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Kerala Budget 2024: INR 90 Cr set aside to fuel local startup ecosystem
Inc42
·
1y ago
Medial
The Kerala government has allocated a budget of INR 90.52 Cr ($12.5 million) for the Kerala Startup Mission to support and promote startups in the state. The funds will be used for the establishment of a Technology Innovation Zone, youth entrepreneurship development programs, and the acceleration of startup investments through the Fund of Funds scheme. The government aims to provide support to local retailers to overcome the challenges posed by ecommerce giants by forming groups and providing them with technology assistance.
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Commerce Ministry Likely To Seek More Funds To Boost Innovation In Startup Ecosystem : Report
Inc42
·
1y ago
Medial
The government is expected to announce the Budget for 2024-25 in July. The Startup India Seed Fund scheme, which began in April 2021 with a total fund of INR 945 crore, is set to end in 2025. The scheme was launched to provide financial support to startups.
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Kerala-based energy tech startup to deploy 1,200 EV chargers across India
Economic Times
·
1y ago
Medial
Kerala-based energy tech startup, chargeMOD, is expanding its EV charger network by deploying 1,200 chargers across India and an additional 600 chargers in Kerala. The company plans to set up 1,000 slow chargers and 200 fast chargers in various Indian states, as well as 500 slow chargers and 100 fast chargers in Kerala. chargeMOD aims to introduce Ultra Fast Chargers with capacities ranging from 120 kW to 340 kW to enhance charging speeds and convenience. The startup has built an ecosystem of EV charging with hardware and software designed and manufactured in India.
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Centre Extends EV Promotion Scheme Till September
Inc42
·
1y ago
Medial
The revised EV mobility scheme will focus on supporting 5.6 lakh electric vehicles, including 5 lakh two-wheelers and 60,709 three-wheelers. A total of INR 769.65 crore has been assigned for subsidizing the cost of eligible EVs, while an additional INR 8.35 crore has been allocated for administration purposes. The government had initially set aside INR 500 crore for the scheme, which was originally valid until July 2024.
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Kerala Brings In Policy Initiatives To Promote Itself As Global GenAI Hub
Inc42
·
1y ago
Medial
The government of Kerala has introduced several policy initiatives to establish the state as a global GenAI hub. They plan to create an ecosystem that encourages partnerships and offers incentives. Kerala will formulate a dedicated AI policy aligning with ESG goals in the current fiscal year. Additionally, the Kerala State Industrial Development Corporation (KSIDC) will offer preferential share capital investment of up to INR 5 crore to AI entities with a minimum investment of INR 10 crore.
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Emerging Tech Hub will be set up at Rs 350 Cr, says CM
YourStory
·
5m ago
Medial
Kerala Chief Minister Pinarayi Vijayan announced the establishment of an Emerging Technology Hub in Thiruvananthapuram, focusing on Artificial Intelligence (AI) with an investment of Rs 350 crore. The initiative, spearheaded by the Kerala Startup Mission, aims to integrate AI across sectors like agriculture, healthcare, and energy. Additionally, the state plans to introduce AI-specific courses, develop a deep-tech ecosystem, and organise a national-level AI hackathon, fostering innovation and entrepreneurship in AI-related fields.
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Explained: India’s INR 2,817 Cr Digital Agriculture Mission
Inc42
·
12m ago
Medial
The AgriStack project has been approved with a budget of INR 2,817 Cr. It will include the creation of Farmer IDs, a crop tracking database, geo-referenced village maps, and a comprehensive geospatial data ecosystem called Krishi decision support system. Additionally, detailed soil profile maps will be created for 142 Mn hectares of agricultural land. The Centre will contribute INR 1,940 Cr to the project.
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Can Budget's R&D Push Transform India Into A Product Economy?
Inc42
·
1y ago
Medial
In her Budget 2024 speech, the Finance Minister announced the operationalization of a INR 1 lakh R&D fund, a INR 1,000 crore venture capital fund, and funding support for agri-tech startups focused on research and development. The startup ecosystem stakeholders are hopeful that these measures will drive innovation in sectors like deep tech and space tech. However, an investor emphasized the need for quality professors, research infrastructure, and increased R&D spending to transform India into a product-led economy.
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IPO-Bound Ola Electric’s FY24 Net Loss Widens To INR 1,584 Cr, Revenue Jumps 90%
Inc42
·
1y ago
Medial
Ola Electric, the electric mobility startup led by Bhavish Aggarwal, reported an increase in net loss for the financial year 2023-24. The company's net loss widened by 7.6% to INR 1,584.4 crore from the previous year. However, Ola Electric's operating revenue surged over 90% to INR 5,009.8 crore during the same period, driven by a substantial growth in vehicle sales. Ola Electric's initial public offering (IPO) is set to open for retail subscriptions from August 2 to August 6.
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How This Founder Built Her Zero-Sugar Beverage Brand By Learning From Others’ Mistakes
Inc42
·
1y ago
Medial
TeaFit, a health-oriented beverage brand founded in 2021, specializes in sugar-free iced teas and tea premixes made from tea leaves sourced from Assam, Arunachal Pradesh, and Kerala. The startup gained recognition after appearing on Shark Tank India, which propelled its revenue to over INR 90 Lakh in FY23 compared to INR 15 Lakh in FY22. The company's future plans involve focusing on offline expansion in Mumbai before branching out to other regions, as 23% of their sales already occur in the city.
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Pune couple does doorstep delivery of 1 cr litre of fuel monthly
Inshorts
·
5m ago
Medial
Aditi Walunj and Chetan Walunj, a couple from Pune, started Repos Energy in 2017 as an on-demand fuel delivery startup. With 25,000+ customers and 2,000+ partners, the Ratan Tata-backed startup has delivered more than 30 crore litres of fuel between January 2024 and February 2025. In 2021, Aditi and Chetan won the National Startup Award by Prime Minister Narendra Modi.
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