541 startups exempted from Angel Tax; Sachin Bansal invests $32M in Ather EnergyTeam YS
There is finally some positive development on the Angel Tax issue as the DPIIT secretary shared that 541 startups have been granted angel tax exemption. This comes as a welcome relief as several startups were being penalised by this provision under Section 56(2)(viib) of the Income Tax (I-T), creating an atmosphere of fear for entrepreneurs and investors alike. DPIIT secretary Ramesh Abhishek also said that almost 36 applications are still incomplete and the team at Startup India are working with these companies to rectify the problems in their applications.
Bengaluru-based Ather Energy raised $51 million in its latest funding led by Sachin Bansal, Co-founder of Flipkart and BAC Acquisitions. The IoT-based electric scooter manufacturing startup is now planning to set up a new manufacturing facility to produce one million vehicles in a year. The company is also looking to set up 6,500 Ather Grid fast charging points across the country over the next five years.
In 2016, Nidhi Mathur and Geetha Manjunath started Niramai. Today, the healthtech startup is the only Indian company listed in the 2019 cohort of AI 100 Startups in the World by CB Insights. Using AI, Niramai detects cancer in early stages using non-invasive, radiation-free, and painless methods. With over 30 installations at hospitals and diagnostic centres across 10 Indian cities, the team wants to eradicate breast cancer deaths.
Sound-based payments services provider ToneTag announced its collaboration with Japan’s GMO Payment Gateway. This strategic partnership will help ToneTag to expand its sound-based network in Japan and other Asia-Pacific regions while strengthening GMO's value-proposition through an advanced contactless service. GMO's clientele will also be able to leverage ToneTag's soundwave technology for seamless transactions.
Info Edge (India), which owns online job portal Naukri, said it will acquire Highorbit Careers, which operates job portals iimjobs.com and hirist.com, for a cash consideration of Rs 80.82 crore. The transaction is expected to close by June 30. This deal will enable Info Edge to better serve its recruiter clients and job seekers by tailoring its services to meet their requirements.
Chennai-based Samunnati closed its Series D funding of around Rs 387 crore (~$55M) led by Nuveen, the investment management arm of Teachers Insurance and Annuity Association of America (TIAA), with participation from existing investors Elevar Equity, responsAbility, and Accel Partners. The company will utilise the latest funds to scale up the current book size and to expand into new geographies.
For the longest time, Apple iPods have been the go-to device to listen to your favourite songs. But, the new iPod touch can do more. Along with experiencing seamless gaming using Apple Arcade, the device will have immersive augmented reality (AR) experiences across gaming, education and the web browser, and a Group FaceTime feature, claimed the company.