Page 18 - Start- Ups

PhonePe raises additional $100 million from PE firm General Atlantic

Walmart Inc-owned payments firm PhonePe said that it has secured an additional $100 million from private equity firm General Atlantic, in the latest round of its ongoing $1 billion fundraising

73% job seekers prefer large corporates over start-ups, says report

With the current economic uncertainties and the recent challenges faced by the startups ecosystem, 73 per cent of job seekers interviewed said they prefer large corporations over start-ups, a report said on Tuesday. Around 73 per cent job seekers prefer stable and established companies to work with and grow within the organisation, a report by jobs and professional networking platform apna.co revealed. The report is based on a survey of 10,000 job seekers and 1,000 Human Resource recruiters. The report further stated that only 27 per cent of employees would still consider switching to start-ups for career growth. This indicates that professionals are focusing on upskilling and keeping themselves relevant to grow in their current organisation, it noted. While employers are preferring a skills-first approach, job seekers prioritise career growth opportunities, along with salary over location and commute, work-life balance and culture of the company, when searching for a job, said th

Agraga raises Rs 70 crore in funding round led by IvyCap Ventures

Digital logistics start-up Agraga has raised Rs 70 crore in a funding round led by IvyCap Ventures with participation from Alteria, the company said on Tuesday. The funds will enable Agraga to expand operations across India from its current presence in three cities to over 15 cities by March 2024, the company said in a statement. The company plans to use the funds to expand footprint, enhance tech capabilities, optimize supply chain partnerships and improve its integrations with asset partners like ocean and air carriers, warehouses, transporters, and customs departments. IvyCap Ventures Managing Partner Tej Kapoor will be joining the board of Agraga on behalf of IvyCap Ventures. On the investment, IvyCap Ventures, Founder, and Managing Partner, Vikram Gupta said, "Their platform leverages technology to provide a transparent, streamlined, and cost-effective approach to the supply chain ecosystem, and we are excited about their vision of transforming the global logistics industry".

Centre to monitor progress of startups funded by it: Jitendra Singh

The government has proposed the setting up of a mechanism to oversee the nurturing and progress of startups as their numbers have risen to more than a lakh, Science and Technology Minister Jitendra Singh said on Sunday. He said such a mechanism will closely follow the growth of Startups, see how to sustain them so that they do not lose out, especially those that have received technical and financial support from the Government. Singh was addressing the valedictory function and Awards Ceremony of the National Technology Week Exposition at Pragati Maidan here. The minister said over the years start-ups have witnessed a shift from IT to Biotech and Earth Sciences as new opportunities have opened in Oceanography. He also debunked myths surrounding startups. "One is age factor, I have seen a scientist setting up a startup after retirement; second is higher qualification, you just need to be an innovator, having an inherent quest for creativity," Singh said. Principal Scientific Adviso

Seize start-up sector opportunities instead of govt jobs: Jitendra Singh

Union Science and Technology Minister Jitendra Singh on Friday urged youngsters to seize opportunities in the start-up sector and give wings to their ideas instead of looking for government jobs. Interacting with students and young start-up entrepreneurs, Prime Minister Narendra Modi had accorded priority to start-ups and said he was taking personal interest in encouraging the youngsters in the emerging sector. "All these young minds must realise the huge potential in the start-up sector and instead of settling down to government jobs, they must seize the opportunity to launch start-ups and also create jobs," Singh said during his visit to the National Technology Week exhibition at Pragati Maidan here. He said before 2014, there were just 350-400 start-ups but after the launch of Start-Up India initiative by Modi in 2016, their number has exceeded one lakh. The MoS interacted with a large number of school children visiting the exhibition and urged them to take cue from the various

Soon to announce policies to position India as semiconductor nation: MoS IT

India is cementing its place in future of global supply and value chains, and soon-to-be announced semiconductor fab and first packaging unit in the offing along with potentially 100 design startups by 2024 mark its rise as a semiconductor nation, Union Minister Rajeev Chandrasekhar said on Friday. From near zero levels just a year-and-half ago, India is now well on its way to having 100 semiconductor design startups by 2024. Currently as many as 27-30 design and semiconductor start-ups are "doing very good work", he said. Citing global companies like Apple, Cisco and Samsung that have deepened their commitment here, Chandrasekhar, who is Minister of State for Electronics and IT, said India's role in future of technology and global supply and value chain as well as innovation ecosystem "is firmly established". "We are shortly going to announce a fab, and shortly going to announce the first packaging investment, we have the ability today to showcase almost 30 design startups and we a

Alstom awards grants Rs 1.5 cr to 10 startups under sustainability program

Alstom India on Thursday said it has awarded a grant of Rs 1.5 crore to 10 startups that developed solutions in clean energy, shared mobility and multi-modal solutions as a part of its Sustainability Incubation Programme. Accelerated by NSRCEL-IIMB (NS Raghavan Centre for Entrepreneurial Learning), the selected startups will be able to use the grant funds to develop and deploy their solutions, the company said in a statement. The statement said an expert jury, including innovation leaders from Alstom, screened over 200 applications and selected 20 startups for the incubation programme. Of these, 10 startups have been selected for grant support. MetroRide, Evoride Motors Private Limited, Epick Bikes, The Energy Company, and Tadpole Projects are among the 10 startups for the grant support.

Startups must look for biz opportunities in mining sector: Mines Secretary

There are a lot of business opportunities for startups in the domestic mining sector where production worth around USD 7 billion happens annually, Mines Secretary Vivek Bharadwaj said on Thursday. The sector faces several technological challenges, and the startups can explore these issues as a business opportunity for them, the official said while addressing the reporters in the national capital. In the Indian mining sector, production worth USD 7 billion happens every year. Globally, India is the 4th largest in iron ore production and 5th in bauxite. Despite this, most of the startups that are in the area of fintech, edutech, e-com etc, he said at the logo launch event of '1st Mining Start-up Summit'. On the scope for startups in the sector, Bharadwaj said the players face various technological challenges. During rains and fog, carrying out mining becomes an issue. Challenges are faced in communicating with workers in underground mines. Startups can develop technologies to overcome

After life in unicorn-decacorn club, start-ups stare at down rounds

This year, start-ups have collectively raised around $4.1 billion so far

Dhanuka looks to invest in startups; urges crackdown on fake pesticides

Agro-chemical firm Dhanuka Agritech on Wednesday said it has made investments in two startups so far and is open to invest in more such companies to support young entrepreneurs in the agriculture sector. In 2021, Dhanuka Agritech announced an investment of Rs 30 crore in Gurugram-based agri drone manufacturer IoTechWorld Avigation for a minority stake. "We have made investments in two startups. There are many young entrepreneurs who have great products and technologies. We are ready to support," Dhanuka Group Chairman R G Agarwal told reporters here. He said the company would invest in more such startups if it finds right opportunity. Agarwal said IoTechWorld has a lot of order book as drones are now increasingly being used in the agriculture sector for spraying pesticides and other activities. The second startup where Dhanuka has invested makes IoT- and AI-based equipments for farm sector like soil sensor, he added. Agarwal made a strong pitch for the integration of technologica

Stride Ventures raises $100 mn for onlending to new-age companies

Stride Ventures, which provides debt capital to new-age companies, on Tuesday said it has raised USD 100 million (about Rs 820 crore) for onlending. This is the first close of the third venture debt fund by the firm, and the company is targeting to raise another USD 100 million as part of the fund, as per a statement. The first close was achieved within four months of getting a license for the third fund, the statement said, adding institutional investors -- including banks, insurance companies and family offices -- have backed the fund. The company counts on over 100 clients, including Sugar Cosmetics, Mensa Brands, Exotel and has so far sanctioned over Rs 5,000 crore to the Indian startup ecosystem, it said. The company statement said the Indian venture debt market is expected to witness an annual deployment of over USD 3 billion by 2025. "We see a growing demand for venture debt as startups look to optimise their capital structure and preserve equity for future rounds," its ...

Homegrown edtech startup Teachmint lays off over 70 employees: Report

Led by edtech startups, over 25,000 employees have been laid off by nearly 100 startups in India including BYJU'S, Unacademy and Vedantu

Angel tax draft rules likely in 10 days; may clear the air on valuation

The development comes in the backdrop of the Union Budget 2023-24 extending the angel tax provisions to transactions involving foreign investors

Google launches 2nd edition of 'Startups Accelerator: Women Founders'

Google announced second edition of its 'Startups Accelerator: Women Founders' to enable women entrepreneurs in India who are using technology to solve complex problems

Rs 611 cr allocated to incubators under startup seed fund scheme so far

The government has allocated Rs 611 crore to incubators and out of that, Rs 61 crore was released to startups under the seed fund scheme so far, an official said on Tuesday. In April 2021, the government launched the Startup India Seed Fund Scheme (SISFS) with a corpus of Rs 945 crore. The corpus is divided over the next four years (till 2025) for providing seed funding to eligible startups through eligible incubators across India. The fund aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialisation. The scheme has completed two years and it is helping in promoting innovation, joint secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Manmeet Nanda told reporters here. She said that so far 165 incubators have been selected under the scheme and Rs 611 crore has been approved for them. "Over 1,000 startups are benefitted from the scheme so far," she said, adding if requ

F&V start-up Pluckk acquires DIY meal kit brand KOOK for $1.3 million

Pluckk, a digital lifestyle-oriented fresh food brand in the fruits and vegetables (F&V) space, on Tuesday announced the acquisition of KOOK, an Indian food-tech startup that offers a range of DIY meal kits, at a deal value of USD 1.3 million. The acquisition was through a combination of cash and equity, the company said in a statement. KOOK offers do-it-yourself (DIY) ready-to-cook meal kits that make cooking easier for everyone by providing pre-portioned ingredients and easy-to-follow recipes. With a reputation for catering to various dietary preferences and cooking skills, KOOK has a strong presence in Delhi and Mumbai. "With KOOK's strong target audience and expertise in meal kits, Pluckk is well-positioned to deliver the best quality fresh food to end-consumers in this thriving USD 15 billion market," it said. Speaking on the acquisition, Nelson D'Souza, CFO, Pluckk, said, KOOK's demonstrated expertise in building a world-class product in the meal-kit space, coupled with ...

Implosion of India's tech startups reveals fundamental flaws in the system

By some estimates, 92 companies in the sector have laid off over 25,000 employees since the beginning of the year

Banks need to support MSMEs, startups in northeast: DoNER min Reddy

MSMEs are the backbone of the economy, and banks should support them and startups in the northeast, Minister of Development for the North Eastern Region G Kishan Reddy said on Friday. Addressing the 'Northeast Banking Conclave' here, Reddy said the northeastern region has unique challenges, which require innovative practical solutions. Stressing that the connectivity and transport infrastructure have improved in the region, he said all state capitals should be connected by Railways by 2024. There has been an increase of 113 per cent in air traffic through 17 airports in the region, including 3 international airports. Speaking at the event, Minister of State for Finance Bhagwat Karad said the Prime Minister has decided to improve the per capita income of the people of the northeastern region. Government schemes for financial inclusion are doing well and there is an increase in credit growth by 85 per cent. He asked bankers to improve banking infrastructure in the region and also o

VC firm Burda Investments may sue ex-Zilingo CEO Ankiti Bose: Details here

Burda has clarified that action against Ankiti Bose is a result of the joint decision by all investors and not led by any single investor as claimed by her

Consumer lending platform Niro raises Series A funding of Rs 90 crore

Niro aims to empower consumer internet platforms to become providers of credit (and other financial) products for their consumers