New Delhi: A survey has revealed that about 38% start-ups have run out of funds and 30% have 1-3 months of cash left, indicating the severe impact of lockdown on fledgling businesses. According to the online survey by Local Circles which sought over 28,000 responses from more than 8,400 start-ups, SMEs and entrepreneurs — 16% such entities said the they have 3-6 months of cash left. Another 12% respondents said they have less than a month’s worth of cash left. “4% also said that they have already shut down the…Read More
Govt To Introduce Aadhaar-Linked Master Database To Enhance Farm Productivity !!
An Aadhaar-linked database for the central government’s farm-oriented schemes is in the works. Currently, the government has a database of beneficiaries for soil health cards, kisan credit cards, crop-insurance and other government schemes. The new database, expected to have details of more than 50 million farmers across nine states in its first phase of implementation, will integrate the information from all the existing databases to map farmers’ landholdings and ensure that they’re paid procurement prices directly. According to agriculture secretary Sanjay Agarwal, the government already has the data of 9 Cr…Read More
Bounce Lays Off 130 Employees As Covid-19 Impact Hits Mobility Startup !!
Bengaluru: Two-wheeler rental startup Bounce has decided to lay off around 22% of its workforce or 130 employees owing to the major Covid-19 impact on the mobility industry. Bounce cofounder and CEO Vivekananda Hallekere said, “Unfortunately, the way the external environment has continued to shift means our medium-term workforce needs have changed as several new business lines, products, and projects we had planned will have to either transform or be put on hold in the coming quarters.” He added that the layoffs have come as “an outcome of a change…Read More
Paytm Payouts Processes INR 1,500 Cr Transactions Within First Year Of Launch !!
Maharashtra: Digital payments giant Paytm, on Sunday (June 28), announced that it has processed close to INR 1,500 Cr in salaries and other benefits for over 5K medium and large enterprises through its Paytm Payouts service. The Paytm Payout services, which was launched in this year, is a digital money transfer service that offers an API or Paytm for Business Dashboard to make bulk payments to bank accounts, UPI addresses and Paytm wallets instantly. They look to help businesses make payments to their employees, vendors & business partners. These payments…Read More
WWF Report Highlights Lack Of Policy Support For Startups, SMEs !!
On World MSME Day (June 27) the World Wild Fund (WWF) India, has said that only a few policies target the renewable energy startup ecosystem. In a report titled, ‘Clean energy policy landscape in the SME sector,’ it said, while almost 140 government interventions focus directly or indirectly on clean energy and startups, only 38 policies actually target them. “Policy support can be an important catalyst in accelerating clean energy adoption and scale up. This report maps the clean energy policy landscape in the SME sector, and provides recommendations that…Read More
Amazon agrees to buy self-driving technology startup Zoox !!
Amazon has just taken its boldest step yet into self-driving vehicles, acquiring six-year-old start-up Zoox, the Comapany announced Friday. Amazon said the deal will help bring Zoox’s “vision of autonomous ride-hailing to reality.” Zoox will continue to operate as a standalone business within Amazon, with CEO Aicha Evans and Jesse Levinson, the company’s co-founder and CTO, continuing to lead the team, Amazon said. Terms of the deal weren’t disclosed, but the Financial Times previously reported that Amazon would pay more than $1.2 billion to acquire Zoox. An Amazon spokesperson declined…Read More
New round values Byju’s at $10.5 bn !!
New Delhi/Bengaluru: Byju’s raised about $100 million from US technology investor Bond, propelling the education startup to a $10.5 billion valuation. The latest fundraise has made Byju’s the India’s second-most valued startup , overtaking hospitality unicorn Oyo, which was last valued at $10 billion. Paytm was valued at $16 billion late last year when it raised $1 billion in a round led by T Rowe Price and existing investors Ant Financial and SoftBank Vision Fund. Byju’s raised the capital from Bond, co-founded by Mary Meeker, at a valuation of $10.5 billion. Byju’s had in…Read More
Mary Meeker’s fund invests in India edtech startup BYJU’s !!
Bangalore: BYJU’S – The Learning App is the common brand name for Think and Learn Private Ltd., a Indian educational technology (edtech) and online tutoring firm founded in 2011 by Byju Raveendran at Bangalore. In March 2019, it was the world’s most valued edtech company at $5.4 billion (Rs 37,000 crore). Byju’s has claimed on 27 May 2020 that they have gained Rs. 2,800cr revenue in FY20. In July 2019, BYJU’s won the sponsorship rights for the Indian cricket team jersey, replacing its former sponsor Oppo, Shah Rukh Khan is the brand ambassador for BYJU’S. Mary Meeker’s venture capital fund Bond Capital has backed online education…Read More
‘North-East can become organic hub of India, have global identity’: PM Modi
Kolkata: North-East India can become a huge hub of organic farming and the capital for organic products with its own identity in the world, Prime Minister Narendra Modi said on Thursday. “Just like Sikkim, the entire North-East can become a huge hub for organic farming. It can become an organic capital. It can bring about a revolution if the Indian Chamber of Commerce wants. You can create its global identity. If you want, you capture the global market with such products,” said PM Modi. Sikkim became the first state in…Read More
Dell Technologies partners with Nasscom to help SMEs, startups !!
Bengaluru: Dell Technologies has partnered with technology services industry body Nasscom to help small and medium enterprises, startups with products and services at competitive prices. Dell’s association with Nasscom is set to impact more than 2400 SMEs, and 9000 plus startups that are part of Nasscom 10,000 start-ups network. They will be provided with exclusive offers and rates on Dell’s Client and Infrastructure solutions, said Dell Technologies in a press release. This partnership aims to ensure smooth operations and business continuity for these small scale businesses during such a challenging time and to build a robust…Read More