New company formations beat COVID-19 jinx

While the COVID-19 pandemic and the subsequent lockdown has been responsible for disruptions like job losses, the same has also been a boon of sorts as entrepreneurship got newer thrust across the length and breadth of the country.

Take the case of new companies’ formation, as reported by the Ministry of Corporate Affairs (MCA). In the previous fiscal, from April to August 2020, which was also the peak period of the pandemic, a total of 51,784 companies were formed.

The authorised share capital of these companies was over Rs 38,244 crore, of which Rs 2,671 crore was already paid up.

In comparison, during the same five months of the current fiscal – from April to August 2021 – the number of companies formed has increased by 25.3 percent to 64,979.

While the authorised share capital of these companies is upwards of Rs 1.06 lakh crore, their paid-up share is over Rs 3,432 crore – an absolute growth of over 28.5 percent compared to Rs 2,671 crore last year.

The pace of companies’ formation in the current fiscal is also indicative of the fact that the COVID-19 blues are left behind. Because, during FY 2021, a total of 1.55 lakh companies were formed, with authorised and paid-up share capital of Rs 54,259 crore and Rs 7,656 crore, respectively. Read more.

Click here to find some useful tools to help you find the nearest vaccine centres in real-time.

The Interview

Four years after launching their startup Matic Network, later rebranded to Polygon, entrepreneurs Jayanti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic are at the wheel of a fast-growing blockchain firm that isn’t slowing down anytime soon. 

In a conversation with YourStory, Jayanti outlines the startup's journey in building a well-structured, easy-to-use platform for Ethereum scaling and infrastructure development — a solution that was forward-thinking, global, and far ahead of its time.

Editor’s Pick: Techie Tuesday

Starting as a hesitant engineering student who was unsure of her capabilities, Intuit’s Staff Software Engineer Hima Kurian has moved from strength to strength to find her passion in coding. 

In this week’s Techie Tuesday, she talks about her journey in the tech industry and how Intuit’s culture of innovation has helped her grow professionally. Read more.

Startup Spotlight

Inside edtech startup Eruditus’ journey

Way back in 2011, Ashwin Damera and Chaitanya Kalipatnapu, both graduates of prestigious IVY League colleges, started Eruditus for business executives in India so they could have access to executive education from leading global universities.

The edtech unicorn, which offers nearly 250 courses, is focused on providing upskilling and reskilling courses for working professionals. Based out of Mumbai, Eruditus now has students across 80 countries. Read more.

News & Updates

• SaaS unicorn Freshworks plans to raise close to $1 billion from its IPO, which will value the California company at a reported valuation of $9 billion. In a regulatory filing with the US SEC, the company said it will be offering 28.5 million shares, with a price range of $28 to $32 per share. 

• Dr K. Sivan, Chairman at ISRO and Secretary of Department of Space, GOI, said the space FDI (Foreign Direct Investment) policy in India is currently being revised and will open up opportunities for foreign companies to invest in the Indian space sector. 

• Bhavish Aggarwal, Group CEO and Co-founder, Ola, announced that Ola Electric's Futurefactory will be run entirely by women, employing over 10,000 women workers. "An Aatmanirbhar Bharat requires Aatmanirbhar women," said Bhavish.

• Homegrown microblogging platform Koo App expects to raise its headcount to over 500 people in the next year, as it looks to hire across engineering, product, and community management teams.

• After pulling the plug on its grocery business, Zomato has rolled back its nutraceutical business in less than six months of its launch. YourStory has confirmed the development through the company's customer care department.

Before you go, stay inspired with… 

“IPO in Indian markets is going to be a viable option. Indian markets have been fairly generous in their valuations, which is good for investors all around.”

— Shripati Acharya, Managing Partner, Prime Venture Partners

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