Page 20 - Startups

COAI says OTTs paying Fair Share Charge won't violate net neutrality

The principle of net neutrality mandates that all internet providers give its users equitable access to all content and applications on the internet without any discrimination

Startups form 40-member task force to take on Google Play Billing System

Google will soon make a presentation before the task force and it will then decide the further course of action

P&G India announces Rs 300 cr fund for startups for supply chain solutions

FMCG maker Procter & Gamble India on Thursday announced a Rs 300 crore fund to collaborate with external partners and innovators for co-creating solutions for a modern supply chain ecosystem. P&G Supply Chain Catalyst Fund will provide an opportunity to startups and innovators to collaborate with Procter & Gamble (P&G) India on customising business solutions, accelerating its journey towards Supply 3.0 initiatives, said a statement from the company. This is a part of Rs 1,800 crore committed in business solutions through vGROW, in which the maker of brands like Gillette, Whisper, Vicks is investing in small businesses, individuals and large organisations offering innovative solutions. "The announcement is in line with the Prime Minister's Gati Shakti initiative, which is an endeavour towards multi-modal connectivity in the country that will enhance seamless movement of goods and services through targeted interventions," the statement said. Commenting on the ...

Zepto tops startup list as most preferred workplace among professionals

14 of the 20 startups on this year's LinkedIn list are new entrants

I-T dept notifies 'Angel Tax' rules for valuing investments in startups

The income tax department has notified rules for valuation of equity and compulsorily convertible preferable shares issued by startups to resident and non-resident investors. As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method. Nangia & Co LLP Partner Amit Agarwal said the amendments to Rule 11UA of the Indian Income Tax Act bring positive changes by offering taxpayers flexibility through multiple valuation methods, simplifying the ...

Investments in Indian agri-tech startups fell 45% between FY22-FY23: Report

Investments in Indian agri-tech startups fell by 45 per cent between 2021-22 and 2022-23 fiscal years, primarily due to a hike in global interest rates and heightened investor caution amid rising uncertainty, reveals consulting firm FSG's new report. Meanwhile, global agri-tech investments declined by 10 per cent between calendar years 2022 and 2023, it said. Going forward, FSG expects the funding slump to continue into FY24 before springing back in FY25. It expects that startups will continue focusing on profitability to tide over the next financial year. "Investors are likely to continue being cautious and direct their limited funding towards established business models, such as follow-on funding for companies in the mid-stream agri-tech category," it said. Commenting on the trends identified by the firm, Rishi Agarwal, Managing Director, Head-Asia, FSG, said, "The shift in investment dynamics highlights the Indian agri-tech sector's sensitivity to global economic trends. Startup

India fourth in number of startups with over $50 mn funding: Scaleup Report

In the survey involving 12,400 startups, India is ranked fourth with 429 scaleups, after the US (7,184), China (1,491), and the UK (623)

Centre working on action plan to increase investments in startup sector

Officials said that ministries will have to expand their capacity to support the growing number of startups in the country

Instacart founder Apoorva Mehta exits with $1.1 bn fortune after IPO

The transition marks the end of Mehta's 11-year tenure with the company he co-founded in 2012

Big Tech companies meet: Govt to clear air on digital data privacy

MeitY officials have already conducted meetings with consumer protection groups who have pushed for immediate enactment of the Privacy Act

Vertex Ventures' SEA and India arm raises $541 mn, expands investor base

Vertex Ventures Southeast Asia and India (VVSEAI) on Tuesday said it has raised USD 541 million (about Rs 4,489 crore) in a funding round. The VVSEAI Fund V exceeds its target fund of USD 450 million (about Rs 3,734 crore) and is 80 per cent larger than VVSEAI Fund IV raised in 2019, the company said in a statement. The new Fund V raise comes on the heels of cash-on-cash returns from VVSEAI's portfolio and successful exits from its investments in companies such as Grab, FirstCry, XPressBees, Recko, and others. The fund is backed by existing and new limited partners like Japan Investment Corporation (JIC), International Finance Corporation (IFC) and DEG (a German development finance institution), sovereign wealth funds, financial institutions, corporates and family offices across Asia and Europe. "Our earlier funds have had superior cash-on-cash returns and are outperforming benchmarks. This track record led most of our investors from VVSEAI Fund IV to return as investors in VVSEAI

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G20 Summit: Startup Bridge between India and Saudi Arabia announced

Prince Fahad Bin Mansour Al-Saud of Saudi Arabia stated that Saudi Arabia wanted to keep the momentum of collaboration going while boosting entrepreneurship in both nations

Justmyroots buys The State Plate to expand intercity food delivery service

With the acquisition, the company said customers can anticipate a broader range of high-quality, non-perishable food items as it enters the regional packaged food sector

I-T officials can seek details of ITRs filed by investors in startups

Income tax officials can seek details about ITRs filed by startup investors to ascertain if the amount invested is commensurate with the income shown in their personal ITRs, the I-T department has said. Replying to a post of former BharatPe co-founder Ashneer Grover on X on Friday, where he flagged that a number of startups have received tax notices in the last one month asking to furnish information about their shareholders, the I-T department said the Finance Act 2012 mandates that the source of funds from a resident shareholder in startup has to be also explained by an investor. "In the present case, it appears that the AO has sought to examine the genuineness of the transaction and source of investment by the shareholder-investor, to verify if the amount invested is commensurate with the income shown in the ITRs of the investors. "Alternatively, if the PANs of the investors are shared with the AO by the company, he can verify the ITRs of the investors," the I-T department ...

Edtech investment cooling in 2023 but growth outlook remains strong

A leading example is Byju's, a company that has come to epitomise the challenges facing this sector

If next Indian unicorn wants to set up biz in Dubai, we will help: Badri

Badri who was on an India visit said that Dubai has laid out an ambitious $8.7 trillion economic plan in a decade under the Dubai Economic Agenda D33

Centre announces up to Rs 50 lakh grant for technical textiles startups

The government on Tuesday said it will provide a grant-in-aid of up to Rs 50 lakh for startups and individuals to promote innovation in the niche technical textiles segment. The Startup Guidelines for Technical Textiles - Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) providing grant-in-aid of up to Rs 50 lakh for up to a period of 18 months has been approved, Rajeev Saxena, Joint Secretary, Ministry of Textiles, said. With a strong emphasis on developing the Startup Ecosystem in Technical Textiles, the guidelines focus on supporting individuals and companies to translate prototypes to technologies & products, including commercialisation, he told reporters here on the important developments in the National Technical Textiles Mission (NTTM). "We are going to support up to Rs 50 lakh in the form of grant-in-aid without any royalties or equity. Only a minimum of 10 per cent contribution has to be made by the incubatee. All of this is .

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