India releases data protection bill for feedback; Target 10,000 deep tech startups by 2030 – Nasscom

One Thing Today in Tech

India’s Ministry of Electronics and Information Technology has released a draft bill, titled ‘The Digital Personal Data Protection Bill 2022’ for public feedback. The last date to provide feedback, via the ministry’s website, is Dec. 17. This brings India a step closer to formulating rules that will govern the individual rights of the ‘digital citizen’ and the need to process data for lawful purposes. And deep tech startups in the country need much more money at various levels to thrive, Debjani Ghosh, president of Nasscom, India’s main tech lobby, said last week.

Notes:

India’s Ministry of Electronics and Information Technology has released a draft Bill, titled ‘The Digital Personal Data Protection Bill 2022’ for public feedback, the ministry said in a statement last week.

The purpose of the draft Bill is to provide for the processing of digital personal data in a manner that recognizes both the right of individuals to protect their data and the need to process personal data for lawful purposes, according to the statement.

The feedback on the draft bill in a chapter-wise manner can be submitted at https://innovateindia.mygov.in/digital-data-protection/ by December 17, 2022.

India’s Central Depository Services Limited, or CDSL, the country’s leading central securities depository, said its systems have been compromised by malware, TechCrunch reported on Friday.

The securities depository said in a filing with India’s National Stock Exchange that it detected malware affecting “a few of its internal machines.”

“As a matter of abundant caution, the company immediately isolated the machines and disconnected itself from other constituents of the capital market,” the filing said.

CDSL said it continues to investigate the breach and that it has so far “no reason to believe that any confidential information or the investor data has been compromised” due to the incident, according to TechCrunch.

Mohit Gupta, a top executive at Zomato, who was elevated to the status of co-founder in 2020, has quit, Economic Times reports. Mohit held various positions at Zomato including being the chief executive of its food delivery unit and head of its new initiatives, according to ET.

That makes for the third top-level exit in the Mumbai-listed loss-making food delivery services provider, according to ET. Rahul Ganjoo, head of new initiatives, resigned earlier this week while Siddharth Jhawar quit the company as vice president and head of intercity legends service earlier this month.

Lenskart, the online retailer of eyewear, has raised $39.6 million in Series I funding from Chiratae, DSP Mutual Fund and Axis Growth, according to data sourced from private markets intelligence provider Tracxn.

This takes Lenskart’s total funding to $1.05 billion and post-money valuation to $4.26 billion, according to Tracxn data.

India's deep tech startups need higher levels of seed and early-stage funding to grow faster, but currently, only 11 per cent of technology-related funds reach this ecosystem, Debjani Ghosh, president of Nasscom, said on Friday, Press Trust of India reports.

Speaking at a workshop on ‘Startups and Entrepreneurship: Vision India@2047,’ Ghosh called for encouraging 10,000 deep tech startups in India by 2030.

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