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Govt Aided Over 10K Tech Startups With INR 530 Cr Funding

Inc42 · 1y ago

Govt Aided Over 10K Tech Startups With INR 530 Cr Funding

The Indian government has provided a total funding of INR 580 Cr through incubators, with INR 212 Cr disbursed to over 3,600 tech startups supported by MeitY. The Department for Promotion of Industry and Internal Trade has recognized 1.43 Lakh startups as of July 31. India currently has the third-largest startup ecosystem globally, with 116 unicorns and 112 soonicorns.

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Repeal Angel Tax & Set Up INR 50K Cr Startup Fund: Mohandas Pai Urges Modi 3.0 Govt

Inc42 · 1y ago

Repeal Angel Tax & Set Up INR 50K Cr Startup Fund: Mohandas Pai Urges Modi 3.0 Govt

Former CFO of Infosys and partner at Aarin Capital, T.V. Mohandas Pai, has emphasised the need for funding support for startups. He suggests establishing a INR 50,000 Cr fund over the next five years to boost investment in emerging technologies such as AI. Pai also criticized the government for complex taxation laws and the lack of support for deeptech and other startups with high gestation models. With Prime Minister Narendra Modi set to begin his third term, there are higher expectations for funding and resolving disputes promptly.

Govt May Tap Into VGF To Create More Compute Capacity: IT Secy

Inc42 · 10m ago

Govt May Tap Into VGF To Create More Compute Capacity: IT Secy

The Indian government's India AI Mission plans to allocate over INR 4,500 crore for compute capacity. Once high-tech "compute" capability is established, the Centre will consider exploring the viability gap funding (VGF) route. The AI Mission aims to democratize access to compute power, support AI-driven startups, and scale up AI applications.

Credit Card Spending Via UPI At INR 10K Cr Per Month: NPCI

Inc42 · 1y ago

Credit Card Spending Via UPI At INR 10K Cr Per Month: NPCI

The credit lines on UPI account for a significant portion of credit card spends every month, according to NPCI MD & CEO Dilip Asbe. This raises concerns over delinquency levels for small loans below INR 50,000. The objective of Central Bank Digital Currency (CBDC) is not to compete with UPI, as it offers additional features like programmability.

Rajasthan To Invest INR 700 Cr To Set Up Digital University To Foster Tech Innovation: Col. Rajyavardhan Singh Rathore

Inc42 · 1y ago

Rajasthan To Invest INR 700 Cr To Set Up Digital University To Foster Tech Innovation: Col. Rajyavardhan Singh Rathore

Rajasthan's iStart initiative has funded over 400 startups since its launch in 2017. The state government is investing INR 700 Cr to establish a digital university and plans to build a 100-acre fintech park in Jaipur. Through programs like Angel Rajasthan, the government aims to provide investors with the necessary knowledge to support startups. The initiative has already supported 1,100+ tech-focused startups, offering incubation support and venture capital funding. With a focus on emerging sectors like agritech, AI, and renewable energy, iStart Rajasthan is positioning the state as a thriving startup hub.

GVFL’s Seed Stage Fund Marks First Close At INR 100 Cr

Inc42 · 1y ago

GVFL’s Seed Stage Fund Marks First Close At INR 100 Cr

GVFL Ltd's Prarambh Fund is raising INR 200 Cr to support seed-stage tech startups in various sectors such as B2B SaaS, healthtech, agritech, climate tech, and deeptech. The fund plans to invest in 25-30 upcoming startups this year, with an average ticket size ranging from INR 1 Cr to INR 3 Cr. Some of the companies in the fund's portfolio include Amrita Therapeutics, SLTL Group, and Varmora Homeware.

Telangana Govt Invests INR 300 Cr To Launch T-Hub Phase II For Startups

Inc42 · 11m ago

Telangana Govt Invests INR 300 Cr To Launch T-Hub Phase II For Startups

The Telangana state government is set to launch the second phase of T-Hub, a leading startup incubator, on June 28th. T-Hub Phase II aims to further support and nurture the state's budding startup ecosystem. The first phase, established in 2015 and based at IIT Hyderabad, has successfully incubated over 1100 startups and raised a total of INR 1,860 crore through cohort startups and various programs.

MSH ‘Investor Connect Programme’ Reaches Delhi To Provide Funding Opportunities To Startups

Inc42 · 1y ago

MSH ‘Investor Connect Programme’ Reaches Delhi To Provide Funding Opportunities To Startups

The MeitY Startup Hub (MSH) is hosting an Investor Connect Programme on April 10 in Amity Innovation Incubator, Delhi NCR. The event aims to connect ten startups from sectors like fintech, edtech, AI, analytics, and agritech with over 20 investors. Supported by Amity Innovation Incubator and Inc42, the programme aims to empower emerging startups and facilitate funding opportunities. Delhi NCR is a growing innovation hub in India, ranking second in terms of startup funding. The Amity Innovation Incubator provides support to startups through its comprehensive ecosystem and has aided the growth of over 850 ventures.

MyGate revenue soars 77% to Rs 71 Cr in FY23, losses shrink

Entrackr

Entrackr · 1y ago

MyGate revenue soars 77% to Rs 71 Cr in FY23, losses shrink

MyGate, an apartment management solution provider, has exhibited substantial growth over the last two fiscal years. The Bengaluru-based company's revenue surged by 77.3% to INR 71.10 crore in FY23 from INR 40.1 crore in FY22. Its growth was 8.4 times greater than FY21. MyGate generates income from subscription revenue, brand promotions on its app, and direct services to residents. It reduced its losses by 35.3% to INR 76.43 crore in FY23, aided by controlled expenditures and consistent growth. The company previously raised funds through a Series B round and strategic investments from Urban Company and Acko.

India to invest AI Rs 10K Cr on AI mission, boost AI innovation and adoption

YourStory

YourStory · 2m ago

India to invest AI Rs 10K Cr on AI mission, boost AI innovation and adoption

The Indian government has launched the IndiaAI Mission with a budget of Rs 10,372 crore to boost the country's AI capabilities. Managed by the Ministry of Electronics and IT, the initiative aims to enhance AI infrastructure with over 10,000 GPUs and establish IndiaAI Innovation Centres for creating indigenous AI applications. It also plans to support AI startups and develop a national ‘FutureSkills’ program to upskill the workforce, addressing the AI ecosystem's limitations and fostering innovation.

Fine jewellery brand GIVA raises Rs 530 Cr in Series C funding led by Creaegis

YourStory

YourStory · 1m ago

Fine jewellery brand GIVA secured Rs 530 crore in a Series C funding round led by Creaegis, with continued support from existing investors. The funds will help expand GIVA's retail and digital presence, enhance its tech-enabled supply chain, and broaden its lab-grown diamond offerings. Founded in 2019, GIVA plans to open 145-150 new stores in Tier II cities this year. The brand aims to grow its omnichannel footprint and enhance its product offerings.

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