STARTUP INDIA
On A(I) Mission, Centre may go with Indian intel
GPUs are currently a precious resource for the AI industry and are manufactured only by a handful of American companies like Nvidia, Intel, and AMD. Sources said Indian data firms can procure GPU units and then provide them to local firms, startups, academics and researchers at a subsidised rate, for all use cases.
PE, VC funding slows in first half of 2024; secondary deals become prominent
Secondary stake sales and buyouts are driving most of the larger deals being made by private equity (PE) and venture capital (VC) funds in new-age firms, data from investment banking firm DC Advisory showed. In the first six months of 2024, when 37 deals took place in the $50-500 million range, 62% were secondary transactions or buyouts, with external primary investment rounds making up only 13%.
Budget 2024: DPIIT seeks Angel tax, inverted duty removal in Budget
The Department for Promotion of Industry and Internal Trade (DPIIT) has proposed eliminating the Angel Tax for startups ahead of Budget 2024, said Secretary Rajesh Kumar Singh. Introduced in 2012 under Section 56(2)(viib) as an anti-abuse measure to prevent tax evasion, the tax is levied above 30%. DPIIT asserts this removal could enhance capital formation in India.
India must lead AI revolution, not just participate, says G20 Sherpa Amitabh Kant
Amitabh Kant emphasizes India's potential to lead the AI revolution globally, highlighting the country's active engagement in AI projects. He stresses the importance of AI integration in various sectors like healthcare and logistics to drive innovation and competitiveness.
Peak XV has Rs 16,000 crore for investment; AI to be in focus: Rajan Anandan
Peak XV Partners, managing director Rajan Anandan said the company isn't facing any shortage of capital, they just want more people starting up in AI. "We have over 25 AI investments that we’ve made over the last 1-1.5 years,” he said. Peak XV Partners recently led a $10.5 million funding round in AI health startup Cloudphysician.
Rs 300 crore allocated by Defence Ministry to foster Make in India defence tech innovations
The Indian Ministry of Defence has sanctioned over Rs 300 crore through its Technology Development Fund (TDF) to create an ecosystem for enhancing capabilities in cutting-edge technology and promoting 'Aatmanirbharta' in defence. The TDF scheme, executed by DRDO under the 'Make in India' initiative, provides grants-in-aid to Indian industries, including MSMEs and startups, as well as academic and scientific institutions, for the development of defence and dual-use technologies.
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Spend management startup Dice raises $5 million from Dallas Venture Capital India Fund
Dice, an enterprise spend management startup, has raised $ 5 million in a funding round led by VC firm Dallas Venture Capital. The company will use the fresh capital for its go-to-market initiatives, like strengthening market penetration and customer outreach.
CXO-level shifts rearrange top deck at Indian startups
The world of startups witnessed a series of top-level movements in the first half of 2024, including Naveen Tahilyani taking the helm as CEO of Tata Digital and the resignation of Surinder Chawla, managing director and chief executive officer of Paytm Payments Bank.
Healthtech startup Cloudphysician appoints Oyo's Mandar Vaidya as India CEO
Cloudphysician's new India CEO, Vaidya, drives tech-enabled healthcare with industry expertise, strategic partnerships, and global expansion.
AI: the supercharger for India’s MSMEs
Artificial intelligence (AI) is not only reshaping India’s landscape but also fostering economic growth through innovative tech solutions. According to Stanford University’s annual AI Index report, India saw the fifth highest investments last year in startups offering AI-based products and services.
Sebi framework for finfluencers; Nazara's Freaks4U deal
The Security and Exchange Board of India (Sebi) has approved a regulatory framework for financial influencers. This and more today’s ETtech Top 5.
Fintech sector will dominate future Unicorns at USD 58 billion: Hurun report
The total worth of India's future unicorns will stand at USD 58 billion, an increase of 1.2 per cent as compared to last year. Fintech sector leads with the highest number of companies that can become Unicorns in future.
Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
India most attractive consumer market across the globe: Fibonacci X report
India is emerging as the most attractive consumer market globally, with consumption trends merging with large cities. The services sector is expected to drive strong economic growth, and India is poised to be a global hotspot for economic growth. Manufacturing growth has remained stagnant, but future growth depends on new policy initiatives.
Early-stage VC Z21 Ventures planning $40 million second fund
Z21 Ventures, an early-stage investment firm focusing on the India-US corridor, has fully deployed its first $5-million fund and is gearing up to launch a $40 million second fund. The firm, founded in 2022 by Abhinav Shashank and Raj Shekhar Singh, targets enterprise software and hardware startups with investments ranging from $100,000 to $150,000, backed by a community of Indian-origin technology executives like Google, Amazon, and Meta.
Charting the course of the future: Could India take the lead in CleanTech AI?
Although problems such as landfilling, incineration and composting dominate waste disposal, they also give rise to the need for a personalized waste solution.
India a hotbed for startups and key market for Google Cloud: global sales head
Google Cloud's president-global sales, Matt Renner, highlighted India's significance as a key global market for startups. Renner emphasized the company's increased investments in Indian startups, particularly in the field of artificial intelligence innovation.
Ola Electric IPO: All about the first EV startup IPO in India
Ola Electric, a Bengaluru-based EV startup, receives Sebi approval for IPO, marking a milestone in Indian EV industry. Founder Bhavish Aggarwal informed employees about the regulatory green light.
Women find their feet in India’s space sector
Saraniya Periaswamy and Umamaheswari K played instrumental roles in the successful debut of the world’s first rocket equipped with a 3D-printed engine by Agnikul Cosmos from Sriharikota. They oversaw the project from inception to launch, highlighting women's growing contributions to India's space sector. Agnikul aborted the mission four times in the past few months before witnessing success on May 30.
Commerce Ministry may seek more funds for startups in forthcoming Budget
The Commerce and Industry Ministry plans to request additional funds for startups in the upcoming Budget to boost innovation. A new scheme may replace the current seed fund program, set to conclude in 2025. The government aims to support early-stage entrepreneurs and promote deep tech startups to address societal challenges.
Surprise poll results impact startups' plans, and other top stories this week
In a week charged with political buzz, the BJP government came back to power after a stormy election, but without a full majority that left it dependent on the whims of its alliance partners. Unnerved, the markets went into a tailspin on counting day, with both benchmark indices, Sensex and Nifty50, dropping 8% intraday. They recovered a day later as hopes of a stable government revived.
The startup story's just starting
For India to ascend to the summit of the world's leading startup ecosystems by 2030, it demands dynamic policies from the incoming government, nurturing a vibrant culture of innovation, and concerted collaboration among all stakeholders. With the requisite elements already in place, including the impressive growth and resilience shown by current startups, valuable lessons abound for budding entrepreneurs. By adopting a progressive outlook centered on enduring, sustainable, and conscientious advancement, our startup ecosystem has the potential to evolve into a remarkably innovative, inclusive, and globally sustainable entity.
India's strong growth leading to trend of 'reverse flipping' for startups
Commerce Secretary Sunil Barthwal stressed how India's growth rate is nearly double that of other emerging market economies. He was speaking at an event in Singapore organised by the commerce ministry to showcase various investment opportunities in India.
Startups seek support, policy continuity from new govt
As of 6.30 pm, data from Election Commission showed the incumbent BJP leading with 241 seats, opposition Congress with 98 seats -- leaving both parties short of the 272 Lok Sabha seats needed to form a government and increasing the chances of a coalition.
Now India can hope to have its own SpaceX and Blue Origin
Elon Musk's SpaceX and Jeff Bezos' Blue Origin lead the global space industry discourse. From reusable rockets to space tourism, these companies drive innovation in the space sector.
The Circle FC partners with JETRO to host Indian startups for the Japan Market Immersion Program
Throughout the two-day event on May 15-16th, the startups engaged with various stakeholders, including other startups, investors, corporates, government officials, and industry leaders.
India Accelerator launches vertical to focus on robotics, unmanned aerial systems
India Accelerator launches RUMS (Robotics, Unmanned & Space) to support startups in robotics and unmanned sectors. Lt. Gen Anil Chait, a former Indian Army veteran, leads RUMS to foster innovation and growth in defense and other critical industries.
Startup funding: What do investors look for in a startup?
The bottom line for any investor is return on investment. No one wants to invest in a business that loses steam after the initial burst of profit and proof of viability. A guide for startup founders who are searching for investors
Vivek Bindra announces program for 100 selected startups to help them become IPO-ready
The number of startups in India has surged from 400 in 2016 to approximately 1.14 lakh. To promote startups Vivek Bindra has announced a program to aid startups in achieving IPO listings. With support spanning funding, technology, and marketing for 30 months, the initiative aims to propel 100 selected companies towards IPO readiness.
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