Top Trending Business News & Highlights

Microsoft Unveils Copilot for Finance, an AI Solution to Simplify Tasks Associated with Enterprise Finance

Microsoft on Thursday unveiled Copilot for Finance, a new artificial intelligence (AI) tool designed to make everyday mundane tasks easier for financial professionals. The Copilot tool adds new features tailored to financial operations to the already-existing Copilot for Microsoft 365 stack, rather than creating a brand-new AI model. This AI tool, which focuses on enterprises, is currently in public preview. Notably, a recent update from the tech giant revealed additional features and significant enhancements for Windows 11.Microsoft presented its new AI tool in a blog post, pitching it as a means of allowing finance departments within businesses to focus on strategic tasks rather than tedious analysis and report writing. The business also cited a statistic from CFO magazine, stating that the "drudgery of data entry and review cycles" was cited by 62% of finance professionals polled as a reason they could not find time for strategic tasks. The tech giant claims that Copilot for Finance automates a number of financial tasks that would otherwise require users to put in long hours. It can accomplish a wide range of tasks, including using natural language prompts to conduct a variance analysis in Excel, reconciling data in Excel with automated data structure comparisons, giving a comprehensive summary of pertinent customer account details, transforming raw data into visuals and reports, and much more.  

Published 04 Mar 2024 05:41 PM

Survey Says RBIs Paytm Action Won Affect Merchants Trust

Merchants' trust in the payment platform is unaffected by the severe limitations the Reserve Bank of India (RBI) placed on Paytm Payments Bank (PPBL), according to a survey done. According to Datum Intelligence, a Gurugram-based provider of business consulting and services, 59% of retailers still use Paytm and don't think the government crackdown will have an immediate effect on their business. The business conducted a survey with 2,000 business owners in 12 cities who accept payments through Paytm apps. According to a press release from Datum Intelligence, it was done between February 7 and February 15. Survey Says RBI's Paytm Action Won't Affect Merchants' Trust According to a Datum survey, 76% of retailers accept payments through Paytm. Merchants' trust in the payment platform is unaffected by the severe limitations the Reserve Bank of India (RBI) placed on Paytm Payments Bank (PPBL), according to a survey done. According to Datum Intelligence, a Gurugram-based provider of business consulting and services, 59% of retailers still use Paytm and don't think the government crackdown will have an immediate effect on their business. The business conducted a survey with 2,000 business owners in 12 cities who accept payments through Paytm apps. According to a press release from Datum Intelligence, it was done between February 7 and February 15. According to the survey, 21% of retailers are awaiting additional information The fact that a Paytm representative contacted them following the RBI ruling is what gives retailers their confidence. "After being contacted by a Paytm representative, 71% of merchants feel comfortable continuing to use Paytm for payments. According to the Datum Intelligence survey, only 11% of respondents are less confident about using Paytm for payments, and 14% of respondents are still looking for more information."Overall, the impact is limited on the merchant business and Paytm is engaging with merchants to reduce the damage and merchants are also waiting before deciding on alternatives," it added.

Published 28 Feb 2024 05:01 PM

India Accepts All Foreign Investment In The Space Industry

In an effort to facilitate business in the nation, the Indian government approved an amendment on Wednesday that permits 100% foreign direct investment (FDI) in the space sector. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment. The government stated in a statement that the FDI policy reform will encourage growth in investment, income, and employment. 

Published 22 Feb 2024 01:45 AM

Thailands New Program Will Provide Up To $14,000 In Medical Coverage For Visitors

In an effort to entice travelers back after the pandemic, Thailand has launched a program to provide up to $14,000 in medical coverage in the event of an accident, the country's tourism minister announced on Thursday. Under the new plan, the government will pay up to 500,000 baht ($14,000) in expenses and up to one million baht in compensation in the event of a death. The kingdom's vital tourism industry was severely impacted by travel restrictions during the Covid-19 pandemic, and arrivals have not recovered as quickly as officials had hoped.According to AFP, the new Thailand Traveler Safety program launched on January 1 and will run through August 31. Sudawan Wangsuphakijkosol is the minister of tourism. "The campaign aims to assure foreign tourists that Thailand is safe and everyone will be under good care," she stated. For a long time, young travelers from all over the world who are looking for sun, sand, and excitement have been drawn to the kingdom. However, mishaps are not unusual, and in the past few months, there have been multiple accounts of young Europeans being left with large medical bills and insufficient insurance.The Thai government makes it clear that mishaps brought on by "negligence, intent, illegal acts" or reckless behavior are not covered by the program. Travelers can sign up for the program at tts.go.th, the website for Thailand Traveller Safety. In 2023, there were about 28 million tourists to Thailand, up from 11 million in the previous year but still far less than the 40 million that arrived in 2019, the final year before the pandemic.

Published 15 Feb 2024 04:11 PM

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Weak rural demand is anticipated to have an influence on the volume growth of FMCG companies in Q3.

Leading FMCG companies anticipate sequential improvement in consumer demand and low to mid-single-digit volume growth in the October–December quarter. Leading listed FMCG companies including Dabur, Marico, and Godrej Consumer Products stated in their quarterly reports that consumer demand from the rural market is trailing, even while the urban markets remained stable in the third quarter as demonstrated in the September quarter.Businesses anticipate a slow recovery since there are encouraging trends in volume trends and early indications of a recovery in consumption.Additionally, the producers anticipate growth in gross margins year over year, which will be aided by a moderating effect on inflation as the costs of essential inputs, including copra and edible oil, continue to be lower, and there has been some downward bias in the prices of crude derivatives. This will assist FMCG companies in allocating more funding for marketing and promotions. "Increasing advertising and promotion (A&P) spending will be the primary driver of a sizable amount of the gross margin growth. As a result, operating profit is anticipated to increase year over year and record an improvement, according to Dabur India's quarterly updates. This is somewhat faster than revenue growth.  

Pre-Series A Funding of Rs 10 Crore is Secured by Settl for Co-Living Expansion

In a pre-series A investment round, investors including Gruhas, We Founder Circle, Inflection Point Ventures, and others have contributed Rs. 10 crore to the proptech startup Settl. Settl., which was founded in 2020, intends to use the money for technology advancement, staff growth, and working capital.With 60+ locations across Bengaluru, Hyderabad, Gurugram, and Chennai, Settl. is a co-living operator that offers 4000 beds, mostly for working people, for rental fees between Rs 12,500 and Rs 18,000 per bed.To date, the portal that lets users look for and rent completely furnished rooms, flats, or communal living spaces has raised a total of Rs 15 crore.Another IIT Madras initiative aims to support 100 businesses by 2024. By 2024, 100 companies from a variety of industries will be supported by the IIT Madras Incubation Cell (IITMIC), the institute's central hub for fostering, advising, and supervising diverse innovation and entrepreneurship initiatives."We at IIT Madras take tremendous satisfaction in the fact that we innovate a lot more. In 2024, we also want to launch 100 start-ups. A number of intriguing innovations are also emerging from IIT Madras-incubated start-ups, including Mindgrove Tech, AgniKul Cosmos, and Hyperloop start-up The ePlane Company. These startups will produce goods that are extremely important to the country." remarked Professor V. Kamakoti, Director of IIT Madras.  

For FY23, Unacademys revenue jumps 26% to Rs 907 crore while its loss cuts

The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.In what was a difficult year for the startup environment, many modern businesses, like Myntra, ZestMoney, and Curefoods, reported stronger revenues for FY23, but their losses also increased.Revenue at Myntra rises to Rs 4,375 crore: The apparel retailer Myntra, which is owned by Flipkart, reported a 25% increase in operating revenue to Rs 4,375 crore in FY23, despite a 31% increase in losses to Rs 782 crore. The online fashion platform's largest expense, amounting to Rs 1,758 crore, was spent on advertising and promotional activities, representing a 35% increase over the previous year.Unacademy reduces losses to Rs 1,678 crore, or 41%: Unacademy, a startup providing test preparation, reported that its losses in FY23, which included several layoffs at the company, decreased by 41% to Rs 1,678 crore. The Bengaluru-based firm saw a 26% increase in sales to Rs 907 crore during the year, while costs associated with payroll decreased by 28% to Rs 1,281 crore.ZestMoney reports a loss of Rs 412 crore. ZestMoney, a troubled startup that has been searching for a buyer, declared a net loss of Rs 412.4 crore for the fiscal year 2023. On the other hand, while total expenses increased by 21% to Rs 662.2 crore, overall revenue for the buy-now-pay-later platform increased by 72% to Rs 250 crore.  

VinFast, A Rival To Tesla, Is Likely To Construct An EV Battery Plant In India

The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.In what was a difficult year for the startup environment, many modern businesses, like Myntra, ZestMoney, and Curefoods, reported stronger revenues for FY23, but their losses also increased.Revenue at Myntra rises to Rs 4,375 crore: The apparel retailer Myntra, which is owned by Flipkart, reported a 25% increase in operating revenue to Rs 4,375 crore in FY23, despite a 31% increase in losses to Rs 782 crore. The online fashion platform's largest expense, amounting to Rs 1,758 crore, was spent on advertising and promotional activities, representing a 35% increase over the previous year.Unacademy reduces losses to Rs 1,678 crore, or 41%: Unacademy, a startup providing test preparation, reported that its losses in FY23, which included several layoffs at the company, decreased by 41% to Rs 1,678 crore. The Bengaluru-based firm saw a 26% increase in sales to Rs 907 crore during the year, while costs associated with payroll decreased by 28% to Rs 1,281 crore.ZestMoney reports a loss of Rs 412 crore. ZestMoney, a troubled startup that has been searching for a buyer, declared a net loss of Rs 412.4 crore for the fiscal year 2023. On the other hand, while total expenses increased by 21% to Rs 662.2 crore, overall revenue for the buy-now-pay-later platform increased by 72% to Rs 250 crore.    

Rajat Diwakar is appointed CEO of iD Fresh Foods India.

Rajat Diwakar has been named CEO of iD Fresh Food's India division, the business announced on Friday. Diwakar worked as the Managing Director of Marico Bangladesh Limited before being hired by iD Fresh Foods. Additionally, he has over 20 years of experience leading FMCG companies.Leader of iD Fresh India, Rajat Diwakar Delhi, New: iD Fresh Food, a ready-to-cook packaged food firm, strengthened its leadership team on a national and international level on Friday by appointing industry veteran Rajat Diwaker as the India CEO and PC Musthafa as the Global CEO.Today, iD Fresh Food announced the appointment of Rajat Diwaker, a seasoned industry veteran, as the CEO for India. Rajat is a seasoned professional with more than 20 years of experience in the FMCG sector. He was the Managing Director of Marico Bangladesh Limited in his previous position. Additionally, he serves as a director on the board of Bangladesh's Foreign Investors' Chamber of Commerce and Industry (FICCI).In addition to continuing to lead the board of directors, PC Musthafa, who founded iD Fresh and served in that capacity for almost 20 years, now assumes the position of global CEO. Musthafa will be in charge of iD Fresh's worldwide market innovations, as well as international expansions, strategic acquisitions, the development of food-tech capabilities, and organizational culture inspiration.iD Fresh plans to designate specific Business Heads and CEOs for every international market as part of its expansion strategy. In actuality, the business is currently employing a US CEO. At present, more than one-third originates from sources outside of India. In 2024, the company intends to increase its presence in the current markets while branching out into new ones like Singapore and Australia.The global CEO of iD Fresh Food, PC Musthafa, commented on the most recent development, saying, "iD Fresh's journey has been incredibly rewarding so far, and we continue to make tremendous strides." I'm happy to have Rajat Diwaker join the iD Fresh team. I have no doubt that in the years to follow, we will accomplish greater things and win over more hearts under his capable and visionary leadership. And because of the unwavering support from customers that we have accumulated over the years, I am excited to lead the brand into new international markets as we set off on new experiences.  

Revenues increase 67% as InCred Finance reports a net profit of Rs 121 crore for FY23.

InCred Finance, which joined the unicorn club last year, declared total revenues for the fiscal year 2023 of Rs 877.5 crore, a 67% increase over the previous fiscal year. According to data obtained from research platform Tracxn, the non-banking financial company also claimed a net profit of Rs 121 crore in FY23, a notable increase from the Rs 31 crore it reported in FY22.As the second unicorn of 2023, InCred Finance raised $60 million in December from a group of investors that included very wealthy customers, valued at $1.04 billion. The money will be utilized to expand its primary business verticals, which include lending to micro, small, and medium-sized businesses (MSME), consumers, and students.The other Indian firm to join the unicorn club in 2023 was Zepto, a quick commerce company. A privately held business valued at $1 billion or more is known as a unicorn. Experienced banker Bhupinder Singh launched InCred Finance, the lending division of InCred Group, in 2016. It offers loans in the areas of school finance, small business lending, and retail lending. It amalgamated with KKR India Financial S.A. in 2022.InCred said earlier in November that it has grown its loan portfolio to Rs 7,500 crore in six years, with over 50% compound annual growth over the previous three years. Institutional investors include the Abu Dhabi Investment Authority (ADIA), Moore Strategic Ventures, Elevar Equity, Oaks Asset Management, and the Dutch development financing corporation FMO have contributed money to InCred.  

Fireside Ventures leads a 50 crore Series A fundraising round for mental health firm Amaha.

On Wednesday, Amaha, a company focused on mental health, announced that it has raised ₹50 crore in a Series A financing round led by Fireside Ventures. ₹15.6 crore more was contributed by other angel investors.Amaha, the former InnerHour, intends to expand and improve its mental health offerings with the help of this investment. Serving more than 600 Indian locations, the Mumbai-based organization provides a range of therapies and care programs for mental health issues like anxiety, depression, bipolar disorder, ADHD, OCD, schizophrenia, and addictions.The portfolio of Fireside Ventures, an investment firm that focuses mostly on consumer-focused startups, comprises businesses in the food and beverage, personal care, kids & education, lifestyle, and home products industries. It made investments in various wellness firms last year, including The Good Bug and Inito.A portion of the increased awareness and support for mental health and wellness in recent years has come from celebrities, including actors and cricket players, as well as from a number of organizations and social media platforms. Amaha was established in 2016 and offers digital services via an app that provides self-care tools and resources, in addition to operating physical centers in Delhi NCR, Bengaluru, and Mumbai. The founder and CEO of Amaha, Amit Malik, stated in an interview with Mint that "we're looking to go beyond digital at this stage because I think there is a lot of unmet need within the industry." Amaha has been aggressively investing in infrastructure, including physical clinics and technical advancements, despite growing losses in 2023 and maintaining a positiveAmaha obtained $5.2 million from Lightbox Ventures, a venture capital firm, in 2021. Additional angel investors that took part were Hitesh Oberoi, CEO & MD of Info Edge India Pvt. Ltd., Pankaj Sahni, CEO of Medanta-The Medicity Hospitals, and Capricorn Ventures & Micasa Investments (Singapore).  

Melissa Niebes is named CEO of Federal Package, effective January 1, 2024.

Melissa Niebes has been named the new Chief Executive Officer of Federal Package, a turnkey contract manufacturer with its headquarters located in Chanhassen, MN. Her appointment will take effect on January 1, 2024. Niebes is Federal Package's President and Chief Commercial Officer at the moment. She will take over as CEO from Steve Dakolios, who recently declared his intention to become a Vice Chairman and Senior Advisor at Federal Package."Melissa has a strong track record as a growth-oriented leader in the consumer goods sector. She has given the business new life, direction, and energy. As the business grows, she will keep improving operational effectiveness and organizational procedures. The time is right for new leadership, and Melissa is qualified to advance our long-term plan and quicken  

Ranji Trophy: Hand of Pondicherry Delhi lost by nine wickets.

The Ranji Trophy campaign for Delhi in 2023–24 got off to the worst conceivable start. It was Pondicherry's sole victory in the Ranji Trophy elite group, as they thrashed Delhi by nine wickets.On a chilly Day 4, Pondicherry's victory was a formality when Gourav Yadav and Abin Matthew dismissed Delhi's overnight batters, Harsh Tyagi and Ishant Sharma, early in their second innings, as they collapsed for 145 runs. With nine wickets remaining, Pondicherry took down the score in 13.1 overs, needing just 50 runs to win.Ranji Trophy 2024: Puducherry defeated Delhi, the defending champions, by nine wickets in their home opener. Former Madhya Pradesh fast bowler Gourav Yadav haunted Delhi in their own backyard with a match-winning tally of 10 wickets.Puducherry had one of their greatest victories in Ranji Trophy history on Monday, January 8, when they defeated Delhi, one of the league's heavyweights, by nine wickets in the opening game of Elite Group D at the Arun Jaitley Stadium in New Delhi. On a chilly morning in the capital city, Puducherry only needed to chase 51 runs to win, and they did so in style in just 13.4 overs.  

Imran Khans party in Pakistan loses its cricket bat electoral symbol

The Imran Khan-led PTI Takes Away "Cricket Bat" Symbol When SC Says Internal Polls Are "Null and Void"The Pakistan Tehreek-e-Insaf (PTI) intra-party elections were declared unlawful by the Supreme Court of Pakistan late on Saturday night, according to PTI. It ended the contentious discussion over the selection of the famous electoral symbol by stripping the party of the "bat" as an election symbol. The verdict of a two-member bench of the Peshawar High Court (PHC) on Wednesday, which confirmed the PTI party's elections and reinstated the cricket bat as its electoral symbol, was challenged by the Election Commission of Pakistan (ECP).A three-judge panel made up of Chief Justice Qazi Faez Isa, Justice Muhammad Ali Mazhar, and Justice Musarrat Hilali heard the ECP's petition and then reserved their decision, which was made public late on Saturday night.In a ruling that was read aloud by the chief justice, the highest court declared that it would "set aside the PHC judgement and restore the ECP judgement," which had declared the PTI's intra-party elections null and void and removed the party's 'bat' insignia. The controversy around the election symbol started on December 22, when the ECP rejected surveys conducted within the party, depriving the party of its electoral emblem for the February 8 election.The Peshawar High Court, which received a petition from the party, suspended the ECP ruling on December 26 with an interim order.On January 3, the high court overturned the order when the election administration challenged the verdict. The PHC further declared that a two-judge bench will hear arguments over the PTI bat emblem. The ECP challenged the tribunal's ruling before the Supreme Court, but the two-member panel decided to reinstate the "bat" as a PTI insignia.The PTI has traditionally used a bat as its insignia, and it is said that stripping the party of this iconic image would require its candidates to run on different signs, which would confuse party members in rural areas on election day.In addition, the PTI would not be able to claim reserved seats in the national and provincial legislatures, which are split into parties according to the proportion of seats won in elections, if they did not have a single emblem. Barrister Khan has expressed concern that the PTI would suffer a significant loss if these seats in the national and provincial assemblies were lost in the absence of a party insignia. PTI's Ali Zafar responded to the Supreme Court's ruling by saying that, although history will decide the outcome, the PTI candidate would have to run without a common symbol right away."The symbol has been removed by the court, but the party remains a registered entity." All of our candidates would run as independents in accordance with our policy, he was cited by PTI in its story. PTI chairman Barrister Gohar Khan claimed that the political rights of the PTI and its supporters had been violated and expressed shock at the decision.   

Mars Wrigley India appoints Nikhil Rao as CMO

Mars Wrigley India, the chocolate and confectionery arm of Mars Incorporated in India, has announced the appointment of Nikhil Rao as its new Chief Marketing Officer (CMO) today.Nikhil will supervise the end-to-end implementation of Mars Wrigley's portfolio strategy in India, drive strategic initiatives, and set the marketing vision in this important leadership role. He will report to Tamer Kadry, the country general manager of Mars Wrigley India, and be stationed in the company's Gurgaon office.Buyofuel, a prominent participant in the biofuel sector, has announced the introduction of "BuyoTrace," a state-of-the-art function incorporated into its online marketplace for green fuel.The goal of BuyoTrace is to give customers peace of mind about the sustainability and caliber of the biofuels they purchase on the website. In addition to serving consumer interests, this transparency is consistent with Buyofuel's mission to further environmental goals worldwide.Rao will supervise the end-to-end implementation of the business's portfolio strategy in India, drive strategic initiatives, and set the marketing vision, according to the company. He will report to Tamer Kadry, the country general manager of Mars Wrigley India, and be stationed in the company's Gurgaon office. "Our continuous goal has been to drive relevance, be consumer-focused, and agile as our India business grows." In order for Mars Wrigley India to stay innovative in the face of fresh, fierce competition and constantly changing consumer preferences, Nikhil will be essential. Our long-term growth ambitions for India will be shaped and carried out in large part by his breadth of expertise and experience, according to a statement from Kadry.  

The King Farmers Cohort initiative is launched by BioPrime AgriSolutions.

With the introduction of its "King Farmers Cohort" program, BioPrime AgriSolutions, a top biotechnology business that specializes in creating innovative agri-biologicals, is transforming farmer empowerment.By equipping farmers with specialized information and skills specific to their crops and areas, this project helps them thrive in the dynamic agricultural landscape. In order to guarantee that they receive thorough business and technical assistance throughout the full crop cycle, cohort participants will benefit from a combination of specialized technical training sessions, mentorships, one-on-one assistance, and group farm visits.Beyond only maximizing output, the King Farmers Cohort promotes a holistic approach to farming that prioritizes important areas such as increasing profitability, managing soil health, and adopting climate-resilient methods.The "King Farmers Cohort" program was launched by famous biotechnology company BioPrime AgriSolutions, which specializes in advanced agri-biologicals. The program's goal is to give farmers access to crop- and region-specific knowledge so they may prosper in the ever-changing agricultural landscape. The "King Farmers Cohort" program, according to BioPrime AgriSolutions, stresses a holistic approach to agriculture, concentrating on crucial elements including soil health management, climate-resilient practices, and profitability enhancement. In order to address the unique needs of farmers and provide them with the tools they need to adapt to changing climates and enhance soil health, which is crucial for sustainable success, the company intends to hold four specialized technical training sessions with eminent researchers and innovators as the instructors.Beyond the classroom, the curriculum includes field trips and harvest days in certain farmer fields to give participants real-world experience, motivation, and networking opportunities. This method promotes peer-to-peer learning, allowing participants to share best practices derived from practical experiences and work together to address shared difficulties. BioPrime AgriSolutions promotes a helpful environment that is conducive to problem-solving by highlighting the need of learning from peers with a variety of skills.In order to honor exceptional accomplishments in productivity, financial gain, and environmental responsibility, BioPrime AgriSolutions intends to host a farewell celebration for each cohort. By recognizing their accomplishments and encouraging them to reach their full potential, the company hopes to inspire farmers.The program's emphasis on sustainability and farmer empowerment was emphasized by Dr. Renuka Diwan, Co-Founder & CEO of BioPrime AgriSolutions, who said, "Empowering farmers isn't just about higher yields; it's also about equipping them to be sustainable." In this evolving environment, the King Farmers Cohort serves as a catalyst by combining resources and offering assistance to farmers in the path towards a sustainable and profitable future. With the "King Farmers Cohort" program, BioPrime AgriSolutions has set high goals: by 2024, the company wants to create 20 cohorts spanning 10 crops, 10 regions, and 3 states. Through this project, the corporation hopes to affect 10,000 acres of land and more than 1,000 farmers. Furthermore, BioPrime AgriSolutions is inviting additional businesses and academic institutions to collaborate with leading scientists in order to support the program's success.In Maharashtra, the first cohort was introduced with an emphasis on onions and included 40 farmers who farmed more than 1000 acres. To increase the program's impact and reach, future cohorts will concentrate on a variety of crops, including potatoes, pomegranates, chilies, tomatoes, soybeans, and grapes, among others.  

The Udhyam Learning Foundation honors one hundred young businesspeople.

Sarvo Udhyam’ in conjunction with Udhyam Learning Foundation inaugurated its National Alumni Community on January 11, on the eve of National Youth Day to commemorate the spirit and achievements of the 100 young entrepreneurs who graduated from Udhyam’s Youth Business Projects.Sarvo Udhyam’ strives to provide a structured forum for peer sharing, knowledge exchange, mentorship, and collaborative growth opportunities.January 12, 2024, New Delhi: On National Youth Day, "Sarvo Udhyam" and the Udhyam Learning Foundation celebrated by launching the National Alumni Community at The Grand Orion in New Delhi. The occasion celebrated the achievements of 100 young entrepreneurs who completed Udhyam's Youth Business Projects, together producing over INR 4 crores in business within just over two years. Seeing the enormous potential of India's youth—more than 600 million people under the age of 25—the event included Udhyam Youth Business Projects Initiative graduates. During a panel discussion, successful startup founders such as Sairee Chahal, the founder of Sheros, and Mr. Brijesh Aggarwal, co-founder and director of IndiaMART, presented their perspectives and talked about the difficulties experienced by aspiring business owners."We are happy to cultivate a dynamic community wherein the flourishing of the entrepreneurial spirit of the youth takes center stage," stated Mekin Maheshwari, CEO and Founder of Udhyam Learning Foundation. Our goal is to empower young people by giving them the information and skills necessary to succeed in entrepreneurship, as well as by creating an atmosphere that will enable them to easily apply what they have learned to take meaningful action. "Sarvo-Udhyam" is a community where the entrepreneurial mindset is realized rather than merely an alumni chapter.Prominent entrepreneurs promised these new companies their quick support during the event. Among the initiatives were free India Mart subscriptions, accounting software, and legal and compliance advice from Mr. Brijesh Aggarwal. Rajeev Talreja also promised to provide the young group a complimentary three-day business course. Across a wide range of industries, including software services, apparel, food, electronics, marketing, cosmetics, education, and the arts, these entrepreneurs have built profitable companies that have employed several people and brought in over INR 4 crores in revenue.  

ETtech Deals Digest: This week, startup funding dropped 70% to $102 million.

In the second week of 2024, investments in startups fell by around 70% year over year to a total of $102.1 million across 26 different agreements, indicating that the funding crunch was not going away. According to data from Tracxn, companies in seed, early, and late stages raised around $288 million between January 6 and January 12, 2023.At roughly $49 million, or 48% of the total deal value, the early stage saw the largest amount of capital raised throughout the week. $35.2 million in late-stage finance, representing 35% of the total, came next.Funding increased sequentially in the most recent week, rising more than three times in volume and nearly three times in value terms. These cutting-edge businesses closed eight deals for $35.8 million last week.The latest numbers come after a busy spell of dealmaking in December, which came as a twist at the end of 2023 – one of the weakest years for venture capital activity in the country.The financial shortage persisted as evidenced by the fact that, in the second week of 2024, investments in startups plummeted by over 70% year over year to a total of $102.1 million across 26 separate agreements. Tracxn data indicates that between January 6 and January 12, 2023, companies in seed, early, and late stages raised approximately $288 million.In the second week of 2024, investments in startups fell by around 70% year over year to a total of $102.1 million across 26 different agreements, indicating that the funding crunch was not going away. According to data from Tracxn, companies in seed, early, and late stages raised over $288 million between January 6 and January 12, 2023.  

Innovation Week is organized by DPIIT to commemorate Startup Indias eight years.

January 12, New Delhi [India], (ANI): This week's "Startup India Innovation Week 2024," which is commemorating eight years of the Startup India initiative, kicked out with an Ask Me Anything (AMA) session including ecosystem enablers.To honor India's entrepreneurial spirit, eight virtual Ask Me Anything (AMA) live sessions with pertinent stakeholders are scheduled for January 10–17.During the Ask Me Anything session, which was centered around "Opportunities for Budding Startups through Incubators," entrepreneurs and startups gained knowledge about the several seed funding sources that are accessible. Important advice on the various phases of the startup process, from the first spark of an idea to ultimately going public, was also given throughout the discussion. The event was broadcast live on Startup India's social media platforms.The topic of discussion in the inaugural MAARG Mentorship Series session for aspiring business owners was "From Idea to Execution: Building a Solid Business Plan." Through the use of case studies that portrayed difficult situations, the facilitators engaged the participants and provided insights into the process of turning entrepreneurial ideas into a well-structured company plan. The MY Bharat portal for prospective businesses also aired the discussion.Additionally, Startup India's premier accelerator program, "Startup Shala," was introduced to provide comprehensive support to entrepreneurs during their scale-up phase. The initiative is a three-month accelerator program designed to give early-stage entrepreneurs access to the resources, networks, capital, and advice they need to grow. Every program cohort will concentrate on a different industry, with the clean technology industry being the first. On January 10, 2024, the Startup India portal opened for applicants.  

By the end of 2024, India will have its first memory chip made in the country.

At the Vibrant Gujarat Global Summit 2024, South Korea's Simmtech announced an investment of INR 1,250 Cr in Gujarat. Union Minister of Information Technology and Electronics Ashwini Vaishnaw stated that Gujarat will provide India with its first memory chip produced domestically by the end of the current year.A Memorandum of Understanding (MoU) was signed by Simmtech, a company that makes high-layer printed circuit boards for semiconductors, and the Gujarat government, proposing to establish a plant in the state to strengthen the semiconductor ecosystem.In accordance with the terms of the MoU, Simmtech would invest around INR 1,250 Cr to establish operations and assist Micron's semiconductor plant in Gujarat. According to Vaishnaw, the plant's setup will begin in March.It's important to remember that semiconductor giant Micron stated last year that it would establish an assembly and testing facility in Sanand, Gujarat. According to a report from Mint, Simmtech CEO Jeffrey Chun stated that the business is prepared to increase its investments in India. It anticipates more than 1,000 direct and indirect job opportunities from its Gujarat plant.In September of last year, Simmtech's plan to establish a unit in Sanand, near Micron's facility, was approved. Vaishnaw stated at the summit, "The Simmtech plant will be located close to Micron's semiconductor plant, which is currently being established at Gujarat Industrial Development Corporation's (GIDC) industrial estate in Sanand. " In the meantime, Micron and NamTech signed an agreement to develop talent for Micron's Indian semiconductor business. More than 200 workers have already been hired by the US company for its plant there.The minister continued, "I would like Micron to work with IIT Gandhinagar to establish a center of excellence, which will help in building a robust talent pipeline." This development coincides with a period in which the Indian government is making every effort to get semiconductor businesses to establish production facilities in India. The Center has implemented several initiatives to foster the growth of the semiconductor industry in the nation, including the design-linked incentive program and a $10 billion commitment to the India Semiconductor Mission (ISM).A group of experts has also suggested that the nation establish a $8 billion worldwide standard India Semiconductor Research Center. It was predicted that by the end of 2023, there would be 50 Indian startups operating in the semiconductor industry. The Center also considered assisting new businesses in forming professional partnerships with multinational semiconductor manufacturers.  

Social network Amealio obtains undisclosed pre-seed funding from Sucseed

SucSEED Indovation Fund and ISF Angels, lead by JA Chowdhary and other angels, led an undisclosed pre-seed fundraising round for Amealio, a community-driven platform for food and entertainment."...Amealio, powered by AI, Partnership, and ONDC, cultivates new friendships, uncovers experiences and hidden gems, and produces lifelong memories." He highlights the platform's importance in reviving neighborhood connections and bringing local communities back to life. This is how Amealio is filling in a previously existing gap,” Shaker Dixit, Founder and CEO of Amealio, said. “We are excited to invest in Amealio as it has a unique combination of corporate veterans with first-hand experience in running/owning multiple restaurants across India and the US, and the people who are deeply passionate about food and customer satisfaction on one platform…,” Dhiraj Kumar Sinha, General Partner of SucSEED Indovation Fund, added."We are ecstatic to have as partners such knowledgeable investors in the consumer area. "We are thrilled about the opportunities that lie ahead, and their support speaks volumes about the potential that is there in this space," Salty co-founder Kanishka Garg said.Of the 2,000 candidates anticipated, 100 will be selected for the IPV Ideaschool Batch 1 program at first, and 40 of them will go on to actively participate in the accelerator program's discussions. The startups will be assessed in numerous rounds using various criteria.  

Maruti Suzuki Increases Prices for All Models Due To Declining Auto Demand

Bengaluru: The nation's largest automaker, Maruti Suzuki India, raised the prices of its models by 0.45% on Tuesday, a significant decrease from the increase it made in January of last year, suggesting that demand for its vehicles is slowing down. In late 2023, Maruti and its competitors announced that they would be raising prices starting in January because of rising commodity prices.   The company, which is primarily owned by Suzuki Motor of Japan, has struggled with slow sales in the small car market as the income levels of its regular customers haven't kept up with the rising costs of consumer goods and automobiles.Analysts predict that after a spike in sales in the previous fiscal year brought on by pent-up demand because of COVID, passenger vehicle sales will grow by about mid-single digits this fiscal year and then decline further in the following. The Swift hatchback's manufacturer raised prices by more than twice the most recent increase, 1.1% on average, across its whole vehicle lineup in January of last year. Automakers in India increase the prices of their vehicles in January every year after attempting to woo customers with seasonal discounts. Considering the year-end, coupled with low demand for entry-level vehicles, Maruti increased discounts on its lesser-priced models by 40-45% in December 2023.

Naukri.com, "No Work-Life Balance In Startups" Leader Supports Narayana Murthy

Influential people from a variety of sectors have debated Infosys founder NR Narayana Murthy's proposal for a 70-hour work week as a means of improving India's overall productivity at work. Naukri.com chairman Sanjeev Bikhchandani has now joined the group of people who support Mr. Murthy's idea. "At 5 p.m., you cannot say, 'Ab ho gaya,' which means 'now I am done.'" 'Saturday, Sunday main kaam nahi karta' [I don't work on weekends] is not acceptable. If you want to succeed, "Apko karna padega [you will have to]," Mr. Bikhchandani stated on the Indian Silicon Valley Podcast. Ek kamyab entrepreneur dikha do [show me one successful entrepreneur] who did not have this work ethic and succeeded in the first five to ten years." It doesn't take place.In his early years as a startup founder, he stressed that it's usually difficult to strike a work-life balance. "Ask 'tune kitni mehnat ki' [how hard have you worked?] of any successful Indian entrepreneur today. "Maine bahot mehnat ki" means "I have worked very hard." Because to make something work in India you got to put in the hours. The truth is if you're doing a startup, there is no work-life balance. There's only work-life integration. You live for your work for the first few years."As Mr. Bikhchandani clarified, "Religion is not seventy hours a week. The idea, I believe, was to be ready to work as hard as necessary—which might be a lot harder than you're working now. Aapko mehnat karni padegi [you will have to work hard]. Hopefully, you won't mind doing it, because you want to build that startup. This is not a lecture, this is reality,” he added.  

NEW: Shah Rukh Khan shares how he was able to enrich common Indians.

This is my goal for the day: to make Indians wealthier and provide them with a higher standard of living! People in India will afford what they wish. I’m sure my project will help them and now I do all my best to spread information about that“ explains Shah Rukh Khan. “Nowadays people are struggling financially and providing them with the opportunity to earn a year’s salary remotely from their homes is incredible to me!” Shah Rukh Khan, an Indian actor and film producer who works on Hindi films, most recently announced at an investment forum in New Delhi that he had invested more than $3,000,000 in a state-of-the-art automated trading platform. Khan is also known by the initials SRK. Following a two-year development period, the company is prepared to go public. "We have been enhancing the platform to boost the success rate of daily trades and have ultimately made it accessible to the general public," said Shah Rukh Khan. Since nobody is required to have specialized knowledge of traditional financial markets or cryptocurrencies today. There is no better way to release the project when so many press around me here. BTC Ai Evex is our child that will give big .The minimum entry threshold has been nearly twice reduced, from ₹ 36.000 to 18.499, thanks to platform improvements, making it much more comfortable for many users. The machine learning foundation of the system is a major advantage over many other platforms available, not just in India. After 20 years of analyzing thousands of deals from professional traders, the algorithm has already encountered over 10 million unique situations on the financial markets and can effortlessly figure out how to profit today. Every market is cyclical, repeating itself roughly every four years. We know the best time when to trade and what to trade exactly: oil, gold, bitcoin or whatsoever. There is no limit for users. They can maximize

Expand your enterprise with Dr. Sourav Dasgupta

Transform your business dreams into reality - it's time to grow up The goal of the comprehensive and transformational "Grow Your Business" event is to provide professionals, business leaders, and entrepreneurs with the knowledge, resources, and networks they need to propel their endeavors to new heights. This exciting event has been thoughtfully planned to address the various obstacles that come with expanding a business and to offer doable solutions. Over the course of its multi-day program, the "Grow Your Business" event brings together a wide range of thought leaders, successful entrepreneurs, and industry professionals. This immersive program is intended to serve both established companies searching for ways to grow sustainably and startups hoping to build a solid foundation.Highlights With our immersive vision seminars, discover the power of strategic thinking. Discover how to make bold yet doable goals. Examine in-depth real-world case studies to develop a distinct worldview.  

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