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Startups In India
Industry body Nasscom hopes that the Union Budget will extend Employee Stock Option Plan (ESOP) tax deferment to more startups and bring suitable clarifications to address concerns around the tax treatment of foreign cloud use of Indian data centres. The association - whose members include IT companies and tech players across-the-spectrum, of varying size and scale - wants the Budget to clarify that procuring hosting or co-location services from an Indian data centre operator would not create a business connection or permanent establishment for the foreign cloud service provider, as the arm's length payments to the Indian player fully cover India-based functions. ESOP tax deferral for more start-ups is another proposal highlighted by Nasscom in its Budget push, as is the extension of the carry-forward and set-off of accumulated losses and unabsorbed depreciation benefits in case of amalgamation or merger to all companies (irrespective of their business nature). Other suggestions ...
Gujarat, Arunachal Pradesh and Goa ranked as the 'best performers' in developing a startup ecosystem for budding entrepreneurs, according to the ranking of states and Union territories by the Department for Promotion of Industry and Internal Trade released on Friday. Gujarat has been ranked as the best performer for the fifth time in a row. Karnataka, Punjab, Tamil Nadu, Uttar Pradesh, and Himachal Pradesh are categorised as the top performers. The ranking is a yearly exercise under the Department for Promotion of Industry and Internal Trade (DPIIT) that evaluates all states and Union territories on their efforts to build an ecosystem conducive to startup growth. A total of 34 states and Union territories (UTs) participated in the exercise. They are ranked under five categories -- best performers, top performers, leaders, aspiring leaders and emerging startup ecosystems. The states and Union Territories were broadly divided into two sections based on their population size -- those
Prime Minister Narendra Modi will participate in a programme marking a decade of the Startup India initiative on Friday and interact with members of India's vibrant startup ecosystem. Startup India was launched on January 16, 2016, as a transformative national programme to nurture innovation, promote entrepreneurship and enable investment-driven growth, with the objective of making India a nation of job creators rather than job seekers. On the occasion of National Startup Day, Prime Minister Modi will interact with members of India's vibrant startup ecosystem, an official statement said. Select startup representatives will share insights from their entrepreneurial journey. The prime minister will also address the gathering on this occasion. Over the past decade, Startup India has emerged as a cornerstone of India's economic and innovation architecture. It has strengthened institutional mechanisms, expanded access to capital and mentorship, and fostered an enabling environment for .
PowerUp Money, a mutual fund advisory wealthtech platform, on Monday said it has raised USD 12 million (about Rs 107.4 crore) in a Series A funding round led by Peak XV, with participation from existing investors Accel, Blume Ventures, and Kae Capital. The funding comes just six months after the company raised USD 7.2 million in seed funding. With the latest funding, PowerUp Money intends to enhance its research and advisory offerings, expand its flagship offering PowerUp Elite, introduce PowerUp Infinite (a fully managed investment advisory product offering), and allocate resources toward financial literacy and investor education, according to a company statement. Over the next three years, the company targets onboarding 10 million users to further cement its position in shaping the future of retail wealth management in India. "This fundraise enables us to strengthen our advisory and research capabilities, scale PowerUp Elite, and launch PowerUp Infinite, as we work towards buildi