Startup news and updates: daily roundup (March 19, 2021)
The life of the orbiter of Chandrayaan-2 was initially envisaged for a year but the Indian Space Research Organisation (ISRO) expects it to last for seven years, Union Minister Jitendra Singh said on Wednesday. In a written response to a question in the Lok Sabha on India's second lunar mission, he said Chandrayaan-2 was a highly complex mission to develop and demonstrate the key technologies for end-to-end lunar mission capability, including soft landing and roving on the lunar surface.
The Department for Promotion of Industry and Internal Trade (DPIIT) will hold a meeting with industry associations like CII on Friday, March 19, on issues pertaining to foreign direct investment (FDI) in the ecommerce sector, an official said. This would be the second meeting on the matter. A meeting with traders' bodies including the Confederation of All India Traders (CAIT) was held on Wednesday.
Direct-to-consumer (D2C) fashion brand Bewakoof on Thursday announced that it had raised $4 million (Rs 30 crore) from IvyCap Ventures. According to the official statement, the company intends to invest the funds into superior customer experience, technology, and newer product categories as it prepares for next phase of growth. The fresh proceeds would help the company in the growth journey towards a Rs 1000 crore company by FY24, it stated.
Bewakoof Founder & CEO Prabkiran Singh
Indian Space Research Organisation (ISRO) and National Institute of Technology(NIT), Rourkela have signed an MoU for setting up a Space Technology Incubation Centre(S-TIC). The MoU was signed Thursday after ISRO agreed to set up a Space Technology Incubation Centre(S-TIC) at NIT Rourkela. This collaboration with ISRO will open up new opportunities for research and development as well as space startups, an NIT, Rourkela official said.
Data Patterns India Pvt Ltd has handed over the indigenously made checkout system to the Indian Space Research Organisation (ISRO) for its ambitious 'Gaganyaan' mission, the Chennai-based company said on Thursday. The checkout system developed by Data Patterns would be utilised to carry out the health checks of all the cable harness assemblies used in the crew module of India's first human space flight programme.
Digital lending platform IndiaLends raises $5.1 M from ACP Partners and DSG Consumer Partners (Funding)
Delhi NCR-based digital lending platform IndiaLends on Friday announced that it has raised $5.1 million in a financing round led by existing investors ACP Partners and DSG Consumer Partners. According to the official statement, the firm will use the funds to expand its technology platform, increase its market footprint and amplify its product offerings to meet the pent-up demand in a post-COVID economic recovery.
Leading influencer marketing company Buzzoka launched the fourth edition of its Influencer Marketing Outlook report this week. The annual survey, which offers a comprehensive look at the influencer marketing landscape and its impact on consumer-facing brand communication and marketing, revealed that Instagram leads as the primary choice of brands (for influencer marketing) in India.
COVID has accelerated the future and it's time to seize the opportunity: Sequoia's advice to founders
Sequoia Capital, the blue-chip among venture capital firms, has offered advice to all its founders and CEOs navigating the challenges of COVID-19: step on the gas if you are confident as the world has thrown up a new opportunity. A year back, Sequoia came out with its advisory to founders on how to navigate the pandemic - a “black swan” event - but things have changed since then. There is now more optimism as the VC sees a new world of opportunity, driven by technology and vaccinations.
Gaming firm' initial public offer was subscribed 10.55 times on Thursday, the second day of subscription. The Rs 583 crore initial public offer received bids for 3,08,13,731 shares against 29,20,997 shares on offer, translating into 10.55 times subscription, as per NSE data. The portion for qualified institutional buyers (QIBs) was subscribed 72 percent, non-institutional investors 7.73 times, and retail individual investors (RIIs) 44.47 times.
The Supreme Court of India on Wednesday directed lower courts to abstain from making gender-stereotypical remarks on women while giving judicial order, especially when dealing with cases of crime against women. The apex court specifically mandated judges to avoid 12 patriarchal remarks during court hearings, including the prohibition on stating that women are physically weak, incapable of taking their decisions, and should be submissive and obedient according to our culture.
The country's largest lender, State Bank of India, has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 percent in the pre-pandemic period to 67 percent currently, Chairman Dinesh Khara said.
India's economy is likely to grow by 12 percent in 2021, following a 7.1 percent contraction last year as near-term prospects have turned more favourable, Moody's Analytics said. A stronger than expected December quarter GDP growth of 0.4 percent, following a 7.5 percent contraction in the previous three months, has turned India's near-term prospects more favourable, it said.