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Centre eyeing one startup in every district by next year

Economic Times

Economic Times · 1y ago

Centre eyeing one startup in every district by next year

The Indian government is making progress towards its goal of having at least one registered startup in each of the 785 districts in the country within a year. Currently, there are only 20-25 districts remaining without a registered startup. The government has been working with academic institutions, state and district administrations, startup accelerators, and seed funds to boost awareness and encourage startups across the country. The program has faced challenges in registering startups in Northeast areas due to security concerns, geopolitical issues, and lack of awareness. Maharashtra, Karnataka, and Delhi have the highest number of registered startups.

Related News

Microsoft Expands Data Centre Footprint In India With Land Parcel Buyout Worth INR 267 Cr

Inc42 · 1y ago

Microsoft Expands Data Centre Footprint In India With Land Parcel Buyout Worth INR 267 Cr

Microsoft has acquired three land parcels in Hyderabad, India for approximately INR 275 Cr to establish a data centre. The acquisition was made from land aggregator Sai Balaji Developers in Ranga Reddy district. Microsoft's Hyderabad data centre region will expand its existing network, which includes regions in Pune, Mumbai, and Chennai. The company has plans to develop one of the biggest data centres in the region and has acquired two additional land parcels for this purpose. Microsoft's operating revenue in India surged 39% in the fiscal year 2022-23.

Flipkart, Amazon ramping up their beauty business, eye small-town shoppers

Livemint

Livemint · 1y ago

Flipkart, Amazon ramping up their beauty business, eye small-town shoppers

E-commerce giants Flipkart and Amazon are aggressively expanding their beauty and personal care (BPC) business in India. With the goal of reaching customers in smaller cities and towns, both companies aim to capitalize on the explosive growth in the BPC category. Flipkart is eyeing to double the category's value within the next four to five years, driven by innovation from direct-to-consumer brands and higher adoption in tier-II and tier-III markets. Similarly, Amazon plans to bring access to quality beauty products to every pin code in the country and sees beauty as one of its top categories for driving growth.

Razorpay’s FY23 Operating Revenue Crosses INR 2,000 Cr Mark

Inc42 · 1y ago

Razorpay’s FY23 Operating Revenue Crosses INR 2,000 Cr Mark

Bengaluru-based fintech unicorn Razorpay has reported a consolidated operating revenue of INR 2,279.3 Cr (approx. $306 million) in the financial year 2022-23, a 54% increase from the previous fiscal year. The startup, valued at over $7 billion, primarily earns revenue through payment commission fees and also offers software development and maintenance services. Despite a slight dip in net profit, Razorpay's total income for FY23 stood at INR 2,293.3 Cr. The company's expenditure increased by 55%, primarily driven by employee expenses and hosting charges. Razorpay is planning to relocate its base to India by the end of 2024 and is eyeing an IPO in the next two years.

Sify eyes ₹3,000 cr data centre IPO, hires bankers

Livemint

Livemint · 6m ago

Sify eyes ₹3,000 cr data centre IPO, hires bankers

Sify Infinite Spaces, a data centre unit of Sify Technologies Ltd., plans to raise ₹3,000 crore through an IPO in India, aiming to list in the next financial year. Backed by Kotak Private Equity, the company has appointed investment banks to assist in the process and may file its draft prospectus with Sebi soon. The move reflects increased growth in India's data centre sector, driven by the digital economy, legislative support, and technological advancements.

India's Skyroot expects to double rocket launches amid Chandrayaan-3's success

Reuters · 2y ago

India's Skyroot expects to double rocket launches amid Chandrayaan-3's success

Skyroot Aerospace, the Hyderabad-based private space company that launched India's first private rocket in 2022, intends to double its launch frequency from next year, propelled by the success of India's Chandrayaan-3 moon mission. The company, backed by Singapore's GIC, plans to increase launches to at least two per year starting in 2024. Skyroot is set to launch its second rocket by year-end and has received interest from global and domestic investors following India's safe lunar landing. The firm also plans to expand its workforce by 20% in two years and is eyeing a fundraising round in 2024.

Data Center emerging as next big biz, Adani fast-tracks $4 billion investment

Livemint

Livemint · 11m ago

Data Center emerging as next big biz, Adani fast-tracks $4 billion investment

The Adani Group is accelerating its plans to expand its data centre business, with a goal to capitalise on the increasing demand for data centre services from tech giants and to support its power business. The group's joint venture, Adani ConneX, currently has 17 MW of operational projects and 210 MW under construction, but plans to reach a data centre scale of 1-1.5 GW within the next one to two years. The group intends to invest an additional $4 billion to achieve this target, with a focus on meeting the surging demand for data centre services in India.

Insurance broking platform Finhaat raises $3 million in funding from Omnivore, others

Economic Times

Economic Times · 1y ago

Insurance broking platform Finhaat raises $3 million in funding from Omnivore, others

Indian insurance distribution startup Finhaat has raised $3 million in its first institutional fundraise. The funding was led by agri-focused venture fund Omnivore and also saw participation from early-stage venture fund Kettleborough VC. Finhaat operates an online distribution platform that sells insurance products to consumers in rural and semi-urban India. The startup works with over 60 institutions to distribute insurance to the last mile and intends to scale up operations with the aim of onboarding one crore customers every year. It also plans to launch basic wellness services with the fresh funds.

DFDF to widen investor base in three-phase expansion strategy

VCCircle

VCCircle · 1y ago

DFDF to widen investor base in three-phase expansion strategy

Dubai Future District Fund (DFDF), the first evergreen venture capital fund-of-funds in the region, is planning a three-phase expansion strategy to attract a wider range of investors. With an initial funding of $200 million from the Dubai Future Foundation and Dubai International Financial Centre, DFDF aims to diversify its capital base and boost its growth. The fund aims to support innovative startups and drive economic development in Dubai's future district.

Pernia’s Pop-Up Shop parent Purple Style Labs raises $8M in Series D round

IndianStartupNews

IndianStartupNews · 1y ago

Pernia’s Pop-Up Shop parent Purple Style Labs raises $8M in Series D round

Mumbai-based luxury fashion startup Purple Style Labs (PSL) has raised $8 million in a Series D funding round led by Sanket Parekh from the Pidilite Family Office. The round brings PSL's valuation to $352 million. PSL aims to achieve a gross sale of $200 million in the next few years and is eyeing an IPO by 2026. The startup operates 15 experience centers globally and offers designer wear from renowned labels. It plans to expand its reach to fashion hubs like New York and Dubai. PSL has positioned itself as a significant player in luxury Indian designer wear.

DFDF backs Africa VC fund in tenth LP-style bet

VCCircle

VCCircle · 1y ago

DFDF backs Africa VC fund in tenth LP-style bet

Dubai Future District Fund (DFDF) has made its tenth investment in an Africa-focused alternative investment vehicle. DFDF, the first evergreen venture capital fund-of-funds in the region, has backed the second fund of a technology-focused venture. Anchored by the Dubai International Financial Centre and the Dubai Future Foundation, DFDF aims to support and foster technological innovation in Africa.

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