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…
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INDIA 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…
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…
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