Tech5: Indian fintech ecosystem sees strong Q3 funding, Apple releases new iPad mini, and more

Among notable deals during the quarter were DMI Finance’s $334 million funding, and Moneyview being valued as a unicorn.

 

However, fintech acquisitions fell by 50 percent year-over-year, with only four recorded in the quarter. While alternative lending and payments thrived, software solutions for regulatory and compliance applications and insurance IT lagged significantly. The Reserve Bank of India’s new self-regulatory framework further supports industry stability, fostering an environment for sustained growth and innovation, Tracxn said in a press release yesterday.

 

Jio Platforms launches new affordable 4G phones for the masses

Jio Platforms, part of Reliance Industries, has introduced two new 4G handsets, JioBharat V3 and V4, priced at just Rs. 1,099 ($13) to attract the millions of Indians still stuck on 2G networks unable to afford smartphones, TechCrunch reported yesterday.

 

Designed with entry-level specifications, these devices feature 1.77-inch displays, 48MB RAM, and access to Jio's streaming services, including JioTV and JioCinema. Targeting approximately 250 million customers in Tier II and Tier III cities, Jio aims to convert users to its network as their primary connectivity provider, TechCrunch notes.

 

With support from Google and Meta, Jio already leads India’s telecom sector with around 490 million subscribers. The new feature phones, available via JioMart and Amazon, come with a monthly plan costing Rs 123 for 14GB of data, reinforcing Jio’s strategy to enhance digital accessibility among lower-income consumers.

 

Apple releases new iPad mini with powerful chip supporting AI

Apple has launched a new generation of the iPad mini, featuring advanced AI capabilities, including enhanced writing tools and an improved Siri assistant. Powered by the A17 Pro chip, which boosts CPU performance by 30 percent, the device will run Apple Intelligence, Apple's AI software.

 

Initial AI features will roll out this month via a software update for US users with iPadOS 18.1, with additional capabilities like image generation and ChatGPT integration expected in the coming months. The iPad mini starts at $499, with pre-orders available now and deliveries next week in 29 countries, including India.

 

PDRL partners Russia’s Stratus to develop drone technology

PDRL, an Indian drones startup in Nashik, has signed an MoU with Russia's Stratus LLC to integrate its AeroGCS software with Stratus's UAVProf Drone Simulator. This partnership aims to enhance drone operations in India and Russia, tapping PDRL's large share of the Indian agricultural drone market, the company said in a press release yesterday.

 

The collaboration will focus on joint R&D to align products with local regulations and boost customer satisfaction. Anil Chandaliya, PDRL's founder, said in the release the alliance marks a significant step forward, paving the way for future innovations in unmanned aviation technology globally.

 

Data Science Wizards raises $1.4M in seed funding

Data Science Wizards has raised $1.4 million in seed funding from an angel investor, the Mumbai-based provider of claims management software to insurers said in a press release yesterday. This takes the company’s total funding to $3.49 million, according to Tracxn.

 

The funds will help DSW develop its AI platform, UnifyAI, and launch ‘insurAInce’, a specialised solution for the insurance sector aimed at improving risk management and operational efficiency. DSW plans to expand UnifyAI's capabilities across banking, telecom, retail, and manufacturing.

 

CEO Sandeep Khuperkar said the platform supports AI adoption while maintaining compliance with industry standards.