Page 16 - Startups

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

Indian beer startups growing, launching new products after surge in funding

Proost attributes the growth in the beer market due to rising per capita beer consumption, increased disposable income, and reduced societal stigma around alcohol

Perfios secures $80 million funding, set to become 2nd unicorn of 2024

Perfios helps financial institutions with processes such as origination, onboarding, decisioning, underwriting, and monitoring

Influx of AI startups pumps up battle for technical talent in Europe

Founded in 2010 and acquired by Google in 2014, London-based DeepMind made its name applying AI to everything from board games to structural biology

Rs 5K cr set aside for green hydrogen production in Uttar Pradesh

The policy, recently approved by the Yogi Adityanath Cabinet, will support startups dedicated to green hydrogen research and production

Nearly 75% of women-led startups still unfunded, says Tracxn report

There are currently 117,254 startups in the country, according to data from the Department for Promotion of Industry and Internal Trade

Fund of Funds commits Rs 9,500 crore for startups, says Sidbi chairman

SIDBI chairman S Ramann on Friday said that the Fund of Funds for Start-ups (FFS) has committed Rs 9,500 crore for the promotion of new ventures in the country. The FFS was unveiled by the Prime Minister on January 16, 2016, in line with the Start-up India Action Plan. It has approved a corpus of Rs 10,000 crore for contribution to various Alternative Investment Funds (AIFs) registered with SEBI. Introduced with a focused objective of supporting development and growth of innovation-driven enterprises, FFS facilitates funding needs for start-ups through participation in the capital of SEBI-registered Alternative Investment Funds. The commitment of Rs 9500 crore has led to over 100 AIFs raising Rs 56,000 crore more, he said at TiEcon Delhi 2024 conference here. "It's really a staggering figure. The ability of all of you (AIFs) to go out and bring in that kind of money from your foreign Limited Partners (LPs) convince the Indians to become LPs," he said. Observing that AIFs space is

The Ayurveda Experience secures $27 mn in funding led by Jungle Ventures

The funds would help firm ramp up customer engagement on its platform, invest in product R&D

From Settl. to Colive, co-living startups find room to double capacity

Co-living operators such as Settl., Aurum PropTech, and Colive are raising funds from investors to expand their businesses

Google to temporarily restore apps after meeting Ashwini Vaishnaw

The app developers and Google representatives have also agreed to establish a forum to facilitate ongoing dialogue aimed at reaching a resolution within the next 100-120 days, Khanor informed