StartupNews.Fyi

24/07/2024

CCI Nods To Pai To Acquire Stake In Aakash Educational Services

CCI Approval: The Competition Commission Of India approved Manipal Health Systems and Ranjan Pai’s MEMG Family Office LLP's acquisition of a stake in BYJU'S-owned Aakash Educational Services Limited Services.

Investment Conversion: Aakash's board approved converting Pai's $300 Mn investment into equity, making Pai the largest shareholder with a 40% stake.

Arbitration Proceedings: An arbitrator barred BYJU’S from selling 4 Mn shares of Aakash due to a dispute over a $42 Mn loan and breach of terms by BYJU’S.

Share Transfer Issue: BYJU’S cited failure to obtain necessary investor approvals for the share transfer to MEMG Family Office during arbitration proceedings.

Aakash's Financial Performance: Aakash Educational Services' profit increased by 82% to INR 79.5 Cr in FY22, up from INR 43.6 Cr in FY21, while BYJU’S FY22 financials are still pending.

CCI gave a green signal to Manipal Health Systems and MEMG Family Office for the proposed buyout of a stake in Aakash Educational Services

24/07/2024

Budget 2024 Looks To Uplift MSME Exports, Financing

Angel Tax Abolished: The government removed the angel tax for all investors to support startups and boost innovation.

Ecommerce Export Hubs: Plans to establish export hubs in a PPP model to help MSMEs and artisans sell internationally, simplifying compliance and logistics.

Compliance Challenges: MSMEs face international trade issues due to complex compliance and high shipping costs. Export hubs will provide market intelligence and financial services.

Credit Guarantee Scheme: A new scheme will offer term loans for machinery and equipment without collateral. SIDBI will expand to serve MSME clusters, improving capital access.

Economic Impact: MSMEs, contributing 30% to GDP and 45.73% of exports, will benefit from improved capital access and streamlined export processes, driving growth and innovation.

The ecommerce export hubs for MSME, which the government has been working on for some time, could be the answer to many of the problems

24/07/2024

Wednesday Highlights from the Startup World 🚀✨

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23/07/2024

Apna is making it easy for you to find the perfect job!
With opportunities in over 200 categories, supporting 11 different languages and operating across more than 800 cities - for you to navigate, apply for jobs and connecting you with employers nationwide.

Whether you are looking to join the ranks of top companies like BigBasket, Flipkart, Licious or just hunting for your next gig, Apna is the go-to platform to land your dream job.

23/07/2024

StartupNews.fyi is coming up with Roundtable Meetup, in Delhi this Saturday!

Join us at our exclusive meetup with Madhur Mohan Malik, Mentor of Change at NITI Aayog's Atal Tinkering Labs!

🗓 27th July | 11 AM - 1 PM
📍 Apeejay Business Centre, Delhi

➡ Register Now: https://bit.ly/3YhirVF
(Only 15 Seats Available)

What's In It For You?
- Refine and develop your startup ideas through creative discussions
- Gain insights and solutions to your startup challenges
- Receive guidance from Madhur Mohan Malik
- Connect with fellow entrepreneurs and build relationships
- Learn effective marketing strategies to promote your startup

Don't miss the opportunity - Register Now! 🎟

23/07/2024

Tesla CEO Elon Musk does not shy away from making unconventional ideas. Recently, he shared another such idea: an AI-generated fashion show. He also shared a video of a virtual fashion show featuring prominent global political figures and tech icons. The video, posted on Twitter, depicted US President Joe Biden, former US President Donald Trump, Prime Minister Narendra Modi, and several others, all dressed in imaginative, futuristic attire.
The video begins to show the pope in an extravagant white coat. Then political leaders such as Vladimir Putin, Joe Biden, Donald Trump, Kim Jong Un, Justin Trudeau, Xi Jing Ping and others are shown donning various outfits.

Apart from them, founders like Elon Musk himself, Mark Zuckerberg, Jeff Bezos, and Tim Cook, among others, are also shown in the clip. (Also Read: Elon Musk amused by Indian meme on Microsoft outage as users face ‘blue screen of death’)

As Elon Musk shared the video, in the caption of the post, he wrote, "High time for an AI fashion show."

23/07/2024

India scraps ‘angel tax’ in boost to startups

Angel Tax Eliminated: The Indian government has abolished the angel tax for all investor types to bolster the startup ecosystem, announced by Finance Minister Nirmala Sitharaman in her budget speech.

Historical Challenges: The tax, introduced in 2012 to combat money laundering, was problematic for startups due to differing valuation methods between investors and tax authorities.

Previous Reforms: A 2019 reform attempted to simplify the tax but offered limited relief, with continued scrutiny from tax authorities as recently as this year.

Positive Industry Feedback: Industry leaders like Siddharth Pai of 3one4 Capital and Amit Mehra of Lightspeed welcomed the move, highlighting reduced uncertainty and a more supportive environment for startup investments.

Additional Support: The government also announced a $120 million venture capital fund to promote growth in India's space economy, further supporting startup innovation and expansion.

India's federal government has removed the controversial "angel tax" for all classes of investors, delivering a major victory to the country's startup India has axed the contentious "angel tax" in a major victory to the country's startup ecosystem.

23/07/2024

Giving a big relief to startups, the government on Tuesday announced the removal of angel tax for all classes of investors to further promote the growth of budding entrepreneurs of the country.

Angel tax refers to the income tax that the government imposes on funding raised by unlisted companies, or startups if their valuation exceeds the company’s fair market value.

“To bolster the Indian startup eco-system, boost the entrepreneurial spirit and support innovation, I propose to abolish the so-called angel tax for all classes of investors,” she said.

Ahead of the Union Budget, the Department for Promotion of Industry and Internal Trade (DPIIT) has recommended the removal of this levy on startups.

In September last year, the Income Tax Department notified new angel tax rules that comprise a mechanism to evaluate the shares issued by unlisted startups to investors.

While previously the angel tax — a tax levied on capital received on the sale of shares of a startup above the fair market value — applied only to local investors, the Budget for the 2023-24 fiscal year (April 2023 to March 2024) widened its ambit to include foreign investments.

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23/07/2024

🚀 DELHI here we come "Innovators & Investors Meetup 2.0" 🚀

Join us for an exciting afternoon of networking and collaboration at the Innovators & Investors Meetup 2.0, organized by InnoScale Global Foundation !

This event brings together visionary Innovators and strategic Investors to explore opportunities, share insights, and foster partnerships that drive innovation forward.

Don't miss this opportunity to connect with key players in the Startup ecosystem. Whether you're an entrepreneur with a ground breaking idea or an investor seeking the next big opportunity, this meetup is designed to catalyze growth and innovation.

📅 Date: July 27th, 2024
📍 Location: B-61, Noida Sector - 67
⏰ Time: 3:00-5:00 PM (IST)
🔗 Register: https://startupnews.fyi/event/innovators-investors-meetup-2-0-noida-july-27/

23/07/2024

Business Growth Accelerator | Delhi | July 28

Hosted by Qlikmatrix & Linkedentity, and powered by Crowdfeuz!✨

Get ready to take your business to the next level at this exciting event designed for entrepreneurs, founders, startup owners, and business professionals.🌟

Date: July 28, 2024
Time: 2:00 PM
Venue: India International Centre, New Delhi
➡ Register Now - https://startupnews.fyi/event/business-growth-accelerator-delhi-july-28/

Event Highlights:
🌱 Business Growth Masterclass: Discover the secrets to scaling your business.
🚀 Elevator Pitch: Perfect your pitch and showcase your vision.
🎤 Speaker Sessions: Learn from industry experts and thought leaders.
🍵 High Tea Networking: Connect with like-minded individuals over a delightful high tea.

Don’t miss this chance to accelerate your business journey.
Let's thrive together! 🔥

23/07/2024

Tuesday Highlights from the Startup World 🚀✨

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22/07/2024

Number Of DPIIT-Recognised Startups Crosses 1.17 Lakh Mark

Startup Growth: DPIIT-recognised startups surged to over 1.17 lakh in 2023 from 300 in 2016, with 45% from Tier I and II cities.

Job Creation: These startups created over 12.42 lakh direct jobs, significantly impacting the economy.

Emerging Technologies: 13,000 startups focus on technologies like AI, IoT, robotics, and nanotechnology.

Government Support: The growth was driven by government initiatives in simplification, funding, and industry-academia partnerships. The Fund of Funds for Startups committed over INR 10,500 Cr, leading to investments of more than INR 18,000 Cr by FY24.

Innovation and Funding: Startups filed over 12,000 patents from 2016 to March 2024. Despite a slight funding dip, Indian startups raised $5.3 Bn in H1 2024, down 2% from last year.

Read the full article here -

The number of DPIIT-recognised startups breached the 1.17 Lakh mark in 2023, up from 300 in 2016, according to the Economic Survey 2023-24.

22/07/2024

IIM Lucknow Enterprise Incubation Center (IIML EIC) has launched 𝟏𝟎𝟏 𝐒𝐭𝐚𝐫𝐭𝐮𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐜𝐮𝐛𝐚𝐭𝐢𝐨𝐧 𝐏𝐫𝐨𝐠𝐫𝐚𝐦𝐦𝐞 𝐭𝐡𝐚𝐭 𝐰𝐢𝐥𝐥 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐬𝐮𝐩𝐩𝐨𝐫𝐭 𝐭𝐨 𝐦𝐨𝐫𝐞 𝐭𝐡𝐚𝐧 𝟏𝟎𝟎 𝐄𝐚𝐫𝐥𝐲 𝐒𝐭𝐚𝐠𝐞 𝐒𝐭𝐚𝐫𝐭𝐮𝐩𝐬 at .

Sector Agnostic Business Incubation Programme. Early Stage to Growth Stage Startups are encouraged to apply.

Apply Now: https://www.iimlincubator.com/startup-registration

L- Incubator, IIM Lucknow

22/07/2024

& ✨

Get Ready for the Race To Funds Mumbai on 25th July! 🚀

🗓 July 25 | 3 PM - 7:30 PM
📍 SP- TBI - Andheri West, Mumbai

🎤 Pitchers Register - https://docs.google.com/forms/d/16RoBsCLkiDIvonx3fbAMy2oRhiDD9Bx9WorjlajLyzg/

🎟 Non Pitchers Register Register - https://startupnews.fyi/event/startup-mixer-venator-minds-mumbai-july-25/

Meet the Investors for Race to Funds - Mumbai Edition:
Utpal Doshi - 100X.VC
Bhavesh Kothari - Billennium Divas Pvt. Ltd.
Devansh Lakhani - Angel Investor - Lakhani Financial Services
Preetesh Maloo - Venturebuddy.io
Abhiram Bhalerao - V3 Ventures
Hiren Agarwal - Inflection Point Ventures

22/07/2024

Monday Highlights from the Startup World 🚀✨

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21/07/2024

Smart buyers avoid overpaying with PropWorth by MagicBricks! Instantly find accurate property values using data from 50,000 projects in 5,500 localities across 30 cities. Make informed decisions with ~98% accuracy. Essential for every buyer and seller!

21/07/2024

Sunday Highlights from the Startup World 🚀✨

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20/07/2024

Karnataka HC Rejects BYJU’S Plea In BCCI Case

Legal Challenge: BYJU'S moved the Karnataka High Court against the NCLT order on BCCI's insolvency plea but the court did not admit the plea. The firm plans to approach the NCLAT on July 22.

NCLT Order: On July 16, the NCLT admitted BYJU'S parent company into insolvency due to unpaid dues of INR 158.9 Cr to BCCI over a jersey sponsorship deal.

Sponsorship Dispute: The dispute began when BYJU'S took over the Indian cricket team’s sponsorship from OPPO in 2019 and ended the deal abruptly in December 2022 due to financial and regulatory issues.

Employee Impact: BYJU'S founder and CEO, Byju Raveendran, warned that insolvency proceedings could force thousands of employees to resign.

NCLT's Rejection of BYJU'S Argument: BYJU'S argued that BCCI did not provide services post-contract termination, but NCLT rejected this, citing email evidence showing the sponsorship was active until September 15, 2023.

The edtech firm plans to approach the National Company Law Appellate Tribunal (NCLAT) again on Monday.

20/07/2024

We're thrilled to announce Founders Connect Pune is now open for registration!

Join us for an exclusive event tailored for founders, investors, Web3 builders, OGs, Web3 professionals, and blockchain enthusiasts.

🗓 Date: 3rd August, 2024
📍 Location: Pune
💰 Register : https://startupnews.fyi/event/founders-connect-pune-pune-august-3/

This is a unique opportunity to network, collaborate, and learn from the best in the industry. Seats are limited, so don’t wait – secure your spot now!

Organizer : Dev Fusion Cohort

Apply fast and book your seat today. See you there!

20/07/2024

Loss Widens, But Co Expects Revenue To Improve

Financial Performance: Paytm reported a net loss of INR 840.1 Cr, up 134% YoY. Operating revenue declined 36% to INR 1,502 Cr. Future growth is expected from merchant payments and loan cross-selling.

Merchant Signups and MTU: New merchant signups slightly increased to 1.09 Cr. Monthly transacting users (MTU) dropped to 7.8 Cr in June 2024 from 10.4 Cr in January.

Loan Distribution: Financial services revenue fell to INR 280 Cr, an 8% QoQ decline. Loan distribution was slightly down to INR 5,008 Cr. Merchant loans rose 50% to INR 2,508 Cr, while personal loans fell 27% to INR 2,500 Cr.

Marketing Services Revenue: Marketing services revenue decreased 19% QoQ to INR 321 Cr, attributed to seasonality and lower MTU. Significant growth was seen in the travel segment.

Regulatory and Strategic Updates: Paytm received a SEBI notice regarding ESOPs for CEO Vijay Shekhar Sharma. The company is exploring strategic opportunities, including a potential sale of its Entertainment business.

Paytm has reported a net loss of INR 840.1 Cr in the quarter ended June 2024 (Q1 FY25), up 134% from INR 358.4 Cr in the year-ago quarter.

20/07/2024

Saturday Highlights from the Startup World 🚀✨

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19/07/2024

Do share what are you doing form the time you looking at the

19/07/2024

Only 1 Day to Go!
We are just one day away from the Startup Mixer in Mohali and the excitement is building up! 🎉

📅 Date: Tomorrow, 4 PM Onwards
📍 Venue: IMPunjab, Chandigarh

🔗 Register Now: https://bit.ly/3xSVwW0

This is your chance to connect, learn, and grow with the brightest minds in Tricity!

Share with your Tricity friends and network! ✨

19/07/2024

Business Growth Accelerator | Delhi | July 28

Hosted by Qlikmatrix & Linkedentity, and powered by Crowdfeuz!

✨ Get ready to take your business to the next level at this exciting event designed for entrepreneurs, founders, startup owners, and business professionals. 🌟

Event Highlights:
🌱 Business Growth Masterclass: Discover the secrets to scaling your business.
🚀 Elevator Pitch: Perfect your pitch and showcase your vision.
🎤 Speaker Sessions: Learn from industry experts and thought leaders.
🍵 High Tea Networking: Connect with like-minded individuals over a delightful high tea.

Date: July 28, 2024
Time: 2:00 PM
Venue: India International Centre, New Delhi
Register: https://startupnews.fyi/event/business-growth-accelerator-delhi-july-28/

Don’t miss this chance to accelerate your business journey. Let's thrive together! 🔥

19/07/2024

Road to Summit Mixer | Mumbai | July 20

As a run-up to the summit, we are organizing the Road to Summit Mixers.

This is a series of events happening across India, where Founders and investors come together to celebrate the spirit of entrepreneurship.

​These are Curated mixers where select startups also get an opportunity to showcase what they are building, and network to grow their business.

Who Should Attend?
1. Founders
2. CXOs
3. Investors
4, Enablers

PANELISTS:
🌟 Vatsal Kanakiya - Founder of 100X.VC
🌟 Anvit Baliga - Principal of Venture Catalysts++
🌟 Rajiv Indimath - Early stage investor from Inflection Point Ventures
🌟 Rajit Bhattacharya - Founder of Data Sutram

The session will be moderated by Vishal V. Kale - head, Strategy, D Studio 90 Solutions. This is a limited-seat event with only 30 slots available.

Organizer: The Builders Club

Date: 20th JULY, 4 - 7 PM
Venue: Mumbai, Maharashtra
Register: https://startupnews.fyi/event/road-to-summit-mixer-mixer-july-20/

19/07/2024

ONDC Captures 3% Of Swiggy And Zomato’s Food Order Volumes

Market Pe*******on: ONDC captures around 3% of Swiggy and Zomato's daily food order volumes in India, facilitating 60,000 orders per day.

Record Achievement: On July 7, 2024, ONDC achieved 38,000 daily food orders in Bengaluru, representing 17% of Swiggy and Zomato's individual daily orders in the city.

Total Order Volume: The total order volume on ONDC reached 400,000 in a day, including mobility bookings.

Integration Plans: ONDC is integrating banks and fintech platforms, following early credit disbursal pilots with Tata Neu and Paisabazaar in early July.

Transaction Growth: ONDC recorded 10 Mn transactions in June, with 6.1 Mn non-mobility transactions and 3.9 Mn mobility transactions, driven by retail growth.

ONDC has captured around 3% of Swiggy and Zomato’s total food order volumes across India, an internal analysis by the network has shown.

19/07/2024

IIM Lucknow Enterprise Incubation Center (IIML EIC) has launched 𝟏𝟎𝟏 𝐒𝐭𝐚𝐫𝐭𝐮𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐜𝐮𝐛𝐚𝐭𝐢𝐨𝐧 𝐏𝐫𝐨𝐠𝐫𝐚𝐦𝐦𝐞 𝐭𝐡𝐚𝐭 𝐰𝐢𝐥𝐥 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐬𝐮𝐩𝐩𝐨𝐫𝐭 𝐭𝐨 𝐦𝐨𝐫𝐞 𝐭𝐡𝐚𝐧 𝟏𝟎𝟎 𝐄𝐚𝐫𝐥𝐲 𝐒𝐭𝐚𝐠𝐞 𝐒𝐭𝐚𝐫𝐭𝐮𝐩𝐬 at .

Sector Agnostic Business Incubation Programme. Early Stage to Growth Stage Startups are encouraged to apply.

Apply Now: https://www.iimlincubator.com/startup-registration

Iiml Incubator

19/07/2024

Ola Maps Announces New Pricing Structure To Woo Developers

Free First Year: Ola Maps will be free for all developers for the first year, starting July 18, including 5 million free API calls per month.

Cheaper Pricing: New pricing for larger volumes is 50% cheaper than Google Maps. Developers committing to over three years get two years free, and ONDC-related startups and SMBs get three years free.

Developer Growth: Over 10,000 developers have signed up for Ola Maps, showing strong interest in the platform.

Critique of Tech Giants: Aggarwal criticized big tech for high costs and lack of localized pricing, stressing the need for homegrown solutions.

Future Enhancements: Ola will soon launch new APIs, SDKs, and features on its developer platform. This follows Google's recent price cuts and acceptance of INR payments.

Ola founder and CEO Bhavish Aggarwal announced a new updated pricing structure to woo developers to Ola Maps.

19/07/2024

Friday Highlights from the Startup World 🚀✨

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