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Time is ripe for founders to take a crack at ‘Bharat’ opportunity: Accel’s Anand Daniel

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New Delhi, June 27 (IANS) Accel, one of the world’s top venture capital firms, has identified ‘Bharat’ as a massive blue ocean opportunity for Indian startups, citing promising economic indicators and evolving consumer behaviour across Tier 2, Tier 3 cities and rural areas.

Accel defines Bharat as middle-income households that earn between INR 5 to 15 lakhs annually and spread across Tier 2, Tier 3, and rural India.

In an exclusive interview with IANS, Anand Daniel, partner at Accel, discussed the immense potential of building for Bharat. Historically, startups have struggled in these markets due to inadequate infrastructure, limited digital penetration, and insufficient understanding of consumer preferences, Daniel said.

The recent advancements in technology, logistics, and payment systems have laid a foundation for sustainable growth in these underserved regions, he added.

Despite the common belief that rural means poor, the top 20-30% of this untapped market spends more per month than about half the population in urban cities, Daniel told IANS. This highlights a substantial purchasing power in rural areas that is often overlooked.

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In a recent blog, Accel wrote that contrary to conventional notions, which paint this demographic as primarily price-sensitive, this segment is highly aspirational and shows a growing preference for products and services that promise a better lifestyle and reflect upward mobility. This trend is exemplified by a surge in the demand for used iPhones in Tier 2 cities and beyond, the VC firm added.

“We believe this market is more ripe for disruption than ever before. Founders need to take a crack at the Bharat Opportunity,” Daniel said.

The ‘build for Bharat’ theme has gained momentum among investors such as Accel and entrepreneurs alike, reflecting a strategic shift towards developing business models that cater to this segment of India and its unique needs.

But why have startups not succeeded in building for Bharat till now? Until recently, startups aiming to serve rural India struggled due to inadequate infrastructure, unaddressed customer behaviour, and a lack of focus, according to Accel. Challenges included poor delivery networks, incomplete pincode coverage, and inefficient reverse logistics, which inflated costs for handling small orders. Sparse digital payment options and unreliable internet connectivity added to the problems.

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However, recent advancements are reshaping the landscape. The introduction of the UPI payment system has revolutionised transactions, while initiatives like Jan Dhan accounts have significantly boosted financial inclusion. Logistics firms now offer broader pincode coverage and faster delivery times, marking a pivotal improvement. These developments will unlock opportunities for startups seeking to tap into Bharat, potentially transforming how services are delivered and accessed in rural areas.

Accel anticipates that in the next decade, several enduring e-commerce companies valued at over $1 billion will emerge for Bharat. Financial services are also poised to expand, providing accessible lending solutions to underserved segments.

“From personal loans to loans for cattle or house financing, a new set of lending companies can leverage technology and provide tailored products at the right price to cater to the underserved and aspirational Bharat,” Daniel said.

Healthcare is also a ripe opportunity for innovators. In addition to that, ed-tech platforms will proliferate, addressing skill gaps and employment needs with cost-effective education and certification programs. With the advancement of artificial intelligence, startups are innovating across domains.

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“We are looking for AI’s first consumer company, which will enable Bharat’s mass audience across sectors,” he noted.

–IANS

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Indian startups raised nearly $176 million across 16 deals in July 1st week

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New Delhi, July 6 (IANS) The Indian startup ecosystem raised nearly $176 million in funding across 16 deals in the first week of this month.

In the biggest funding round, fashion e-commerce platform Purplle secured $120 million led by Abu Dhabi Investment Authority.

Agri-tech startup Arya.ag also announced to raise $29 million led by impact investment firm Blue Earth Capital.

Video telematics startup Cautio also announced a pre-seed raise of Rs 6.5 crore led by Antler, 8i Ventures and AU Small Finance Bank.

Homegrown startups have raised nearly $7 billion in funding during the first half (H1) of 2024, more than the $5.92 billion raised in H1 2023.

Also, the fintech ecosystem achieved a significant milestone in the first half of this year by ranking among the top three funded globally, alongside the US and the UK.

–IANS

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Facing unexplainable mood disorders? You may be low on Vitamin B 12: Doctors

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New Delhi, July 6 (IANS) Vitamin B-12 plays a key role in producing brain chemicals that affect mood and other brain functions, said doctors on Saturday.

Vitamin B-12 (also known as cobalamin) plays a crucial role in the formation of red blood cells, cell metabolism, nerve function, and the production of DNA.

Some common symptoms of Vitamin B12 deficiency include strange sensations, numbness, or tingling in the hands, legs, or feet, difficulty walking (staggering, balance problems), anaemia, difficulty thinking and reasoning (cognitive difficulties), memory loss, weakness, or fatigue.

“Vitamin B-12 and other B vitamins play a crucial role in producing brain chemicals that affect mood and other brain functions. Low levels of B-12, as well as other B vitamins like vitamin B-6 and folate, may be linked to depression,” Dr Anshu Rohtagi, Senior Consultant, Department of Neurology, Sir Ganga Ram Hospital, told IANS.

“The deficiencies can result from poor diet or difficulties in absorbing the vitamins consumed. So, maintaining adequate B-12 level is essential for overall well-being, including mood regulation,” she added.

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Vitamin B-12 is majorly found in poultry, meat, fish, and dairy products. It is available as an oral supplement, as injections, or nasal spray.

People who consume a vegetarian or vegan diet may be more prone to deficiency as plant foods do not contain vitamin B-12. The elderly and people with digestive tract conditions that affect the absorption of nutrients also are susceptible to vitamin B-12 deficiency.

“Vitamin B12 plays a crucial role in producing brain chemicals like serotonin, which helps regulate mood. When B12 levels dip, these chemicals can become imbalanced, potentially leading to symptoms like mood swings, irritability, and even depression,” Dr Guruprasad Hosurkar, Additional Director – Neurology, Fortis Hospital, Bannerghatta Road, Bengaluru, told IANS.

Importantly, the doctor explained that the “connection is not gender-specific. Both men and women can experience mood changes due to B12 deficiency”.

While research is ongoing, studies suggest a link between low B12 and depression, with some showing improvement in mood with B12 supplementation.

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However, it’s important to note that mood swings can have many causes, and a doctor should be consulted to rule out other factors and determine if a B12 deficiency is present, Dr Guruprasad said.

“Vitamin B12 deficiency causes several neurological symptoms such as tingling, numbness & burning of feet, imbalance, memory impairment, mood disorders, psychosis, seizures, and Parkinsonism,” explained Dr Sudhir Kumar, from Indraprastha Apollo Hospitals, Hyderabad in a post on social media platform X.

“In a patient presenting with neurological or psychiatric symptoms, suspect vitamin B12 deficiency as a cause (especially if there is no obvious cause identified). Early diagnosis and prompt initiation of treatment rapidly improves patient’s symptoms,” he added.

The doctors also stressed the need to maintain a healthy lifestyle and advised key behaviours such as managing high blood pressure, and blood sugar, quitting smoking, and alcohol, staying physically active, getting adequate sleep, and managing stress.

–IANS

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Former NASA astronaut Steve Lee Smith to headline Kerala AI conclave

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Kochi, July 6 (IANS) Former NASA astronaut and technology executive Steve Lee Smith will be the highlight of the two-day first International GenAI Conclave to be hosted by the Kerala Government in Kochi on July 11 and 12.

This event is in association with IBM. Chief Minister Pinarayi Vijayan will inaugurate it.

A veteran astronaut, Smith flew into space four times at 28,000 KMH on the space shuttle during his stint in NASA, covering 16 million miles.

He also performed seven spacewalks, including repairs of the Hubble Space Telescope.

Smith will speak on ‘Lessons Learned from A Skywalker’ at the conclave.

The event will be attended by leading lights in this area to explore the transformative potential of AI and its impact on society and the economy.

The GenAI conclave aims to transform Kerala as an AI destination and showcase the state’s perspectives on industry 4.0, besides giving a thrust to the growth of the economy.

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Besides developers, universities, students, media and analysts, the conclave will feature demos, activations, interactions with industry experts, panel discussions and lectures.

Participants will also get a first-hand experience in the latest advancements in the AI sector.

–IANS

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Mice with functional humanised immune system shows promise

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New Delhi, July 6 (IANS) A first-of-its-kind mice model with a fully functional human immune system and a human-like gut microbiome has shown promise of mounting specific antibody responses.

To date, researchers have not developed a fully functional human immune system, but only those with a brief lifespan that do not mount efficient immune responses, making them unsuitable for the development of in vivo human immunotherapies, human disease modelling, or human vaccine development.

Developed by scientists at The University of Texas in the US, the new model will overcome limitations of currently available in vivo human models and is a breakthrough for biomedical research and promises new insight into immunotherapy development and disease modelling.

Detailed in the journal Nature Immunology, the new humanised mice, called TruHuX (for truly human, or THX), possess a fully developed and fully functional human immune system, including lymph nodes, germinal centres, thymus human epithelial cells, human T and B lymphocytes, memory B lymphocytes, and plasma cells making highly specific antibody and autoantibodies identical to those of humans.

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THX mice mount mature neutralising antibody responses to Salmonella Typhimurium and SARS-CoV-2 virus Spike S1 RBD after vaccination with Salmonella flagellin and the Pfizer Covid-19 mRNA vaccine, respectively.

It is also amenable to developing full-fledged systemic lupus autoimmunity after an injection of pristane — an oil that triggers an inflammatory response.

“THX mice provide a platform for human immune system studies, development of human vaccines, and testing of therapeutics,” said Paolo Casali, Professor at the University of Texas School of Medicine in San Antonio, US.

They do this “by critically leveraging oestrogen activity to support human stem cell and human immune cell differentiation and antibody responses”, he added.

–IANS

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Atal Innovation Mission empowering innovators in Tier 2 & 3 cities: Director

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New Delhi, July 6 (IANS) Atal Innovation Mission’s (AIM) Community Innovator Fellows (CIFs) programme is empowering innovators in Tier 2 and Tier 3 cities, said Dr. Chintan Vaishnav, Mission Director at AIM.

He said this while delivering a keynote address at NITI Aayog marking the celebration of the graduation of its second batch of CIFs on Friday.

Dr. Chintan underscored the programme’s pivotal role in advancing solutions across healthcare, education, agriculture, and financial services, resonating deeply with the ethos of sustainable development.

“We have now established robust institutions that seamlessly integrate business incubation with academia. This well-designed project aspires to be a model of excellence,” Dr. Vaishnav said.

He noted that the Community Innovator initiative “captures the aspirations of youth eager to go beyond traditional boundaries in innovation and startups. It embodies both rigour and relevance, truly inspiring in its mission and impact.”

AIM, through its Atal Community Innovation Centres (ACIC) programme has envisaged serving the unserved/underserved areas of the country, providing support to every grassroots innovator, and working towards accelerating the pathway to reach SDGs 2030.

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“These innovators serve as role models not only for their communities but also for society at large. I’m delighted to witness each business prospering — it’s like shaping raw gold into a precious jewel,” said Anurag Pratap Singh, Vice President & CSR Leader at Capgemini India.

Dr. Suresh Reddy, Lead CSR & Director at SRF Foundation, reflected on the impact of social entrepreneurship in addressing community challenges.

–IANS

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