Page 20 - Startups

Murthy's Catamaran plans to invest in precision manufacturing companies

Infosys founder Narayana Murthy's venture capital firm Catamaran plans to expand its portfolio by investing in precision manufacturing startups and companies exporting their products, a senior company official has said. While speaking to PTI on the sidelines of the Digital Acceleration and Transformation Expo (DATE), Catamaran Chairman MD Ranganath said the valuation expectation in startups have come down in India compared to the phase in 2022, but good ideas with good business models will continue to attract investments. "Our current focus, in addition to services, is on precision manufacturing. Now, India is attracting a lot of manufacturing investments. We are trying to invest in those companies which can export and make components in deep tech, and automobile," Ranganath said. Catamaran has invested in companies like SpaceX, deep tech energy startup Log 9, B2B e-commerce firm udaan, edtech firm udemy, and fintech firm Acko, among others. "Overall, in a market compared to 2022,

Goa poised to become nurturing ground for startup creativity: IT minister

The Goa government will introduce a number of initiatives to provide support to startups as the state is poised to become a nurturing ground for startup creativity, a minister has said. Addressing the closing ceremony of three-day-long Tech Media Startup 2023 event on Thursday, Goa Information Technology Minister Rohan Khaunte also said the government's aim is to position the state as a premier startup destination in Asia. "Goa, with its vibrant spirit, is poised to become a nurturing ground for startup creativity. In the coming months, we will introduce a spectrum of initiatives to further catalyse business growth and provide startups with the support they need," he said. "Under the leadership of Chief Minister Pramod Sawant, the aim is to position Goa as a premier startup destination in Asia...The state's unique blend of natural beauty, cultural heritage and burgeoning entrepreneurial spirit sets the stage for the convergence of startups and information technology," he said. The

Funding winter for Indian startups likely to end by March: Experts

Investors attending the TiE Global Summit (TGS) exuded confidence that funding winter for Indian startups will end by March but said budding entrepreneurs seeking funds must come up with credible plans to generate returns on investments, as fancy valuations will no longer impress global fund managers. Funding winter, which refers to the drying up of funds for startups, remained the overarching theme at the recently concluded TGS 2023, the eighth edition of the flagship event organised by TiE. The event, held in conjunction with the Singapore Fintech Festival, was attended by over 2,000 participants, including experts, fund managers, thought leaders and startups. As regards India, We Founder Circle co-founder Gaurav VK Singhvi said, "Things would improve for Indian startups by March next year". He said that global investors are sitting on funds and once the "uncertainty" with regard to geopolitics, especially the Ukraine war and the Middle East crisis, gets over, the "funds would st

Startups will play important role to help India be 3rd largest economy: CEA

Startups will play an important role in helping India become the third largest economy in the world, Chief Economic Advisor (CEA) to the Union government V Anantha Nageswaran has said. Nageswaran said that tier-2 and 3 cities, including Kerala's capital, have become game-changers in helping startups flourish in the country due to improvements in infrastructure and supportive policies of the government, according to a KSUM release. The CEA, during his Leadership Talk on the concluding day of the Huddle Global 2023 organised by the Kerala Startup Mission (KSUM), said that India was the fifth largest economy on course to become the third largest in a few years. "In fact, I will say 7-in-7 is the buzz slogan, that is 7 trillion USD economy in seven years. Seven trillion USD economy size by 2030 is possible if India maintains its present growth trajectory, and in that journey startup entrepreneurs are going to play an important role," he is quoted as having said in the release. He was o

India-US ink pact to improve cooperation among startups, promote innovation

India and the US have signed an agreement to promote innovation through increasing cooperation among startups, address regulatory hurdles, and share best practices on fundraising by entrepreneurs, an official statement said on Wednesday. The Memorandum of Understanding (MoU) on enhancing innovation ecosystems through an innovation handshake under the framework of India-US Commercial Dialogue was signed on November 14 in San Francisco. Commerce and Industry Minister Piyush Goyal is in San Francisco. The commerce and industry ministry said that the MoU was signed at an industry roundtable meeting. Indian industry players, CEOs from major ICT companies, executives from venture capital firms, and founders of startups in the critical and emerging technology space participated and discussed ways to enhance US-India technology collaboration. "The MoU is signed with the objective to connect the two sides' dynamic startup ecosystems, address specific regulatory hurdles to cooperation, shar

Indian startup funding winter shows signs of thaw as large deals resurface

October saw a resurgence in significant funding rounds, setting the stage for a thaw in investment climate

SoftBank's Vision Fund hikes valuation of Swiggy, Ola Electric, FirstCry

SoftBank's Vision Fund is also increasing its focus on companies which can benefit from the artificial intelligence revolution

Insurtech startup Bimaplan raises $3.5 mn in pre-series A funding round

Company will use the money to improve technology platform, expand distribution

STPI starts inviting applications for LEAP programme to fund 75 startups

State-owned STPI has started inviting applications from startups under its Leap programme to fund entrepreneurs in collaboration with venture capitalists and other private investors, a senior official of the organisation said on Monday. Software Technology Parks of India (STPI) will select 75 startups under the programme this year and facilitate funding of up to Rs 1 crore in each startup in collaboration with venture capital firms and angel investors. "We have already invested Rs 25 lakh through NGIS. We have already made investment in about 100 startups from the total fund that we have. Through Leap we are looking to nurture the next 100 startups," STPI Director General Arvind Kumar said. He said that the Leap (Launchpad for Tech Entrepreneurs towards Accelerated growth and Pioneering Ahead) will be organised at places closer to startups in cities like Bhubaneswar, Chandigarh, Vijayawada with an idea that they should not be required to leave their city for growing their ...

DIEZ launches AED 500 mn venture capital fund to finance tech startups

The new fund was launched on the sidelines of the Dubai Business Forum, which is being organised by Dubai Chambers under the patronage of Sheikh Mohammed bin Rashid

Taking a lead: Startups beat corporates in gender inclusivity race

Women account for 35% of people employed in startups, compared to 19% in the corporate sector, shows a study

Top 5 government schemes for startups in India to support entrepreneurs

The government has started several schemes to help budding startups and entrepreneurs grow businesses in India successfully. Here is the list of the top 5 government schemes for startups in India

ICAR-IARI signs pact with IIT Kanpur to support incubators, startups

Agriculture research body ICAR-IARI has signed an agreement with IIT Kanpur to support incubators and startups. "A Memorandum of Understanding (MoU) was signed today between Pusa Krishi, ICAR-Indian Agricultural Research Institute here and Start-up Incubation & Innovation Centre (SIIC), IIT Kanpur," an official statement said. Pusa Krishi is a special-purpose initiative of ICAR-IARI (Indian Council of Agricultural Research Indian Agricultural Research Institute). It is an agri-innovation hub transforming agriculture through entrepreneurship and innovation. The MoU was signed virtually by Viswanathan Chinnusamy, Joint Director (Research) IARI and Professor Ankush Sharma, Department of Electrical Engineering, SIIC IIT Kanpur. Through this pact, both sides will provide vital support to incubators and startups, fostering their growth and success. Pusa Krishi and SIIC IIT expressed their commitment to explore and establish further collaborations to drive advancements and innovations .

Insurtech player InsuranceDekho raises $60 mn in Series B funding round

This is the second fundraise for the Gurugram-based startup in 2023, taking its total fundraise to $200 million

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