Page 7 - Start- Ups

Piyush Goyal to launch Bharat Startup Knowledge Access Registry on Monday

Commerce and Industry Minister Piyush Goyal will on Monday launch the Bharat Startup Knowledge Access Registry (BHASKAR) initiative which will serve as a central hub where startups, investors, service providers, and government bodies can come together to collaborate, exchange ideas, and accelerate growth. According to an official statement, it will also enhance collaboration among key stakeholders within the entrepreneurial ecosystem, including startups, investors, mentors, service providers, and government bodies. The primary goal of BHASKAR is to build the world's largest digital registry for stakeholders within the startup ecosystem. To achieve this, the platform will offer several key features such as networking and collaboration. providing centralized access to resources, creating personalized identification, enhancing discoverability, and supporting India's global brand. "BHASKAR will bridge the gap between startups, investors, mentors, and other stakeholders, allowing for ..

OpenAI fundraising set to catapult startup's valuation to $150 billion

The funding round is slated to be led by Thrive Capital, Bloomberg previously reported. Thrive declined to comment on the latest valuation

We want to be the trust marker for fintech industry: FACE CEO Saxena

There is a vast universe of fintechs out there and we would be reaching out to everyone to be a part of FACE. We do not have a threshold of scale or business model, said Sugandh Saxena, CEO, FACE

T-Hub selects 23 startups for 1st cohort of AIC T-Hub Lab2Market programme

Startup incubator T-Hub on Monday announced the launch of AIC T-Hub Lab2Market program, which aims to transform groundbreaking research into market-ready innovations. Of 200 applicants, 23 startups have been chosen for the first cohort of the programme, according to a release. The programme offers a pathway for researchers and innovators to translate their ideas into commercial successes by focusing on two key objectives, that of developing Minimum Viable Products (MVPs) and converting them into scalable startups. "Startups participating in the Lab2Market program will receive comprehensive, tailored support. This includes interactive group learning sessions focused on product development, market strategies, and business model refinement," the release said, announcing the launch of the AIC T-Hub Lab2Market program. Each startup will benefit from personalised mentoring by industry experts, offering strategic guidance and addressing specific commercialisation challenges. "The program

RecommerceX raises $3.6 mn from Accel, Kae Capital, to scale recycling

RecommerceX focuses on recovering valuable materials such as metals, plastics, and e-waste

Conceptualising Start-ups in the Sustainability Space

Explore the business and start-up opportunities in the sustainability sector of India with Market Research expert, Mr. K C Mani and get interesting insights on the skills required to build and manage

Delhi-based Proptech startup HouseEazy raises $7 mn in Series-A funding

HouseEazy said that the funds collected will be used to drive growth in new NCR (National Capital Region) geographies, expand its footprint, enhance products, and support team expansion

Large deals power paradigm shift in India's venture capital terrain

Additionally, the total number of high-value deals above $100 million increased from seven to eight

Byju's ex-director fined $10,000 per day over missing $533 million

The missing cash belongs to a bankrupt shell company, Byju's Alpha Inc., which is affiliated with Think & Learn and was taken over by the lenders after their loan defaulted

Reduction of corporate tax in Budget will promote India-US trade: Ex-CEA

Professor Krishnamurthy Subramanian said that the removal of Angel Tax would be significant for India's startup ecosystem and encourage investments from outside

EV startup Simple Energy raises $20 million in series A funding round

The funds will be used to scale up the production of Simple Energy's e-scooters, the Simple One and Simple Dot One

Urban Company revenue up 37.3% in Q1FY25, loss narrows to Rs 93 cr in FY24

Doorstep service provider Urban Company has reported narrowing of its consolidated loss to Rs 93 crore in the financial year 2023-24 and has posted first-ever operational profit in the June 2024 quarter. Urban Company had posted an operational loss of Rs 312 crore in FY'23. The company, meanwhile, posted first-ever operational profit in the June 2024 quarter, Urban Company said on Tuesday. "We made a strong start to FY'25 with our consolidated net revenue growth for the first quarter of FY'25 at 37.3 per cent YoY (unaudited). "We achieved PBT (profit before tax) profitability in the quarter with consolidated PBT margin as a percentage of net revenue at 4.3 per cent. The India business also achieved healthy PBT margins with PBT margin at 12 per cent," UC added. The net revenue of the company increased by about 30 per cent to Rs 827 crore in FY'24, from Rs 637 crore it posted in FY'23. "This growth was achieved on the back of investments in service quality, partner training and ...

Budget 2024: Abolition of angel tax a landmark reform, says Usispf

The abolition of the angel tax across all investor classes marks a landmark reform benefiting India's startup ecosystem, the US India Strategic and Partnership Forum (USISPF) said Tuesday and applauded the proposal in the Union budget to reduce tax rates for the foreign companies to 35 per cent. India has long been a country of engineering and tech talent, yet there have been gaps in the innovation ecosystem. The abolition of the angel tax across all investor classes marks a landmark reform benefiting India's startup ecosystem. This important reform will stimulate increased startup funding from both domestic and international sources, the US India Strategic and Partnership Forum (USISPF) said. Applauding the decision to reduce tax rates for the foreign companies to 35 per cent, the USISPF said this action creates parity between domestic and foreign players and will be an important boost for global investors seeking to shift their international supply chains away from China. At the .

Google working with govt to support 10,000 startups in GenAI solutions

Company says its Build with AI event has helped 25,000 developers in 43 cities across India

Mankind Pharma inks pact with Takeda to commercialise acidity drug in India

The agreement allows Mankind Pharma to launch the novel drug for treating Gastroesophageal Reflux Disease

Sam Altman-backed startup 44.01 scaling technology to store CO2 in rocks

44.01's storage process works by injecting a mixture of CO2 and water down a borehole and into cracks in peridotite, a naturally fractured rock

Launchpad Kashmir: Excitel's Vivek Raina and 6 others unveil startup fund

Launchpad Kashmir would fund and incubate 24 startups by FY25 in Jammu and Kashmir region, taking them from the ideation stage to the seed funding round

Zepto faces backlash over Rs 131 coriander price; says issue resolved

Zepto faced social media ire after a user called out the quick commerce platform for listing coriander at an exorbitant price of Rs 131 for 100 grams. Zepto said the system glitch had "caused significant pricing disparities" across the platform and assured that the issue has been resolved. The company said its platform is now reflecting accurate prices. Zepto drew flak when a user from Gurugram found that 100 grams of coriander leaves were listed at Rs 131 on Zepto, and called out the brand for overpricing Dhaniya, in a post, along with a screenshot, on X. Several netizens expressed outrage and shock, while some highlighted how the exorbitant prices on the platform sharply contrasted with roadside vegetable vendors bundling free coriander alongside veggies to woo buyers. "Maybe it is grown on moon soil?" wondered a netizen on X. In its response, Zepto said that the system glitch had led to the pricing disparities and that the company is committed to addressing customer concerns ..

Agritech startup Arya.ag raises Rs 242 crore in pre-series D funding round

Agritech startup Arya.ag on Wednesday said it has raised USD 29 million (Rs 242 crore) in a funding round from investors to expand its business. The company, an integrated grain commerce platform, said in a statement that the amount was raised in a Pre-Series D funding round, led by Switzerland-based investment firm Blue Earth Capital. The round also included participation from existing investors Asia Impact and Quona Capital. "Arya.ag plans to utilise the Pre-Series D funds to gain market share and improve its profitability," the company said. The company posted a profit of Rs 17 crore over revenue of Rs 360 crore in 2023-24. It saw a profit growth of over 36 per cent compared to FY23. Arya.ag offers an agri-commerce platform that seamlessly connects sellers and buyers of agriproducts to facilitate and streamline commerce, driving efficiencies and reducing waste. The platform integrates warehouse discovery, farmgate-level storage, finance and market linkages, providing a ...

YC-backed AI startup Pivot Robots raises funding from NuVentures

Pivot Robots, founded last year by two Carnegie Mellon University graduates Siddharth Girdhar and Vignesh Rajmohan, uses artificial intelligence to power automation in the manufacturing sector