Page 16 - Start-ups

Profitable Indian unicorns to grow from 30 in FY22 to 55 in FY27: Report

Their total loss is expected to reduce from $7.1 bn to $1.9 bn, says Redseer

With 70% drop in funding, startups in India begin reducing burn rate

Number of profitable unicorns is projected to grow across most sectors in 3-4 years, from 30 in FY22 to 55 in FY27.

Fisker to sell 100 limited edition electric SUVs in Indian market by Q4

The company had said in September it would begin selling its Ocean electric SUVs in India by July 2023, with local production beginning in a few years

Start-up to SHE enterprise

Over more than 100 years, we have experienced the social-economy benefits brought by the early 20th-century founders of sustained, humane, and enlightened enterprises. India needs more of them now

Space startups welcome GST exemption for satellite launch services

The Indian private sector on Wednesday welcomed the government's decision to exempt satellite launch services by private organisations from GST, saying the move will help them offer competitive rates to put satellites in orbit. The GST Council, at a meeting on Tuesday, decided that GST exemption on satellite launch services supplied by ISRO, Antrix Corporation Limited and New Space India Limited (NSIL) may be extended to such services supplied by organisations in the private sector also to encourage start-ups. The Indian Space Association-EY report had said that the space launch segment was expected to grow rapidly by 2025 at the rate of 13 percent per annum. "This step will give financial relief to the players and will incentivise growth of this nascent sector. We believe it will help enable the growth of indigenous launch capabilities and ensure a level playing field for all," Lt Gen A K Bhatt (retd.) Director General, Indian Space Association (ISpA) said. He said the satellite

Industry welcomes GST exemption for startups into satellite launch services

ISpA says step will give financial relief to the players, incentivise segment's growth and help spawn indigenous launch capabilities, creating a level playing field for all

CapFort Ventures launches Rs 200 cr fund, will back 40 tech start-ups

VC firm says it expects institutional investors, family offices, ultra high net worth individuals to support fund

InfoEdge subsidiary invests Rs 1 cr in healthtech startup BrainSightAI

RedStart Labs (India) has invested close to Rs 1 crore in Bengaluru-based health technology startup BrainSightAI, according to a BSE filing on Monday. RedStart Labs is a wholly-owned subsidiary of technology company InfoEdge. RedStart holds 4 per cent stake in BrainSightAI on a fully converted and diluted basis. However, aggregate shareholding of the company after the current investment cannot be estimated, the filing further stated. "RedStart has agreed to invest an aggregate amount of Rs 98,94,000 by way of subscribing to convertible notes. Since the note would be converted into shares in the next round basis the valuation at that time, aggregate shareholding of the company through RedStart, post this investment cannot be estimated at the time of making the intimation," the filing said. InfoEdge is the parent company of online classifieds such as Naukri.com, matrimony site Jeevansathi.com and 99acres.com, a property marketplace. Incorporated in 2019, BrainSightAI provides ...

Investment in Indian startups in H1 2023 lowest in last 4 years: PwC India

Funding in Indian startups fell by 36 per cent in January-June to USD 3.8 billion, the lowest half-yearly number in the last four years, as investors are taking longer time in due diligence of every aspect of business, according to a PwC India Report. Early-stage deals accounted for 57 per cent of the total funding in the first half of 2023 (H1 CY23) in volume terms, said the report titled, Startup Perspectives - H1 CY23. In value terms, early-stage deals contributed to approximately 16 per cent of the total funding in H1 CY23 but was at its lowest in H1 CY23 as compared to the previous two years. "The Indian startup ecosystem reported the lowest six-month funding in the last four years in H1CY23 at USD 3.8 billion across 298 deals - a decline of nearly 36 per cent as compared to H2 CY22 (USD 5.9 billion). Fintech, SAAS and D2C continued to be the most funded sectors in H1 CY23," it said. During the last few quarters, despite challenging funding market conditions, investors have sh

India's space start-ups exploring niche markets, global collaborations

From aiming to re-fuel satellites in orbit to monitoring the Earth's health, Indian start-ups in the space sector are exploring niche markets with the hope of striking it big as opportunities for global commercial collaborations open up. India becoming a signatory to the Artemis Accords and the focus on the space sector, particularly on addressing issues related to export control and technology transfer, during Prime Minister Narendra Modi's recent visit to the US will open up doors for private players, industry leaders believe. Since India opened up its space sector in 2020, more than 150 start-ups have come up in areas such as building rockets and satellites, setting up astronaut training facilities and exploring possibilities for space tourism. "It is a good start, because it was unheard of for the US to supply any space or defence-related technology 10-15 years ago. It was a taboo. Now, we are talking of working together in sunrise sectors," Manastu Space co-founder Tushar Jadha

100,000 unicorns, 1-2 mn startups doable: Chandrasekhar on tech opportunity

India's success with innovation, entrepreneurship, electronics manufacturing as well as its digital clout is just the "tip" of a massive growth opportunity before the country, and the nation has the ability to scale to one lakh unicorns and almost 10-20 lakh startups in future, according to Union Minister Rajeev Chandrasekhar. Chandrasekhar -- who completes two years as Minister of State for Electronics and IT -- said the India Stack and the digital public infrastructure built by the country, have demonstrated to the world how technology can be deployed for good, to benefit people, society and communities, and the country at large. The extent of digitalisation of government, governance and economy is going to "accelerate even more", Chandrasekhar promised. The last two years have seen Chandrasekhar keeping a razor-sharp focus on driving India's digital agenda and work on measures to promote electronics and semiconductor manufacturing in the country. He has also been deeply involved

Proptech startup OfficeBanao raises funds from ex-Meta MD, ex-Collier CEO

Real estate startup OfficeBanao, which raised USD 6 million from Lightspeed in April this year, on Thursday said it has raised funds from three angel investors, including former Meta India MD Ajit Mohan and former Colliers India CEO Ramesh Nair. The company did not disclose the amount raised. Gurugram-based OfficeBanao, which is a workspace interior platform, said in a statement that it has "raised an undisclosed amount of angel investment" from Ajit Mohan, founding CEO, Hotstar and former MD, Meta India, Ramesh Nair and Apurva Chamaria - Head of Partnership solutions, start-ups & venture capital, Google India. The startup seeks to disrupt the competitive workspace interior market with its comprehensive, end-to-end service.. With the additional funding, OfficeBanao plans to fuel its expansion. "The funds will be utilized to further enhance its technology-driven platform, accelerate product development, and expand its workforce," the statement said. The platform is for designers,

No shortage of funds for good startups with strong business models: Kant

The innovation and startup ecosystem is strongly positioned to find solutions to challenges facing the world today, India's G20 Sherpa Amitabh Kant said on Monday, asserting there is no shortage of funds for good startups with strong business models. Speaking at 'Startup20 Shikhar' event, he advocated a multi-pronged approach of 'fund of funds', credit enhancement schemes, and a sharp focus on good governance for a robust startup ecosystem. Indian startups have successfully demonstrated the power of population-scale solutions at low cost, he said. Kant said that there is no funding winter in startup space, and pointed to "spring" of capital availability for good startups. The world is flushed with funds looking for well-structured good projects, he pointed out. Kant spoke about the success of India's digital public infrastructure, biometric ID, digital payments, and the strength of its startup ecosystem, and added that the country has demonstrated the huge power of digital ...

No shortage of funds for startups with strong business models: Amitabh Kant

The innovation and startup ecosystem is strongly positioned to find solutions to challenges facing the world today, India's G20 Sherpa Amitabh Kant said on Monday, asserting there is no shortage of funds for good startups, with strong business models. Speaking at 'Startup20 Shikhar' event, he advocated a multi-pronged approach of 'fund of funds', credit enhancement schemes, and a sharp focus on good governance for a robust startup ecosystem. Indian startups have successfully demonstrated the power of population-scale solutions at low cost, he said. Kant said that there is no funding winter in startup space, and pointed to "spring" of capital availability for good startups. The world is flushed with funds looking for well-structured good projects, he pointed out. Kant spoke about the success of India's digital public infrastructure, biometric ID, digital payments, and the strength of its startup ecosystem, and added that the country has demonstrated the huge power of digital ...

Angel investment platform IPV makes 12 exits in 2022, logs 160% IRR

Some of the key exits include high-performing startups like BluSmart, Otipy, Stage, Kazam and Buyofuel

Funding woes continue: Only 3 unicorns this year, 20% startups downgraded

This is an index of the most valuable private equity or venture capital-funded companies in Indiafounded after 2000, ranked according to their latest funding round valuation.

Unicorn list declines in 2023, indicates slowdown in funding: Hurun report

New additions in the coveted unicorn list declined sharply in 2023, indicating a slowdown in the Indian startup ecosystem, a report said on Tuesday. India added only three unicorns startups having a valuation of over USD 1 billion in 2023 against 24 in the year-ago period, as per the ASK Private Wealth Hurun Indian Future Unicorn Index 2023. The slowdown in unicorn additions is indicative of a "slowdown in India's startup ecosystem", the report -- which comes amid a slowdown in investor interest in what is being termed as "funding winter" -- said. The overall number of unicorns also declined to 83 from 84 in the year-ago period. ASK Private Wealth's chief executive and managing director Rajesh Saluja said unsustainable business models adopted by startups have led to a dip in valuations but stressed that funding to the right companies continues. Hurun India's chief researcher Anas Rahman Junaid, however, said that the Indian startup story has high potential and he sees the overall

EV firm Oben raises Rs 40 cr in pre-Series A, will start deliveries in July

EV startup Oben Electric on Tuesday said it has raised Rs 40 crore in an extended pre-series A round and also announced it will start delivering its electric motorcycle Rorr to customers in Bengaluru from next month. The company has so far secured a total funding of Rs 88 crore, including Rs 72 crore (both in equity and debt) in the pre-Series A round, Oben said in a statement. The capital infusion will help the company in scaling up its production capacity at the Bengaluru facility to 100,000 units per year as well as meet the working capital requirements for distribution expansion, it said. The Bengaluru-based EV startup which has a distribution network across major cities in the country, plans to meet the demand of 21,000 pre-orders by scaling up its manufacturing capacity, the company said. The funding round attracted both Institutional investors such as Stride Ventures and Indian Renewable Energy Development Agency (IREDA), along with new investors including Mumbai Angels and

Byju says firm's $22 billion valuation intact, accepts past mistakes

Raveendran told the shareholders that discussions were on for several weeks regarding the reconstitution of the board to strengthen processes

Edtech major Byju's in talks with investors who quit board to reconsider

Byju's investors had in recent months raised concerns with the company's leadership related to audit delays and how it dealt with issues relating to its lenders, one source said