OneStack, a Gurugram-based fintech startup, has raised $2 million in a pre-Series A funding round led by GrowX, Stride Ventures, 9Unicorns, and Venture Catalyst. The funding aims to accelerate the digitization of cooperative banks and credit societies across India, with the company setting an ambitious target of modernizing over 1,000 institutions by the end of 2025.

Driving Digital Transformation

Founded in 2019 by Amit Kapoor and Vishal Gupta, OneStack offers innovative solutions such as OneCBS (Core Banking Solution), a cloud-based platform designed to streamline operations, enhance customer experiences, and enable data-driven decision-making for cooperative banks. Additionally, it is introducing SoundBox, a merchant ecosystem solution that facilitates seamless digital payment services.

Currently serving over 200 cooperative banks, OneStack plans to expand its reach into South and East India while establishing nationwide offices and growing its team. This funding will also support the deployment of advanced technologies like UPI Switch and Bharat BillPay systems to empower banks with branded digital payment services.

Impact on Financial Inclusion

OneStack’s efforts align with India’s Digital Bharat initiative, aiming to bridge the technology gap for underserved financial institutions. By digitizing cooperative banks, which serve nearly 50% of India’s bankable population, the startup is driving financial inclusion for millions. “This funding propels our growth journey at an accelerated pace,” said Amit Kapoor, Founder and CEO. “We are empowering cooperative banks to compete in this digital epoch.”

With this milestone funding, OneStack is poised to transform India’s cooperative banking landscape while fostering innovation and financial accessibility nationwide.

Social media platforms are intensifying efforts to combat the misuse of deepfake technology by advocating for mandatory AI labeling and clearer definitions of synthetic content. Deepfakes, created using advanced artificial intelligence, pose significant threats by enabling the spread of misinformation, particularly in areas like elections, politics, and personal privacy.

Meta’s New Approach

Meta has announced expanded policies to label AI-generated content across Facebook and Instagram. Starting May 2025, “Made with AI” labels will be applied to synthetic media, with additional warnings for high-risk content that could deceive the public. Meta also requires political advertisers to disclose the use of AI in ads related to elections or social issues, aiming to address concerns ahead of key elections in India, the U.S., and Europe.

Industry-Wide Efforts

Other platforms like TikTok and Google have introduced similar rules, requiring deepfake content to be labeled clearly. TikTok has banned deepfakes involving private figures and minors, while the EU has urged platforms to label AI-generated media under its Digital Services Act guidelines.

Challenges Ahead

Despite these measures, detecting all AI-generated content remains difficult due to technological limitations. Experts warn that labeling alone may not fully prevent misinformation campaigns, especially as generative AI tools become more accessible.

Election Implications

With major elections scheduled in 2025, experts fear deepfakes could exacerbate misinformation campaigns, influencing voter perceptions. Social media platforms are under pressure to refine their policies and technologies to ensure transparency while safeguarding free speech.

OpenAI and Meta Platforms are reportedly in discussions with India’s Reliance Industries to explore potential partnerships aimed at enhancing their artificial intelligence (AI) offerings in the country. This development underscores India’s growing significance in the global AI landscape.

Key Aspects of the Discussions

• Partnership with Reliance Jio: One of the main focuses is a potential collaboration between Reliance Jio and OpenAI to facilitate the distribution of ChatGPT in India. This could enable wider access to advanced AI tools for businesses and consumers, leveraging Reliance’s extensive telecommunications network.
• Subscription Price Reduction: OpenAI is considering reducing the subscription cost for ChatGPT from $20 to a more affordable price, potentially just a few dollars. While it is unclear if this has been discussed with Reliance, such a move could significantly broaden access to AI services for various user demographics, including enterprises and students.
• Infrastructure Development: Reliance has expressed interest in hosting OpenAI’s models locally, ensuring that customer data remains within India. This aligns with data sovereignty regulations and addresses growing concerns about data privacy. A planned three-gigawatt data center in Jamnagar, Gujarat, is expected to serve as a major hub for these AI operations.

Market Implications

These potential partnerships reflect a broader trend among international tech firms aiming to democratize access to AI technologies in India. If successful, they could reshape India’s AI ecosystem and accelerate adoption across various sectors. As negotiations continue, stakeholders are closely monitoring how these alliances may impact India’s technological landscape and its position as a leader in AI innovation.