Trending Startup’s News – 12 Aug 2023

Rainmatter Capital Allocates Rs 1,000 Crore in Unique Investment Approach to Benefit Founders

Rainmatter Capital, the investment arm of Zerodha, has allocated Rs 1,000 crore in a unique investment approach that is designed to benefit founders. The fund, which is called Rainmatter Capital Fund II, will invest in early-stage startups in India. Rainmatter Capital is taking a different approach to investing than traditional venture capital firms. The fund is not focused on making a quick exit and generating a high return on investment. Instead, Rainmatter Capital is focused on helping founders build successful businesses.

Read More…Rainmatter Capital Allocates Rs 1,000 Crore in Unique Investment Approach to Benefit Founders

T-Hub’s Atal Incubation Center Chooses 23 Startups for Innovative Sustainability Cohort

T-Hub, India’s largest technology incubator, has chosen 23 startups for its Atal Incubation Center’s (AIC) Sustainable Living Cohort. The cohort is designed to support startups that are working on innovative solutions to sustainability challenges.

The 23 startups were selected from a pool of over 100 applicants. The startups represent a diverse range of industries, including energy, waste management, water conservation, and agriculture.

Read More..T-Hub’s Atal Incubation Center Chooses 23 Startups for Innovative Sustainability Cohort

Gujarat’s Rogue Opportunities Commits ₹25 Crore Investment in Indian Startups

Rogue Opportunities, an angel network based in Gujarat, has committed ₹25 Crore to invest in Indian startups. The fund will focus on early-stage startups in the technology, healthcare, and education sectors.

Rogue Opportunities was founded in 2022 by a group of entrepreneurs and investors with a strong track record of success. The fund’s managing partners are Dishank Shah and Yash Shah.

Read More..Gujarat’s Rogue Opportunities Commits ₹25 Crore Investment in Indian Startups

Embark on a Unique Experience: Be a British High Commissioner for a Day, Courtesy of UK’s Invitation to India’s Young Women

The British High Commission in India is inviting young women from all over the country to apply for a unique opportunity: to be a British High Commissioner for a Day.

The High Commissioner for a Day program is designed to give young women a taste of what it is like to be a diplomat and to represent the UK on the world stage. The selected participants will get to shadow the British High Commissioner in India for a day and learn about the challenges and opportunities of diplomacy.

Read More...Embark on a Unique Experience: Be a British High Commissioner for a Day, Courtesy of UK’s Invitation to India’s Young Women

Nykaa Registers 27% Year-on-Year Decline in Q1 Profits Amid Fashion Business Slowdown

Nykaa, India’s leading beauty and fashion e-commerce platform, has registered a 27% year-on-year decline in its consolidated profit for the first quarter ended March 2023. The company’s profit stood at ₹29.1 crore, down from ₹39.4 crore in the same quarter last year.

Read More..Nykaa Registers 27% Year-on-Year Decline in Q1 Profits Amid Fashion Business Slowdown

LIC Reports Remarkable Q1 Profit Surge, Soars to Rs 9,544 Cr

Life Insurance Corporation of India (LIC) has reported a remarkable profit surge of 44% in the first quarter of the financial year 2023, at Rs 9,544 crore. This is the highest quarterly profit ever recorded by the insurance behemoth.

The profit surge was driven by a number of factors, including strong growth in premium income, investment income, and net gains on foreign exchange. Premium income grew by 20% to Rs 70,958 crore, while investment income grew by 19% to Rs 63,134 crore. Net gains on foreign exchange stood at Rs 2,358 crore.

Read More…LIC Reports Remarkable Q1 Profit Surge, Soars to Rs 9,544 Cr

Vijay Shekhar Sharma Takes Control with 24.3% Voting Rights

Vijay Shekhar Sharma, the founder and CEO of Paytm, has taken control of the company with 24.3% voting rights. This comes after Sharma acquired a 10.3% stake in Paytm from Ant Group, the Chinese technology giant.

Sharma’s move gives him control over the company’s board of directors and will allow him to make key decisions about the company’s future. Sharma has said that he plans to use his voting rights to focus on growth and profitability for Paytm.

Read More..Vijay Shekhar Sharma Takes Control with 24.3% Voting Rights

HCLTech Secures $2.1 Billion Deal with Verizon Business for Managed Network Services

HCL Technologies, a leading global IT services and consulting company, has secured a $2.1 billion deal with Verizon Business for managed network services. The deal will see HCLTech provide Verizon Business with a range of managed network services, including network design, deployment, and operations.

Read More..HCLTech Secures $2.1 Billion Deal with Verizon Business for Managed Network Services

Piyush Goyal: Startups Contribute to the Creation of More Than 1.034 Million Direct Jobs

Piyush Goyal, the Minister of Commerce and Industry, has stated that startups have contributed to the creation of more than 1.034 million direct jobs in India. He made the statement during a speech at the Startup India Seed Fund Scheme event in New Delhi.

Goyal said that the startup ecosystem in India is growing rapidly and that it is creating jobs at a faster pace than the traditional sectors. He said that the government is committed to supporting the startup ecosystem and that it is providing a number of initiatives to help startups grow and scale up.

Read More..Piyush Goyal: Startups Contribute to the Creation of More Than 1.034 Million Direct Jobs

BharatPe Launches Innovative Android Point-of-Sale Terminal for Streamlined Digital Payments

BharatPe, a leading payments unicorn in India, has launched an innovative Android point-of-sale (PoS) terminal for streamlined digital payments. The terminal is called BharatPe Mini and it is designed to make it easier for merchants to accept digital payments.

BharatPe Mini is a small, portable device that can be easily plugged into a smartphone or tablet. It has a built-in printer and scanner, so merchants can print receipts and scan QR codes for payments. The terminal also supports a variety of payment methods, including UPI, credit cards, and debit cards.

Read More….BharatPe Launches Innovative Android Point-of-Sale Terminal for Streamlined Digital Payments

Xoriant Expands Expertise with Acquisition of Thoucentric

Xoriant, a leading global IT services and consulting company, has acquired Thoucentric, a specialized consulting and technology firm focused on helping businesses transform their supply chains. The acquisition will help Xoriant to expand its expertise in supply chain management and to offer customers a more comprehensive set of services.

Read More..Xoriant Expands Expertise with Acquisition of Thoucentric

The government unveils the FAME III Draft with Rs 40,000-50,000 Crore Budget to Boost Electric Vehicles

The government has unveiled the draft of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME III) scheme with a budget of Rs 40,000-50,000 crore. The scheme aims to promote the adoption of electric vehicles (EVs) in India and to make them more affordable for consumers.

Read More…The government unveils the FAME III Draft with Rs 40,000-50,000 Crore Budget to Boost Electric Vehicles

Online Gaming Faces New Tax Regime as Lok Sabha Greenlights GST Amendment Bills at 28% Levy

The Lok Sabha has passed two bills to amend the Goods and Services Tax (GST) Act to levy a 28% tax on online gaming, casinos, and horse racing. The bills were passed with a voice vote after a brief discussion.

The bills were introduced by Finance Minister Nirmala Sitharaman in the Budget session of Parliament in February. The government had proposed to levy a 28% tax on online gaming, casinos, and horse racing to bring them in line with other forms of gambling.

Read More…Online Gaming Faces New Tax Regime as Lok Sabha Greenlights GST Amendment Bills at 28% Levy

NeediBay – Journey of Sustained Profitability in B2B Procurement

NeediBay is a B2B procurement platform that connects buyers and sellers of industrial products and services. The company was founded in 2015 and is headquartered in Bengaluru, India.

NeediBay has grown rapidly in recent years and is now one of the leading B2B procurement platforms in India. The company has over 1 million registered buyers and sellers and generates over $1 billion in annual revenue.

Read More..NeediBay – Journey of Sustained Profitability in B2B Procurement

How Vega HR is Revolutionising HR with AI-Powered Personalization and Recognition

Vega HR is a human resources (HR) software company that is using artificial intelligence (AI) to revolutionize the way HR is done. The company’s AI-powered platform automates many of the tasks that are typically done by HR professionals, freeing them up to focus on more strategic work.

Read More..How Vega HR is Revolutionising HR with AI-Powered Personalization and Recognition

MyTAG APP Launches “Plant for Life” Campaign, Empowering Students to Create a Greener Future

MyTAG APP, a leading educational technology company, has launched the “Plant for Life” campaign to empower students to create a greener future. The campaign aims to plant 1 million trees in India by 2025.

The “Plant for Life” campaign is a part of MyTAG APP’s commitment to sustainability. The company has pledged to plant a tree for every new user who signs up for the app. MyTAG APP will also be working with schools and other educational institutions to plant trees on their campuses.

Read More…MyTAG APP Launches “Plant for Life” Campaign, Empowering Students to Create a Greener Future

CarTrade ‘s Q1FY24 Net Profit Surges 400% Amidst a Moderate Revenue Increase

CarTrade, a leading automotive marketplace in India, has reported a 400% surge in net profit for the first quarter of fiscal year 2024 (Q1FY24). The company’s net profit stood at Rs 107.8 crore for Q1FY24, up from Rs 21.9 crore in the same quarter last year.

CarTrade’s revenue for Q1FY24 grew 17% to Rs 490.5 crore, from Rs 420.5 crore in Q1FY23. The company’s revenue growth was driven by a 31% increase in its marketplace business and a 10% increase in its financial services business.

Read More…CarTrade ‘s Q1FY24 Net Profit Surges 400% Amidst a Moderate Revenue Increase

Article By CA Pankaj Dara