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.
Govt working on AI regulation framework, will be released by July 2024, says IT Minister Rajeev Chandrasekhar
"In short, by mid-2024, the government will have AI regulatory frameworks in place. AI will be used to improve farmer productivity, healthcare, agriculture, and the economy. The first draft of the long-awaited AI regulatory framework is anticipated in a few months. According to the state minister for electronics and information technology, the government is developing frameworks for regulations pertaining to AI, and they should be released in June or July of this year. According to Chandrasekhar, the Indian government intends to employ AI to achieve its objectives for economic growth. ""We plan to fully utilize AI to accomplish our economic growth objectives, guaranteeing a significant influence on healthcare, agriculture, and farmer productivity, among other areas,"" he stated in a post on X. This was stated by Chandrasekhar at the Mumbai Tech week. The government has been delaying the release of a framework for AI regulations for a long time. The IT Minister had stated plans to release the framework's initial draft as early as May 2023. But the same hasn't been made available yet. We should be able to view the initial draft of it within the next few months, according to Chandrasekhar's most recent remark. The Union Minister has stated multiple times how important and necessary the framework is, notwithstanding the delay. ""Amidst all the excitement about AI's potential to ""do more with less,"" there is also a rising conversation about its risks and drawbacks. Today's discussion centers on how to maximize AI's potential while minimizing its drawbacks mitigated?"" Chandrasekhar asked in a piece that appeared in India Today. ""A global governance framework that deals with safety and trust of AI is important, given the ubiquitous and boundary-agnostic nature of the Internet and AI,"" he continued. In the past, Chandrasekhar has also given a preview of what to anticipate from the AI framework. India's strategy entails formulating guidelines as well as an exhaustive inventory of AI-related injuries and crimes. India favors establishing explicit standards for platforms with an emphasis on addressing concerns like prejudice and misuse throughout model training, as opposed to regulating AI at particular stages of its development. The suggested approach entails outlining forbidden behaviors and enforcing penalties for noncompliance,"" he stated. "
Push Sports bags funding from Vineeta Singh, Peyush Bansal on Shark Tank India
"On Shark Tank India, portstech startup Push Sports raised Rs 80 lakh at 4% equity. Vineeta Singh, CEO of SUGAR Cosmetics, and Peyush Bansal, co-founder of LensKart, spearheaded the investment. Puru Singh, co-founder and CEO of Push Sports, stated, ""We are committed to making structured sports education accessible, engaging, and in line with the future of learning and parenting."" QuiD completes a pre-seed investment round, raising Rs 5 Cr. In a pre-seed fundraising round, QuiD, a business-to-business (B2B) fintech supply chain startup, raised Rs 5 crore from organizations like Mint Cap Enterprises and Stone Park Capital. The money raised will mostly be used to expand and improve tech capabilities, as well as to increase interaction with partner lenders and present clients. In a statement, QuiD co-founder Subhash Gupta stated, ""The goal is to use technology, data science, and blockchain to help anchor and retailer community get better access to credit at invoice level."Pre-seed fundraising round of $400,000 is raised by Kanlet, an AI sales-driven platform. In a pre-series investment round headed by Suvan Ventures, Kanlet has raised $400,000. The company released a statement stating that the money will be utilized for talent acquisition, sales and marketing, and product development. The founder of Kanlet, Satish Patil, stated, ""We believe that relationships, intent, personalization, and automation at scale will be a regular part of how companies go to market in two years, and we want to enable this outcome."" Crib boosts the housing industry by investing $1 million in Crib Plus. The proptech company Crib is set to invest approximately $1 million towards the creation of Crib Plus, an upgraded software designed to meet the demands of major co-living and student housing brands. As of right now, Crib serves over 1,000 landlords, according to a statement from the business. The enterprise customer that oversees more than 1,000 tenants has higher expectations from their property management tool, which includes Personalized Customizations & Integrations, Detailed Financial Reporting, Business Analytics, and sophisticated workflows like Asset Management, Visitor/Parcel Management, and Expense Management. To meet these needs, we are developing Crib Plus,"" co-founder and CPO of Crib Shaifali Jain stated. "
After the failed Zee merger, what will happen to Sony? The CEO of the company discloses its India strategy.
"Overview ""India has significant long-term growth potential. This market has a lot of appeal. Consequently, in response to a question concerning the company's plans in India following the cancellation of the proposed merger, Totoki stated, ""We will attempt to seek various opportunities and see if we can find another opportunity that would replace this type of plan."" According to a senior business official, Sony will explore a number of possibilities now that the planned merger of its Indian branch with Zee has been canceled. These would include looking for an alternative plan and exploring organic development chances in India, which has enormous long-term potential. Hiroki Totoki, president, COO, and CFO of Sony, stated during an earnings call that the company will keep making investments in India since it is a very good market. ""India has significant long-term growth potential. This market has a lot of appeal. Consequently, in response to a question concerning the company's plans in India following the cancellation of the proposed merger, Totoki stated, ""We will attempt to seek various opportunities and see if we can find another opportunity that would replace this type of plan."" He commented, ""Well, that investment is not going to change a capital allocation or our behavior in our investment,"" in reference to the investment Sony had made as part of the agreement. Thus, we don't yet have any firm plans."" February 14 was the day of the earnings call. According to the terms of the merger that ZEEL and Sony agreed upon, Additionally, the Japanese behemoth was expected to contribute USD 1.5 billion to the combined company. He stated in the investor call that the company will keep pursuing organic development in line with its plan in India, where it conducts business through Culver Max Entertainment (formerly known as Sony Pictures Network India). The arrangement between Sony and ZEEL to combine its two Indian companies, Culver Max Entertainment and Bangla Entertainment Private Limited (BEPL), was terminated last month. Sony Group Corporation (SGC) claimed that ZEEL had not complied with the merger requirements and had filed for arbitration before SIAC, requesting a termination cost of USD 90 million (about Rs 748.5 crore). In a petition to the National Company Law Tribunal (NCLT), ZEEL requested that Sony Group be directed to...Over 700 million people watch the 26 channels that Sony Pictures Network India (SPNI), an indirect wholly-owned subsidiary of Sony Group Corporation, Japan, owns and operates in Hindi and numerous other languages. In addition, it offers live sports, movies, short films, as well as its own original and archived material, on its single OTT platform, Sony LIV. There are about 33 million people who watch it."
Sukoon Health starts offering cashless insurance for inpatient care
A program to offer cashless insurance coverage for people requiring inpatient psychiatric care has been announced by ukoon Health. In order to receive cashless insurance benefits at Sukoon, patients must stay in the hospital for a minimum of 24 hours. This is the amount of time that is needed in order to file an insurance claim under the mental health coverage. Certain treatments are not covered and are not eligible for cashless insurance benefits. Examples of these treatments include talk therapy, alcohol and drug addiction, self-harm, and treatment for alcoholism. Bipolar disorder, acute depression, anxiety disorders, schizophrenia, mood disorder, psychotic disorder, post-traumatic stress disorder, obsessive-compulsive disorders, and attention-deficit/hyperactivity disorder are just a few of the conditions that are covered by Sukoon's mental health insurance. Ceremony for Women Startup Program is hosted by NSRCEL-IIMB and Kotak Mahindra Bank. The IIMB startup cluster, NSRCEL, and Kotak Mahindra Bank Limited together hosted the Bangalore valedictory celebration for the fourth cohort of the Women Startup Programme. The event honored the accomplishments of fifteen entrepreneurs that were thrilled to be awarded grants for the third phase. Each initiative received Rs 5 lakh, and six founders in the special category received an additional Rs 5 lakh each in appreciation of their total progress since the program's start. The initiative has distributed a total of Rs 2.75 crore in funds. Furthermore, the program's entrepreneurs have been successful in obtaining Rs 1.8 crore in outside finance. 267 female entrepreneurs who made the short list were chosen to get a 12-month incubation period NSRCEL will evaluate their prototypes and pitches to the screening committee over the course of a year. By helping them to develop their ideas into profitable businesses, the initiative seeks to assist aspirational and creative women entrepreneurs. Over 23,053 women have benefited from the Women Startup Programme, which has helped them strengthen their managerial and entrepreneurial skills. According to CarePay, its growth in 2023 was 100% month over month. According to CarPay, a financial platform for the healthcare industry, its growth in 2023 was 100% month over month. For the current quarter, the platform is anticipated to grow at a rate of 50% to 70% each month.
Akshay Kumar attends the inauguration of Abu Dhabi’s first Hindu stone temple.
"At the BAPS Hindu Mandir in Abu Dhabi's opening, Akshay Kumar wore a golden and white kurta. On Wednesday, the first Hindu stone temple in the city was inaugurated, and actor Akshay Kumar arrived early. Prime Minister Narendra Modi will dedicate the temple in Abu Dhabi, which was constructed utilising a blend of science and traditional building methods. Akshay wore a white and gold kurta for the event. The 56-year-old actor arrived with his protection detail in tow.More than 300 sophisticated sensors were used in the construction of the temple, known as the BAPS Hindu Mandir, to track seismic activity and measure temperature. The temple was built without the use of any metal, and the foundation was filled in with fly ash. At an estimated cost of over Rs 700 crore, the BAPS Swaminarayan Sanstha constructed the opulent temple on a 27-acre plot of land in Abu Mreikhah, close to Al Rahba off the Dubai-Abu Dhabi Sheikh Zayed Highway. Following his Tuesday signing of many bilateral agreements with the UAE and his attendance at the high-profile ""Ahlan Modi"" event, which drew big crowds from the Indian diaspora, Prime Minister Modi is scheduled to open the largest Hindu stone temple in Abu Dhabi on Wednesday night. Subsequently, the prime minister will go to Doha for a two-day visit with the Qatari leadership. The BAPS Hindu Mandir is a temple that was constructed without the use of any metal and filled with fly ash. It includes over 300 sophisticated sensors to monitor seismic activity and measure temperature. Abu Dhabi, United Arab Emirates: On Wednesday, the first Hindu stone temple in the city was inaugurated, and actor Akshay Kumar arrived early. Prime Minister Narendra Modi will dedicate the temple in Abu Dhabi, which was constructed utilising a blend of science and traditional building methods. Akshay wore a white and gold kurta for the event. Tuesday saw PM Modi sign many bilateral agreements with the UAE. He also attended the high-profile 'Ahlan Modi' event, which attracted a sizable number of Indian diaspora attendees. On Wednesday night, PM Modi will officially open the largest Hindu stone temple in Abu Dhabi. You can only listen to the newest music on JioSaavn.com. Subsequently, the prime minister will go to Doha for a two-day visit with the Qatari leadership."
RBI Cracks Down On Card Networks’ Tie-Ups With Payments Intermediaries
"SUMMARY: All card-based business payments made through specific intermediaries to organisations that do not accept card payments are to be held in abeyance by an unidentified card network. Under the radar are middlemen or suppliers of business payment solutions who take credit card payments for business payments and then transfer the money to receivers who do not accept credit cards via IMPS, RTS, or NEFT. The Reserve Bank of India (RBI) has issued a new directive just one day after it was reported that the central bank has instructed card networks Visa and Mastercard to stop accepting commercial cards for business payments. According to the RBI, no request for clearance was made to the appropriate authorities for these transactions, meaning that there was no legal backing for the entire payment process. The RBI has instructed an unidentified card network to hold up any card-based business payments made to organisations that don't accept card payments through payment intermediaries, as per a circular dated February 15. The RBI has been informed that a card network has a deal in place that allows companies to pay with cards to companies that don't take cards through specific middlemen. The circular stated, ""The card network has been advised to keep all such arrangements under abeyance, until further orders, as the matter is under detailed examination."" In this system, corporates pay with cards for business payments to the business payments solutions providers or intermediary, which subsequently transfers the money to recipients who do not accept cards using IMPS, RTS, or NEFT. Industry insiders claim that Visa and Mastercard implemented this unique arrangement to increase the acceptability of credit cards for commercial transactions. The agreement, which was exclusive to business or corporate credit cards, stated that certain empanelled vendors would pay a substantially reduced merchant discount rate or interchange fee to payments intermediaries. ""Card networks brought in a significantly reduced interchange, preventing acceptance costs from becoming an issue. One person linked to a fintech unicorn said, ""Business payments solutions providers, or BPSPs, their acquirers and issuers entered a mutual commercial agreement at a much lower pricing which could be as low as 0.3%."" According to a second fintech sector insider, the RBI might also be looking into whether the BPSP payouts are for real transactions rather than money laundering or round-tripping. The Payment and Settlement Systems (PSS) Act of 2007 stipulates that specific authorization is necessary for any agreements made with card networks, according to the central bank. It stated that since the appropriate authorities were not consulted for such transactions, there was no legal backing for the entire payment process."
Ixigo Refiles DRHP For IPO, Slashes Fresh Issue Size To INR 120 Cr
"SUMMARY The company's initial public offering (IPO) includes a fresh issue of INR 120 Cr and an equity portion of 6.66 Cr The fresh proceeds will be used to fund the startup's working capital needs, technology development and support inorganic growth through acquisitions..On Wednesday, February 14, the parent company of online travel aggregator (OTA) ixigo, Le Travenues Technology Ltd, re-filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The startup's initial public offering (IPO) will include an offer for sale (OFS) component of 6.66 Cr equity shares and a new issue of INR 120 Cr, according the DRHP. Among the investors who will sell shares via OFS are cofounders Aloke Bajpai and Rajnish Kumar, SAIF Partners India, Peak XV Partners, and Micromax Informatics. The IPO revenues of INR 45 Cr would be used by the firm to meet its working capital needs. The remaining INR 26 Cr will be used to expand investments in data science, artificial intelligence, and stacking the tech stack investments, among other things, in artificial intelligence and data science. Additionally, the money collected from the IPO will be put towards general business needs and acquisitions to support inorganic development. Ixigo is a travel technology platform that was founded in 2007 by Bajpai and Kumar. It generates income through the selling of different travel-related services, such as bus, rail, and airline tickets. By providing advertising services on its platform, it also makes money. Over the last 15 years, the firm has garnered around $88 million in capital from a variety of investors, including Peak XV Partners, Singapore's GIC, InfoEdge, Elevation Capital, and Fosun RZ. At the height of the funding boom in 2021, it last raised $53 million. Its rivals include Cleartrip, MakeMyTrip, EaseMyTrip, and Yatra. Ixigo's initial public offering (IPO) coincides with a series of cost-cutting initiatives the traveltech business has implemented over the last year to improve financial performance. Cofounder Bajpai discussed ixigo's frugal plan and mentioned that the company's zero-dollar marketing strategy had greatly benefited profitability in an interview with Inc42 last year. In the fiscal year 2022–2023 (FY23), the company surpassed the INR 500 Cr operational revenue revenue mark, up 32% year over year (YoY), thanks to post-pandemic growth and its thrifty attitude. In addition to this, the OTA recorded a net profit in FY23 of INR 23.4 Cr as opposed to a deficit in FY22 of INR 21.1 Cr. In the nine months that concluded in December 2023, Ixigo generated operational revenue of INR 491 Cr, according to the DRHP. During this time, its profit was INR 65.7 Cr, compared to INR 18.7 Cr the previous year. The company is making its second effort at going public. In 2021, it first submitted a DRHP for an INR 1,600 Cr IPO. Ixigo, however, decided against going public because of the unfavourable macroeconomic climate, which saw funding freezes and market volatility hit new-age tech firms. "
Narendra Modi UAE Visit Highlights UPI payment to begin in UAE soon, announces PM
Highlights of Prime Minister Narendra Modi's UAE visit: At the 'Ahlan Modi' event in Abu Dhabi, Modi spoke to the Indian diaspora. Highlights of Narendra Modi's UAE visit: On Tuesday, Prime Minister Narendra Modi began a two-day visit to the United Arab Emirates (UAE). President Mohamed bin Zayed Al Nahyan met Modi at the airport in a cordial manner. The two chiefs gave each other hugs. Later on, he received a guard of honour. The two leaders also had extensive discussions in which they went over the strategic partnership, talked about potential new areas of collaboration, and saw a number of agreements, including a bilateral investment pact, signed. The temple is located in Abu Mureikhah near Al Rahba on the Dubai-Abu Dhabi Sheikh Zayed Highway. It has reached about 27 hectares of land in Abu Dhabi and construction work is ongoing since 2019. The land for the temple was donated by the United Arab Emirates government. During Modiand#039's meeting with UAE President Mohamed bin Zayed Al Nahyan, the leaders witnessed the exchange of eight agreements, including a bilateral investment treaty, a memorandum of understanding on cooperation in electricity connectivity and trade, and an intergovernmental framework agreement between India and India . . . UAE in the India-Middle East Economic Corridor. Modi also congratulated the UAE President on the launch of JAYWAN, the country's domestic card based on RuPay's digital credit and debit card. Both the drivers saw the transaction that was made with JAYWAN's card. Modi will also attend the World Government Summit 2024 in Dubai as the guest of honor during his visit, where he will deliver the keynote address. Modiandi's visit to the UAE is his seventh since 2015 and the third in the last eight months, highlighting the strong ties between the Indian and UAE leadership. Here are some highlights of PM Modiand visit #039 to UAE. ."UPI payment to begin in UAE soon," said PM Narendra Modi during his live visit to the country. At the 'Ahlan Modi' event, the Prime Minister addressed the Indian diaspora and announced that UPI payments will soon start in the United Arab Emirates. "It will make seamless payments between India and UAE accounts possible," he states. UPI (Unified Payment Interface) services were launched in Abu Dhabi on Tuesday by Prime Minister Narendra Modi and President Sheikh Mohammed Bin Zayed Al Nahyan of the United Arab Emirates. The Indian Prime Minister is scheduled to dedicate the country's first Hindu stone temple during his two-day visit to the Gulf state. During a bilateral encounter, the president of the UAE and Modi exchanged multiple Memoranda of Understandings (MoUs). "First and first, Brother, let me sincerely thank you for your cordial welcome. It is quite uncommon for us to have met five times in the past seven months. I've also had the chance to visit this place seven times; the manner we've advanced in all areas remarkable..
Dubai Hosted PMFAIs International Crop Science Conference & Exhibition
The JW Marriott Marquis Hotel in Dubai, United Arab Emirates hosted the 18th edition of PMFAI's International Crop Science Conference & Exhibition (ICSCE 2024 Dubai) on February 8–9, 2024.The two-day celebration got off to a lucky start on February 8, 2024, when PMFAI President Pradip Dave gave a heartfelt welcome speech. In his inaugural speech, Dave emphasized the significance of the occasion, emphasizing how far it has come since PMFAI's first event in Mumbai in 1997. ICSCE serves as an international trade platform for the agrochemical, agri-biological, and related product industries. It helps these industries stay up to date on market developments and build strategic and sourcing partnerships with foreign businesses. Additionally, PMFAI organizes the annual International Conference on Biological Sciences and Agriculture (ICSCE) to promote the health of the Generic Pesticide Industry and to bring together agricultural researchers, pesticide producers, agrochemical merchants, agricultural biological industries, and related businesses.ICSCE has gone a long way to become known as the top Agri Inputs event that connects the agrochemical, agri-biological, and agriculture sectors since its inaugural event was held in Mumbai, India, in 1997. Agrochemical exports from India were valued at Rs. 270 crores (US $32.5 million) in 1997, the year the PMFAI hosted the first ICSCE. Today, that figure has risen to Rs. 45,000 crores ($5.4 billion) and beyond. Through joint ventures, bilateral commerce, subcontracting, contract manufacturing, contract distribution, and networking possibilities, ICSCE offered businesses the chance to grow and benefit from each other's advantages. There was a great response at ICSCE 2024 Dubai, with delegates actively participating from all around the world. At the conclusion of the first session, Deepak Shah, Vice President-PMFAI and Chairman of the Crop Care Federation of India, expressed gratitude to all of the speakers, exhibitors, sponsors, and attendees for their enthusiastic involvement and support of the occasion.For two days, ICSCE 2024 Dubai featured the product portfolios of ninety-one top firms. The event proved to be a big success, drawing in over 2,500 attendees and more than 1,200 registered delegates.Participating in the event were delegates from Argentina, Australia, Afghanistan, Brazil, Bangladesh, Belgium, China, Egypt, Ethiopia, France, Germany, Guinea, Ghana, Georgia, Iran, Iraq, Indonesia, Ireland, Italy, Jordan, Kenya, Lebanon, Lithuania, Malaysia, Malwai, Morocco, Myanmar, Nigeria, Netherlands, Oman, Poland, Pakistan, Russia, Saudi Arabia, Scotland, Singapore, Sri Lanka, Somalia, Sudan, Syria, Turkiye, Tanzania, Tunisia, USA, UAE, Uganda, Ukraine, United Kingdom, Uruguay, and Zambia.Renowned scientists studying pesticides, specialists in biological products, and business professionals were in attendance for the two days of the event. They presented on a range of significant subjects, a summary of which is provided below:
Medical devices startup Noccarc raises $2 Mn led by IAN
Indian Angel Network (IAN) sponsored a $2 million funding round for medical device startup Noccarc. IIT Kanpur, SIDBI (Small Industries Development Bank of India), and TDB (Technology Development Board) were also involved in this round. In addition, Hero Enterprises Chairman Sunil Munjal was welcomed as a prominent stakeholder in the investment round. The money raised will be put towards growing Noccarc's business and diversifying its line of products. The fundraising round, according to the company, is anticipated to assist R&D projects, ease market penetration, bolster customer service, and establish sales and distribution networks throughout major cities. Founded by Harshit Rathore, Noccarc specializes in the development and manufacturing of high-value critical care medical equipment, including ICU ventilators, patient monitors and more. In addition, the company offers a digital platform that allows doctors to remotely access device data, digitize documents and plans to integrate AI-based services in the future. The company has a strong research and development unit and ambitious plans to develop a versatile product range, starting with intensive care. Noccarc currently holds seven patents and has applied for 19 new patents for its innovative technologies. The company has also recently received a license from CDSCO (Central Drug Standard Control Organisation), which gives them the right to manufacture and sell these regulated products in India. The startup claims to have shipped more than 3,600 ventilators across India and has partnered with several different hospitals. Noccarc is now expanding its product range with a view to globalization..Future-Generation Ventilation for Intensive Care Units With the use of cutting-edge technologies, critical care has been redefined and given new meaning. The most advanced ICU ventilator, created specifically for user comfort and ease of use, will raise the bar for both patient care and your own standards.
Bharat Forge-backed Tork Motors raises $6 Mn in new round
Electric car startup Tork Motors has raised 50 million rupees, or $6 million, from Maxis Capital. This is the second institutional round for the Pune-based company after a gap of two-and-a-half years. The Tork Motors board approved a special resolution to issue 1 share and 6,912 CCPS at an issue price of 72,425 rupees to raise 50 million rupees, or $6 million, according to a regulatory filing available with the registrar of companies. Each preferred share issued to the new investor (Maxis Capital) will be converted into one share during the corresponding conversion period, in the appendix. Founded in 2010, Tork Motors is an electric two-wheeler manufacturer known for its flagship Kratos R. The company initially started with its units in Mumbai and Hyderabad and currently has a monthly production capacity of 4000-5000 units. The company planned to expand its geographic reach and reach 70-100 cities by the end of 2023. In October, Tork Motors announced a partnership with electric car software and charging infrastructure provider Bolt.Earth to provide its customers with 30,000 charging points. According to startup data intelligence platform TheKredible, the company is worth about 370 million rupees, or $45 million, after the split.. Through several rounds, Tork Motors has raised almost $16 million. With 52.46% of the total ownership, Bharat Forge is the largest shareholder, followed by Maxis Advisors with 13.51%. Kapil Shelke, the company's founder and CEO, owns 19.42% of the business. To view the entire shareholding pattern, visit TheKredible. Operating revenue for Tork Motors increased sevenfold from Rs 4.5 crore in FY22 to Rs 35.5 crore in FY23. During that time, the company's losses increased by 5.7X, from Rs 8.34 crore in FY22 to Rs 47.9 crore in FY23. Disclaimer: A group of investors just provided funds to Bareback Media. Some of the investors might be connected to other businesses we might write about, or they might be directly or indirectly involved in a rival company. That being said, this will not in any way affect our coverage or reporting. A list of our investors is available.
Apple will resolve its case against chip company Rivos over trade secrets.
According to a joint court filing on Friday in California federal court, Apple opens new tab plans to settle a dispute in which it was accused by tech startup Rivos of stealing its trade secrets pertaining to computer-chip technology.Both businesses stated to the U.S. District Court for the Northern District of California, opens new tab, that they had "signed an agreement that potentially settles the case," allowing Apple to look through Rivos' systems and retrieve any private data.Requests for comments and additional details regarding the settlement were not immediately answered by representatives for Apple or Rivos.In2022, "stealth" startup Rivos was sued by Apple. It claimed that Rivos, a company based in Mountain View, California, had hired away dozens of its engineers and utilized its proprietary knowledge to create rival "system-on-chip" (SoC) technology.Integrated circuits, or SoCs, are chips that contain many computer components, such as visual processing units and central processing units, on one chip. During almost a decade of study and billions of dollars, Apple claimed in the complaint that its SoC designs had "revolutionized the personal and mobile computing worlds."Rejecting the accusations, Rivos asserted that Apple had "sought to punish Rivos and any Apple employees who may seek to work there since the moment Apple learned about the promising startup."
IMPACT OF SHARK TANK INDIA ON THE GROWING STARTUP MINDSET IN INDIA
Examine how Shark Tank's existence changes the way Indian startups approach their business, stimulating creativity and investor interest in the vibrant ecosystem of entrepreneurship.shark tank India, which was modeled off the same-titled American TV series, has had a significant influence on the country's startup landscape since its December 2021 premiere. In the show, aspiring business owners present their concepts to a group of investors known as "Sharks" in the hopes of receiving capital and advice.Aspiring business owners approach the stage, pitching their ground-breaking concepts to a group of seasoned investors known as "Sharks" with nothing more than their vision and resolve.More than 100 million people have watched Shark Tank India, which has sparked a national entrepreneurial fervor. An increasing number of startup applications and inquiries to incubators and accelerators are indicative of this spike, which suggests that Indians are becoming more interested in becoming entrepreneurs.Our connection with television has altered recently as a result of the digital age, which allows us to consume content anywhere, anytime, and across a variety of media. This changed when Shark Tank India began to stream on Sony TV at a peak time of 9 PM. The US broadcast of Shark Tank's inaugural season took place in 2009. It made its way to India in 2021 after 13 seasons of great success, and in just two months, it drastically and urgently altered Indian society.People's perceptions of the startup culture have been altered by this reality show. This show is based on the actual ideas of the average person, where each idea is unique, as opposed to the typical reality shows that are a competition for a trophy and prize. Not only are compelling pitches and financial backing important, but viewers are also interested in the sharks' reactions to specific ideas and their recommendations, which is another aspect of the show. In other words, this show is essentially a blend of educating and entertainment that keeps viewers interested and encourages them to dive into the many fascinating tales of entrepreneurs. Indians now understand that issues they once dismissed as unreal could actually becomeThe Sharks have said in a few interviews that after the first season, pitching will be much better in the following seasons because pitchers will understand how it works and will feel much more comfortable talking about their creative business ideas on national television.With 500 million people between the ages of 15 and 44, this show has the potential to spur widespread entrepreneurship. The majority of children in India are brought up with a traditional mindset, which advises them to select a safe job over starting their own business. Shark Tank India's contribution to the expansion and development of the startup ecosystem is expected to bring about a profound cultural and mental transformation in the nation. In addition, the program has offered viewers a genuine understanding of today's real heroes. Sharks are those who, through their innovative ideas, have successfully filled a void in the market, provided the finest returns on their investments, and are well-liked throughout the nation. What's more, these sharks make investments
At last, someone noticed Ronnie Screwvala, the founder of Grad, responds as calls to remove Byju Raveendran grow.
In response to a LiveMint article stating that Byju's shareholders are attempting to remove the company's founders, notably Byju Raveendran, co-founder of the ed-tech platform upGrad, Ronnie Screwvala said.Screwvala posted on the X platform, "Finally someone smelt the coffee". In order to support "India as an investment destination" and the legitimacy of the "otherwise sunrise and sunshine sector," he hoped that the shareholders will stick with the plan and see it through to completion.According to a Livemint story published on Thursday, a faction of shareholders in the struggling ed-tech startup Byju's has demanded a management transition that would involve the dismissal of Byju Raveendran, the company's chief executive and co-founder.Prosus Ventures, Peak XV, Chan Zuckerberg Initiative, General Atlantic, and other investors signed a notice requesting an extraordinary general meeting (EGM) and proposing a reorganization of the company's board.In the best interests of the business and its shareholders, the investment consortium said that they were sending out EGM notices. The shareholders released a statement saying, "We are deeply concerned about the future stability of the company under its current leadership and with the current constitution of the Board.""Outstanding governance, financial mismanagement, and compliance issues; the reconstitution of the Board of Directors, so that it is no longer controlled by the founders... and a change in leadership of the company," the investors also stated in their request for a meeting. Thanks to a spike in remote learning during the Covid-19 outbreak, Byju's was one of India's most successful firms, estimated at $22 billion in 2022. After nearly 22 months, Byju's finally released its financial statements, showing a growing operational loss of ₹6,679 crore in FY22, primarily as a result of losses experienced by subsidiaries White Hat Jr. and Osmo.Based on its regulatory filing, the company reported an operational loss (EBITDA) of ₹4,143 crore for the fiscal year 2021.From ₹4,564 crore in FY21 to ₹8,245 crore in FY22, the company's net losses grew. The largest asset manager in the world, BlackRock, has reduced Byju's suggested worth from $22 billion to roughly $1 billion. Following Byju's delay in releasing its financial results for the year ended March 31, 2022, Deloitte announced their resignation as the company's auditor. Aside from Peak XV, Prosus, and the Chan Zuckerberg Initiative, other board members left Byju's board last year.In addition, the business is being sued in the US over conditions and repayment of a loan. Byju's, meantime, is purportedly trying to raise $200 million at an enterprise valuation between $220 and $250 million through the issuance of equity rights."The board of Think and Learn Private Limited (TLPL) today launched the raising of funds $200 million by way of a rights issue to all its equity shareholders to support its ongoing efforts to drive growth and achieve operational sustainability," the business stated in a statement. The business stated that TLPL's planned rights issue is intended to support general corporate purposes and finance the company's ongoing capital expenditures.
Obtaining $3.4 million in Series A investment, Cashinvoice
A $3.4 million Series A funding led by HDFC Bank, Pravega Ventures, and Accion Venture Lab was obtained by Cashinvoice. By FY25, the company hope"By implementing cutting-edge SCF technology, this strategic investment will enable extended financial inclusion for the missing middle. It highlights our commitment to improving MSMEs' working capital management and cash flow, resulting in a more simplified and effective supply chain finance environment," Cashinvoice co-founder Shrinivas Kasar stated.Anchor firms and MSME partners benefit from Cashinvoice's digital invoice discounting marketplace, which integrates with corporates to handle loans against invoices. More than 15 lakh invoices worth more than Rs 15,000 crore have been processed thus far.s to have disbursed $2.4 billion in loans to MSMEs in order to grow operations, improve market presence, and create new products.Pravega Ventures, HDFC Bank, and current investor Accion Venture Lab were among the backers. The company plans to use the money to grow operations, improve its visibility in both new and existing markets, and create new products.Under the direction of co-founder and CEO Arun Poojari, Cashinvoice provides customized SCF solutions to anchor corporations, including some of India's top 100 corporates and its MSME partners (both vendors and distributors), through its digital invoice discounting platform. Its digital platform uses risk assessment and authenticated invoicing, and it integrates with anchor companies. By FY25, the company hopes to increase its discounting throughput to Rs. 20,000 Cr, which will enable digital loan processing against invoices for lenders and upscale the MSME base from the current 3,000 to 10,000.Cashinvoice was founded in September 2019 and has since made a profit by enabling the payment of over 15 lakh invoices, worth over INR 15 crore. It has done this by forming partnerships with Indian corporations, including Tata Motors, Bata, Bajaj Electricals, Oppo, Voltas, One Plus, Patanjali, Kalyan Jewellers, Paragon, and more."India's Digital Public Infrastructure prowess has allowed lenders multiple data points to assess credit risk beyond the traditional asset-based credit mechanism," Arun Poojari said in response to the news. Supply chain finance examines the vintage and pace of the buyer-seller connection while concentrating on financing particular transactions. It assists MSMEs in bringing predictability and regularity to their financial flows, allowing them to expand and create jobs. With this round, Cashinvoice will keep enhancing its offerings by capitalizing on India's DPI and the steady expansion of trade, which supports the rising GST collections.
JEE Main 2024 Answer Key Live NTA JEE Mains response sheet and provisional key at jeemain.nta.ac.in before the deadline
Today, February 6, the National Testing Agency is expected to make the Joint Entrance Examination (Main) 2024 session 1 preliminary answer key available. The release date of the JEE Main 2024 answer key will probably be revealed soon at jeemain.nta.ac.in. To get the preliminary JEE Main answer key 2024, candidates need have their login information, including their date of birth and JEE Main application number, close at hand.How can I get the 2024 Provisional JEE Main Answer Key? The actions listed below should be followed by candidates in order to download the NTA JEE Mains session 1 provisional answer key. Visit jeemain.nta.ac.in, the official website. On JEE Main 2024 Answer Key, click. Enter your date of birth, application number, and any other requested information. Select "Submit" from the menu. The JEE Main question paper, answer key, and response sheet will be available to candidates.Candidates can contest the official JEE Main answer key if they believe it contains any errors or wrong answers. We'll shortly announce the date for the JEE Main 2024 answer key challenge. NTA will publish the official JEE Main answer key 2024 after assessing the challenges submitted by the candidates. Online tests for the JEE Main 2024 were administered on January 24, 27, 29, 30, 31, and February 1, 2024. Previously, on February 2, JEE Main 2024 session 2 registration opened.Live Updates on the JEE Main 2024 Answer Key: Applicants can get the JEE Main session 1 answer keys from jeemain.nta.ac.in, along with their recorded responses.Live Updates for the JEE Main 2024 Answer Key: The Joint Entrance Examination (JEE) Main 2024 was administered for the first time by the National Testing Agency (NTA) between January 24 and February 1. The NTA will soon release the provisional answer keys. Interested candidates can download the JEE Main session 1 answer keys and their recorded responses from jeemain.nta.ac.in.Candidates will have a window to voice any concerns to the answers, if any, following the release of the JEE Main answer key, provided they pay a fee for each question. Subsequently, NTA will examine the candidates' feedback and compile the final answer key.Exam dates for the JEE Mains Session 1 were January 24, 27, 29, 30, 31, and February 1, 2024, at locations across the nation.A total of 11,70,036 candidates sat the paper 1 (BE/BTech) test, and 55,493 candidates showed up for the paper 2 (BArch, BPlanning) exam.
On February 11, IIT Bhubaneswar will introduce the 100-CUBE Startup initiative.
IIT-B: The park will grow from 20,000 square feet to roughly 80,000 square feet over the course of the next two years with assistance from the ministry of education, according to the director of the institute.NEW DELHI: According to institute director Shreepad Karmalkar, the Indian Institute of Technology (IIT) Bhubaneswar will unveil its groundbreaking 100-CUBE Startup program at its research and entrepreneurship park on February 11. This announcement was made here on Monday. By the time Odisha celebrates its centennial in 2036, the goal of this effort is to establish 100 companies, each valued at Rs 100 crore, according to Karmalkar. He underlined that in order to accomplish this, the park would offer crucial tools, guidance, startup funding, and connections to possible investors.Over the next two years, the park will grow from 20,000 square feet to roughly 80,000 square feet thanks to kind support from the ministry of education, he continued. According to him, this program is in line with the National Education Policy (NEP) 2020's objectives, which center on encouraging entrepreneurship and aiding in company incubation. Karmalkar emphasized that, based on India's notable increase in the global innovation rank from 76 in 2014 to 40 in 2023, the next 25 years will be driven by startups.According to him, the 100-CUBE Startup initiative uses a mind-to-market strategy to support companies in all sectors, genders, and geographical areas in an effort to improve this ranking even more. On February 11, faculty heads of IIT research parks, businesspeople, and venture capitalists will lead concurrent technical workshops for faculty and entrepreneurs. The signing of Memorandums of Understanding (MoUs) with around 20 sectors, 30 startups, and 30 venture capitalists would come next, he continued, in order to establish strategic partnerships for accomplishing the 100-CUBE goal.According to organizers, Union Minister Dharmendra Pradhan will formally open the 1500-seat auditorium and lay the groundwork for infrastructure projects valued at Rs 450 crore. He continued, saying that all things considered, the program represents a critical turning point in IIT Bhubaneswar's efforts to develop the startup culture in the nation and position Odisha as a center of entrepreneurship.
In a pre-Series A funding round, EV ride-hailing company Snap-E Cabs raises $2.5M.
Snap-E Cabs, an EV ride-hailing startup, earns $2.5 million in a pre-Series A funding round headed by Inflection Point Ventures.Snap-E Cabs is a ride-hailing platform for electric vehicles that offers 100% electric mobility solutions that are dependable, economical, efficient, and sustainable. The funds generated will go toward hiring more employees to support the company's expansion, making technology upgrades, launching new tech-enabled services, and growing its operations into other regions."In addition to upending the world's oil markets, India's shift to electric vehicles positions the nation—with its 1.4 billion people and quickly expanding economy—as a major player in the global EV market, signifying a significant step toward sustainable development," stated Mayank Bindal, the founder and CEO of Snap-E Cabs.In line with the company's announcement, the funds would be invested in technology upgrades and new tech-enabled services to improve operating capabilities.The firm also wants to extend its services to new regions and increase its geographic reach. According to the announcement, the company places a lot of emphasis on talent acquisition to make sure it has the trained personnel necessary to support its growth and innovation initiatives.Inflection Point Ventures led a Pre-Series A Round that saw USD 2.5 million obtained by Snap-E Cabs, a platform for electric vehicle (EV) ride-hailing. The money raised will go toward hiring skilled workers, modernizing equipment, and expanding into new areas.The company has experienced significant growth, operating 600 automobiles annually with an Annual Recurring Revenue (ARR) of $35Cr. With a hybrid B2B and B2C approach, Snap-E Cabs guarantees quick vehicle rotation and less than 5% downtime. The company sets itself apart with features like a fleet that is entirely electric, no surge pricing, and no cancellations.Notable alliances that Snap-E Cabs has forged include contracts with the West Bengal government and the Airport Authority of India (AAI). An important 5-year contract for EV operations at Howrah train Station, a major Indian Railways train terminal, has been obtained by the business.Leading the Pre-Series A Round, Inflection Point Ventures (IPV) has invested over INR 650 Cr in more than 200 deals. The managing director of IPV, Rahul Wagh, highlights the importance of decarbonizing transportation on a worldwide scale and notes that India offers a favorable climate for e-mobility.The founder and CEO of Snap-E Cabs, Mayank Bindal, highlights the growing trend of electric car adoption worldwide as well as India's audacious goal of having 30% of its fleet electric by 2030. According to Bindal, India's transition to electric vehicles is an important step toward lessening its reliance on foreign oil, promoting sustainable development, and establishing the nation as a prominent player in the global EV industry.Snap-E Cabs currently operates a fleet of 600 electric vehicles in Kolkata; by the end of FY 24, it hopes to increase that number to 300–400 EVs. Additionally, the company plans to add 1500–2000 more EVs to its fleet and expand its services to two or three more locations in FY 25.
