The Union Cabinet is likely to set up a Rs 2,000-crore credit guarantee fund by July-end with a view to provide funding facilities to startups as per the report by India Today. The secretary of the department of industrial policy and promotion (DIPP), Ramesh Abhishek, said the fund would be used to lend to startups without any collateral. He said…
Indian top Cab aggregator Ola has reportedly picked up about $50 Mn funding from hedge fund Tekne Capital Management, as an extension of its ongoing round. The New York-based investment firm has infused less than $50 million in the company as part of its ongoing round, which has also seen participation from Ratan Tata’s venture fund RNT Capital Advisors and…
A section of drivers for Ola and Uber are on protest again on Tuesday in the Delhi NCR region. The Sarvodaya Driver Association of Delhi and the Rajdhani Tourist Drivers Union claimed that more than 1 lakh drivers would strike protesting for a single day against the low earnings because of the companies policies, as indicated by this Economic Times…
The Narendra Modi Government has recently modified the definition of ‘start-up’, under its ‘Start-up and Stand-up India’ initiative to accommodate businesses that are seven years old, thus making them eligible for government-sponsored funding, tax and other benefits. Earlier, start-ups active for maximum five years were selected for the scheme. With the unified tax structure, Goods and Services Tax (GST), rolling…
Sicap, a Switzerland-based global mobile network software solutions provider on Wednesday announced the opening of a Global Development and Support Centre (GDSC) in Kolkata, as part of the company?s expansion plan in the Indian market, hailed as one of the fastest growing telecom markets in the world. Sicap international teams are working closely in nine locations including India to ensure…
BENGALURU: Taxi-hailing companies such as Ola and Uber are turning out to be a boon for the Indian Railways, snapping up parking spaces at railway stations in various cities at rates far higher than those paid by contractors and other taxi operators. In a recently concluded deal for the stations in Bengaluru division, the railways has allocated parking space for…
Venture capital in Michigan is on a record-breaking round of fundraising. Four numbers indicate historical high-water marks for VC activity in the state: 12 — that's the number of firms either based in Michigan or with offices here that are currently raising new funds. 806,000,000 — that's the total number of dollars those 12 firms plan to raise over the…
India enlarged the definition of what constitutes a startup to a venture that's as much as seven years old from five now, relaxed the norms for tax benefits and included employment generation potential to give a big push to job creation and entrepreneurship. "These changes are an effort to ensure ease of starting up new businesses to promote the startup…
Bengaluru: Bengaluru has emerged as the prime destination for IoT (Internet of Things) start-ups to set up base, as it accounts for 52% of the total IoT start-ups in India, a study by management consulting firm Zinnov said. Bengaluru is followed by Delhi NCR with 12%, Mumbai 11%, Hyderabad 4%, Chennai 2%, and others together accounting for 19%. “A wide…