Page 23 - Startups

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

Retail tech firm Ace Turtle raises Rs 293 cr from Vertex, others

Start-up will use the funds to recruit talent and for business growth

Big plans lined up for start-ups under 'iStart Rajasthan' initiative

Rajasthan has around 3,490 registered start-ups, including 795 in rural areas

Thanks to funding crunch, India has not seen a new unicorn in over 6 months

This is the longest drought since August 2016 when it took 17 months for India to come up with a new unicorn

Attrition in IT firms to go back to pre-pandemic levels by October: Experts

In their Q4 results, two of the three IT majors in India, TCS, and Infosys, showed that high attrition was still a problem

Let start-ups live

Govt must review angel tax

India retains third spot as a unicorn hub, shows Hurun report

The report also mentioned that India and China produce more offshore unicorns than any other country

CFOs in demand at startups amid funding winter, profitability woes

An increasing number of tech companies and startups are scouting for experts ranging from CFO's to industry executives to manage financial affairs and corporate governance amid a funding winter

Indian fintech start-up funding falls 55% YoY in Q1 2023, says report

India was still the second-highest funded "geography" in the world, behind the US, in Q1 2023

Number of startups rose to 90,000 in nine years, says Ashwini Vaishnaw

Union minister Ashwini Vaishnaw on Thursday said that in the last nine years, the number of startups in the country increased to 90,000 due to promotion of the startup culture by the Modi government. He said the central government is trying to make Rajasthan the first IT hub of the country but it is possible when the state government also cooperates on this front, according to a release. The minister was speaking at the inauguration of Software Technology Parks of India (STPI) centre here. To meet the growing needs of IT industry and entrepreneurship in the state, STPI has set up an incubation facility at Sitapura Industrial Area. He said that setting up of the STPI centre in Jaipur would help in making Rajasthan an electronics manufacturing hub. Jaipur MP Ramcharan Bohra, mayor of Jaipur Greater Municipal Corporation Somya Gurjar and others were also present.

Canara Bank forms separate vertical for start-ups; to open 5 branches

The lender is planning to open five start-up-specific branches in the current financial year

DPIIT to raise startups' concerns on 'fair market value' with FinMin

Startups have raised concerns with the industry department that the calculation of the startups' fair market value done internationally is different from the income tax department

Indian startups move court to stop Google's new in-app billing system

The Alliance of Digital India Foundation (ADIF) last month asked India's antitrust regulator to investigate Google for devising a new system startups say still charges them a high service fee

IBA reaching out to start-ups for funding needs, says DPIIT official

Only DPIIT-registered start-ups are eligible for funding under various support schemes of the industry department