Page 21 - Startups

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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BS Startup: Robotics company Ati Motors disrupting logistics sector

The company's advanced autonomous mobile robots (AMRs) combine artificial intelligence, computer vision, and state-of-the-art hardware to perform complex tasks in dynamic environments

India to become growth engine for world, will be $5 trn economy soon: PM

Prime Minister Narendra Modi on Tuesday said India will become the growth engine for the world in the coming years, and the ease of doing business has improved with "mission-mode" reforms being undertaken by his government. Speaking at the BRICS Business Forum Leaders' Dialogue here, Modi also said India soon will become a USD 5 trillion economy. He told the gathering that India has the world's third-largest startup ecosystem and there are over 100 unicorns in the country. Modi is on a visit to South Africa, which is hosting the first in-person summit of BRICS comprising Brazil, Russia, India, China, and South Africa, since 2019.

Corporate governance issue wake-up call for startups: Shantanu Deshpande

Corporate governance should be seen as a collective and unit responsibility of all stakeholders involved in a startup, Shantanu Deshpande, founder of Bombay Shaving Company has said. He added that any lapses or deviations are a wake-up call for the ecosystem and are "deeply saddening". On funding winter, Deshpande told PTI that good companies will continue to attract capital, although they may not get a "bullish valuation" at this stage as scrutiny increases and investors turn more careful with their bets. Deshpande, who is also CEO of homegrown personal care brand Bombay Shaving Company, belongs to a growing tribe of outspoken founders scaling up new-age companies in India. Asked about the cases of corporate governance lapses in the Indian startup landscape, he said 'bad form' in companies is also a unit, collective issue and not about doing postmortems on singular data points. Corporate governance issues are "critical to fix", and the onus cannot be on the founders alone. "It is

Number of registered Startups in TN tripled in two years: CM Stalin

The number of registered Startups in Tamil Nadu tripled in two years after the DMK captured power, owing to the numerous initiatives to bolster their growth, Chief Minister M K Stalin said on Saturday. As of March 2021, there were 2,300 registered Startups in the state. Due to the consistent efforts taken after coming to power, their number almost tripled over two years, rising to 6,800, he said. "Tamil Nadu should become a leading state in the country in every field including Startups. The government has launched several programmes to support the Startup ecosystem," the Chief Minister said addressing the "Tamil Nadu Startup Thiruvizha 2023" at the CODISSIA trade fair complex, Coimbatore, virtually from here. The two-day mega event is being held under the aegis of StartupTN, the state nodal agency for startup and innovation. About 450 exhibition stalls have been set up at the venue and the event is expected to attract over 10,000 visitors. Speaking about the government's role in ..

Par panel for easing criteria for recognised startups to avail tax benefits

A parliamentary panel on Thursday recommended relaxation in criteria for eligible startups to claim benefits under income tax law as only one per cent of recognised entrepreneurs have availed the benefit. The department-related Parliamentary Standing Committee on Commerce has expressed concern about the low utilisation of section 80-IAC of the Income Tax Act, 1961, which entitles eligible startups to avail the tax benefit. It was implemented in 2017. Despite the existence of 98,119 recognised startups, only 10,165 of them, accounting for just 10.4 per cent, have applied for income tax exemption under this Act. Furthermore, the inter-ministerial board has granted the Certificate of Eligibility to only 1,173 applicants as on March 31, 2023. "This means that even after six years of the implementation of Section 80-IAC of the Income Tax Act, 1961, only 1 per cent of recognised startups have received the Certificate of Eligibility," the committee said in its report. The committee ...

Gaming unicorn MPL lays off 350 employees, revisits office infra costs

The move comes at a time when the GST Council has recommended imposing a 28 per cent tax on full deposit value, with no distinction made between games of skill and chance