MK Stalin, the Chief Minister of Tamil Nadu, launched the Global Tamil Angels platform (www.tamilangels.fund) on Monday, inviting investors from the global Tamil diaspora to invest in the state’s start-ups. The platform debuted at the “Global Startup Investors Summit,” which was co-hosted by the Tamil Nadu Startup and Innovation Mission and the FeTNA International Tamil Entrepreneur Network. At the event, a multi-billion-dollar American Tamil Fund (ATF) was announced by investors from the Tamil Diaspora in the United States to invest in the state’s start-ups. According to a press release, the…
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SaaS startup Actyv.ai raises $7M led by 1Digi Ventures
Singapore-headquartered enterprise SaaS platform Actyv.ai has raised $7 million in a pre-Series A funding round led by 1Digi Ventures, a family office based in Singapore. Previously, the startup had raised $5 million as part of its pre-Series A round, taking the total raise to $12 million in this round. It is also in talks to raise its next Series A round of funding and expects to close in another 3-4 months. Founded in 2019 by Raghunath Subramanian, About actyv.ai actyv.ai is an AI-powered enterprise SaaS platform with embedded B2B Buy Now Pay…
Read MoreMetaverse platform Trezi raises over $2M in a Series A round
Trezi, a homegrown metaverse platform, has raised over $2 million in a Series A funding round led by World V, YourNest Venture Capital, and Auxano Capital, with participation from She Capital. The startup intends to use the funds raised to accelerate platform development in the metaverse and expand into high-potential new geographies. Trezi, founded in 2018 by Tithi Tewari and Gautam Tewari, said it allows clients to upload architectural models for real-time viewing, editing, and remote collaboration. The startup claims that leading brands such as Schneider Electric, GMR, NCRTC, St…
Read MoreSTPI WILL SUPPORT THE ECOSYSTEM OF TECH STARTUPS
By launching ground-breaking initiatives to give tech startups and aspiring entrepreneurs access to a rich collaborative ecosystem, STPI has set out to strengthen the country’s ecosystem for tech startups. It has encouraged the patenting of more than 100 upcoming tech startups. On December 24, 2022, in a conversation with DD News, Director General of Software Technology Parks of India, Mr. Arvind Kumar elaborated that the goal of STPI in its starting stage was to support the export of software, and today they have reached over 6.3 lakh crore of exports, marking…
Read MoreINDIA IS CURRENTLY THE THIRD-LARGEST STARTUP ECONOMY -Smriti Irani
The Union minister on Tuesday, December 20, 2022 has stated that “The startup ecosystem in India is now the third-largest in the world” “Under Prime Minister Narendra Modi’s leadership, India has emerged as the third-largest ecosystem of startups, with more than 84,400 startups in 656 districts across the country” said Smriti Irani Up until 2014, India was home to only 720 startups, and the evaluation stood at USD 332.7 billion. Explaining more about the economy, she said that in the last eight years, India has become the fifth-largest economy in the…
Read MoreKarnataka advances by introducing the new start-up policy
The Karnataka cabinet has approved a policy that aims to add 10,000 more startups over the next five years. Minister of Information Technology and Biotechnology, Dr. C. N. Ashwath Narayan, claims that “the new policy framed by the Department of Electronics and IT/BT has the aim of positioning Karnataka as the “Champion State” for startups and further increasing the number of high-growth startups by 2027.” The policy approved at the cabinet meeting in Belagavi secures Karnataka’s position as the nation’s innovative hub. The state’s ultimate objective was to launch 25,000…
Read MoreCAIT seeks regulatory body for e-commerce
CAIT, the traders’ body, demanded on Friday that the government immediately implement a robust e-commerce policy and establish a regulatory authority for the sector. The Confederation of All India Traders (CAIT) reiterated its demands a day after a Parliamentary panel suggested digital market entities to desist from “anti-steering”, “deep discounting”, “self preferencing”, “search & ranking preferencing” and other practices that will impact competition in the market. A Parliamentary panel proposed an ex-ante regulation, classification of “systemically important digital intermediaries” based on revenue, market capitalisation, and number of users, and a…
Read MoreThe debut of tech fashion with Virgio
In recent fashion news, Virgio, a pioneer company founded in 2022 by Mr. Amar Nagaram, has received 37 million USD of funding, which roughly translates into INR 306 crore, in a round led by companies like Prosus, Accel, and Alpha Wave. What is new about Virgio is that it focuses on the use of technology throughout the design, manufacturing, and purchasing processes. Ensuring a smooth working structure in the fashion life-cycle. This, according to Mr. Nagaram, will allow buyers to have real-time access to runway fashion as well as give…
Read MoreReliance To Acquire Metro AG’s India Business
Billionaire Mukesh Ambani’s Reliance Industries Ltd. (RIL) is all set to acquire the German firm Metro AG’s India business. A deal that is expected to cost Rs 2,850 crore will see Reliance Retail Ventures Limited (RRVL) acquire Metro AG’s wholesale operations in India. A joint statement about this takeover read, “Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd, today signed definitive agreements to acquire a 100 percent equity stake in Metro Cash & Carry India for a total cash consideration of Rs 2,850 crore, subject to closing…
Read MoreThe rise of the start-up ecosystem in India
On 16th January of 2016; the Indian government launched the Start-up India initiative with the purpose of supporting the Indian startup ecosystem and encouraging the innovative and creative minds of our nation. The plan was put into action by following these three strong pillars: handholding and simplifying Funding, Support, and Incentives Industry-Academia Partnership and Incubation To reduce the dependence of Indian startups on foreign sources, the government implemented the Fund of Funds for Start-ups (FFS) and the Start-up India Seed Fund Scheme (SISFS). It was to provide investments to startups that…
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