Startup news and updates: daily roundup (Jan 29, 2021)
Finance Minister Nirmala Sitharaman on Friday presented the Economic Survey that details the state of the economy ahead of the government's Budget for the fiscal year beginning April 1, 2021. The economy, which was battered by the coronavirus lockdown, is expected to see a strong recovery in the 2021-22 fiscal year.
An increase in government spending on the healthcare sector - from the current 1 percent to 2.5-3 percent of GDP - as envisaged in the National Health Policy 2017 could reduce out-of-pocket expenditures, as per the Economic Survey 2020-21.
The Rs 945 crore Startup India Seed Fund Scheme (SISFS) will be operational from April 1, 2021, to 2025 as the government looks to boost the ecosystem, providing the crucial capital for young companies. The scheme will be implemented by DPIIT.
Here is how you can see if your startup is eligible for this scheme, which will be implemented by the Department for Promotion of Industry and Internal Trade (DPIIT).
SoftBank-backed hospitality chain OYO Hotels and Homes has announced new appointments and elevations across its global leadership in verticals, including technology, supply, and product. It has appointed Ankit Mathuria as its new CTO. Ankit succeeds Anil Goel, who will now continue to counsel OYO as an advisor.
As part of the MoU with the Department of Industries and Commerce, Amazon will train and onboard MSMEs from the state on Amazon Global Selling, its exports programme, enabling them to sell their unique Made in India products globally to millions of Amazon customers.
Ahead of Budget 2021, President Ram Nath Kovind pointed to how government-backed policies like the Emergency Credit Line Guarantee Schemes (ECLGS) provided much-needed relief to the micro, small and medium enterprises (MSME) sector.
At TiEcon Delhi-NCR 2021, WhiteHat Jr Founder Karan Bajaj told young entrepreneurs to identify the "core speciality" of their business to scale up faster.
Karan Bajaj, Founder and CEO of WhiteHat Jr.
Addressing the joint sitting of Parliament on the first day of the Budget session, President Ram Nath Kovind on Friday said over Rs 4 lakh crore worth of digital transactions were facilitated by UPI in December 2020, and more than 200 banks are linked to the UPI system.
President Ram Nath Kovind on Friday said the need of the hour in the Indian agriculture sector is to focus on 10 crore small and marginal farmers, who comprise over 80 percent of the total farmers in the country. Addressing the Parliament ahead of the Budget session, he said the Centre prioritises both small and marginal farmers while highlighting the measures taken to support them.
The Rs 1.46-lakh crore PLI scheme is expected to make India an integral part of the global supply chain and create huge employment opportunities, according to the Economic Survey tabled in Parliament on Friday.
Saveo Healthtech, a B2B ecommerce platform for pharmacies, raised $4 million in seed funding co-led by Matrix Partners India and RTP Global, with participation from Incubate Fund and India Quotient. The Bengaluru startup will use the funds to penetrate deeper into existing geographies, expand to new territories, and upscale its full-stack tech platform.
Speaking at the Resurgence TiEcon Delhi-NCR event, Isha Foundation Founder Jaggi Vasudev, popularly known as Sadhguru, said the education system is generalising all children with the same kind of education, and this needs to change.
Quess Corp, a business services provider, has picked up 49 percent stake in Taskmo, a gig economy startup at a valuation of Rs 10 crore. The investment by Quess into Taskmo marks the former’s entry into the digital gig economy and also augments its range of HR services to provide skilled professionals for permanent, temporary and on-demand basis.
The formation of the Indian National Space Promotion and Authorisation Centre (IN-SPACe) will accelerate major reforms in the space sector, President Ram Nath Kovind said. He added that ISRO scientists are working on important missions such as Chandrayan-3, Gaganyaan, and Small Satellite Launch Vehicle.
Founders of Swiggy (L-R - Nandan Reddy, Rahul Jaimini and Sriharsha Majety)
Foodtech unicorn Swiggy has posted losses of Rs 3,920.4 crore for the year ending March 31, 2020, on the back of increased expenses, as well as a pandemic-induced lockdown, which hit the online food delivery business in March. In the previous year, Swiggy's losses stood at Rs 2,345 crore.
Continuing with its novel green initiative, the South Delhi Municipal Corporation (SDMC) on Thursday opened 23 more garbage cafes', offering free meals in restaurants for one kg of plastic wastes.
The Reserve Bank of India has informed the Delhi High Court that operations of tech-fin firms, including Facebook, Google, and Amazon in India's financial sector space are being regulated under the relevant laws, and they have been permitted to function only after necessary compliances.