Page 23 - Startups

Four Indian firms make into WEF's 100 most promising tech startups list

The World Economic Forum (WEF) on Wednesday named four Indian entities, including Giftolexia Solutions and Xacmaz Technology, in its annual list of 100 most promising technology pioneers, comprising companies making progress in sustainability, advanced manufacturing and inclusive healthcare. The other two Indian entities on the list are evolutionQ, which offers quantum-safe cybersecurity products to help clients in deploying and managing quantum technologies across their networks, and Next Big Innovation Labs -- which is developing customisable 3D bioprinter to bridge the gap between organ demand and availability via 3D bioengineered organs. Giftolexia Solutions is developing a deep technology-enabled screening tool to identify the risk of dyslexia in schoolchildren by analysing gaze patterns. Xacmaz Technology is developing a platform that converts satellite data into climate intelligence for climate risk, ESG (environmental, social and governance) investing and carbon markets. Th

VC firm Avaana Capital announces first close of climate tech fund at $70 mn

Fund will invest in sectors like energy transition, mobility and supply chains, sustainable agriculture

Paytm leads $6 billion stock rally as Indian startups seek redemption

Shares of Paytm parent One 97 Communications Ltd. have surged 69%, adding more than $2.7 billion in market value, after it improved its profitability ahead of schedule

Financial irregularities, tough market: What went wrong at Mojocare?

In a joint statement, Mojocare's major investors alleged that they have 'uncovered financial irregularities" in the health and wellness start-up

Inkle launches new platform for cross-border payments for startups

Customers will be charged a fixed markup of up to 0.50% on the mid-market forex rate on their transactions

EV startup River raises $15 mn in funding round led by Dubai's Al Futtaim

Bengaluru-headquartered EV startup River on Tuesday said it has raised USD 15-million capital in a funding round led by Dubai-based Al Futtaim Group. Besides, other investors including Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC also participated in the investment round, River said in a release. The fresh capital infusion will help the company boost its manufacturing capabilities and also in the upcoming market launch of its maiden product -- Indie. "River raised a USD 15 million investment round led by Dubai's multinational powerhouse, Al Futtaim Group," River said in the statement. The diversified group has five operating divisions -- automotive, retail, real estate, healthcare, and financial services -- spread across over 20 countries, as per the statement. This is the third fund raised by the startup founded by Aravind Mani and Vipin George in March 2021, following a USD 2-million seed round in March 2021 and a USD 11-million Series A round in July ...

KarmaLife raises Rs 44 cr, startup aims to launch more products soon

KarmaLife on Thursday said it has raised Rs 44 crore in an extension to pre-series funding round led by Krishna Bhupal's family office and existing investors. The round saw participation from existing investors, including Artha Venture Fund, Net Graph Investments, Singularity Ventures, LogX Venture Partners, Amit Jain, Vikram Kailas, and Shaji Kumar Devakar, the company said in a statement on Thursday. Founded by Rohit Rathi, Naveen Budda, and Badal Malick in March 2020, KarmaLife operates in a business-to-business-to-consumer model and has partnered with over 50 organisations, which includes Flipkart, Elastic run, Uber, Porter, and Delhivery, among others, to give their employees an option to access their payout before payday. The credit solutions provider startup will use the capital for scaling, expanding into different geographies, launching more products, and spreading awareness about the product, the company founders said. It currently serves over 1,00,000 blue-collar workers

WinZO concludes third round of ESOP liquidation for 25% of workforce

Online gaming start-up's announcement comes at a time few start-ups are making such payouts

Gaming unicorn Mobile Premier League goes into global expansion mode

MPL recently launched its app in Nigeria, marking its first foray into the African gaming market. With this move, MPL is now present on four continents: Asia, North America, Europe, and Africa

Taxing times: Income tax heat on start-ups over unexplained funds

Notices issued to check round-tripping

Goa meet agenda: G20 nations look at common framework to define start-ups

A finance task force will unlock financing of start-ups in general for nations to invest in these enterprises and also for cross-border investments

From 350 in 2014 to 90K, Indian startups mushroom amid funding winter

Within a couple of years, India became the third largest startup ecosystem in the world, only behind the US and China

SoftBank eyes five Indian start-ups; may invest up to $100 mn in each

SoftBank also looking at secondary-sale opportunities in growth firms that have postponed their IPO plans

Physis Capital announces first close of $50 mn fund for start-ups

Fund aims to build a portfolio of 15-20 start-ups, with an average ticket size of $2.5 million

Public transport tech firm Chalo raises $45 million, to expand globally

The funding would help the firm to expand its presence in international markets after its successful entry into South-East Asia

More startups to shed flab amid valuation bloat; layoffs 57% of CY22

Globally, 683 companies laid off 194,659 workers in 2023. This is already 18 per cent more than the 164,591 seen in 2022

DPIIT takes up startup taxation issue with finance ministry: Secretary

The Department for Promotion of Industry and Internal Trade (DPIIT) has taken up the taxation issue of startups with the finance ministry, a top government official has said. "Startup India does provide such policy advocacy, particularly on the taxation issue. We have been taking that particular issue that many startups are worried about funding from non-residents...and the initial valuation of the startup, how that tax is calculated. We have taken it up," DPIIT Secretary Rajesh Kumar Singh said here at an industry interaction. Post the amendments proposed in the Finance Bill, concerns have been raised over the methodology of calculation of fair market value under the two different laws. The Finance Act, 2023, has amended Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held companies, except DPIIT-recognised startups, under the tax net. The Income Tax department is expected to soon come out with certain draft rules to specify the class o

MeitY likely to announce financial support for design start-ups on Friday

The roadshows aim at stimulating the next-generation semiconductor designers

Start-up registrations near 100K-mark, no. of new ventures up since Covid

Top 5 sectors, including IT services, and health care, account for third of registered start-ups

Merge, acquire, survive: Startups on consolidation route as funding slows

49 M&A deals in the first quarter of 2023 already as consolidation continues in the ecosystem