Page 17 - Startups

Apples to bats, Kashmir's startup scene gains momentum with foreign funding

Entrepreneurs are also tapping into JK Startup Policy and Shark Tank India

Cactus Venture Partners raises Rs 630 cr fund to invest in startups

Cactus Venture Partners on Wednesday announced that it has raised Rs 630 crore for its maiden fund to invest in early growth stage startups. This is the final close for the fund, which will invest in climate technology, health technology and business-to-business software as a service company backed by purpose-driven entrepreneurs. CVP will focus on Series A and early Series B fundraising stages, targeting companies that have established Product-Market Fit (PMF), a statement said. The statement said 60 per cent of the capital commitments have come from domestic sources, while the remaining are from international limited partners from the US, Singapore, EU, and the UK. Domestic backers include SIDBI, Self-Reliant India Fund, and the UP Startup Fund, it added. Its general partner Rajeev Kalambi said the support received underscores the growing confidence in the Indian startup ecosystem. The current portfolio includes five companies, and CVP is targeting to make an additional 8-10 .

Edtech firm Byju's says investors have no voting rights on CEO change

Edtech major Think and Learn Pvt Ltd, which operates under the brand name BYJU'S, on Friday said investors have no voting rights on the CEO or management change as per the shareholder's agreement. At least six BYJU's investors have called for an Extraordinary General Meeting (EGM) to address issues at the edtech major and oust founders from having control over the firm. "Think & Learn Pvt Ltd has noted with sorrow, statements from a select few investors calling for an EGM to replace founder and group CEO Byju Raveendran. Under these unfortunate circumstances, we would emphasise that the shareholder's agreement does not give them the right to vote on CEO or management change," the company said in a statement. The investors led by Dutch investment firm Prosus in the EGM notice requested the resolution of the outstanding governance, financial mismanagement and compliance issues and the reconstitution of the Board of Directors. "The resolutions being put forward for the EGM to ...

Shareholders Prosus, others call for ouster of Byju's founders in new salvo

'We are deeply concerned about the future stability of the company under its current leadership and with the current constitution of the Board,' the shareholders said in a statement

Startup AiDash raises $50 mn in funding for tech that uses AI, satellites

Company spots climate risks to power lines, plans hiring 150 people in India

Fintech associations exploring ways to incentivise SRO membership

The central bank in its draft framework had said that the industry needs to answer the question of how an SRO-FT would create incentives for membership since entities in the fintech sector

Udaan announces senior-level changes; Group CFO Aditya Pande resigns

udaan, an e-B2B (business-to-business) platform, on Monday announced senior-level organisational changes under which Group Finance Controller Kiran Thadimarri has been elevated to executive management team with additional responsibility of treasury, corporate finance and corporate audit. The company informed that Aditya Pande has decided to pursue opportunities outside of udaan, after a successful stint of over three years as Group CFO. Also, Vishnu Menon, Head of Corporate Strategy and investor relations, will take on the additional responsibility of business finance, as part of the organisational changes. The two executives -- Menon and Thadimarri -- will work towards further strengthening the financial and governance practices at udaan with the objective of enabling the company to achieve operational profitability and public market readiness in the next 12-18 months, according to a company release. Announcing the organisational changes, udaan said these are in line with the ...

Lack of domestic capital a hurdle for startups: Infosys co-founder Murthy

Murthy added that entrepreneurs can garner respect via good corporate governance practices, adhering to fairness, transparency and accountability with every stakeholder

AIF commitments cross Rs 9.5 trillion till September 2023, shows data

The investment commitments are usually received in tranches from investors by the fund managers and are reflected in the total funds raised

DPDP rules to be out by January-end, says MoS IT Rajeev Chandrasekhar

They will help curb deepfakes posted on social media platforms

Staqu Tech to provide AI-led surveillance for Ram temple inauguration

The Ram Temple inauguration ceremony, which is scheduled to take place on 22 January, is expected to host VIP attendees from across the world

Income tax benefits granted to 2,975 recognised startups: DPIIT

As many as 2,975 government recognised startups have been granted income tax exemptions so far, a senior official said on Monday. Under the Startup India , the government provides income tax exemption. Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said that as on December 31 last year, 1,17,254 startups have been recognised by the department. "The number of startups getting income tax benefits was 1,100 till March 2023 and now it has increased to 2,975 startups," he told reporters here. He added that they are in the process of formulating a standard operating procedure for examining and fast-tracking applications for granting eligibility certificates. This certificate is required to claim tax exemptions. The Startup India Action Plan was announced in 2016.

NYSE-listed SentinelOne acquires Bangalore-based startup PingSafe

PingSafe provides Cloud security services; deal estimated to be worth $100mn

Rural startups seek better supply chain, infra, easier access to funds

Rural startups are making a strong pitch for new programmes to foster research and innovation, as the grassroots-level entrepreneurs seek support for streamlined supply chains, subsidies, improved infrastructure, and easy access to finance. As the Budget and the Lok Sabha elections draw closer, startups working in various sectors, especially in smaller towns and villages, said they expect the government to look at various teething issues, even as their "overall performance has improved owing to various policy changes in the past couple of years". "India's food processing industry faces a number of difficulties such as outdated equipment, ineffective supply chains, poor infrastructure, and restricted finance availability. We expect the government to help us connect with global supply chains so that we can export our products to international markets," Pardeep Kumar Yadav, Founder of Krini Spices, told PTI. Krini Spices, which was founded in March 2017, has 22 direct and over 100 ...

Majority of Indian startups eyeing IPOs in 2024 struggle with losses

Of the 12 startups looking to launch IPOs this year, eight have incurred a cumulative loss of Rs 8,000 crore, including Swiggy, and Ola Electric

2023 sees 15% more start-up/ tech layoffs than 2022, majority in edtech

On average, at least 45 people lost their jobs daily based on data collated by the website. This is 15.3 per cent higher than the 14,224 layoffs recorded in the previous year

5 startups receive Rs 6.5 cr equity investment from Tamil Nadu govt

Five startups engaged in various sectors, including electronics manufacturing and healthcare, have received funding of Rs 6.5 crore from the Tamil Nadu government. The sanction of equity investments in the companies was issued under the Tamil Nadu SC/ST Startup Fund by Chief Minister M K Stalin at an event here organised by StartupTN, a press release said on Thursday. Accordingly, Ecopmin Technologies, which is engaged in electronics manufacturing, received Rs 3 crore while Adhiban Farms Pvt Ltd, which deals with agriculture technology, secured funding of Rs 2.2 crore. Healthcare player COEO Wellness Pvt Ltd was granted Rs 60 lakh while Mannvasanai Traditional Food Pvt Ltd attracted an investment of Rs 45 lakh. Nanjil Nadu Kani Tribal Women Creations Pvt Ltd, which is an active player in the food and agriculture industry, received a Rs 25 lakh grant. The investments allow the companies to take up expansion work besides meet their capital requirements, the release added. Early thi

Startups hope for strong growth in 2024 after unicorns, funds fall in 2023

Funding winter and corporate governance woes separated the men from the boys in the country's startup space in 2023 that saw funds into the segment tapering to just around USD 8 billion. All said, investors are hopeful of strong growth of the maturing startup ecosystem in the new year. Edtech and health tech segments that grew exponentially during the pandemic plunged into an abyss of financial uncertainties, with several firms shuttering their business, and valuation of prominent players like BYJU'S and PharmEasy plummeting 85-90 per cent. Indian startups are estimated to have laid off over 15,000 employees in 2023. Startups with sustainable business models as well as the well-capitalised ones are expected to weather the current turmoil. And the horizon in 2024 is expected to be "exciting" as well as "challenging". Venture capital firm Lightspeed, which has invested in firms like BYJU'S, Magicpin and OYO, said a high cycle or a low cycle of two years does not really impact the ..

Sonic Lamb Headphones review: Sensational sound in a no-frill package

Sonic Lamb Headphones deliver a distinctive audio experience. Potential consumers should contemplate these if their priority lies with audio quality over other attributes in their choice of headphones

Zerodha's Nithin Kamath joins Centre's reconstituted startup advisory panel

Kamath said that he was excited to join the council and that India needs to unlock its domestic capital to nurture startups