DPIIT Secretary Rajesh Kumar Singh stated on Thursday that the department has recommended a gradual elimination of the inverted duty structure and the reduction of high tariffs on inputs within industries like electronics.
The yatra bus will travel to 100 cities in 100 days, showcasing the diverse endeavours of the MSME and start-up ecosystems; it will focus on enhance financial and tax literacy and build capacity among MSMEs and start-ups
The programme was launched in partnership with ISRO and IN-SPACe
India’s future unicorns are currently worth $58 billion, with an increase of 1.8% as compared to the last year. This year's index featured significant advancements. Ixigo, a former Cheetah, went public with a 48% premium.
In December 2022, RENEE secured $25 million in a Series B funding round, led by Evolvence India. Edelweiss Group and current investors Equanimity and 9Unicorns (now 100 Unicorns) also took part in the investment.
The three funds worth collective target of Rs. 500 crores focussed on backing GIFT City- based start-ups.
Hurun Global Unicorn Index noted that India produced more offshore unicorns than any other country, co-founding 109 unicorns outside of India compared to 67 in India.
Ola was founded by Bhavish Aggarwal and Ankit Bhati in India in 2011. The company had initially launched operations in Australia and New Zealand during the year 2018.
Sanjeev Bikhchandani added that in the coming years, startups are expected to play a crucial role in making India a developed economy by 2047.
The Prime Minister highlighted India's making a mark in the IT and software sector in the last few decades and underlined the emerging trends of innovation and start-up culture.
On Thursday, the US bankruptcy court ordered a freeze on $533 million in loan proceeds belonging to Think & Learn Pvt, the parent company of Byju's.
"Our inspection has found gross negligence on accounting practices by individual auditors of Byju's and accordingly we have recommended to the Financial Reporting Review Board (FRRB) to take punitive actions on auditors concerned," Ranjeet Kumar Agarwal said.
Before the EGM last month, Think and Learn had filed a plea in the Karnataka High Court asking for relief. In an interim order, the HC stated that the decisions in the EGM will be subject to the next hearing of the petition, which has been scheduled for March 13.
In a separate filing, Baron Capital stated that Swiggy commands roughly 45% market share in the Indian food delivery sector and is “well positioned" to benefit from structural growth in online food delivery in India.
The revenue-based financing start-up aims to back 400+ businesses by 2025 with non-dilutive capital; it has also announced partnership with diversity-focused network Encubay
Former BharatPe co-founder Ashneer Grover, in a letter dated March 6, told the RBI that BharatPe had deliberately “defrauded” it by bringing back Bhavik Koladiya, who was convicted of a wire fraud in the US, to the company’s cap table, after securing a bunch of licences.
Grover in his letter has asked RBI to look into whether the company’s board and investors had “warehoused” Koladiya’s shares for a specific period of time only to bring him back after the requisite approvals were received from the bank regulator.
IVCA is a not-for-profit industry body promoting the alternate capital industry and fostering an investing ecosystem in India.
The Bengaluru-based startup plans to invest $40 million in this product, aiming for a $100 million annualised revenue run rate by 2025.
In a recent podcast on Youtube, Agarwal, who is a chartered accountant by education, shared details of his long and exciting journey from an IT company to a bank in another country to returning home and finally launching a start-up.
They were once India's most highly valued startups. Now the crushed valuations of fintech company Paytm PAYT.NS and online educator Byju’s will weigh on the country's next wave of firms that will look to raise funds.
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