ourindianstartups (2024)

19/07/2023

Online youth fashion brand Styched on Monday announced that it has acquired Flatheads, a direct-to-customer online casual sneaker startup, which was featured in Shark Tank India season 2. The startup did not secure any funding from investors on the reality show.

18/07/2023

US startup Fisker said on Monday it would produce 100 limited edition electric sports utility vehicles (SUVs) for the Indian market and expects to begin deliveries in the fourth quarter this year.

The company had said in September it would begin selling its Ocean electric SUVs in India by July 2023, with local production beginning in a few years.But it now expects to complete the final checks for the SUV, named Fisker Ocean Extreme Vigyan, for India by the end of September, with its pricing aligning with the European market.

Fisker Ocean Extreme is priced at 69,950 euros ($78,588.83), excluding taxes, in Germany. That would equate to around Rs 64.5 lakh. A Fisker Ocean SUV starts at $37,499 in the United States.

Electric vehicles (EVs) make up just 1% of the 3 million cars sold each year in India, with the government wanting to increase this share to 30% by 2030. For this, the country has introduced several incentives, including tax breaks for consumers.In India and across all regions outside China, the US and Europe, EV sales are expected to represent 2%-3% of car sales in 2023, a relatively small yet growing share, according to data from International Energy Agency.

15/07/2023

This is because RIL has fixed July 20 as the record date for the demerger of Reliance Strategic Investments, which will be renamed Jio Financial Services. Ever since this announcement, shares of the oil-to-telecom major have clocked sharp gains and scaled a fresh 52-week high of Rs 2,802. On Friday, the stock ended marginally down 0.1% at Rs 2,740.70.

14/07/2023

The state government will hold a 30% stake in the centres, while Tata Technologies will have a 70% stake, following a public-private partnership (PPP) model.
The proposed centres, requiring an investment of Rs 2,000 crore, were presented to Karnataka's Large and Medium Industries Minister, M B Patil, by representatives of Tata Technologies at a meeting held in Vidhana Soudha.

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13/07/2023

Wipro said that Wipro ai360 will help unleash a new era of value, productivity, and commercial opportunities through the application of AI and generative AI.

Indian technology company Wipro today announced the launch of Wipro ai360 with the aim of integrating AI into every platform, every tool, and every solution used internally and offered to clients.

The company also said it will be investing $1 billion in advancing AI capabilities over the next three years.

12/07/2023

Online gaming, horse racing, and casinos will be taxed on full face value at the rate of 28%: FM Nirmala Sitharaman

GST will now be applicable to gross revenue or total prize pool with no distinction between games of skill and games of chance

The online gaming industry reacted strongly to the move, saying it would “destroy a significant portion of the successful companies” in India’s startup ecosystem

11/07/2023

Bengaluru-based artificial intelligence (AI) start-up Minus Zero has unveiled what it claims is India’s first autonomous vehicle. Based on a camera-sensor suite, the fully-electric prototype called zPod can drive in all environmental and geographical constraints, and can scale up to Level 5 autonomy capabilities, the company said. Level 5 autonomy refers to the highest level of autonomous driving, where a vehicle is fully capable of operating without human intervention in all driving conditions and environments.

Founded by Gagandeep Reehal and Gursimran Kalra in 2021, Minus Zero has raised a $1.7 million in seed fund from a bunch of investors including Chiratae Ventures, Snow Leopard Ventures, IIT Mandi and other angel investors from autonomous vehicles industry.

09/07/2023

The Economic Offences Unit (EOU) of Bihar police recently approached Ministry of Electronics and Information Technology (MeitY) urging it to ban more than 100 such apps, Nayyar Hasnain Khan, Additional Director General (ADG) of EOU (Bihar police) said.

"The decision was taken after confirming that these apps attract Section 69 of the Information Technology (IT) Act as they contain materials which is prejudicial to the sovereignty and integrity of India. Several complaints had been received of extortion and harassment from people who had borrowed very small amounts through such loan lending apps," Khan said.

1Section 69A of the IT Act empowers the government to restrict access to any online content to protect the interest of sovereignty and integrity of the nation, security of the state, friendly relations with foreign states and public order.

08/07/2023

According to the Annual World Air Quality report released by IQAir, a Swiss air quality technology company, India ranks eighth in the list of countries with the worst air quality index in 2023. The report placed 12 Indian cities in the list of 15 most-polluted cities in Central and South East Asia. And, that’s not all. According to a Lancet Study in 2022, nearly 1.6 million deaths in 2019 were due to air pollution alone.

Hubballi-based startup CarbonCraft is doing its bit towards carbon-negative homes by starting with a ubiquitous material in the industry–tiles. Understanding the need for architectural intervention, Tejas Sidnal started CarbonCraft Designs in 2016. The company started manufacturing tiles made from upcycled carbon, the first-of-its-kind in the world, in 2020, three months before the pandemic hit India.

07/07/2023

Threads, the Twitter rival launched by Meta, has been gaining an astonishing number of users, with an impressive 10 million signups within a mere seven hours, as revealed by Mark Zuckerberg, co-founder and CEO of Meta. However, this highly-anticipated new service, which requires an Instagram account for onboarding, comes with an intriguing condition: If users wish to delete their Threads account, they must also delete their linked Instagram account.

According to Meta’s “Supplemental Privacy Policy,” users can deactivate their Threads profile anytime. However, the Threads profile can only be deleted by deleting the associated Instagram account.

06/07/2023

Five Class 10 students from Gurugram have innovated Zephyrus, an eco-friendly, 2-in-1 cooling device that tackles the challenges of a conventional cooler and can save water.

Last summer, five students from Gurugram’s Shiv Nadar school sat down to identify and address real-world problems as part of their school curriculum in Class 10.

For this, V Sahil Seshadri (15), Lakshya Goswami (16), Uday Singh (16), Sourish Grover (16), and Armaan Sharma (15) decided to zero in on the severe heatwaves generated by climate change and its effects.

India has been battling unprecedented heatwaves that have massively affected its population’s health and resulted in loss of working hours, productivity, and economic well-being — especially farmers and daily wage labourers, who are forced to work in the open spaces. Only 4.9 percent of households in the country enjoy the comforts of air conditioners, and 14.1 percent of households possess air coolers.

The students thus zeroed in on a simple, yet brilliant solution: an eco-friendly, portable, and cost-effective device named Zephyrus, which dually functions as a cooler and a heater.

05/07/2023

Reliance Jio has announced the launch of Jio Bharat Phone, an offering aimed at empowering feature phone users with relatively affordable internet-enabled phones. The phone comes at an entry price of Rs 999, the Jio Bharat Phone aims to tap into the existing 250 million feature phone users in India to access internet-enabled services.

24/04/2023

Both banks will be investing up to INR 69.90 Cr each in the insurtech unicorn’s life insurance arm, Go Digit Life, in two tranches
The investment is subject to Go Digit receiving a life insurance licence from IRDAI
Once Go Digit receives the licence, Axis and HDFC will complete the investment of the first tranche within three to six months
Source:- inc42

23/04/2023

Federation of Indian Export Organisations (FIEO) said they are targeting to take the shipments to USD 500 billion-510 billion during the current financial year.
Source:- economictimes

23/04/2023

The Union Labour Ministry reportedly held talks with Ola, Uber, Zomato, Swiggy and Urban Company to provide benefits such as life insurance and health covers to gig workers
Talks between the government and the aggregators are still underway and the matter is yet to be resolved
The Centre has been looking to notify four labour codes, which provide multiple social security benefits to gig workers, for many years now
Source:- inc42.com

22/04/2023

The platform which started in 2007 as an add-on grocery service for prime members, launched as a segregated store for grocery items in 2021

Amazon Fresh follows the model of slotted grocery deliveries and has claimed to have doubled down despite stiff competition

The online grocery market of India is estimated to expand at a CAGR of 37.1% by 2028
Source:- inc42.com

22/04/2023

Google, has launched the Startup School India (SSI), a platform in which Google will bring together investors, successful entrepreneurs and programmers from the smaller cities. Google aims to reach out to a bare minimum of 10,000 startups with this program.
Source:- entrepreneur.com

15/04/2023

Apple now produces almost 7% of its iPhones in India as against a mere 1% in 2021
Of the iPhones produced in India last fiscal year, $5 Bn worth of smartphones were exported: Report
India has emerged as a key market for the company; Apple to open its retail stores in Delhi and Mumbai next week
Source:- inc42

14/04/2023

Amazon India on Monday announced its association with ‘Womennovator’ - a global incubator for women entrepreneurs and it supports them in scaling operations across India and the world - to enable 200 women entrepreneurs to launch their products on Amazon’s international marketplaces/websites and create global brands from India. This includes businesses like Kidsy Winsy, Vishaala Naturals, Gems & Jewels and Bunko Jungo, among others. These entrepreneurs come from diverse products categories including Apparel, Beauty, Jewellery, Spices, Sanitation, Handicrafts, Home Décor and office products etc.
Source:- economictimes.com

14/04/2023

Pocket FM’s net loss widened 10X to INR 171.6 Cr in FY22 from INR 17.1 Cr in FY21
Pocket FM, which primarily earns revenue from membership and subscription fees, saw its operating revenue grow to INR 17 Cr in FY22
Total expenses ballooned 10X to INR 189.14 Cr, with advertising and promotional spending at INR 128 Cr.
Source:- inc42.com

13/04/2023

Twitter CEO Elon Musk said that India’s social media laws are “quite strict” and he would prefer complying with the rules than his employees going to jail.
Source:- inc42.com

13/04/2023

Fintech platform PhonePe has raised an additional $100 million from General Atlantic which had initially invested $350 million in the company in January 2023. This takes the total fundraise by the Bengaluru-based decacorn to $750 million in the past three months.
Source:- entrackr.com

12/04/2023

He added that there were just around 350 startups before 2014.
There has been a quantum jump in startups to more than 90,000 with more than 100 unicorns.
Source:- livemint.com

12/04/2023

The startup ecosystem in India saw a considerable decline in investment in the first quarter of 2023 when compared to the same period in 2018, according to the latest "Tracxn Geo Quarterly Report: India Tech - Q1 2023".

According to the research, startup companies in India raised $2.8 billion in total in the first quarter of 2023, down 75% from the $11.9 billion raised in the same period of 2022. The rise in interest rates and inflation, which have had a considerable impact on investments, are to blame for this reduction in funding.
Source:- livemint.com

10/04/2023

Bengaluru-based lendingtech soonicorn Money View reported a consolidated net profit of INR 17.72 Cr in the financial year 2021-22 (FY22) as against a net loss of INR 46.81 Cr in the previous financial year as its revenue growth outpaced the rise in expenses.
The startup’s revenue from operations jumped 4.27X to INR 253.25 Cr in FY22 from INR 59.24 Cr in FY21. As a lendingtech platform, Money View earns most of its revenue from facilitation charges, processing fees, and interest from borrowers.
Including other income, total revenue rose to INR 258.04 Cr from INR 65.76 Cr in FY21.
Source:- inc42.com

10/04/2023

Flipkart-backed B2B agritech startup Ninjacart’s net loss narrowed 70% to INR 307.9 Cr in the financial year ending March 31, 2022 from INR 1,023 Cr in the financial year 2020-21 (FY21) as its expenses declined and margin improved.
The Bengaluru-based startup didn’t only manage to cut down its loss but also saw an increase in its top line. Ninjacart’s operating revenue grew 1.2X to INR 967.3 Cr from INR 755 Cr in FY21.
Source:- inc42.com

09/04/2023

Quick commerce startup Dunzo has announced a fresh round of layoffs just three months after firing around 60-80 employees.

This time around, the Bengaluru-based startup has fired 30% of its employees, in a move that is likely to impact around 300 jobs.

Interestingly, the fresh layoffs at the Reliance Retail-backed quick commerce startup came as it secured funding of $75 million through convertible notes, ET reported on Thursday, citing people aware of the matter.

09/04/2023

Leading digital healthcare platform Practo has laid off 41 employees, mostly engineers, as part of the company's continuous performance management and planning process, as the funding winter continues.

The layoffs affected the engineering department the most, especially roles like product managers and software engineers, etc.

The company said in a statement that upholding a high bar for performance and productivity is crucial to maintaining this level of growth.

05/07/2022

N Chandrasekaran, chairman of Tata Motors told shareholders that the company plans to sell half a million cars in FY-23 and expressed confidence that electric vehicle sales will cross one lakh units by the next fiscal year.

Speaking to the shareholders at the 77th AGM, Chandrasekaran told shareholders that the company is keen to return to paying dividends soon.

04/07/2022

As startups in India keep firing their staff to navigate through the 'funding winter' and more than 60,000 can lose their jobs in 2022 alone, the country is preparing to welcome 200 unicorns in the next four years.

As thousands more brace themselves for being laid off, led by edtech and e-commerce platforms, the 'ASK Private Wealth Hurun India Future Unicorn Index 2022' list highlights that nearly 122 startups from 25 cities are on the path to become unicorns (with a valuation of $1 billion and above).

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