STARTUP INDIA INNOVATION WEEK
Ecommerce space heats up; and other top tech, startup stories this week
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. It has been a packed week for ecommerce and quick commerce news. The previous weekend began with Zepto scooping up $665 million in funding, at more than double its last valuation in 2023, which is a pivotal moment for the sector.
Karnataka contributes 22% to global R&D, says IT Minister Priyank Kharge
Karnataka IT Minister Priyank Kharge on Wednesday said the state is at the forefront of innovation, contributing 22 per cent to global R&D, and is leading in areas such as technology services. The state government is striving to make not just Karnataka but India a skilled nation, research and manufacturing destination, innovation capital and biotech and startup hub, he said.
IN-SPACe announces launch of pre-incubation programme for space startups
IN-SPACe launches pre-incubation entrepreneurship programme to support early-stage space startups, chaired by Pawan Goenka.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed them.
Lotus Herbals sets up $50mn fund to invest in startups
Lotus Innovation Fund is the second such fund to be set up in India. In 2022, Estee Lauder-backed New Incubation Ventures had launched a strategic early-stage investment fund with omni-channel beauty retailer Nykaa.
Affle India is this week's top stock; why analysts are bullish
The management aims for over 20% revenue growth in 2024-25 and is optimistic about better pricing and margin improvement. Analysts expect the near-term pressure from developed markets to subside in the current financial year. Should you invest in Affle India?
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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.
Deep tech startup policy likely in forthcoming Budget
The new government may announce the full Budget for 2024-25 in July. An official said that startups have to convert their innovation into intellectual property rights and for that extensive R&D is required.
Deep tech startup policy likely in forthcoming Budget
The commerce and industry ministry may propose a dedicated policy for deep tech startups in the forthcoming Budget, to be announced by the new government. The policy, in final stages, aims to promote innovation and R&D. Voting for the Lok Sabha polls is over, with results on June 4 and a new government taking oath this month.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed these stories.
Govt urges over 100 corporates to setup incubation centers for manufacturing startups
Startups and entrepreneurs in the nation have been playing a significant role in shifting global value chains to India by creating and innovating domestically. The National Council for Cement and Building Materials has already set up the centre.
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.
$250K funding for ONDC hackathon topper firms
The Build for Bharat initiative was started in New Delhi in December last year in collaboration with the government’s Startup India platform, Google Cloud India, Antler in India, Protean and Paytm. It was organised in more than 50 cities with experts, leaders, venture capitalists and incubators onboard.
Indian startup ecosystem is mature, set to bolster Indian economy: AWS' Kumara Raghavan
AWS' Kumara Raghavan discussed the mature Indian startup ecosystem's potential to become the third largest economy, citing labor addition, infrastructure growth, and GenAI technology as key factors.
ETtech Deals Digest: Startup funding plummets 88% on year to $26 million this week
Goodwater Capital emerged as the topmost investor in terms of deal volume in the latest week.
IIT Madras and Shell India Partner to form Centre for Energy Research
Indian Institute of Technology Madras and Shell India partner to establish Shell IITM Centre for Energy Research (SICER) for advancing technologies in the energy sector, emphasizing research collaborations and energy startup incubation.
Responsible Innovation, how a blueprint for collaborative action is advancing global healthcare
On the occasion of the Abu Dhabi Global Healthcare Week (ADGHW), Dr. Asma Ibrahim Al Mannaei, Executive Director of the Research and Innovation Centre, discusses the UAE's prioritisation of healthcare in driving investments and partnerships focusing on advancing technology and attracting top talent and fostering collaboration with India reflecting shared challenges and opportunities in healthcare. Overall, collaboration with global partners and investment in manufacturing capabilities exemplify the UAE's commitment to healthcare excellence and innovation, while initiatives like Malaffi enhance data-driven services. Read on to discover how ADGHW aims to faciliate responsible innovation in healthcare, even as the UAE emphasises patient rights protection in an era of advancing AI and data usage.
Startup unicorns take to GenAI as older companies dither
A new study by consulting firm EY has found that innovation continued at a strong pace in 2024 but different organisations are at different stages of adoption when it comes to GenAI use cases
Empowering healthcare innovations: Dr. Noura Khamis Al Ghaithi on ADGHW's role in global healthcare collaboration
H.E. Dr. Noura Khamis Al Ghaithi discusses ADGHW as a platform for global healthcare collaboration, focusing on innovations and partnerships with Indian healthcare providers. The event aims to develop precision health initiatives, strengthen life sciences research, attract medical tourism, and support a growing startup ecosystem.
Company boards are getting younger, but balancing vitality with expertise is key to success
Organisational leadership is evolving with younger individuals joining company boards in the dynamic startup landscape. While they bring fresh perspectives and innovation, challenges arise from limited experience in governance. Diverse boards with a mix of young and experienced members are crucial for informed and adaptable strategies for long-term success.
For India to shine, more and more girls must take up STEM: Isha Ambani
Isha Ambani advocates for increased female participation in STEM and technology careers, highlighting the need to bridge the gender gap and support women in leadership roles for India's technological advancement.
TIPS 4.0 sparks deeptech innovation: Over 40 deeptech startups garner funding commitments
The 4th National Workshop on Technology Innovation in Cyber-Physical Systems was hosted by the Technology Innovation Hub for IoT & IoE (TIH-IoT) at IIT Bombay.
SP Jain Institute launches Wise Innovation Studio for Emerging Technologies
SPJIMR's WISE Tech fosters societal advancement through wise innovation with initiatives like accelerators, Entrepreneurship Fellowship, and Wise Innovation Conclave. Manoj Mohan leads the executive team, supported by R. Ramanan and Haresh Chawla from True North.
India to become AI use case capital of the world: Nandan Nilekani
Nandan Nilekani's People+ai introduces 'Adbhut India' and OCC project, emphasizing frugal AI innovation in India. The initiatives aim to leverage the country's population and digital infrastructure for impactful AI solutions, fostering healthy competition.
Innovative vending: How Daalchini Technologies is pioneering contactless, 24/7 food vending in India
Daalchini Technologies, founded in 2017, is transforming India’s retail sector by introducing IoT-enabled, contactless vending machines for food and snacks. So far, it has installed more than 2000 kiosks across 60+ cities.
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