Page 21 - Start-ups

Battery startup Log9 Materials signs MoU with EV maker Quantum Energy

Battery-tech startup Log9 Materials on Tuesday announced signing a Memorandum of Understanding (MOU), with Hyderabad-headquartered electric vehicle maker Quantum Energy for a long-term strategic partnership in the EV space. As a part of this collaboration, the two companies also jointly unveiled a two-wheeler commercial electric vehicle (CEV)-- 'Bzinesslite-- powered by Log9's RapidX 2000 batteries, enabling it to go zero to zip within 12 minutes, Log9 Materials said in a release. Going forward, both Log9 and Quantum Energy will be working hand-in-hand to deploy 10,000 InstaCharged two-wheelers for a wide variety of use-cases, including e-commerce, food delivery, courier services, among others, in the domestic last-mile logistics sector, pan-India by March 2024, it said. The joint initiative is going to be kicked off soon by deploying 200 Bzinesslite e-2Ws in Hyderabad through Whizzy Logistics a logistics fleet service provider enabling hyperlocal deliveries, it stated. * * * *

WardWizard Innovations partners with iCreate to mentor EV startups

Gujarat-based electric two-wheeler maker WardWizard Innovations & Mobility on Monday announced stitching a strategic partnership with start-up incubator iCreate to mentor and fund promising EV startups in the country. Through this partnership, EV makers will facilitate active mentorship for entrepreneurs at iCreate's campus in Ahmedabad to enhance subject matter expertise and further their technological innovations for the accelerating EV industry, WardWizard Innovations & Mobility said in a statement. The collaboration is aligned with the Government start-up India program, which seeks to support entrepreneurs in building a robust start-up ecosystem and transforming India into a country of job creators, it stated. Through our partnership with iCreate, we are looking to foster the exchange of ideas with promising startups and help them with our market knowledge and experience to understand the industry better, said Yatin Gupte, Chairman and Managing Director, WardWizard ...

G20 countries to discuss common framework to define startups: Official

G20 member countries, including India and the US, are holding consultations to arrive at a common framework to define startups with a view to promoting the growth of new ventures, a senior official said. This issue among others would come up for discussion during the Startup20 Engagement Group's, under India's G20 presidency, third meeting on June 3-4 in Goa. A common framework would help investors and other stakeholders of the startup ecosystem in the G20 member countries. Briefing media about these meetings, Startup20 India Chair and Mission Director Atal Innovation Mission, Niti Aayog Chintan Vaishnav said that there are five task forces under this group - foundation, alliances, finance, inclusion, and sustainability. The idea of the foundation is to come up with a startup definition framework which is applicable across different economies. When you talk about the global startup ecosystems coming together, working together, becoming interoperable, you realize that there are no .

Food-tech start-up Pluckk appoints Kunwarjeet Grover as Head of Growth

Pluckk, a leading food-tech direct-to-consumer company, focused on farm to fork fresh produce, on Monday announced the appointment of Kunwarjeet Grover as the company's Head of Growth

Foreign VC funding in India declines 72% as unicorn machines stutter

Foreign money plays a crucial role in start-up funding in India

I-T dept invites comments on draft rules for valuing startup investment

The income tax department on Friday invited comments from stakeholders on rules for valuing non-resident investment in unlisted startups. The Central Board of Direct Taxes (CBDT) has issued a draft notification inviting comments on the draft rule 11UA of Income-tax Rules, 1962, pertaining to the method of computation of fair market value (FMV) of unquoted equity shares for the purposes of section 56(2)(viib) of Income-tax Act, 1961. Suggestions/Comments have been invited from stakeholders & general public on the draft rules, which can be sent to ustpl2@nic.in, latest by June 5, 2023, the CBDT tweeted. The rules would be effective from April 1, 2023. The CBDT was expected to come out with valuation guidelines for valuing non-resident investment in unrecognised startups for the purpose of levying income tax. Under the existing norms, only investments by domestic investors or residents in closely held companies were taxed over and above the fair market value. This was commonly ...

Nykaa, Paytm, Zomato: How to trade new-age companies post Q4 results?

Barring Fsn E-Commerce Ventures and Delhivery, Zomato, Paytm, and PB Fintech may rally up to 19%, show technical charts

Microsoft backed OpenAI closes $175 mn fund to empower other AI startups

Sam Altman-run OpenAI has closed a $175 million investment fund focused on empowering other AI startups, with backing from Microsoft and other investors.

Enabling policies catalysing ideas into successful global ventures: MoS IT

Startups and entrepreneurs in India have a universe of opportunities today ranging from space to AI and quantum to semiconductors, and the government is creating policy and legal frameworks that will act as an enabler for every young Indian to translate their ideas and vision into a successful global venture, Union Minister Rajeev Chandrasekhar said on Wednesday. Chandrasekhar, who is the Minister of State for IT and Electronics, said the world of technology will continue to disrupt and shift, and added that constant innovation is the only real solution for longevity of ventures in an unending world of change and disruption. Every element of tech space today is filled with entrepreneurship success stories and capabilities, the Minister pointed out. "There is no absolutely no doubt in my mind that so far as opportunities go, from space to AI (Artificial Intelligence) to quantum to semiconductors there is a huge universe of opportunities in front of our startups and we are creating ..

PSU's start-up plans to employ AI, renewables in ship design, construction

The nearly 140-year-old Garden Reach Shipbuilders and Engineers (GRSE) Ltd is planning to rope in start-ups for employing artificial intelligence (AI) and renewable energy in ship design and construction, an official said on Wednesday. To identify and encourage the development of innovative solutions towards technological advances in shipbuilding by start-ups, the Kolkata-based defence PSU launched GRSE Accelerated Innovation Nurturing Scheme 2023 (GAINS), he said. It will help GRSE identify and encourage the development of innovative solutions to address present and emerging challenges in the ship design and construction industry, he added. It will be a two-stage process to help generate ideas, from which the promising ones may be selected and nurtured, the GRSE official said. "Artificial intelligence, renewable energy and energy efficiency as well as efficiency enhancement are focus areas for GRSE and are the thematic areas of GAINS 2023' challenge," he said. GAINS 2023 was ...

DGCA grants Design Organisation Approval to flying taxi startup ePlane

Electric flying taxi startup, The ePlane Company on Tuesday said the Directorate General of Civil Aviation (DGCA) it has granted the Design Organisation Approval (DOA)

Battery-tech startup EMO Energy raises $1.2 million in seed funding round

Battery-tech startup EMO Energy on Tuesday said it has raised USD 1.2 million (nearly Rs 10 crore) in a seed funding round led by Transition VC and co-led by venture capital firm Gruhas. EMO offers battery packs for light electric vehicles (EVs) using its proprietary cell agnostic technology, ZEN provides fire safety and 20-minute fast charging among other features. It aims to implement battery-powered solutions in high power and high energy applications to aid decarbonisation, a release said. "Transition VC and Gruhas are the ideal early-stage partners for our mission as they're just as committed to implementing safe, reliable battery technology at scale. We believe that their insight, expertise, and perspective are going to be instrumental to our success as a startup," EMO Co-founder & CEO Sheetanshu Tyagi said. On its investment in EMO, Transition VC Co-founder & Managing Partner Mohammed Shoeb Ali said, "As the EV landscape in India continues to evolve, concerns pertaining

G20: An engagement group call for global definition for start-ups

It also called for a favourable policy environment for startups through tax incentives and has recommended enabling measures to ease the cross-border flow of capital across G20 nations

G20 recognises importance of inclusive decision-making to foster startups

An engagement group under the G20 recognised the importance of inclusive and collaborative decision-making processes to foster innovation and growth in the global startup community, India's Startup20 chair Chintan Vaishnav said on Monday. According to an official statement, the first draft of the core recommendation and policy directives of the policy communique is now available for public comment. Chintan further stressed the significance of widespread participation in shaping policies that will directly impact the startup ecosystem on a global scale, the statement said. The public comment period will remain open until May 27, 2023, during which the Engagement Group will closely evaluate the feedback received, the statement said, adding that the final version of the policy communique will incorporate the valuable inputs received from stakeholders across nations. Startup20 Engagement Group is a dedicated platform within the G20 framework that focuses on facilitating dialogue, ...

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