Page 16 - Start- Ups

PhiCommerce raises $10 mn in funding led by Singapore-based BEENEXT

Payments solution firm will use financing to expand international business, improve technology

BharatPe turns EBITDA positive, clocks Oct 2023 as first profitable month

Without giving out the actual number, BharatPe in a statement said the financial milestone was attributed to consistent growth across all business lines

Edtech firm BYJU'S appoints Jiny Thattil as Chief Technology Officer

Edtech firm BYJU'S on Monday said it has appointed senior vice president for engineering Jiny Thattil as its Chief Technology Officer. Thattil takes over from Anil Goel, who is leaving the company after three years as Chief Technology Officer (CTO). "We are delighted to promote Jiny Thattil as the CTO of BYJU'S. His extensive experience and leadership skills make him the ideal candidate for this crucial role as we continue to rebuild for greater efficiency and sustainability. We would also like to extend our heartfelt gratitude to Anil Goel for his exemplary work," BYJU'S India CEO Arjun Mohan said. This transition is part of BYJU'S ongoing strategic restructuring and reorientation of its leadership team to enhance operational efficiency, the statement said. With over 25 years of experience, Thattil has an understanding of diverse domains, including e-commerce, advertising, analytics, payments, online banking, personal finance, business intelligence, healthcare, and ...

Nurturing thriving startup ecosystem is priority for Goa: CM Pramod Sawant

Goa Chief Minister Pramod Sawant on Saturday said nurturing a thriving startup ecosystem is a priority for Goa, and the state government's goal is to help turn ideas into high-growth startups and attract funding. Addressing "Goa Innovation and Startup Times" (GIST), an event at the BITS Pilani campus at Vasco, Sawant said the state will focus on its strengths around industries, tourism, and sustainability and leverage various Central schemes to boost startups. Nurturing a thriving startup ecosystem is a priority for Goa. Our goal is to enable ideas to turn into high-growth startups and attract funding, he said, expressing confidence about the state's potential to become a startup hub. Goa can produce the next generation of job creators by providing mentoring, infrastructure, and market access, he said. We must make entrepreneurship more aspirational for the youth of Goa and spotlight local startup success stories to inspire many more, the chief minister said. The state government

Narayana Murthy's Catamaran plans to invest in precision manufacturing cos

Infosys founder Narayana Murthy's venture capital firm Catamaran plans to expand its portfolio by investing in precision manufacturing startups, which can export and make components in deep tech, and automobiles, a senior company official has said. While speaking to PTI on the sidelines of the Digital Acceleration and Transformation Expo (DATE), Catamaran Chairman MD Ranganath on Friday said the valuation expectation in startups have come down in India compared to 2022, but good ideas with good business models will continue to attract investments. "Our current focus, in addition to services, is on precision manufacturing. Now, India is attracting a lot of manufacturing investments. We are trying to invest in those companies which can export and make components in deep tech, and automobiles," Ranganath said. Catamaran has invested in companies like SpaceX, deep-tech energy startup Log 9, B2B e-commerce firm udaan, edtech firm udemy, and fintech firm Acko, among others. "Overall, in

Unicommerce revenue up 52% at Rs 90 cr in FY23, marks third year of profit

Gurugram-based company enables end-to-end management of e-commerce operations

OpenAI leaders' efforts to bring back Altman reach impasse over board role

Altman, who was fired Friday, is open to returning but wants to see governance changes, including the removal of existing board members

Doomed mission behind Sam Altman's shocking firing from OpenAI by board

At the event on Nov. 6, Altman made a number of announcements that infuriated Sutskever and people sympathetic to his point of view, the source said

Physics Wallah may lay off up to 120 employees due to performance issues

Edtech firm Physics Wallah may lay off up to 120 employees due to performance issues, according to the company. The company in a statement said that less than 0.8 per cent of its total workforce will be impacted due to the performance review exercise. "At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8 per cent of our workforce, ranging from 70 to 120 individuals with performance concernsmay be asked to transition. "Our primary focus remains on fostering a dynamic, high-performing team. We plan to hire an additional 1,000 employees in the next six months," PW, CHRO, Satish Khengre said in a statement. The company has around 12,000 employees. Several edtech companies, including unicorns like BYJU'S and Unacademy had hired excess staff to meet the sudden spike in demand for online classes during the COVID period. This is the first mass lay-off that has been announced by Physics Wallah (PW). "We deeply value t

IndiQube leases 1,037-seater managed workspace to Ninjacart in Bengaluru

Ninjacart will use this new space to fuel its expansion plans as it now operates in new verticals

Dunzo says will hit profitability in 12 months, has reduced costs

Auditor Deloitte has expressed doubt about on-demand delivery platform's ability to continue as a going concern

Delhivery Q2 result: Net loss at Rs 103 cr, revenue up 8% to Rs 1,942 cr

The logistics firm also made a few leadership appointments aimed at creating experienced long-term leaders for key functions and business roles

A new beginning

Startups are showing the way in gender diversity

UP allocates Rs 1k cr to Startup Fund to support innovative biz ventures

Soonicorns, minicorns on radar

Paytm subsidiary inks pact with Startup Bihar to offer banking solutions

One97 Communications, which owns the Paytm brand, on Friday announced that its wholly-owned subsidiary Paytm Payment Services Limited (PPSL) has signed a pact with Startup Bihar to promote the state's startup ecosystem. Under the memorandum of understanding (MoU), PPSL will help startups grow their businesses with the Paytm Startup Toolkit, which offers solutions in payments, payouts, banking, and distribution. Paytm Startup Toolkit will aid, simplify, and accelerate business ventures of youth in their early stages of growth, One97 Communications Limited said in a release. Additionally, the Paytm Incubation Centre will empower early-stage startups in their journey. It will help young entrepreneurs gain new user acquisitions, access funds, and access more facilities. Startup Bihar is the state government's ambitious initiative to promote startups. Since its inception in 2016, it has fostered a startup and innovation ecosystem in Bihar on a large scale. The Bihar Startup Policy 2022

No plan to enter banking sector: Mobikwik co-founder, CEO Bipin Preet Singh

Singh indicates that an initial public offering (IPO) is on the cards

Defer your tax liability from ESOPs by extending exercise period

For more favourable tax treatment at sale, hold the acquired shares for more than a year

STPI sets-up incubation hub to incubate 100 blockchain startups in 5 years

State-run Software Technology Parks of India has set-up an incubation facility at its Gurugram campus with a target to incubate 100 startups in five years, an official statement said on Friday. The incubation facility of Apiary Center of Entrepreneurship (CoE) at STPI-Gurugram was set up in collaboration with MeitY, STPI, Haryana government, Padup Ventures, IBM, Intel, GBA and FITT. "Apiary is one of the CoEs of STPI which is focused on Blockchain Technology. It targets to incubate an overall 100 startups in a period of five years," the statement said. The incubation facility was inaugurated by Electronics and Information Technology Secretary S Krishnan. "Meeting the young entrepreneurs was quite an enriching experience. The way these entrepreneurs have addressed real-world problems using cutting-edge technology is really commendable. "In the last three decades, the way we have used technology is the key benchmark for our country's exponential growth," Krishnan said. The CoE has

Why India's startup founders aren't gamers, or won't admit to it

Why India's startup founders are not known to spend much time playing video games, or won't admit to it. Chess, however, has a bit of a following

Uber announces challenge to fast track sustainable mobility adoption

Ride-hailing app Uber on Tuesday announced a startup challenge that searches for innovative solutions to fast track adoption of sustainable mobility in the country. The 'Uber Sustainovate', in partnership with startup India and Nasscom AI, is geared to award ventures that produce the best workable ideas to accelerate the transition to sustainable mobility in the country. "The winning startup would be awarded a grant of USD 120,000 (about Rs 1 crore), and the top 3 entries would be awarded mentorship sessions with the tech leadership of Uber in India in order to help them sharpen their skills and competencies," it said, announcing the startup challenge. "As the leading ridesharing company, Uber is committed to achieving net-zero emissions by 2040 and has been continuously working to reduce tailpipe emissions. With the aim to promote an ecosystem where startups are incentivised to work on emergence of sustainable solutions, Uber Sustainovate will provide a platform for visionary ...