Sudeshna Mitra, Author at Inc42 Media News & Analysis on India’s Tech & Startup Economy Thu, 07 Sep 2023 09:13:43 +0000 en hourly 1 https://wordpress.org/?v=6.0.1 https://inc42.com/wp-content/uploads/2021/09/cropped-inc42-favicon-1-32x32.png Sudeshna Mitra, Author at Inc42 Media 32 32 Odisha Approves Grant Worth INR 1.28 Cr For 10 Startups https://inc42.com/buzz/odisha-approves-grant-worth-inr-1-28-cr-for-10-startups/ Thu, 07 Sep 2023 09:13:43 +0000 https://inc42.com/?p=414554 The Odisha government has approved a grant worth INR 1.28 Cr for 10 startups with an aim to boost innovation…]]>

The Odisha government has approved a grant worth INR 1.28 Cr for 10 startups with an aim to boost innovation and entrepreneurship in the state.  

In a statement, Startup Odisha said the government aims to foster startups from sectors such as agritech, food and beverages, HRtech, enterprise technology, retail, education and logistics with the grant. 

Axonotics, EME Technologies, Foliyoo Technologies, Indersons Services, Happiness Under Budget, Lex Protector, Sabhyasha Retail Tech, Zentai Workforce, Kickstart Careers, and Manikstu Agro are the startups that will receive the grants.

The selected startups will receive the grant in instalments on the basis of progress and goals achieved. It will enable the startups to work on areas like research and development activities, product development & marketing activities, and other operational expenses.

Commenting on the grant allocation, Omkar Rai, chairperson of Startup Odisha, said, “In our relentless pursuit of fostering innovation and nurturing the entrepreneurial spirit, we are proud to announce this significant grant allocation.” 

The government approved the grant during the 2nd board meeting of Startup Odisha, an initiative backed by the Micro, Small, and Medium Enterprises (MSME) Department of Odisha. The board committee focuses on evaluating and approving financial assistance to recognised startups and incubators. 

Additionally, the committee is working on a comprehensive framework for the startups to flourish. 

Rai said these investments in startups signify the state’s commitment to creating a thriving ecosystem. “Our vision is to build successful startups by providing necessary financial aid, mentorship and guidance that will help them scale and grow,” he added. 

The initiative is in line with chief minister Naveen Patnaik’s commitment to support 5,000 startups by 2025. With this, the government aims to establish Odisha as one of India’s top 3 hubs for innovation. 

The Startup Odisha initiative was launched in 2016 under the Odisha Startup Policy-2016 to introduce a holistic and inclusive ecosystem for existing and aspiring startups. 

The government claims that since its inception, Startup Odisha has fostered and facilitated more than 1,700+ startups, out of which over 600 are led by women directors, founders and cofounders. 

Last year, the Odisha government said it received commitments worth INR INR 1,000 Cr for its fund of funds for startups. Rai said the funds would be deployed over the next five years.

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Karnataka To Launch Integrated Fintech Programme Soon https://inc42.com/buzz/karnataka-to-launch-integrated-fintech-programme-soon/ Thu, 07 Sep 2023 08:12:37 +0000 https://inc42.com/?p=414541 Karnataka is working on a fintech programme to unite the government, venture capital and banking sector for offering funding and…]]>

Karnataka is working on a fintech programme to unite the government, venture capital and banking sector for offering funding and mentorship support to startups, said the state’s IT/BT Minister Priyank Kharge.

Speaking at the Global Fintech Fest 2023, he said that the Karnataka government has plans to set up a  centre of excellence (CoE) for fintech that will focus on nurturing talent, leadership, entrepreneurship and fostering innovation. 

Kharge highlighted that out of 23 fintech unicorns, 12 are from Bengaluru alone. “Our state boasts of 1,300 active fintech startups and we are actively working on creating a Fintech Regulatory Support framework to encourage innovation and industry growth,” Kharge said.

Last year, the state’s government announced that it was planning to invest INR 25 Cr to set up a fintech hub in Mangaluru. Karnataka’s former science and technology minister Dr. C.N. Ashwath Narayan had said that at least 50 fintech startups would be established in the hub, giving further impetus to its plan of achieving $500 Bn business turnover by 2030 from the companies in the area.

Also, last year, the state rolled out its Startup Karnataka Policy 2022-2027 with an aim to position Karnataka as the ‘Champion State’ for startups by adopting a holistic approach towards strengthening the startup ecosystem.

The government aims to do this by offering the support of funding, incubation, infrastructure, mentoring, acceleration, R&D and industry linkages. The government claims that 15,000 startups have enrolled for the programme, out of which 700 are funded startups and over 10,000 are government-recognised. 

Kharge’s statements come after Karnataka’s cabinet minister NS Boseraju announced that the state will establish a research foundation to foster R&D in the startup ecosystem. He said that the move would bridge the gap between startups and other stakeholders, further offering easy  access to research and development. He also invited domain experts to offer insights into the proposed foundation.  

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Startups Can List Directly On GIFT IFSC Exchanges By The End Of 2023: IFSCA chairman https://inc42.com/buzz/startups-can-list-directly-on-gift-ifsc-exchanges-by-the-end-of-2023-ifsca-chairman/ Wed, 06 Sep 2023 15:23:10 +0000 https://inc42.com/?p=414431 The International Financial Services Centres Authority (IFSCA), the regulator for GIFT IFSC, is looking to operationalise the framework for direct…]]>

The International Financial Services Centres Authority (IFSCA), the regulator for GIFT IFSC, is looking to operationalise the framework for direct listing of companies, including startups, on IFSC exchanges by the end of the ongoing year, its chairman K Rajaraman said.

Speaking at Global Fintech Fest 2023, Rajaraman said the necessary amendment for this would be notified in the next three months.

Earlier in July, finance minister Nirmala Sitharaman said that the government has allowed Indian companies to list directly on IFSC Exchanges.

“In May 2020, I had said that direct listing of securities by Indian public companies would be permissible in foreign jurisdictions… Now, I am pleased to announce that the government has taken a decision to enable direct listing of listed and unlisted companies on IFSC exchanges,” said Sitharaman. 

Meanwhile, Rajaraman also said that the IFSCA would soon come up with payments regulations to facilitate instant settlements, Business Standard reported.

Speaking about the Indian fintech ecosystem, he said the sector has been instrumental in driving financial inclusion.  

Commenting on IFSCA’s role in promoting fintech innovations, he said, “In recent years, IFSCA has facilitated startup access and encouraged innovative financial product development, implementing over 30 streamlined global-standard regulations.” 

The statements come at a time when the Indian government is aggressively taking steps to promote GIFT as a financial hub. The IFSCA recently also set up a 10-member expert committee on ‘Onshoring Innovations To GIFT IFSC’. The committee has made various recommendations to encourage Indian startups to register in GIFT.

Moving beyond GIFT, Rajaraman praised initiatives like the launch of UPI for the growth of India’s fintech ecosystem.

Earlier on Tuesday, Sitharaman said fintech startups have surpassed traditional banks in terms of the number of UPI payments. She also added that 36% of the lending business market has been taken over by the fintech startups in the country. 

According to Inc42’s State Of The Indian Fintech Report Q2 2023, the Indian fintech market is expected to reach a size of $2.1 Tn by 2030, expanding at a CAGR of 18%. 

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Furlenco Enters Offline Segment With Launch Of Two Stores In Bengaluru https://inc42.com/buzz/furlenco-enters-offline-segment-with-launch-of-two-stores-in-bengaluru/ Wed, 06 Sep 2023 11:34:06 +0000 https://inc42.com/?p=414304 Furniture renting startup Furlenco on Wednesday (September 6) said it is taking the omnichannel approach for growth and has launched…]]>

Furniture renting startup Furlenco on Wednesday (September 6) said it is taking the omnichannel approach for growth and has launched two offline stores in Bengaluru as part of this strategy.

Founded in 2012 by Ajith Mohan Karimpana, Furlenco operates an online subscription-based furniture rental platform in Bengaluru, Mumbai, Delhi NCR, among others. It also sells furniture through its marketplace. 

The startup said its offline stores would offer customers the opportunity to experience the products and make informed purchase decisions. Like its app and website, Furlenco’s offline stores will offer both buying and renting options. 

“While the online platform has been instrumental in building our brand, we understand the value of offline touchpoints. As Furlenco expands its horizons beyond the confines of a furniture rental brand, we are committed to seize the untapped potential of offline opportunities to scale our operations and propel growth,” Furlenco founder and CEO Karimpana said.

Calling the launch of the stores just a beginning of the startup’s offline expansion plans, the CEO said Furlenco aims to enhance the customer experience and cater to their diverse buying habits via these stores. Going ahead, the startup aims to open offline stores across major Indian cities.

The stores will have a material library displaying physical material swatches, miniature furniture designs, furniture joinery, and finished products. 

The development comes months after mattress brand Sleepwell’s parent Sheela Foam announced acquisition of a 35% stake in Furlenco’s parent House of Kieraya for INR 300 Cr.

In FY22, Furlenco’s net loss rose 71% to INR 149 Cr, while operating revenue surged 1.5X to INR 129 Cr.

Amid mounting losses, Furlenco laid off about 180 employees last year as part of a cost-cutting exercise to attain profitability. 

Furlenco competes with the likes of Rentomojo, Pepperfry, and Urban Ladder. On Tuesday, Pepperfry said it has raised $23 Mn from existing investors, including institutional investors and family offices. 

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ONDC Partners Google Cloud To Boost Ecommerce Adoption Using Generative AI https://inc42.com/buzz/ondc-partners-google-cloud-to-boost-ecommerce-adoption-using-generative-ai/ Wed, 06 Sep 2023 10:05:16 +0000 https://inc42.com/?p=414291 The Open Network for Digital Commerce (ONDC) has teamed up with Google Cloud to increase the adoption of ecommerce in…]]>

The Open Network for Digital Commerce (ONDC) has teamed up with Google Cloud to increase the adoption of ecommerce in India using generative AI.

As part of this partnership, they will launch a nationwide ‘Build for Bharat’ hackathon to foster an open ecosystem of developers, students, and startups to drive innovation within the ONDC framework.

The hackathon intends to develop solutions that democratise access to digital commerce, regardless of digital literacy, geography, or economic status, a joint statement said.

“This hackathon will serve as an ideal launchpad, enabling us to discover numerous gifted individuals and organisations with inventive concepts. This, in turn, propels the drive for innovation for Bharat by solving countless pressing challenges faced by merchants and consumers both in metro cities and smaller towns,” ONDC MD and CEO T Koshy said.

The hackathon will span three months and will offer mentoring and assistance to participants working to solve ecommerce challenges such as building better supply chain visibility, improving inventory management, creating targeted personalisation for consumers, among others.

Earlier in June also, ONDC and Google Cloud teamed up to launch an open sourced ONDC Open Commerce solution to help users and buyers onboard the ONDC platform seamlessly. The programme has been leveraged by 20 ecommerce companies as of now. 

As the next step to the strategic partnership, the two will enable buyers and sellers of all sizes across the country to use Google Cloud’s generative AI tools for seamless transactions. The AI powered tools will offer features like voice commands, product descriptions and image improvement, automatic translation of catalogues in local languages, among others. 

India is seeing a generative AI boom since the launch of Open AI’s ChatGPT. Last week, Google also announced that it would add its generative AI capabilities to ‘Search’ in India.

Meanwhile, the government-backed ONDC has been constantly expanding since its launch last year, onboarding new players and entering new segments. Most recently, the likes of Pepsico and Ola joined the open network.

Last week, ONDC also said that the number of restaurants on the platform surged to 50,000 from just 500 in February.

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Fintech Startups Have Surpassed Banks In The UPI Realm: FM Nirmala Sitharaman https://inc42.com/buzz/fintech-startups-have-surpassed-banks-in-the-upi-realm-fm-nirmala-sitharaman/ Tue, 05 Sep 2023 15:03:30 +0000 https://inc42.com/?p=414168 While addressing the Global Fintech Fest in Mumbai on Tuesday (September 5), finance minister Nirmala Sitharaman appreciated the Indian fintech…]]>

While addressing the Global Fintech Fest in Mumbai on Tuesday (September 5), finance minister Nirmala Sitharaman appreciated the Indian fintech startups for taking the lead in tapping new to credit customers and UPI-led QR code payments. She said that fintech startups have gained significance and become more dynamic financial inclusion tools with time. 

Sitharaman said that the startups operating in the fintech space have taken up 36% of the market share of the lending business, which is the primary business for the traditional banks.

“Fintechs are reaching out to far more customers, an area that is very conventional and the domain of the banks,” the finance minister added. 

Talking about the payments sector, Sitharaman said that the fintech startups have taken up 93% of the UPI transactions share against only 7% market share left with the banks.

The FM’s comments have come at a time when the UPI crossed the 1,000 Cr monthly transaction mark in August 2023, recording transactions to the tune of INR 15.18 Lakh Cr. 

Following the release of August data, the National Payments Corporation of India (NPCI) took to Twitter (now called X) and said, “Drumroll please! UPI has just shattered records with an astonishing 10 Bn plus transactions. Join us in celebrating this incredible milestone and the power of digital payments. Let’s keep the momentum going and continue to revolutionise the way we make transactions with UPI!”

It is pertinent to note that PhonePe, Google Pay and Paytm continue to dominate the UPI arena. 

While PhonePe processed 446.14 Cr UPI transactions worth INR 7.46 Lakh Cr as of June 2023, Google Pay secured the second spot with 35% of the total number of UPI transactions worth INR 4.94 Lakh Cr. Meanwhile, Paytm accounted for 14.01% of the transactions worth INR 1.62 Lakh Cr as of June 2023. 

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Spacetech Startup Manastu Raises Funding To Reduce Debris Pollution In Space https://inc42.com/buzz/spacetech-startup-manastu-raises-funding-to-reduce-debris-pollution-in-space/ Tue, 05 Sep 2023 09:00:36 +0000 https://inc42.com/?p=414104 Mumbai-based spacetech startup Manastu Space has raised $3 Mn in its Pre-Series A round led by Capital 2B, BIG Capital,…]]>

Mumbai-based spacetech startup Manastu Space has raised $3 Mn in its Pre-Series A round led by Capital 2B, BIG Capital, and E2MC. 

The funding round also saw participation from Baring India through Sanchi Connect, Wealthy via Ventures, Roots Ventures, Riceberg Ventures, Atomberg founders, Spectrum Impact, the family office of promoters of Aarti Industries, and some angel investors. 

Manastu Space, founded in 2017 by Tushar Jadhav and Ashtesh Kumar, specialises in creating propulsion systems for satellites. 

The startup said it aims to utilise the fresh capital to accelerate the deployment of its innovative green propulsion system and debris collision avoidance system, and to expand its in-space services. The funds will also support final-stage testing of the new propulsion system in orbit.

The new propulsion system is designed for agility, safety, efficiency, and affordability. It uses a unique fuel, engine, and catalyst that enables it to mitigate the growing threat of debris collisions and subsequent space pollution, the startup said. 

Commenting on the idea to develop a sustainable propulsion system, cofounder Kumar said, “We are developing an agile green propulsion system for satellites to manoeuvre them more easily in space and save them from debris collision. This is a must-have solution to assure current (and growing) needs of space sustainability.”

Highlighting the mounting threat posed by space debris, Kumar said there are approximately 160 Mn pieces of debris travelling at high speeds in space. A single collision could result in even more debris, complicating the safe placement of satellites into their designated orbits.

“We are also working on autonomous collision avoidance and satellite refuelling in space so that we can reuse the satellites. These capabilities will  help ensure that space remains sustainable and accessible for future generations,” Kumar added. 

The investment comes at a time when the Indian space sector has taken a big leap following the successful landing of Chandrayaan-3 on the Moon and the launch of the country’s solar mission, Aditya-L1.

The Indian government has also been promoting spacetech startups. Earlier this year, the GST Council decided to impose a 0% GST on spacetech startups.

Multiple spacetech startups have raised funding in this year so far. Last week, SatSure secured $15 Mn in its Series A round to accelerate product innovation and expand its operations across the Americas and Asia-Pacific regions. 

In June, Digantara raised $10 Mn in its Series A1 funding round led by Peak XV Partners to develop its revolutionary Space-Mission Assurance Platform (Space-MAP), which intends to be a one-stop solution for all space operations. 

According to Inc42’s analysis, the Indian spacetech market opportunity is estimated to cross $77 Bn by 2030. There are over 150 spacetech startups in the country and these startups have together raised more than $218 Mn since 2014. 

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Cirkla Secures Funding To Offer Sustainable Packaging Solutions To Businesses https://inc42.com/buzz/cirkla-secures-funding-to-offer-sustainable-packaging-solutions-to-businesses/ Tue, 05 Sep 2023 07:02:56 +0000 https://inc42.com/?p=413927 Sustainable packaging startup Cirkla has secured $3 Mn in a pre-seed funding round led by Matrix Partners India and Stellaris…]]>

Sustainable packaging startup Cirkla has secured $3 Mn in a pre-seed funding round led by Matrix Partners India and Stellaris Venture  Partners. The round also saw participation from other investors. 

Founded in 2023 by Vaibhav Goel, Ankur Gupta, and Kapil Bhardwaj, Cirkla aims to provide large-scale businesses with sustainable packaging solutions.

The startup said that the funds will be deployed towards scaling operations, strengthening sales team and tech innovation.

Cirkla aims to assist businesses in navigating the complexities of sustainable packaging through its end-to-end platform, offering tools and expertise for assessing environmental impact, developing sustainable alternatives, and enabling large-scale manufacturing.

To achieve this, Cirkla employs a three-step approach — portfolio assessment, design and prototyping, and global fulfillment. The startup leverages proprietary Life Cycle Assessment (LCA) models to assess the environmental impact of its clients’ packaging materials, prioritising SKUs for maximum sustainability.

In terms of materials, Cirkla utilises a range of raw categories, including moulded fibre, recycled polymers, pulp and paper, and other advanced technologies. 

According to a recent survey by McKinsey, out of the 75% of companies that want to use eco-friendly packaging, only 30% have the capabilities to meet regional requirements and transparently measure metrics. Cirkla aims to help solve these problems by helping brands understand how green their packaging is, find better options, and produce it on a large scale.

Speaking on the fundraise, Vaibhav Goel, cofounder and CEO of Cirkla, said, “It’s not often that we find instances where all participants within the value chain (consumers, manufacturers, and government) unite towards a common goal. According to various reports, exceptional potential lies ahead for Cirkla, as the worldwide sustainable packaging sector is anticipated to double in size and exceed $500 Bn by the year 2030.”

The startup has already partnered with multiple global brands in the consumer packaged goods (CPG), food service, and healthcare space, expanding its reach across the US, UK, EU, and India.

As sustainability increasingly becomes a focal point across industries, Indian startups specialising in sustainable products and services are garnering more investor interest. 

For instance, mining giant Vedanta recently announced plans to collaborate with over 100 startups to explore sustainable technologies through its third edition of Vedanta Spark

In June, climate-focused venture capital firm Avaana Capital disclosed that it had raised $70 Mn for the first close of its Avaana Climate and Sustainability Fund, targeting a total corpus of $100 Mn – $125 Mn. Similarly, in April, Omnivore also announced a $130 Mn venture fund to focus on climate sustainability.

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Amazon To Invest $3 Mn In Nature-Based Projects In India Out Of $15 Mn APAC Allocation https://inc42.com/buzz/amazon-to-invest-3-mn-in-nature-based-projects-in-india-out-of-15-mn-apac-allocation/ Mon, 04 Sep 2023 10:24:16 +0000 https://inc42.com/?p=413773 Ecommerce major Amazon on Monday (September 4) said it will invest $15 Mn to support nature-based projects in the Asia-Pacific…]]>

Ecommerce major Amazon on Monday (September 4) said it will invest $15 Mn to support nature-based projects in the Asia-Pacific (APAC) region. The investment will be drawn out of Amazon’s $100 Mn Right Now Climate Fund created in 2019. 

The climate fund was created to support nature conservation and restoration projects while driving benefits for communities. 

Out of the $15 Mn allocation for APAC, Amazon said the first phase of the project will focus on India with an investment of $3 Mn. For this phase, the US-based company will partner with  the Centre for Wildlife Studies (CWS) to support communities and conservation efforts in the Western Ghats. It is a UNESCO World Heritage Site and home to more than 30% of all of India’s wildlife species, including the world’s largest population of wild Asiatic elephants and tigers. 

Under this programme, Amazon’s funding will enable the CWS to establish the “Wild Carbon” programme, which will support 10,000 farmers in plantation and maintenance of 1 Mn fruit-bearing, timber and medicinal trees, the company said in a statement.

Commenting on the initiative, Kara Hurst, Amazon’s Global VP for Sustainability, said, “The Asia-Pacific region is home to vast forests and rich coastal environments, but it is also highly vulnerable to climate change, biodiversity loss and land degradation. To protect the region from the impacts of climate change and preserve biodiversity, we will need both large-scale and local action – and we’re committed to investing in both.”

With climate change emerging as a major threat to the world, a large number of companies across the globe have been allocating capital for sustainability.

The latest funding for the APAC region is part of Amazon’s broader efforts for decarbonisation. In 2019, the ecommerce behemoth cofounded The Climate Pledge, committing to reach net zero carbon emission by 2040. Nine Indian companies – BluPine Energy, CSM Technologies India, Godi, Greenko, HCL, Infosys, Mahindra Logistics, Tech Mahindra, and UPL – have also signed the pledge. 

Last year, Amazon also launched six utility-scale projects in India with an aim to power its global operations with 100% renewable energy by 2025. The projects included three wind-solar hybrid projects in Madhya Pradesh and Karnataka and three solar farms in Rajasthan, with an overall renewable energy capacity of 920 megawatts. Amazon India is also targeting having 10,000 electric vehicles in its delivery fleet by 2025.

The latest development comes at a time when India has emerged as an important market for global companies, including Apple, Tesla, and Amazon. Recently, following a meeting with Prime Minister Narendra Modi, Amazon CEO Andy Jassy said that the ecommerce giant would invest $15 Bn more in India over the next seven years. With this, the total investment of the firm in India will touch $26 Bn. 

Further, Amazon also said that it plans cumulative ecommerce exports of $20 Bn from India by 2025. It also aims to digitise 10 Mn small businesses and create 2 Mn jobs in India

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LISSUN Bags Funding To Offer Full-Stack Emotional & Mental Health Solutions https://inc42.com/buzz/lissun-bags-funding-to-offer-full-stack-emotional-mental-health-solutions/ Mon, 04 Sep 2023 07:11:56 +0000 https://inc42.com/?p=413739 Mental health platform LISSUN has raised $1.3 Mn in a seed funding round led by Inflection Point Ventures (IPV) &…]]>

Mental health platform LISSUN has raised $1.3 Mn in a seed funding round led by Inflection Point Ventures (IPV) & Rainmatter Capital. The round also saw participation from existing investors including IvyCap Ventures, WFC, GrowX Ventures and angel investors. 

Founded in 2021 by Krishna Veer Singh and Tarun Gupta, the Gurugram-based startup aims to address contemporary mental health issues by offering expert guidance, therapies, and comprehensive solutions for emotional and mental well-being.

LISSUN provides a full spectrum of mental health care, utilising technology for self-diagnosis and offering holistic treatments for patients. Commenting on the funding, cofounder Singh stated, “This investment validates LISSUN’s innovative approach to scalable solutions in the mental health sector.”

Singh further noted that the fresh capital will accelerate LISSUN’s journey toward fulfilling its vision of large-scale mental health solutions, ensuring accessibility for all in need. 

The funding will be used to enhance technological innovation, improve product offerings, introduce new services, and forge partnerships with healthcare institutions and other organisations.

The latest investment brings LISSUN’s total funding to $2.3 Mn. Currently, the startup has reach in over 40 cities in India and has recently launched a child healthcare program called ‘Sunshine by LISSUN.’

The startup aims to leverage the Business to Healthcare to Consumer (B2H2C) strategy, partnering with healthcare institutions to effectively address high-stress medical conditions including infertility, rehabilitation, nephrology, and oncology.

A study by UnivDatos Market Insights predicts that the Indian mental healthcare industry will grow at a CAGR of 15% from 2022 to 2028. Although the industry is still in its nascent stage, with societal taboos impacting its growth, more people are beginning to seek help.

Last month, actor and investor Suniel Shetty joined Manun Thakur, the founder and CEO of Veda Rehabilitation & Wellness, to launch a mental health app, Lets Get Happi, that will offer  24×7 access to real-time therapy. 

Last year, another mental healthcare startup Wysa bagged $20 Mn in its Series B funding round to venture into the markets of the US, UK, and other international markets, and further offer its services in vernacular languages.

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Most Active Venture Debt Funds For Indian Startups https://inc42.com/features/most-active-venture-debt-funds-for-indian-startups/ Sat, 02 Sep 2023 04:30:27 +0000 https://inc42.com/?p=406039 As the Indian startup ecosystem continues to face a funding winter, the number of equity deals has significantly declined since…]]>

As the Indian startup ecosystem continues to face a funding winter, the number of equity deals has significantly declined since last year. Consequently, many entrepreneurs are compelled to turn to debt as an alternative funding option.

According to Inc42’s Startup Investor Landscape Report 2023, debt funding investment deals grew by 16% between 2017 and 2022. Today, there are over 50 venture debt funds in India, and more than 200 startups have raised debt funding since 2015. In addition, Inc42’s H1 2023 Startup Funding Report found that between January and June 2023, Indian startups raised a total of $260.7 Mn in debt funding. 

During the first half of the 2023, debt funding accounted for almost 4.81% of the total $5.4 Bn raised by the Indian startups, against only 1.48% during the second half of 2022. 

With such numbers it will not be wrong to say that the Indian venture debt funding landscape looks quite promising. 

It is to be noted that many investors find debt funding to be financially beneficial and secured as there is a regular inflow of the repayment until the predetermined amount is paid off. Such benefits and prevailing funding crunch paved the way for the debt lenders to nurture their businesses, leading to the increase in numbers. 

In this article, Inc42 presents a list of some of the most prominent venture debt funds in India. This is not an exhaustive list or ranking of any kind and we have arranged the funds in an alphabetical order. We will keep adding more names to this list. 

Alteria Capital

The fund was started in 2017 by Ajay Hattangdi and Vinod Murali, who served Silicon Valley Bank India on various leadership positions. 

Headquartered in Mumbai, the venture debt fund claims to have funded 90 startups. Some of the notable startups it backed are BharatPe, Cars24, Spinny, Dunzo, Dealshare, Lendingkart, Stanza Living and more. 

It participates in funding rounds between Series A to Series D, while the ticket size ranges between $100K to $15 Mn, and for the debt recovery, it allows a period of 12 to 36 months. 

A stage agnostic fund, in March this year, extended debt to Bengaluru-based Jumbotail that operates in food and ecommerce B2B business, to help the startup build deep sourcing capabilities and AI-driven technologies to drive higher customer wallet share to grow its net revenue by 100%.

Grand Anicut Fund 

Founded in 2016 by Ashvin Chadha and IAS Balamurugan, the fund participates in both equity and debt funding rounds. Grand Anicut focuses on investing in Indian startups operating in sectors other than infrastructure, real estate, and media.

Based out of Chennai, the fund counts startups like ASG Eye Hospitals, Azure Hospitality, SUGAR Cosmetics, Milky Mist, WOW Momo, Lendingkart, and many more under its structured debt portfolio. 

With an Asset Under Management (AUM) of INR 1,600 Cr, it claims to have made 39 investments across 16 sectors and made 15 exits so far. 

BlackSoil

Founded by Mohinder Pal Bansal, BlackSoil claims to be an alternative debt platform that majorly sources funds from HNIs and family offices. It supports the growing startups, which are underserved for their debt requirements by traditional banks and financial institutions.

Since its inception in 2016, it has served as a sector agnostic fund but segregates the portfolio into growth companies, financial institutions and supply chain partners. In each of these sectors, it has invested over INR 1,500 Cr, INR 450 Cr and INR 950 Cr, respectively, to date.

Its portfolio comprises startups like TVF, Yatra, Dunzo, Blusmart Mobility, MobiKwik, Infra.Market, and DeHaat, among others. 

In April this year, BlackSoil raised $25 Mn in funding from multiple banks, family offices, corporate treasuries, and high-net-worth individuals.

EvolutionX

Founded in 2021, EvolutionX is led by Rahul Shah, Serene Kee, Daphne Wong, Sakshi Shah, and Saurabh Jain. It is a growth stage debt financing platform, which has been jointly set up by DBS Bank and Singapore’s sovereign wealth fund Temasek.

The Singapore-based debt financing firm offers financial support to tech startups across Asia, with a focus on regions such as China, India, and Southeast Asia. A sector-agnostic firm, EvolutionX supports startups hailing from consumer, education, fintech, healthcare, logistics, industrial development, among others. 

EvolutionX announced its maiden investment in November 2022 as it backed API Holdings which owns healthtech startup PharmEasy. Its latest investment came in June this year when it invested INR 200 Cr in Lendingkart. 

Over the next two years, the debt financing platform aims to offer term debt facilities with ticket sizes in the range of $20 Mn to $50 Mn, along with warrants or convertible instruments.

Innoven Capital India

Started in 2008, the fund operates out of Mumbai. Led by a number of industry experts, the fund claims to have invested over $800 Mn in 200-plus startups.

It backs early and growth stage startups in the technology business. Other than India, it also operates in China and some parts of South East Asia.

Through the 12 years of investing business, it has garnered 35 unicorns, including Myntra, OYO, BYJU’S, PharmEasy, and many more. 

Other than these unicorns, it has also supported startups like Faasos, Chaayos, Dailyhunt, mSwipe, etc. 

Lighthouse Canton

Founded in 2014 by Shilpi Chowdhary, Lighthouse Canton operates as a wealth manager across the Asia Pacific region. It launched its India business and offices in New Delhi and Bengaluru in 2020. 

Headquartered in Singapore, the fund aims to deliver systematic, resilient, and diversified strategies to help investors grow, manage and protect their wealth. According to the founder, Lighthouse is “a new-age global investment group with the ecosystem of a technology startup and the culture of a seasoned financial institution”.

Lighthouse focuses on SMEs, growth and early stage startups, and real estate businesses. However, it also offers wealth management services to corporates, ultra-high net worth individuals, family offices, and founders. 

Earlier this year, it led a debt funding round of INR 24 Cr in lendingtech startup LoanTap

Northern Arc

Founded by Kshama Fernandes in 2008, the debt fund claims to have a base of over 400 investors. According to its website, the fund has enabled a funding of about $15 Bn since its inception. 

It analyses data and technology to offer credit services to emerging startups and small businesses across multiple geographies and segments. It claims to  be present across 657 districts in 28 states and 7 Union Territories in India. To date, it has disbursed over 6 Mn loans to retail customers across individuals, households and small businesses through its partners.

In April this year, it participated in a debt funding round of cloud kitchen startup Rebel Foods

Nuvama Asset Management

Nuvama Asset Management came into being after Edelweiss Financial Services spun off its wealth management business as a separate entity under the name Nuvama.

Formerly called the Edelweiss Crossover Yield Opportunities Fund, Nuvama Asset Management is one of the many companies under the umbrella of Nuvama Group (erstwhile Edelweiss Wealth Management).

Nuvama AMC has been capitalising on the growing traction seen in the venture debt space as big-ticket Indian startups continue to face a capital drought. As per London-based investment data firm Preqin, Nuvama Asset Management was one of the four major funds launched in 2023 that is rapidly inching towards interim closure.

So far, the company claims to have assets under management (AUM) worth nearly INR 6,000 Cr.

Stride Ventures

Launched in 2019 by Ishpreet Gandhi, Stride Ventures is headquartered in New Delhi and claims to have made 100 investments till date. 

Stride Ventures has raised a total of $314.1 Mn across three funds. In May, it announced the first close of its third fund at $100 Mn. The fund, which has a target corpus of $200 Mn, has received backing from several institutional investors, including banks, insurance companies, and family offices.

Stride Ventures counts HomeLane, MyGlamm, Spinny, Infra.Market, Blusmart Mobility, and Tender Cuts among its portfolio startups. 

Trifecta Capital

Founded in 2015 by Nilesh Kothari and Rahul Khanna, Trifecta provides equity as well as debt funding to startups. In addition, it also offers financial advisory services to its portfolio startups. 

Trifecta focuses on startups from industries like consumer services, consumer brands, ecommerce, mobility, edtech, agritech, among others. 

Startups like Atomberg, BharatPe, Aqua Connect, BigBasket, and Biryani By Kilo are part of its credit portfolio. 

Varanium Capital Advisors

Varanium primarily advises high-net-worth individuals (HNIs) on investment solutions. Varanium made a big splash in the venture debt space in July 2023 as it announced the first close of its maiden debt fund with a target corpus of INR 250 Cr and a greenshoe option of INR 50 Cr.

The venture debt platform is led by Nawal Bachhuka, principal of the venture fund at Varanium, whose prior experience includes Aditya Birla Finance. 

The debt financier claims to manage $1 Bn in assets across multiple asset classes. It aims to back around 100 startups in India through revenue-based financing and traditional venture debt.

The primary focus of Varanium is to back startups from the D2C, SaaS, B2B ecommerce and fintech industries. 

This is not an exhaustive list or ranking of any kind and we have arranged the funds in an alphabetical order. We will keep adding more names to this list. 

We have removed mentions of two companies from this list. Apologies for the error.

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Varthana Bags Debt Funding From Symbiotics Investments To Provide Loans To Rural Schools https://inc42.com/buzz/varthana-bags-debt-funding-from-symbiotics-investments-to-provide-loans-to-rural-schools/ Fri, 01 Sep 2023 13:18:39 +0000 https://inc42.com/?p=413406 Fintech platform Varthana has raised a debt funding of $2.5 Mn from Symbiotics Investments via education-focused social bonds. The startup…]]>

Fintech platform Varthana has raised a debt funding of $2.5 Mn from Symbiotics Investments via education-focused social bonds.

The startup said it will use the fresh funds to make private schools in rural and suburban areas affordable by financing equipment purchases and construction and refurbishment of facilities. Besides, Varthana will also provide loans to students for vocational training, it said in a statement.

Varthana, founded by Brajesh Mishra and Steve Hardgrave in 2013, is a non-banking financial services company (NBFC) that offers education loans to schools and students. 

Commenting on the funding, Varthana CEO and cofounder Hardgrave said, “We are thankful to Symbiotics for their support, which enhances Varthana’s ability to play a constructive role in helping with the post-COVID-19 recovery and ongoing improvement of schools throughout the country.”

This is the second fundraiser by Varthana this year. In January, it bagged a debt funding of  $7 Mn from US-based global investment firm MicroVest. Back then, it said that the funding would be used to scale up credit facilities for low-budget private schools affected by pandemic-induced disruptions.

Since its inception, Varthana has secured a total of $97.1 Mn in funding. 

Varthana claims that by providing timely loans and support in alignment with specific needs of affordable private schools, it ensures that low-budget private schools can secure valuable resources without having to go through a long and difficult process.

In the low budget education support sector, Varthana competes with EduFund. In May, EduFund  raised $3.5 Mn in a round led by MassMutual Ventures to accelerate growth, create new solutions and invest in technology. 

According to the Reserve Bank of India (RBI), the education loans market is dominated majorly by the public sector banks (90%). Private sector banks and regional rural banks (RRBs) account for around 7% and 3% of total education loan outstanding, respectively. 

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Ola Cabs To Rope In Unilever Executive Hemant Bakshi As CEO https://inc42.com/buzz/ola-cabs-to-rope-in-unilever-executive-hemant-bakshi-as-ceo/ Fri, 01 Sep 2023 11:08:06 +0000 https://inc42.com/?p=413377 Bhavish Aggarwal-led Ola Cabs is likely to appoint Unilever executive Hemant Bakshi as its CEO.   Bakshi is likely to join…]]>

Bhavish Aggarwal-led Ola Cabs is likely to appoint Unilever executive Hemant Bakshi as its CEO.  

Bakshi is likely to join the ride-hailing startup next week, Economic Times reported citing sources. However, it is not clear if he would be leading just the cabs vertical or Ola Cabs’ parent entity ANI Technologies.

Ola Cabs declined to comment on the development.

The appointment of the new CEO is significant as so far founder Aggarwal was looking after the cab vertical as well as electric vehicle (EV) startup Ola Electric which he started later. 

Bakshi is based out of Singapore and has worked with Unilever for over 15 years. Currently, he is associated with the FMCG major as the EVP of Unilever Marketplace and chairman of Unilever Indonesia. 

He graduated from the Indian Institute of Technology and did his MBA from the Indian Institute of Management, Ahmedabad. 

The latest development comes at a time when Aggarwal is focusing on the initial public offering (IPO) of Ola Electric.

Last month, Aggarwal also said that the ride-hailing company was planning to join the Open Network Digital Commerce (ONDC).

Meanwhile, Ola Cabs launched Ola Prime Plus service in Bengaluru earlier this year to address the problem of ride cancellation by drivers. Last month, the company expanded the no-cancellation service to Mumbai, Pune and Hyderabad.

Currently, Ola offers cab services on demand for both inter-city and intra-city rides. It also offers auto and bike services. Ola competes with the likes of Uber, Rapido, Blusmart Mobility, Meru Cabs, among others.

Like many other startups, the company continues to struggle with mounting losses. ANI Technologies reported a loss of INR 1,522 Cr in the financial year 2021-22, up over 36% from INR 1,116 Cr in FY21. The ride-hailing business generated a revenue of INR 1,220.2 Cr during the year under review.

Ola has also fired over 2,500 employees since last year amid the ongoing funding winter and increasing losses. Meanwhile, investment firm Vanguard slashed the valuation of the ride-hailing startup twice this year. It cut the valuation of its stake in the startup by 51.6% to $25 Mn, as of May 2023, which translated to a valuation of $3.5 Bn for the company.

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VC Firm gradCapital Launches $6 Mn Second Fund To Back Students Building Startups https://inc42.com/buzz/vc-firm-gradcapital-launches-6-mn-second-fund-to-back-students-building-startups/ Fri, 01 Sep 2023 08:56:37 +0000 https://inc42.com/?p=413325 Venture capital (VC) firm gradCapital has announced the launch of its second fund with a total size of $6 Mn…]]>

Venture capital (VC) firm gradCapital has announced the launch of its second fund with a total size of $6 Mn to invest in student startups. 

The VC firm would invest $40,000 each for a 4% stake in startups. gradCapital claims to invest in around 20 startups in a year.

Founded by Abhishek Sethi and Prateek Behera in 2021, the VC firm is a pan-India student-driven institution that invests in startups launched by college students. It invests in startups that emerge from college projects, especially tech-based projects.

The selected students also participate in a 4-week cohort, where they get to learn from the likes of Ather Energy cofounder Tarun Mehta, Razorpay cofounder Shashank Kumar and Zerodha CTO Kailash Nadh.

gradCapital claims that most startups raise capital post the cohort and Lightspeed & Rainmatter Capital are among the investors in these startups.

gradCapital also has a grant program called Atomic Fellowship, through which it distributes grants worth $5,000 to students with technical projects that have the potential of becoming companies.

gradCapital announced its first cohort in 2021, right after its launch, to help 5 startups get into early stage startup accelerator Y Combinator. Zepto, which recently became a unicorn, was among these 5 startups. In the same year, the VC firm also launched a $1 Mn fund to invest in student startups. gradCapital has invested in startups like Airbound, Ripen, Stimuler, among others.

The announcement of the new fund comes amid the ongoing funding winter which has dried up capital for Indian startups. However, this has not stopped VC and PE investors from launching new funds for Indian startups. 

As per Inc42 data, 52 funds worth more than $3.8 Bn have been launched so far this year to support Indian startups.

Last month, investment firm Veda VC announced the first close of its INR 250 Cr fund led by family offices and startup CXOs. In the same month, Elev8 Venture Partners said it closed Elev8-Capital Fund 1 at $67 Mn.

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Fintech Unicorn Razorpay Introduces One-Tap, OTP-Less Checkouts https://inc42.com/buzz/razorpay-joins-hands-with-truecaller-to-enhance-shoppers-experience-with-one-tap-otp-less-checkouts/ Thu, 31 Aug 2023 13:19:14 +0000 https://inc42.com/?p=413167 Fintech startup Razorpay and caller identification app Truecaller have launched the new 1-Tap OTP-less verification feature to enhance the shopping…]]>

Fintech startup Razorpay and caller identification app Truecaller have launched the new 1-Tap OTP-less verification feature to enhance the shopping experience of online buyers.

In a statement, Truecaller said that the solution will enable Razorpay to offer fast and seamless checkouts to its 200 Mn-plus customers. With the new feature, customers will no longer need to enter details manually or wait for the OTP during the checkout process. Instead, their details will get auto-filled with a single tap through Truecaller.

Commenting on the development, Khilan Haria, SVP & head of payments and product at Razorpay, said, “With this 1-Tap Verification feature, customers can now securely and effortlessly bypass the cumbersome multi-step verification process and enjoy the luxury of having their information prefilled with a single tap, streamlining their shopping journey on Android devices.”

To this, Priyam Bose, global head of Truecaller for Business GTM, said that the caller identification app is looking to develop more such frictionless shopping experiences for both businesses and customers. “We are eager to further develop and scale solutions for the direct-to-consumer digital ecosystem through this collaboration,” he added. 

Razorpay competes with the likes of PayU and PayPal in the online payment gateway space. To add to the competition, in June, PhonePe launched its payment gateway and offered free onboarding to merchants. 

OTP-less and CVV-less online transactions are slowly picking pace in the Indian market. In May, the global card transaction company Visa announced the launch of a CVV-less payment feature to allow fast and seamless transactions. Earlier this month, its competitor Mastercard, too, launched a similar feature

According to Inc42’s State Of The Indian Fintech Report Q2 2023, the Indian fintech market, which fosters 22 unicorns, is set to reach a market size of $2.1 Tn by 2030, growing at a CAGR of 18%.

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CredRight Secures $9.7 Mn Funding To Bridge Credit Needs Of MSMEs https://inc42.com/buzz/credright-secures-9-7-mn-funding-to-bridge-credit-needs-of-msmes/ Thu, 31 Aug 2023 06:55:22 +0000 https://inc42.com/?p=413086 Fintech startup CredRight has secured INR 78 Cr ($9.7 Mn) in a combination of equity and debt funding. The equity…]]>

Fintech startup CredRight has secured INR 78 Cr ($9.7 Mn) in a combination of equity and debt funding.

The equity capital raise was led by Michael & Susan Dell Foundation with participation from other investors including YourNest, Spearhead Capital, 9Unicorns and AccionVenture Lab. While the debt part of the funding has been provided by Blacksoil, Caspian Debt, RevX Capital, and Westen Capital.

Founded in 2016, by Neeraj Bansal and Vineet Jawa, the Hyderabad-based fintech startup aims to bridge the credit gap for Micro, Small and Medium Enterprises (MSMEs) in Tier III and IV towns.

The startup will use the funding to expand further into new locations and strengthen its technology stack.

Speaking on the fundraise, cofounder Bansal said, “We have served more than 5,000 nano enterprises, and this fundraise will help us expand our reach exponentially. Our phygital model, unique underwriting ability & deep understanding of nano enterprises helps us reach remote areas and provide meaningful loans whilst ensuring profitability.”

According to the Reserve Bank of India (RBI), only 10% of the MSMEs  currently have access to formal finance. This is compounded by the limited ability of commercial banks and traditional lending institutions to extend their services to remote locations. 

CredRight steps in to fill this void, connecting these lenders with small business owners, thereby circumventing the need for them to rely on opaque and high-interest money lenders.

According to the company, in India, there is a staggering credit demand shortfall estimated at $500 Bn from approximately 63 Mn MSMEs, and this shortfall continues to grow each year.

The startup claims that it has experienced a 10x growth in its assets under management (AUM) over the past three years. It is further targeting an AUM of INR 2,000 Cr over the next three years. 

The funding comes after the Indian fintech space witnessed a 57% Y-o-Y decline in the number of deals from the corresponding quarter of last year. According to Inc42’s State Of The Indian Fintech Report Q2 2023, the Indian fintech market size is expected to reach $2.1 Tn by 2030, growing at 18% CAGR. 

Other fintech startups offering debt financing to MSMEs and small businesses include — Indifi, Lendingkart, U GRO among others.

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Delhi HC Grants Centre 6 More Weeks To Finalise Stance On Draft Epharmacy Rules https://inc42.com/buzz/delhi-hc-grants-centre-6-more-weeks-to-finalise-stance-on-draft-epharmacy-rules/ Wed, 30 Aug 2023 12:45:53 +0000 https://inc42.com/?p=412731 The Delhi High Court has granted the Centre an extension of another six weeks to finalise and inform the court…]]>

The Delhi High Court has granted the Centre an extension of another six weeks to finalise and inform the court about its stance on draft epharmacy regulations.

The bench of Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula, while hearing petitions seeking ban on sale of online drugs and against the 2018 draft rules released by the Ministry of Health and Family Welfare (MoHFW), said that the pending cases should not come in the way of the Centre taking steps against those violating the HC’s December 2018 order, news agency PTI reported.

The HC had in 2018 ordered a stay on online pharmacies selling drugs without valid licences.

Appearing for the government, Advocate Kirtiman Singh informed the court that deliberations on the draft regulations are still ongoing. 

Consequently, the court gave the Centre an additional time of another six weeks to inform it about the outcome of the consultations and deliberations and the final stand of the government.

The MoHFW in 2018 issued draft amendments to the Drugs and Cosmetics Rules, 1945 to regulate online sales of drugs. The ministry sought comments and suggestions on the rules, but the regulations have not been finalised yet. 

At the heart of the matter are two petitions. While the South Chemists and Distributors Association’s plea has challenged the ministry’s draft notification, another petition by pharmacist Zaheer Ahmed has sought contempt action against pharmacies for selling drugs online in violation of the court’s order.

Ahmed’s petition also seeks contempt action against the government for failing to ban unregulated online epharmacies. 

It must be noted that the Drugs Controller General of India (DCGI) recently conducted fresh consultations on draft regulations for epharmacies with industry stakeholders. The meeting was attended by the All India Organization of Chemists and Druggists (AIOCD), representatives from the Pharmacy Council of India, and online pharmacy platforms, including Tata 1mg, PharmEasy, Netmed, and Practo. 

The development came after the Delhi HC asked the government to take necessary actions against epharmacies. 

Earlier in February, the DCGI sent show cause notices to 20 epharmacies, including Tata 1mg, Amazon, and Flipkart, for selling and distributing drugs in contravention of provisions of the Drugs and Cosmetics Act, 1940. 

However, defending themselves, officials of the epharmacies reportedly approached the DCGI seeking an audience with the health ministry to clarify their position. 

Last year, the Centre also came out with the draft New Drugs, Medical Devices and Cosmetics Bill, 2022, which sought to bring epharmacies under its ambit. However, the health ministry is now working on a revised draft of the bill and has also sought inputs from other departments.

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Govt To Provide Up To INR 50 Lakh Grant To Startups To Promote Technical Textiles https://inc42.com/buzz/govt-to-provide-up-to-inr-50-lakh-grant-to-startups-to-promote-technical-textiles/ Tue, 29 Aug 2023 13:54:33 +0000 https://inc42.com/?p=412516 The Centre will provide a grant of up to INR 50 Lakh to startups to promote technical textiles in the…]]>

The Centre will provide a grant of up to INR 50 Lakh to startups to promote technical textiles in the country.

The grant would be provided under the Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) approved by the Ministry of Textiles to make India a global leader in technical textiles, said Rajeev Saxena, joint secretary in the ministry.

Technical textiles are manufactured for their technical performance and functional properties rather than aesthetic and decorative features. They are used across industries such as automobiles, civil engineering and construction, and agriculture. The Centre has been looking to boost local manufacturing in technical textiles and launched the National Technical Textile Mission for this.

Under the new guidelines, the ministry will also provide 10% of total grant-in-aid to incubators. It has also approved a total funding of INR 151 Cr for 26 institutes for upgrading the laboratories and developing and introducing courses on technical textiles. 

IIT Delhi, NIT Jalandhar, NIT Durgapur, NIT Karnataka, NIFT Mumbai, ICT Mumbai, Anna University, PSG College of Technology, and Amity University are among the institutes which will be funded. 

Notably, the funding will primarily focus on upgradation of existing courses related to textile technology. 

With a strong emphasis on developing the startup ecosystem in technical textiles, the guidelines focus on supporting individuals and companies to translate prototypes to technologies & products including commercialization,” the ministry said in a statement.

Saxena also said that the government has already notified two quality control orders (QCOs) for 31 technical textile products, including 19 geotextiles and 12 protective textiles, which will come into effect from October 7, 2023. 

It must be noted that commerce minister Piyush Goyal last year called for promoting startups in areas like technical textiles.

According to Statista, the technical textile industry was valued at approximately $22 Bn in FY22 and is estimated to reach a size of $309 Bn by 2047. 

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Spacetech Startup SatSure Raises $15 Mn In Series A For Global Expansion https://inc42.com/buzz/spacetch-startup-satsure-raises-15-mn-in-series-a-for-global-expansion/ Tue, 29 Aug 2023 10:41:25 +0000 https://inc42.com/?p=412492 Spacetech startup SatSure on Tuesday (August 29) said it has raised $15 Mn in its Series A round, which was…]]>

Spacetech startup SatSure on Tuesday (August 29) said it has raised $15 Mn in its Series A round, which was a mix of equity and debt.

The funding round was led by Baring Private Equity Partners India and Promus Ventures. It also saw participation from Omidyar Network India and xto10x, along with existing investors Force Ventures, Luckbox Ventures, and IndigoEdge Advisors, the startup said in a statement. 

SatSure plans to use the fresh funds to accelerate product innovation and expand its operations across the Americas and Asia-Pacific regions. 

Founded in 2017 by Prateep Basu, Rashmit Singh Sukhmani and Abhishek Raju, the Bengaluru-based spacetech startup uses satellite data to offer ‘decision intelligence’ across BFSI, agriculture, and infrastructure sectors.

Commenting on the fundraise, SatSure founder and CEO Basu said, “We are committed to expand our outreach, invest in low-earth orbit satellite assets, and continue developing innovative products that signifies the rise of the India private space sector and its deep rooted alignment to our national space program.”

In February, SatSure bagged an undisclosed amount of strategic investment from ICICI Bank, Kotak Mahindra Bank, and HDFC Ltd.  Around the same time last year, the spacetech startup raised $5 Mn in its Pre-Series A round from Baring Private Equity India, Flowstate VC, Force Ventures, among others.

With the Indian government opening up the space sector for private players, a number of spacetech startups have mushroomed in the country. Pixxel, Skyroot, Digantara are among the other major spacetech startups in the country.

According to data compiled by Inc42, the Indian spacetech sector raised approximately $205 Mn in funding across 30+ deals between 2014 and July 2023. 

Earlier this year,Digantara raised $10 Mn in its Series A1 round led by Peak XV Partners.

SatSure’s announcement of the fundraise comes days after the successful landing of ISRO’s Chandrayaan-3 on the moon, which is expected to create more opportunities for the country’s spacetech startups.

Global tech giants are also eyeing the Indian spacetech industry. Earlier this year, Microsoft joined hands with ISRO to fuel the growth of spacetech startups in India.

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F&B Giant Pepsico Joins ONDC Bandwagon https://inc42.com/buzz/fb-giant-pepsico-joins-ondc-bandwagon/ Tue, 29 Aug 2023 07:41:58 +0000 https://inc42.com/?p=412464 The Open Network for Digital Commerce (ONDC) has onboarded the food and beverage giant Pepsico on its platform.  Pepsico is…]]>

The Open Network for Digital Commerce (ONDC) has onboarded the food and beverage giant Pepsico on its platform. 

Pepsico is one of India’s leading consumer products companies which houses brands such as Lay’s, Pepsi, Quaker, Tropicana & Gatorade. 

Through this partnership, Pepsico expects to expand product discoverability and extend the customer base through the ONDC-affiliated seller applications. 

In a joint statement with ONDC, PepsiCo India President Ahmed ElSheikh said, “At PepsiCo India, the focus is to maximise choices on how consumers want to source our products.  We are always looking to innovate our go-to-market models.”

According to ElSheikh, the integration with ONDC will help the global F&B giant leverage the latest technology platform solutions, making it faster and more flexible in its market approach while enhancing consumer experiences.

Commenting on the development, ONDC MD & CEO T Koshy said, “PepsiCo India can now reach a wider customer base while offering expanded choices for buyers on the network.”

With this, Pepsico is all set to join the host of food and beverage brands like Rebel Foods, Wow! Momo, Red Bull, ITC, etc on ONDC. Earlier in June, it also saw Marico’s Saffola joining ONDC platform. 

In July, ONDC announced that its daily retail orders crossed the 35,000 mark with Delhi-NCR and  Bengaluru contributing more than 11,000 and 7,000 orders, respectively. The platform was recording as much as 40% sales in Bengaluru, followed by other metro cities like Pune, Kolkata, Hyderabad. 

The lower delivery charges offered by ONDC have raised concerns about its potential threat to established foodtech giants such as Zomato and Swiggy. However, brokerage firm Jefferies said in a report that ONDC does not pose any threat to the existing players. According to Jefferies, the platform’s growth is attributed to the incentives. If those are lifted, either the customers or sellers will have to compensate for it. 

As per Koshi’s statement, the number of restaurants on the platform stands at 50,000 across 172 cities now, while it stood at only 500 in February. Further, ONDC aims to double the restaurant count by the end of this year. 

Meanwhile, ONDC is also looking to add startups to the platform through multiple initiatives. Recently, Google Cloud launched an accelerator programme for the government-backed network. Also, Antler India launched a venture platform, Antler ONDC to provide resources, an expert network, community and capital to founders building on the platform.

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Bengaluru To Get 5,000 Free Public Wifi Hotspots By December https://inc42.com/buzz/bengaluru-to-get-5000-free-public-wifi-hotspots-by-december/ Mon, 28 Aug 2023 07:43:30 +0000 https://inc42.com/?p=412216 Karnataka’s Deputy Chief Minister DK Shivakumar and IT BT minister Priyank Kharge announced on Sunday (August 28) that Bengaluru is…]]>

Karnataka’s Deputy Chief Minister DK Shivakumar and IT BT minister Priyank Kharge announced on Sunday (August 28) that Bengaluru is likely to get free public Wi-Fi zones by December.

This is in line with the goals of the state government underlined in Digital Karnataka. 

According to Kharge, the government is planning to set up about 5,000 free public hotspots across the city, the ET reported. “We will start talking to telecom service as well as broadband service providers,” Kharge told the publication.

In 2019, when it was first formulated, the plan was to offer free data for the first 30 minutes or an hour and charge for use beyond that. This scheme was estimated to cost about INR 100 Cr and was to be fully funded by the internet service provider Atria Convergence Technologies (ACT).

The update follows after the Centre received a proposal from industry bodies in 2019 to set up free public hotspots nationwide. Back then, the government planned to roll out 5 Mn free Wi-Fi zones across the country by 2020 and expand it to 10 Mn by 2022 under the National Digital Communications Policy of 2018.

The Centre has also been working on the BharatNet project, one of the largest rural telecom projects in the world. As of August 7, 2023, 1,96,544 gram panchayats are connected through the BharatNet project and 6,50,080 km of optical fibre cable (OFC) has been laid. 

Additionally, 6,01,026 fibre-to-the-home (FTTH) connections have been commissioned and 1,04,674 Wi-Fi hotspots have been installed to ensure last-mile connectivity in rural areas of the country, per the latest statistics.

The central government is also working on rolling out new reforms to regularise the telecom sector. The Indian government drafted the Indian Telecommunication Bill, 2022.

While proposing the draft, the communications ministry also urged the private players to share thoughts and perspectives on the same. With this, the government planned to replace the Indian Telegraph Act, 1885, the Indian Wireless Telegraphy Act, 1933, and the Telegraph Wires (Unlawful Possession) Act, 1950.

According to Nielsen’s India Internet Report 2023, India’s internet users aged two years and above reached over 700 Mn as of December 2022. Further, the study found that the number of users aged 12 years and above grew 20% YoY to 595 Mn in 2022.

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Vedanta Spark 3.0 To Support Over 100 Sustainable Tech Startups https://inc42.com/buzz/vedanta-spark-3-0-to-support-over-100-sustainable-tech-startups/ Sat, 26 Aug 2023 07:13:44 +0000 https://inc42.com/?p=411967 Mining giant Vedanta will collaborate with over 100 startups to explore sustainable technologies as part of the third edition of…]]>

Mining giant Vedanta will collaborate with over 100 startups to explore sustainable technologies as part of the third edition of Vedanta Spark.

Vedanta Spark is a global corporate innovation, accelerator & venture programme aimed at providing over 100 projects with opportunities worth up to $5 Mn in sustainable and transformative technologies. 

It focusses on three key areas to drive innovation i.e. enhancing business efficiency, digital transformations, and achieving Net Zero sustainability goals. 

With support from Vedanta, the startups will have access to high-end infrastructure, resources, and insights from Vedanta’s in-house experts. This will help the engaged startups refine their products, scale their operations, and achieve sustainable growth.

Priya Agarwal Hebbar, non-executive director, Vedanta Limited, said, “Through this initiative, we also aim to inculcate a startup culture by enabling the businesses to collaborate with some of the brightest minds in the nation as well as usher in the next generation of industry leaders. This year we hope to increase focus on ESG transformation through innovative solutions and are also looking to engage with and support more women-led startups.”

The previous two editions of the Vedanta Spark fostered over 80 startups for 120+ opportunities worth approximately $3.5 Mn. The latest edition is all set to focus on the growth of engaged startups.

“Spark 3.0 intends to bring forth more than 100 initiatives with opportunities up to $5 Mn this year by partnering with innovative startups and utilising their cutting-edge technologies. This collaboration serves as a powerful catalyst for Vedanta’s mission of creating large-scale impact by harnessing open innovation and technologies,” said Arun Misra, CEO – Zinc Sector, ED – Vedanta Limited. 

For the programme, Vedanta has collaborated with MeitY and NASSCOM’s Center of Excellence (CoE).

Climate and sustainability-focused tech innovations have become a centre of focus for several corporates and Indian venture capital funds. Earlier in June, Avaana Capital also secured a $70 Mn for its first close in Avaana Climate and Sustainability Fund, with a targeted corpus of $100 Mn – $125 Mn to back startups in the energy transition and resource management, mobility and supply chains, sustainable agriculture and food systems.

Also, another venture fund, Omnivore, announced the first close of its fund Omnivore Agritech & Climate Sustainability Fund – at $150 Mn to back the startups developing breakthrough technologies for agriculture, food, climate, and the rural economy.

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India Is Well-Positioned To Help Advance Global Talks On AI Issues: Microsoft President https://inc42.com/buzz/india-is-well-positioned-to-help-advance-global-talks-on-ai-issues-microsoft-president/ Thu, 24 Aug 2023 15:19:25 +0000 https://inc42.com/?p=411781 Amid the B20 Summit India 2023, a G20 dialogue forum for the global business community, Microsoft vice chair & president…]]>

Amid the B20 Summit India 2023, a G20 dialogue forum for the global business community, Microsoft vice chair & president Brad Smith penned a note demonstrating India’s position in the global artificial intelligence (AI) ecosystem. 

In his post, which is the foreword for Microsoft’s report ‘Governing AI: A Blueprint for India’, Smith stated that India is ‘well positioned to help advance a global discussion on AI issues’. According to him, many countries will look to India for a global discussion on subjects related to AI. 

Smith, who is on a visit to India for the G20 Summit, is of the view that India’s efforts to advance the Indo-Pacific Economic Framework mark the country’s potential to lead major economies and drive support for responsible AI development and deployment within the Global South. 

According to Smith, for international-level of AI governance, nations need a multilateral framework that connects various national rules and ensures a certified and safe AI system. He added that working towards a planned internationally interoperable approach to responsible AI is critical for maximising the benefits of AI globally. 

“Recognising that AI governance is a journey, not a destination, we look forward to supporting these efforts in the months and years to come,” Smith wrote. He stated that the world is optimistic about the innovative solutions from India. 

Smith has penned down his perception of India’s AI governance at a time when the Indian government has already announced that it is planning to regulate the uses of AI to protect digital citizens from any cyber harm. 

In July, Minister of State for Electronics and Information Technology Rajeev Chandrasekhar announced, “We will regulate AI as we will regulate Web3 or any emerging technologies to ensure that these technologies don’t harm digital nagriks.”

Many global tech leaders, too, seem to be looking at India, which is an emerging leader in the global tech market. Earlier, OpenAI’s CEO Sam Altman made a similar note after his meeting with Prime Minister Narendra Modi on the need to regulate AI usage globally and the opportunities that India can present in this process. 

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Uber Appoints Arnab Kumar As Director of Business Development For India, South Asia https://inc42.com/buzz/uber-appoints-arnab-kumar-as-director-of-business-development-for-india-south-asia/ Thu, 24 Aug 2023 09:56:44 +0000 https://inc42.com/?p=411704 Ride-hailing giant Uber has appointed former investment banker Arnab Kumar as the director of business development for India and South…]]>

Ride-hailing giant Uber has appointed former investment banker Arnab Kumar as the director of business development for India and South Asia. 

Kumar has over 17 years of experience in the technology and financial services industries. Prior to this, he was associated with Coinbase as the director for India market expansion. Before that he worked as a program director at government think tank NITI Aayog. Kumar also worked for Deutsche Bank as an investment banker in Singapore and New York. 

He pursued a post graduate program in management, finance, strategy & leadership from the Indian School of Business and holds a bachelor’s degree in information technology from the Birla Institute of Technology.

Commenting on the appointment, Uber India and South Asia president Prabhjeet Singh said, “During his work at NITI Aayog, he delivered impact and change at scale. Under his leadership, our business development team will continue to be a key accelerant for our partnerships and new growth opportunities.”

Kumar said, “India and South Asia present tremendous growth potential and I look forward to joining forces with the incredibly talented team at Uber and supporting the company’s growth ambitions in this important region.”

Uber is available across 125 cities in India. Customers can book a ride on its app on two-, three- and four-wheelers for their intracity and intercity travel needs. The company competes with the likes of Ola Cabs, Rapido, and BluSmart.

Earlier this week, Uber launched a group ride feature in India which allows users to share the ride with three other people while travelling to the same destination. 

Earlier this year, the fleet operator also said that it will procure 25,000 electric vehicles from Tata Motors to introduce premium category service. 

Uber India reported a net loss of INR 216 Cr in FY22, down 35% from INR 333.9 Cr in FY21. Further, its operating revenue increased by 4% year-on-year (YoY) to INR 396.95 Cr.

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