Author: News Desk
As of September 24, 2022, Prime Minister Narendra Modi’s Fund of Funds for Startups (FFS), which was established under the Startup India programme in 2016, has committed 7,385 crore to 88 Alternative Investment Funds (AIFs). The Ministry of Commerce & Industry claims in a statement that these AIFs have in turn invested 11,206 crore in 720 companies. In the Indian startup ecosystem, the Fund of Funds for Startups, which was announced with a corpus of 10,000 crore, has been mobilising domestic funding. The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India,…
Digital lending is booming in India. By 2030, it is expected to become a $1.3 trillion market, says the report ‘State of Indian Fintech Ecosystem Q3 2022 InFocus: Neobanks.’ Between 2022 and 2023, the digital lending market is expected to grow from $270 billion in 2022 at a CAGR of 22 per cent, accounting for 60 per cent of the total Indian fintech market. Factors such as growing per capita income and greater internet penetration will encourage the growth. Between 2014 and Q2 2022, digital lending startups raised $6.49 Bn in funding across 447 deals. In terms of fintech funding…
Chennai to be the fastest growing Indian market for South Africa Tourism by 2025. Visitors from Chennai to South Africa are expected to grow by 30 per cent CAGR by 2025. In 2021, Chennai was the third largest Indian feeder market to South Africa. 58.2 per cent of solo travellers from Chennai visited South Africa. 34.7 per cent visited the country with colleagues and associates. The South Africa tourism board is in talks with the Tamil Nadu Tourism Development Corp. It is for discussing skill development and other collaborations Mumbai and Delhi are other top source markets.
LML Electric to raise up to Rs 500 crore. To fund setting up of manufacturing plant and scale up business. The company will launch its first product in India in the second half of 2023. LML Electric has entered into a partnership with Saera Electric Auto Pvt Ltd. The second product will be a “hyper bike” — a crossover between an electric scooter and motorcycle. The third one will be an electric scooter.
According to the chief executive officer of the US startup Fisker Inc, sales of its Ocean electric sport-utility vehicle (SUV) will start in India in July and the country may start producing its own automobiles in a few years. Henrik Fisker predicted in an interview in New Delhi that sales of electric vehicles will pick up speed by 2025–2026 and added that the company hopes to gain a competitive edge by being the first to market. After failing to obtain a reduced import tax for its vehicles, Fisker rival Tesla Inc. decided to postpone its entry plans into India. Similar…
Lately, under the leadership of its current Chairman N. Chandrasekaran, Tata Sons has been taking measures to consolidate its business for better efficiency. A recent report reveals that Tata Sons has decided to cut the number of listed companies from 29 to 15 in the coming months. The firm will now focus on investing in bigger projects that have more potential in the market. Besides the 29 listed companies, the Tata group has about 60 unlisted companies and hundreds of subsidiaries across ten sectors. The group had made certain important announcements in the past. Last week, the group announced a merger…
Anand Mahindra is known for supporting upcoming ventures. Recently, he tweeted a 2-minute video clip featuring a portable marriage hall. The hall built inside a truck can accommodate about 200 people. He was impressed by the concept. He lauded its creative and eco-friendly characteristics. He also expressed his desire to meet the brain behind this concept. The tweet went viral within no time. The video received more than 4 lakh views online.
Bollywood actor Ranveer Singh has invested in SUGAR Cosmetics. He will also be the startup’s brand ambassador. He would create strategies targeting GenZ and millennials. This is Ranveer’s first investment in the startup ecosystem. Vineeta Singh and Kaushik Mukherjee launched SUGAR Cosmetics in 2015. In May, the startup raised $50 Mn in Series D funding Currently, it is valued at nearly $500 Million
IT giant Infosys started the Infosys Digital Centre in Calgary, Alberta, Canada. The centre will aid Infosys’ growth in Canada. The company would bring 1,000 jobs to the centre in two years. It also aims to double its total workforce commitment in the country to 8,000 employees by 2024. Calgary, which is located in Gulf Canada Square in the city’s downtown commercial street, will bring Infosys closer to the clients there. According to Ravi Kumar, President of Infosys, Calgary is a centre of tech excellence. It is a pool of IT talent. Through the centre, Infosys will be able to…
Based on evidence from intelligence agencies, the Ministry of Information & Broadcasting ordered YouTube to ban 45 videos from 10 different YouTube channels. Over 1 crore 30 lakh views were accumulated for the videos that were prohibited. The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021 were used to pass the order. It was determined that these movies could “disturb public order” and generate “communal strife.” A mistaken exterior boundary was also depicted in some of these videos, placing portions of J&K and Ladakh outside of Indian jurisdiction. The sovereignty and geographical integrity of India were determined…