Page 22 - Start-ups

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

Meesho's monthly active users count about 55% of Amazon, Flipkart: Report

Meesho is India's third largest e-commerce retailer with CY22 GMV of $4.5 bn and 7 per cent market share, growing much faster than overall e-commerce market, according to the brokerage firm Jefferies.

Start-ups in tourism sector to receive a boost from Rajasthan govt

The government would also extend to all start-ups the benefits available under the Rajasthan Investment Promotion Scheme (RIPS), 2019

India Accelerator announces Dubai foray, will invest $20 mn in start-ups

Incubator will provide start-up founders with four-month training in business growth

Indian startup funding dives 75% YoY to $2.8 bn in Q1 of CY 2023: Tracxn

Deal values dip sequentially as well; despite this India emerges as second-highest funded nation, behind the US

B2B start-up ElasticRun takes a step back, to focus on core strategy

ElasticRun extends the reach of a brand's direct distribution network to deep rural markets

India startups call for antitrust probe of Google in-app billing fee

Google, which counts India as a key growth market, faces other regulatory challenges, including a recent setback that forced it to change how it markets its Android system