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Great news for startups as India moves to abolish angel tax

EntrackrEntrackr · 1y ago
Great news for startups as India moves to abolish angel tax
Medial

Presenting the Union Budget 2024-25, Finance Minister Nirmala Sitharaman on Tuesday proposed to abolish the angel tax, meeting one of the longstanding demands of Indian startups. The angel tax, widely considered detrimental to the startup ecosystem, mandated around a 30% tax on investments from external investors, also known as angel investors. Through its budget for 2023-24, the government had proposed to include foreign investment under the ambit of the angel tax. The government had said the excess premium would be considered as “income from sources” and face taxes up to over 30%. Though it had exempted Startups registered with the Department of Promotion of Industry and Internal Trade (DPIIT). “To bolster the India startup ecosystem, to boost entrepreneurial spirit and support innovation I propose abolishing angel tax for all classes of investors,” Sitharaman said while presenting the Budget 2024-25. Earlier this month, the buzz around the angel tax picked up momentum with the Commerce Ministry recommending the abolishment of the 12-year-old law. Unsurprisingly, the startup community, including entrepreneurs, investors, and VCs, have welcomed the proposal to abolish the tax. “Finally, it’s Good to see #angeltax abolished .#BudgetSession . Long overdue. So much harassment, headache , unwanted anguish for startup founders , angel investors. Very welcome . One less Tax terrorism avenue,” said K Ganesh, a serial entrepreneur who promoted and invested in several unicorns and startups via growthStory. India implemented angel tax in 2012 to help tackle unaccounted money raised through capital received from resident investors in a closely held company in an excess of the fair market value. Besides providing huge relief to investors, the move is likely to get interest from new investors as the taxation has now been eased out. “This will give a fillip to early-stage startup investment in the country. With removal of angel tax, entrepreneurs will be able to attract money from new asset classes, majorly residing in smaller cities,” said one of the prolific angel investors who also runs a micro-VC firm. Titan Capital co-founder and angel investor Kunal Bahl, All In Capital founder Kushal Bhagia, Capital Mind founder Deepak Shenoy and former Finance Minister P Chidambaram also took to X to express support for the removal of angel tax.

Atomic Asher takes on new-age security challenges such as QR code threats

EntrackrEntrackr · 1y ago
Atomic Asher takes on new-age security challenges such as QR code threats
Medial

Mumbai-based Atomic Asher is one of the few cybersecurity startups leveraging the latest technologies such as AI to protect common people from new-age digital threats. Founded in 2021 by Anirudh Asher, the startup offers apps like ‘QR Safety by Atomic Asher,’ which helps detect malicious QR codes and URLs. It also features a web application called’ WhatsApp Number Cleaner’, which helps users to clean up unwanted contacts for direct chatting without saving their numbers. Another offering is the ‘Anti-counterfeiting App’, which aims to assist users in distinguishing between fake and original products. We spoke to the founder and CEO Asher to learn more about the startup, how it works, and the roadmap ahead. Here are the edited excerpts: How did you come up with the idea? How do the QR safety and anti-counterfeiting platforms work? The idea was born out of identifying a critical gap in digital security with the increasing use of QR codes, increased counterfeiting of branded goods such as pharmaceuticals leading to the conceptualization of a solution to protect users and entire populations from potential threats. As far as our safety platforms go, users simply scan a QR code through the app, which then checks the code against a database of known threats and analyzes the linked URL for suspicious behavior, ensuring safe interaction. For the anti-countefeiting aspect, we have developed our own technology that takes QR technology to the next level. Please help understand how you generate revenues? Revenue is generated through a blend of premium app subscriptions, partnerships with cybersecurity firms, and tailor-made enterprise solutions, focusing on long-term value. Overall, we charge brands to help keep their customerbase safe from scams and counterfeits. What are the key challenges in the industry that have not been addressed yet? And how do you plan to address this? A major unaddressed challenge is the sophistication of digital threats. Our approach combines continuous research with technological innovation to stay ahead of threats. We also feel like there are not enough organisations focussed on building technology for the betterment of mankind and often seem to be chasing profits and get rich quick rather than doing the right thing. What are your short-term and long-term goals in terms of product and business expansion and diversification? Short-term goals include expanding our user base and refining our technology stack, while long-term objectives focus on geographical expansion and diversifying our product line to cover a broader range of security solutions. We aim to become the leading name in protecting the Indian diaspora from threats to their health, identity and digital security.

Olee.space raises $3 Mn in seed round

EntrackrEntrackr · 2m ago
Olee.space raises $3 Mn in seed round
Medial

Olee.space, a laser-based communication and photonics defense system, has secured $3 million in a seed funding round from Rockstud Capital and other global investors. The fresh funds will be allocated towards scaling production, advancing its quantum-secure communication protocols, and expanding its defense tech roadmap, Olee.space said in a press release. Co-founded in 2023 by James Solomon and Suman Hiremath, Olee.space is a photonics and defense technology company that builds next-generation systems in Free-Space Optical Communication (FSOC), quantum-encrypted networking, and directed energy weapons. Its advanced solutions include resilient systems for terrestrial, inter-satellite, and ground-to-space links, designed for low latency, maximum security, and optimized data throughput. As per the Pune-based startup, Free-Space Optical Communication (FSOC) uses low-powered infrared laser beams to deliver ultra-fast, secure data links across land, air, sea, and space. Olee.space’s DEW platform, which is under development for anti-drone/UAV and anti-satellite operations, is designed to deliver precision tracking, real-time targeting, and neutralization of aerial threats. “I have always been fascinated by how lasers function. Working with light gives me happiness and I am here to do as much justice to this domain as any of my able team members. What we do here is rewarding to the country, and would continue doing so,” said James Solomon, founder and CEO of Olee.

Yaantra co-founder Jayant Jha launches BytePe, a smartphone subscription platform

EntrackrEntrackr · 16d ago
Yaantra co-founder Jayant Jha launches BytePe, a smartphone subscription platform
Medial

Yaantra co-founder Jayant Jha launches BytePe, a smartphone subscription platform BytePe, a tech subscription platform, has launched to offer consumers an easier way to get the latest smartphones. Founded by Jayant Jha, former Flipkart leader and co-founder of Yaantra, BytePe aims to make premium technology more affordable and flexible for Indian consumers. For years, Indians have followed the traditional ownership model by saving money, taking EMIs, and keeping old devices. BytePe changes this by offering a subscription service where users pay monthly fees lower than EMIs, upgrade to new models each year, and use the service without extra costs or lock-ins. At launch, consumers can access the newly released iPhone 17 Series, including iPhone 17, iPhone 17 Air, iPhone 17 Pro, and iPhone 17 Pro Max, through BytePe’s subscription plans. Subscribers receive one-time damage protection, upgrade options at the end of the tenure, and assured buyback benefits. For customers preferring upfront purchases, BytePe offers 50% assured buyback at the end of 12 or 24 months, along with comprehensive protection. Under its “Pay for what you use” model, BytePe claims users can save up to 50% compared to EMIs, with no upfront costs or hidden charges. The platform also plans to introduce options that include insurance, buyback, and flexible upgrades under one plan.

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