Tag: Startups in India

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Technology

Tech Startups To Get Major Boost As India and Singapore Ink Pact To Usher an Entrepreneurial Ecosystem

Tech Startups in India (Photo Credits: Pexels)

New Delhi, April 24: India and Singapore have inked a pact to boost the startup ecosystem and encourage start-ups to take advantage of the Singapore-India trade and technology corridor. Under the pact, the Singapore Indian Chamber of Commerce and Industry (SICCI) and Start-up Incubation and Innovation Centre (SIIC) of IIT-Kanpur have come together to provide a gateway of opportunities to tech-based start-ups. This would help these startups to usher a circular economy and an entrepreneurial ecosystem.

India is today the third largest start-up ecosystem in the world, with over 45,000 start-ups in various stages. In 2014, only four start-ups in India were in the Unicorn club. According to a report by PTI, the SICCI-SIIC conducted the first in a series of cross-border collaborations on Friday under a memorandum of understanding (MoU) signed on March 10, 2021.

Here’s how the pact between India and Singapore would help tech start-ups:

  1. The two institutions are collaborating to identify young, indigenous talent to provide them with an array of incubation services.
  2. A joint statement said that this one-of-its-kind association will provide start-ups in Singapore and India a competitive edge in the global market.
  3. With an array of services, both SICCI and SIIC will promote homegrown and international initiatives operating in the technology domain with mentorship and access to capital.
  4. To galvanise their efforts towards promoting indigenous innovation, SICCI-SIIC Launchpad Competition – SICCI-SIIC INNOVATION LAUNCHPAD – held a start-up pitch competition on a virtual platform.
  5. Nine pre-selected contestants – five from Singapore and four from India – pitched their ideas to the judges.

Prof Amitabha Bandyopadhyay, in-charge of Innovation and Incubation at IIT Kanpur, said that LaunchPad 2021 is the first of many upcoming endeavours that marks the beginning of an unseen era in the incubation ecosystem. “SIIC and SICCI have come together to develop a symbiotic relationship to benefit indigenous innovations in our respective countries,” he said.

“As we open our doors for their startups to explore the Indian market, and vice versa, we bring in a plethora of opportunities for all stakeholders. We are delighted to support tech-based businesses that are sustainable, ensure value-addition, and provide local employment opportunities,” he added.

Meanwhile, SICCI Chairman Dr T Chandroo said with SIIC, we plan to provide a well-deserved launchpad to our start-ups and those in India to create well-established global brands that thrive on excellence, innovation, and ingenuity. It was with this expectation that the Prime Minister of India launched the ‘Startup India’ initiative in January 2016.

 

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Technology

Indian SMBs To Get Major Boost As Microsoft India Announces ‘Dynamics 365 Business Central’, a Comprehensive Business Management Solution

Microsoft
Microsoft (Photo Credits: Twitter)

With an aim to encourage small and medium-sized businesses (SMBs) in India, Microsoft India has announced the general availability of Dynamics 365 Business Central, which is a comprehensive business management solution SMBs. The tech giant has customized this solution for India. The Dynamics 365 Business Central solution comes with inbuilt features that address local regulatory and market requirements for ease of business, including a tax engine comprising over 500 pre-configured use cases and business scenarios for GST, TDS and tax collected at source (TCS).

The Microsoft Dynamics 365 Business Central solution was announced by Microsoft during ‘Building a Resilient Future’, a virtual summit organised to discuss building resilience among SMBs in the presence of Union Road Transport and Highways Minister Nitin Gadkari. Microsoft Dynamics 365 Business Central is available through Microsoft Cloud Solution Providers (CSPs) in the country, the company said.

Here’s how Dynamics 365 Business Central would benefit the Indian SMBs:

  1. An all-in-one cloud solution, Dynamics 365 Business Central helps companies ensure business continuity by connecting sales, service, finance, and operations teams.
  2. It offers customers affordable and easily manageable tools that simplify and expedite everyday business processes.
  3. “We believe it will help small and medium-sized organisations move to the cloud confidently and be future proof,” said Rajiv Sodhi, Chief Operating Officer, Microsoft India.
  4. The solution can be accessed from any mobile device to conduct business on-the-go

During the launch, Gadkari said digitalisation is of utmost importance in the development of MSMEs, and could make the system more transparent, time-bound, and result-oriented. “In future, this would create efficiencies, create more market, and would be important for the growth of MSMEs in the country,” Gadkari added.

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Business motivation Technology

Indian Startups Get Major Boost As Amazon India Rolls Out $250 Mn ‘Amazon Smbhav Venture Fund’ To Invest in Technology-Led Startups

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New Delhi, April 15: With a view to encourage the startup ecosystem in India, e-commerce major Amazon on Thursday announced a $250 million fund to help businesses grow and achieve new heights. Amazon India launched the ‘Amazon Smbhav Venture Fund’ which it would invest in startups and entrepreneurs focusing on technology innovations in SMB digitisation, agriculture and healthcare. According to reports, the fund was announced in the opening session of Amazon India’s flagship event Smbhav.

Here’s how the ‘Amazon Smbhav Venture Fund’ would benefit startups in India:

  1. Amazon India said that the venture fund will invest in technology-led startups that are passionate about unlocking possibilities of a digital India.
  2. The fund will specifically focus on encouraging the best ideas to digitise SMBs (small & medium businesses), and drive technology-led innovation in agriculture to improve farmer productivity.
  3. Moreover, Amazon announced plans to digitally empower and bring 1 million offline retailers and neighbourhood stores online, on the Amazon India marketplace, by 2025 through the ‘Local Shops on Amazon’ programme.
  4. The launch of the Amazon Smbhav Venture Fund aims to attract best ideas and empower entrepreneurs in the country to partner in this vision.

Amazon also launched the ‘Spotlight North East’ initiative at the same event to bring 50,000 artisans, weavers and small businesses online from the eight states in the north-eastern region of India by 2025 and to boost exports of key commodities like tea, spices and honey from the region.

Amit Agarwal, Global Senior VP and Country Head, Amazon India said in his address that in the year 2020, the firm pledged to digitise 10 million SMBs, enable $10 billion in exports, and create 1 million jobs by 2025. “Through our initiatives, we are committed to being a catalyst and a partner in unlocking the possibilities for a Digital India, and realise the vision of an Aatmanirbhar Bharat as put forth by the PM”, he said. “Additionally, our initiatives to onboard 1 million offline shops on Amazon.in and digitally empower the northeast region will accelerate the progress towards a digital and self-reliant India,” he added.

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Startup

STPI Selects 42 Startups in ‘CHUNAUTI’ Challenge Hunt; Here’s How Startups Would Benefit Under the Next Generation Incubation Scheme

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New Delhi, April 14: A total of 42 startups from different domains will now be eligible for benefits under the Next Generation Incubation Scheme. The 42 startups that belong to multiple domains including ed-tech, agri-tech, and fintech have been selected in the ‘CHUNAUTI’ screening contest. Omkar Rai, Software Technology Parks of India (STPI) Director-General told PTI that these startups were selected through a rigorous process and screened through multiple rounds that included the presentation of business plans, innovative ideas, feasibility of the concept before a panel of eminent experts, including key industry representatives.

Reports inform that over 6,700 applications had been received, about 1,820 applications qualified and 111 applicants were selected for the presentation round. In the final selection round, a total of 42 startups were chosen in domains such as ed-tech, agri-tech and fin-tech solutions for masses (18 startups), infrastructure and remote monitoring (8), jobs and skilling, linguistic tools and technologies (4), medical healthcare, diagnostic, preventive and psychological care (5), and supply chain, logistics and transportation management (7).

The STPI, an organisation under the Ministry of Electronics and IT, executes the Next Generation Incubation Scheme (NGIS). The main aim of the NGIS is  to identify, in all, around 300 startups (over 3 years) working in identified areas and provide them with a seed fund of up to Rs 25 lakh and other facilities. The government has earmarked an amount of about Rs 95 crore over 3 years for the programme. More startups will be onboarded through the duration of the scheme.

  1. The STPI has picked up 42 startups finally for onboarding under `CHUNAUTI’, which is a screening process for selecting young entrepreneurs. The scheme is Next Generation Incubation Scheme, and CHUNAUTI was the shortlisting process.
  2. CHUNAUTI programme aims to identify around 300 startups working in selected areas and provide them with a seed fund of up to Rs 25 lakh and other facilities. The government has earmarked an amount worth Rs 95.03 crore over three years for the programme.
  3. The scheme “enthused” young entrepreneurs in smaller towns, and is expected to foster an enabling environment of entrepreneurship in Tier 2 and 3 locations.
  4. “The response was overwhelming, despite the backdrop of the pandemic. Given the response this time, we expect the next phase to be even more exciting,” Rai pointed out.
  5. The selected startups will be incubated by STPI and provided with stipends/seed funding and other facilities to set up their venture.
  6. The scheme has more than 125 mentors and 46 knowledge partners. “These 42 startups are just the beginning, and on average we will host 100 startups every year…,” Rai said.
  7. The services offered by NGIS to its beneficiaries include physical infrastructure (including state-of-the-art incubation and dedicated Software Product Security Testing facility), mentoring, access to VCs for funding support, advisory services (such as HR, Legal, Accounting, IPR/Patenting) along with financial incentives like the seed funding of up to Rs 25 lakh.

Startups pan-India could apply and become NGIS beneficiary. Each NGIS location has a dedicated chief mentor along with a ‘mentor pool’ and knowledge partners. The NextGen Startup Challenge was launched by Minister of Electronics and IT, Ravi Shankar Prasad, in August 2020. The objective of the initiative is to identify and support solutions for sectors and domains that have emerged as a priority in the post-pandemic world. NGIS is focused on 12 Tier-II locations in the country — Agartala, Bhilai, Bhopal, Bhubaneshwar, Dehradun, Guwahati, Jaipur, Lucknow, Prayagraj, Mohali, Patna and Vijayawada.

 

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Business motivation Startup

Startup Nurturing Platform India Accelerator Plans To Select 100 Startups for Seed Funding in 2021

Startups (Photo Credits: Pexels)

New Delhi, April 5: In a bid to nurture and encourage the startup ecosystem in India, start-up nurturing platform India Accelerator has planned to expand its start-up portfolio by over three-folds in 2021 with investment in around 100 such ventures. Reports inform that the company invests Rs 25 lakh in select startups every year, provides guidance and connects them with other investors as they mature, India Accelerator founder Ashish Bhatia told PTI.

According to a PTI report, Bhatia said the company is close to launching SEBI-approved alternate investment funds both for category 1 angel fund and category 2 venture capital fund, which will be providing more funding opportunities for startups. The founder of the firm said that during the COVID-19 pandemic the company has expanded footprint to select startups from across India and is now planning to launch its programme overseas as well in Dubai, Africa, Singapore, London and USA.

Here’s how India Accelerator (IA) has helped startups in India

  1. India Accelerator (IA) had invested in around 30 startups in 2020.
  2. According to TiE report, there are around 38,000 active startups in the country, out of which 26 are unicorns.
  3. Bhatia said that IA has partially exited from five startups with up to six-fold return on investments.
  4. Reports inform that the startup ecosystem in India had attracted USD 14.5 billion of funding in 2019.
  5. Since August 2017, IA has selected around 70 companies for acceleration. In 2020, IA has closed 27 funding transactions and around two-third of portfolio companies have raised their follow-on round of funding.
  6. During the COVID-19 pandemic the company has expanded footprint to select startups from across India and is now planning to launch its programme overseas as well in Dubai, Africa, Singapore, London

“While Accelerator programme is the core foundation for the success of our startups, there are other critical pieces needed to help grow a startup, these (new funds) help us in expand even further — to new geographies and in other domains, thus helping us to move forward with our target of picking up 100 high-pot startups every year,” Bhatia said.

“Covid was of course unplanned disaster, a lot of startups sank. Nevertheless, it helped us move to remote areas. Earlier you heard about startups from NCR, Jaipur, Rajasthan, Gujrat, they only could come and apply. Now we are mentoring startups from Kerala, Chennai, West Bengal, we have become a pan India entity,” Bhatia said.

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Startup

Yes Bank Targets Startup Sector, Ties Up With GVFL To Support the Growth of Indian Startup Ecosystem

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Mumbai, April 4: With an aim to help startups, lender Yes Bank has tied up with GVFL Limited to broaden its services for the start-up sector. The two companies have entered into a Memorandum of Understanding (MoU) to strengthen Fintech-led innovation and support the growth of the Indian startup ecosystem.

Under the pact, the MoU will enable the bank to offer various products, digital banking solutions, and many other facilities that will benefit the startups associated with GVFL Limited, Yes Bank said in a statement. The bank will offer its curated digital transaction banking product suite, including its flagship API-based offerings to startups and FinTech companies.

Furthermore, the MoU would promote innovation and investments across India by leveraging the capabilities of GVFL and the Yes bank, the statement added.

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Startup

CHUNAUTI Startup Challenge: STPI Receives Over 6,500 Applications For The Challenge Hunt

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With an aim to encourage innovation and entrepreneurship in the key sectors across India, the Software Technology Parks of India (STPI) announced that it has received 6,708 applications for the Challenge Hunt under Next Generation Incubation Scheme (NGIS) by Advancing Uninhibited Technological Intervention (CHUNAUTI). In August 2020, CHUNAUTI was launched by Electronics and IT Minister Ravi Shankar Prasad. The program aims to identify around 300 startups working in selected areas and provide them with a seed fund of up to Rs 25 lakh and other facilities.

According to a report by PTI, the government has earmarked an amount worth Rs 95.03 crore over three years for the programme. About 1,820 applications qualified and 111 applicants were selected for the presentation round, a statement said. The consolidation of scores and the finalisation of results is underway. The final list of selected startups will be announced soon that will be incubated by STPI and be provided with stipends/seed funding and other facilities to set up their venture, it said.

The report said that maximum applications were received for edtech, agri-tech and fintech sectors (767), followed by jobs and skilling, linguistic tools and technologies and healthcare sectors at (312) and (308) applications, respectively. In terms of regions, Maharashtra leads the tally with 215 applicants followed by Uttar Pradesh (199), Odisha (138) and Madhya Pradesh (129).

“The initiative aligns with our vision to foster an innovative ecosystem for the development of indigenous software products. The selected startups will receive end-to-end support through financial assistance and mentorship that will encourage innovation and entrepreneurship in the key sectors,” Omkar Rai, Director General of STPI, said.

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Startup

Startup India Scheme: What Qualifies a Startup Under This Scheme? Here’s How Can One Register a Profile Online on startupindia.gov.in

Startups (Photo Credits: Pexels)

The Startup India initiative launched by the government on January 16, 2016, aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of startups. In India, as many as 44,534 startups have been recognised by the department for the promotion of industry and internal trade (DPIIT).

What qualifies as a ‘Startup’ under Startup India Scheme

An entity shall be considered as a Startup:

1. If it is incorporated as a private limited company or registered as a partnership firm or a limited liability partnership in India

2. Up to 10 years from the date of its incorporation or registration

3. If its turnover for any of the financial years since incorporation/registration has not exceeded Rs 100 Crores

4. If it is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation

It must be noted that an entity formed by splitting up or reconstruction of a business already in existence shall not be considered a ‘Startup’.

How Can I register a profile online on the Startup India website:

  1. Visit the Startup India website startupindia.gov.inand click on ‘Register’ at the right side of the website where the profile photo box appears on the screen.
  2. Fill in the details as required in the registration form.
  3. An OTP will be sent to your registered email address, post submitting which your profile will get created.

 

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Startup

Startup India Initiative Gains Momentum, Total 44,534 Startups Recognised by DPIIT So Far, 339 Startups Granted Income Tax Exemptions

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New Delhi, March 12: Under the Startup India initiative launched by the government, as many as 44,534 startups in India have been recognised by the Department for the Promotion of Industry and Internal Trade (DPIIT). The numbers have been updated as of February 24 this year, Minister of State for Commerce and Industry Som Parkash said in the Parliament on Wednesday. Startup India is a flagship initiative of the Government whoch aims to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities.

Startup India, a flagship initiative of the government launched on January 16, 2016, aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of startups. “Since, the launch of Startup India initiative, a total of 44,534 startups have been recognised by the DPIIT as on February 24, 2021,” he said.

Reports inform that as many as 339 startups have been granted income tax exemptions till January 2021. The recognised startups are eligible for several benefits under the Startup India initiative. They avail tax exemptions besides other support measures. Prakash said that startups are eligible for an 80 percent rebate in patent filing fees and 50 percent on trademark filing fees.

Giving details about the startups in India, the Minister informed that so far, 5,253 applications for patents have been filed by startups under the SIPP (startups intellectual property protection) Scheme, out of which 514 patents have been granted. Till November 2020, a total number of Trademark applications filed – 12,264.

Under the Startup India initiative, the Government aims to empower startups to grow through innovation and design. Several programs have been undertaken since its launch in January 2016 with an aim to contribute to his vision of transforming India into a country of job creators instead of job seekers. These programs have catalyzed the startup culture, with startups getting recognized through the Startup India initiative and many entrepreneurs availing the benefits of starting their own business in India.

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Startup

Startups in India Need To Be Encouraged To Ensure That They Are Not Afraid of Failure: Piyush Goyal

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New Delhi, March 3: Piyush Goyal, Commerce and Industry Minister Piyush Goyal on Tuesday said that startups need to be encouraged to experiment and ensure that they are not afraid of failure. In his address at the CII’s Global Bio India Startup Conclave, Goyal said that in some sense, failure also has its importance, particularly in research, innovation and invention. The Minister emphasised that Indian startups need to be encouraged to experiment and only then they will be able to prove their capacity to go beyond in the long run.

“Our startups need to be encouraged to experiment, to go beyond the run of the mill thinking. We need to ensure that our startups are not afraid of failure. I believe that the country should celebrate failure because it is only when somebody fails, he knows how not to do something,” he said.

Emphasising on the talent in rural India, the minister said that the need of the hour is to engage more with rural India as there is a lot of talent lying there. “You cannot have great innovation and invention coming up through just government initiative, we need to have all sections of business involved. The government should act as an enabler, a service provider,” the minister added.

In India, the government is taking steps to promote startups by launching a slew of initiatives to boost the startup ecosystem in the country. It had launched the Startup India initiative in January 2016 to build a strong ecosystem for nurturing innovation and entrepreneurship.