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Several Estonian tech startups from diverse sectors such as AI, cybersecurity, defence and medicine have evinced interest in collaborating with India and tapping its huge market as the two countries seek to step up their economic partnership. Latitude59, an influential startup and technology conference that takes place here annually, is also keen on hosting a networking event in India next year under its aegis. Speaking with PTI, Latitude59 CEO Liisi Org said, "I love India, I have been there many times and I would love to host Latitude59 there. I don't know yet, where. There are conversations going on at various tech centres but of course if we don't do it, we are late to the party. India is one of the biggest countries in the world, if we don't collaborate with India, it is not smart." The interest is there in India because of the size of the market and the Indian delegation has been at Latitude59 five years in a row, she said. "The relationship is there and we should do somethin
The Cabinet has approved the second tranche of the Startup India Fund of Funds Scheme with a corpus of Rs 10,000 crore, Union Minister Ashwini Vaishnaw said on Saturday. The key focus would be on deep tech startups, early growth stage startups through smaller funds, tech-driven innovative manufacturing startups, and sector/stage agnostic startups, he added. There will be operational flexibilities, including higher government contribution in AlFs (alternative investment funds) funding deep tech and high-tech manufacturing, the minister said. The Union Cabinet approved the scheme in a meeting on Friday. The fund will encourage the long-term investing culture and patient capital. The government in 2016 had constituted a Fund of Funds worth Rs 10,000 crore to provide seed capital and enable startups take calculated risks. Following the successful utilisation of the first tranche, a second phase of Rs 10,000 crore was sanctioned in the Union Budget for 2025-26. So far, over 2 lakh en
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