Medical devices startup Noccarc raises $2 Mn led by IAN

Indian Angel Network (IAN) sponsored a $2 million funding round for medical device startup Noccarc. IIT Kanpur, SIDBI (Small Industries Development Bank of India), and TDB (Technology Development Board) were also involved in this round. In addition, Hero Enterprises Chairman Sunil Munjal was welcomed as a prominent stakeholder in the investment round. The money raised will be put towards growing Noccarc's business and diversifying its line of products. The fundraising round, according to the company, is anticipated to assist R&D projects, ease market penetration, bolster customer service, and establish sales and distribution networks throughout major cities. Founded by Harshit Rathore, Noccarc specializes in the development and manufacturing of high-value critical care medical equipment, including ICU ventilators, patient monitors and more. In addition, the company offers a digital platform that allows doctors to remotely access device data, digitize documents and plans to integrate AI-based services in the future. The company has a strong research and development unit and ambitious plans to develop a versatile product range, starting with intensive care. Noccarc currently holds seven patents and has applied for 19 new patents for its innovative technologies. The company has also recently received a license from CDSCO (Central Drug Standard Control Organisation), which gives them the right to manufacture and sell these regulated products in India. The startup claims to have shipped more than 3,600 ventilators across India and has partnered with several different hospitals. Noccarc is now expanding its product range with a view to globalization..Future-Generation Ventilation for Intensive Care Units With the use of cutting-edge technologies, critical care has been redefined and given new meaning. The most advanced ICU ventilator, created specifically for user comfort and ease of use, will raise the bar for both patient care and your own standards.   

Bharat Forge-backed Tork Motors raises $6 Mn in new round

Electric car startup Tork Motors has raised 50 million rupees, or $6 million, from Maxis Capital. This is the second institutional round for the Pune-based company after a gap of two-and-a-half years. The Tork Motors board approved a special resolution to issue 1 share and 6,912 CCPS at an issue price of 72,425 rupees to raise 50 million rupees, or $6 million, according to a regulatory filing available with the registrar of companies. Each preferred share issued to the new investor (Maxis Capital) will be converted into one share during the corresponding conversion period, in the appendix. Founded in 2010, Tork Motors is an electric two-wheeler manufacturer known for its flagship Kratos R. The company initially started with its units in Mumbai and Hyderabad and currently has a monthly production capacity of 4000-5000 units. The company planned to expand its geographic reach and reach 70-100 cities by the end of 2023. In October, Tork Motors announced a partnership with electric car software and charging infrastructure provider Bolt.Earth to provide its customers with 30,000 charging points. According to startup data intelligence platform TheKredible, the company is worth about 370 million rupees, or $45 million, after the split.. Through several rounds, Tork Motors has raised almost $16 million. With 52.46% of the total ownership, Bharat Forge is the largest shareholder, followed by Maxis Advisors with 13.51%. Kapil Shelke, the company's founder and CEO, owns 19.42% of the business. To view the entire shareholding pattern, visit TheKredible. Operating revenue for Tork Motors increased sevenfold from Rs 4.5 crore in FY22 to Rs 35.5 crore in FY23. During that time, the company's losses increased by 5.7X, from Rs 8.34 crore in FY22 to Rs 47.9 crore in FY23. Disclaimer: A group of investors just provided funds to Bareback Media. Some of the investors might be connected to other businesses we might write about, or they might be directly or indirectly involved in a rival company. That being said, this will not in any way affect our coverage or reporting. A list of our investors is available.  

Apple will resolve its case against chip company Rivos over trade secrets.

According to a joint court filing on Friday in California federal court, Apple opens new tab plans to settle a dispute in which it was accused by tech startup Rivos of stealing its trade secrets pertaining to computer-chip technology.Both businesses stated to the U.S. District Court for the Northern District of California, opens new tab, that they had "signed an agreement that potentially settles the case," allowing Apple to look through Rivos' systems and retrieve any private data.Requests for comments and additional details regarding the settlement were not immediately answered by representatives for Apple or Rivos.In2022, "stealth" startup Rivos was sued by Apple. It claimed that Rivos, a company based in Mountain View, California, had hired away dozens of its engineers and utilized its proprietary knowledge to create rival "system-on-chip" (SoC) technology.Integrated circuits, or SoCs, are chips that contain many computer components, such as visual processing units and central processing units, on one chip. During almost a decade of study and billions of dollars, Apple claimed in the complaint that its SoC designs had "revolutionized the personal and mobile computing worlds."Rejecting the accusations, Rivos asserted that Apple had "sought to punish Rivos and any Apple employees who may seek to work there since the moment Apple learned about the promising startup."      

IMPACT OF SHARK TANK INDIA ON THE GROWING STARTUP MINDSET IN INDIA

Examine how Shark Tank's existence changes the way Indian startups approach their business, stimulating creativity and investor interest in the vibrant ecosystem of entrepreneurship.shark tank India, which was modeled off the same-titled American TV series, has had a significant influence on the country's startup landscape since its December 2021 premiere. In the show, aspiring business owners present their concepts to a group of investors known as "Sharks" in the hopes of receiving capital and advice.Aspiring business owners approach the stage, pitching their ground-breaking concepts to a group of seasoned investors known as "Sharks" with nothing more than their vision and resolve.More than 100 million people have watched Shark Tank India, which has sparked a national entrepreneurial fervor. An increasing number of startup applications and inquiries to incubators and accelerators are indicative of this spike, which suggests that Indians are becoming more interested in becoming entrepreneurs.Our connection with television has altered recently as a result of the digital age, which allows us to consume content anywhere, anytime, and across a variety of media. This changed when Shark Tank India began to stream on Sony TV at a peak time of 9 PM. The US broadcast of Shark Tank's inaugural season took place in 2009. It made its way to India in 2021 after 13 seasons of great success, and in just two months, it drastically and urgently altered Indian society.People's perceptions of the startup culture have been altered by this reality show. This show is based on the actual ideas of the average person, where each idea is unique, as opposed to the typical reality shows that are a competition for a trophy and prize. Not only are compelling pitches and financial backing important, but viewers are also interested in the sharks' reactions to specific ideas and their recommendations, which is another aspect of the show. In other words, this show is essentially a blend of educating and entertainment that keeps viewers interested and encourages them to dive into the many fascinating tales of entrepreneurs. Indians now understand that issues they once dismissed as unreal could actually becomeThe Sharks have said in a few interviews that after the first season, pitching will be much better in the following seasons because pitchers will understand how it works and will feel much more comfortable talking about their creative business ideas on national television.With 500 million people between the ages of 15 and 44, this show has the potential to spur widespread entrepreneurship. The majority of children in India are brought up with a traditional mindset, which advises them to select a safe job over starting their own business. Shark Tank India's contribution to the expansion and development of the startup ecosystem is expected to bring about a profound cultural and mental transformation in the nation. In addition, the program has offered viewers a genuine understanding of today's real heroes. Sharks are those who, through their innovative ideas, have successfully filled a void in the market, provided the finest returns on their investments, and are well-liked throughout the nation. What's more, these sharks make investments  

At last, someone noticed Ronnie Screwvala, the founder of Grad, responds as calls to remove Byju Raveendran grow.

In response to a LiveMint article stating that Byju's shareholders are attempting to remove the company's founders, notably Byju Raveendran, co-founder of the ed-tech platform upGrad, Ronnie Screwvala said.Screwvala posted on the X platform, "Finally someone smelt the coffee". In order to support "India as an investment destination" and the legitimacy of the "otherwise sunrise and sunshine sector," he hoped that the shareholders will stick with the plan and see it through to completion.According to a Livemint story published on Thursday, a faction of shareholders in the struggling ed-tech startup Byju's has demanded a management transition that would involve the dismissal of Byju Raveendran, the company's chief executive and co-founder.Prosus Ventures, Peak XV, Chan Zuckerberg Initiative, General Atlantic, and other investors signed a notice requesting an extraordinary general meeting (EGM) and proposing a reorganization of the company's board.In the best interests of the business and its shareholders, the investment consortium said that they were sending out EGM notices. The shareholders released a statement saying, "We are deeply concerned about the future stability of the company under its current leadership and with the current constitution of the Board.""Outstanding governance, financial mismanagement, and compliance issues; the reconstitution of the Board of Directors, so that it is no longer controlled by the founders... and a change in leadership of the company," the investors also stated in their request for a meeting. Thanks to a spike in remote learning during the Covid-19 outbreak, Byju's was one of India's most successful firms, estimated at $22 billion in 2022. After nearly 22 months, Byju's finally released its financial statements, showing a growing operational loss of ₹6,679 crore in FY22, primarily as a result of losses experienced by subsidiaries White Hat Jr. and Osmo.Based on its regulatory filing, the company reported an operational loss (EBITDA) of ₹4,143 crore for the fiscal year 2021.From ₹4,564 crore in FY21 to ₹8,245 crore in FY22, the company's net losses grew. The largest asset manager in the world, BlackRock, has reduced Byju's suggested worth from $22 billion to roughly $1 billion. Following Byju's delay in releasing its financial results for the year ended March 31, 2022, Deloitte announced their resignation as the company's auditor. Aside from Peak XV, Prosus, and the Chan Zuckerberg Initiative, other board members left Byju's board last year.In addition, the business is being sued in the US over conditions and repayment of a loan. Byju's, meantime, is purportedly trying to raise $200 million at an enterprise valuation between $220 and $250 million through the issuance of equity rights."The board of Think and Learn Private Limited (TLPL) today launched the raising of funds $200 million by way of a rights issue to all its equity shareholders to support its ongoing efforts to drive growth and achieve operational sustainability," the business stated in a statement. The business stated that TLPL's planned rights issue is intended to support general corporate purposes and finance the company's ongoing capital expenditures.  

Obtaining $3.4 million in Series A investment, Cashinvoice

A $3.4 million Series A funding led by HDFC Bank, Pravega Ventures, and Accion Venture Lab was obtained by Cashinvoice. By FY25, the company hope"By implementing cutting-edge SCF technology, this strategic investment will enable extended financial inclusion for the missing middle. It highlights our commitment to improving MSMEs' working capital management and cash flow, resulting in a more simplified and effective supply chain finance environment," Cashinvoice co-founder Shrinivas Kasar stated.Anchor firms and MSME partners benefit from Cashinvoice's digital invoice discounting marketplace, which integrates with corporates to handle loans against invoices. More than 15 lakh invoices worth more than Rs 15,000 crore have been processed thus far.s to have disbursed $2.4 billion in loans to MSMEs in order to grow operations, improve market presence, and create new products.Pravega Ventures, HDFC Bank, and current investor Accion Venture Lab were among the backers. The company plans to use the money to grow operations, improve its visibility in both new and existing markets, and create new products.Under the direction of co-founder and CEO Arun Poojari, Cashinvoice provides customized SCF solutions to anchor corporations, including some of India's top 100 corporates and its MSME partners (both vendors and distributors), through its digital invoice discounting platform. Its digital platform uses risk assessment and authenticated invoicing, and it integrates with anchor companies. By FY25, the company hopes to increase its discounting throughput to Rs. 20,000 Cr, which will enable digital loan processing against invoices for lenders and upscale the MSME base from the current 3,000 to 10,000.Cashinvoice was founded in September 2019 and has since made a profit by enabling the payment of over 15 lakh invoices, worth over INR 15 crore. It has done this by forming partnerships with Indian corporations, including Tata Motors, Bata, Bajaj Electricals, Oppo, Voltas, One Plus, Patanjali, Kalyan Jewellers, Paragon, and more."India's Digital Public Infrastructure prowess has allowed lenders multiple data points to assess credit risk beyond the traditional asset-based credit mechanism," Arun Poojari said in response to the news. Supply chain finance examines the vintage and pace of the buyer-seller connection while concentrating on financing particular transactions. It assists MSMEs in bringing predictability and regularity to their financial flows, allowing them to expand and create jobs. With this round, Cashinvoice will keep enhancing its offerings by capitalizing on India's DPI and the steady expansion of trade, which supports the rising GST collections.  

JEE Main 2024 Answer Key Live NTA JEE Mains response sheet and provisional key at jeemain.nta.ac.in before the deadline

Today, February 6, the National Testing Agency is expected to make the Joint Entrance Examination (Main) 2024 session 1 preliminary answer key available. The release date of the JEE Main 2024 answer key will probably be revealed soon at jeemain.nta.ac.in. To get the preliminary JEE Main answer key 2024, candidates need have their login information, including their date of birth and JEE Main application number, close at hand.How can I get the 2024 Provisional JEE Main Answer Key? The actions listed below should be followed by candidates in order to download the NTA JEE Mains session 1 provisional answer key. Visit jeemain.nta.ac.in, the official website. On JEE Main 2024 Answer Key, click. Enter your date of birth, application number, and any other requested information. Select "Submit" from the menu. The JEE Main question paper, answer key, and response sheet will be available to candidates.Candidates can contest the official JEE Main answer key if they believe it contains any errors or wrong answers. We'll shortly announce the date for the JEE Main 2024 answer key challenge. NTA will publish the official JEE Main answer key 2024 after assessing the challenges submitted by the candidates. Online tests for the JEE Main 2024 were administered on January 24, 27, 29, 30, 31, and February 1, 2024. Previously, on February 2, JEE Main 2024 session 2 registration opened.Live Updates on the JEE Main 2024 Answer Key: Applicants can get the JEE Main session 1 answer keys from jeemain.nta.ac.in, along with their recorded responses.Live Updates for the JEE Main 2024 Answer Key: The Joint Entrance Examination (JEE) Main 2024 was administered for the first time by the National Testing Agency (NTA) between January 24 and February 1. The NTA will soon release the provisional answer keys. Interested candidates can download the JEE Main session 1 answer keys and their recorded responses from jeemain.nta.ac.in.Candidates will have a window to voice any concerns to the answers, if any, following the release of the JEE Main answer key, provided they pay a fee for each question. Subsequently, NTA will examine the candidates' feedback and compile the final answer key.Exam dates for the JEE Mains Session 1 were January 24, 27, 29, 30, 31, and February 1, 2024, at locations across the nation.A total of 11,70,036 candidates sat the paper 1 (BE/BTech) test, and 55,493 candidates showed up for the paper 2 (BArch, BPlanning) exam.  

On February 11, IIT Bhubaneswar will introduce the 100-CUBE Startup initiative.

IIT-B: The park will grow from 20,000 square feet to roughly 80,000 square feet over the course of the next two years with assistance from the ministry of education, according to the director of the institute.NEW DELHI: According to institute director Shreepad Karmalkar, the Indian Institute of Technology (IIT) Bhubaneswar will unveil its groundbreaking 100-CUBE Startup program at its research and entrepreneurship park on February 11. This announcement was made here on Monday. By the time Odisha celebrates its centennial in 2036, the goal of this effort is to establish 100 companies, each valued at Rs 100 crore, according to Karmalkar. He underlined that in order to accomplish this, the park would offer crucial tools, guidance, startup funding, and connections to possible investors.Over the next two years, the park will grow from 20,000 square feet to roughly 80,000 square feet thanks to kind support from the ministry of education, he continued. According to him, this program is in line with the National Education Policy (NEP) 2020's objectives, which center on encouraging entrepreneurship and aiding in company incubation. Karmalkar emphasized that, based on India's notable increase in the global innovation rank from 76 in 2014 to 40 in 2023, the next 25 years will be driven by startups.According to him, the 100-CUBE Startup initiative uses a mind-to-market strategy to support companies in all sectors, genders, and geographical areas in an effort to improve this ranking even more. On February 11, faculty heads of IIT research parks, businesspeople, and venture capitalists will lead concurrent technical workshops for faculty and entrepreneurs. The signing of Memorandums of Understanding (MoUs) with around 20 sectors, 30 startups, and 30 venture capitalists would come next, he continued, in order to establish strategic partnerships for accomplishing the 100-CUBE goal.According to organizers, Union Minister Dharmendra Pradhan will formally open the 1500-seat auditorium and lay the groundwork for infrastructure projects valued at Rs 450 crore. He continued, saying that all things considered, the program represents a critical turning point in IIT Bhubaneswar's efforts to develop the startup culture in the nation and position Odisha as a center of entrepreneurship.  

In a pre-Series A funding round, EV ride-hailing company Snap-E Cabs raises $2.5M.

Snap-E Cabs, an EV ride-hailing startup, earns $2.5 million in a pre-Series A funding round headed by Inflection Point Ventures.Snap-E Cabs is a ride-hailing platform for electric vehicles that offers 100% electric mobility solutions that are dependable, economical, efficient, and sustainable. The funds generated will go toward hiring more employees to support the company's expansion, making technology upgrades, launching new tech-enabled services, and growing its operations into other regions."In addition to upending the world's oil markets, India's shift to electric vehicles positions the nation—with its 1.4 billion people and quickly expanding economy—as a major player in the global EV market, signifying a significant step toward sustainable development," stated Mayank Bindal, the founder and CEO of Snap-E Cabs.In line with the company's announcement, the funds would be invested in technology upgrades and new tech-enabled services to improve operating capabilities.The firm also wants to extend its services to new regions and increase its geographic reach. According to the announcement, the company places a lot of emphasis on talent acquisition to make sure it has the trained personnel necessary to support its growth and innovation initiatives.Inflection Point Ventures led a Pre-Series A Round that saw USD 2.5 million obtained by Snap-E Cabs, a platform for electric vehicle (EV) ride-hailing. The money raised will go toward hiring skilled workers, modernizing equipment, and expanding into new areas.The company has experienced significant growth, operating 600 automobiles annually with an Annual Recurring Revenue (ARR) of $35Cr. With a hybrid B2B and B2C approach, Snap-E Cabs guarantees quick vehicle rotation and less than 5% downtime. The company sets itself apart with features like a fleet that is entirely electric, no surge pricing, and no cancellations.Notable alliances that Snap-E Cabs has forged include contracts with the West Bengal government and the Airport Authority of India (AAI). An important 5-year contract for EV operations at Howrah train Station, a major Indian Railways train terminal, has been obtained by the business.Leading the Pre-Series A Round, Inflection Point Ventures (IPV) has invested over INR 650 Cr in more than 200 deals. The managing director of IPV, Rahul Wagh, highlights the importance of decarbonizing transportation on a worldwide scale and notes that India offers a favorable climate for e-mobility.The founder and CEO of Snap-E Cabs, Mayank Bindal, highlights the growing trend of electric car adoption worldwide as well as India's audacious goal of having 30% of its fleet electric by 2030. According to Bindal, India's transition to electric vehicles is an important step toward lessening its reliance on foreign oil, promoting sustainable development, and establishing the nation as a prominent player in the global EV industry.Snap-E Cabs currently operates a fleet of 600 electric vehicles in Kolkata; by the end of FY 24, it hopes to increase that number to 300–400 EVs. Additionally, the company plans to add 1500–2000 more EVs to its fleet and expand its services to two or three more locations in FY 25.  

What's Trending Globally

Asia

News 2310

Australia/New-Zealand

News 39

Canada

News 15

China

News 41

Europe

News 34

Gulf

News 11

India

News 3140

Pakistan

News 16

Russia

News 19

United Kingdom

News 41

United States

News 118

World

News 82

Tamil Nadus Appeal Against Madras HC Order Nullifying Online Rummy and Poker Ban Will Be Heard by SC

OVERVIEW The state government's prior appeal, which was filed in 2022, was combined with the plea by the SC. The prior appeal contested a different HC ruling that nullified the 2021 anti-gambling statute. The Madras High Court declared in November 2023 that skill-based games like online poker and rummy could not be prohibited by the Tamil Nadu anti-online gambling Act. This comes at a time when the GST Council's 28% GST is already having a devastating effect on the Indian online gaming industry, leading to closures and layoffs.According to reports, the Tamil Nadu government filed an appeal with the Supreme Court (SC) on Monday, February 5, challenging a Madras High Court (HC) ruling that invalidated the state's online gambling legislation.The Madras High Court declared in November 2023 that skill-based games like online poker and rummy could not be outlawed under the Tamil Nadu Prohibition of Online Gambling and Regulation of Online Games Act, 2022. The Tamil Nadu government's 2022 appeal, which opposed the Madras High Court's ruling that invalidated the Tamil Nadu Gaming and Police Laws (Amendment) Act of 2021, which had placed a ban on internet gaming, has been brought to the supreme court.20 hours priorOn February 5, the Supreme Court decided to consider the Tamil Nadu government's appeal against the Madras High Court ruling that invalidated the section of the state's online gambling statute that forbade skill-based games like online poker and rummy.The Tamil Nadu government's 2022 appeal, which opposed the Madras High Court's ruling that invalidated the Tamil Nadu Gaming and Police Laws (Amendment) Act of 2021, which had placed a ban on internet gaming, has been brought to the supreme court. It is not yet known when the matter will next be heard.Online rummy and poker were outlawed by the Tamil Nadu government earlier this month. The laws classified the two games as online games of chance, placing them under the jurisdiction of online gambling. In India, gambling is a state subject. This resulted in a disagreement about who has the authority to enact laws on the matter between the Union and the State as well.  

Paytm captain stands strong Indian entrepreneurs defend Vijay Shekhar Sharma in the face of restrictions from the RBI

Indian startup founders have rallied around Paytm CEO Vijay Shekhar Sharma following the Reserve Bank of India's (RBI) directive for his payment bank to shut down operations.The RBI issued an order this week for Paytm Payments Bank to cease taking new deposits in its popular digital wallets or accounts as of March. After years of breaking central bank regulations on customer due diligence, the use of funds, and technological infrastructure, Paytm Payments Bank was hit with legal action.Following the RBI's move, a number of Indian company founders attacked the central bank and supported the CEO of Paytm. The owner and creator of MBA Chaiwala, Prafull Billore, referred to Paytm CEO Vijay Shekhar Sharma as "a beacon for the company's future".Paytm CEO Vijay Shekhar Sharma was referred to as "a beacon for the company's future" by MBA Chaiwala's owner and founder, Prafull Billore.RBI Issues a Speed Increase Sharma stated on a conference call on February 1st that the directive from the Reserve Bank of India (RBI) to terminate nearly all of Paytm Payments Bank's services after February 29th is merely a roadblock. He went on to say that the business will keep losing ground, becoming less dependent on its associate bank, and persevere by forging closer ties with other banks."On behalf of Paytm, this is more of a speed bump, but we believe in partnership of the banks and we will be able to see to the same in the next few days," Sharma stated."The support we have received from numerous banks, major banks in this nation, and those who are already partners has truly astounded us. Senior representatives from a number of regional and big banks have contacted us and said they would be delighted to assist us," he continued.Investors were notified by Sharma that the company has been working with other banks for the past two years and will now move more quickly toward using other bank partners. During a conference call with investors, the CEO said, "These are payment-related relationships, which means that all banks have necessary technology and capabilities."Paytm Payments Bank was one of the important banks that One97 Communications Ltd. (OCL) already works with in addition to other banks. It is apparent that going forward, we would collaborate with a number of other banks rather than Paytm Payments Bank (PPBL). The transfer of nodal accounts to other banks is currently underway at OCL and PPSL, and these directives have no bearing on marketing business services," Sharma continued.The startup community has come together to support Sharma in the face of regulatory obstacles in response to the RBI's most recent rules, which have an effect on Paytm's banking services. As a result of the Reserve Bank of India's (RBI) recent crackdown, Paytm Payments Bank will no longer be able to provide its clients with a number of essential services starting on February 29, 2024.23 hours prior  

Employees at startups are always on edge due to layoffs at large internet corporations.

For those employed by huge, well-capitalized startups, the start of the new year has been gloomy as companies such as Swiggy, Flipkart, and Paytm are letting go of a significant portion of their workforces.This has increased fear among job searchers and prompted human resources (HR) professionals in the startup ecosystem to realign their expectations for the upcoming year.A somewhat astonished Flipkart employee affected by job layoffs told ET last week, "We had received good incentives and hikes all through 2022 and 2023," adding that it felt like a haphazard exit.As ET had reported on January 8, the nation's leading e-commerce giant has started a process to cut its workforce of 22,000 employees by 5-7%, affecting 1,100–1,500 workers. Overview For those employed by huge, well-capitalized startups, the start of the new year has been gloomy as companies such as Swiggy, Flipkart, and Paytm are letting go of a significant portion of their workforces.SUMMARY 121 Indian firms have laid off an estimated 34,785 people since the start of the funding winter in 2022. Since the beginning of the year, up to 24 Indian edtech startups—six of the seven unicorns in the edtech space—have let go of 14,616 workers. Up to 15,247 workers have been let go by 69 startups so far this year, demonstrating how little progress has been made in addressing job losses.  

Bhavish Aggarwal, the CEO of Ola, created Krutrim, the first $1 billion AI firm in India.

Bhavish Aggarwal, a serial entrepreneur, launched the AI business Krutrim, which has achieved unicorn status after raising $50 million from investors including Matrix Partners India.With OpenAI's ChatGPT launch more than a year ago, a plethora of Indian entrepreneurs and academic institutions are racing to develop large language models in Indian languages, or so-called Indic LLMs. In instead of depending solely on technology from the US or China, nations are attempting to develop their own rival AI systems. Europe's investors are flooding Mistral AI, France, which was formed a year ago and is currently valued at $2 billion. The Falcon concept, supported by a government research organization in Abu Dhabi, is highly promoted by the United Arab Emirates.India, a country of 1.4 billion people, is concentrating on developing more affordable, smaller AI systems. Last month, the generative AI startup Sarvam released OpenHathi, its first open-source Hindi LLM. Sarvam developed its system using readily available open-source models. Days after raising $41 million in funding from investors including billionaire Vinod Khosla and Lightspeed Venture Partners, the news was made.Ola, an Indian ride-hailing business, was founded by Aggarwal, who stated in a statement that "India has to build its own AI." "We are fully committed to constructing the first AI computing stack in the nation."  

In November, venture capital funding for Indian businesses hits a six-year low.

In January 2024 and 2023, there were just three late-stage deals, the same as in January 2023. However, the amount of capital fell by 41% to $31 million. It was $52 million in January 2023.Anand Lunia, founding partner of IndiaQuotient, stated in a previous interview with Moneycontrol that there is a discernible decline in series A, B, and subsequent agreements, which has led to a greater concentration at the seed level.The total amount invested in Indian startups is now negative due to the sharp decline in late-stage capital. According to Venture Intelligence statistics, new-age IT businesses reported only $366 million in 53 agreements in January, a decrease of almost 64% from $1,027 million in 48 deals in December. Additionally, the month saw a sharp drop in comparison to the same period last year, down 54% from $792 million in 70 agreements.November marked a six-year low for venture capital (VC) funding to Indian businesses, and the protracted funding winter shows little signs of abating.According to data released by Venture Intelligence on December 1, Indian entrepreneurs closed just $223 million in 35 agreements in November, a decrease of almost 66 percent from $655 million in 52 deals the month before. The only occasion when Indian entrepreneurs saw a decline in investment occurred in January 2017, when there were 43 deals totaling $207 million.Because of the holiday season and the approaching end of the year, November and December often receive less financing. VCs are focusing largely on finishing pending investments rather than taking on new ones. The numbers are declining because of this and investor concern, according to Mitesh Shah, founder of venture capital firm IPV, who spoke with Moneycontrol.Shah clarified that although investors are willing to assess companies, they are now more discerning and are not solely focused on profits. He stated, "People are now considering all of their options before committing to anything." Additionally, the month saw a sharp drop in comparison to November 2022 of $1.02 billion in 62 trades, a 78.2 percent year-over-year fall.Startups changing course The effect is noticeable in the total amount of funds for 2023. The amount of capital received by Indian companies up to November was $7.05 billion, a 71% decrease from $24.36 billion in 2022.  

Boosting Innovation Getting Ready for Startup Chances Before Budget 2024

The Indian startup industry is looking forward to initiatives that would address funding and layoff issues while also promoting innovation ahead of Budget 2024. In spite of earlier programs such as the Fund of Funds for Startups, the ecosystem experienced shocks such as job losses and depreciation. There are several calls for tax laws, rewards for ESG compliance, and assistance with digital trade and environmentally friendly transportation. It is anticipated that the budget would lay the groundwork for a supportive startup climate that will encourage entrepreneurship and creativity in order to increase the number of unicorns that arise in India.Important lessons learned While the budget of the previous year included a number of measures for startups, there were obstacles in the Indian startup funding scene. Startup funding fell to a level not seen in seven years. The startup ecosystem has been damaged by the disruption in funding and layoffs, which has created a difficult environment for growth and innovation. Key initiatives to foster innovation and open the door for more unicorns in the Indian startup scene are anticipated in the next budget.Numerous firms' growth trajectory has been disrupted by the decrease in funding and the layoffs. Therefore, we will have to wait to see what decisions the Finance Ministry makes this year regarding the Startup Sector. This is due to the fact that the startup environment has been greatly impacted by the consequences of past budgeting decisions. They frequently create the conditions for more unicorns to appear in India.Prior Budget The Indian government included a number of initiatives in the Union Budget last year with the goal of assisting the startup industry. This includes the creation of the ₹10,000 crore Fund of Funds for businesses (FFS), tax incentives for businesses, and the development of digital payments and economies. These budgetary measures have led to a notable expansion of India's startup environment. India is currently home to more unicorns than any other country in the globe, with the nation's startup ecosystem ranking third in the world overall. But there were significant obstacles facing the Indian startup scene. The startup industry saw an all-time high in layoffs, which added to the ecosystem's uncertainty. Moreover, it was evident that startups were losing value.Extension of the Indian Startup Landscape It is anticipated that the government will set aside additional money to promote entrepreneurship and aid in the expansion of startups. This can be accomplished by offering more funding, lowering tax laws, and easing regulations to draw in newer technology and foster innovation. Proposals have been made for tax policies such Employee Stock Ownership Plans (ESOPs) and carry-forward losses on investments. This entails offering incentives specific to Environmental, Social, and Governance (ESG) policies and matching capital gains tax on unlisted startup shares with listed shares. In addition, the government has to prioritize bolstering digital commerce programs, offering incentives to retailers in remote locations, and providing funding to improve last-mile connectivity for Direct-to-Consumer (D2C) e-commerce. Additionally, with updated regulations promoting international trade, India may becomeIt is expected that the interim budget for 2024 will prioritize green mobility for electric vehicles (EVs) by addressing insurance requirements, safety standards, and licensing specific to EVs. The promotion of green mobility and possible revisions to programs like Production-Linked Incentives (PLI) for EVs and Faster Adoption and Manufacturing of Electric Vehicles (FAME) are two ways to promote this.$1 billion in startup capital was raised in 2023 alone, demonstrating the ecosystem's resiliency in the face of difficulties. Moreover, the need to create an atmosphere that supports the expansion and longevity of startups is the foundation for the anticipation of tax reforms and regulatory clarity. As a result, the impending budget is well-positioned to lay the groundwork for an atmosphere that is more favorable for startups, encouraging creativity and entrepreneurship. In order to foster a thriving startup industry in India and create the conditions for the future development of other unicorns, this proactive strategy is imperative.  

Startup India More than 12 lakh jobs have been created by 1.14 lakh startups to date

OVERVIEW As of October 2023, 1.14 lakh enterprises recognized by the government under "Startup India" had created over 12 lakh employment, according to the Department of Economic Affairs. According to the Department's report, until November 2023, 2.1 lakh loans were given under the Startup India initiative. According to the government-backed ONDC, the platform recorded over 63 lakh transactions until November 2023.A study released by the Ministry of Finance states that the companies approved by the Indian government have generated over 12 lakh employment.The Department of Economic Affairs stated that as of October 2023, the 1.14 lakh firms approved by the government under the Startup India initiative had created over 12 lakh employment in its report, "The Indian Economy: A Review January 2024," which covered data through the end of October 2023.The Department of Economic Affairs stated in the report "The Indian Economy: A Review January 2024" that as of October 2023, the 1.14 lakh firms approved by the government under the "Startup India initiative" had produced over 12 lakh jobs.As stated in its most recent assessment of the Indian economy, the Finance Ministry stated that over 1.14 lakh startups had so far generated over 12 lakh jobs in India. The Department of Economic Affairs stated in the report "The Indian Economy: A Review January 2024" that as of October 2023, the 1.14 lakh firms approved by the government under the "Startup India initiative" had produced over 12 lakh jobs. According to the document, the Open Network for Digital Commerce (ONDC), a state-owned e-commerce network, recorded over 63 lakh transactions by November 2023.With over 950 tech firms launched last year, India continues to have the third-largest tech start-up ecosystem internationally, despite confronting global obstacles in 2023 such as valuation issues, few IPOs, regulatory changes, and macroeconomic and geopolitical factors.According to Debjani Ghosh, President of Nasscom, "Indian tech startups have prioritized the imperative of enhancing their business fundamentals, driving profitability and growth in 2023, despite facing global economic and regulatory challenges." "The resilience of the ecosystem is demonstrated by the growth of tech startups in tier 2 and tier 3 cities," she continued.digital company owners anticipate that in 2024, they will maintain the current trajectory of revenue growth, taking calculated risks to optimize expenses and maximize profitability for business-to-business (B2B) digital businesses. In 2024, deeptech investments are expected to keep growing. Seventy percent of start-up entrepreneurs are integrating artificial intelligence (AI) into their products as generative AI (GenAI) accelerates.  

The Agri Start-up at IIM Kashipur Approximately Rs 15 crore is raised by Fiesta to support the Startup Ecosystem.

Thirteen agri-focused businesses were recognized by IIM Kashipur FIED in Uttishtha '24, and they received a sanction of Rs 1.30 crores from the Ministry of Agriculture and Family Welfare.The Foundation for invention and Entrepreneurship Development [FIED] and E-Cell at IIM Kashipur organized two days of brilliance, invention, and creativity that culminated in the grand finale of "Uttishtha 2024," the seventh edition of the largest agri start-up expo.Several innovative enterprises led by intelligent young people from across the country were on display during the event.According to IIM Kashipur, "A total of Rs 14.6 crores has been disbursed to startups under startup support schemes, out of which 13 agri-focused startups have received approval for RKVY RAFTAAR RABI scheme funding from the Ministry of Agriculture and Farmers Welfare in 23–24, and 13 startups have received approval for Rs 2.89 crores from Startup India Seed Fund Scheme.""Many outstanding startups, including Bijak, Loopworm, Greenpod Labs, InfyU Labs, Agronxt, Industill, and Ikayu Foodlabs, have raised funding from outside venture capital firms and angel investors totaling over Rs 320 crore with the help of IIM Kashipur's FIED." Since its establishment in 2018, IIM Kashipur FIED has given funding and business training to more than 200 businesses, including 68 with an agri-focused focus, under the Ministry of Agriculture and Farmers Welfare's RKVY RAFTAAR RABI initiative."A hundred promising agri-startups and community-focused businesses from the hills of Uttarakhand took part in the agriculture expo, according to IIM Kashipur, displaying their products and services that help the agriculture sector and the ecosystems that sustain it."Impactful initiatives were presented by IIM Kashipur, such as the Scaleup Pitchathon, a national live startup pitching competition in which the top three creative ventures were chosen from a pool of more than 100 government-recognized startups and competed for a prize of Rs. 1.5 lakh to become the best startup," said the statement."IIM Kashipur is committed to supporting the startup ecosystem on multiple fronts by involving more and more academic members to train incubatees and providing them with every aid and support imaginable," stated Prof. Kulbhushan Balooni, Director of IIM Kashipur. The activities of incubators at all higher education institutions depend on the Government of India's ongoing assistance. We are trying to support Uttarakhand-based agri-tech businesses since IIM Kashipur is dedicated to regional development, which sets us apart from the other elite B-schools. Since its founding in 2018, FIED has supported 189 entrepreneurs, resulting in the creation of almost 3000 employment. Over 7 lakh farmers have already benefited from IIM Kashipur."The Atal Community Innovation Centre has been given to IIM Kashipur by the Indian government's NITI Ayog. Similar to us, we are involved at the grassroots level with farmer-producer organizations in Uttarakhand, where we intend to train fifteen FPO. This center will grow in prominence in the future in line with the accomplishments it has made." The National Business Plan Competition, or Udaan 7.0, is another notable program that gives aspiring students a stage to present their innovative ideas to academics and business professionals. Out of more than 300 teams, the top 7 teams received cash prizes totaling Rs. 50,000.Krushika Naturals Pvt Ltd., 25 lakhs; Himshilpi Hunar LLP, 5 lakhs; Zarin Gourmet Pvt Ltd., 25 lakhs; MyPahadiDukan, 25 lakhs; BABA Agrotech, 20 lakhs; SS Agriculture Innovations Pvt Ltd., 5 lakhs; and Svastha Samriddhi Pvt Ltd., 25 lakhs were the businesses financed by FIED at IIM Kashipur. The purpose of this investment is to support the entrepreneurial environment and accelerate the growth of these endeavors.Thirteen agri-focused businesses were recognized by IIM Kashipur FIED in Uttishtha '24, and they received a sanction of Rs 1.30 crores from the Ministry of Agriculture and Family Welfare.  

By2024, Bhavish Aggarwals AI business Krutrim will have produced Indias first unicorn.

Bhavish Aggarwal, the creator of Ola, has raised $50 million at a $1 billion valuation for his artificial intelligence business, Krutrim.The founder of Ola, Bhavish Aggarwal, announced that his AI business, Krutrim, has raised $50 million at a $1 billion value. The first AI stratum in India to achieve unicorn status is currently Krutrim.One of the investors in the most recent investment round for Krutrim is Matrix Partners India. It's interesting to note that, barely a month after launching as a huge language AI model, Krutrim has reached billion-dollar valuation.According to a corporate blog post, Krutrim, which translates to "artificial" in Sanskrit, is also building data centers throughout the nation with the goal of establishing a supercomputer ecosystem for AI development in India. Next month, the business intends to release a beta version of its self-titled chatbot for consumer use. In the upcoming months, Krutrim will also make APIs available to developers and businesses.One of the principal backers of Aggarwal's other two firms, Ola and Ola Electric, is Matrix Partners.Aggarwal said in a press release, "We are thrilled to announce the successful closure of our first funding round, which not only validates the potential of Krutrim’s innovative AI solutions but also underscores the confidence investors have in our ability to drive meaningful change out of India for the world."The founder of Ola, Bhavish Aggarwal, announced that his AI business, Krutrim, has raised $50 million at a $1 billion value. The first AI stratum in India to achieve unicorn status is currently Krutrim. One of the investors in the most recent investment round for Krutrim is Matrix Partners India.After a $50 million fundraising round led by a group of investors that included Matrix Partners India, Bhavish Aggarwal, the creator of Ola, launched his third firm, Krutrim, which became the first AI unicorn in India. Additionally, the fundraising round creates the first Indian unicorn, Krutrim AI 2024.