Page 13 - Startup

Drone start-up Garuda raises $22 mn in series A funding from SphitiCap

Company will use money to expand operations, research, and to train drone pilots

State Bank of India opens third specialised Startup branch in Gurugram

State Bank of India (SBI) on Thursday inaugurated its third specialised branch for startups at Gurugram to provide all banking services required by them under one roof. Gurugram houses the third highest number of unicorns in the nation after Bengaluru and Mumbai, SBI said in a statement. Speaking on the occasion, SBI Chairman Dinesh Khara said the primary aim of this branch is to provide end-to-end support to startups at every stage of their journey, starting from the formation of the entity till their IPOs and FPOs. Apart from regular banking services to startups, the branch will also act as a one stop shop in providing investment banking, treasury/forex, advisory and other ancillary financial services through the bank's subsidiaries, it said. Besides startups, the bank also intends to cater to the requirements of private equity (PE), venture capital (VC) and Alternative Investment Funds (AIFs). Leveraging its locational advantage, the startup branch in Gurugram has entered into

Digital lending startup LoanTap raises Rs 24 crore in venture debt

Funding led by Lighthouse Canton through its Category-II AIF

Google invests nearly $400 million in ChatGPT rival Anthropic: Report

According to the report, the deal gives Google a stake in Anthropic, but doesn't require the startup to spend the funds buying cloud services from Google

Climate tech start-up Ecozen raises $25 mn to expand beyond agriculture

The debt portion was provided by Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank and Axis Bank

SoftBank-backed InMobi lays off 50-70 staffers, cites performance as reason

Poor performance prompted the company to take this extreme step

GoMechanic to lay off 70% workforce, says made grave errors in judgement

Co-founder Amit Bhasin said GoMechanic has decided to 'restructure the business while we look for capital solutions'

Voice automation startup Skit.ai lays off over 115 employees: Report

Software-as-a-service (SaaS) voice automation startup Skit.ai has sacked more than 115 employees, mostly from its India team, as part of the "restructuring process" amid the deepening funding winter

Healthcare edtech start-up Virohan raised $7 mn from Blume Ventures

Company's omnichannel platform trains students in allied healthcare programmes

InCred Capital acquires digital investment firm Orowealth in all-cash deal

Acquisition marks InCred Capital's foray into retail wealth management

After many rocking years, we needed a rocky year: Byju's CEO Raveendran

He said 2022 was the year of learning for all tech businesses, of every kind. "We had our share of learnings and growing, too. This was the year of introspection and action.

World Startup Convention sets a new benchmark its receives over 1,00,000 applications for funding

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Tredence raises $175 million in funding from Advent International

Private equity firm Chicago Pacific Founders (CPF), an existing investor, will continue to be "a meaningful shareholder", said Tredence. CPF invested in Tredence in December 2020

NeuWorld Spirits aims Rs 100 cr turnover by FY24; to expand its portfolio

NeuWorld Spirits, an alcoholic beverage startup backed by TRDP group, aims to scale its turnover to around Rs 100 crore in FY24 and have its presence in major markets of the country. The company, which commenced its operations in January this year, has launched two whiskies - Downing Street and Royal Tribe, catering to the premium and semi-premium segments, respectively. Besides, NeuWorld Spirits also has plans to introduce a couple of more brands in the whisky segment and to enter into the premium vodka, craft gin, rum and premium brandy, towards having a complete portfolio of alco-bev (alcoholic beverage) products, said its Managing Director Poonam Chandel. Downing Street and Royal Tribe would cover the entire north India by March 2023, she added. "By April we would launch premium vodka and another whisky (which will be between mass and semi premium). We have already started working on packaging, communications and sourcing. By end of 2023 we would have a robust portfolio," Chand

IIFL fintech fund picks up 16% in Insurance Samadhan for $2 million

The IIFL Group's early-stage investment vehicle, IIFL Fintech Fund, has invested USD 2 million (around Rs 16.5 crore) in insurance technology startup Insurance Samadhan for a 16 per cent stake, valuing the platform at around USD 13 million (around Rs 107 crore). The startup also received another USD 1 million from other investors in the series-A round. This is IIFL fintech fund's 10th investment and first in the insuretech space, the company said, adding it has already invested 50 per cent of the Rs 210 crore corpus of the fund. The IIFL group launched the fintech fund in August 2021 with a corpus of Rs 210 crore with sponsorships from two group companies--IIFL Finance and IIFL Securities. The fund has so far invested Trendlyne, Leegality, Finbox, Datasutram, Multipl, Finarkein, Trustcheckr, Finvu and Easyrewardz. Samadhan is an online platform that deals with resolving insurance related complaints such as mis-selling, lapsed policies, policy rejection, fraud or claim rejection in

Is Byju's experiencing growing pains?

Creditors of India's most-valued unicorn Byju's are pressuring it to sell off its US assets to repay loans. Is the edtech major still facing the growing pains of a start-up or spiralling downhill?

Low interest rate loans, tax incentives for Agri Startups in next Budget

The idea behind supporting agritech startups in India is to make the agriculture sector more durable along with supporting small farmers and encouraging best practices through raising awareness

Surprise corporate actions by Indian tech darlings spur investor scrutiny

Nykaa and Paytm are among a flurry of hot startups that came to the Indian market with much fanfare

Java Capital launches Rs 75 cr seed fund, announces first close at Rs 30 cr

Firm will invest in at least 15 technology and fintech start-ups, expects final close in 6 months

All you need to know about Theranos' former COO Sunny Balwani

Ramesh "Sunny" Balwani, a former romantic partner of Holmes, has been sentenced to 13 years in prison. Watch the video to know who Balwani was and what controversy he was involved in. #theranos #theranosscandal #ramesbalwani #sunnybalwani #usa #prison