Tag: Startups

India’s environment-tech startups raise $240 million in early 2024: Tracxn

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian environment technology startups have raised nearly $240 million in funding in the first three months of 2024, according to a report by Tracxn. The Compounded Annual Growth Rate (CAGR) for the last three years has been negative 42%.

Early stage startups raised $186 million capital in Q1 2024, while seed-stage startups clocked $51.4 million. The report by Tracxn showed that the first quarter of this year only saw 2 late growth stage funding deals. EV-startup River raised a $40 million Series B funding round in February and BluSmart raised $25 million in mix of debt and equity from ResponsAbility in January.

India’s environmental technology funding saw substantial growth between 2018 and 2022, surging from $230 million to $2.47 billion, the report showed. Environment tech funding in India peaked in 2022 at $2.47 billion. However, it experienced a decline to $1.68 billion in 2023, a 32% decrease from 2022.

Bengaluru ($2.7B) tops the list in this space in terms of all-time city-wise funding, followed by Delhi ($1.2B) and Mumbai ($942M). 

When we look at the most active investors in the seed stage—- Blume Ventures tops the chart followed by 100X.VC, Sangam Ventures, Good Capital, Soonicorn Ventures, among others. Early stage round were led by Tiger Global, Sequoia Capital and Peak XV Partners.

According to the report, the environment-tech space has seen 14 IPOs and 25 acquisitions to date. Only 5 companies reported $100M+ rounds in 2023 and the space saw only one billion-dollar startup emerge so far – Ola Electric.

Despite the global increase in funding, India’s share has remained consistently low, ranging from 0% to 7%. India’s share in global funding was 7% in 2022, the highest since 2011.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Grand finale of Dell Technologies Entrepreneur Challenge showcases top start-up innovations

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s start-up ecosystem is thriving, with over 1.12 lakh DPIIT-recognised start-ups of which 111 are Unicorns, spread across 763 districts of the country. Despite challenges like funding and regulation, Indian start-ups contribute significantly to the economy, reflecting the nation’s resilience and entrepreneurial spirit.

Dell Technologies presents the Entrepreneur Challenge powered by CNBC-TV18 was conceived as a platform to encourage the start-up culture, towards promoting innovation and job creation, fostering economic growth, and, thus, playing a pivotal role in India’s economic development.

The grand finale marked a significant milestone in India’s entrepreneurial journey, showcasing the country’s vibrant start-up ecosystem and the innovative solutions emerging from it. This event, aimed at empowering young and aspiring entrepreneurs, highlighted the crucial role of entrepreneurship in driving economic growth and fostering innovation. It brought together the top entrepreneurial ideas, selected after rigorous screening based on criteria such as innovation, resilience, technological adoption, and scalability.

The esteemed jury, comprising Siddarth Pai, Founding Partner & Chief Financial Officer ESG Officer, 3one4 Capital; Vargab Bakshi, Vice President & County Head – India, Wix.com; Kritika M, Senior Director,10,000 Startups, NASSCOM; Biren Ghose, Managing Director – Asia Pacific & Global Executive Committee Member, Technicolor Creative Studios; Sathyanarayana BV – Chief Executive Officer, DERBI Foundation (Dayanand Sagar Entrepreneurship Research & Business Incubation); Kavita Mehra Senior Director, General Management, India COE, Dell Technologies and Shruti Mishra, Deputy Editor, CNBC-TV18, faced the daunting task of evaluating these innovative solutions.

The entire journey established the importance of technology for sustainable growth and provided participants with opportunities to showcase their innovations, secure investments, and receive mentorship. After screening over 1,700 entries from across India, 200 contenders were selected by Ernst & Young, the event’s process partner, for further evaluation. The top 11 entries then advanced to the finals, where they competed for the coveted title.

The finalists presented a diverse range of entrepreneurial ideas, addressing various challenges and opportunities across sectors. From ideas such as comprehensive relocation and learning solutions for the visually impaired to AI-powered agricultural analysers and cutting-edge medical innovations, these ventures showcased the breadth and depth of India’s entrepreneurial talent.

A panel discussion on the start-up ecosystem in India highlighted the significant contributions of start-ups to GDP growth, employment generation, and inclusivity. Moderated by Shruti Mishra, Deputy Editor, CNBC-TV18, the panellists – Madan Padaki, President, TiE Bangalore; Shashi Kumar, Founder & CEO, Akshayakalpa Organic and Samriddhi Bhattacharyya, Country Head, Small Business Solutions, Dell Technologies – shared insights into emerging trends and opportunities in the sector, emphasising the transformative impact of entrepreneurship on society.

The event concluded with the announcement of the winners of Dell Technologies presents Entrepreneur Challenge powered by CNBC-TV18. Mohit Dadhich, Co-Founder of Nebulaa Innovations, emerged as the winner in the general category, while Pooja Venkatesh, Co-Founder of Next Big Innovation Labs Private Limited, won in the women’s category.

Geetha Manjunath, CEO and Founder, Niramai Health Analytix and Jyotirmayee Dash, Founder, TeraLumen Solutions Pvt Ltd, the runners-up in the general and women’s categories, received recognition for their outstanding contributions to the entrepreneurial landscape. In addition to the main awards, a special Audience Choice Award was presented to Pooja Venkatesh, further endorsing popular admiration for her idea.

The grand finale of Dell Technologies presents Entrepreneur Challenge powered by CNBC-TV18 was a celebration of entrepreneurial excellence and innovation, reaffirming India’s position as a global leader in the start-up ecosystem. As the nation continues to nurture and support its entrepreneurial talent, the future looks bright for innovation, growth, and prosperity.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

First Symphony: IDFC FIRST Bank’s unique approach to empowering startups

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IDFC FIRST Bank bridges the startup gap with First Symphony, offering a streamlined process for startups to find anchor customers, innovate, and thrive

Every startup that made it remembers their first big anchor customer. The customer that they didn’t expect to land, but did. The customer whose size and reputation gave other customers the confidence to say yes. The customer that had the clout to bring them other customers. The customer they gave pride of place to, on all their sales collateral, marketing collateral, and website. The customer who helped them keep the lights on through their early and growth stages.

Especially when you’re a B2B, digital-first startup who can cater to businesses big and small, you begin playing in the big leagues only after you land that first big anchor customer. Not all startups do, though. Despite potentially viable business models and sound tech, over 90% of all startups fail in the first five years. Having a good anchor customer in the early stages doesn’t just give a fledgling startup heft, but also brings several tangible benefits.

What makes a good anchor customer, particularly for a digital native or tech forward B2B startup? For starters, your anchor customer needs to be a prominent player or have significant influence in the industry relevant to your business, giving you credibility and attracting other potential customers. It goes without saying that they should be open to adopting new digital solutions and have substantial scale and potential for growth, creating a long-term, mutually beneficial partnership as you grow.

You also need them to demonstrate innovation orientation and a willingness to experiment with cutting-edge solutions. Moreover, a willingness to collaborate closely with you to solve specific business challenges is important, giving your product the edge that comes from learning from and working in the real world. An anchor customer whose business involves sensitive information also helps your startup hone its edge on data security and regulatory compliance, giving other potential customers greater confidence in your abilities.

The ideal anchor customer also has the financial stability to commit to a significant partnership with you, and shares your long-term vision.

Where can you find them?

That’s often the tricky part. Customers of this size and reputation are often leery of partnering with startups, even those offering clutter breaking tech. It’s the classic chicken and egg situation: you’re considered ‘untested’ and ‘risky’ till you land your first anchor customer, and you struggle to land one because you are considered untested and risky.

However, there is one potential anchor customer who already knows you, understands your business, and has a ringside view into your finances: your bank. It also checks all the boxes of being an ideal anchor customer:

• Banks are prominent players and have significant influence.
• They are often early adopters of digital solutions and have both the innovation orientation and the willingness to collaborate on solutions.
• They have enormous scale and potential for growth, and they’re intensely focused on data security and regulatory compliance by design.

Moreover, this is a potential partner you already trust, or you wouldn’t bank with them yourself, right?

Fortunately for its many startup customers, one bank sees itself the way you do. IDFC FIRST Bank’s FIRST Symphony Program is well on its way to identify startups it can partner with, play anchor customer to, and enable via distribution.

First Symphony by IDFC FIRST Bank: Music to startup founders’ ears

The premise of the program is dead simple: banks make incredible anchor customers themselves, and can play matchmaker to other anchor customers by leveraging their own customer base, as well as their industry connections. When the bank’s startup customers find anchor customers, it raises the likelihood that these startups will grow – some may even become unicorns. Each time one of these startups achieve success, it adds to the bank’s own bottom line directly. Moreover, startups who see the bank as instrumental in their success, are likely to create goodwill for the bank and recommend them to their peers.

In sum, the program lifts everyone.

IDFC FIRST Bank has also made the First Symphony process as simple and transparent as it can be. No need to chase down multiple ‘connections’ to find the right POC. No need to jump through hoops. As with everything else in the startup world, it just starts with a pitch. The First Symphony team is made up of cross-functional squads from various business units within the bank. These squads themselves are incentivised to help as many startups as possible, and being cross-functional in nature, are able to spot and explore synergies quickly.

The startup and the squad work together to explore these synergies, and draw up the outlines of their engagement, which is captured in an MoU. IDFC FIRST Bank can function as an anchor customer, or become a partner by extending the startup’s offering to its customer base, or even function as a distribution channel.

For instance, a startup that helps create personalised chatbots could come onboard as a vendor for IDFC FIRST Bank’s own requirements. The bank could also bundle this chatbot offering as a part of its own offerings to enterprise customers, as a partner. Or, the bank could connect corporate customers to the chatbot provider with discounts, thereby playing distributor.

Once the First Symphony squad and the startup work out their terms of engagement, the teams work together to create roadmaps, products and offerings, as well as policy and/or system upgrades at IDFC FIRST Bank. Once these offerings, products and processes go live, the bank’s PR team gets involved to get the word out to the media, and the first pilots are undertaken.

And the rest of the story is how unicorns are often made. By facilitating these connections to anchor customers, First Symphony is able to help startups surpass what is usually the first big hurdle. With the anchor customer in hand, startups are able to put their best foot forward, and give themselves a real shot at the big leagues.

Here’s the best part: First Symphony isn’t limited to a select few. The program is open to all IDFC FIRST Bank Startup Banking customers. Learn more about all the ways IDFC FIRST Bank is invested in putting Indian startups on the global map, and consider giving yourself the IDFC FIRST Bank advantage.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Profit with Purpose: Leveraging the power of business with IDFC FIRST Bank’s Catalyst for IMPACT program

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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For anyone who watches the news, it is clear that the world is crying for solutions. From the perils of climate change, to the continuing lack of healthcare and education in low income places of the world, to the ever present problem of poverty and food insecurity, the world still struggles with problems that a modern world with global supply chains shouldn’t struggle with, ideally.

Fortunately, we are also in an era defined by groundbreaking innovation and near constant disruption. Industry 4.0 has ushered in an age of unparalleled synergies, technology connects us like never before, and our understanding of ourselves and our planet grows deeper every day. Yet, the answers we seek often remain out of reach due to one significant hurdle: economic viability.

That’s the rub. We know we can solve climate change through sustainable energy solutions, resource conservation technologies, green infrastructure projects. Battling poverty and unequal wealth distribution is about putting our weight behind financial inclusion initiatives, micro-entrepreneurship platforms, affordable housing solutions and other region specific solutions. Edtech platforms hold the promise of democratising education for everyone, everywhere. While efficient agricultural practices, food waste reduction initiatives, sustainable food production technologies combined with strong supply chains can help us make a real dent in the problem of world hunger.

Limits of the Non-Profit Model

The trouble is that many of these solutions don’t stand on their own. Traditionally, social impact has been pursued through the non-profit route, better known as the NGO model. But is this the most sustainable path? Non-profit organisations rely heavily on grants and donations, leaving them vulnerable to fluctuating funding cycles. During economic downturns, precisely when these solutions are most needed, funding becomes scarce as charitable donations wane and grants dry up.

For-profit organisations, on the other hand, possess the advantage of self-sufficiency. Their operations, unfettered by reliance on third-party funding, are propelled by internal dynamics, granting them the resilience to weather financial storms. They can scale their solutions without artificial limitations (that often constrain non-profit organisations), reaching a wider audience and maximising their impact.

But here’s the intriguing question: could for-profit be the more impactful route anyway?

Leveraging Profit Motive for the Greater Good

Think about it. When we create solutions for paying customers, we delve deeper. We obsess over understanding the problem, identifying what works, and iteratively refining our offerings. Compare this to the grant model – does it encourage the same level of scrutiny? Not quite.

This customer-centric approach fosters the development of solutions that address core issues rather than merely providing symptomatic relief. Solutions that address the core problem, not just symptoms, tend to be more sustainable and valued by customers. Customers then vote with their wallets, giving these solutions a long lifespan, and a much needed economic viability. This inherent feedback loop within for-profit models drives a mindset of continuous improvement resulting in stronger offerings and solutions that remain relevant and impactful, even when circumstances change.

The Missing Piece: Why For-Profit Social Ventures Struggle in India

The question of why for-profit social organisations haven’t bloomed in India, despite their potential for widespread impact, is a complex one. While the innovative spirit and entrepreneurial drive are certainly present, these ventures face a unique set of challenges.

Imagine the early days of the Indian startup ecosystem, where navigating the landscape alone was a daunting task. Today, for-profit social ventures face similar hurdles. While pockets of support exist, they remain scattered and siloed, lacking the cohesiveness and resources to nurture a robust ecosystem. Budding entrepreneurs struggling to find funding, mentors, and specialised knowledge – that’s the reality for many for-profit social ventures.

Beyond Growth: The Need for “Patient Capital”

Further complicating the landscape is the inherent nature of these organisations. Unlike traditional startups focused on rapid expansion and maximising investor returns, for-profit social ventures prioritise maximised impact. Their growth curves are slower, measured by the depth and breadth of their positive societal or environmental change. This necessitates a different kind of capital: patient capital. In other words, investors who are willing to wait for returns that manifest not just in financial statements, but in improved lives and a healthier planet.

Fortunately, India’s success story with startups provides valuable lessons. The nurturing ecosystem built for tech ventures, with its incubators, accelerators, and angel investors, can be adapted to support for-profit social ventures. With the right support structure and a shift towards “patient capital,” these organisations can flourish, harnessing the power of business to solve some of our most pressing challenges.

Cultivating Change: Building the Ecosystem for For-Profit Social Ventures

The need for a robust ecosystem that nurtures for-profit social ventures is undeniable. It’s time to move beyond scattered support mechanisms and build a comprehensive framework that empowers these organisations to thrive. Here are four key pillars to consider:

• Create Funding Streams: Facilitate diverse funding sources, including investors, mentors, specialists, incubators, and banks.
• Nurture Talent: Develop specialised training programs and mentorship networks to equip individuals with the skills needed to thrive in this sector.
• Foster Innovation: Establish incubators and accelerators specifically designed for for-profit social ventures, providing them with the resources and guidance needed to scale.
• Raise Awareness: Educate the public and potential investors about the value and impact of for-profit social organisations.

By investing in these four pillars, we can build a thriving ecosystem that empowers for-profit social ventures to scale and create a more just, sustainable, and prosperous future. This journey will require innovation, collaboration, and a willingness to challenge the status quo. But the potential rewards are immense, paving the way for a world where business and social good go hand in hand.

Catalysing Change: IDFC FIRST Bank’s Commitment to Social Impact

Following the footsteps of the highly successful Leap to Unicorn platform, IDFC FIRST Bank’s Catalyst for IMPACT program takes innovation a step further, focusing on ventures that address critical social and environmental challenges in India. Rooted in the ethos of “opportunity for all,” the CSR arm of IDFC FIRST Bank, FIRST IMPACT, underscores inclusivity and equitable access to transformative solutions as fundamental principles.

The program focuses on three key areas and is championing ventures that tackle:

• Financial Inclusion: Enabling access to financial services for underserved communities, promoting economic empowerment and social mobility.
• Climate Change and Sustainability: Developing innovative solutions to mitigate climate change and create a more sustainable future.
• Education and Healthcare: Addressing access to quality education and healthcare, fostering individual and community well-being.

Why These Areas Matter

There are synergies here that build on each other. Financial inclusion empowers individuals to invest in education and healthcare, creating a virtuous cycle of upward mobility. Sustainable practices benefit everyone by ensuring a healthy planet for future generations. Education fosters environmental awareness and drives innovation for sustainable solutions. By leveraging these inherent and interconnected advantages, we’re able to create an outsized ripple of positive change with small, but effective interventions made at just the right inflection points.

Moreover, these aren’t just India’s problems, but global ones. The solutions Catalyst for IMPACT will generate don’t need to be limited to India. Innovations born here can be adapted and scaled to benefit communities worldwide. IDFC FIRST Bank’s global network and deep understanding of the startup landscape helps them not only identify ventures with the potential for international impact, but also empower them with the vital tools and connections they need to amplify their successes on a global stage.

Through the Catalyst for IMPACT Program, selected startups will have access to curated bootcamps and mentoring sessions with leading startup ecosystem experts, in addition to having the opportunity to pitch to marquee investors. The program not only generates tremendous networking opportunities and creates access to India’s top unicorn founders and investors, but also puts these founders together with them in exclusive virtual masterclasses where learning and connection happens more organically.

Founders also benefit greatly from the exposure this program generates: both Leap to Unicorn and Catalyst for IMPACT are covered extensively on Network18’s media platforms, and chosen startups will also feature in IDFC FIRST Report of the ‘Top 100 Startups To Watch Out For’. Selected startups will also receive CSR grants from IDFC FIRST Bank

Are you a Catalyst for IMPACT?

For IDFC FIRST Bank, the ethos behind Catalyst for IMPACT is a clear one: to create an ecosystem that supports the birth and sustenance of strong social enterprises, irrespective of where they come from: Because Opportunity Belongs to All.

If you are a budding social enterprise that is incorporated in India, and is working towards creating greater financial inclusion, education and healthcare, climate change and sustainability, this may be the moment you’ve been waiting for. Catalyst for IMPACT and IDFC FIRST Bank are committed to empower organisations like yours to fulfil their potential, and literally, change India and the world for the better.

Learn more about how you can be a Catalyst for IMPACT here. https://www.moneycontrol.com/msite/leap-to-unicorn/catalyst-for-impact

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Rural e-commerce startup Rozana bags $22.5 million to expand its reach

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Rozana, a rural-commerce startup, has raised $22.5 million to fulfil the unique local demands of a billion Indians outside the scope of online commerce.

The funding round was led by Bertelsmann India Investments (BII) with participation from Fireside Ventures and existing investors, including 3one4 Capital.

Founded in 2021 by Ankur Dahiya, Adwait Vikram Singh, Mukesh Christopher, and Prithvi Pal Singh, Rozana aims to leverage tech and data science to tap the potential of rural markets, with 300-500 million first-time online commerce users that could contribute to around half of India’s GDP.

Currently, the rural-focused e-commerce platform reaches more than 12,000 villages across 13 districts in Uttar Pradesh and Haryana, facilitated by a network of approximately 18,000 peer partners, commonly referred to as last-mile partners, who are able to earn additional income.

“With this funding, we will continue building out our logistics and supply chain infrastructure to reach new districts and empower rural communities with access to essential products,” said Ankur Dahiya, CEO and Co-founder, Rozana.

Also read: Exly to utilise $6.2 million fundraise for product development and customer acquisition

The startup claims that over 90% of the rural-focussed platform’s consumers are first-time e-commerce users, with an overwhelming majority of peer partners being women who primarily fulfil the responsibility of consolidating orders and making deliveries within local communities, typically comprising 30 to 40 households.

“The opportunity in rural India is greatly underappreciated,” said Rohit Sood, Partner at Bertelsmann India Investments, which led Rozana’s current funding round.

Rozana’s hyperlocal e-commerce model—which utilises village-based “peer partners” to make last-mile deliveries while providing rural customers convenience and affordability through door-step delivery—”offers a possibility to create meaningful impact in millions of lives”, per Sood.

The round also saw significant participation from Vivek Gupta, Co-Founder of Licious, who now serves on the Rozana’s board.

“I travelled to remote villages and was very impressed to see the aspirations and key pain points of the consumers. Rozana is building an impressive model for that part of India which has been largely outside the scope of the tech revolution,” said Vivek.

Rozana, in a statement, also said that it will be working “very closely” with Flipkart co-founder Binny Bansal’s xto10x, which helps e-commerce ventures find scale and growth with warehouse design, last-mile delivery, technology, category launch and more.

Also read: mPokket secures ₹500 crore funding boost from BPEA Credit to fuel expansion

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Venture capital firm Peak XV inducts third cohort of Spark Fellowship programme with 16 women founders

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Venture capital firm Peak XV has launched the third cohort of Spark with 16 female founders across 14 startups.

Women founders building artificial intelligence and healthcare solutions form the majority of the current cohort, with four companies in each of the categories, with the rest operating in SaaS, B2B and consumer segments.

The Spark Fellowship is a four-month long programme for early-stage female entrepreneurs that includes a $100,000 equity-free grant along with access to domain knowledge, mentorship, a curated community of female founders and exclusive events. Each startup will also receive over $1 million in perks from other companies from cloud credits and devtools to analytics and more.
Since the programme’s launch in 2021, Peak XV (formerly Sequoia Capital India) claims to have curated a community of startups under Spark, which now includes three cohorts, 48 founders and 41 startups across more than 10 sectors.

“Out of the many applications we received for this cohort of Spark, these 16 founders really impressed us with their ambition, first principles thinking and rich operating experience. Many of them are second-time founders. We’re excited to see them develop into leaders of tomorrow,” said Sakshi Chopra, Managing Director, Peak XV.

The four companies focusing on AI include RaptorX.ai (an AI-powered fraud detection and prevention platform), FOBOH (an AI-enabled digital platform that helps food and beverage wholesalers scale sustainably, reduce waste, and get paid faster), Traverse (AI-led travel solution) and Wordsworth AI (personalisation for e-commerce businesses).

When it comes to healthcare, the four startups in the current cohort include BabyMD (a full-stack pediatric service), Soulside (an AI-powered mental health platform), Evenly (a chain of dermatology clinics offering tailored services) and one company currently in stealth mode.

Other companies in the cohort, operating in SaaS, B2B and consumer segments, include Profit Peak (a SaaS platform aiming to provide e-commerce businesses with actionable data insights to boost profitability), Fix My Curls (a haircare brand curated for naturally textured hair), Meritic (which is helping mid-market companies automate their reporting and analytics), Melvvi (handmade and sustainable lifestyle products) and CHOSEN (high-performance skin care products with cosmeceutical and nutraceutical offerings) and lastly, A-Sourced (which is building an AI-powered consignment platform).

Peak XV (formerly Sequoia Capital India & SEA) is a leading venture capital firm investing across India, Southeast Asia and beyond. The VC firm manages over $9 billion in capital across 13 funds, with over 400 portfolio companies, including India’s unicorns BYJU’s, BharatPe, CRED, Apna & others.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Corporate Affairs Ministry to release new regulations for unlisted startups in three months

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In response to growing concerns surrounding bigger unlisted companies like Paytm Payments Bank and ed-tech startup Byju’s, the Company Law Committee (CLC) is set to release a comprehensive report outlining new regulations tailored for larger unlisted startups. Sources from the Ministry of Corporate Affairs (MCA) indicate that the report is expected within the next three months.

MCA has also asked the Registrar of Companies (ROC) to expedite the inspection of Byju’s. However, MCA officials said that they are not involved in the Paytm Payments Bank matter as it is being dealt with by the competent authority, i.e. RBI.

The CLC has been working on making the regulatory environment better and transparent for larger startups for a year now. The focus includes formulating a clear definition for larger startups, with considerations such as net worth, capital raised, and turnover forming the basis of this classification. The intent is to establish a robust framework, incorporating extra measures to ensure the governance and accountability of significant startups.

The forthcoming report by CLC is anticipated to outline provisions aimed at enhancing control for both investors and board directors within these startups. This move underscores a commitment to bolstering transparency and accountability in the startup ecosystem. CNBC TV-18 had reported last year that the MCA was contemplating the inclusion of quarterly reports by larger startups as part of regulatory measures for more effective oversight.

In an effort to gather comprehensive insights, the MCA has sought feedback from key professional bodies, namely the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI).

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

TCS CEO bullish on Indian startup ecosystem, shares strategic approach to acquisitions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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K Krithivasan, Chief Executive Officer (CEO), Tata Consultancy Services (TCS), remains bullish on the Indian startup ecosystem, highlighting the potential and creativity prevalent within the sector.

“The number of all these billion-dollar valuation unicorns that you see in India is increasing, so that definitely is an important hope. The kind of creativity people come in with, I’m completely bullish on the Indian startup scenario,” he told CNBC-TV18 at the Nasscom Technology & Leadership Forum.

Krithivasan also addressed TCS’s approach towards mergers and acquisitions (M&A), outlining the company’s discerning criteria. He noted that while TCS actively explores M&A opportunities, its standards remain high, focusing on achieving a multiplier effect through synergies with existing talent rather than simply bolstering revenue. This selective strategy has resulted in a smaller number of M&As for TCS, but those undertaken have been notably successful.

On potential M&A ventures within the startup ecosystem, Krithivasan struck a cautious tone. While acknowledging TCS‘s interest in acquiring complementary capabilities, he talked about the importance of preserving the innovative spirit of startups.

“We have a unit called Co-Innovation Network that constantly looks at startups not only in India but across the world. We help them scale by introducing them to our customers. We show them the problems that are solvable. So, that’s our approach. I think that you can work together very well with them than just acquiring them,” he added.

Reflecting on TCS’s operational approach, Krithivasan described it as resembling a “big, small company,” with an emphasis on agility and autonomy within individual client units. He underscored the company’s commitment to maintaining a startup mindset, even within a large organisation, by encouraging small units to operate independently while leveraging TCS’s scale and resources.

Also Read: Work From Home eliminates ‘important learnings from colleagues, seniors,’ says TCS CEO

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Pocket FM launches Pocket Novel, aims to become India’s largest online reading platform

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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With an aim to build India’s largest online reading platform and the default destination for the Indian writers’ community, audio series platform, Pocket FM has launched Pocket Novel.

The venture has also announced an investment of $40 million to bolster its presence in the literary landscape. With Pocket Novel, Pocket FM begins diversifying across various entertainment categories and formats, with a focus on developing its IP playbook.

Pocket Novel aims to discover and promote unique stories while fostering a platform that creates opportunities for writers across India and enables them to earn a sustainable income from their craft.

With the global market projected to exceed $6.5 billion by 2028, the venture says India is poised to emerge as the fastest-growing market in this space, presenting a promising opportunity for Pocket Novel. Pocket Novel is aiming to exceed the $100 million Annualised Revenue Run Rate worldwide by 2025.

Commenting on the launch of Pocket Novel, Rohan Nayak, Co-founder and CEO, Pocket Novel said, “We are building an ecosystem that shapes the essence of entertainment which specialises in discovering and distributing unique and unheard stories. These are adaptable across formats and geographies, creating a robust model with millions of audiences. Leveraging our learnings from our successful audio series trajectory, we remain steadfast in our commitment to cultivating a dynamic entertainment ecosystem. Our IP creation engine is designed to produce and disseminate content across diverse categories and brings disruption in the entertainment landscape.”

Pocket Novel in its beta-phase

The platform has witnessed its writers’ community flourished to over 150,000 writers with the top-performing writers earning impressive incomes, with some exceeding $2500 every month. The company intends to continue its journey towards consolidating the aspirations of the writers on its platform and envisions building a community of 1 million writers and strengthening its library to 2 million novels by 2025.

The venture says, readers’ engagement on the platform is consistently high, with an average daily reading time surpassing 100 minutes and the popular genres span across romance, drama, suspense, fantasy, and sci-fi genres.

22-year-old MBA Moni Singh, the writer of Devil Se Shaadi, turns out to be the top earner with over $3000 monthly average earnings, followed by other leading writers like Cerica (alias Jigyasa), Kavya Sharma and many more.

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Speaking about her experience with Pocket Novel, she said, “Since I embarked on my writing journey with Pocket Novel, I have discovered a strength and passion for storytelling. Throughout the process of trial and error as continuous learning, I have evolved into a better writer. My successful novel ‘Devil Se Shaadi’ which also became a blockbuster on Pocket FM has resonated well with my audience. Their love and support kept me motivated and encouraged me to bring more enthralling scripts to them. Pocket Novel not only provided wings to my stories but has always been a supportive force.”

During its beta phase, more than 2% of novels have garnered over 500,000 reads, and over 5% have exceeded 100,000 reads. The platform’s revenue has already grown 500% in 2023 and is set to reach $100 million ARR by 2025. In 2023 alone, readers made over 1 million transactions on the platform for purchasing the entire novels or certain chapters, written by its writers community.

Together, Pocket Novel and Pocket FM want to revolutionise the way stories are found, shared, enjoyed, and appreciated.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NIIF invests $25 million in a Bengaluru investor that backs RenewBuy and Capital Small Finance Bank

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The seven-year-old Amicus Capital, which invested early in companies like the insurance aggregator RenewBuy and microfinancier Capital Small Finance Bank, has raised another ₹207 crore (about $25 million) from the National Investment and Infrastructure Fund (NIIF).

The Bengaluru-based private equity firm currently has $259 million worth of assets under management across two funds. Capital Small Finance Bank was listed at an 8% discount to its IPO price on February 14.

The latest fundraising will take Amicus’ second closer to its target of $200 million, which will be invested in growth-stage companies from speciality manufacturing, technology and business services to healthcare and financial services, a press statement said.

“Including NIIF’s commitment, our second fund has raised $171 million (about ₹1,415 crore) as of today,”  Mahesh Parasuraman, the co-founder and partner at Amicus Capital, said. This investment from NIIF will come from the $100 million fund of funds set up in 2021.

The state-initiated NIIF, which has committed over $4.9 billion in investments through four funds, has bet on at least 50 companies in the private markets. NIIF is also backed by the Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB), among others.

Some of NIIF’s investments include a new airport in Andhra Pradesh and a highway from Jammu to Udhampur, among others.

Private market investments are those that aren’t traded on any public exchanges.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow