TECH STARTUP
Senior citizens find a helping hand in tech startups wielding fintech tools
Startups are empowering senior citizens in India with digital financial services, including prepaid cards and digital gold investments. Investors are pouring millions into these ventures, recognizing the immense growth potential. Seniors are embracing online transactions and investments, proving age is no barrier to financial independence and tech-savviness.
IndusDC earmarks Rs 100 crore to build 5 deep tech startups in 2 years
IndusDC, a venture studio, will invest Rs 100 crore or $12 million for FY25 and FY26 to develop deep tech startups in India. A venture studio operates as a cofounder, working closely with its entrepreneurs to develop lab-stage ideas and IPs.
US senators call out big tech's new approach to poaching talent, products from smaller AI startups
President Joe Biden's administration and lawmakers from both parties have promoted stricter oversight of the tech industry recently. US antitrust authorities plan to investigate the roles of Microsoft, Nvidia, and OpenAI in the AI boom, with the Department of Justice probing Nvidia and the Federal Trade Commission scrutinising Microsoft and OpenAI partnerships.
Top startup and tech stories this week
ETtech Unwrapped is packed with the most important stories that we covered this week. Here’s a quick recap.
Indian startups can thrive despite speed bumps, Lightspeed’s Bejul Somaia says
Earlier this year, Paytm faced a regulatory directive that severely impacted its payments bank subsidiary. Meanwhile, Byju’s has been grappling with issues related to corporate governance and legal. Despite the challenges India's capital market is thriving said Lightspeed Venture Partners’ Bejul Somaia in an interview.
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.
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Chorus grows for angel tax repeal; policy push for EVs
Startup Inc’s calls to do away with angel tax have found support from the government. This and more in today’s ETtech Top 5.
Indian fintech sector sees 59% drop in funding in H1 2024, remains among top three globally
The fintech sector saw a nearly 60% slump in funding for the first six months of 2024. Startups in the space raised $795 million during this period, as against $1.9 billion in the first half of 2023.
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.
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.
Probe finds Byju’s failed investors but didn’t commit fraud
Byju's governance lapses led to financial troubles, legal battles, and Raveendran's efforts to innovate and manage debts for the ed-tech company's survival.
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.
Indian deep tech startups count surges in 2023 but funding plummets 77%: Nasscom
Total $850 million was raised in 2023 itself -- this is a 77% decline over $3.7 billion raised in 2022. The number of deals, meanwhile, declined by 25% in 2023 over 2022, it 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.
Deep tech policy before cabinet soon to unlock long-term funds
The government plans to introduce a deep tech startup policy with a fund of funds for companies in the sector. An umbrella framework will guide state governments and startups. The policy will focus on research, development, innovation, intellectual property, and funding access for deep tech startups. Comments have been sought from 18 different ministries and government departments so far.
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.
Amazon adds $230 million in cloud credits to AI startups
Amazon's $230 million investment in AWS credits for generative AI startups includes access to computing power and infrastructure. The company's focus on AI startups aims to enable quick iteration and pivoting.
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.
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.
New-age consumer brands trend on deal street
Uppercase–a luggage brand started by former VIP Industries MD Sudip Ghose–is in talks with Flipkart-backer Accel to raise new capital, sources told us. This would be the 3rd major deal in the space after Peak XV Partners’ Mokobara investment and Lighthouse’s bet on Safari.
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.
IIT-Madras to provide funds to incubate sports-tech startups
IIT-Madras to fund sports-tech start-ups with AI and IoT products. Funds from IIT-Madras Pravartak Technologies Foundation and CESSA. Focus on sports tech incubator fund.
Out of school, into startups: Young founders are on the rise, ready to even pause studies to chase their entrepreneurial dreams
In 2023, Ayush Pathak and Aryan Sharma founded Induced, assisting businesses in automating workflows with AI. Apoorv Singh launched Connect AI with Asta. Himanshu Rajpurohit's startup, Strangify, provides corporate mental health solutions. Dyumna Madan's ProjectClay helps students find career paths.
Tensions rise in Silicon Valley over sales of startup stocks
Tensions over the shadowy and often enigmatic market of private company stocks have reached a boiling point, just as the buying and selling of such shares has grown bigger than ever. At its center is an age-old debate: Should everyone have access to the riches and risks of investing in Silicon Valley startups?
Easing FDI norms in space sector to attract foreign players, boost demand for high-tech jobs
Sreeram Ananthasayanam, Partner, Deloitte India, said that the recent amendment of higher FDI limits in the space sector is a significant step towards transforming India's space program, in terms of infrastructure development.
Digital fraud-hit banks turn to startups to cope with risks
Legacy financial institutions turn to startups like Data Sutram for tech support in customer verification. Data Sutram's 'DS Authenticator Trust Score' aids in assessing customer trust levels during account opening. Bureau Inc's 'Money Mule Score' enhances fraud detection.
Former Tech M India business head quits to set up AI startup
Former Tech Mahindra India head, Jagdish Mitra, launches an AI startup with Rs 65-80 crore investment, emphasizing manufacturing, retail, and sportstech sectors. Operations to begin in three months, prioritizing a values-driven proposition.
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