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Tag: startups

  • Business Idea For Women: Get Up To Rs 5 Crore Funding From Government- Details | Economy News

    India is growing through the innovation and startup revolution. The country has so far more than 100 unicorns. Not only men, women are also leading from the front and making their space in modern society as successful entrepreneurs. If you are a woman and have a business plan, then you can also get things running and funding won’t be an issue. The government of India has already launched several schemes to help startups.

    Arti Bhatnagar, Additional Secretary and Financial Advisor, Ministry of Commerce & Industry, recently shared that startups can get up to Rs 5 crore to get their business up and running. “Under the government’s Startup India Seed Fund Scheme, Rs 5 crore can be allocated to each incubator to support startups across the country including women-led startups. This is not just about funding; it’s about equipping women entrepreneurs with the necessary tools, resources, and mentorship to grow their ventures and create a lasting social and economic impact in both rural and urban areas,” she said during  UnPollute – a Sustainability Conclave, organized by STEP in partnership with Miranda House, Delhi University.

    Bhatnagar further said that women entrepreneurs are not only innovators but the driving force of change in India’s sustainability journey. Reinu Shah, Founder of STEP said that women entrepreneurs are shaping a new narrative of sustainable development. “They are not only beneficiaries of sustainability efforts, but also key drivers of solutions that address the climate crisis,” she said. 

    Department for Promotion of Industry and Internal Trade has created the Startup India Seed Fund Scheme (SISFS) with an outlay of Rs 945 Crore to provide financial assistance to startups for Proof of Concept, prototype development, product trials, market entry, and commercialization. It will support an estimated 3,600 entrepreneurs through 300 incubators. The scheme was launched in 2021. Those willing to get the fund can visit the government website seedfund.startupindia.gov.in and apply through the website.

  • Indian Startups Raise More Than 348 Million Dollars Funding This Week | Economy News

    New Delhi: The Indian startup ecosystem raised more than $348 million in funding this week, as the growth momentum for the industry continued for a second consecutive week. The Indian startups collectively secured $348 million across 19 deals this week, compared to $466 million raised by 16 startups in the previous week.

    The week was led by ride-sharing platform Rapido which raised $200 million in its Series E funding, taking its valuation to over $1.1 billion. The funding round was led by WestBridge Capital. The company said it will use funds to expand its operations across India and scale its technology platform to enhance service delivery.

    Rapido plans to grow its operations across all categories, including bike taxis, three-wheelers, and taxi cabs. Leading digital platform for trade finance Drip Capital secured $113 million in new funding. This includes $23 million in equity from Japanese institutional investors, GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC), and $90 million in debt financing, led by the International Finance Corporation (IFC) and East West Bank.

    Lending platform Moneyview also reportedly raised approximately $30 million in debt through private placements. In August, startups raised about $1.6 billion across 112 deals, which included 27 growth-stage deals worth $1.32 billion and 71 early-stage deals worth $267 million.

    This year, the ecosystem witnessed a surge in large funding rounds (over $100 million). There have been 13 funding rounds valued at over $100 million. Startups like Zepto, Rapido, Lenskart, Flipkart, Meesho and PharmEasy have raised funding in these rounds.

    Quick e-commerce company Zepto raised two rounds of funding of one billion dollars ($340 million + $665 million) in 2024. The company had last raised $340 million in funding at a valuation of $5 billion.

    An eyewear major, Lenskart has also raised funding of $200 million so far in 2024. The valuation of the company is around $5 billion.

  • 24 Indian Startups Raised $444 Million In Funding This Week | Companies News

    New Delhi: About 24 Indian startups have raised around $444 million in funding during this week, which include five growth-stage deals and 14 early-stage deals. Two early-stage startups did not disclose the amount raised, Entrackr reported on Saturday.

    Last week, about 26 early and growth-stage startups collectively secured around $240 million in funding. Among the growth-stage deals, seven startups secured around $394.21 million in funding this week. E-commerce major Flipkart secured the highest funding of $350 million from Google.

    This was followed by financial services platform Navi, which raised $18 million in debt. Other startups such as managed accommodation provider Stanza Living, rural financial services firm Save Solution, and NBFC operating in remote rural parts, Dvara KGFS, also raised funding during the week.

    In addition, 14 early-stage startups secured funding worth $49.6 million during the week. SaaS (Software-as-a-service) startup UnifyApps topped the list followed by solar energy platform Soleos Solar Energy, NBFC Varthana, and producer of high-quality Single-Walled Carbon Nanotubes (SWCNTs) NoPo Nanotechnologies.

    The list of early-stage startups also includes — Collective Artists Network, 8chili, Agrilectric, Fix My Curls, and Infinx – which kept the funding amount undisclosed. City-wise, Bengaluru-based startups led with 14 deals followed by Delhi-NCR, Mumbai, Hyderabad, Ahmedabad, Ludhiana, and Chennai.

  • Startups In India Grew Over 300 Times In 10 Years, Says Union Minister Jitendra Singh |

    New Delhi: From just about 350 startups in 2014, their number in India grew over 300 times in the past ten years after Narendra Modi took over as the Prime Minister, Union Minister Jitendra Singh said on Sunday.

    He said the country today has the 3rd largest startup ecosystem globally and is home to the fastest-growing unicorns. “For the first time in the history of independent India, Modi as PM made a painstaking and conscious effort to educate the youth of this country that employment is not confined only to a government job and he has promoted new avenues of livelihood which may be more. lucrative than a government job,” Singh, the Minister of State for Personnel.

    From just about 350 startups in the year 2014, startups in India grew over 300 times in ten years after Narendra Modi took over as the Prime Minister, he said. Singh further said, PM Modi unleashed India’s space research by opening up the hitherto conservative and secluded sector.

    “India has literally reached for the moon and beyond with the twin feats of Chardyaan-3 and Aditya L1 solar mission in the last year alone,” he added. Singh said, the number of space startups has gone up from a single digit to three digits in just about four years since the space sector was opened up to the private sector.

    PM Modi’s out-of-the-box decisions have given a push to different sectors including space, railways, roads, infrastructure and electronics-communication, and which has posted India’s economy from 11th rank to 5th largest economy and is now on the verge of occupying third rank, the Union minister said.

    Singh said, in 2014, when PM Modi took over, India stood as the world’s tenth-largest economy. “In less than ten years, we jumped to 5th position. Hopefully this year it will emerge as the 4th largest economy and during PM Modi’s 3rd term, India will be the world’s 3rd largest economy, marching on to become the no 1 economy by 2047 ,” he added.

    India of 2024 is ready to take a giant leap, backed by its scientific acumen and technological prowess, Singh said. the

    Singh said, that youth is the center of focus of the Modi government through empowerment of the “Amrit-Peedhi”. “The common citizen believes that India can become the world’s leading economy under the leadership of PM Modi because of the outreach he commands across the world and the common people also feel confident under the government headed by Narendra Modi,” he said.

  • Over $100 Million In Funding Raised By 21 Indian Startups This Week | Companies News

    New Delhi: The Indian startups continued to raise funds at a normal pace, and this week, as many as 21 startups secured nearly $105 million in the country. This included six growth-stage deals and 12 early-stage deals, reports Entrackr on Saturday.

    “One growth-stage startup and two early-stage startups did not disclose the amount raised,” the report mentioned. About 30 early and growth-stage startups collectively raised around $172.71 million last week. Among the growth-stage deals, six startups raised $54.5 million in funding this week. (Also Read: Govt Directs E-commerce Platforms To Remove Bournvita From ‘Healthy Drinks’ Section)

    Compliance automation platform Sprinto secured the highest amount of funding of $20 million. This was followed by business-to-business (B2B) waste management and recycling marketplace Recykal, housing finance firm AVIOM HFC, digital lender Axio, and medical diagnostics platform 5C Network which raised $13 million, $10 million, $6 million, and $3 million, respectively. (Also Read: Vodafone Idea Announces Rs 18,000 Crore FPO; Offer Opens On Apr 18)

    Moreover, 12 early-stage startups collectively secured $50 million in funding during this week. Artificial intelligence (AI) cloud and platform-as-a-service startup Neysa topped the list followed by AI-powered revenue enablement platform GTM Buddy, underwater visual inspection services provider Planys Technologies, and underwater visual inspection services provider Planys Technologies.

    The list further includes paediatric behavioural and developmental health firm Butterfly Learnings, electric mobility platform AutoNxt Automation, the full stack eyewear platform, EyeMyEye, elder care startup Age Care Labs, and healthcare startup PlatinumRx, among others. City-wise, Bengaluru-based startups led with 8 funding deals followed by Mumbai, Delhi-NCR, Chennai, Kanpur and Hyderabad.

  • From Wine Nation To London, Financial institution’s Failure Shakes International

    NEW YORK (AP) — It was once known as Silicon Valley Financial institution, however its cave in is inflicting shockwaves around the globe.

    From winemakers in California to startups around the Atlantic Ocean, corporations are scrambling to determine the best way to arrange their price range after their financial institution unexpectedly close down Friday. The meltdown way misery no longer just for companies but additionally for all their employees whose paychecks would possibly get tied up within the chaos.

    California Gov. Gavin Newsom mentioned Saturday that he’s speaking with the White Area to lend a hand “stabilize the placement as temporarily as conceivable, to offer protection to jobs, other people’s livelihoods, and all of the innovation ecosystem that has served as a tent pole for our economic system.”

    U.S. shoppers with lower than $250,000 within the financial institution can rely on insurance coverage equipped by means of the Federal Deposit Insurance coverage Corp. Regulators are searhing for a purchaser for the financial institution in hopes shoppers with greater than that may be made complete.

    That incorporates shoppers like Circle, a large participant within the cryptocurrency business. It mentioned it has about $3.3 billion of the kind of $40 billion in reserves for its USDC coin at SVB. That brought about USD Coin’s price, which tries to stick firmly at $1, to in short plunge beneath 87 cents Saturday. It later rose again above 97 cents, in step with CoinDesk.

    Around the Atlantic, startup corporations awoke Saturday to seek out SVB’s U.Ok. trade will prevent making bills or accepting deposits. The Financial institution of England mentioned overdue Friday that it’s going to put Silicon Valley Financial institution UK in its insolvency process, which can pay out eligible depositors as much as 170,000 British kilos ($204,544) for joint accounts “as temporarily as conceivable.”

    “We all know that there are numerous startups and traders within the ecosystem who’ve important publicity to SVB UK and will probably be very involved,” Dom Hallas, government director of Coadec, which represents British startups, mentioned on Twitter. He cited “fear and panic.”

    The Financial institution of England mentioned SVB UK’s property can be bought to pay collectors.

    It’s no longer simply startups feeling the ache. The financial institution’s cave in is having an impact on any other necessary California business: high-quality wines. It’s been an influential lender to vineyards for the reason that Nineteen Nineties.

    “It is a large sadness,” mentioned winemaker Jasmine Hirsch, the overall supervisor of Hirsch Vineyards in California’s Sonoma County.

    Hirsch mentioned she expects her trade will probably be high-quality. However she’s anxious concerning the broader results for smaller vintners searching for traces of credit score to plant new vines.

    “They truly perceive the wine trade,” Hirsch mentioned. “The disappearance of this financial institution, as one of the vital necessary lenders, is admittedly going to affect the wine business, particularly in an atmosphere the place rates of interest have long past up.”

    In Seattle, Shelf Engine CEO Stefan Kalb discovered himself immersed in emergency conferences dedicated to figuring the best way to meet payroll as a substitute of specializing in his startup corporate’s trade of serving to grocers arrange their meals orders.

    “It’s been a brutal day. We actually have each and every unmarried penny in Silicon Valley Financial institution,” Kalb mentioned Friday, pegging the deposit quantity that’s now tied up at hundreds of thousands of greenbacks.

    He’s submitting a declare for the $250,000 restrict, however that gained’t be sufficient to stay paying Shelf Engine’s 40 workers for lengthy. That might power him into a choice about whether or not to start out furloughing workers till the mess is wiped clean up.

    “I’m simply hoping the financial institution will get bought all the way through the weekend,” Kalb mentioned.

    Tara Fung, co-founder and CEO of tech startup Co:Create that is helping release virtual loyalty and rewards techniques, mentioned her company makes use of more than one banks but even so Silicon Valley Financial institution so was once ready transfer over its payroll and supplier bills to any other financial institution Friday.

    Fung mentioned her company selected the financial institution as a spouse as a result of it’s the “gold same old for tech corporations and banking partnerships,” and he or she was once dissatisfied that some other people gave the impression to be gloating about its failure and unfairly tying it to doubts about cryptocurrency ventures.

    San Francisco-based worker efficiency control corporate Verify.com was once a few of the Silicon Valley Financial institution depositors that rushed to drag their cash out ahead of regulators seized the financial institution.

    Co-founder David Murray credit an e-mail from considered one of Verify’s mission capital traders, which suggested the corporate to withdraw its price range “instantly,” bringing up indicators of a run at the financial institution. Such movements sped up the flight of money, which ended in the financial institution’s cave in.

    “I believe numerous founders had been sharing the good judgment that, you already know, there’s no problem to pulling up the cash to be secure,” Murray mentioned. “And so all of us did that, therefore the financial institution run.”

    The U.S. govt must act extra temporarily to stanch additional injury, mentioned Martín Varsavsky, an Argentinian entrepreneur who has investments around the tech business and Silicon Valley.

    One in every of his corporations, Overture Lifestyles, which employs about 50 other people, had some $1.5 million in deposits within the financially embattled financial institution however can depend on different holdings in other places to satisfy payroll.

    However different corporations have prime percentages in their money in Silicon Valley Financial institution, and so they want get admission to to greater than the quantity safe by means of the FDIC.

    “If the federal government permits other people to take no less than part of the cash they have got in Silicon Valley Financial institution subsequent week, I believe the whole lot will probably be high-quality,” Varsavsky mentioned Saturday. “But when they persist with the $250,000, it’s going to be an absolute crisis through which such a lot of corporations gained’t have the ability to meet payroll.”

    Andrew Alexander, a calculus instructor at a personal San Francisco highschool that makes use of Silicon Valley Financial institution, wasn’t overly anxious. His subsequent paycheck isn’t scheduled for any other two weeks, and he’s assured lots of the problems can also be resolved by means of then.

    However he worries for pals whose livelihoods are extra deeply intertwined with the tech business and Silicon Valley.

    “I’ve numerous pals within the startup international who’re similar to terrified,” Alexander mentioned, “and I truly really feel for them. It’s lovely frightening for them.”

    AP writers Matt O’Brien, Michael Liedtke and Alex Veiga contributed.