Top Trending StartUps News & Highlights
By issuing bonds, Navi Finserv, owned by Sachin Bansal, raises INR 150 Cr.
SUMMARY: The investors include Rishad Kairus Dadachanji, Pervin Kairus Dadachanji, and Kairus Shavak Dadachanji, the chairman of the Dadachanji Group, who have contributed INR 110 Cr. This occurs months after the loan startup declared its intention to use NCDs to raise INR 600 Cr. Cofounded in 2012 by Sachin Bansal and Ankit Agarwal, Navi Finserv specializes in lending products such as home, auto, and personal loans.Navi Finserv, a fintech unicorn run by Sachin Bansal, reportedly obtained INR 150 Cr through the issuing of bonds from six individual investors, following the company's announcement months earlier of aspirations to fund up to INR 600 Cr through the issuance of Non-Convertible Debentures (NCDs).An hour ago
Published 06 Jun 2024 10:08 AM
WinZo announces selection of 18 gaming startups to represent India at Gamescom Latam
The games that are included come in a variety of categories and genres, such as chess, racing, physics-based challenges, cricket, riddles, and racing games. Eighteen gaming businesses have been chosen by the vernacular skill gaming platform WinZO and the Department for Promotion of Industry and Internal Trade's (DPIIT) Startup India to represent India at Gamescom Latam, one of the biggest games exhibitions in the world. Games from a variety of categories and genres are included on the list, such as chess, racing, physics-based challenges, cricket, riddles, and racing games. According to the organization, these businesses are based in both bigger cities like Nashik and smaller ones like Hyderabad, Chennai, Pune, Kolkata, Bengaluru, Mumbai, and Delhi NCR. The titles that have been chosen include the cross-platform game Gods Of Cricket, the role-playing game Tanhaji The Maratha Warrior, the first-person survival horror game Kamla: Indian Exorcism, the narrative-driven 3D action-adventure game Unsung Empire: The Cholas, and the action role-playing game Frontier Paladin. The list also includes Kurukshetra: Ascension, an epic strategic card warfare game, Mr. Racer, a racing game for cars, Spook-A-Boo, an arcade game, and My Dream House, a casual Match3D+Decor game. Other games include the real-time chess game Tale of Honor, the shooter game Laser Tanks, the tile-matching game Timmy's Toy Rush, the puzzle game DetectiveIQ, the cricket game Bharat Cricket Premier League, the adventure game Mumbai Gullies, the hypercasual action game Elemental Escape, and the simulation game Tea Garden Simulator, which allows users to build and run their own tea empire. WinZO stated that a panel of seasoned industry professionals, including Suresh K Reddy, the Indian ambassador to Brazil, and Rohit Kumar Singh, the former secretary of the Indian government, chose the games from a pool of more than 100 technology and gaming businesses and technological institutes. (Fundação Getulio Vargas' São Paulo School of Business Administration) were also part of the panel. "India is positioned to lead the way in technical innovation because to its foundation of cutting-edge inventions and dedication to developing domestic talent. In a statement, Singh stated, "WinZO exemplifies this trajectory, harnessing the power of Indian creativity and technology to impact the global stage significantly." India's entry into LATAM, propelled by the export of technology and intellectual property, opens up new opportunities for our technology entrepreneurs, according to Rajesh Kumar Singh, Secretary, DPIIT. Developers who participate in this program pursue their goals and help India become a global leader in technology exports."
Published 06 Jun 2024 10:07 AM
DroneAcharya's Operating Revenue Soars 90%, Net Profit Doubles To 6.2 Cr in FY24
SUMMARY DroneAcharya's operating revenue climbed from INR 18.56 Cr in FY23 to INR 35.19 Cr in FY24, an almost 90% rise. The firm ascribed this rise to the business's constant and steady expansion as a drone solution supplier and drone-focused training institution. The startup's overall revenue increased to INR 37.35 Cr in FY24 from INR 19.13 Cr the previous year, including other revenues.In the fiscal year 2023–24 (FY24), the drone startup DroneAcharya Aerial Innovations, based in Pune, declared a consolidated profit after tax (PAT) of INR 6.2 Cr, over two times higher than the INR 3.42 Cr recorded in the same period of the previous fiscal year.Operating revenue for DroneAcharya climbed by about 90% from INR 18.56 Cr in FY23 to INR 35.19 Cr in FY24. The company's continuous and consistent growth as a drone solution provider and drone-centric training organization was credited by the startup for this increase.DroneAcharya, established in 2017 by Prateek Srivastava, provides a range of drone solutions for data processing, multi-sensor drone surveys, and pilot training, among other uses. Last year, the business ventured into the production of drones. In July 2023, it entered into a commercial production, assembly, and export agreement for drones and related goods with Gridbots Technologies, a robotics business based in Gujarat.The startup's overall revenue increased from INR 19.13 Cr to INR 37.35 Cr in FY24 when other income was factored in."At the moment, DroneAcharya is the top and most innovative DGCA-certified drone pilot training provider in India for the private sector. The company added in a statement that it has also made great progress in securing several international drone service projects, valuable industrial relationships with drone manufacturers, investments in drone-related businesses, and acquisitions of value-adding enterprises in India and throughout the world. DroneAcharya operated two DGCA-certified drone pilot training facilities in Pune and Gujarat up till last year. The corporation added two more new centers at IIT Ropar in Punjab and Jaipur in FY24, doubling the number. "The introduction of our line of type-certified agricultural spraying drones will be our first rollout for FY25. We are also steadily advancing internationally, emerging as one of India's foremostNoteworthy is the fact that DroneAcharya Aerial Innovations received an order earlier this year from the Adani Group to offer drone pilot training certified by the Directorate General of Civil Aviation (DGCA). Additionally, it obtained a contract in January from the Indian Army to supply advanced drone training and capacity building at the Mechanized Army Courses Group in Ahmednagar. It entered into an agreement with Vimaan Aerospace in February to supply drones, as well as services and training linked to drones.
Published 06 Jun 2024 10:06 AM
India Receives Its Second Space Port, Excitement for Rocket Startups
Today, Prime Minister Narendra Modi will lay the foundation stone for India's second launch site, Kulasekharapatnam, which is situated in the Thoothukudi district of Tamil Nadu. This will significantly advance the nation's spacefaring endeavors. The new launch pad has the small rocket community in India, including ISRO and startups, giddy with anticipation for more efficient small rocket launches.Up until now, all rockets used to launch satellites into orbit were launched from the nation's single spaceport, which was located in Sriharikota, Andhra Pradesh. To date, India has launched 95 rockets from Sriharikota, 80 of which have been declared successful. Renamed the Satish Dhawan Space Center, it began modestly in 1971 with the launch of a sounding rocket, the RH-125. The center is currently getting ready for India's human spaceflight project, Gaganyaan, to launch. Satish Dhawan Space Center has a distinct advantage—it is one of the world's southernmost rocket ports—but it also has a major disadvantage. The land mass of Sri Lanka presents a safety concern for rockets launching in polar or southerly directions because it keeps rocket debris from landing on foreign soil.In order to lessen this, ISRO has traditionally carried out a unique manoeuvre referred to as the "dogleg maneuver" in order to avoid Sri Lanka when conducting direct southward launches. Although there is a penalty for this maneuver, it can be tolerated for larger rockets with sufficient fuel, such as PSLV, GSLV, and LVM-3. But the advantages of using Sriharikota as the preferred launch site become clear as India gains proficiency in the launch of smaller rockets, such as the Small Satellite Launch Vehicle (SSLV), which can carry satellites weighing up to 500 kilograms. According to an ISRO rocket specialist, it becomes almost impossible to launch small rockets from Sriharikota in polar or southern trajectories with payloads weighing between 500 and 700 kg. As a result, Kulasekharapatnam has been chosen as the second launch site to address these issues because of its expanding small rocket market.
Published 28 Feb 2024 05:29 PM
StartUps
StartUps are the backbone of any country and in any Industry as these are the new ventures which entrepreneurs establish and then contribute to the nation growth and progress. The stratups will then grow and become unicorns and create thousands of employments in different sector boosting the economy and take it to the next level.
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.
Tomorrow, PM Modi will open the 27th National Youth Festival in Nashik, Maharashtra.
Tomorrow, on the anniversary of Swami Vivekananda's birth, Prime Minister Narendra of Maharashtra will open the 27th National Youth Festival in Nashik to commemorate National Youth Day. The four-day event has "Viksit Bharat@2047" as its subject.The "Atal Bihari Vajpayee Sewri - Nhava Sheva Atal Setu" will also be inaugurated later by the prime minister. Mr. Modi had already placed the bridge's foundation stone in December 2016. The 21.8-kilometer, six-lane bridge was constructed at an estimated cost of approximately 17,840 crore rupees. Its purpose is to facilitate faster connection between Mumbai and Pune, Goa, and South India. It is noteworthy for being India's longest sea bridge.In closing, Mr. Modi will speak at a public event in Navi Mumbai, where he will dedicate, inaugurate, and lay the cornerstone for several development projects totaling over 12,700 crore rupees. Phase 2 of the Uran-Kharkopar railway line, the opening of the first phase of the Surya Regional Bulk Drinking Water project, the construction of the underground road tunnel connecting Eastern Freeway's Orange Gate to Marine Drive, and the opening of the new suburban station "Digha Gaon" on the Thane-Vashi/Panvel Trans-harbour line are a few of these.Additionally, the Prime Minister will open "Bharat Ratnam," a Mega Common Facilitation Center at the Santacruz Electronic Export Processing Zone-Special Economic Zone (SEEPZ SEZ) for the Gem and Jewellery industry. Namo Mahila Shashaktikaran Abhiyaan, which intends to empower women in the State by offering skill development training and exposure to entrepreneurial development, would be introduced by the prime minister.On January 12, Prime Minister Shri Narendra Modi will speak to the nation's youth during the 27th National Youth Festival in Nashik, Maharashtra.
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.
According to Sitharaman, Indias GDP will reach $30 trillion by 2047, and PHD calls it the most resilient.
According to Finance Minister Nirmala Sitharaman, India's GDP would reach $30 trillion by 2047. She added that 919 billion US dollars in foreign direct investment had been received by India in 23 years, up until 2023, and that the nation's economy will reach five trillion dollars by 2028. Of these, nine years' worth of investments accounted for sixty-five percent. Sitharaman also acknowledged Gujarat's role as the nation's growth engine, contributing more than 8% of the GDP. Sitharaman was speaking at the Gandhinagar Vibrant Gujarat Global Summit. The PM Gatishakti initiative is becoming recognized as a global standard for seamless and integrated multi-modal connectivity, according to a statement made by Commerce and Industry Minister Piyush Goyal on the same day.At the Vibrant Gujarat Global Summit, India and the UAE exchanged four memorandums of understanding, according to Foreign Secretary Vinay Mohan Kwatra. These memorandums of understanding concern investment collaboration in food parks, renewable energy, innovative healthcare, and logistics cooperation. Meanwhile, among the top 10 most powerful economies in 2024 and 2025, the Indian economy has been deemed by an industry authority to be the most robust. In a report following its study, the PHD Chamber of Commerce and Industry commended the developments in the Indian economy.Key macroeconomic data, such as GDP growth, export growth, gross national savings, total investments, and the debt-to-GDP ratio, served as the foundation for the industry body's study. According to a press release from Sanjeev Agrawal, President of the PHD Chamber of Commerce and Industry, the economy is predicted to surpass USD 4 trillion in 2024 and then move to the next orbit in 2025 due to consistent GDP growth rates exceeding 7% over the previous two years and a projected continuation of this trend in the current year as well. According to Agrawal, India is making great progress toward achieving its ambitious growth trajectory. GDP growth is expected to range between 7.4 and 7.5% for the current fiscal year, which ends in March 2024.According to the National Statistics Office's January 5 report, the Indian economy is predicted to expand by 7.3% in the current fiscal year 2023–24, continuing to be the fastest-growing major economy. India's GDP expanded by 8.7% in 2021–22 and 7.2% in 2022–23. The Reserve Bank of India (RBI) increased its growth projection last month by 50 basis points to 7% from an earlier estimate of 6.5%, and the statistical office released its first advance estimates of GDP. Despite the challenges facing the world economy, India's economy is still strong, according to the industry association PHDCCI. "World value networks are being disrupted, inflationary pressures are being generated, and geopolitical conflicts are changing the world. International institutions have acknowledged India's growing geopolitical significance, according to Sanjeev Agrawal. Citing analysts, PHDCCI stated that markets are anticipated to stayAccording to the PHDCCI research, the average inflation trend in 2024 is anticipated to be approximately 4.5%. The Reserve Bank of India is predicted to decrease the repo rate by 100 basis points to reach the level of repo rate at 5.5% by the end 2024. At its December meeting, the RBI Monetary Policy Committee unanimously agreed to retain the current status quo at the 6.5% policy repo rate, marking the fifth consecutive meeting in which this decision was made.
The Sports Ministry has approved Kishore Jena and Mirabai Chanus requests for international training for the Olympics in Paris.
The governing board has also approved plans for wrestlers Ronit Sharma (Greco-Roman), Ashu (Freestyle), and Deepak Punia (Freestyle) to train overseas.Olympic silver medallists Mirabai Chanu from the Tokyo Olympics and Kishore Jena from the Asian Games will train overseas in preparation for the 2024 Paris Olympics, the Ministry of Youth Affairs and Sports of India (MYAS) announced on Thursday.While Chanu is traveling to St. Louis, Missouri, for training, Jena will be spending 78 days in training on the Gold Coast of Australia. Dr. Aron Horschig will be her regular practitioner, and chief coach Vijay Sharma will go with her."Jena, his coach, and physiotherapist will have their airfare, boarding and lodging expenses covered by MYAS under its Target Olympic Podium Scheme (TOPS), along with the cost of using training and massage facilities, medical and local travel expenses, and medical insurance costs, among other expenditures," the Ministry stated in a release.NEW DELHI: The Sports Ministry on Thursday approved Asian Games silver medallist javelin thrower Kishore Kumar Jena's proposal to train in Australia, while also funding Tokyo Olympic medallist Mirabai Chanu's month-long rehab training in the US ahead of the Paris Games.
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.
Despite the fervor surrounding AI, US startup funding is declining.
According to PitchBook data released on Thursday, U.S. investors invested $170.6 billion in companies in 2023—a reduction of nearly 30% from the $242.2 billion recorded in 2022—as the venture capital funding sector continues to struggle with value resets despite rising interest rates.According to the most recent statistics, which comes from a year when investors were captivated by massive AI transactions, U.S. venture capital has been steadily declining since 2021, when entrepreneurs raised $348 billion.Large language model training in AI labs, a costly endeavor considering the amount of processing power needed, was one of the notable highlights of an otherwise cautious investment year. According to PitchBook data, 10% of the entire deal value in 2023 came from the large investments made in OpenAI and Anthropic, the leaders in artificial intellige. The percentage of startups that raised capital in 2023 at a lower value than in their previous rounds increased from 8% in 2022 to 20% in 2023, indicating a widespread reset of late-stage company valuations."Names related to AI are trading higher. Certain software brands are selling for more money. Food and grocery delivery services, as well as subpar consumer concepts, have all seen a 95% decrease in value since their last funding round, according to Ken Smythe, the founder of Next Round Capital, a private market investment firm. As they run out of cash, many of the 723 so-called unicorn companies—which were valued at over $1 billion in their most recent round of funding—are anticipated to try to raise money again this year.
Shah Rukh Khan and UltraTech Cement launch a new campaign.
Star of Bollywood Shah Rukh Khan has teamed up with UltraTech Cement for a brand-new campaign. The campaign tells individual people's stories about their goals and aspirations as well as how infrastructure is facilitating their advancement.The company claimed that the "Banega Toh Badhega India" campaign embodies the idea that infrastructure is supporting India's aspirations. "Our new campaign is an expression of our guiding principles, which provide us with daily inspiration. The company stated, "We at UltraTech see ourselves as enablers of people's progress and nation's development.""Shah Rukh Khan, also known as SRK, is a brilliant representation of India's ascent and ambitions. His path has been one of raising the bar and resetting boundaries. Thus, we think he is a good fit to embody UltraTech's philosophy," the business continued.Khan is featured in the Build and It Will Grow (Banega Toh Badhega) advertising campaign by UltraTech Cement, which debuted on January 15, 2023. The initial commercial features the Aſoka star alongside laborers, students, and the Indian Army engaging in various tasks made possible by infrastructure.Shah Rukh Khan (SRK) is the newest Bollywood celebrity to support cement advertising in India. Khan is featured in the Build and It Will Grow (Banega Toh Badhega) advertising campaign by UltraTech Cement, which debuted on January 15, 2023. In the first commercial, the Indian Army, laborers, and the Aōoka star are depicted engaging in various activities made possible by infrastructure.According to UltraTech Cement, "SRK is a shining example of India's rise and aspirations." His path has been one of raising the bar and setting new boundaries for himself. For this reason, we think he is a good fit to embody UltraTech's philosophy.
Startup India Innovation Week 2024 will take place from January 10–18, 2024, thanks to DPIIT.
The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, is organizing the Startup India Innovation Week 2024 from January 10 to January 18, 2024, to celebrate the Indian Startup Ecosystem and the National Startup Day (16th January 2024). The purpose of this event is to bring together the nation's startups, entrepreneurs, investors, policymakers, and other stakeholders. The Tenth Vibrant Gujarat Global Summit in Gandhinagar, Gujarat, on January 11, 2024, will host the Startup Seminar, "Startups Unlocking Infinite Potential," with Secretary, DPIIT, Shri Rajesh Kumar Singh, giving the inaugural address. The goal of the seminar is to provide a global forum for business networking, knowledge sharing, and inclusive socio-economic development.The announcement and awarding ceremony for the National Startup Awards 2023 and the fourth iteration of the States' Startup Ranking Framework—two of Startup India's flagship projects—will be held by DPIIT on January 16, 2024, in conjunction with National Startup Day celebrations. Incubators are also organizing physical events throughout the nation to commemorate the breakthroughs that Indian entrepreneurs are creating in various districts. These gatherings include, among other things, panel discussions, stakeholder round tables, mentorship sessions, and workshops specifically designed for startups. In order to increase the ecosystem's capacity, eight virtual Ask Me Anything (AMA) live sessions are scheduled to take place from January 10 to January 17, 2024, with startup ecosystem enablers such as incubators and accelerators, investors, mentors, unicorns, corporates, startups, academics, and the government.Additionally, it is intended to hold five full-day mentorship sessions on "How to Start Up" with the goal of enhancing the capacity of aspiring and student entrepreneurs in areas including comprehending company structures, incorporating an entity, and creating a business plan. On January 16, 2016, Prime Minister Shri Narendra Modi announced the commencement of the Startup India program, which aims to create a robust environment for fostering innovation, accelerating companies, and promoting investments in the nation's startup sector. The Prime Minister of 2022 proclaimed January 16th as National Startup Day in an effort to highlight and encourage acknowledgment of businesses that contribute to socioeconomic progress, nation-building, and self-reliance. On January 16, 2024, Startup India would have been launched for eight amazing years. From roughlyThe National Startup Awards are an effort to identify and honor exceptional entrepreneurs and ecosystem builders who are creating scalable businesses, novel products or solutions, and a high potential for creating jobs or wealth creation while exhibiting quantifiable social impact. The States’ Startup Ranking is a recurring capacity-building initiative created and disseminated by DPIIT, which assesses States and UTs on their endeavors to establish an ecosystem supportive of startup expansion. The main goals of the ranking process are to help States and UTs find, adopt, and replace best practices; to emphasize the role that States and UTs play in policy intervention to support the startup ecosystem and increase state competitiveness. Additionally, DPIIT and the Department of Youth Affairs are working together to advance Mera Yuva Bharat (MY Bharat).
Potential recovery anticipated in 2019; funding pace to stay sluggish
For India's startup ecosystem, which is in third place internationally, 2023 was another barren year. Global venture financing reached a low point in 2023 as a result of variables including inflation, growing interest rates, geopolitical unrest, and recessionary fears.In terms of value, financing for Indian startups decreased by 65.8% between January and November of 2023, according to a research published by GlobalData. In the first eleven months of this year, they have raised $6.9 billion through 1,013 venture capital (VC) fundraising deals. In the same time frame previous year, the companies had raised $20.2 billion.Experts contend that despite these difficulties, the Indian startup scene is still strong because of government programs and a renewed emphasis on long-term, sustainable success.The Startup India Seed Fund Scheme, Fund of Funds for Startups, and Credit Guarantee Scheme for Startups are just a few of the measures the government has launched to assist new businesses. "We still have hope for the future. The startup scene is positioned for a better and more resilient future because to a combination of supportive government policies, India's strong and developing economy, and ongoing infrastructural projects, according to Aniruddha Sen, co-founder of Kenko Health, who spoke with Livemint.Sen went on, "It is anticipated that the governments' steadfast dedication to assisting startups via financial initiatives, tax breaks, and regulatory changes would foster an atmosphere that encourages entrepreneurship. The startup funding landscape may be greatly impacted by such encouraging actions. The unwavering quest for innovation and technical breakthroughs continues to be a motivating factor. Due to their potential to completely change industries, startups at the vanguard of transformational technologies—like artificial intelligence (AI), biotechnology, and clean energy—are expected to draw significant capital."
In 2023, Meesho plans to resume hiring on campuses and hire 150 candidates.
Meesho, an online retailer that stopped hiring on campuses in 2022, reported that it had hired 150 people in 2023. In 2024, the business supported by SoftBank plans to hire more young workers, it said."Meesho put a halt to campus hiring in 2022 because its main goal was profitable expansion. Without adding more employees, the company's primary goal was to become profitable, Chief HR Ashish Kumar Singh told Livemint.Meesho is hiring in the following areas: business, finance growth, consumer experience, analytics, monetization, technology and product, and human resources.Salary packages for non-tech positions like strategy and operations have increased compared to the previous year, the company stated. In search of campus hiring opportunities, the e-commerce platform traveled to the following locations: Indian Institute of Science (IISC), Indian Institute of Information Technology (III) Allahabad, BITS Pilani, Indian Institute of Management (IIMs)-Lucknow and Kozhikode, National Institutes of Technology-Delhi, Bhopal, Surat, Calicut, Institute of Chartered Accountants of India (ICAI), and Management Development Institute (MDI). All of these locations were visited by the e-commerce platform.According to the e-commerce startup, Indian Institute of Information Technology (IIIT) Allahabad and IIT BHU are the campuses with the highest number of hirings. Meesho announces first profit in July and plans to go public in 12–18 months. Meesho hired 150 students in total in 2021 for both tech and non-tech positions. Meesho just added IIIT Bangalore, IIIT Lucknow, IIIT Jabalpur, and IIIT Kota to its roster of institutes for campus recruiting. The online retailer announced in December 2023 that it had posted consolidated profit after taxes for the second quarter that ended in September 2023, making it the first unicorn in e-The company put the rise in sales down to a number of factors, including a rise in the number of shopping apps downloaded in India in 2022 and 2023, an increase in the frequency of transactions for current clients, a diversification of the product line, and an emphasis on enhancing revenue generation through different value-added seller services.
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).
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.
10club, a D2C firm, names Kavitha Rao as COO and cofounder.
Kavitha Rao has joined 10club, a direct-to-consumer (D2C) firm that specializes in the kitchen and home categories, as cofounder and chief operational officer. In October of last year, the company changed its focus from roll-up commerce to direct-to-consumer (D2C) branding. The announcement coincided with a slowing in the growth rates of acquired brands in the domestic market over the past year, which has affected the roll-up business as a whole.The company currently functions as a single brand, marketing its own goods both offline—through owned and third-party stores—and online. On the other hand, roll-up commerce businesses purchase numerous internet retailers and brands while frequently keeping their unique identities. They then attempt to enhance performance by means of improved management and pooled knowledge.According to 10club, Rao will oversee day-to-day operations, develop the company's category plan, and lead retail operations across both physical and online channels. Rao was managing director of Accenture's retail division before this. Rao told ET that the company's new goal is to open its first physical location in the first half of FY25. In addition to partnering with distributors to sell its products in large quantities, it is collaborating with D2C competitors like Wakefit to offer products in their stores.By the end of March 2023, 10club is expected to have an annualized revenue run rate of Rs 100 crore, according to Rao. The company is concentrating on generating sales in a profitable manner, he continued, without providing any additional information regarding the current profitability status.
House loans and insurance companies pull the Navi of Sachin Bansal into the slow lane
The financial services company Navi Finserv, founded by Sachin Bansal, a cofounder of Flipkart, is stuck in the slow lane. Two of its key products, house loans and insurance, have yet to take off significantly.According to three persons with knowledge, Navi Finserv had hoped to increase its home loan disbursal to Rs 200 crore per month by 2022, but such expansion has proven elusive. They said that the company's general insurance business has been flat for a few years and has slowed down much more this year.One of the individuals with knowledge of the initiative stated, "Navi wanted to build a digital first home loan business, but that has not worked out yet and is operating at a very limited scale."In response to questions from ET, a Navi representative stated that the company's home loan business has been growing due to rising demand. According to the individual with knowledge of the development, Navi Finserv may need to reconsider its procedures going forward in order to incorporate more physical systems and feet on the ground for the home lending business. He clarified that in order to facilitate the creation of a bank of large housing projects that have been pre-approved, cu.In 2018, Bansal established Navi and funded the business with the money he received from selling Walmart his share of Flipkart. Although Bansal's plans to become a banker were dashed when the central bank refused to grant him a licence, he still intended to create a digitally first finserv platform that would provide a range of goods from insurance to loans.
