Page 17 - Startups

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

AI startup Anthropic challenges OpenAI and Google with new chatbot

Dario Amodei, Anthropic's chief executive and co-founder, said the new technology, called Claude 3 Opus, was particularly useful when analysing scientific data or generating computer code

Google Play Store delisting hits Indian app developer business by 40%

The parties concerned have sought a meeting with the government on Monday to discuss the contentious issue, sources aware of the development said

New startup policy with focus to set up 2K startups by 2027 launched in J-K

Jammu and Kashmir LG Manoj Sinha on Sunday launched a new start-up policy with a focus to establish 2,000 start-ups in the Union Territory by 2027. The 'New Jammu & Kashmir Start-up Policy- 2024-27' will also provide patent-related assistance, financial assistance for mentorship to recognised start-ups, facilitation for department for promotion of industry and internal trade (DPIIT) registration and additional need-based support to start-ups working in diverse fields, Sinha said in Jammu. On February 22, Jammu and Kashmir administrative council headed by the lieutenant governor approved the new start-up policy in supersession to the start-up policy notified in 2018. The new policy provides for providing entrepreneurship facilities to students, women and support to the entrepreneurs through government, private and high net worth individuals (HNIs) for setting up start-ups. Terming the launch of the new policy as a giant leap for start-ups and innovators, the lieutenant governor ...

US SEC investigates whether OpenAI investors were misled, says WSJ

The SEC's probe may not lead to any finding of wrongdoing by the parties involved. OpenAI selected two lawyers from the firm WilmerHale to conduct its investigation into the events

AIFs' actual investment at 65% of commitments: Sebi WTM Ananth Narayan

Along with a code of conduct, Sebi is working to define the specifics of what constitutes circumvention