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Also in this letter:
■ Stock-investing firms meet finmin officials on TCS issue
■ Karnataka HC adjourns Twitter case to March 16
■ Foxconn committed to Karnataka, Telangana projects
Programming note: The ETtech newsletter team will be taking a short break on the occasion of Holi. ETtech’s Morning Dispatch will be back on Friday morning, March 10. We wish you and your loved ones a colourful Holi. Stay tuned to ETtech.com for all the news and updates.
Exclusive: Govt developing platform to auto-update docs via DigiLocker, Aadhaar
The ministry of Electronics and Information Technology or MeitY has been tasked with the responsibility to develop a system wherein changes in Aadhaar are automatically communicated to important departments.
In detail: MeitY is in talks with various ministries, such as transport, rural development, and Panchayati Raj, along with the Election Commission of India on the contours of the platform, which is at a preliminary stage of conceptualisation right now.
The IT ministry will first approach departments that issue key documents such as driving licences, ration cards, voter ID cards, etc, while passports may come in the next phase, according to officials in the know.
Quote, unquote: “If, for instance, we get 10 ministries on board, citizens updating their addresses on Aadhaar will be asked if they wish to get it auto-updated in the records of other ministries as well,” an official told us on condition of anonymity.
Also read | ETtech Explainer: what are the Budget proposals to expand DigiLocker’s scope?
What is DigiLocker? A crucial part of the IndiaStack, DigiLocker was launched in 2015 for the storage, sharing, and verification of documents for individuals and organisations.
Good Glamm group hikes stake in The Moms Co to 90%
Two years after acquiring a 75% stake in direct-to-consumer (D2C) mother- and baby care brand The Moms Co, The Good Glamm, a beauty and personal care-focussed ecommerce roll-up platform has increased its stake to 90%.
What’s happening? The hike in holding is also linked to its founders, Malika Sadani and Mohit Sadani, leaving the firm and stepping away from day-to-day operations. Sources told us that the husband-wife duo had not been actively involved with the company’s operations since the middle of last year. Their exit has a non-compete clause of three years after they step away officially, a person aware of the matter said.
CEO speak: “We have taken our share up to 90% now. The balance 10% we will buy out from them next year. We want them to continue on the board and keep guiding (The Moms Co). The same path continues with other brands like Sirona and Organic Harvest as well,” Darpan Sanghvi, cofounder, and chief executive of The Good Glamm group, told us.
Last year, the group restructured its business into three divisions — Good Brands Co., Good Media Co., and Good Creator Co.
Funding hurdles & consolidation: We reported last year that the Mumbai-based group was looking for a fresh fundraise of over $150 million but deal talks didn’t move forward amid a softening of valuations and cautious investor sentiment.
Also read | Wary investors walk away from large-funding deals at unicorns citing tech turbulence
ET Ecommerce Index
We’ve launched three indices – ET Ecommerce, ET Ecommerce Profitable, and ET Ecommerce Non-Profitable – to track the performance of recently listed tech firms. Here’s how they’ve fared so far.
TCS issue: Stock-investing firms meet finmin officials for foreign remittances
Founders and senior executives at new-age stock investing firms including those from IndMoney, Vested Finance, and Stockal met with finance ministry officials on Monday to discuss the potential impact of a proposed 20% levy on foreign remittances for retail investors. This includes people who invest in US equity instruments through the Liberalised Remittance Scheme (LRS).
Catch-up quick: Finance minister Nirmala Sitharaman in her budget speech last month raised the tax collected at source (TCS) for foreign remittances, to 20% from 5%, while also removing the Rs 7 lakh limit below which TCS was not applicable in such cases.
This has affected the fintech firms that offer US-equity investments.
ETtech was the first to report on February 17 that fintech firms that allow users to invest in US-equities were planning to write to the CBDT on the adverse impact. Neo-banking platforms such as Fi which are actively looking at this use-case of US-stock investing have also joined the representation.
Why’s the ask? The proposal aims to differentiate between high-net-worth individuals (HNIs) and protect middle-income retail investors who typically invest less than Rs 15,000 per remittance in US equities through the LRS transactions.
Tweet of the day
Twitter case: Karnataka HC adjourns matter to March 16
The Karnataka High Court on Monday heard the petition submitted by Twitter, the US-based microblogging platform, that contested the blocking orders issued by the Indian government. The case has been postponed to March 16th.
Moving court: Twitter moved the Karnataka High Court in July last year, contesting the Union government’s takedown orders. The govt had issued several orders asking the social media firm to take down some of its content on grounds of Section 69A of the IT Act 2000.
Govt’s response: During the hearing, the Additional Solicitor General R Sankaranarayanan cited the Shreya Singhal case where the Supreme Court declared Section 66A unconstitutional because it violated the freedom of speech as guaranteed under Article 19(1)(a) of the Constitution of India.
Committed to taking Karnataka, Telangana projects forward: Foxconn
Taiwanese electronics major Foxconn on Monday said it will be in close contact with Karnataka and Telangana to take its electronic manufacturing projects forward clearing any air of confusion after the firm’s statement suggested that last week’s agreement was not “definitive”
Details: In separate letters to Karnataka chief minister Basavaraj Bommai and Telangana chief minister K Chandrashekar Rao, Foxconn chairman Young Liu said he will “ensure successful grounding of the ‘Project Elephant’ in Bengaluru” while underscoring its commitment to setting up a manufacturing facility in Kongara Kalan in Telangana.
Quote unquote: “I am confident this project will lay a strong foundation for our other multiple plans, spanning mechanical/precision machinery, electric vehicle, IC Design & semiconductor segments to consider your state as a potential investment destination,” Liu said in his letter to Bommai.
In another letter to Rao, he said, “I seek the support of your team in operationalising the Kongara Kalan Park as early as possible. I was indeed inspired by your vision and the efforts towards transformation and development of Telangana.”
Other Top Stories By Our Reporters
One-fourth of AMD’s revenue contributed through India biz: California-based semiconductor firm Advanced Micro Devices (AMD) India arm contributes nearly 100% of the solutions to its data centre business, a senior executive said.
Women in leadership pipeline adversely impacted by Covid-19 pandemic: The share of women in the leadership pipeline has reduced globally since the pandemic, according to a new global study from IBM, Institute for Business Value (IBV), and Chief, a network for female executives.
Global Picks We Are Reading
■ YouTube has created a multimillion-dollar dubbing economy (Rest of World)
■ This Algorithm Could Ruin Your Life (Wired)
■ Panic not. ChatGPT will help you write better but won’t take your job – yet (The Guardian)
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