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 MoreCategory: Start-Ups
The 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…
Read MoreGenerative AI startup Hexo raises $270K in a pre-seed round led by Antler India
Generative AI startup Hexo has raised $270,000 in a pre-seed funding round led by Antler India, via the VC firm’s Antler India Residency initiative. Founded by Vignesh Baskaran and Kunal Bhati, The startup is building an open-source image generation API that offers a wide range of controls to make image generation more predictable and accurate. This fine-tuner product for enterprises is targeted at enabling them to easily build custom image generation engines based on the company’s design language, products, characters, IP etc. “Our first product is a fine-tuner for enterprises to build custom…
Read MoreMeitY and Google to help 100 Indian startups scale their app businesses
The Ministry of Electronics and Information Technology (MeitY) Startup Hub and Google have joined to support the Appscale Academy program, which trains early to mid-stage businesses to build high-quality apps for the global market. According to the company, the Appscale Academy Class 2022 helped one out of every three apps quadruple their installation count and visitor base by focusing on enhancing the user experience, security, user base, rating, and engagement rates. The Appscale Academy Class 2023, according to the company, will assist 100 more startups from Tier 1, Tier 2,…
Read MoreHealthtech startup In-Med Prognostics raises $2.13M in funding led by Exxora
In-Med Prognostics, an AI-based health tech startup, has raised $2.13 million in a new funding round. The raised capital will be used towards expanding its product portfolio and tap global markets. Pune-based In-Med Prognostics, an AI-based health tech startup, has raised $2.13 million in a new funding round led by Exxora, along with the participation from angel investors. According to the startup, the raised capital will be used towards expanding its product portfolio and tap global markets. In-Med Prognostics, founded in 2018 by Latha Poonamallee and Rajesh Purushottam, offers AI-powered image processing proprietary…
Read MoreVirtual reality startup iXRLabs raises $800K in a seed round
iXRLabs has raised $800,000 in a seed funding round. The startup plans to use the raised capital for scaling up the product. iXRLabs, a Virtual Reality (VR) edtech startup for higher education, has raised $800,000 in a seed funding round led by an infrastructure development industry angel investor. The startup intends to use the funds raised to expand the product. Nihar Madkaiker founded iXRLabs, which provides experiential and immersive VR educational modules to universities and colleges in engineering, medicine, and sciences. According to the startup, its goal is to…
Read MoreIoT platform ThingsUp raises $600K in a seed round led by Silverneedle Ventures, others
Pune-based ThingsUp has raised $600,000 in a seed funding round. The funds raised will be used to double down on the product development, sales, and operations teams. ThingsUp, a Pune-based low-code platform that assists businesses in developing and deploying IoT applications, has raised $600,000 in a seed funding round led by Silverneedle Ventures, Udyat Ventures, Lead Angels, GSF (an existing investor), and other angel investors. The funds raised will be used to expand the product development, sales, and operations teams, according to the startup. It will also introduce two additional…
Read MoreTech-enabled Carbon Credits startup Varaha Raises $4M from Orios, Omnivorezxsaxzsxssxa
Bengaluru-based Varaha platform has raised $4 million in a seed funding round. The platform was founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur. Bengaluru-based Varaha, a technology-enabled platform for generating carbon credits through nature-based solutions, has raised $4 million in a seed funding round led by Orios Venture Partners, with Omnivore, RTP Global, Better Capital, and other angel investors participating. Varaha was founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur to modernise carbon markets through diverse climate action projects that are vetted using advanced remote sensing…
Read MoreJava Capital Launches Rs 75 crore Seed Stage Fund
Java Capital has launched its first fund with a corpus of Rs 75 crore. The Fund has achieved its first close at Rs 30 crore and expects to do a final close in the next six months. Java Capital, a SEBI-registered Alternate Investment Fund (AIF) focused on seed-stage investments, has launched its first fund with a corpus of Rs 75 crore, including a greenshoe option of Rs 25 crore. The Fund, according to the firm, has completed its first close at Rs 30 crore and expects to complete its final…
Read MoreUniqus Consultech raises $12.5M in a Series A round led by Nexus
Uniqus Consultech announced the launch of its operations by raising US$12.5 million in a Series A funding round. The investment also marks the first investment for Sorin Investments, an early-stage tech fund founded by private equity veteran Sanjay Nayar, Former Chairman of KKR India. Uniqus Consultech, a tech-enabled global platform that provides ESG and accounting and reporting consulting, announced the launch of its operations by raising US$12.5 million in a Series A funding round for the sale of a minority stake. The funding round was led by Nexus Venture Partners,…
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