Today’s Business Blitz- “Finance Commission forms new panel; NPCI proposes 1.2% UPI fee; Bandhan Bank CEO resigns; Immuneel Therapeutics secures INR 100 Cr; Floryo challenges Aashirvaad.”
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1. “Finance Commission Establishes New 5-Member Expert Advisory Panel — What You Need to Know”
- The 16th Finance Commission appoints a 5-member Advisory Council.
- The Council, led by Poonam Gupta (NCAER Director General), includes DK Srivastava, Neelkanth Mishra, Pranjul Bhandari, and Rahul Bajoria.
- The Council assists the Commission in fiscal devolution, improving recommendation quality and enforcement.
- It provides national and international best practices, prepares research papers, and evaluates studies.
#fiscal#Rahul
2. “NPCI Report Suggests 1.2% Interchange Fee for Credit UPI Transactions”
- NPCI to introduce 1.2% interchange fee for UPI credit line transactions.
- This is a potential change from the current fee structure, which is lower than that for credit card transactions.
- The fee will be charged to the merchant’s bank account when a customer makes a purchase using a credit line through UPI.
- Payment service providers will receive an 8 basis point commission for the transaction.
- NPCI’s data shows that UPI transaction volume decreased by 1.9% in June compared to May but increased by 36% year-over-year.
- NPCI is expanding internationally, partnering with Network International to enable UPI payments in the UAE.
#bank#News#customer#B2G#UPI
3. “End of an Era: CS Ghosh Steps Down as MD & CEO of Bandhan Bank”
- Bandhan Bank’s MD & CEO Chandra Sekhar Ghosh retires after nine years.
- Ghosh credits account holders for the bank’s growth and success.
- Ghosh expresses confidence in the bank’s future under its experienced leadership team.
- Ghosh will reportedly take on an executive role in Bandhan Financial Services.
- The bank’s strong workforce and core values will guide its future growth.
#success#bank#workforce#leadership
4. “Immuneel Therapeutics Lands INR 100 Cr Boost Led by Kiran Mazumdar-Shaw for Expansion”
- Biotech startup Immuneel Therapeutics, cofounded by Kiran Mazumdar-Shaw, has raised INR 100 Cr from Taiba Middle East FZ LLC.
- The funds will be used for growth and expansion.
- Immuneel Therapeutics offers cell and gene therapies, including CAR-T cell therapy, to fight cancer.
- The company was valued at INR 488 Cr as of April 30, 2024.
- Immuneel Therapeutics previously raised $15 Mn in a Series A funding round in April 2022.
#Internet#company#News#funding#startup
5. “Floryo’s Rise: Aiming to Eclipse Aashirvaad with Age-Old Stone Mill Magic”
- Floryo: D2C brand reviving traditional stone mill flour with nutritional focus, aiming to compete with legacy atta brands like Aashirvaad.
- Founder: Manohar Kumar, with experience at Licious and Arvind Brands.
- Products: Freshly made wheat flour, single grain, multigrain, and gluten-free varieties customized to meet nutritional needs.
- Tech-enabled: Utilizes stone mills for minimally processed flours, real-time data analytics, and IoT sensors for responsive manufacturing.
- Go-to-market strategy: Focus on offline expansion, targeting modern trade stores and general trade outlets.
- Challenges: Distribution in India’s offline market and educating value-conscious consumers about health benefits.
- Target: INR 36 Cr ARR by March 2025, expansion into South Indian cities in the next 8–10 months.
#health#citi#strategy#Startup Stories#manufacturing
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