capacity that may be expanded as needed, and they’re currently available. It specializes in offering software developers high-performance servers at market-leading prices while maintaining simplicity and user experience as top priorities. Outside of Cloud Servers, we also have a Block storage offering that provides additional flexibility in increasing storage for an existing virtual machine.

    What can customers expect from MicroHost Cloud over the next few years? 

    Our platform appealed to individual developers and hobbyists who wanted to use our platform for their freelance or hosting needs. Teams of developers started using MicroHost Cloud for commercial purposes as our platform developed. Our objective is to enable businesses and engineering teams to better address their large-scale production environment requirements with new features such as Kubernetes, Block Storage, Load Balancers, Firewall, Monitoring, Object Storage and a host of new offerings (across the 3 pillars of Compute, Storage & Networking) in our upcoming roadmap; our goal is to enable businesses and engineering teams to better address their large-scale production environment needs.

    We will add more products to our portfolio to make the experience of our customers seamless.

    If someone wants to discover more about MicroHost Cloud’s Platform, How to do that?

    I would like to recommend signing up for a trial account at https://microhost.com and testing our products.

  • Mapping 6 lakh villages under SVAMITVA & 3D Maps for 100 cities a game-changer

    Mapping 6 lakh villages under SVAMITVA & 3D Maps for 100 cities a game-changer

    February 18: Dr. Jitendra Singh informed that Geospatial Policy would be announced soon as the liberalisation of the guidelines has yielded very positive outcomes within one year’s time. He said, open call for empanelment of Geospatial companies by Survey of India for mapping 6 lakh villages under the SVAMITVA scheme and the launch of pan-India 3D Maps Program by Genesys International (https://www.igenesys.com) for 100 cities, based on the concept of Digital Twins are historic and revolutionary in nature and will be a game-changer decision.

    Speaking as chief guest commemorating the first Anniversary of the Release of Geospatial Data, the Union Minister for Science & Technology Dr. Jitendra Singh said the launch of the pan-India 3D Maps Program by Genesys International for 100 cities, based on the concept of Digital Twins, is historic and revolutionary in nature and will be a game-changer decision.

    Dr. Jitendra Singh said Geospatial technologies are the nation’s “digital currency” that find dynamic application into multiple sectors like Infrastructure, Manufacturing, Health, Agriculture, Urban Planning, Highways, and Service Delivery. He said the size of the Indian Geospatial market in 2020 as per one industry estimate was INR 23,345 Crore, including INR 10,595 Crore of export which is likely to grow to INR 36,300 Crore in 2025.

    Dr. Jitendra Singh said that the Government of India’s vision for a $5 trillion economy by 2025 and Atmanirbhar Bharat rests on the key pillars of Make in India and Digital India. He said all the bold decisions in Space, Atomic Energy, Drone and the liberalisation of Geospatial data by the Guidelines have been a key driver behind these industry milestones, having boosted engagements, collaborations, and innovations on the pillars of transparency and efficiency.

    3D Maps Program launched by Genesys International involves the creation of this extremely accurate 3D data that will facilitate the delivery of previously unavailable high-definition mapping applications for infra planning, e-governance, smart cars, e-commerce, logistics, gaming, utilities planning for next-generation networks in telecom, renewable energy, and disaster management and rapid response.

    Dr. S. Chandrasekhar, Secretary, DST, Mr. Agendra Kumar, President of Association of Geospatial Industries (AGI), Mr. Sanjay Kumar, Founder and CEO, Geospatial World, Mr. Rakesh Verma, Chairman and MD, MapMyIndia, Mr. Sajid Malik, Chairman and MD, Genesys International, Prof Bharat Lohani, IIT, Kanpur Representatives from Google, Hexagon and other Industry members and officials joined the event.

  • Personalisation is the “New Normal” for success in 10th exams!

    Personalisation is the “New Normal” for success in 10th exams!

    Madhura Kelkar and Dr Bhooshan Kelkar

    New Delhi (India), February 17: ‘Career is not a destination but rather a journey is what Pune based “Neuflex Talent Solutions” (www.neuflextalent.com) believes in!

    As the parents of 8th/9th/10th-grade students are getting geared up about the 10th board exams, especially with the backdrop of the pandemic, ‘Neuflex Talent Solutions’ has come up with a proven solution just for that!

    The more you sweat in peace, the less you bleed in war. So how about making hay while the sun shines?  “JuniorGestalt” Test from “Neuflex Talent Solutions” helps you do just that. It caters to students in 8th/9th /10th grade.

    This phase of a student’s life is critical for taking the future course of action. Both parents and students find themselves at crossroads when it comes to beating the competition.

    JuniorGestalt is a novel AI-driven and Applied Psychology based, personalized Career Development model. Since its inception in 2016, more than 12000 students pan-India as well as Singapore, the USA, Canada, and Germany have received good guidance using this AI-based US Patent pending technology. Many of them have also landed themselves eventually in some of the top institutions like IITs and NITs, Medical colleges, NID, NIFT and Humanities/Commerce colleges.

    You can take this unique, cloud-based online 35 min quick personality test from the comfort of your home. Upon its completion, the candidate will receive a detailed self-explanatory personalized 22-page report with graphical representations of the results followed by an optional counselling session conducted by Dr Bhooshan Kelkar, who has professional experience of more than 25 years and Madhura Kelkar, who has an MA in Psychology. Dr Bhooshan is a BTech (IIT Bombay), PhD in AI from the UK and has worked in IBM USA/India for 13 years, is an “IBM Master Inventor” and is an inventor of 23 granted US patents in multiple technologies. This unique combination of technical and psychological expertise has effectively catered to the needs of multiple students.

    JuniorGestalt provides you with a viable solution to some of the common but pressing questions both from a parental and student perspective, such as “I study well still I am not able to score well why?”, “My child teaches or helps his friends with exams but scores lesser than his friends. What could be the reason?”

    The Gestalt test measures 21 (!) personality characteristics using Jungian typology, learning styles – visual auditory or kinesthetic, creativity in innovation and the balance between divergent and convergent thinking of the individual, resilience- an essential parameter to deal with various challenges a person has to face, reasoning and verbal ability, whether MCQs or descriptive questions are your strength, and various types of anxiety parameters in a student; memory test -both short term and long term to curate a personalized revision plan along with peer review. There are also parental suggestions! The report is a holistic one in that it showcases the strengths and weaknesses of the candidate and suggestions to improve them. It is also accompanied by guidelines for diet management and physical activity.

    Based on the above 21 parameters, the archaic Arts/Science/Commerce type of career guidance is given, and “differential careers” are highlighted. It is important to note that there is no “conditioning” of the child!  JuniorGestalt not only tells you differential careers – the “What” part, but also the “Why” and “How” part! Using the top 5 personalized study methods out of possible 26, precise revision pattern, anxiety mitigating interventions etc., are weapons the student could use to win the exam battle where there is cut-throat competition.  Results have shown that several learners have witnessed up to 10% improvement in their academics, not only for the year you take the test in but for 4-5 years, simply by using suggested methods! Many students have gone up from 70% in 9th to 90+ in the 10th boards!!

    Every child is unique, so a “one size fits all” approach to career selection is bound to fail. Playing by one’s strengths and making a concerted effort towards their weaknesses helps the child achieve significant milestones.

    If you aspire for top performance in this crucial first base of your child’s career, there is no option but to take the JuniorGestalt Test! It is not just a regular “career test”, but it is a wise investment you will make for your child’s career!

  • Speedforce is All Set to Take Over India With its exceptional Automobile Services

    Speedforce is All Set to Take Over India With its exceptional Automobile Services

    February 18: SpeedForce empowers automobile owners across India with the highest quality and standard automobile services. With the ultimate goal to establish a two-wheeler multi-brand centre, a model initiative, all over India.

    In the present times, the ever-escalating pandemic has become a catalyst for the severe economic crisis in the country, especially in the case of the automobile industry. However, one industry that has managed to survive this overpowering toll of the pandemic is the service industry. And, despite the present scenario of the automobile industry, the service sector of the industry is still on the rise.

    In most Indian cities, almost every other person owns a vehicle, be it a four-wheeler or a two-wheeler, there is definitely a good number of them on the road. As more and more people are buying new vehicles for themselves, the need for automobile service centres is also rising. The low quality of fuel in India, the poorly constructed roads, untrained drivers, and accidental situations have only escalated the need for multi-brand service centres such as the Speedforce across India.

    Speedforce is an established multi-brand two-wheeler service centre with over 200+ franchises in 3 Countries, over 27 states and 100+ big cities across India. Their primary focus is to not only serve their customers in the shortest time frame but to also organize the unorganized automobile service sector in the country by creating multiple employment opportunities for the youth as well as the disrupted Indian economy at large.

    Speedforce is a reliable, cost-effective, transparent, and basically a one-stop solution that caters to two-wheeler service needs. They help repair and maintain the two-wheeler vehicles at genuine prices to make them fit for driving on the road again. The main objective is to set the highest quality and standard two-wheeler services in the two-wheeler business by offering them a one-of-a-kind service experience.

    Over the years, Speedforce has become a trusted brand among thousands of Indian citizens and in the automobile industry mainly because they provide quality two-wheeler repair and maintenance services to their customers. Other services include layout preparation, site selection, workforce training, inauguration, supply of tools and equipment, installation of tools and equipment, all stationery, branding, marketing, audits, and regular visits to their franchise owners.

    Speedforce has franchises in Maharashtra, Gujarat, Rajasthan, Uttar Pradesh, Tamil Nadu, but a total of 27 States, 100+ cities, and 200 + franchise outlets with a presence in 3 countries. A low capital investment of INR 8,00,000/- along with GST is needed to get a franchise of Speedforce. With Head Office located in Vadodara, Gujarat.

    This business was founded in 2011 by three partners with diverse skill sets and extensive expertise in their fields; we have operated our own workshops for five years & found a large gap in the automobile two-wheeler service industry & this is where we found new opportunities to serve end-user of two-wheeler & in 2017 we came into franchisee business.

    Our management team consists of the following individuals:

    Mr. Deepen Barai: Describes himself as an “Entrepreneur Inventor,” a master of networks, and a man of all seasons, having worked with companies such as Reliance Life Insurance, Vodafone, Idea, Airtel, and Bajaj Allianz. With a long-term vision, he leaves no stone unturned in making Speedforce a huge success. Franchise sales and networking are two areas in which he excels. In Speedforce, he is in charge of sales and networking.

    Mr. Kapil Bhindi: He has very dynamic experience at various levels, having worked in the Banking, Finance, and Insurance industry and taking care of sales and operations at a middle-level management profile. As a result of his experience and strength, he has played an integral part in the smooth functioning of the organisation by taking care of Franchisee Sales, Daily Operations, and other aspects of the company.

    Mr. Ashok M Shah: The tech master and an individual with more than 26 years of experience working with Bajaj Automobiles at regional level service in various regions of the country, Mr. Shah is in charge of the organization’s complete technological component.

    Overall, Speedforce is a brand that helps entrepreneurs expand through its experienced team and strong management, which combines youth and expertise, which is rare in these times.

    The growing sales of automobiles, the rising market growth rate of two-wheeler sales, and a great multi-brand service ratio, as well as satisfaction level, clearly advocate for Speedforce’s franchisee expansion to more Indian states and cities in the near future.

  • The Good Glamm Group Presents The “Good Points Loyalty Program”

    The Good Glamm Group Presents The “Good Points Loyalty Program”

    A unique loyalty program where 12 companies have come together under 1 loyalty program creating 1 user login offering endless benefits!

     New Delhi (India), February 18: Good Glamm GroupSouth Asia’s largest content-to-commerce conglomerate introduces the “Good Points Loyalty Program” – India’s most rewarding loyalty program. It is a first-of-its-kind loyalty program that is powered by a unique  ‘One Login’ tool that gives ‘Good Users’ access to all brands and platforms within the group.

    The program rewards the ‘Good User’ with ‘Good Points’ for every action they take – from shopping across Good Glamm Group’s portfolio of beauty & personal care brands to reading, watching and engaging with the group’s media platforms. Featuring three tiers, namely  – Silver, Gold and Platinum, the ‘Good User’ gets to avail benefits such as priority access to new launches, upcoming sale previews, beauty advice from leading experts, birthday gift surprises, specially curated membership anniversary experiences, free shipping, exclusive access to masterclasses and makeover sessions from experts and more. All actions of a Good User are recognized and rewarded. 

    To become a member, one can enrol across any brand within Good Glamm Group and instantly access multiple benefits across multiple brands. The more you engage, the more ‘Good Points’ you earn, which can be redeemed through discounts on products, social media shoutouts, access to exciting events & masterclasses and extends to internship opportunities within the group.

    Priyanka Gill, Co-Founder, Good Glamm Group, commented, We are excited to introduce the ‘Good Points Loyalty Program, a loyalty program like no other. Good Points reward G3 users for all actions they take across all Good Glamm Group brands and platforms with exciting benefits from discounts on products to access to masterclasses, creator meetups and more.” 

    The Good Points Loyalty Program offers the brands within Good Glamm Group access to users and a combined reach of 150 million users on social media platforms, a network of 1.5 million Good Creator Co influencers, 18 million monthly users on content platforms and 6 million monthly users across D2C brands, all in just one powerful loyalty program supported by the group’s technology stack.

  • Revolutionary Developments in mapping marks one year of Indian geospatial policy

    Revolutionary Developments in mapping marks one year of Indian geospatial policy

    New Delhi (India), February 18: Speaking as chief guest commemorating the first Anniversary of the Release of Geospatial Data, the Union Minister for Science & Technology, Dr. Jitendra Singh, said the launch of the pan-India 3D Maps Program by Genesys International (https://www.igenesys.com ) for 100 cities, based on the concept of Digital Twins is historic and revolutionary in nature. And the SVAMITVA program of mapping 6 lac villages will be a game-changer for citizens.

    3D Maps Program launched by Genesys Internationalinvolves creation of this extremely accurate 3D data that will facilitate the delivery of previously unavailable high-definition mapping applications for infra planning, e-governance, smart cars, e-commerce, logistics, gaming, utilities planning for next-generation networks in telecom, renewable energy, and disaster management and rapid response.

    Dr. Jitendra Singh said that the Trinity of Geospatial Systems, Drone Policy and Unlocked Space Sector would be the hallmark of India’s future economic progress. He said this is in line with the strategic push by the Government of India for adopting these sunrise technologies across national mission-mode projects to achieve the vision of the $5 trillion economies.

    Dr. S. Chandrasekhar, Secretary, DST, Mr. Agendra Kumar, President of Association of Geospatial Industries (AGI), Mr. Sanjay Kumar, Founder and CEO, Geospatial World, Mr. Rakesh Verma, Chairman and MD, MapMyIndia, Mr. Sajid Malik, Chairman and MD, Genesys International, Prof Bharat Lohani, IIT, Kanpur Representatives from Google, Hexagon and other Industry members and officials joined the event.

    Dr. Jitendra Singh informed that Geospatial Policy would be announced soon as the liberalisation of the guidelines has yielded very positive outcomes within one year’s time. He said, open call for empanelment of Geospatial companies by Survey of India for mapping 6 lakh villages under the SVAMITVA scheme and the launch of pan-India 3D Maps Program by Genesys International for 100 cities, based on the concept of Digital Twins are historic and revolutionary in nature and will be a game-changer decision.

    Dr Jitendra Singh said Geospatial technologies are the nation’s “digital currency” that find dynamic application into multiple sectors like Infrastructure, Manufacturing, Health, Agriculture, Urban Planning, Highways, and Service Delivery. He said the size of the Indian Geospatial market in 2020 as per one industry estimate was INR 23,345 Crore, including INR 10,595 Crore of export which is likely to grow to INR 36,300 Crore in 2025.

  • A phygital platform to serve the banking needs of low-income groups launched by Spay India

    A phygital platform to serve the banking needs of low-income groups launched by Spay India

    New Delhi (India), February 17: Spay India, a fintech company, has launched a new platform to empower rural banking. This platform will serve the needs of the lower-income groups in rural areas.

    Spay believes that digital India has come a long way, but the people in rural areas still lack the expertise and means to do all transactions digitally. The platform has been termed phygital. They are enabling customer service points near customer localities. These physical points will help low-income groups to smoothly avail banking services like Money Transfer, Aadhaar based withdrawal, micro ATM, flight train bus ticketing, etc.

    This model is an extension of the digital India dream and is unlocking numerous possibilities in rural banking.

    In 3 years of operation, the organization has reached a service base of 16 million customers with its 30,000 network channels. They are under the Start-Up India model.

    The scale of their transactions has reached 1,000 crores monthly. This has been made possible by their PAN India network channel. This is indicative of their impact on the rural banking sector and how it is being benefited.

    Apart from empowering rural banking needs, the platform is also an effort to reduce unemployment and offer livelihood. This is being done by offering commissions to the network partners who are in customer-facing roles and making Spay India achieve their vision. This is also a contribution to the PRADHAN MANTRI ROJGAAR YOJANA because they have already created 150 direct employment opportunities and 3000 indirect employment opportunities.

    Spay India’s network partners have evolved as micro-entrepreneurs who have become a connection between rural and urban India by digitizing banking. This way, they have taken forward the value offered by the DIGITAL INDIA CAMPAIGN by the government.

    They are slowly getting attention from the government and other channels, and their contribution of 18000 crores transactional volume is not a small thing.

    They plan to extend the efforts to the southern and western parts of the country. They recently launched a centre in Mumbai to facilitate these operations. Their launch event was hosted in the presence of companies board members Mr.Nikhilesh Tiwari (Founder & CEO), Mr. Sunil Dhawan (Co-Founder & COO), Mr. Sourav Mishra (Vice President & Operations Head), and Mr. Sachin Kurlekar (Vice President & Sales Head). The management hosted the event launched their new logo and also Version 2.0 of Spay India, for which the market showed a lot of appreciation.

  • Blockchain Pioneer Sajeev Nair sheds light on Why Crypto Taxation is a Huge Positive

    Blockchain Pioneer Sajeev Nair sheds light on Why Crypto Taxation is a Huge Positive

    February 17: The proposal to tax all income from cryptocurrencies at 30% has evoked mixed responses from industry players. While there was a sigh of relief at cryptos not getting banned outright, the disappointment at the high tax rate was palpable. But  Sajeev Nair, co-founder of Limoverse, a blockchain-based healthcare metaverse, says this is a huge positive for the industry.

    Of course, 30% is one of the highest tax slabs in India and can in itself be a dampener to the booming cryptocurrency market in India. In contrast, stocks are taxed at 10% and 15% for long-term and short-term capital gains, but in cryptos, there is no such separate treatment either. And in addition, some players expressed concerns about how the additional 1% TDS provision for ensuring transparency can be implemented effectively.

    But Sajeev Nair, co-founder of Limoverse, a blockchain-based metaverse in healthcare, says today’s budget proposal to tax cryptos is a huge positive due to many reasons. Says Sajeev, “Firstly, calling crypto tokens as Virtual Digital Assets is a big positive as it recognizes and accommodates them as a legitimate asset class.”

    In fact, this has been an industry demand – to treat them as legitimate assets – in various submissions before the government.

    Interestingly, in her post-budget press conference, Finance Minister Nirmala Sitharaman further clarified this issue while answering a query, stating that calling them currencies is incongruous with India.

    Aditya Narayan, co-founder of Limoverse, agrees, “What the Finance Minister said is the reality, as cryptocurrencies are not being used as substitutes for fiat currencies for buying everyday goods, but living up to their promise as value-stores, much like gold or real estate.”

    Sajeev Nair says that there is an even more important reason why today’s move is a big positive for the industry, “After today’s move, it is almost certain that India will not ban crypto tokens entirely like how China and a few other nations have overreacted.”

    This is a very important factor indeed, as there were many powerful voices calling for an all-out ban on crypto tokens in India.

    But Sajeev agrees that the sector needed to be regulated as otherwise there would be many fly-by-night operators as well as significant tax evasion too. Indeed, in her press conference, the FM did provide a hint that there might still be an upcoming regulation when she remarked that she couldn’t wait for regulation when many people are making big profits without paying taxes.

    Thirdly, Sajeev says, today’s budget move opens the doors for many start-ups to legitimately pursue their innovative plans in blockchains, crypto tokens, NFTs, metaverses and so on. Says  Sajeev, “With China going for an all-out ban, India has played its cards well and can prove to be a hotbed of innovation in blockchain-based technologies that holds the most promise for the future.”

    India indeed has made massive yet silent progress in blockchain-based technologies. For instance, very few people outside of industry circles know that the largest ever blockchain use-case and implementation in the world is from India, from the Hyderabad based Tanla Platforms, which undertakes hundreds of billions of blockchain-based transactions every year. More such companies can evolve with a more legitimate base for blockchains.

    Limoverse, which Sajeev heads, is one such blockchain-based metaverse focusing on Health 5.0 technologies. Says  Sajeev, “Limoverse is bringing together thousands of health practitioners from every speciality and from across the world to serve health seekers worldwide. Limoverse has at its apex, EPLIMO, one of the world’s most advanced geno-metabolic based lifestyle modification programs to ward off hundreds of killer diseases.”

    Transactions in Limoverse are exclusively through Limo tokens that users can earn by sharing their health and genomic data with trusted research institutions. Limoverse, which had a soft launch last month, is all set to be launched formally on the blockchain within a few months. Early adopters can join Limoverse now at its website https://limoverse.io/ or by downloading its Android app.