Tag: Startups in India

Categories
Startup

Startups in India Get a Major Boost As Govt Allocates Rs 830 Crore for Fund of Funds for Startups in Union Budget 2021–22

startup ipo india

New Delhi, February 3: With an aim to give a major fillip to the startups in India, the government has allocated Rs 830 crore for the ‘Fund of Funds for Startup’s in the Budget 2021-22. This is higher then the revised estimate of about Rs 430 crore. The government has set up a Fund of Funds for Startups (FFS) with a corpus of Rs 10,000 crore. The Small Industries Development Bank of India (SIDBI) is the operating agency for the FFS.

According to the Budget documents, the allocation for Startup India programme has been increased slightly to Rs 20.83 crore for 2021-22 from the revised estimate of Rs 20 crore in 2020-21.The government’s Startup India initiative aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of budding entrepreneurs. The allocation for the fund of funds in Budget 2020-21 was Rs 1,054.97 core, but it was later revised to Rs 429.99 crore.

Moreover, the government has earmarked Rs 300 crore for credit guarantee fund. The cumulative allocation for the Department for Promotion of Industry and Internal Trade (DPIIT) has been hiked to Rs 7,782.24 crore for 2021-22 as against the revised estimate of Rs 7,583.06 crore in 2020-21. Similarly, the cumulative allocation for the department of commerce has also been increased to Rs 4,986 crore for 2021-22 as against the revised estimate of Rs 4,600 crore in 2020-21.

The total allocations for export promotion schemes, such as Market Access Initiative and Interest Equalisation Scheme, has been increased to Rs 2,365 crore for 2021-22 as against the revised estimate of Rs 2,175 crore in 2020-21.

Categories
Startup

Startup Ecosystem in India To Get Major Boost As IIT-Kanpur and IIM-Lucknow Sign MoU To Empower Future Innovators of the Country

Startup (Representational Image Only, Photo Credits: NeedPix.com)

New Delhi, February 1: In a bid to give an impetus to innovation in the startup ecosystem in the country, the IIT Kanpur Research and Technology Park and IIM Lucknow-Enterprise Incubation Centre (IIML-EIC) have signed a memorandum of understanding (MoU). The pact between the two world-class premier institutes would boost the entrepreneurial ecosystem and empower future innovators of the country. The two teams met over a zoom call for signing the MoU.

Abhay Karandikar, Director, IIT Kanpur and Chairman Board of Technopark, said that the association between the two top institutes will not only foster close linkages between academia and industry but will also open new avenues for resource sharing. The official further added that IIM Lucknow Incubator and Technopark are a part of academic powerhouses and bring unique values to the innovation ecosystem. We are delighted to partner with the IIM Lucknow Incubator to blend these strengths and leverage synergies. “We believe that this partnership has the real potential to make a deep and tangible impact on not only Uttar Pradesh but also the country at large,” he added.

Anadi Pande of IIM-Lucknow said that as an emerging economy, one needs to fill in the institutional voids that have long existed to create something on the lines of the Silicon Valley and incubation and innovation is the only way out. “At IIM-Lucknow, we are deep into artificial intelligence and have many technology start-ups incubated with us. This MoU will facilitate a collaborative exchange of ideas and knowledge between our start-ups and IIT-Kanpur and Technopark companies and our faculty,” he added.

India is witnessing an unprecedented boom in the innovation start-up ecosystem of the country. The association between IIT-Kanpur and IIM-Lucknow may serve as a benchmark for other IITs and IIMs to follow. In the current scenario the motto of “self-reliance” and ‘Make in India’ and start-up holds more prominence than ever before.

Categories
Startup

NORKA Pravasi Startup Scheme: More Than 4,000 Expatriate Entrepreneurs and Startups Benefit in Last 5 Years; Here’s How Interested Pravasis Can Apply For The Scheme Online

स्टार्टअप

Thiruvananthapuram, January 27: With an aim to help the expatriate entrepreneurs, the Non-Resident Keralites Affairs (NORKA) Pravasi Startup Scheme has proved to be a major hit for these startups. Reports inform that the NORKA has supported 4,179 expatriate entrepreneurs over the past five years. Moreover, the Left government in Kerala has sanctioned Rs 220.37 crore for such start-up projects by ”pravasis” who have returned to Kerala, an official release said.

In the last financial year i.e. in 2019-20, 1,043 people realised their entrepreneurial dreams using the Pravasi Startup Scheme and Rs 53.40 crore was sanctioned for this, the government said in a release. TheNon-Resident Keralites Affairs (NORKA) Pravasi Startup Scheme is a joint venture between NORKA and the Kerala Startup Mission to create self-employment opportunities for Pravasis who return from abroad and wish to embark on a new journey here as entrepreneurs.

The main aim of the NORKA scheme is to rehabilitate expatriates who can contribute to the economic development of the State according to their professional skills. Kerala Bank, Canara Bank and the Travancore Pravasi Development Co-operative Society are few of the 16 banks that provide loans to expatriates.

NORKA Pravasi Startup Scheme: All You Need to Know

  1. Loans up to Rs 30 lakh with a capital subsidy of 15 percent (subject to a maximum of Rs 3 lakh) are available for start-ups by those expats who have returned to Kerala after working abroad for at least two years and now settled in Kerala.
  2. The scheme also offers a 3 per cent interest rebate for the first four years for those who repay the interest on time.
  3. Kerala Bank, Canara Bank and the Travancore Pravasi Development Co-operative Society are few of the 16 banks that provide loans to expatriates.
  4. NORKA has expanded its field camps to reach out to more people, to make the loan procedures easier and to make loan processing in a single day.
  5. Seven camps were conducted during the 2019-20 financial year and about 500 pravasis have benefitted from this.

Here’s How You Can Apply and Check Details Online:

Interested Pravasis can check http://norkapsp.startupmission.in and norkapsp.startupmission.in for further details and apply for the scheme. People cab also call on 08047180470 for any information on the Kerala Startup Mission. NORKA toll-free numbers 18004253939 (from India) & 00918802012345 (Missed Call Service from abroad) and on http://norkaroots.org and norkaroots.org website.

The Norka Pravasi Startup Programme(NPSP) will facilitate the NRIs by means of various Technology business opportunities which the NRI community can adopt and contribute to the economic development of the state.

Categories
Startup

Indian Startups Attract $10.14 Billion in Funding Across More Than 1,200 Deals in 2020 Despite COVID-19 Crisis: Report

Startup
Startup (Photo Credits: Pixabay)

New Delhi, January 27: Despite the COVID-19 crisis, Indian startups, which were largely impacted due to the pandemic, are estimated to have received USD 10.14 billion in funding across more than 1,200 deals in 2020. According to a report by consulting firm HexGn, even though the total investment received in 2020 is lower than that of 2019 (USD 14.5 billion), the number of deals were higher by 20 percent. “Weathering negative sentiment, seed stage investment deals grew by 50 per cent from USD 353 million over 420 deals in 2019 to USD 372 million over 672 deals in 2020. This is a good sign for people looking to plunge into startups, as early-stage investors are now keen to back risk-takers early on,” the report noted. The report said that this can be attributed to the work done by Invest India, Startup India, AgNii and other agencies of the Indian government to boost investor confidence and entrepreneurial culture.

The HexGn report added that this is the third year in a row that India has kept its number four position globally after the US, China and the UK. A report by IANS states that globally, startups raised over USD 308 billion in funding, with the US garnering USD 165 billion. The report said Bengaluru, Delhi NCR and Mumbai accounted for 90 per cent of the startup investments in the country, signalling concentration of angel investors and appetite in these regions. Bengaluru led with USD 4.3 billion in startup investments, followed by Delhi NCR (USD 3 billion) and Mumbai (USD 2 billion).

The study revealed that in terms of sectors, e-commerce attracted the highest investment with USD 3 billion, followed by fintech at USD 2.37 billion and edtech at USD 1.52 billion. The biggest gainer has been the edtech segment that grew four times this year from USD 380 million in 2019. However, sectors like transportation and logistics, and travel and tourism saw more than 90 per cent drop in investments in 2020 as compared to 2019, it added.

In 2020, the startups that attracted maximum funding include Zomato (USD 1.02 billion), Byju”s (USD 922 million), Phonepe (USD 807 million), Unacademy (USD 260 million) and Ecom Express (USD 250 million), as per the HexGn report. These numbers do not include funds raised by Jio Platforms (Rs 1.52 lakh crore) in 2020. The report noted that these numbers are early guidance and there could be changes as more companies make announcements on funds received.

Categories
Startup

Agri Startups in Chhattisgarh to Get Major Boost As State Gets 2 Incubation Centres in Raipur; Here’s How Budding Entrepreneurs Would Benefit

Agri Startups (Photo Credits: Pexels)

Raipur, January 24: In a bid to promote startups and innovators in agriculture and allied sectors in Chhattisgarh, two incubation centres have been inaugurated at the Indira Gandhi Krishi Vishwavidyalaya (IGKV) in Raipur. The inauguration was done virtually by Chhattisgarh Chief Minister Bhupesh Baghel on Saturday. During the event, Baghel said every university in the state should establish incubation and manufacturing hubs to promote new business ideas.

Here’s how the incubation centres will help agri startups in Chhattisgarh:

The incubation centres will provide infrastructure, technology, financial and business networking assistance to budding innovators and entrepreneurs in the agri-biotechnology and agriculture sector, a public relations officer of the IGKV said.

The Chief Minister underlined the role of youth across the state ‘Gadhbo Nava Chhattisgarh’ (create a new Chhattisgarh) campaign and said all educational institutions should work towards developing entrepreneurial skills in youth. The Biotech Incubation Centre and Agri-Business Incubation and Production Centre was inaugurated to mark the birth anniversary of freedom fighter Netaji Subhas Chandra Bose.

Baghel also laid the foundation stone for a new building of the biotech incubation centre, which is a part of the biotechnology park, a joint project of IGKV Raipur and state Agriculture department, he said. The project will be completed in two phases, the official said.

In the first phase, the new building of the incubation centre will be set up at a cost of Rs 30 crore in the university campus in the next two years, where 23 companies will be provided facilities for their offices and labs, he said. They will also be given technical and business networking guidance.

Categories
Startup

Amazon Partners With Startup India and Others To Help Startups Reach Global Audiences; Here’s All You Need To Know About the Startup Accelerator Programme

Business Ideas

In a bid to help early-stage startups take their brands to global audiences, Amazon has partnered with Startup India, Sequoia Capital India and Fireside Ventures. The collaboration, announced on January 19, will launch an accelerator programme to help and guide the startups. As part of the Startup Accelerator, Amazon has constituted a mentorship board consisting of Amazon leaders from India and across the world, VCs and senior leaders from Startup India. The application process will be open for about three weeks, following which 10 startups would be chosen for the accelerator.

Here’s How the startups will benefit from the Startup Accelerator

  1. Amazon will provide the support for these startups to launch their products worldwide through its exports programme – Amazon Global Selling.
  2. These startups will then get an opportunity to showcase their business proposition to partner VC firms – Sequoia Capital India and Fireside Ventures and three of them will get a chance to win a total equity free grant of USD 50,000 from Amazon.
  3. Amazon will also host open virtual mentorship sessions focused on peer learning by inviting veteran entrepreneurs and members from its mentorship board for startups, to network and learn from their existing ecosystem.
  4. Abhijit Kamra, Director – Global Trade at Amazon India, said that the programme will feature a six-week 1:1 mentorship module for the shortlisted participants where they will get to interact with Amazon leaders from India and worldwide and get firsthand knowledge on building and scaling up exports business through e-commerce.

The Amazon Global Selling Propel (AGSP) programme has been designed to support early stage startups (raised funding in post seed to pre-series A stage, if funded) in the consumer products space to launch in international markets and create global brands from India through Amazon’s Global Selling programme.

Deepak Bagla, MD and CEO of Invest India, said that the adoption of technology and digital transformation has paved the way for India to be at the forefront of innovation, giving rise to some of the best startups in the world. He said there are many promising, emerging brands that have the capability to become big and go global. Bagla said that his is a timely initiative by Amazon which can prove to be a big stepping stone for startups to build their business and get access to global markets.

Launched in 2015 with about 100 exporters, Amazon Global Selling today enables more than 70,000 Indian exporters to sell ”Made in India” products through its 15 international websites and reach customers in countries such as the US, the UK, UAE, Canada, Mexico, Germany, Italy, France, Spain, Netherlands, Turkey, Brazil, Japan, Australia and Singapore.

Categories
Startup

Food Business Ideas: 4 Low-Investment and Interesting Food Businesses That You Can Try

Food Businesses in India (Photo Credits: Pexels)

If you are fascinated about cooking and want to try your luck in any food business, this year can be your year! If you are a foodie and love to make and eat food, you should try and establish a business in the food making industry. If you are planning to start a food business, you should think about: What will differentiate your product from the rest? What are successful food businesses and what do you have to do to go beyond your competitors? When starting your food business ensure you incorporate the lessons from these businesses to ensure your food business idea is a success.

One thing that you should keep in mind while starting a food business is, you should gain knowledge related to food safety and food handling practice as it is very important for your business. Here are few ideas that can help you start a food business with low-cost items which are relatively simple to keep the quality consistent.

Bakery

Do you love baking for your friends and family? If you’re a skilled cook, why don’t you sell your delicious creations? If you are good at baking and have the eye for detail for cake designs and pastries and a lot more, then no one can stop you from starting your bakery business. One thing that you should keep in mind before you start is you should be excellent at preparing recipe related to bread and biscuits. You can start this business at small scale and then depending on the demand and the reach, you can expand it.

Cooking Class

If you are really skilled in cooking and know how to tingle the taste buds, you can try starting a cooking class business. Many people desire to learn the art of cooking and tend to look for online cooking classes or a cooking tutor who can help them get away with basic cooking tricks. In the time of COVID-19, online cooking classes can fetch you good money by just sitting at home and the investment requirement for this business is very low.

Pickle Making

There will be hardly anyone who doesn’t like pickles. If the demand is so high and if you are good at making the yum spicy pickles, why don’t you give it a shot? It is one of the home based small scale business idea which will not need much money to start with. People usually prefer homemade pickles and the domestic consumption is also very high apart from the export.

Fast Food Shop

People love to eat junk food. The fast food business in India is one of the most popular food business ideas today which you can get your hands on. Apart from teenagers, people of all age groups prefer fast food during snack time.

Categories
Finance

Kerala Becomes the 8th State in India To Complete Ease of Doing Business Reforms, Becomes Eligible for Additional Borrowing Limit of Rs 2,261 Cr

Business Tips | Representational Image Only (Photo Credits: Pexels)

Kerala has become the 8th State in India to successfully undertake ‘Ease of Doing Business’ reform stipulated by the Department of Expenditure, Ministry of Finance. The ease of doing business is an important indicator of the investment friendly business climate in the country. Improvements in the ease of doing business will enable faster future growth of the state economy. Therefore, the government of India had in May 2020, decided to link grant of additional borrowing permissions to States who undertake the reforms to facilitate ease of doing business. Kerala has become eligible to mobilise additional financial resources of Rs 2,261 crore through Open Market Borrowings.

An official release by the government stated that the permission for the same was issued to Kerala by the Department of Expenditure on January 12, 2021. Kerala has now joined the seven other States namely, Andhra Pradesh, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana, who have completed this reform. On completion of reforms facilitating ease of doing business, these eight States have been granted additional borrowing permission of Rs 23,149 crore.

State wise amount of the additional borrowing permitted is as under:

Sr. No. State Amount (Rs in crore)
1. Andhra Pradesh 2,525
2. Karnataka 4,509
3. Kerala 2,261
4. Madhya Pradesh 2,373
5. Odisha 1,429
6. Rajasthan 2,731
7. Tamil Nadu 4,813
8. Telangana 2,508

 

The reforms stipulated in this category are:

(i)      Completion of first assessment of ‘District Level Business Reform Action Plan’

(ii)     Elimination of the requirements of renewal of registration certificates/approvals/licences obtained by businesses under various Acts.

(iii)    Implementation of computerized central random inspection system under the Acts wherein allocation of inspectors is done centrally, the same inspector is not assigned to the same unit in subsequent years, prior inspection notice is provided to the business owner, and inspection report is uploaded within 48 hours of inspection.

Categories
Business motivation Startup Strategy Technology

PM Narendra Modi Urges Youngsters To Join ‘Prarambh’, the Startup India International Summit on January 15-16; Here’s How To Register Online

Startups (Photo Credits: Unsplash)

Prime Minister Narendra Modi has called upon youngsters of India to attend ‘Prarambh’, the Startup India international summit on January 15 and 16. The Prime Minister asserted that the summit seeks to bring together top minds from industry, academia, investment, banking and finance besides young start up leaders. Taking to Twitter, the Prime Minister shared his LinkedIn post in which he noted that virtual interactions have become the new normal during the COVID-19 pandemic and said a big advantage of this is that people can be a part of programmes sitting at home. “With most events being held virtually, it has given a great opportunity for youngsters to be a part of many interesting domestic & global forums. One such opportunity is coming up in the form of Prarambh on 15-16 Jan. I urge our youth to be a part of it,” Modi tweeted on Monday.

Referring to the ‘Prarambh’ summit, the prime minister said India would also be marking five years since the Startup India initiative began. He said that this initiative has propelled India to being among the most attractive start-up eco-systems globally. Lauding the capabilities of the youths in India, the Prime Minister said that no words can do justice to the spirit of India’s youth. “Their penchant for innovation has led to outstanding results. Our start-up heroes are not merely coming from big cities but also from smaller towns. This is a good sign,” he added

Talking about the work from home opportunities, the Prime Minister noted and said work from home is in, so is greater adapting to technology. “For me, it meant more programmes online, which were extremely productive and insightful. There were interactions with scientists, medical professionals, COVID warriors, academics, industry leaders, young innovators, spiritual leaders and more,” Modi said.

The Prime Minister added that there were virtual summits, both bilaterals and multilaterals with world leaders, he noted, adding that “path-breaking” development schemes were launched through public events organised digitally.

About Prarambh:

‘Prarambh’ – Startup India International Summit – on 15 and 16 January 2021 in a virtual format. It will be organised by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry. ‘Prarambh’ means ‘an auspicious beginning’. As a verb, it implies ‘to start’.

The idea is to attain attention of global capital for startups in India, mobilize domestic capital, provide opportunities for accessing international markets to our startups and evolve enabling policy provisions.  The first day of the Summit has been devoted to host dignitaries and stakeholders from BIMSTEC member States. The day will witness participation of renowned stakeholders from startup communities of BIMSTEC member states engaging in multilateral discussions and showcasing best of their innovations.

Here’s How You Can Register for the Prarambh Summit:

  1. Youngsters can registered themselves on the official site i.e. https://www.theprarambh.in
  2. Click on ‘Register Now’ at the top of the page and fill in all the details that have been asked.
  3. Enter details like your name, address, email-id, sector, select country and state, city and category and then click on ‘Submit’.
  4. Youngsters can check the official website as it has all the details of the 2-day Start-up India International Summit.

The main objectives of the Prarambh Summit are given below:

  • Encouraging and inspiring the youth for innovation and entrepreneurship
  • Exchange knowledge on best practices on nurturing startup ecosystems
  • Develop capacities of entrepreneurial ecosystem
  • Mobilize global and domestic capital for investments into startups
  • Provide opportunities to startups for entering domestic (private and public) and international markets
  • Showcasing high-quality, high technology and frugal innovations from India
  • Enable ease of doing business for startups and investors.

The who’s who of the Indian as well as global Startup ecosystem are making a beeline for this event. Please mark this date for a marathon of in-depth knowledge sessions and exchange of global ideas! Prarambh is expected to bring together top policy makers, industry, academia, investors, startups and all stakeholders from across the globe. In addition to deliberating on good practices from best of the ecosystems across the world, the sessions of the Summit are designed to showcase the spread and depth of entrepreneurship based on innovation in India.

Categories
Startup

Tech Startups in India Report Nearly 10% Growth in 2020 Despite COVID-19 Pandemic, Over 1,600 Tech Startups Added in a Year: Nasscom

Tech Startups in India (Photo Credits: Pexels)

New Delhi, January 8: Tech startups in India have witnessed a steady growth in 2020 with over 1,600 tech start-ups and a record number of 12 additional unicorns added in a single year. i.e. in 2020. This is the highest ever in a single calendar year. The tech start-up base in the country witnessed a steady growth at a scale of 8-10 per cent (year-on-year), Nasscom said. According to the annual report by Nasscom in partnership with a global management and strategy consulting firm Zinnov, nearly 14 percent of total investments in 2020 were in deep-tech start-ups, up from 11 per cent in 2019. The report said that further, 87 percent of all deep-tech investments were in AI/ML start-ups and seed-stage funding in 2020 recovered to more than 90 percent of 2019 levels.

Debjani Ghosh, President, Nasscom said with the continued addition of new start-ups, booming unicorns and increased adoption of deep-tech, the ecosystem shows an even more promising future. The report informed that despite a lower number of total start-up deals in 2020, seed-stage investments are recovering at a good pace as investor activity at lower ticket sizes has increased.  “Early and Late-stage investments are also recovering steadily. An increase in median deal size is further underscoring investor confidence and a willingness to take big bets,” the report added.

The Nasscom annual report further added saying that the sectors with COVID-19 tailwinds such as EdTech, BFSI, AgriTech, Gaming, etc., are witnessing a steady increase in first time funding, up from 29 percent in 2019 to 42 percent in 2020, garnering a 14 percent growth in absolute numbers. It added that the investor sentiment is also recovering with the second half of 2020 funding up by two times over the first half. “2021 will be the ‘Decade of Collaboration’ where entrepreneurs engaging more with not just their peers but also with the government, corporates, and the manufacturing ecosystem, will catapult India’s dreams of becoming a trillion-dollar economy,” said Pari Natarajan, CEO, Zinnov.

The report said 2021 promises a return to normalcy for the Indian tech start-up ecosystem. In terms of total unicorns, India is on track to have a 50-plus strong Unicorn club in 2021. Remote working continues to see significant adoption amongst tech start-ups, with around 30-35 percent offering remote roles and 15-20 percent companies having committed to remote work culture, as per NASSCOM tech start-up survey. “Deep-tech and new start-up hubs will continue to grow at 40-45 percent CAGR. While the investments in 2020 were significantly lower than in 2019, recovery in deal pace and investments is expected to return to 2019 levels, if not exceed in 2021,” the report noted.