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<ul><li>The round also saw participation from Accolade Holdings and <keyword id="2238518" type="General" weightage="50" keywordseo="letsventure" source="Orion">LetsVenture</keyword>. </li><li>Marquee angel investors including <keyword id="1603758" type="General" weightage="50" keywordseo="prashant-tandon" source="Orion">Prashant Tandon</keyword> (founder, 1Mg ) Pankaj Vermani (founder, Clovia), and PE veteran <keyword id="192356" type="General" weightage="50" keywordseo="vishal-gupta" source="Orion">Vishal Gupta</keyword> (<keyword id="256285" type="General" weightage="50" keywordseo="ta-associates" source="Orion">TA Associates</keyword>) also invested. </li><li>The funds will be used to rapidly scale AUM, improve the existing technology stack as well as to build and expand the team. </li></ul>Fintech startup <keyword id="12679863" type="General" weightage="100" keywordseo="loankuber" source="Orion">LoanKuber</keyword>, a digital mortgage platform for MSMEs, on Thursday said it raised $2 million as part of its ongoing Series A round led by <keyword id="7036829" type="General" weightage="80" keywordseo="inflection-point-ventures" source="Orion">Inflection Point Ventures</keyword>. The round also saw participation from Accolade Holdings, LetsVenture, family offices, and marquee angel investors including Prashant Tandon (founder, 1Mg ) Pankaj Vermani (founder, Clovia), and PE veteran Vishal Gupta (TA Associates). The funds will be used to rapidly scale assets under management (AUM), improve the existing technology stack as well as to build and expand the team. The company aims to build an AUM of ₹200 crore in the next 15 months as part of its expansion plan. “The funds will be used to further fuel our mission of offering innovative and affordable mortgage solutions to micro-SMEs and the next half billion Indians. The current fundraising will help us further invest in the team, technology, and operations to fulfil our mission,” <keyword id="2389017" type="General" weightage="50" keywordseo="saurabh-nagpal" source="Orion">Saurabh Nagpal</keyword>, CEO, LoanKuber said. Nagpal, an alumnus of IIT Delhi, founded LoanKuber in 2017. It provides customised mortgage loans to underserved Micro, Small and Medium Enterprises (MSMEs). The mortgage financing gap for MSMEs in India is estimated to be $300 billion, the company statement said. “Over the last year, LoanKuber has successfully built an extremely capital-efficient and profitable business. We have invested in the company from their Pre Series A stage and continue to back their vision as they grow at a healthy rate and address a huge financing gap which exists today in the Indian MSME sector,” <keyword id="1276077" type="General" weightage="50" keywordseo="mitesh-shah" source="Orion">Mitesh Shah</keyword>, co-founder, Inflection Point Ventures said. Loankuber has built an automated institutional co-lending platform for micro-mortgages allowing for competitive pricing to the end-customer while generating high yields on its own NBFC balance sheet, said the company. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indigo-stock-slides-4-in-early-trade-after-reports-of-a-large-block-deal/articleshow/97970085.cms">Indigo stock slides 4% in early trade after reports of a large block deal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-surge-after-msci-delays-its-decision-to-may/articleshow/97969092.cms">Adani group stocks surge after MSCI delays its decision to May</a>

Mortgage platform LoanKuber raises $2 million led by Inflection Point Ventures

Mumbai, Filmmaker Prashanth Neel says movies like his "<keyword id="6400922" type="General" weightage="20" keywordseo="kgf" source="Orion">KGF</keyword>" franchise that organically travel across the country do well, a phenomenon he hopes is repeated with his latest directorial "<keyword id="10367331" type="General" weightage="20" keywordseo="salaar" source="Orion">Salaar</keyword>: Part 1 - Ceasefire". Neel and Yash, the lead star of "KGF" series, rose to national prominence after the success of "KGF: Chapter 1", the 2018 Kannada period action film. Its 2022 follow-up, "KGF: Chapter 2" also starred Bollywood actors Raveena Tandon and Sanjay Dutt in key roles. The director, who made his debut with 2014's "Ugramm", said he never plans his films as pan-India projects. "I've written a story and I've executed it. I don't know if it ('Salaar') is going to be a pan-India movie or not. But if it becomes a pan-India movie, then that's an absolute bonus for all of us. Like, 'KGF' happened very organically. "Movies that happen organically always do well. You can't plan to make a pan-India movie, you can't plan and say that I'm going to bring these actors from this industry to make it a pan-India movie. It doesn't work like that," Neel told PTI in an interview here. "Salaar" revolves around two friends Deva and Vardha, played by <keyword id="104063" type="General" weightage="20" keywordseo="prabhas" source="Orion">Prabhas</keyword> and <keyword id="572189" type="General" weightage="50" keywordseo="prithviraj-sukumaran" source="Orion">Prithviraj Sukumaran</keyword>, who end up becoming arch rivals. It will be released on Friday. The 43-year-old director said the journey of the film started over 15 years ago. "It was an idea that was in my head. But it needed a very big budget. So, I made my first film 'Ugramm', then I made 'KGF'. I was occupied with 'KGF' for almost eight years. During COVID-19, I narrated this subject ('Salaar') to Prabhas sir and he agreed to do it," he recalled. The USP of "Salaar" is an emotion between two friends and how this emotion translates to violence forms the core of the story, Neel said. According to the director, equal importance should be given to the story and the characters in big-budget films. "We make a movie to tell a story and we want the right characters, right actors to portray every role. There's a commercial aspect with a star and we get bigger budgets to do what we want. But the criteria is the same that this is the character, it is not the hero who is playing the hero because if we think like that then we have lost the battle," he added. With "Salaar", Neel said his aim was for Prabhas ("Baahubali") to shed his superstar persona. "There was never a pressure to make 'Salaar'. The idea is to make sure that the actor looks like a character. You don't want to show Prabhas as Prabhas, you want to show him as a character and I tried our best to do something like that," he said. While the director acknowledged that Prabhas has had a difficult run at the box office with his recent releases "Adipurush" and "Radhe Shyam", he said a star can always bounce back after a hit film. "Prabhas is a big star. After 'Baahubali', he became the biggest star. People are not going to forget something like that. Stars have always been stars; they can have one flop or 20 flops, they just need to give one hit. Recently, <keyword id="1671" type="General" weightage="50" keywordseo="shah-rukh-khan" source="Orion">Shah Rukh Khan</keyword> showed us that a star is always a star, there's no denying that," Neel added. A box office showdown is expected between "Salaar" and Rajkumar Hirani's "Dunki". The latter, starring Shah Rukh Khan, will hit the screens a day before "Salaar" on Thursday. About the release, Neel said he doesn't meddle in the business aspect of a movie. "I don't get involved in the logistics of what happens after the movie is ready. My brief is I've to make a movie on a given budget and I've to give it to them at a time that they want to release," he said. The filmmaker said he has utmost respect for Hirani and Shah Rukh. "I loved whatever they put out (referring to assets of 'Dunki'). People always want to see the most human thing in any trailer or teaser, so we try to do that. Even in the larger-than-life movies we try to do that." Produced by Hombale Films, "Salaar" also stars Shruti Haasan, Eshwari Rao, Jagapathi Babu and Sriya Reddy.

Stars are always stars, says Salaar director on Prabhas' recent box office run

<ul><li>The government is looking to increase the accountability of promoters towards their defaulted loans. </li><li>To this effect, the government could amend its bankruptcy law which will allow banks to invoke personal guarantees given by promoters for loans to their companies. </li><li>An appellate court had earlier disallowed such a move, in a case involving the Ruias and their bankrupt Essar Steel. </li></ul> India’s Finance Ministry is sitting on a new amendment to the bankruptcy law. That might be a big setback for the Ruia family, the promoters for the bankrupt Essar Steel, and others who gave personal guarantees against bank loans. As per the current resolution process, lenders can recover a certain portion of the dues from the bankrupt company. The proposed amendment targets personal guarantors to corporate debt. Once amended, the law will allow lenders to recover some ‘more money’ from such guarantors, according to sources who added that the Finance Ministry’s approval is likely in the next few days. A recent ruling by the National Company Law Appellate Tribunal (NCLAT) had disallowed a similar appeal by Essar Steel’s lenders. “Once the debt payable by the ‘Corporate Debtor’ stands cleared in view of the approval of the plan by making payment in favour of the lenders (‘Financial Creditors’), the effect of ‘Deed of Guarantee’ comes to an end as the debt stands paid,” the NCLAT order had said. ”The ‘financial creditors’ in whose favour guarantee were executed as their total claim stands satisfied to the extent of the guarantee, they cannot reagitate such claim from the Principal Borrower,” it added. But the government is intent on ensuring that banks get as much money back as they can, even if it is from the promoter’s personal assets. “If the government is proposing amendments in this space by way of amendment in the IBC (Insolvency and Bankruptcy Code) and if that is so, it would need a parliament approval. We will have to wait and see the nature of amendments to be sure whether parliamentary approval is needed or not. Secondly, I am sure that promoters of various corporate debtors will test any such amendment in a court of law,” said Kunal Tandon, a lawyer who has represented banks in bankruptcy cases. "The matter is subjudice and recovery amounts haven’t yet been crystallised. Hence it is premature to comment," an Essar Group spokesperson told Business Insider. This will be the second change to the bankruptcy law in the last three months In July, the NCLAT approved ArcelorMittal’s ₹42,000-crore ($6 billion) offer for Essar Steel. However, the NCLAT also held that financial creditors (banks) at par with operational creditors (unpaid suppliers, vendors etc). This would have reduced the banks’ share of proceeds from the sale amount. But the government argued that the ruling was against the spirit of the bankruptcy law and process. So it brought in an amendment soon after that allowed the banks to decide how the proceeds of the resolution will be distributed. SEE ALSO: <a href="https://www.businessinsider.in/nclat-clears-arcelormittal-bid-for-bankrupt-essar-steel/articleshow/70071681.cms" data-type="tilCustomLink" target="_blank">ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- butthe appellate order has done something more</a> <a href="https://www.businessinsider.in/a-slowing-indian-economy-is-clouding-over-arcelormittals-6-billion-bid-for-essar-steel/articleshow/71004519.cms" data-type="tilCustomLink" target="_blank">A slowing Indian economy is clouding over ArcelorMittal's $6 billion bid for Essar Steel</a>

EXCLUSIVE: New amendment to bankruptcy law has Prashant Ruia’s personal guarantee on its radar

<ul><li>The event will be attended by <keyword id="6358887" type="General" weightage="80" keywordseo="amitabh-kant" source="Orion">Amitabh Kant</keyword>, <keyword id="158171" type="General" weightage="80" keywordseo="aman-gupta" source="Orion">Aman Gupta</keyword>, Rajan Anandan and other speakers. </li><li>A report named Indian start-up Ecosystem: Road to Hyperscale TiE - BCG – Times Bridge Report, will be launched at the event. </li><li>Discussions will be held around topics like Path to Profitability, India G20 Presidency, Future of mobility, White Spaces Where India Can Win, Building for Bharat and more. </li></ul>The Delhi-NCR chapter of The Indus Entrepreneurs is organizing a startup conference <keyword id="6069165" type="General" weightage="80" keywordseo="tiecon-delhi" source="Orion">TiEcon Delhi</keyword> 2023 between March 17-18, 2023. This year’s theme ‘Navigating the New World’, is based on the challenges thrown up by the post-pandemic geopolitical scenario, marked by a serious economic downturn. Two reports will be launched at the event – ‘Indian start-up Ecosystem: Road to Hyperscale TiE-BCG–Times Bridge Report’ and ‘Creating 10x Women Founders - Women Entrepreneurship Report’. Geetika Dayal, executive director, TiE Delhi-NCR shares, “We are thrilled to be hosting our annual flagship conference, TiEcon Delhi 2023 themed, Navigating the New World. We have designed sessions, masterclasses and networking formats to equip entrepreneurs and startup founders with the tool kit and knowledge they need to thrive in an ever-changing landscape." TiEcon is a platform for knowledge sharing, networking, and mentorship for entrepreneurs globally. It offers a diverse lineup of speakers including feted founders, key stakeholders, sessions on engaging topics, networking opportunities and curated pitching initiatives. Some of the speakers at the conference include Amitabh Kant, G20 Sherpa, Government of India; Deep Kalra, founder &amp; chairman at MakeMyTrip; Aman Gupta, co-founder and CMO, boAt Lifestyle. It also has speakers like Aditya Ghosh, founder, Homage &amp; co-founder, AkasaAir; Shikhar Dhawan, Indian Cricketer; Alok Mittal, co-founder &amp; CEO at Indifi Tech; Apurva Chamaria, head startups &amp; VC at Google India; Prashant Tandon, co-founder &amp; CEO at TATA 1mg; Lathika Pai, country head, VC &amp; PE Partnerships at Microsoft. The list of speakers also includes Arvind Kumar, director general - STPI; <keyword id="1487014" type="General" weightage="80" keywordseo="suchi-mukherjee" source="Orion">Suchi Mukherjee</keyword>, founder &amp; CEO of LimeRoad; Arjun Vaidya, co-founder of V3 Ventures; Dr Apoorva Sharma, co-founder of Venture Catalysts &amp; 9Unicorns; Shridhar Rajgopalan, MD and lead, Accenture Song and Sustainability, Advanced Technology Centers, India, Accenture; <keyword id="164919" type="General" weightage="50" keywordseo="padmaja-ruparel" source="Orion">Padmaja Ruparel</keyword>, co-founder of IAN &amp; Founding Partner of IAN Fund; Rema Subramanian, co-founder &amp; managing partner at Ankur Capital; Vikram Gupta, founder and managing partner at IvyCap. The event will provide funding opportunities via the ‘TiE the Knot’ platform now in its twelfth season and specialized curated pitches. A set of awards will be presented to recognize exceptional startups like – Knights of Supply Chain award, 15th TiE Lumis Entrepreneurial Excellence Award and 9th TiE - Power2SME Spirit of Manufacturing Awards. "We are looking at very turbulent and very exciting times ahead. As entrepreneurs, we see immense opportunity in everything we are doing, and we see challenges, short-term and long-term, that we have to be ready for what to do, what not to do, how to decide, how to prioritize, how to survive, and then how do we thrive,” said Prashant Tandon, CEO &amp; Cofounder, Tata 1mg &amp; Co-chair, TiEcon Delhi 2023. Google, Sequoia and Microsoft are key partners at this year’s conference. Suchi Mukherjee, founder &amp; CEO, Limeroad &amp; co-chair, TiEcon Delhi 2023 said, “At TiEcon Delhi 2023 you will have ten hours of intense learning, authentic conversations where you can meet founders from across the country. It's a place where founders curate the agenda for other founders. It's a place where corridors are filled not just with pleasantries, but also with deep, authentic conversations about people's experiences. Where breakout rooms are filled with not just standees, but masterclasses of questions that founders often face day-to-day.”

Startup community to come together for TiEcon Delhi 2023 on 17-18 March

The <keyword id="6355424" type="LOCATION" weightage="20" keywordseo="unnao">Unnao</keyword> Bar Association has suspended the membership of eight <keyword id="41930" type="COMPANY" weightage="20" keywordseo="Lawyers">lawyers</keyword> on the directives of the <keyword id="49347" type="ORGANIZATION" weightage="20" keywordseo="Bar-council">Bar Council</keyword> of <keyword id="6357713" type="COMPANY" weightage="20" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> that is probing the alleged attack on additional district <keyword id="18182" type="POSITION" weightage="20" keywordseo="Judge">judge</keyword> Prahlad Tandon. Tandon had lodged two FIRs against a group of lawyers, including <keyword id="7418" type="ORGANIZATION" weightage="20" keywordseo="Members">members</keyword> and office-bearers of the Unnao Bar association, for allegedly attacking him twice last week. The Unnao Bar Association has issued a show cause notice to the lawyers involved in the incident while the Bar Council of Uttar Pradesh has set up a two-member committee, comprising Prashant Singh Atal and Ajay Yadav to probe the incident. Unnao Bar Association president Ram Shankar Yadav is named in both the cases lodged at the City Kotwali police station. Apart from him, former Unnao Bar Council presidents, Satish Shukla and Girish Mishra, and former government counsel Vinod Pathak, are among those named in the FIRs. Superintendent of Police, Sureshrao A Kulkarni, said no one had been arrested so far but the police had started investigating the case and provided additional security to judge Prahlad Tandon. The police said the first FIR was lodged against Ram Shankar Yadav, advocate Harsingh Bahadur and an unidentified lawyer for allegedly abusing the judge in a courtroom on March 23. According to the complainant, the three entered his court room and started abusing him in front of the court staff after he rejected the bail application of a person. Tandon, who is a special judge in a POCSO court, alleged that Ram Shankar Yadav and 150-200 unidentified advocates raised slogans against him, threw furniture and abused him. The complainant told the police that the lawyers climbed on the dais where he was sitting, and when he tried to go to his chamber, they surrounded him, pushed him around and slapped him. They also snatched his cell phone. According to the police, the accused chased Tandon to an adjoining gallery and damaged windows in the chambers of the judge and his stenographer. The SP said the matter was referred to a grievance committee. The complainant and the members of the Bar appeared before the committee but the matter could not be resolved. Circle Officer Gaurav Tripathi said Tandon's statement had been recorded and the investigators were collecting evidence at present. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/inside-ritesh-agarwals-family-office-aroa-ventures-and-its-early-investments/articleshow/81772098.cms">EXCLUSIVE: Inside Ritesh Agarwal’s family office and its early investments</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-for-barbeque-nation-ipo/articleshow/81771792.cms">Barbeque Nation IPO – How to check allotment status, listing date and more</a> <a href="https://www.businessinsider.in/business/news/xiaomi-plans-to-enter-the-electric-vehicle-business-with-an-investment-outlay-of-10-billion/articleshow/81772965.cms">Xiaomi forays into the electric vehicle business with a $10 billion subsidiary</a> <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-is-eyeing-india-startups-as-it-gears-up-for-a-fight-with-asia-richest-man-in-retail/articleshow/81773692.cms">Amazon is eyeing India's startups as it gears up for a fight with Asia's richest man in retail</a>

Unnao Bar Association suspends eight lawyers for attacking on district judge

<keyword id="8187544" type="COMPANY" weightage="20" keywordseo="tata-digital">Tata Digital</keyword> Limited, a subsidiary of Tata Sons Private Ltd will acquire majority stake in digital health company <keyword id="2962726" type="PERSON" weightage="20" keywordseo="1mg">1MG</keyword> Technologies Private Ltd (1MG). Incorporated in 2015, 1MG is a leading player in the <keyword id="1324270" type="COMPANY" weightage="20" keywordseo="eHealth">eHealth</keyword> space and enables easy and affordable access to a wide range of products like medicines, health &amp; wellness products, diagnostics services and tele-consultation to customers. The company operates three state-of-the-art diagnostics labs, has a supply chain covering over 20,000 pin codes across the country and through its subsidiaries is also engaged in the business of B2B distribution of medicines and other healthcare products. The investment in 1MG is in line with <keyword id="6355725" type="COMPANY" weightage="20" keywordseo="tata-group">Tata Group</keyword>'s vision of creating a digital ecosystem which addresses the consumer needs across categories in a unified manner. E-pharmacy, e-diagnostics and tele-consultation are critical segments in this ecosystem and have been among the fastest growing segments in this space, as this sector enabled access to healthcare through the pandemic, said a joint statement by Tata Digital and 1MG. Pratik Pal, CEO of Tata Digital, said: "The investment in 1MG strengthens Tata's ability to provide superior customer experience and high quality healthcare products &amp; services in e-pharmacy and e-diagnostics space through a technology led platform." Prashant Tandon, <keyword id="1718234" type="COMPANY" weightage="20" keywordseo="Co-Founder-CEO">Co-Founder &amp; CEO</keyword>, 1MG, said: "We are delighted to join hands with one of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s most iconic &amp; respected conglomerates. This marks a significant milestone in 1MG's journey to make high quality healthcare products &amp; services accessible to customers across India." SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/here-are-the-coolest-ios-15-features-coming-to-iphones/slidelist/83362145.cms" style="">Here are the coolest iOS 15 features coming to iPhones</a> <a href="https://www.businessinsider.in/cryptocurrency/news/paraguay-could-become-the-second-country-to-adopt-bitcoin/articleshow/83363776.cms" style="">After El Salvador, Paraguay considers Bitcoin adoption</a> <a href="https://www.businessinsider.in/careers/news/google-microsoft-apple-and-many-others-are-hiring-for-various-it-roles-in-india/articleshow/83365305.cms">Google, Microsoft, Apple and many others are hiring for various IT roles in India —data scientists and cloud architects in high demand</a>

Tata Digital to buy majority stake in online pharma startup 1MG

<ul><li><keyword id="922093" type="COMPANY" weightage="20" keywordseo="Healthkart">Healthkart</keyword> has raised $25 million in a Series G round, according to filings sourced by paper.vc.</li><li>The startup has raised <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword> from Belgium-based Advent Management.</li><li>Founders Prashant Tandon and Sameer Maheshwari had split to run Healthkart – for nutritious and wellness products – and <keyword id="2962726" type="PERSON" weightage="20" keywordseo="1mg">1mg</keyword> as the online pharmacy. </li></ul>Online <keyword id="245935" type="ORGANIZATION" weightage="20" keywordseo="Health-and-Wellness">health and wellness</keyword> retail startup Healthkart has raised $25 million in a Series G round, according to filings sourced by paper.vc. The Sequoia-backed startup has raised funding from Belgium-based Advent Management. Healthkart has been rapidly growing its business along with raising funds. The startup had <a href="https://inc42.com/flash-feed/healthkart/">raised</a> $12 million from Sequoia India, Kae Capital and others in 2016. According to reports, the startup also raised funds from a <a href="https://www.vccircle.com/sequoia-backed-healthkart-to-get-new-investor-in-10-mn-capital-raise/">follow up</a> round in July 2018. Launched in 2011 by Prashant Tandon and Sameer Maheshwari, the startup also expanded to offline businesses in 2013. In 2015, Healthkart separated its drugstore business to start a different vertical – 1mg. While 1mg works as an e-retail platform for medicines, Healthkart offers nutrition products, protein supplements etc, online. Healthkart also runs its private label – Incredio – along with other popular brands on its platform. While Tandon looks after the business of 1mg, Maheshwari runs the Healthkart business. 1mg <a href="https://inc42.com/buzz/exclusive-epharma-startup-1mg-raises-inr-314-cr/">raised</a> $45 million in April 2019 at a reported valuation of $200 million. See Also: <a href="https://www.businessinsider.in/curefit-raises-75-million-from-anand-piramal-accel-partners-and-others/articleshow/69215063.cms">Three-year old Curefit clocks in $100 mn in revenue and over $245 mn in total funding</a>

Healthkart, one of India’s first health e-tailer, raises $23 million

New Delhi, Dec 3 () The e-pharmacy industry in the country is waiting for the government to come up with regulations for the sector to boost its growth and attract investment, leading players said on Tuesday.
 "We want India to come up with a progressive e-pharmacy regulation. We want that as that would give a lot of clarity and confidence to the sector, whether it is investors, whether it is our business partners and vendors," 1mg Technologies Founder and CEO Prashant Tandon told reporters here.
 The government in August 2018 came out with a draft notification, but it is yet to release the final notification, he said adding that it is taking too long. 
 "For innovation to thrive, we need more pro-active, faster response. We hope the government would speed up its processes and move forward with a clear intent," Tandon said.
 This sector needs a lot of technology and supply chain investments and "we must work together to make sure Indian consumers get the best product at the lowest price through a very efficient supply chain," he added.
 In similar vein, Pharmeasy Co-Founder and CEO Dharmil Sheth said pharma supply chain is one of the categories which has not been using technology to its advantage yet.
 "We need more visibility across the supply chain to meet the demand supply gaps and improve the healthcare outcomes in the country ... We hope the government acknowledges the benefits of digital penetration in this category and empowers every stakeholder by a robust framework and governance module," he added.
 According to the leading players, the e-pharmacy sector is providing quality and affordable medicines to about 50 lakh patients per month across the country. It provides employment to around 30,000 skilled professionals and has the capacity to create huge number of job opportunities. AKT MR

E-pharmacies await govt to release regulations for the sector

New Delhi, Jan 16 () The delay in notification of e-pharmacy draft rules is causing anxiety among stakeholders involved in digital health ecosystem, industry body Ficci said on Thursday.
 There is no violation of any existing act and rules in current e-pharmacy model. However, there are certain difficulties that the sector has been facing towards ease of doing business due to regulatory uncertainty, Ficci said in a statement.
 This is because of the pending draft e-pharmacy rules. The draft rules provide sector specific e-commerce regulations with aim to harmonise existing laws/guidelines, it added.
 "The delay in the notification of e-pharmacy draft rules is causing confusion and anxiety for all the stakeholders involved in digital health ecosystem," the statement said.
 By leveraging the technology in a smart way and under appropriate regulatory control, the e-pharmacy sector has scope of adding immense value to the existing pharmacy retail industry, and also the overall healthcare sector, it added.
 Stating that e-pharmacies comply with the laws of the land, Ficci e-Pharmacy Working Group Chairperson Prashant Tandon said, "All the orders for prescription-based medicines are processed only against a copy of valid prescription and are dispensed by a licensed pharmacy having a registered pharmacist."
 Currently, there are over 50 start-ups operating in e-pharmacy space in the country, providing quality and affordable medicines to about 50 lakh patients per month across the country, the statement said.
 About 30,000 skilled professionals are employed by the sector. The e-pharmacy sector has attracted over Rs 4,000 crore in FDI from some of the top global investors, and another Rs 2,000 crore is expected in the next 2 to 3 years, it added. AKT RVK

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Mortgage platform LoanKuber raises $2 million led by Inflection Point Ventures

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Stars are always stars, says Salaar director on Prabhas' recent box office run

PTI

EXCLUSIVE: New amendment to bankruptcy law has Prashant Ruia’s personal guarantee on its radar

Sriram Iyer

Startup community to come together for TiEcon Delhi 2023 on 17-18 March

BI India Bureau

Unnao Bar Association suspends eight lawyers for attacking on district judge

IANS

Tata Digital to buy majority stake in online pharma startup 1MG

IANS

Healthkart, one of India’s first health e-tailer, raises $23 million

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E-pharmacies await govt to release regulations for the sector

PTI

Delay in notification of e-pharmacy draft rules causing concern in the sector: Ficci

PTI

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