FutureTech

Koovers, a business-to-business auto spares startup, has raised $1.5 million in a round led by Inflection Point Ventures. JPIN-VCats and Venture Catalysts are among the other investors in the round. The funds will be used to grow the company’s product line and improve its technological infrastructure, according to the company. Vinayak, Sandeep Begur, and S Prem Kumar founded Koovers in 2016 to provide automobile workshops with doorstep delivery of genuine spares from all car manufacturers at low pricing. Even with Covid, the company has over 5,000 workshops in its network…

Indian cosmetics to fashion startup Nykaa got bids for 40 times the number of shares it expects to sell to anchor investors in its initial public offering (IPO), showing substantial interest in the sale. investment firm Blackrock Capital Group and asset manager Fidelity were among the top buyers in the $319.68 million sale of shares that FSN E-Commerce Ventures, the company that owns the Nykaa brand, offered to institutional investors. SN E-Commerce priced its IPO at Rs 1,085 to Rs 1,125 per share, valuing Nykaa at up to $7.11 billion….

Google has partnered with the Ministry of Electronics and IT’s Startup Hub to develop Appscale Academy, a growth and development initiative that will teach early to mid-stage startups across India on how to build high-quality applications for the global market. The Appscale Academy, which will be launched in October 2021, will assist local businesses in developing and scaling a variety of world-class applications across sectors such as gaming, healthcare, financial technology, education technology, and social impact. “It is great to see start-ups and developers across India, especially those in Tier…

India has roughly 70 unicorns’ startups valued at $1 billion or more — that are expected to produce 125,000-160,000 white-collar jobs over the next two-three quarters According to two different surveys performed by EMA Partners and CIEL HR Services. According to an EMA survey of the month September, unicorn startups have recruited about 150,000 Executives in the past three quarters. It predicts that an extra 125,000 executives will be hired in the following two quarters. A significant portion of the hiring, up to 70% will be for technology roles only,…

FY21 was a nightmare for mobility startups and ride-hailing giants like Uber and Ola, as the pandemic affected their operations. While Ola has yet to file financial statistics for FY21 (or even FY20), Uber India saw a 47.3 percent reduction in operating profits during the fiscal year ended March 2021. Uber India’s operating revenue fell to Rs 370.5 crore in FY21, down from Rs 703.1 crore in FY20. During the previous fiscal year, around 81 percent of these revenues, or Rs 300 crore, were earned by Uber’s ride-hailing operation, with…