Business
We are creating a simplified investing ecosystem: Crypto unicorn CoinSwitch
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Crypto is an emerging yet attractive asset class. It is a $1.25 trillion market globally. The India adoption story is no different with nearly 20 million unique users, over $6.6 billion in investments and more than a billion dollars in venture capital funding.
India is already the second-largest in terms of crypto adoption globally.
Crypto in India has come a long way but this is just the beginning — Crypto is a billion people industry in the making.
Govind Soni, Co-Founder and Chief Technology Officer, CoinSwitch, India’s largest crypto investing app, told IANS that their priority is to make it transparent, trustworthy and secure, and enable Indians to participate in this technology shift in a meaningful way.
Excerpts from the interview:
Q: Why is Crypto important, and how can India benefit from it?
A: Crypto is the gateway to a decentralised internet. The computing power of the billions of devices around the world can be utilised and incentivised using Crypto to build a new internet, called Web3.
India has the opportunity to take the lead in this transformation. We have the talent, users and the startup ecosystem. And we are witnessing an upskilling and migration of India’s large pool of engineers and developers to the cutting-edge and advanced field of blockchain and crypto.
All this puts India in a sweet spot. With an enabling regulatory environment, India can get a headstart and steer the direction of Web3 while it is built.
Q: Crypto has come a long way. Every day we hear news that even Wall Street giants are adopting Crypto. Why is that?
A: Institutional adoption is a sign that Crypto has well and truly grown beyond white papers to be a smart investment class. The origin of Crypto may have been based on an idea of a digital currency, but now it has evolved to become an attractive, emerging asset class.
There are several interesting use-cases being built on this technology. That is the intrinsic value of Crypto: The confidence and uptake of the underlying blockchain technology. Institutional investors understand this and have done their due diligence.
While retail investors continue to be the early adopters and torchbearers of Cryptos, growing institutional adoption underlines the fact that this is an asset class that is here to stay.
Even traditional markets are adopting and gaining exposure to Cryptos. All of this bodes well for the growth of the asset class.
Q: What about India? There is regulatory uncertainty on Crypto here. Do you see this changing and Crypto becoming a mainstream asset class here?
A: Certainly. Cryptos are an emerging asset class that speak to India’s digital-savvy population.
With regulatory clarity, institutional investors too will find the confidence to invest in and benefit from Cryptos.
As we have seen globally, Cryptos can attract significant institutional and foreign investments if regulations can enable innovations and provide the necessary guardrails. India can benefit similarly.
Innovations such as decentralised finance, or DeFi, can be an effective and fast enabler of capital for small and medium-scale businesses in India. Crypto is also paving the way for interesting applications such as decentralized social media that Indians can greatly benefit from.
Q: How is CoinSwitch protecting investors on its platform?
A: At CoinSwitch, investor protection is of utmost importance to us. While we have been using various digital platforms to inform, educate and engage with new crypto enthusiasts, we are continuously updating our app to help users make informed investing decisions.
And, numbers tell the story. The average time a user spends on our app reading, buying, selling, or trading has gone up to 27 minutes from 13 minutes in January 2021.
In line with our ongoing product feature upgrades to tighten platform security, we have launched Riskometer — our attempt to help users think twice before investing in a coin. The Riskometer provides a risk warning on coins that are highly volatile, or when the risk assessment suggests that users need to proceed with caution while investing.
We understand that ensuring compliance with relevant regulations is key to ensuring a safe, secure, and trustworthy user experience. Users on our platform can utilise their account balances (of Indian Rupees and crypto assets) to only transact on our platform or withdraw Indian Rupees. They can only deposit Indian Rupees from their verified bank account. Similarly, after selling crypto assets, users can withdraw Indian Rupees only to their verified bank account.
Q: What does cloud technology enable you to do better?
A: Amazon Web Services (AWS) allows to scale up on infrastructure and services without having any dependencies, or minimum usage commitments. AWS continues to make incremental improvements to its solutions and services, allowing us to easily deliver value to our customers. If we had to build these capabilities on our own it would have taken us significantly longer. With the shared responsibility model, security of the cloud is addressed by AWS and this helps us considerably reduce our efforts towards security and compliance. AWS account team and Enterprise Support provides proactive guidance and support as we scale our platforms. AWS is the easy answer for any internet-based ecosystem that wants to scale faster.
CoinSwitch is trusted by over 18 million registered users, making it the largest crypto investing app in India. Ours is a built-to-scale platform developed on top of AWS. Among a host of things, AWS has improved our time to market, handle spikes in traffic, and manage risks more efficiently. All of these put together help us provide a simplified and secure user experience on the app.
Business
Tata Motors Unveils Limited-Edition Safari STEALTH to Mark 27 Years of Legacy
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Tata Motors is celebrating 27 years of the Safari with the launch of the exclusive STEALTH Edition, a limited-run variant designed for those who seek style and performance. Available in both the Harrier and Safari models, only 2,700 units of this edition will be produced. The Harrier STEALTH is priced at Rs 25.09 lakh (ex-showroom, Delhi), while the Safari STEALTH starts at Rs 25.74 lakh (ex-showroom, Delhi) and is offered in both 6- and 7-seater configurations. With a striking design, premium features, and advanced technology, the STEALTH Edition adds a new level of exclusivity to Tata’s SUV lineup.
The Tata STEALTH Edition brings a bold, monotone design that reflects the growing demand for exclusive and distinctive vehicles. With limited units available, this special edition is set to attract enthusiasts looking for a unique SUV. Bookings for the STEALTH Edition opened on February 21, both online and at Tata dealerships across India, giving customers the chance to own a rare and stylish addition to Tata’s lineup.
The Harrier and Safari STEALTH Edition stand out with their bold design and advanced features, built on the sturdy OMEGARC platform derived from Land Rover’s D8 architecture. The exclusive Matte Black finish, R19 Black Alloy Wheels, and a distinctive STEALTH mascot give these SUVs a powerful road presence. Inside, the cabin is designed for comfort with ventilated first- and second-row seats (Safari only for the second row), a Carbon-Noir interior theme, and a voice-assisted dual-zone climate control system.
Technology is a highlight, featuring a 31.24 cm Harman touchscreen, Arcade App Store, Alexa Home 2 Car, Map My India navigation, and a 10-speaker JBL audio system with Harman AudioworX. Power comes from a 2.0L KRYOTEC BS6 Phase 2 turbocharged engine producing 170PS, paired with a 6-speed automatic transmission. Safety is a priority, with Level 2+ ADAS offering 21 functions, including a segment-first Intelligent Speed Assist, along with 7 airbags and ESP with 17 safety features.
Unveiling this exciting new version of the Harrier and Safari, Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility Ltd., stated, “Tata Motors has been a leader in the Indian SUV segment, with innovation at its core. The Tata Safari, which introduced the concept of a lifestyle SUV to India, reflects this legacy of pioneering excellence. Over 27 remarkable years, the Safari has constantly evolved, and the launch of the STEALTH Edition is a tribute to this journey. This special edition is an exclusive offering, with only 2,700 units available in the striking STEALTH Matte Black finish. More than just an SUV, the STEALTH Edition is a symbol of prestige, adventure, and capability, making it a highly desirable collector’s item for enthusiasts and connoisseurs. Owning a STEALTH Edition isn’t just about having an extraordinary vehicle—it’s about claiming a piece of automotive history that many will aspire to have in their collection.”
Business
Maruti Suzuki’s New Mid-Term Plan Aims To Make India An Export Hub, Launch More EVs
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New Delhi: The Suzuki Motor Corporation of Japan, the parent company of Maruti Suzuki India, on Thursday announced a new mid-term plan with a “rethink” in its strategy as “the business environment has changed due to declining market share in India” and the growing electrical vehicles segment.
In its new mid-term plan for 2025-30, the company has identified India as its “most important market”. Maruti Suzuki aims to create a manufacturing capacity of producing 4 million cars annually to reclaim a 50 per cent market share in India and use the country as a global export hub as well.
The auto major plans to expand its EV lineup starting with the e-Vitara, and is aiming to launch four new EV models by FY30 in a segment where its rivals like Tata Motors and Mahindra & Mahindra already have a varied EV portfolio in India.
“In India, we will promote further localisation in line with the growth of the electric vehicle market,” the company said.
Maruti Suzuki is currently exporting three lakh vehicles from India annually. By the end of this decade, it is targeting the export of 7.5-8 lakh units per year.
While the company noted it achieved revenue and profit targets ahead of schedule by improving sales mix and quality, its sales volume target could not be met.
It noted that the “competitive environment is becoming increasingly severe, and the quality of product functions, equipment and services required by customers is increasing”.
It aims to be India’s no.1 carmaker in terms of production, local sales and exports of electric cars. A total of six electric vehicles will be introduced by FY30, including four electric cars and two commercial vehicles.
Suzuki Motor plans to invest 1,200 billion yen (about Rs 7,000 crore) as capital expenditure towards production, new models, carbon neutrality and quality measures. A new plant in Haryana’s Kharkhoda and an assembly line in Suzuki Motor Gujarat will come onstream by 2030 for a total installed capacity of four million units.
Business
‘Made in India’ iPhone 6e not SE variant but a next-gen entry point for consumers
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New Delhi, Feb 20: In a further push to the local manufacturing, the entire iPhone 16 lineup, including the newly-launched iPhone 16e, is now being assembled in India for domestic market as well as for exports, as industry experts on Thursday cleared the air around the new device being compared to now-retired iPhone SE.
The new Apple device, with A18 chip, breakthrough battery life, Apple Intelligence, and a 48MP 2-in-1 camera system, is being manufactured/assembled for local consumption as well as for export to select countries.
According to experts, iPhone 16e is not iPhone SE4 and the whole “comparison is futile”.
When iPhone SE was launched, it was another masterstroke at that time. However, times have changed since then.
“Essentially, Apple retired the SE lineup and extended the iPhone 16 lineup with a new entry point. iPhone SE was no longer adding any value to consumers, developers or Apple,” said Neil Shah, Partner and Co-Founder at Counterpoint Research.
The iPhone SE which was positioned as a “Special Edition,” which brought nostalgia of older and smaller design, was priced around $400.
However, the iPhone SE lost its value and popularity, which used to be once 16 per cent of the total iPhone sales volumes, dropped to 1 per cent last year.
According to Shah, consumers now prefer better cameras, bigger displays and faster processors.
“With all this background, what Apple did was to extend the 16 series with a newer ‘base version’ of iPhone 16 and now retired SE,” Shah explained.
According to industry experts, the company has done well with streamlining the series, reducing fragmentation in design and experience and able to charge $599 (US)/Rs 59,999 (India) with the newest entry point for the best Apple experiences.
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