Page 9 - Start- Ups

Startup Accacia raises Rs 54 crore from investors to expand business

Startup Accacia, a decarbonisation platform focusing on real estate and infrastructure sectors, on Monday said it has raised USD 6.5 million (around Rs 54 crore) from investors to expand the business. In a statement, the company said it has "closed a USD 6.5 million pre-Series A round led by Illuminate Financial". Southeast Asia-based AC Ventures also participated in this round, alongside continued support from early backers Accel and B Capital. Founded in 2022 by Annu Talreja and co-founders Piyush Chitkara and Jagmohan Garg, Accacia offers an AI-enabled SAAS platform that helps real estate asset managers, owners and developers track their emissions, and design their decarbonisation journey. "We have already deployed our solution to over 25 million square feet of real estate and are poised to leverage this opportunity and scale globally," said Talreja, Founder and CEO at Accacia. Accacia's tech platform integrates with existing property management, energy management and procureme

CSV is the future

What does a business do when it is operating in an intensely competitive environment, and margins are squeezed hard? You create Shared Value.

Elon Musk expected to meet with space startups during India visit

India's national space program has had some recent successes. It became the first country to land a spacecraft near the moon's south pole last year and is planning its first crewed mission in 2025

B2B marketplace ProcMart raises $30 mn in series B funding from Fundamentum

The company is set to enter newer industries beyond MRO consumables such as Biofuel and packaging, expand its distribution network in India and strengthen international operations in Southeast Asia

Start-up founder? Here's how you can save on capital gains tax

If you are a start-up founder in India and have secured an exit for your business, here's how you can reinvest your money to potentially save on capital gains tax.

Emergency arbitrator asks Byju's to not sell around 6% stake in Aakash

Edtech firm Think and Learn, which owns Byju's brand, has been asked by an emergency arbitrator not to sell around 6 per cent stake in its subsidiary Aakash Education Services Limited as it has failed to pay back around Rs 350 crore raised from billionaire doctor Ranjan Pai-led MEMG Family Office. Arbitration proceedings were initiated by the MEMG Family Office in March to protect its rights, as per the undertaking given by Byju's at the time of securing the loan. "The emergency arbitrator has asked Byju's not to transfer or create any rights on around six per cent stake in Aakash as per the undertaking given by the company at the time of raising around Rs 350 crore loan from MEMG Family Office," a legal representative aware of the development on condition of anonymity said. The representative said that the directions were issued on April 4 by an emergency arbitrator, appointed under Singapore International Arbitration Centre rules, in India. An email query sent to Byju's and MEMG

Byju's 'breached' terms of loan worth $42 mn; stake sale in arm blocked

Byju's was India's biggest startup until 2022 when it was valued at $22 billion, but has seen its fortunes dwindle amid an auditor exit

GenAI startup Vodex raises $2 mn in seed funding round for biz expansion

Vodex helps businesses connect with customers via human-like phone conversations, driving sales and improving customer engagement

Atoms 3.0: Accel's 6-mnth pre-seed accelerator program, unveils 8 startups

The cohort receives up to $500,000 in funding, access to perks worth more than $5 mn from venture capital firm Accel's network partners, personalised mentorship

Amazon Pay to ramp up Smart Store services partnership with top 20 brands

The company has launched 18,000 Smart Stores in the country since its inception in 2019

Investors, once eager to pump in billions in Indian startups, losing steam

In January and February, India's startups raised about $900 million - a pace that signals another slow year after a six-year low of just $8 billion in 2023, Venture Intelligence data shows

India AI Mission gets Rs 2,000 crore for startups: Meity Startup Hub CEO

The government has earmarked over Rs 2,000 crore for funding and supporting AI-related startups, and the scheme will be rolled in the next fiscal, beginning April 1, a senior government official said on Tuesday. While speaking on the sidelines of Startup Mahakumbh, Meity Startup Hub CEO Jitendra Vijay said the government is providing a larger funding programme for the priority sector through various plans like a design-linked incentive scheme for semiconductor design, among others. "(The) Cabinet has approved India AI Mission where more than Rs 10,000 crore is being allocated in supporting AI ecosystem in India. More than Rs 2,000 crore is allocated for funding and supporting AI-related startups. We are looking more at figuring out mechanisms for the deployment of these programmes and schemes on both sides. This should be operationalised within the coming (fiscal) year," Vijay told PTI. The Cabinet approved the India AI Mission in the first week of March with an outlay of Rs 10,372

Startups must adhere to self-regulating ecosystem, says Amitabh Kant

Indian startups must adhere to a self-regulating ecosystem to bring in transparency and ethical behaviour, G20 Sherpa Amitabh Kant said on Monday while observing that chasing valuation at all costs sometimes leads to misgovernance. He also said that there should not be any regulatory intervention if India wants to create a vibrant startup movement as government regulation stifles innovation. Speaking at the Startup Mahakumbh event, Kant said India has been able to create the third-largest startup ecosystem in the world, and the challenge for the country is to make it the number one nation of startups in the world in the next five years. "Startups must adhere to a self-regulating ecosystem governance as this will bring in transparency, ethical behaviour in our statup ecosystem," he said. Noting that startups are 'national assets', the former NITI Aayog CEO said they must bring in best practices, and by following these best practices, startups will trust their stakeholders, they will

Byju's must freeze $533 million in mixed win for lenders, says judge

Dorsey's order was aimed at Riju Ravindran, one of the company's directors and the brother of founder Byju Raveendran

Fund manager who helped Byju's hide $533 mn from its lenders to be jailed

Byju's Alpha, a subsidiary controlled by Byju's lenders, filed for U.S. bankruptcy in February after the Bangalore-based startup defaulted on $1.2 billion in debt

Indian startups may add $1 trillion to Indian economy by FY30: CII report

Between 2024 and 2035, the country may see 300 new unicorns, the report said

Startup movement must be driven by domestic financing, says Amitabh Kant

Indian startup movement must be driven by Indian financing and cannot depend on foreign funding, G20 Sherpa Amitabh Kant said on Thursday. While speaking at the CII Unicorn Summit, Kant said the nation needs to create a fund of funds to support young deep tech startups. He said unicorns are national assets to the country. Startups should focus on corporate governance for growth, otherwise, they will land up in a debacle, Kant added. He also said women are outperforming men in every single walk of life, and if India wants to be a USD 35 trillion economy by 2047, it cannot do so without women.

Former Sequoia India firm launches new fund Peak XV for early ventures

"We plan to leverage this internal balance sheet to invest in and partner with other fund managers across regions, strategies and sectors," the letter added

Indian entrepreneurs are among the best in world, says Naspers CEO

Complimenting the Indian entrepreneurs as among the best in the world, a top CEO of a South African global company has said India and South Africa are at the forefront of digital transformation and jointly harnessing the power of technology. Phuti Mahanyele, CEO of Naspers South Africa, a global technology investment group, which has huge investments in India as well, was speaking at an event on Friday evening. The event organised to present awards to ten women in different fields on International Women's Day was jointly hosted by the Consulate General of India, the India Business Forum, and the Johannesburg Indian Women's Association, an organisation of spouses of Indian diplomats and expats working in South Africa, which engages in charitable projects. We believe that Indian entrepreneurs are among the best in the world, with exceptional ability to build products at scale and at value, Mahanyele said, adding that she had observed during a visit to Delhi in November last year how

IndiGo promoter Rakesh Gangwal invests $20 million capital in Zetwerk

Unicorn startup Zetwerk on Thursday said it has received USD 20 million (about Rs 165 crore) investment from Indigo Airline promoter Rakesh Gangwal. Gangwal is the last investor in the ongoing funding round of Zetwerk at USD 2.8 billion enterprise value. "We are delighted to share that Rakesh Gangwal has invested USD 20 million in Zetwerk through Wheelhouse Venture Capital. Gangwal, with his extensive experience spanning several decades, brings invaluable insights into building businesses and iconic brands. His strategic guidance will be crucial in building Zetwerk into a generational company," Zetwerk said in a statement. The company has raised USD 650 million to date, including the recent investment from Gangwal. Zetwerk has posted a nearly six-fold jump in revenue to Rs 4,961 crore during 2021-22, mainly on account of companies looking for an alternate destination to China to make their products. The company's revenue more than doubled to Rs 11,448 crore in the financial year 2