ET STARTUP AWARDS 2021
ET Explainer: What is angel tax and why has DPIIT sought its removal?
Angel tax refers to the income tax levied by the government on funding raised by unlisted companies, or startups, if their valuation exceeds the company's fair market value. Angel tax was first introduced in the 2012 Union Budget by then finance minister Pranab Mukherjee under the UPA-II regime to arrest the laundering of funds.
Zepto raises $665 million funding at $3.6 billion valuation to take on Blinkit, Swiggy Instamart
Company to double dark-store count to 700, taking on rivals Blinkit, Swiggy Instamart and Big Basket’s BB Now; DST Global, Lightspeed Venture Partners, Avenir Growth Capital and Avra joined as new investors in the round led by Glade Brook Capital, StepStone Group and Nexus Venture Partners.
Simplilearn eyes 35-40% revenue growth in FY25
Simplilearn, owned by Blackstone, aims for 35-40% revenue growth in fiscal 2025 after restructuring and focusing on core areas. It targets Rs 950 crore revenue and full-year profitability in FY25. It competes with the likes of Temasek-backed Upgrad, Byju’s-owned Great Learning and Unacademy’s Relevel.
Oyo finalises Rs 1,000 crore fundraise from Indian family offices
Oyo fundraise: Hospitality startup Oyo is raising around Rs 1,000 crore from family offices and investors. The fundraise aims to value Oyo at about $2.5 billion, marking a significant decrease from its peak valuation of $9 billion in 2021. Oyo is slated to hold an extraordinary general meeting (EGM) on Tuesday to approve the fundraise.
Unacademy cofounder and CTO Hemesh Singh quits edtech startup
Hemesh Singh, cofounder of Unacademy, transitions from CTO to advisory role after a decade. Singh's exit is the latest in a series of high profile exits from the edtech startup, which now primarily focuses on offline test preparation. Despite multiple layoffs, Unacademy reduced its net loss by 41% in fiscal 2023.
BNPL startup Simpl undertakes another round of layoffs, rejigs senior leadership
Simpl, a Bengaluru-based consumer credit startup, laid off 30 employees after firing 160 executives. Senior executives Vatsal Jain, Ashwini Ravindranath, and Ramkumar Narayanan resigned. Earlier in April 2023, the BNPL startup let go 25% of its workforce or around 150 employees.
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How Unacademy board tweaked targets for founders’ voting rights
Edtech unicorn Unacademy has changed the target for its cofounders Gaurav Munjal and Hemesh Singh to access additional voting rights through bonus shares issued to them in 2022. Industry sources said this move throws light on Unacademy’s changing ambitions as well as the broader sluggishness in the startup funding ecosystem.
Sauce VC launches third fund eyeing a corpus of Rs 250 crore
New Delhi-based investment firm Sauce VC, which has backed new-age luggage brand Mokobara, healthy foods startup The Whole Truth and petcare firm Supertails, aims to raise Rs 250 crore for its third fund. This comes as D2C firms see growing interest from risk capital investors. The firm looks to back 15-16 consumer brands in their early stages.
Adda247 logs 88% jump in revenue to Rs 243 crore
Google-backed edtech startup Adda247 saw strong growth in FY24, with revenue nearly doubling to Rs 243.39 crore from Rs 129.65 crore in the previous year. They also made significant progress on profitability, slashing their net loss by two-thirds to Rs 101 crore, down from Rs 296 crore in FY23.
Groww moves domicile to India from the US
Increasing number of large startups across sectors looking to shift from US, Singapore
SoftBank back at deal counter with Icertis deal talks
Tech VC in funding talks with portfolio co Icertis, which is stitching up a $150m secondary round
Spacetech startup Digantara unveils 25,000-sq ft facility in Bengaluru
The new facility, spanning 25,000 square feet in Hebbal, Bengaluru, serves as a satellite assembly, integration and testing (AIT) facility. The Bengaluru-based startup is currently planning to launch a constellation of space-based space surveillance satellites.
ETtech In-depth: How a diversified capital pool is changing dealmaking for Indian startups
Startups witness a shift in investment trends. Domestic investors, family offices, and public market investors like ValueQuest and Singularity Ventures actively back ventures. Investment landscape changes as global funds retreat, and founders turn to investment banks for funding.
Indian startups seen raising $10-12 billion this year: Peak XV’s Rajan Anandan
Rajan Anandan, who is the managing director at Peak XV Partners, said that in the next seven to eight years, there will be at least 100 Indian startups that will go for initial public offerings (IPOs).
ET Awards 2023: India’s best no longer feel compelled to look beyond our borders, says Satyan Gajwani
Satyan Gajwani, vice chairman, Times Internet, spoke about the remarkable growth of India’s stock markets, showcasing a news report from ET in 1998 quoting a survey result of 3,000 households that preferred selling their stocks rather than buying them. He highlighted India’s burgeoning startup ecosystem, which has persuaded talent to stay in the country. “And most of all, the best and brightest of India no longer feel compelled to look beyond our borders for professional growth, seeing the potential to make a real impact here at home.”
ET Startup Awards 2023 | Indian startups go back to the basics in a changed world
A high-powered panel, with some of the top names from India’s tech brigade, discussed the new order and how they were laying the foundation for sustainable revenue and profitability. The panel also touched upon how the focus for startups continues to be public markets.
ET Startup Awards 2023: Profitability ‘biz’word for Indian startups now
With union minister for commerce and industry Piyush Goyal and minister of state for electronics and information technology Rajeev Chandrasekhar as the guests of honour, ET feted eight startup champions at a gala ceremony in Bengaluru on Saturday.
ET Startup Awards 2023 | Corporate India has Davos, now startups have Domlur
Founders and VCs had a lot to discuss and debate about at the ET Startup Awards, from valuation and execution to the all-time-favourite debate: growth vs profitability. But there was one thing everyone agreed on: for the Indian startup ecosystem, there is no other event that comes close to The Economic Times Startup Awards (ETSA).
ET Startup Awards 2023 | Strong vote of confidence a boost for startups Inc
Optimism takes centre stage as entrepreneurs, investors and policymakers gather to celebrate the best of new economy
ET Startup Awards 2023 | Funding winter more in the mind than in reality, says Piyush Goyal
Speaking at the ninth edition of The Economic Times Startup Awards (ETSA) in Bengaluru, the minister said that occasional roadblocks would only help the startup ecosystem mature and come of age.
ET Startup Awards 2023: Ministers Piyush Goyal, Rajeev Chandrasekhar to grace awards
Startup founders as well as investors attending the exclusive event can also expect key updates on important upcoming legislations; including the ecommerce policy as well as the recently enacted personal data protection law.
ET Startup Awards 2023: Winners to be Felicitated on October 7
The ninth edition of The Economic Times Startup Awards (ETSA) will be held on Saturday, October 7, in Bengaluru to honour this year's winners across eight categories in what will be a star-studded gathering of the who's who of India's new economy.
ET Startup Awards 2023 methodology: how we arrived at the winners
What goes behind selecting the nominees and the winners of the ET Startup Awards, considered the most prestigious in the Indian entrepreneurial ecosystem.
ET Startup Awards Alumni: where are they now?
Previous winners of the ET Startup Awards (ETSA) have stood out amid a crowded ecosystem and have gone on to become successful businesses. We look at a few of them from previous editions of the awards.
ET Startup Awards 2023: FIA Global bags the Social Enterprise Award
Launched in 2012, FIA Global has 35,000 outlets that function as mini bank branches. Equipped with a laptop, biometric device and printer, the facilities are manned by micro entrepreneurs from the local community. These are connected with the partner bank’s core banking solution, enabling customers to walk in and conduct basic financial transactions in real time.
ET Startup Awards 2023: String Bio bags the Top Innovator award
The high-powered jury initially shortlisted biotech startup String Bio along with Info Edge Ventures-backed Brainsight AI, which is building an advanced software system that can create a map of the human brain, tracking signals exchanged between different parts of the brain.
ET Startup Awards 2023: Gameberry wins Bootstrap Champ award
Three Bengaluru-based firms — Boldfit, a manufacturer of health and fitness equipment; Fyers, an online trading platform; and Gameberry Labs, an online game publisher — came through as the top contenders for the spot.
ET Startup Awards 2023: Nominees for Startup of the Year
The ET Startup of the Year will be characterised by breakthrough innovation, top-class execution and fast-paced growth. The quality of the founding and management team was an important component in decision making.
ET Startup Awards 2023: Mission starts to spot stars of the startup galaxy
A star-studded jury led by Kotak Mahindra Bank founder and director Uday Kotak will meet virtually on September 12 to pick the winners of The Economic Times Startup Awards (ETSA) 2023
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