Page 15 - Startups

Income tax notices lead to stress among startups, executives and investors

The notices were served under Section 68 of the Income Tax Act. They have clubbed the investments made in the startups, along with the revenue, to calculate the tax, according to the sources

Layoffs by Indian tech startups dip 60% in Jan-March this year, says report

Tech startups let go of more than 2,000 workers in the first quarter as funding capital reduced

BS Manthan: Never had a funding winter, says Sanjeev Bikhchandani

The comment from Bikhchandani--who's sometimes referred to as the father of Indian startups-came in the backdrop of Indian startup funding hitting a seven-year low in 2023

Tech consultant LTIMindtree partners with Aforza to setup training academy

LTIMindtree Partners with Aforza to Setup Training Academy

Swiggy's executive exodus continues as vice president Karan Arora quits

The Vice President and Head of Supply Chain Management at Swiggy, Karan Arora, will join Convenio, an offline retail startup, as co-founder

EV-led delivery service firm Zypp Electric posts 3x revenue growth in FY24

Zypp Electric is now operationally profitable, the company claimed

'Tripling down on our India strategy,' says Jungle Ventures' Amit Anand

This includes partnering with founders to build high-growth, capital-efficient technology businesses, and supporting their growth from seed to unicorn, and IPO stage

Cricket commentator Harsha Bhogle invests in gaming startup Hitwicket

Bhogle is expected to help the company expand its global outreach to 50 million downloads within the next two years, from 5 million downloads currently

Audio streaming platform Pocket FM completes 1st ESOP buyback worth $8.3 mn

Pocket FM's valuation almost doubled after its latest funding round to about $750 million, up from $390 million when it previously raised $65 million in its Series C round in March 2022

Microsoft-backed data security startup Rubrik to file IPO papers next week

The company confidentially submitted its IPO plans to the US Securities and Exchange Commission earlier

NCLT declines to stay EGM called by Byju's over $200 million rights issue

The National Company Law Tribunal (NCLT), Bengaluru Bench, on Thursday declined to grant a stay on the extraordinary general meeting (EGM) on March 29 called by 'Think and Learn', owner of the Byju's brand. The EGM was called to increase the authorised share capital of the embattled edtech firm, following the recent USD 200 million rights issue. A group of four investors of Byju's has filed an oppression and mismanagement suit against the management of the company before the NCLT, Bangalore Bench, seeking to oust the founders, including CEO Byju Raveendran, and appoint a new board. On Thursday, the Karnataka High Court said that it will deliberate on the case involving the investor group's efforts to oust Raveendran only after two months. Besides, the suit filed by the group of investors also sought to declare the just-concluded rights issue as void. The petition has been signed by four investors Prosus, General Atlantic, Sofina, and Peak XV along with support from other ...

CY24 trend so far: Two unicorns, but funding to startups down 29%

India 4th-largest recipient of funding

Starburst Accelerator, IIT Madras join hands for €100 million startup hub

This partnership will enable export promotion and provide support for Indian ASD start-ups to explore international markets through the extensive network of Starburst

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

Maruti Suzuki acquires over 6% stake in technology startup Amlgo Labs

Maruti Suzuki India on Saturday said it has acquired over 6 per cent stake in technology startup Amlgo Labs. The startup operates in data analytics, cloud engineering, machine learning (ML) and artificial intelligence (AI) to assist companies in data-driven decision-making. The investment is being made through Maruti Suzuki Innovation Fund, an initiative to undertake strategic investments in startups exhibiting high levels of technological innovation, the auto major said in a statement. This is the second such investment by the company. Earlier, it had invested in Sociograph Solutions in June 2022. "Our investment in Amlgo Labs will help us to further strengthen the quality of new models, using advanced analytics and machine learning," Maruti Suzuki India Managing Director and CEO Hisashi Takeuchi said.

Fintech startup Yenmo secures $500,000 investment from Y Combinator

Yenmo offers a full-stack API (application programming interface) solution for other companies to integrate loans against mutual funds into their products

India has world's third largest startup ecosystem: PM at Startup Mahakumbh

India has emerged as the world's third largest startup ecosystem with over 1.25 lakh startups and 110 unicorns, and is charting a roadmap for becoming a developed nation with right decisions taken at the right time, Prime Minister Narendra Modi said on Wednesday. Speaking at the Startup Mahakumbh event, Modi said India's startup ecosystem is not limited to metro cities, it has now become a social culture. Modi vowed that he will make India the world's third largest economy in his third term, and asserted that startups will play a big role in India's progress. The Startup India initiative gave platform to innovative ideas, and connected entrepreneurs and ventures to funding, he said. India's youth has chosen the path of being job creator rather than job seeker, Modi said, highlighting the changing mindset of people. He said women are leading more than 45 per cent of Indian startups. India has democratised technology, and therefore the 'haves and have-nots' theory can not work here.

Some in politics need to be launched repeatedly, unlike startups: PM Modi

Prime Minister Narendra Modi on Wednesday took potshots at Congress leader Rahul Gandhi saying some in politics need to be repeatedly launched, much unlike startups that move on to other avenues in case one venture does not work out. Without naming anyone, Modi, while speaking at the Startup Mahakumbh here, said many people launch startups, while the number is much more in politics. Some "have to be launched repeatedly", he said. The startup ecosystem is experimental and moves on to a new one if a particular startup doesn't launch, he said, contrasting them with the ones in politics. Modi exuded confidence of returning to power for a third term in a row and presenting a full Budget for the fiscal year starting April 1, 2024. Businesses, in normal course, put off big events till the elections are over but the large assembly of startup entrepreneurs and people associated with that ecosystem at the three-day 'Mahakumbh', days after general elections were announced, is a sign of thing

Blinkit may become bigger than Zomato's food biz in 1 year: Deepinder Goyal

Meanwhile, food delivery at the end of Q3 FY24 had a revenue of Rs 2,025 crore, and Blinkit clocked Rs 644 crore

Jumbotail raises Rs 151 crore in series C3 equity round led by Artal Asia

Jumbotail is building AI-driven technologies to drive higher customer wallet share. The firm is leveraging its deep sourcing capabilities across FMCGs and staples and its kirana supply chain