MIF partners with Rajasthan University to help youth build startups
The Marwadi International Federation (MIF), a non-profit organisation, has signed a memorandum of understanding (MoU) with an incubation hub of the University of Rajasthan to help state's youth enter the startup sector.
The tieup with the Entrepreneurship and Career Hub (ECH) will provide youth with technology and support to help them build startups.
The Federation will help students from ideation to building up a startup, said Vijay Garg, founder and general secretary of MIF. The ECH will take up the applications sectorwise that experts will validate. Garg said experts would discuss the proposed ideas with the students before presenting the final ones with the federation's network of contacts. The hub would also arrange meetings of the selected students with the investors.
Source : Business Standard
Pure EV raises $8 mn from consortium of investors in latest funding round
Electric two-wheeler firm Pure EV on Monday said it has raised USD 8 million (around Rs 66 crore) from a consortium of investors.
The funding was led by Bennett Coleman and Company Ltd, Hindustan Times Media Ventures, alongside Ushodaya Enterprises Pvt Ltd, existing investors and high net-worth individuals, Pure EV said in a statement.
The Hyderabad-based company said it is currently in the final stage of concluding its Series A1 funding round, amounting to USD 25 million with the participation of a foreign institutional investor.
Concurrently, ongoing discussions are taking place with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, targeting an infusion of USD 15 million, it added.
Source : Business Standard
The Akanksha Foundation’s Successful School Model Expands In Maharashtra
The Akanksha Foundation was established in 1991 to provide high-quality education to children from all backgrounds. In its first 16 years, the nonprofit created 60 after-school centers where professional teachers, social workers, and volunteers provide learning support to more than 3,000 underprivileged children. Today, Akanksha is best known for Akanksha Schools, a group of 26 innovative, no-fee schools. Using the Public–Private Partnership (PPP) model — in which municipal corporations across Maharashtra provide infrastructure while Akanksha manages educators and curriculum — the organization has reached over 13,000 students and more than 850 educators.
While education indicators in India have improved in recent years, the gross enrollment ratio has decreased by 3.5% in primary grades, and school dropout rates are as high as 12.6% in secondary grades, according to India’s Economic Survey 2022-23. Additionally, fewer than 25% of primary school students are at grade level in foundational literacy and numeracy, as per ASER 2022.
To help address these challenges, Akanksha began applying its innovative intervention model within the public school setting. In early 2022, Akanksha launched a program taking key learnings from its whole-school model and applying them to city public schools in Pimpri Chinchwad and Nagpur, two urban centers of Maharashtra.
The program will expand the Akanksha footprint from 26 schools and 13,000 students to more than 200 schools and 50,000 students.
Source : Michael & Susan Dell Foundation
Leap To Unicorn: Register Now at https://hyderabad.tie.org/leap-to-unicorn/
The Indian Startup ecosystem is basking in a golden period. Many entrepreneurs are swiftly innovating and building in India for the world, thus partaking in the flourishing India growth story. Therefore, it becomes more pertinent that they have the right resources and opportunities at the right time to take the big leap and thrive.
With this intent, IDFC FIRST Bank has joined hands with Moneycontrol and CNBCTV18 to create ‘Leap To Unicorn’, a one-of-its-kind Founder Success Program that provides mentoring, networking, and fundraising opportunities for India’s most promising startups through a meticulously planned journey.
Apply now for Season 2 and give wings to your entrepreneurial dreams.
Source : TiE Hyderabad
Elder care startup Samarth Life raises new round led by Aroa Venture
Elder care startup Samarth Life has raised Rs 12 crore (approximately $1.45 million) in a funding round led by Aroa Venture Partners. Social Alpha and Zhooben Bhiwandiwala of Mahindra Partners also participated in the round.
Samarth Life plans to use the funds to drive its growth and expansion initiatives.
Founded by Asheesh Gupta, Gaurav Agarwal, Anuradha Das Mathur and Sanjay Ahuja, Samarth Life offers comprehensive care services and customisable subscription plans for elderly individuals. The Gurugram-based startup also offers a lifestyle card, by collaborating with insurance companies to provide insurance benefits for elderly citizens.
Source : Entrackr
Climate-Tech Startup Varaha Raises $8.7m in a Series A round led by RTP Global and existing investors including Omnivore and Orios Venture Partners.
Japan's largest institutional investor, Norinchukin Bank, also participated in the round, as did AgFunder and IMC Pan Asia Alliance Group's investment arm, Octave Wellbeing Economy Fund. Founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, Varaha connects entities that want to offset their carbon footprints with nature-based projects that either remove carbon or don't produce any. The startup uses advanced technology, scientific models, remote sensing, and machine learning to evaluate these projects. It oversees over 700,000 acres of these projects across India, Nepal, Bangladesh and Kenya. Varaha plans to use the funds to expand into more geographies in Asia and Africa. The company is also currently hiring across roles in science and tech, carbon supply, and the founder's office.
Source : YourStory
Equirus Marks First Close Of Maiden Early Stage VC Fund
Investment banking services company Equirus said it has marked the first close of its maiden early stage venture capital fund within a month of securing the Securities and Exchange Board of India’s (SEBI) approval for a category I alternative investment fund (AIF).
However, the firm did not disclose the amount at which it made the first close.
The Equirus InnovateX Fund’s (EIF) first close saw participation from high net worth individuals (HNIs) and ultra high net worth individuals (UHNIs).
The fund, which aims to raise at least $25 Mn (around INR 207 Cr), will back sectors majorly across SaaS, deeptech and fintech, with a focus on business-to-business (B2B) space.
With an average ticket size between $500K and $1 Mn, it seeks to invest in at least 15-20 startups which have sustainable business models and strong monetisation strategies with capabilities of solving critical problems in large addressable markets.
Source : Inc42
India SME Investments rolls out second vehicle five years after its first fund
India SME Investments, a private equity firm focused on small and medium-sized enterprises, has announced the launch of its second fund, five years after its first. The Mumbai-based company has received approval from the markets regulator SEBI. The fund will support investments in various sectors, including retail, fashion, and ceramics. India SME Investments already has companies like CityKart, Kushal’s Fashion Jewellery, and Simpolo Ceramics in its portfolio.
Source : VCCircle
EV financing startup Vidyut raises $10 million in funding led by 3one4 Capital
Electric vehicle (EV) financing company Vidyut, previously known as Vidyut Tech, has raised $10 million in a mix of equity and debt in a funding round led by new investor, venture capital firm 3one4 Capital.
Saison Capital, Zephyr Peacock and Alteria Capital also invested in the firm for the first time. Existing investors like Force Ventures and Udaan founder Sujeet Kumar also participated in the round. Founded in 2021, Vidyut mainly caters to electric three-wheeled vehicle fleet owners by providing them with financing and ownership plans that reduce the risk of owning the battery, the most crucial part of an EV. It currently caters to vehicles from companies like Mahindra & Mahindra, Piaggio, Altigreen, Montra Electric, Euler Motors and Omega Seiki Mobility.
The firm mostly finances electric three-wheeled vehicles for both passenger and cargo usage, cofounder Xitij Kothi told ET. Over 85% of the customers are small and micro businesses who are also first-time fleet owners, Kothi added.
Vidyut plans to use the fresh capital to expand operations to 40 cities and add talent. The firm is also looking to expand beyond financing solutions to encompass insurance, resale, services and maintenance for such electric vehicles.
Source : The Economic Times
Ratan Tata-Backed TORK Motors Raises $6 Mn From Maxis Capital
Electric motorcycle manufacturer TORK Motors has raised $6 Mn (INR 50 Cr) in a fresh funding round from Maxis Capital. Founded in 2010 by Kapil Shelke, TORK Motors claims to be India’s first electric motorcycle manufacturer. It is backed by the Bharat Forge group and industrialist Ratan Tata. Tata had invested an undisclosed amount of funding in the startup in 2019. TORK Motos is also a powertrain manufacturer for two- and three-wheelers.
The startup claims to have filed over 50 patents and designs under Intellectual Property Rights since its inception. Its electric bike model is named Kratos R, which comes with a range of 180 km. The vehicle is priced at INR 2.1 Lakh ex-showroom. Including the new round, the startup is expected to have raised over $10 Mn so far. TORK Motors has plans to broaden its geographical reach and target 70-100 cities by FY24 end.
Source : Inc42
Agri Fintech Startup Ayekart Raises $6.5m In Series A Round from Omnivore, Others
Ayekart, a fintech startup focused on the agricultural food segment, has raised $6.5 million in a Series A funding round led by Omnivore, Siana Capital, and Unleash Capital Partners. The company will utilise this capital to enhance its technological capabilities and expand its operations to reach a larger number of farmer-producer organisations, food manufacturers, distributors, and retailers. Founded in 2020, Ayekart provides fintech and supply chain solutions across the agricultural food value chain. It has so far raised $6.29 million in funding across five rounds.
Source : YourStory
Apply for the Startup India Seed Fund Scheme: https://seedfund.startupindia.gov.in/
Startup India Seed Fund Scheme (SISFS) aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization.
This would enable these startups to graduate to a level where they will be able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions.
Source : Startup India Seed Fund Scheme
Mobility fintech startup Moove raises $10 mn to expand India footprint
Global mobility fintech startup Moove on Wednesday said it has raised $10 million in new debt funding from leading venture debt fund Stride Ventures to expand its India footprint. The fresh capital will be utilised to scale the Indian fleet to over 5,000 and expand into new markets including Delhi, Pune and Kolkata.
Source : Business Insider
Register for the IVCA Conclave 2024 happening on 26th-27th Feb, 2024 in Mumbai. Link to Register: https://register.ivcaconclave.com/
Commemorating its 13th year, the IVCA Conclave 2024 stands as the pivotal gathering for the alternate asset industry in India. As the flagship event of IVCA, it is a nexus for an extensive network of alternate asset investors, Limited Partners, Family Offices, Entrepreneurs, Angel Investors, Consultants/Advisors, and an array of investment professionals. This Conclave is where key players in the industry unite to discuss, deliberate, and shape the future of investing in India.
The two-day event will address a multitude of relevant topics, including fostering Start-Ups and Scale-Ups, charting paths for sustainable growth, and understanding the government's role in enhancing the ecosystem. A critical focus will also be on establishing strong channels for long-term risk capital from both domestic and international sources, considering the dynamic regulatory scenario.
Source : IVCA
Mumbai-Based Fintech PocketATM Raises $400,000 In Its Pre-Seed Funding Round
PocketATM, a Mumbai-based Fintech has raised $400,000 in its pre-seed funding round. The investment was led by Indian Express Commercial Ventures, Samir Modi of Modicare, Himanshu Nautiyal from Fractal Analytics, Nirav Mehta of Morgan Stanley Private Equity, Hemant Adarkar of Artha Center, Venkatesh Hariharan, a Public Policy Advisor, and Rajat Agarwal, Partner at Vertices Partners. PocketATM functions by utilising the idle cash liquidity at Kirana stores, enabling customers to withdraw cash using a QR code, and eliminating the need for cards or traditional ATMs. The platform promises 100 percent transaction fulfillment at almost zero charges, providing maximum convenience to users.
Source : Outlook Start-Up
EV Financing Startup Ascend Capital Raises Rs. 50 Cr In Series A Funding Round
Commercial electric vehicle financier Ascend Capital on Wednesday said it has raised Rs 50 crore in a Series A funding round led by InfoEdge Ventures and Asha Ventures. The company said it will use the capital to expand its loan book. It hopes to cross Rs 300 crore in assets under management over the next two years. Founded in 2018 by Gaurav Maheshwari and Lokesh Chandra, Ascend Capital offers tailored loans to customers looking to purchase new commercial EVs.
Source : YourStory
StartupTN launches Smart Card to boost entrepreneurs at early stage
StartupTN has launched Smart Card and other new initiatives to meet the needs of aspiring entrepreneurs in the early stage of building their startup. The Smart Card initiative offers a comprehensive selection of products and services at subsidised rates to entrepreneurs. Some of the services offered pertain to legal and compliance, marketing and business consulting, finance and insurance, and software and information technology, among others.
Source : Business Standard
Centre launches 'Venture Capital Fund' to support tribal entrepreneurs, start-ups
Aiming to boost entrepreneurship among tribals, the Centre has launched the first of its kind 'Venture Capital Fund for Scheduled Tribes' to support them in businesses ranging from manufacturing, allied sector, start-ups and units being incubated in technology sector for ensuring asset creation. The portal for applicants is now open and the onground outreach in tribal belts has also started. Beneficiaries will be able to avail investments between Rs 10 lakh to Rs 5 crore for up to 10 years and concessional finance at 4% per annum.
Source : Times of India
Register for TiEcon Delhi 2024 happening on the 8th & 9th of March at Taj Palace, New Delhi
TiEcon Delhi is one of the most prominent conferences for entrepreneurs anywhere in the world and the most exciting platform for knowledge sharing, networking, and mentorship for entrepreneurs globally. TiEcon Delhi sets out to impact the entire ecosystem including startups, investors, policy makers, corporates, academicians, youth, influencers and more. This year's theme is all about The New Bharat: Confident | Bold | Inclusive, showcasing India's grit, sustainability, and global influence. We're diving deep into the attitude shift that's making Indians risk-takers, goal chasers, and change embracers.
Multiple networking opportunities created at our events makes them a hot bed of ideators, potential leaders and influencers.Backed by over 23 years of consistently successful events attended by thousands, TiE Delhi-NCR, has been at the forefront of startup engagement.
Source : TiE Delhi-NCR
Orient Growth Ventures closes second India and South East Asia fund at $90 million
Dutch investment firm Orient Growth Ventures, which is a limited partner in venture capital firms including Blume Ventures, Jungle Ventures and Chiratae Ventures, has announced the close of its second India and Southeast Asia fund at $90 million.
Through the Orient Growth Fund-II, the firm aims to increase its investment in India by backing early-stage venture capital firms.
Source : The Economic Times
Snap-E Cabs raises $2.5 million, plans to add 300-400 EVs by FY24
Electric vehicle ride-hailing platform Snap-E Cabs on Monday said it has secured $2.5 million in a pre-series A round led by Inflection Point Ventures (IPV). The fresh funds will fuel talent acquisition, technology upgrades, new services and geographical expansion, officials said. It will enable Snap-E Cabs to add 300-400 EVs and expand to two-three new cities by the end of the current fiscal year, they said. Kolkata-based Snap-E Cabs, which was founded in 2022 by Mayank Bindal and Jaydip Mukherjee, aims to operate 1,500-2,000 EVs across five cities by the 2024-25 fiscal. At present, it operates 600 EVs in Kolkata.
Source : Business Standard
Mobility Startup Oto Raises $10m From GMO Venture Partners, Cricketer KL Rahul
Mobility startup OTO Capital has raised $10 million in a funding round led by Japanese VC firm, GMO Venture Partners, as well as other investors including Turbostart and Indian cricketer KL Rahul. A few family offices and existing investors of OTO, including Prime Venture Partners, Matrix Partners, and 9Unicorns, also participated in the round. Founded in 2018 by IIT Bombay alumni Sumit Chhazed and Harsh Saruparia, OTO is an online platform that helps buyers compare, test drive and buy two-wheelers online, as well as get access to financing. The digital commerce and lending startup plans to use the latest funds to expand into 30 cities and strengthen existing partnerships.
Source : YourStory
Northern Arc Capital files IPO papers with SEBI
Non-banking financial institution Northern Arc Capital Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share-sale. The Initial Public Offering (IPO) is a combination of fresh issue of equity shares worth Rs 500 crore and an Offer For Sale (OFS) of up to 2.1 crore equity shares by investor shareholders.
Source : Business Standard
IIM Bangalore, SIDBI launch accelerator fund for deep tech startups
NSRCEL, incubator of the centrally-funded business school signed an MoU with the principal MSME financial institution in India - SIDBI - for setting up a pre-seed fund for deeptech startups in emerging areas.
Source : Republic
Budget 2024: FM Sitharaman announces large fund to support R&D, deep tech
Finance Minister Nirmala Sitharaman on February 1 announced a plan to set up a large corpus dedicated to boosting R&D and innovation in private industry, alongside a separate scheme to support deeptech ventures—a move that was welcomed by the country’s tech startups.
“Innovation is the foundation of development,” Sitharaman said, presenting the government’s interim budget ahead of the national elections. “For our tech-savvy youth, this will be a golden era. A corpus of Rs100,000 crore will be established with 50-year interest-free loan provided. The corpus will provide long-term financing or refinancing with long tenors. This will encourage the private sector to scale up research and innovation significantly in sunrise domains.”
Source : Forbes India