Hardeep Singh Puri, the Union Minister for Water Resources, has launched a startup challenge with the goal of empowering 100 water-related startups. The initiative is called the ‘India WaterPitch-Pilot-Scale Startup Challenge,’ and it was created by the Ministry Of Housing And Urban Affairs. The selected startups will receive a grant of INR 20 lakhs as part of the programme. In addition, the Ministry will provide the selected startups with funding and mentorship. ‘The initiative aims to empower startups in the water sector to grow through innovation and design, which will…
Read MoreCategory: Start-Ups
Perfios to acquire fintech platform Karza for Rs 600 crore
Karza Technologies, a banking and financial intelligence solution provider, will be purchased for around Rs 600 crore by Perfios Software Solutions, a Bengaluru-based fintech software firm backed by Warburg Pincus and Bessemer. Perfios raised around Rs 520 crore from Warburg Pincus and Bessemer Venture Partners, as well as some existing investors, earlier this month. The funds will be used to partially fund the acquisition of Karza Tech. Through its superior data engineering and deep tech applications, Karza provides solutions that enable onboarding automation, systemic fraud prevention, and business intelligence. According…
Read MoreIISc-backed ARTPARK to launch $100 million venture fund to invest in AI, robotics startups
The Indian Institute of Science (IISc) – Bengaluru’s AI & Robotics Technology Park (ARTPARK) has announced the launch of a $100 million venture fund. The Securities Exchange Board of India (SEBI) has given ARTPARK permission to launch the fund. According to Umakant Soni, the CEO of ARTPARK, the venture fund will be formally launched by the end of this month, pending SEBI approval, and fund deployment will likely begin in May or June. Soni said the venture fund size of investments will be in the range of $1 million to…
Read MoreClassplus set to score $80 Mn in Series D round
B2B edtech startup Classplus is in late-stage talks to raise $80 million in a new round co-led by existing investors. This is the Noida-based startup’s fifth funding round in the last two years. “Alpha Wave Global and Tiger Global will lead the Series D round along with the participation of other existing backers and a Middleeast fund,” said one of the people requesting anonymity. Surge from Sequoia Capital, Times Internet, Blume, and GSV Ventures are among the company’s current backers. Tutors can use Classplus’s full-stack mobile solution to manage all…
Read MorePiyush Goyal calls upon startups to help India become self-reliant in energy, defence sectors
Piyush Goyal, the Union Minister for Commerce and Industry, on Sunday called for startups to help India become self-reliant in the energy and defence sectors, citing the COVID-19 pandemic as an example of a crisis turned opportunity. Every crisis, like Covid-19’s, can be turned into an opportunity. At the ET Startup Awards in Bengaluru, Shri Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, said that Covid-19 is a big crisis and that the “biggest of the century” crisis was turned into an…
Read MoreCompetition Commission approves Amazon’s acquisition of Prione
The acquisition of Prione Business Services by Amazon Asia-Pacific Resources has been approved by the Competition Commission of India (CCI). Prione was a joint venture between Catamaran, founded by Narayan Murthy, and Amazon. Cloudtail India, the company’s wholly owned subsidiary, is one of Amazon’s top sellers in the country. On March 9, CCI announced the launch of a microblogging site. In December, Amazon announced its intention to buy Prione. So far, Amazon and Catamaran have jointly controlled Prione Business Services, whose fully owned subsidiary Cloudtail India has been extensively scrutinised…
Read MoreByju’s closes $800 million pre-IPO fundraise at a valuation of $22 billion
The edtech company Byju’s announced on Friday that it had received $800 million in a pre-IPO financing. According to sources close to the situation, Byju Raveendran, the company’s founder and CEO, has personally contributed $400 million. According to people familiar with the matter, the financing, which comes ahead of the company’s anticipated initial public offering (IPO), values the Bengaluru-based firm at over $22 billion. It is India’s most valuable startup due to its massive post-money valuation. Sumeru Ventures, Vitruvian Partners, and BlackRock were the other investors who participated in the capital…
Read MoreUnacademy looks at omni-channel retail, launches physical stores
Edtech platform Unacademy is branching out into the hybrid-retail model With the opening of experience stores across the country. Unacademy is now planning to open four storefronts that will serve as an experience zone for students and parents to learn about the company’s offerings and subscription models. The stores will cater to new users interested in enrolling in Unacademy courses. Existing Unacademy students can also visit these locations to see their teachers. The Unacademy store will have a learning counseling space, an in-house library with reading materials, and courses with top…
Read MoreGovernment funds 800 startups under RKVY to fuel innovation
The Centre has invested Rs 118.65 crore in about 800 startups under the Innovation and Agri-entrepreneurship Development Programme component of the Rashtriya Krishi Vikas Yojana (RKVY), to fuel innovation in the fields of artificial intelligence (AI), internet of things (IoT), information and communication technology (ICT), and blockchain technology in the agriculture sector. The move is part of the government’s larger effort to modernise agriculture and related industries in order to boost output, quality, efficiency, and profitability. Prime Minister Narendra Modi recently urged entrepreneurs, corporations, the technology sector, and the financial sector…
Read MoreNinjacart acquires SaaS platform Tecxprt to streamline supply chain
Ninjacart, a fresh fruit supply chain startup, has acquired Tecxprt, a communication platform based on Software-as-a-Service (SaaS). As part of the acquisition, the whole Tecxprt team will join Ninjacart. The size of the transaction was not disclosed by the corporation. Flipkart-and-Walmart-backed The acquisition, according to Ninjacart, would help the company digitise its operations and promote real-time communication throughout the food supply chain. “We are thrilled to have the Tecxprt team on board. With this acquisition, we will further strengthen our position as a one-stop solution for agri-players, retailers and small…
Read More