500 STARTUPS
Edtech startup ODA Class secures $500,000 funding
The funds will be strategically allocated to several key areas to maximise impact, like digital marketing, which will enhance the company's brand visibility and reach a broader audience, Bengaluru-based ODA Class said in a statement.
Tech layoffs in 2024: Apple, IBM, Intel and Microsoft announce job cuts
Layoffs in 2024: Tech firms have ramped up layoffs to manage expenses, with Intel, Microsoft, and Match Group cutting significant numbers of jobs. In India, startups such as Ola Electric, Paytm and Byju’s undertook similar layoffs in response to funding constraints, although fewer jobs were lost compared to 2023.
Zerodha eyes greater synergies between trading, wealth apps
Zerodha is focusing on bolstering its long-term wealth management strategy, exploring opportunities to integrate its trading and mutual fund businesses. The Bengaluru-based company currently operates distinct platforms, Kite and Coin, for trading and mutual fund transactions, respectively, but aims to unlock greater synergies between them.
SFAL-backed startups breaking barriers, creating cutting-edge products, says IT/BT Minister Priyank Kharge
Morphing Machines, an SFAL-supported fabless semiconductor company, has developed Redefine, which would cater to emerging workloads in areas such as telecom, AI/ML, healthcare, and high-performance computing. The startup has secured $2.76 million (Rs 23 crore) in a seed funding round led by Speciale Invest, the minister said.
HSBC ramps up funding corpus for tech startups to $600 million from $250 million
The funding commitment for tech startups started with a balance sheet allocation of $50 million in 2019 , which was subsequently increased to $250 million in 2022 and to $600 million now. Of the present $600 million corpus, 50% has already been allocated, senior executive Ajay Sharma said.
Gulab jamun and space: How this aerospace startup helped kids launch satellites
Space Kidz India shows how encouraging curious young minds can be a key contributor to India’s space ecosystem.
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India's shift: From Screwdriver Nation to Product Nation with design innovation
The article highlighted India's need to bolster R&D to evolve from assembling products with imported components to creating them indigenously. Startups and government-backed initiatives are crucial, with significant R&D funding needed to drive innovation and self-sufficiency. Collaboration between universities and the industry is essential for realizing this vision.
Legacy companies speed in electric 2-wheeler lane; startups slow
The market share of top electric two-wheeler startups, including Ola Electric, Ather Energy, and Greaves Electric, dropped to 48.8% in Q1 from 59% last year. Traditional companies like Bajaj Auto and Hero MotoCorp increased their presence, capturing around 30% of the market. Electric two-wheeler sales grew 1.4% to 221,548 units. Ola Electric led with 107,911 units. Hero MotoCorp aims to expand its portfolio and network, while Bajaj Auto focuses on growth and long-term presence. TVS also plans multiple EV launches. The competing firms are ramping up efforts for higher volumes and market share.
Top startup and tech stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories from this week. Let’s take a look.
FirstCry, Unicommerce soar on market debut; Nykaa Q1 profit up
Supam Maheshwari’s FirstCry and software firm Unicommerce listed at a significant premium on the bourses. This and more in today’s ETtech Top 5.
How fintech startups are dealing with bleak credit cards outlook
The slowdown in the Indian credit card market is expected to intensify over the next few quarters thereby increasing the pain for fintech startups operating in this space. Large card issuers like SBI Card have adopted a raft of measures to become choosy onboarding new customers.
Indians flying high in Silicon Valley. Destination: C-Suite
Indian talent has permeated the upper echelons of the US tech industry. While individuals like Satya Nadella and Sundar Pichai garner significant attention, a deeper dive reveals a robust pipeline of Indian-American leaders poised to shape the industry's future. As per not-for-profit Indiaspora’s recent impact report in partnership with BCG, about one-third of tech employees in Silicon Valley are of Indian origin.
Google Cloud to set up startup hub, centre of excellence in Madhya Pradesh: CM Mohan Yadav
Madhya Pradesh chief minister Mohan Yadav said proposals with an investment potential of around Rs 3,200 crore were received during his two-day visit to Bengaluru.
From LinkedIn DM at 10 PM to job offer at 2 AM: CEO's rapid hiring story goes viral
Indian-American CEO Dhruv Bindra of fashion-tech startup Styl made headlines with his lightning-fast hiring process. After receiving a LinkedIn message from a potential intern at 10 PM, Bindra conducted a Zoom interview at midnight, and by 2:47 AM, the applicant was hired. The story, shared on social media, sparked a mix of humorous responses and criticism about promoting a work culture that blurs the line between innovation and a healthy work-life balance.
Healthtech startup Visit Health announces Rs 250 crore fundraise, second Esop buyback
New Delhi-based Visit Health, a healthtech platform, has raised approximately Rs 250 crore. The startup will use the capital to expand its business. This is a combination of capital infusion and secondary purchase of shares. The company serves more than 400 companies, more than 4,500 small businesses and over 15 insurers through its cashless network of medical service providers.
Scripbox goes direct; launches subscription plans for advisory
Investors can now buy mutual funds directly from AMCs without paying any commission to the platform. For its services, the Accel-backed startup will charge the customer a small fee. The startup has also launched a subscription fee-based advisory product for its direct clients, which will help them choose the right funds.
River Mobility on expansion mode; aims to open 100 stores by March 2026
River Mobility Pvt Ltd, supported by investors Yamaha Motor Corp and Mitsui & Company Ltd, planned to establish 100 showrooms by March 2026. They recently opened their first store in Chennai and aimed to expand with 15 more stores by November and 50 by March 2025. The 'Indie' scooters have been on sale since October 2023.
Trifecta looks to raise $240 million for fourth venture debt fund
Venture debt firm Trifecta Capital is gearing up to raise Rs 2,000 crore, or $240 million, with its fourth fund, including a greenshoe of Rs 500 crore, founder and managing partner Rahul Khanna told ET. The fund will invest across sectors, consciously avoiding risky sectors such as cryptocurrencies, gaming, and peer-to-peer (P2P) lending.
'Opportunistic': Ola Electric CEO Bhavish Aggarwal slams MapMyIndia over lawsuit
Ola Electric's founder Bhavish Aggarwal defended the company following MapMyIndia's lawsuit for alleged data theft. The lawsuit was filed ahead of Ola's Rs 5,500 crore IPO. Ola dismissed the claims, asserting their business integrity and intent to respond to the allegations in due course.
UK antitrust watchdog flags Alphabet partnership with AI startup anthropic
Britain's Competition and Markets Authority examined Google's partnership with Anthropic for possible competition issues. Alphabet invested $500 million into Anthropic, with a further $1.5 billion planned. The CMA set a deadline to receive public comments on the matter before deciding on a formal investigation.
Over 1.4 lakh recognised startups in India created more than 15.5 lakh direct jobs
The Centre on Monday said that recognised startups have reported to have generated more than 15.5 lakh direct jobs to date, as it detailed various initiatives taken by ministries and departments to help create even more jobs and nurture young entrepreneurs in years to come.
Budget will spur job creation, boost investments in startups: Finance minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman stated that the budget proposals would boost job creation, invest in startups, and enhance economic growth. Speaking in Bengaluru, she highlighted the abolition of angel tax to support entrepreneurs. The budget also incentivizes job creation through internships and skilling programs. It assures funding for MSMEs during periods of stress. Sitharaman addressed opposition claims about state funding, noting significant financial allocations to Karnataka under Prime Minister Modi compared to the UPA period. The budget aims to leave more money with the middle class and focus on infrastructure development.
Ola Electric IPO opens on August 2: 10 key points for investors
Ola Electric, backed by SoftBank, set to open its IPO for retail subscription on August 2 to raise Rs 5,500 crore, marking India's first EV startup IPO.
SC verdict on NEET exam: students feel let down
The NEET-UG is the sole entrance exam for admission to undergraduate medical programmes in all medical institutions in the country, held annually. The Supreme Court has acknowledged that the paper was leaked in some centres but refused a retest for the exam. This has disheartened students, coaches and educational startups and institutions.
Covrzy secures insurance broking licence from IRDAI
In May last year, the early-stage venture that focuses on insurance for startups, raised $400,000 in its first round of funding, led by Antler, with participation from Shastra VC (formerly Veda VC).
Economic Survey: Tech startups surge post Covid
India’s tech startup landscape underwent a dramatic change after the Covid-19 pandemic, the Economic Survey noted. This and more in today’s ETtech Top 5.
Indian startups can thrive despite speed bumps, Lightspeed’s Bejul Somaia says
Earlier this year, Paytm faced a regulatory directive that severely impacted its payments bank subsidiary. Meanwhile, Byju’s has been grappling with issues related to corporate governance and legal. Despite the challenges India's capital market is thriving said Lightspeed Venture Partners’ Bejul Somaia in an interview.
Top startup and tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories that we covered this week. Here’s a recap if you missed them.
Ola Electric secures Sebi nod for Rs 5,500-crore IPO
Ola Electric has received approval from Sebi for the first EV startup IPO in India. This would be among the biggest new-age IPO in India this year. Swiggy and FirstCry have also filed their draft IPO paper and awaiting regulatory clearance. The Bengaluru-based company is eyeing a $6-billion valuation through the public offering.
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