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Maharashtra Chief Minister Devendra Fadnavis on Thursday inked a Memorandum of Understanding (MoU) with the SIDBI (Small Industries Development Bank of India) to establish a Rs 100 crore fund."We have signed an MOU with SIDBI. Earlier, funds which were managed at Mumbai. Now, a 30 crore fund will be available at every divisional centre," he said.He was speaking at the National Startup Day program under the Department of Skill, Employment, Entrepreneurship & Innovation organised by Maharashtra State Innovation Society in Mumbai.The event was themed 'Empowering Innovation, Elevating Maharashtra'. The event saw participation from 1,000 start-ups in technology, agriculture, service industries, pharmaceuticals, and tourism from across the nation.He further said that more than 300 Micro, Small, and Medium Enterprises (MSME) and startups, who have successfully created their space in the defence manufacturing sector, were created by the Maharashtra government."In Maharashtra, we were ...
The Indian startup ecosystem experienced a rollercoaster ride in 2024, characterised by a slight-yet-concerning decline in funding activity and a shift in investor sentiment, alongside a silver lining with several startups achieving unicorn status. Despite facing global economic challenges, India's startups showcased remarkable resilience, adeptly navigating changing market conditions, while continuing to attract investments. According to data from Tracxn, Indian startups raised a total of USD 30.4 billion in funding throughout 2024, a 6.5 per cent decline from the USD 32.5 billion secured in 2023. Despite this dip, the Indian startup ecosystem demonstrated resilience, with several companies achieving unicorn status this year. Noteworthy entrants to the unicorn club include Rapido, Ather, Perfios, Porter, and Money View, highlighting ongoing innovation and investment interest in the sector. The overall funding trend reflects a cautious-yet-optimistic approach from investors, as the
Amazon India has partnered with Startup India, under the aegis of the Department for Promotion of Industry and Internal Trade (DPIIT), to help startups scale growth through e-commerce. Through a dedicated page on the Startup India portal, the e-commerce firm and Startup India will work together to allow eligible startups to make use of e-commerce opportunities by registering on Amazon India's marketplace. The startups will gain access to the domestic market, mentorship from Amazon leaders, go-to-market support and logistics guidance, according to a company statement. "By combining Amazon's e-commerce expertise with Startup India's role as the Government of India's flagship initiative for the development of the startup ecosystem, we will provide a robust platform for Indian startups and businesses to scale domestically," Sanjiv, Joint Secretary, DPIIT, said. Furthermore, Amazon will work to empower select women entrepreneurs through its Saheli programme. Amazon's suite of services,
Tamil Nadu-based startup Space Zone India on Saturday launched its first reusable hybrid rocket, Mission RHUMI-2024, onboard a mobile platform to take up research on global warming and climate change. City-headquartered Space Zone India has been conducting various projects under Mission RHUMI over the last two years. The RHUMI rocket launched early in the day at Thiruvidanthai on the scenic East Coast Road near Chennai is powered by a generic-fuel-based hybrid motor and electrically triggered parachute deployer. "It is 3.5 metre tall rocket and was launched at about 7.25 am from the earlier 7am lift off schedule," Space Zone India Founder-CEO Anand Megalingam said. "It is more of a sounding rocket. It flew to an altitude of about 35 kms and right now my team is there to collect it as per our plan (since it is a reusable rocket)," he told PTI. "Compared to an 89 degree inclination, we had launched the rocket with 70 degree inclination due to heavy wind and gusts," he explained on t
Chartered accountants' apex body ICAI on Thursday said it aims to facilitate funds worth over USD 200 million to startups through an event scheduled to be held in Bengaluru from June 27 to 29. It will organise the second edition of the Startup Sphere, and more than 10,000 people from the startup ecosystem are expected to participate in the event, according to a release. The Institute of Chartered Accountants of India (ICAI) said the first edition of the event last year saw an estimated USD 100 million commitment of funding from 60 pitches presented to 75 investors. "The Startup Sphere 2024 is scheduled from 27th to 29th June 2024. We are expecting to arrange more than USD 200 million in funding this year. More than 10,000 people are expected to participate in this three-day event that aims to connect entrepreneurs and investors, wherein startups can share their ideas and get investments," ICAI President Ranjeet Kumar Agarwal said. The event will be supported by the Department for .