Page 14 - Start-ups

Rs 611 cr allocated to incubators under startup seed fund scheme so far

The government has allocated Rs 611 crore to incubators and out of that, Rs 61 crore was released to startups under the seed fund scheme so far, an official said on Tuesday. In April 2021, the government launched the Startup India Seed Fund Scheme (SISFS) with a corpus of Rs 945 crore. The corpus is divided over the next four years (till 2025) for providing seed funding to eligible startups through eligible incubators across India. The fund aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialisation. The scheme has completed two years and it is helping in promoting innovation, joint secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Manmeet Nanda told reporters here. She said that so far 165 incubators have been selected under the scheme and Rs 611 crore has been approved for them. "Over 1,000 startups are benefitted from the scheme so far," she said, adding if requ

F&V start-up Pluckk acquires DIY meal kit brand KOOK for $1.3 million

Pluckk, a digital lifestyle-oriented fresh food brand in the fruits and vegetables (F&V) space, on Tuesday announced the acquisition of KOOK, an Indian food-tech startup that offers a range of DIY meal kits, at a deal value of USD 1.3 million. The acquisition was through a combination of cash and equity, the company said in a statement. KOOK offers do-it-yourself (DIY) ready-to-cook meal kits that make cooking easier for everyone by providing pre-portioned ingredients and easy-to-follow recipes. With a reputation for catering to various dietary preferences and cooking skills, KOOK has a strong presence in Delhi and Mumbai. "With KOOK's strong target audience and expertise in meal kits, Pluckk is well-positioned to deliver the best quality fresh food to end-consumers in this thriving USD 15 billion market," it said. Speaking on the acquisition, Nelson D'Souza, CFO, Pluckk, said, KOOK's demonstrated expertise in building a world-class product in the meal-kit space, coupled with ...

Implosion of India's tech startups reveals fundamental flaws in the system

By some estimates, 92 companies in the sector have laid off over 25,000 employees since the beginning of the year

Banks need to support MSMEs, startups in northeast: DoNER min Reddy

MSMEs are the backbone of the economy, and banks should support them and startups in the northeast, Minister of Development for the North Eastern Region G Kishan Reddy said on Friday. Addressing the 'Northeast Banking Conclave' here, Reddy said the northeastern region has unique challenges, which require innovative practical solutions. Stressing that the connectivity and transport infrastructure have improved in the region, he said all state capitals should be connected by Railways by 2024. There has been an increase of 113 per cent in air traffic through 17 airports in the region, including 3 international airports. Speaking at the event, Minister of State for Finance Bhagwat Karad said the Prime Minister has decided to improve the per capita income of the people of the northeastern region. Government schemes for financial inclusion are doing well and there is an increase in credit growth by 85 per cent. He asked bankers to improve banking infrastructure in the region and also o

VC firm Burda Investments may sue ex-Zilingo CEO Ankiti Bose: Details here

Burda has clarified that action against Ankiti Bose is a result of the joint decision by all investors and not led by any single investor as claimed by her

Consumer lending platform Niro raises Series A funding of Rs 90 crore

Niro aims to empower consumer internet platforms to become providers of credit (and other financial) products for their consumers

Meesho's monthly active users count about 55% of Amazon, Flipkart: Report

Meesho is India's third largest e-commerce retailer with CY22 GMV of $4.5 bn and 7 per cent market share, growing much faster than overall e-commerce market, according to the brokerage firm Jefferies.

Start-ups in tourism sector to receive a boost from Rajasthan govt

The government would also extend to all start-ups the benefits available under the Rajasthan Investment Promotion Scheme (RIPS), 2019

India Accelerator announces Dubai foray, will invest $20 mn in start-ups

Incubator will provide start-up founders with four-month training in business growth

Indian startup funding dives 75% YoY to $2.8 bn in Q1 of CY 2023: Tracxn

Deal values dip sequentially as well; despite this India emerges as second-highest funded nation, behind the US

B2B start-up ElasticRun takes a step back, to focus on core strategy

ElasticRun extends the reach of a brand's direct distribution network to deep rural markets

India startups call for antitrust probe of Google in-app billing fee

Google, which counts India as a key growth market, faces other regulatory challenges, including a recent setback that forced it to change how it markets its Android system

Global investors slash valuation of Indian unicorns amid funding winter

Investors are looking to mark down the valuations of top Indian tech firms in the range of 20 per cent to 50 per cent, according to analysts

How Souled Store is riding young India's swelling pop culture wave

The Souled Store's target audience is young Indians in the age group of 16-30 years, a bulk of which is middle class - the biggest segment in India

Space start-up Skyroot conducts long duration test of its cryogenic engine

Private space tech start-up Skyroot Aerospace has achieved a major milestone by successfully test-firing a fully 3D-printed cryogenic engine for 200 seconds, the company said on Tuesday. The endurance test of 'Dhawan-II', using Skyroot's indigenously developed mobile cryogenic engine test pad, was carried out at Solar Industries propulsion test facility in Nagpur. It demonstrated impressive performance results, the Hyderabad-based company said in a statement. The achievement follows the November 2022 launch of Vikram-S, which made Skyroot the first Indian private company to send a rocket into space. The Dhawan-II engine builds on the foundation laid by Skyroot's first privately developed fully-cryogenic rocket engine, the 1.0 kN thrust Dhawan-I, which was successfully test fired in November 2021. "This is a major milestone for our cryogenic propulsion programme, which will enhance the payload capacity of Vikram series of space launch vehicles making them more modular so as to meet

V3 Ventures plans to invest 30 mn euros in Indian start-ups

London-based V3 Ventures on Tuesday announced that it will invest around 30 per cent of its EUR 100 million fund in early-stage start-ups in India in the next 12-18 months. V3 Ventures, Co-Founder and Investment Partner, Arjun Vaidya said that the company plans to invest the rest of the fund in the US and Europe. "India's economy is still growing rapidly and we are one of the fastest-growing economies in the world. In this macros environment - India has a unique advantage. "Given this, we expect consumer and technology businesses to thrive in the foreseeable future. This allows us to identify and back entrepreneurs who are building strong, purpose-driven, scalable brands," he said. Vaidya said that the VC will back good businesses and are very bullish about the opportunity India presents to the firm. "We aim to invest roughly 30 per cent of the 100 million euro fund. We have a strong pipeline in place and believe in a concentrated strategy. We believe India is at the cusp of a ...

Havells India partners with Swedish tech startup Blixt Tech AB

Leading electrical goods and appliances maker Havells India on Tuesday said it has entered into a commercial agreement with Swedish tech startup Blixt Tech AB to introduce Solid State Circuit Breaker (SSCB) technology in the domestic market. By introducing SSCB, Havells is strengthening its position in the switchgear segment. It also highlights Havells' focus on innovative and future-ready solutions, said a joint statement. "With this association, Havells is positioned to make a significant impact in the Indian electrical industry," it said. India's demand for high-power applications is expected to grow faster in the coming decades, and the power system is projected to become technologically superior, smart, and conducive to IT-enabled data sharing and management technology, said Havells. SSCBs have the ability to interrupt current flow much faster than traditional mechanical circuit breakers and there is no wear and tear due to digital switching with practically no arc unlike ...

User engagement platform CometChat Raises Rs 40 crore in venture debt

Funding round led by Utah-based Zions Venture Fund; CometChat offers a full-fledged messaging and communications platform within apps and websites to improve a brand's user engagement

Indian start-ups may take legal route against Google in-app billing

They argue that the charges are "exorbitant", make any alternative billing apart from GPBS economically unviable for them

Snacks start-up Kikibix raises $300,000 from founders of nine unicorns, VCs

Nutrition snacking start-up Kikibix has raised USD 300,000 from founders and co-founders of nine unicorns, including Mama Earth, Pristyn Care, Fashinza etc, the company said on Friday. Early-stage venture capital firms Blume Ventures led the funding round and US-based Angelist also participated in the fundraising. Founded by paediatrician Ridhi Kaur in 2022, the company makes cookies in flavours such as Cranberry Oats, Gur Chana, Ragi Mocha, Coconut, Figs, and Date Almonds. Mama Earth Founder Varun Alagh, Mosaic Wellness Co-founder and CEO Revant Bhate, Pristyn Care Co-Founders Vaibhav Kapoor and Garima Sawhney, EaseMyTrip Co-Founder Prashant Pitti, Fashinza Co-Founder Abhishek Sharma participated in the funding round. Kaur said that in the last six months, the company had seen 10 times growth in its monthly revenues. The organization plans to use the funds to launch more product categories, build a team and enter more distribution channels across the country.