Page 9 - Startup

MoS IT Chandrasekhar to take up SVB-liked startups' woes with FinMin

The IT ministry will take up woes of Indian startups impacted by the Silicon Valley Bank collapse with the finance ministry to help them navigate through the crisis and address the immediate liquidity crunch they are facing, Union Minister Rajeev Chandrasekhar said on Tuesday. The Minister of State for Electronics and IT during interactions with startups asked them to engage with the Indian banking system, which has been very robust and assured them of resolving teething issues they may face. Though startups and venture capitalists said that the US government authorities have assured of returning full money to the depositors, there is no clarity on the timelines, which will lead to a liquidity crunch in the firms that have been impacted by the SVB collapse, according to the minister. "I am going to put together a suggestion list and give it to the honourable finance minister on your behalf, and work closely with the government of India as a whole," Chandrasekhar said. Most of the .

SaaS firm Freshworks says exposure to Silicon Valley Bank minimal

Chennai-based company says 'vast majority' of its finances not held at failed US lender

Telehealth startup Cerebral shares data of 3.1 mn patients with advertisers

US-based telehealth startup Cerebral has disclosed that it shared the private health information, including mental health assessments, of more than 3.1 mn patients in country

Asia witnesses limited contagion risk from Silicon Valley Bank's woes

While bank shares in Asia and the US are trading at almost similar accounting book value-based valuations, the former is expected to boost earnings by 29% over the next 12 months

ADIA close to buying a $500 million stake in eyewear startup, Lenskart

The Middle Eastern sovereign wealth fund is finalizing an agreement to buy a mix of existing Lenskart shares and new equity, the people said

Creating infra to win back startups & businesses to Maharashtra: Deputy CM

Devendra Fadnavis also reiterated that the state is aiming to stay number one in the space of fintech startups

Fashion startup STUMBL onboards Masoom Minawala as strategic advisor

Launched in December 2022, the company claims to have served more than 10,000 young women to date, with 20% becoming repeat customers

Chennai's startup Atsuya Technologies named 'Great Place to Work'

Great Place to Work surveys companies globally and conducts research on the characteristics of great workplaces

Zomato approaches restaurants to hike commission charges by 2-6%: Report

For the past two years, Zomato has been charging 18-25 per cent commission per order for deliveries

Punjab has best ecosystem for IT and startup sector: Minister Meet Hayer

Punjab has the best ecosystem for IT and startup sector and offers immense opportunities, according to state minister Gurmeet Singh Meet Hayer. The State Governance Reforms Minister also said the Punjab government has taken special care to ensure that the industry is an equal partner in policy decisions. "Punjab is now land of immense opportunities. Chief Minister Bhagwant Mann has given hope to people that Punjab can be put on orbit of high growth trajectory of economic growth by transforming it into an industrial hub," the minister said on the second and concluding two-day Progressive Punjab Investors Summit here. He also said Punjab is the home of leading entrepreneurs of the nation and now Ajay Banga, a Punjabi would lead the World Bank. At a session, Meet Hayer said that the state currently has more than 150 registered IT units operating with approximately 35,000 IT professionals. Mohali, the city which is hosting the event, is rapidly developing as IT Hub. It has a strategic

E-commerce firm FreshToHome bags $104 mn amid long funding dry spell

Launched in 2015, FreshToHome operates in over 160 cities in India and the UAE. It offers more than 2,000 certified fresh and chemical-free products

Blinkit starts new feature allowing brands to have customised stores on app

Sellers on instant-delivery platform can track performance of products, highlight them

Startup launches drone-delivery of medicines in Kolkata to beat traffic

Eight more places in West Bengal have been earmarked for the launch of drone delivery of medicines in the coming days

Drone start-up Garuda raises $22 mn in series A funding from SphitiCap

Company will use money to expand operations, research, and to train drone pilots

State Bank of India opens third specialised Startup branch in Gurugram

State Bank of India (SBI) on Thursday inaugurated its third specialised branch for startups at Gurugram to provide all banking services required by them under one roof. Gurugram houses the third highest number of unicorns in the nation after Bengaluru and Mumbai, SBI said in a statement. Speaking on the occasion, SBI Chairman Dinesh Khara said the primary aim of this branch is to provide end-to-end support to startups at every stage of their journey, starting from the formation of the entity till their IPOs and FPOs. Apart from regular banking services to startups, the branch will also act as a one stop shop in providing investment banking, treasury/forex, advisory and other ancillary financial services through the bank's subsidiaries, it said. Besides startups, the bank also intends to cater to the requirements of private equity (PE), venture capital (VC) and Alternative Investment Funds (AIFs). Leveraging its locational advantage, the startup branch in Gurugram has entered into

Digital lending startup LoanTap raises Rs 24 crore in venture debt

Funding led by Lighthouse Canton through its Category-II AIF

Google invests nearly $400 million in ChatGPT rival Anthropic: Report

According to the report, the deal gives Google a stake in Anthropic, but doesn't require the startup to spend the funds buying cloud services from Google

Climate tech start-up Ecozen raises $25 mn to expand beyond agriculture

The debt portion was provided by Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank and Axis Bank

SoftBank-backed InMobi lays off 50-70 staffers, cites performance as reason

Poor performance prompted the company to take this extreme step

GoMechanic to lay off 70% workforce, says made grave errors in judgement

Co-founder Amit Bhasin said GoMechanic has decided to 'restructure the business while we look for capital solutions'