STARTUPS INDIA DIRECT LISTING
Top startup and tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories that we covered this week. Here’s a recap if you missed them.
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.
RBI issues draft norms to rationalise export-import transactions
Banks under new regulations can flag exporters with outstanding amounts, ensuring timely realization of proceeds. Transparency and efficiency are prioritized in export-import transactions, benefiting businesses of all sizes.
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.
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.
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Banks in a GST fix over RBI's directive to levy penal charges
The Reserve Bank of India's directive to levy penalties only in the form of 'penal charges' is posing a tax dilemma for banks. Banks fear that the indirect tax on such levies would attract the goods and services tax (GST). The new rule, which came into force from April 1, 2024, was brought in by the central bank to ensure "reasonableness and transparency" in disclosure of penal interest. However, banks have asked the tax authorities to spell out their stand on the issue.
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.
ETtech Q&A | We pivoted multiple times, have been close to bankruptcy: Ixigo founders
Le Travenues Technology, the company behind the travel platform Ixigo, saw its shares listed on stock exchanges at a 48.5% premium to the IPO price. Cofounders Aloke Bajpai and Rajnish Kumar discussed the successful IPO and investor response with ET.
A study reveals how India can achieve $5 billion defence export goal
A recent study by Nexgen Exhibitions highlights the importance of streamlining foreign direct investment (FDI), enhancing Research & Development (R&D), and boosting manufacturing capabilities to help India achieve its USD 5 billion defence export goal by 2024-25. The study, involving over 130 national and international arms, ammunition, and security equipment manufacturers, emphasizes the need for strategic partnerships, advanced technologies, and a robust skill development ecosystem. The findings aim to propel India's homeland security and defence sector towards becoming a global manufacturing hub.
Budget 2024 may give Indian startups' HQ relocation plans a fresh lease of life
Indian startups domiciled abroad may relocate their headquarters to India via GIFT City, utilizing its SEZ for tax benefits. Amendments this year enabled unlisted firms to directly list on GIFT IFSC. IFSCA aims to finalize GIFT City listing norms by July for August implementation, facilitating e-commerce and tech firms' return like Razorpay, Zepto, Meesho to tap into India's growing stock market and access capital through global listings in GIFT City or specific overseas jurisdictions.
NCLT directs Byju’s to maintain status quo; ETtech Done Deals
NCLT has asked Byju's to maintain status quo in its shareholding, pausing its controversial rights issue, this and more in today’s ETtech Top 5.
IFSCA to unveil norms for direct listing at GIFT City by early July
IFSCA to finalize direct listing norms at GIFT City by early July under the leadership of K Rajaraman.
IFSCA to notify revised norms on direct listing in early July: Chairman
International financial services regulator IFSCA will finalise a revised norms for direct listing of companies at GIFT City by early-July, Chairman K Rajaraman said on Wednesday. Rajaraman said the highest decision making body of the International Financial Services Centres Authority (IFSCA) will approve the norms by end of June and the same will be notified by early July.
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.
Sonakshi Sinha's wedding with Zaheer Iqbal confirmed?Check invitation, date, guest list
Sonakshi Sinha is set to marry actor Zaheer Iqbal on June 23 in Mumbai. The couple, who have kept their relationship private, will host a star-studded ceremony with close friends, family, and the cast of 'Heeramandi'. The wedding invitation, designed like a magazine cover, reads "the rumours are true," and guests have been asked to dress formally for the event at Bastian in Mumbai.
Unacademy’s Hemesh Singh joins other founders who donned non-executive roles
Unacademy's Hemesh Singh on Saturday stepped down as CTO of the company, moving to an advisory role. This is one of the many top-deck changes reported in startups over the past year. Here's a look at some of the key changes announced by startups in their leadership.
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.
JEE Advanced Result 2024 Out: Check toppers' list, direct link to download scorecards here
According to IIT Madras, which conducted the exam this year, Dwija Dharmeshkumar Patel from the IIT Bombay zone is the highest-ranked female candidate, scoring 322 out of 360 marks and achieving an all-India rank of 7. Other candidates in the top 10 include Aditya (IIT Delhi zone), Bhogalpalli Sandesh (IIT Madras zone), Rhythm Kedia (IIT Roorkee zone), Putti Kushal Kumar (IIT Madras zone), Rajdeep Mishra (IIT Bombay zone), Koduri Tejeswar (IIT Madras zone), Dhruvi Hemant Doshi (IIT Bombay zone), and Alladabona SSDB Sidhvik Suhas (IIT Madras zone).
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.
ITC Hotels to have a net worth of Rs 10,000 crore and debt-free balance sheet
As of March 2024, ITC Hotels' capital structure stood at approximately Rs 207.85 crore. However, this figure may see slight adjustments on the listing day due to the issuance of shares under the ESOP scheme, according to Puri. This information was shared with shareholders on Thursday during an NCLT-convened audio-visual meeting of ITC Ltd shareholders concerning the demerger process.
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.
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.
ThinKuvate launches Rs 100 crore maiden India fund
Technology-focused ThinKuvate India Fund will take a sector-agnostic approach and invest up to Rs 3 crore as initial amount.
Awfis sets Rs 364-383 price band for IPO
The company expects its differentiated business model, expanding presence in tier-1 and tier-2 cities and increasing demand from large enterprises and startups to help make its public listing a success and drive future growth, founder and managing director Amit Ramani told ET on the sidelines of a pre-IPO conference in Mumbai.
Strong financials, steady growth will help Digit’s public listing sail through: Kamesh Goyal
Insurance startup Digit is set to hit the public markets on May 15, looking to raise Rs 1,125 crore through a fresh issue of shares and an offer for sale of 54 million equity shares.
Virat Kohli, Anushka Sharma to score 263% return, Rs 7 crore profit with Go Digit IPO
Go Digit IPO: The new-age insurance startup on Friday announced that its Rs 2,615 crore IPO, which will run from May 15-17, comes with a price band of Rs 258 to Rs 272 per share. The shares are already commanding a premium of around Rs 50 or 18% in the grey market
SC will share cause lists, info about filing and listing of cases through WhatsApp: CJI
The Chief Justice of India, D Y Chandrachud, announced the Supreme Court's initiative to enhance access to justice by integrating WhatsApp messages with its IT services. Advocates will now receive automated messages regarding case filing and cause lists, aiming to streamline court procedures and reduce paper usage.
Nasscom wants government to let overseas Indian startups list directly
Industry body Nasscom surveyed 139 startups. Of these, Nasscom said approximately 16.5% of Indian-origin startups have externalised legal structures and would consider raising equity capital through public listing in India if the regulations are amended to allow for a direct listing
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