Page 3 - Startup

India ranks sixth globally in deeptech startup ecosystems: Nasscom

According to the report, in CY23, Indian deeptech startups witnessed a dip of 77 per cent in funding compared to last year and secured $850 million in investments

FinTech sector leads with 30 startups in Future Unicorns worth $11.4 bn

The 30 startups featured in the ASK Private Wealth Hurun India Future Unicorn Index have collectively raised an investment of $5.7 billion

AI app evaluation platform Maxim AI raises $3 mn led by Elevation Capital

Maxim's infrastructure, which sits between the foundational model and application layers of the AI stack, is deeply focused on AI developers who comprise the traditional AI/ML engineers

Skincare startup Foxtale raises $18 mn in funding for category expansion

D2C skincare brand Foxtale on Wednesday said it has raised USD 18 million (about Rs 150 crore) in a funding round led by Singapore-based Panthera Growth Partners and plans to deploy the fresh capital towards category expansion and top-level hiring. The Series B funding round also saw participation from the company's returning investors Matrix Partners India and Kae Capital. Founded by Romita Mazumdar, the Mumbai-based startup commenced operations in January 2022 and has a vast customer base spanning over 100 Indian cities. "The fresh round of funds will be deployed towards expanding our digital footprint and introducing newer categories in our portfolio of products. Apart from category expansion, we are also looking to hire some C-suite executives into the team," Mazumdar told PTI. The young entrepreneur further mentioned that Foxtale is a digital-first business, with 90 per cent of its revenue driven digitally. Foxtale's gross revenue for FY24 stood at Rs 175 crore. For FY25, t

Battery Smart raises $65 mn in funding round led by LeapFrog Investments

Battery swapping network Battery Smart on Tuesday said it has raised USD 65 million in a funding round, comprising a mix of primary and secondary investments, led by LeapFrog Investments. The Series-B funding round also saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII), the company said in a statement. The freshly raised funds will be utilised to fuel the company's next phase of expansion, Battery Smart said. "The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence," said Pulkit Khurana, Co-Founder and CEO, Battery Smart. Since the launch of its first swap station in the National Capital four years ago, the company has scaled to 1,000 stations across 30 cities, completing over 35 million swaps and has expanded its footprint nationwide with charging stations in tier 1, 2, and 3 cities, it ...

Former upGrad executives Kadekar, Konwar launch The Leadership Project

This venture aims to deliver leadership content that is globally relevant while being deeply rooted in India's diverse cultural contexts

Lenskart raises $200 million in secondary round at $5 billion valuation

Lenskart continues to deepen its penetration in India while rapidly scaling its international presence in Asia, including Southeast Asia and the Middle East

Deep tech startup policy to promote innovation likely in forthcoming Budget

The commerce and industry ministry may propose a dedicated policy for deep tech startups to promote innovation, for the forthcoming Budget to be announced by the new government, an official said. Voting for the Lok Sabha polls is over and the counting is scheduled for June 4. The new government is likely to take oath this month. The new government may announce the full Budget for 2024-25 in July. The official said that startups have to convert their innovation into intellectual property rights and for that extensive R&D is required. The policy is in the final stages and the ministry may forward this proposal for the full Budget announcement, the official said. In July last year, a draft National Deep Tech Startup Policy (NDTSP) was released for stakeholders' comments. It is aimed at addressing the challenges confronting deep tech startups through definitive policy interventions to create a conducive ecosystem. It also aims to harness the transformative potential of technological

Musk's startup xAI raises $6 bn in fresh round of funding, valued at $24 bn

The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital

40 start-ups extend support to Digital Competition Bill in a letter to MCA

In the letter, the start-ups have also requested an upward revision of the thresholds for designating Systematically Significant Digital Enterprises (SSDEs)

From startup to prominence: Wheebox rewriting talent assessment with AI

Wheebox's assessments leverage extensive datasets to identify skills and traits crucial for success, while also ensuring a secure AI-driven evaluation system

Good Capital plans to invest $25 million in Indian AI startups this year

Mauritius-based venture capital firm Good Capital on Friday said it plans to invest USD 25 million, about Rs 200 crore, in Indian AI startups this fiscal. The investment will be made from the corpus of USD 50 million Good Capital Fund II, which is expected to be used by 2027. "The total fund is USD 50 million which is planned to be used by 2027. Out of which Good Capital is deploying USD 25 million in AI startups empowering intermediaries and plans to deploy this by 2025, Arjun Malhotra, General Partner at Good Capital said. "Investing in technology products solving India-centric problems, the firm has announced plans to invest USD 25 million in AI startups by FY25. These investments will primarily target sectors such as cleantech, e-commerce, edtech, healthtech, SaaS, and deeptech, Good Capital said. The firm plans to invest in 15-20 AI startups across early-stage and Series-A funding stages utilising AI and LLM (large language models) to create novel businesses through an investm

Netcon Tech invests in Nikitek to revolutionise airport baggage handling

This move will transform the way baggage handling is done at airports, delivering a seamless, digitally enabled and eco-friendly travel experience, Netcon said

Anthill Ventures seeks to raise $100 mn for private credit cross-fund

The $1.7 trillion global private credit market has become a serious rival to mainstream lending, attracting investors by offering higher rates of returns

Former BharatPe COO Bahl-led Eternal Capital launches Rs 120 crore VC fund

The fund has been uniquely structured to democratise and simplify access to early-stage institutional deals in start-ups

Why the failed delivery of Rs 187 ice cream, cost Swiggy more than Rs 5,000

The customer sought Rs 10,000 as compensation and an additional Rs 7,500 in litigation expenses from Swiggy for its failure to deliver the ice cream and subsequent refusal of a refund

Artificial intelligence startups face rough financial reality check

Investors have poured $330 billion into about 26,000 AI and machine-learning startups over the past three years, according to PitchBook

Indian startup funding declines 3.1% to $2.3 billion in Q1 CY2024

The country saw the creation of two unicorns - companies valued at over $1 billion - during the quarter, namely Ola Krutrim and fintech Software as a Service (SaaS) firm Perfios

Metal recycling startup Runaya aims to generate $1 bn in revenue by FY30

The company is also looking at an IPO. But Agarwal said, it was not an urgent priority. It would happen whenever the timing is right

Income tax notices lead to stress among startups, executives and investors

The notices were served under Section 68 of the Income Tax Act. They have clubbed the investments made in the startups, along with the revenue, to calculate the tax, according to the sources