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.
Top Print Advertisers from July to September 23, 23: TAM AdEx, SBS Biotech, Maruti Suzuki, and Kia
In 2023, Top10VPN calculated the worldwide economic impact of shutdowns, which included 79,238 hours of government-mandated internet outages, to be $9.01 billion. This indicates that India was responsible for approximately 6.5% of the total economic damage caused by internet outages worldwide.The cost of these disruptions—which included significant ISP throttling, internet blackouts, and shutdowns of social media—was estimated using a variety of metrics from the US Census, the World Bank, the ITU, and Eurostat.In India, internet outages are not unusual. India experienced 92 internet shutdown occurrences in 2023, and just a few days into 2024, the nation has already recorded another internet outage, according to SFLC.in's internet shutdown tracker. Furthermore, the Center has a history of taking action against particular websites and pressuring social media companies to remove content at their request. Authorities have disagreed with digital rights advocates over shutdowns, despite citing grounds including putting an end to rumors and misinformation.Since many users rely on online services for information and business, internet disruptions come at a high cost since they reduce trade, which has an economic impact.
Pre-Series A Funding of Rs 10 Crore is Secured by Settl for Co-Living Expansion
In a pre-series A investment round, investors including Gruhas, We Founder Circle, Inflection Point Ventures, and others have contributed Rs. 10 crore to the proptech startup Settl. Settl., which was founded in 2020, intends to use the money for technology advancement, staff growth, and working capital.With 60+ locations across Bengaluru, Hyderabad, Gurugram, and Chennai, Settl. is a co-living operator that offers 4000 beds, mostly for working people, for rental fees between Rs 12,500 and Rs 18,000 per bed.To date, the portal that lets users look for and rent completely furnished rooms, flats, or communal living spaces has raised a total of Rs 15 crore.Another IIT Madras initiative aims to support 100 businesses by 2024. By 2024, 100 companies from a variety of industries will be supported by the IIT Madras Incubation Cell (IITMIC), the institute's central hub for fostering, advising, and supervising diverse innovation and entrepreneurship initiatives."We at IIT Madras take tremendous satisfaction in the fact that we innovate a lot more. In 2024, we also want to launch 100 start-ups. A number of intriguing innovations are also emerging from IIT Madras-incubated start-ups, including Mindgrove Tech, AgniKul Cosmos, and Hyperloop start-up The ePlane Company. These startups will produce goods that are extremely important to the country." remarked Professor V. Kamakoti, Director of IIT Madras.
A diagnostics business is getting ready to launch a blood testing product in Austin and San Antonio.
Babson Diagnostics has successfully obtained important FDA clearance for its blood testing products following years of cooperation and trials. Listen to the most recent episode of Texas Business Minds to hear about the startup's history, its funding efforts, and the Texas towns it plans to debut in this year, including San Antonio.A diagnostic firm is getting ready to launch a blood testing product in Austin and San Antonio. Babson Diagnostics has successfully obtained important FDA clearance for its blood testing products following years of cooperation and trials. The creator of Babson Diagnostics is getting ready to introduce a cutting-edge blood test device. The founder, COO, and chairman of Austin-based Babson Diagnostics, a blood testing firm, is Eric Olson. He was recently a guest on the Texas Business Minds podcast.
How HRtech Startup Erekrut Is Revolutionizing Employers Hiring and Employee Job Search Processes
Since the start of the Covid-19 outbreak, hiring has been erratic. The alternatives available to recruiters have changed over time, ranging from totally remote, tech-driven interviews to in-person meetings brought on by the present back-to-office demands. Job seekers have also witnessed seismic shifts, with tech giants facing broad cuts and the "Great Resignation" giving way to enormous layoffs. Nevertheless, it's still difficult to get qualified applicants through the door, even in this unstable labor market. As a result, businesses and recruiting managers seek to create a talent pipeline that is both efficient and affordable, as well as future-proof recruitment. There are numerous elements to a successful talent hunt, such as finding the ideal candidate, creating a memorable application process, and providing individualized growth plans. Additionally, hiring must be quick and scalable in order to avoid losing out on top talent, income, and credibility for the business. To keep ahead of the curve, nothing really works better than quickly identifying the top candidates for open positions and automating processes. However, in 2019 Amity University fashion student Ajay Goyal witnessed the other side of the story while working as a volunteer for the university's campus-to-corporate program. It was obvious at the time that traditional hiring would need to be fixed because of its drawn-out processes, slow candidate responses, and general impersonal approach that failed to draw in or accommodate outstanding talent. Ajay, being one to let things slide, went to his father, Dr. Ravinder Goyal, who was a professional with almost thirty years of expertise in vocational training and placement.
VinFast, A Rival To Tesla, Is Likely To Construct An EV Battery Plant In India
The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.The test-prep startup Unacademy reported that, despite constant layoffs at the company, its losses in FY23 decreased by 41% to Rs 1,678 crore. In FY23, employee-related expenses decreased by 28% to Rs 1,281 crore.In what was a difficult year for the startup environment, many modern businesses, like Myntra, ZestMoney, and Curefoods, reported stronger revenues for FY23, but their losses also increased.Revenue at Myntra rises to Rs 4,375 crore: The apparel retailer Myntra, which is owned by Flipkart, reported a 25% increase in operating revenue to Rs 4,375 crore in FY23, despite a 31% increase in losses to Rs 782 crore. The online fashion platform's largest expense, amounting to Rs 1,758 crore, was spent on advertising and promotional activities, representing a 35% increase over the previous year.Unacademy reduces losses to Rs 1,678 crore, or 41%: Unacademy, a startup providing test preparation, reported that its losses in FY23, which included several layoffs at the company, decreased by 41% to Rs 1,678 crore. The Bengaluru-based firm saw a 26% increase in sales to Rs 907 crore during the year, while costs associated with payroll decreased by 28% to Rs 1,281 crore.ZestMoney reports a loss of Rs 412 crore. ZestMoney, a troubled startup that has been searching for a buyer, declared a net loss of Rs 412.4 crore for the fiscal year 2023. On the other hand, while total expenses increased by 21% to Rs 662.2 crore, overall revenue for the buy-now-pay-later platform increased by 72% to Rs 250 crore.
In 2023, India Lost A Hefty $584 Mn Due to Internet Shutdowns
VinFast, an electric vehicle manufacturer located in Vietnam and considered a competitor of Tesla and BYD in China, is expected to establish its first manufacturing facility in Tamil Nadu, India. Batteries intended for electric vehicles will be produced at the company's new plant in Thoothukudi, according to Reuters, which cited people with direct knowledge of the situation.According to one of the persons who spoke with Reuters, "Several VinFast officials have visited Thoothukudi district in Tamil Nadu to check out sites." There were rumors in September that VinFast had started employing people in India for back-office, sales, and legal positions. But it's unclear how much VinFast would invest and when it will start operating in Tamil Nadu.The corporation is looking into ways to enter the Indian market with electric automobiles and scooters.In 2023, internet outages cost India $585.4 million in lost revenue, according to a report published by UK-based review website Top10VPN. According to the survey, 59.1 million Indians were affected by 7,812 hours of internet blackouts and 144 hours of social media shutdowns that the nation experienced throughout the year.
Prerna Korla becomes a Director of Communications for Asia Pacific at Mastercard.
Prerna Korla is a new Director of Communications for Asia Pacific at Mastercard. With over 15 years of significant experience, Prerna is a communication and PR specialist who has worked with leading Indian and international B2B and B2C brands. Prerna spent more than two years as Manager, Senior Communications at Microsoft before joining Mastercard.She was the Uber South Asia and India Consumer Communications Lead. Prerna has also collaborated with a number of PR companies, such as Edelman and MSL Group India. Prerna Korla has been appointed by Mastercard India as the director of communications for Asia Pacific. She leaves Microsoft after working there for two years as a senior communications manager. Korla updated her LinkedIn post on this development. Korla was the head of customer communications for a brief period of time at Uber before.
Rajat Diwakar is appointed CEO of iD Fresh Foods India.
Rajat Diwakar has been named CEO of iD Fresh Food's India division, the business announced on Friday. Diwakar worked as the Managing Director of Marico Bangladesh Limited before being hired by iD Fresh Foods. Additionally, he has over 20 years of experience leading FMCG companies.Leader of iD Fresh India, Rajat Diwakar Delhi, New: iD Fresh Food, a ready-to-cook packaged food firm, strengthened its leadership team on a national and international level on Friday by appointing industry veteran Rajat Diwaker as the India CEO and PC Musthafa as the Global CEO.Today, iD Fresh Food announced the appointment of Rajat Diwaker, a seasoned industry veteran, as the CEO for India. Rajat is a seasoned professional with more than 20 years of experience in the FMCG sector. He was the Managing Director of Marico Bangladesh Limited in his previous position. Additionally, he serves as a director on the board of Bangladesh's Foreign Investors' Chamber of Commerce and Industry (FICCI).In addition to continuing to lead the board of directors, PC Musthafa, who founded iD Fresh and served in that capacity for almost 20 years, now assumes the position of global CEO. Musthafa will be in charge of iD Fresh's worldwide market innovations, as well as international expansions, strategic acquisitions, the development of food-tech capabilities, and organizational culture inspiration.iD Fresh plans to designate specific Business Heads and CEOs for every international market as part of its expansion strategy. In actuality, the business is currently employing a US CEO. At present, more than one-third originates from sources outside of India. In 2024, the company intends to increase its presence in the current markets while branching out into new ones like Singapore and Australia.The global CEO of iD Fresh Food, PC Musthafa, commented on the most recent development, saying, "iD Fresh's journey has been incredibly rewarding so far, and we continue to make tremendous strides." I'm happy to have Rajat Diwaker join the iD Fresh team. I have no doubt that in the years to follow, we will accomplish greater things and win over more hearts under his capable and visionary leadership. And because of the unwavering support from customers that we have accumulated over the years, I am excited to lead the brand into new international markets as we set off on new experiences.
Namma Yatri and Bengaluru City Police collaborate to introduce a program for female drivers.
App for automatic booking Mahila Shakti, an initiative by Namma Yatri, aims to increase the number of female drivers. The Bengaluru City Police and this initiative were partners in its launch.This curriculum provides a thorough one-month training course covering safe driving, traffic rules, maintenance of vehicles, and practical driving. It also helps women launch their own automobile enterprises.After the ladies finish the program, Namma Yatri helps them own low-interest cars through financial institutions and provides them with electric cars for a small daily rent.On January 5, 2024, the Namma Yatri app company launched Mahila Shakti in Bengaluru. In partnership with Bengaluru police and non-governmental organizations, ride-booking service Namma Yatri announced plans to hire 1,000 women drivers over the next six months.Bengaluru: In partnership with the Bengaluru City Police, Parihar, and the Dr. B R Ambedkar Health and Education Foundation, Namma Yatri, the city's community-focused ride-booking app, has introduced the Mahila Shakti program, which is aimed at empowering women drivers. The goal of this program is to enable women from a variety of backgrounds to become skilled electric vehicle drivers. A thorough one-month training course including practical driving, traffic rules, safety, and car maintenance is provided by the Mahila Shakti program. It also helps women launch their own automobile enterprises. The initiative, which targets women between the ages of 25 and 45, opens doors to increased income, financial independence, and flexible work schedules. Following the free training, Namma Yatri helps women obtain low-interest car loans from financial institutions and gives them access to electric cars for a little daily fee."We are thrilled to launch this program, in line with our mission for women's empowerment," said Parihar's leader, Smt. Rani Shetty. It is encouraging to see more women taking up driving, as this makes Bengaluru a safer and more welcoming city. Juspay's Chief Product Officer, Magizhan Selvan, discussed the advancements, saying, "Since August 2023, we have been empowering women drivers in partnership with NGOs like Shishu Mandir." We take great pride in the 50 female drivers we employ, who between them have driven 55,000 kilometers, served 11,000 clients, and earned a total of Rs. 12 lakhs. By June 2024, we want to have 1000 women driving. Lead trainer Nagalakshmi S P talked about her own experience, saying, "Being an auto driver was a turning point to support my family." Taking the lead on this project makes me very happy.A ground-breaking program that promotes women's economic empowerment and questions established gender conventions is the Mahila Shakti Electric Auto Program. With its EV technology and user-friendly software, it makes the acceptance of driving as a career easier. Due to increased freedom and higher pay, participants evaluated driving automobiles as more favourable than traditional career options like housekeeping or shopkeeping. Women who are interested in participating in the program can reach Namma Yatri at 080-69724800 or 8618963188 via WhatsApp.
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.
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.
Binny Bansal leaves Flipkart formally
Binny Bansal, a co-founder of Flipkart, has left the board of the online retailer after more than 16 years of employment. Entrackr was informed of the development by a Flipkart representative."I am pleased with the accomplishments made by the Flipkart Group in the last 16 years. With the knowledge that Flipkart is in capable hands and is in a solid position with a strong leadership team and a clear route forward, I have made the decision to stand down. In a statement, Bansal said, "I remain a strong supporter of the business and I wish the team the best of luck as they continue to transform experiences for customers."Walmart paid $3.5 billion to Binny Bansal, Accel Partners, and Tiger Global for the remaining Flipkart shares in September 2023. Estimates indicate that Bansal gained $650 million after selling his whole interest for $35 billion.According to an ET story, he may have resigned from the company's board due to a disagreement with his new e-commerce business.Bansal launched OppDoor, a new company, earlier this month with the goal of offering end-to-end solutions to e-commerce companies. OppDoor is reportedly going to target e-commerce businesses in the US, Canada, Mexico, the UK, Germany, Singapore, Japan, and Australia at first. Walmart, Flipkart's parent firm, contributed an additional $600 million, or Rs 5,000 crore, to the company last month. In this round, the company is trying to raise $1 billion. The online retailer made headlines as well for letting go of over a thousand workers. The company's CEO, Kalyan Krishnamurthy, stated during a recent town hall meeting that while the company is almost profitable, an initial public offering (IPO) is not planned for 2024.As you may remember, Bansal left his role as CEO of the Flipkart Group in 2018. Following an independent investigation into a personal conduct claim by Walmart and Flipkart, he resigned. Despite his resignation, Bansal remained a member of the board.After more than 16 years, co-founder of Flipkart Binny Bansal has formally left the board of the e-commerce platform. The other co-founder, Sachin Bansal, departed the board in 2018. Sachin started the financial services company Navi after departing from Flipkart.
