Tag: STARTUP

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‘Startups bringing down unemployment rate’

'Startups in India helping in bringing down unemployment rate'

Arvind Kumar said that failure is a part of the startup ecosystem not just in India but also in the developed part of the world..writes Archana Sharma

Startups in India are contributing towards bringing down the unemployment rate in the country to a great extent, Software Technology Park of India Director General Arvind Kumar said here on Wednesday.

Kumar was in the city recently to unveil STPI incubation facility.

Any NGO registered as a private limited company with a novel idea that meets the set criteria can be taken up as a startup.

Interacting exclusively with IANS, he said, “Currently, around 10,000 startups are being supported by us, and these entities have been instrumental in creating thousands of direct and indirect jobs. In the long run, they are going to create a very large volume of jobs, he added.

In Rajasthan, there are around 80-85 startups being supported by his technology park, he said.

To a question on fear of slowdown and startup failure, he said, “Startup failure is gradually reducing in India. Startup itself means a new idea which needs to find acceptance in the market and hence there are chances of failure and hence comes its name as start-up which means you don’t have hundred per cent chances of success. However, these days, we are working on an idea to bring in the problem statement from industry, so that there are less chances of failure and more chances of acceptability and adaptability, he added.

“We have started doing industry collaborations so startup failure has reduced. Now, there are Industry and academy partners as well and we are also providing administrative support to them,” said Kumar.

He further said that failure is a part of the startup ecosystem not just in India but also in the developed part of the world. “Our country has just embarked on the journey of startups, so naturally failures will be little more compared to those countries which started it some three decades back,” he said.

In developed countries, the success rate may be more because India has the first generation of start-ups compared to the US and other such countries which have third generation of startups. “We are at an evolving stage of startups”, he added.

On the challenges, he said, “Earlier, getting funds was one of the challenges. However, now since NRIs want to come back to India and become angel investors, funds are not as much of an issue as it was 20 years back.”

Meanwhile, another challenge is the market, so startups are now being connected with the state govt for ease of business.

Startup ecosystem is now working on networking and it has to be increased, he suggested further.

Networking can help them to get to market and to find market problems as well, he added.

ALSO READ: ‘Indian education space needs own AI model’

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UAE seeks eco-savvy tech start-ups in new competition

The Ministry created the Make it in the Emirates Start-up Competition to provide technology start-ups with a platform where they can meet investors…reports Asian Lite News

In line with UAE Net Zero 2050 and the UAE’s direction towards sustainable economic development and industrial decarbonisation, the Ministry of the Industry and Advanced Technology (MoIAT) is hosting high potential technology start-ups with a focus on sustainability and decarbonisation to participate in a start-up competition launched ahead of COP28.

The Ministry created the Make it in the Emirates Start-up Competition to provide technology start-ups with a platform where they can meet investors and network with policy makers and industry partners.

The competition invites transformative start-ups seeking to have a global impact to showcase and pitch new innovations and technologies and provides them with the opportunity to learn from some of the best and brightest minds working in the fields of sustainability, manufacturing and technology. The competition will also provide the startups with the opportunity to further develop and deploy their technologies in the UAE in collaboration with various industry partners.

The Make it in the Emirates Startup Competition seeks to enable forward-looking technology startups with pioneering sustainability related innovations that can transform and green existing industries, while also seeding the green industries of the future.

Taking place at the Make it in the Emirates Forum from 31st May to 1st June, the competition is open to just 24 start-ups from all over the world. Startups from various sectors with a focus on sustainability, decarbonization-and digitalization are welcomed to apply.

Tariq Al Hashimi, Director of Advanced Technology Adoption and Development at MoIAT, said, “We are living in an age in which start-ups have the power to disrupt entire industries and rewrite the playbook. These startups also have promising solutions for some of the world’s most pressing issues including climate change. However, access to funding and other enablers remains a huge challenge for startups all over the world. That is why the Ministry of Industry and Advanced Technology is leveraging the Make it in the Emirates Forum as platform to provide promising tech-driven, sustainability-focused companies with a stage at one of the region’s largest and most attended industrial investment events to pitch, learn and connect.”

Al Hashimi added, “Start-ups participating in the competition will be able to access unique investment and collaboration opportunities, as well as get exposed to a suite of incentives offered by the UAE’s Advanced Technology ecosystem. The Ministry is committed to supporting companies of all sizes as part of our mission to create an industrial and technology ecosystem that generates inclusive and sustainable economic growth.”

Start-ups can apply here:
https://moiat.typeform.com/to/EiBm1pnJ. Applications close on 5th May 2023.

The 24 start-ups will initially be selected from the pool of submissions based on the innovation they have demonstrated, their disruptive potential, their scalability and sustainability, as well as their marketing potential, competitive advantage, and positive social impact.

The judging panel will include representatives from Aspire, EDGE Group, Mohamed bin Zayed University of Artificial Intelligence, Technology Innovation Institute, Dubai Industrial City, UAE University and Strata.

The competition is one of several initiatives launched under the Make it in the Emirates umbrella. Make it in the Emirates aims to attract investors, industrialists and innovators to the UAE to benefit from the country’s competitive advantages.

In 2022, MoIAT launched the inaugural Make it in the Emirates Forum, which received the attendance of around 1,800 stakeholders, including investors from around the world. The forum resulted in offtake agreements worth AED 110 billion with national enterprises committing to purchase more than 300 products from local suppliers to support their future growth plans.

ALSO READ: UAE Minister discusses role of education in sustainable development

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G20 may agree on defining startups

The definition has a crucial impact on government schemes, tax exemptions, and incentives…reports Asian Lite News

G20 nations are expected to agree on a common definition for startups by July, enabling effective policymaking across members and potentially resolving current challenges surrounding the valuation and taxation of startups, Indian government officials said.

The foundation and alliances working group under the Startup-20 Engagement Group, created during India’s G20 presidency in 2023, is leading discussions to establish consistent terminology across member nations to define investments, funding, and other related terms for startups in the ecosystem.

“We already have had two discussions on it, and we are hoping we will come out with a single communique by the fourth meeting that will define startups uniformly across G20 countries. It should be out by 3-4 July,” a government official said.

India’s department for promotion of industry and internal trade (DPIIT) currently defines a startup as an entity up to 10 years from its incorporation date, with sales of less than ₹100 crore in any financial year. There are over 97,000 recognized startups under DPIIT.

The definition has a crucial impact on government schemes, tax exemptions, and incentives. Therefore, any change in the definition could have significant consequences for the startup ecosystem, particularly concerning valuations and taxation.

“Such a definition will impact policymaking…Any startup which wants to raise money wants to do that on a higher value. But they will be taxed more [under] income tax. That is the issue. But the idea of a startup is to get valuations on future growth prospects. So the two arms of the government need to sit and talk,” the official said, requesting anonymity.

Meanwhile, the government is working to resolve concerns regarding the angel tax levied on the capital raised by an unlisted company by selling shares to investors above the fair market value.

Officials said harmonizing norms for the global startup ecosystem could resolve the differences between how startups are valued by global markets and how they are valued for taxation. These challenges are particularly relevant for India’s startup ecosystem amid tightening global liquidity conditions.

Funding for Indian startups fell over 75% to $2.8 billion in the March quarter, according to market intelligence platform Tracxn, compared to $11.9 billion the year earlier. Moreover, at least 11 tech startups laid off 1,400 workers in the first two weeks of 2023, accounting for 7.3% of the total layoffs by startups in 2022 as companies attempt to cut costs amid economic uncertainty.

ALSO READ-Varanasi gears up to host 3-day G20 summit

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No new unicorn in 3 months as funding falls

Govt goes bullish on startups with ESOP holiday, tax relief.

There were no new unicorns created in the January-March period, compared with 14 unicorns in Q1 2022…reports Asian Lite News

Indian startups raised a total of $2.8 billion in funds in the first quarter of 2023, a massive 75 per cent lower compared to the same period in the previous year ($11.9 billion), as rising inflation and interest rates continue to impact investments significantly amid a deepening funding winter, a report showed on Monday.

There were no new unicorns created in the January-March period, compared with 14 unicorns in Q1 2022, according to the report by Tracxn, a leading global market intelligence platform.

The funding volumes contracted due to the reduction in late-stage funding, which declined by 79 per cent in the first quarter ($1.8 billion) compared to Q1 2022.

Early-stage rounds saw funding of $844 million, a drop of 4 per cent compared to Q4 2022 but a drop of 68 per cent compared to Q1 of 2022.

Moreover, seed funding rounds in Q1 2023 saw funding of $153 million, a 16 per cent drop from Q4 2022. Although funding has decreased YoY, the MoM comparison is more promising as Indian startups saw a significant uptick of 54 per cent from $777 million in February 2023 to $1.2 billion in March 2023.

Late-stage rounds in Q1 of 2023 saw funding of $1.8 billion, a decline of 79 per cent compared to Q1 of 2022 and a 23 per cent drop compared to Q4 last year.

Total funding declined by 21 per cent in Q1 2023 as compared to Q4 2022, the report mentioned.

Although funding has decreased YoY, the month-on-month funding in the Indian startup ecosystem was a significant uptick of 54 per cent from $777 million in February to $1.2 billion in March.

The quarter witnessed nine, more than $100 million funding rounds with companies like PhonePe, Lenskart, Mintify, Insurance Dekho, FreshtoHome foods, TI Clean Mobility and KreditBee sourcing big-ticket deals.

PhonePe raised a total of $650 million in multiple Series D rounds in Q1 of 2023, valuing the company at $12 billion.

Lenskart raised $500 million in Series J round led by a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) at a valuation of $4.5 billion, the Tracxn report mentioned.

The leading sectors in terms of funding this quarter were fintech, retail and enterprise applications.

The fintech segment witnessed a funding growth of 150 per cent compared to Q4 of 2022; however, this is a drop of 51 per cent compared to Q1 2022.

In terms of exits, the scenario has remained stable for acquisitions QoQ as 46 acquisitions took place compared to the 43 in Q4 2022, the report said.

No end to layoffs

There is no stopping layoffs at the Indian startups and more than 24,250 employees have so far lost their jobs in the homegrown start-up ecosystem.

According to latest data from leading startup coverage portal Inc42, 24,256 employees have been laid off by 84 startups till date.

The list of startups sacking employees is only growing in the country.

Leading digital healthcare platform Practo has laid off 41 employees, mostly engineers, as part of the company’s continuous performance management and planning process, as the funding winter continues.

Homegrown quick-grocery delivery provider Dunzo has laid off at least 30 per cent of its workforce, nearly 300 employees, after it raised $75 million in a fresh funding round.

According to reports, Bengaluru-based ZestMoney is laying off 20 per cent of its workforce, which will impact nearly 100 employees.

Homegrown fantasy e-sports startup FanClash has laid off about 75 per cent of its workforce, the media reported.

According to Inc42, citing sources, the startup laid off about 100 employees in three rounds, with the impacted employees receiving a two-month salary as a severance package.

Late last month, Gaurav Munjal, Co-Founder and CEO of Unacademy, announced to reduce the size of the team by 12 per cent or more than 350 employees to “meet the goals we are chasing in the current realities we face”.

The startups that lead the layoff tally include BYJU’S, Ola, OYO, Meesho, MPL, LivSpace, Innovaccer, Udaan, Unacademy and Vedantu, among others.

Home interiors and renovation platform Livspace recently laid off at least 100 employees as part of cost-cutting measures.

SaaS platform for online stores Dukaan, laid off nearly 30 per cent of its workforce, or around 60 employees — its second layoff in nearly six months.

Healthcare unicorn Pristyn Care sacked up to 350 employees across departments and impacted employees from sales, tech and product teams.

Online higher education company upGrad laid off nearly 30 per cent of its workforce at its subsidiary “Campus”.

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GCPL to invest Rs 100 cr in early spring

GCPL to invest Rs 100 cr in early-stage consumer startups in India

GCPL said it will anchor the fund in addition to offering its expertise and experience to help founders build strong, sustainable companies…reports Asian Lite News

Godrej Consumer Products Limited (GCPL) on Saturday said they will invest Rs 100 crore in Early Spring, a new Rs 300 crore early-stage consumer fund being set up by Spring Marketing Capital (Spring).

GCPL said it will anchor the fund in addition to offering its expertise and experience to help founders build strong, sustainable companies.

Spring’s first fund of Rs 150 crore continues to invest in companies at Series A and beyond. The Early Spring Fund will invest Rs 5-Rs 20 crore in each company, from seed to pre-series A stage.

“We intent to leverage our understanding of consumer space and learnings over the last decades to enable early-stage founders focused on building strong offline as well as online presence by offering differentiated products in India,” said Omar Momin, Head M&A, GCPL.

Spring is run by Raja Ganapathy, Arun Iyer and Vineet Gupta, who bring together decades of investing and brand building experience.

GCPL will offer expertise and experience enabling founders to build strong, sustainable companies.

“I would urge new-age companies to connect with and leverage Spring’s expertise and experience across the spectrum of brand building, manufacturing, product development, distribution and future capital raises,” Momin added.

Meanwhile, a new report said on Tuesday that about 80 per cent of early-stage startups plan to increase their workforce in 2023, while 15.78 per cent plan to maintain their existing headcount.

According to the 2023 FICCI-Randstad startup hiring trends report, nearly 92 per cent of these startups stated that their hiring decisions will primarily be driven by new project orders, additional funding raised from investors and expansion strategies.

“Startups create a large range of jobs as they grow and mature. As this report highlights, the initial opportunities arise as founders onboard the early team to help establish the business. A multiplier impact on job creation is seen in the growth and expansion stage when operations expand, and various initiatives mature,” Rohit Bansal, Chairman of the FICCI Start-up Committee, and Co-founder, AceVector Group & Titan Capital, said.

Notably, these startups have secured Series A and Series B funding, are well-capitalised, and are actively seeking to hire new talent.

While startups are planning to expand their workforce, a substantial portion, 31.92 per cent anticipate an increase in hiring by over 30 per cent.

About 28.08 per cent of companies plan to expand their teams in the 11-20 per cent range, according to the report.

The report also stated that hiring will primarily occur at the junior and mid-levels.

ALSO READ: Practo lays off 41 employees

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‘Indian startups with ‘strong fundamentals’ will survive’

Indian startups with 'strong fundamentals' will survive: Vinod Khosla.

Khosla and ChatGPT developer OpenAI’s CEO Sam Altman recently offered personal capital to help startups after SVB’s collapse….reports Asian Lite News

With Indian startups facing trying times amidst funding crunch and mass firings, ace Indian-origin venture capitalist Vinod Khosla says the ones with “strong fundamentals” will continue to be funded, though at lower valuations, a media report said.

“The wheat will get separated from the chaff,” Khosla told the BBC, adding that “not-so-good Indian start-ups” will go kaput this year, resulting in fewer but larger start-ups.

The Silicon Valley veteran said since these companies wouldn’t have to compete with smaller firms, they could end up using their capital more wisely.

Khosla’s comments come after the collapse of Silicon Valley Bank (SVB) — a bolt from the blue for Indian startups that had deposits worth about $1 billion with the embattled institution.

Khosla and ChatGPT developer OpenAI’s CEO Sam Altman recently offered personal capital to help startups after SVB’s collapse.

“We are talking to 100+ portfolio companies assessing their critical needs and plan to bridge where we are a lead or major investor at our cost of borrowing only or under special circumstances where a company’s other investors can’t respond,” Khosla had said in a tweet last month.

Clocking multi-billion-dollar valuations in recent years, India is home to world’s biggest startup markets with many foreign investors making bold bets on digital and other tech businesses.

Khosla, who co-founded technology giant Sun Microsystems in 1982, sees India getting the same opportunity as the US, where technology drove a large part of GDP growth, and defined the country’s global competitiveness.

“There is long-term opportunity in India as a major developing country with lots of GDP growth to be captured by start-ups,” Khosla told the BBC, adding that supportive government policies will help these firms reap benefits.

Pointing at India’s unique digital infrastructure that aids cashless transactions, Khosla said: “India Stack, UPI (Unified Payments Interface) and others are good infrastructure for the start-up ecosystem to develop on.”

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Sequoia’s Surge to empower 12 new startups

Sequoia India and Southeast Asia's Surge to empower 12 new startups

‘Surge 08’ is currently in progress and the founders are going through a 16-week hybrid programme focused on company building…reports Asian Lite News

Surge, which is Sequoia India and Southeast Asia’s rapid scale-up programme for early-stage startups, on Wednesday said it has launched its eighth cohort, featuring 30 inspiring founders across 12 companies.

‘Surge 08’ cohort includes startups that are building futuristic products across climate tech, AI, metaverse, digital health, new consumer brands and new models of e-commerce.

The curated community of startups under the programme now includes eight cohorts, more than 300 founders and over 130 startups across more than 16 sectors, Sequoia India and Southeast Asia said in a statement.

“Surge 08 founders are building next-gen products and businesses that have the potential to revolutionise their sectors over the next decade,” said Rajan Anandan, Managing Director, Sequoia India & Southeast Asia, and Surge.

These diverse set of founders each bring with them unique experiences and expertise to create ambitious and differentiated products and platforms to the problems they are tackling, and “we are excited to be a part of their early company-building journeys,” Anandan added.

Surge combines up to $3 million of seed capital with company-building workshops, a global curriculum and support from a community of exceptional mentors and founders.

Half of Surge 08 startups have at least one female founder, including an AI and natural language processing PhD holder focused on AI in healthcare and two medical doctors from Indonesia who are leveraging technology to democratise access to health and wellness services.

‘Surge 08’ is currently in progress and the founders are going through a 16-week hybrid programme focused on company building, said the leading VC firm.

Sequoia Capital India and Sequoia Capital Southeast Asia actively partner with founders from a wide range of companies, including BYJUs, CRED, Druva, Freshworks, Groww, Mamaearth, Pine Labs, Polygon, Razorpay, Truecaller, Zomato and more.

ALSO READ: Tough times ahead for Indian startups

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India now has nearly 27K active tech startups

Govt goes bullish on startups with ESOP holiday, tax relief.

India continues to be the third largest tech startup ecosystem globally…reports Asian Lite News

India added over 1,300 active tech startups last year, taking the total tally of active tech startups to 25,000-27,000, a Nasscom report said on Wednesday.

India continues to be the third largest tech startup ecosystem globally (after the US and China).

The country also added the second highest number of unicorns in the world, with over 23 added in the CY2022.

Simultaneously, the potential pipeline of unicorns expanded to over 170, growing at a pace equivalent to 2021, according to the report by the National Association of Software and Services Companies (Nasscom), in collaboration with Zinnov.

“Despite the current downturns, opportunities abound for innovative companies that are leveraging emerging technologies to create actionable impact while prioritising business fundamentals over growth,” said Debjani Ghosh, President, Nasscom.

Despite the headwinds, while total funding in CY2022 dropped 24 per cent over 2021, the annual investments at $18.2 billion were higher than the pre-pandemic levels of $13.1 billion in 2019.

The year also witnessed a significant investment focus on non-unicorns and unique startups.

Almost 1,400 unique startups received funding in 2022, 18 per cent higher than in 2021. Among these, 47 per cent of startups raised their first round in 2022, the report mentioned.

Both early-stage ($5.9 billion in CY2022) and seed-stage ($1.2 billion) investments grew between 25-35 per cent over 2021.

In 2022, tech startups in the seed-stage secured 1,018 investments.

Late-stage investments bore the brunt with a decline of 41 per cent in deal sizes greater than $100 million, due to considerable correction in the global public markets.

“What is remarkable is the ecosystem’s maturity, where founders are intentionally prioritising profitability over valuation and the investor trust, despite macroeconomic variables at play. This will pave the way for growth in 2023 and beyond,” said Pari Natarajan, CEO, Zinnov.

Tech startups are expected to continue increasing innovation and deep-tech adoption, particularly in areas related to SDGs (Sustainable Development Goals) that require complex solutions, the report said.

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70-plus Indian startups show exit door to 21K techies

Healthtech unicorn Innovaccer has sacked nearly 245 employees, or about 15 per cent of its workforce, across teams in India and the US…reports Asian Lite News

As global layoffs deepen, Indian startups are not far behind and have sacked thousands of employees in the past 3-4 months, with many more to be given pink slips in the coming months amid deepening funding winter.

In India, more than 21,000 employees have been laid off by more than 70 startups to day, including from unicorns like BYJU’S, Ola, MPL, Innovaccer, Unacademy, Vedantu, Cars24, OYO, Meesho, Udaan and many more.

The edtech sector has laid off the most employees, with 16 edtech startups laying off more than 8,000 employees to date.

With the onset of January, more and more Indian companies are slashing jobs across the spectrum. The new year has already seen more than 16 homegrown startups sack employees in the country.

Social media company ShareChat (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce due to uncertain market conditions.

Backed by Twitter, Google, Snap and Tiger Global, ShareChat has about 2,300 employees, and the layoff impacted about 500 people at the company,

Healthtech unicorn Innovaccer has sacked nearly 245 employees, or about 15 per cent of its workforce, across teams in India and the US.

Innovaccer cofounder and CEO Abhinav Shashank cited an “uncertain macroeconomic environment” as the reason behind the job cuts, according to an internal mail sent to employees and accessed by leading startup news portal Inc42.

This was the second layoff at the company in around 4-5 months’ time amid the deepening funding winter and recession fears.

In September last year, Innovaccer laid off nearly 120 employees, or less than 8 per cent of its workforce.

Online food delivery platform Swiggy confirmed that the company is laying off 380 employees as food delivery growth slows.

MediBuddy, an end-to-end digital healthcare platform in India, has laid off 8 per cent of its workforce, around 200 people, across all departments as a restructuring exercise.

Homegrown online vehicle repair platform GoMechanic, backed by Sequoia India, has laid off 70 per cent of its workforce as the startup struggles to raise funds amid serious concerns of accounting troubles.

The company has asked the remaining staff to work without pay for three months, according to reports.

Software-as-a-service (SaaS) voice automation startup Skit.ai has asked more than 115 employees to go, mostly from its India team, as part of the “restructuring process” amid the deepening funding winter.

Even IT giant Wipro has laid off more than 400 fresher employees for poor performance in internal assessment tests.

ALSO READ-Goyal seeks to strengthen global startup ecosystem

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What 2023 means for Indian startups

The early-stage startup funding momentum in India continues in an accelerated mode….reports Asian Lite News

Keeping layoffs amid the funding winter in mind, startups being created in 2023 in India will have a more cash-conservative attitude and will be revenue and growth-focused, a report showed on Thursday.

The report by 100X.VC, a homegrown venture fund investing in early-stage startups, said that due to layoffs at some large corporations, well-funded startups now have access to a new pool of brilliant people.

“In 2023, we will be experiencing India where new startups will be unlimited in supply. For investors, this will have brutal investment selection through the process of elimination,” said Sanjay Mehta, Founder & Partner, 100X.VC.

Investors, who can apply quality filters while investing in 2023 will be able to see their portfolio shine with outlier returns by 2030, he added.

The early-stage startup funding momentum in India continues in an accelerated mode.

Startup funding slows but strong core policies will help tide over uncertainties, say experts(IN)

According to the report, the enterprise software market is highly competitive, but startups can enter the market and compete with the established companies.

“They can offer innovative and differentiated products and services in logistics, analytics, expense management, collaboration, RPA, API platform etc.,” the report said.

Quick service restaurants (QSR) business is growing at a fast pace in India and is outpacing most of the sectors for investments.

The segment will witness significant growth with better investment flow, the report mentioned.

India’s e-commerce industry is expected to reach $200 billion in size by 2026, driven by increasing internet penetration and the proliferation of smartphones.

“It is a significant opportunity for D2C brands to reach and sell to consumers directly online. In 2023, many digital-first direct-to-consumer (D2C) startups will compete with the famous names,” the findings showed.

The electric vehicle (EV) market for startups is growing. Startups are working on various technologies, including advanced battery technologies, charging infrastructure, EV components, and self-driving technology.

The EV market in India is expected to create 10 million direct jobs by 2030 along with 50 million indirect jobs in the sector.

The digital health industry in India is expanding with the adoption of digital technologies in the healthcare sector, the report mentioned.

Future trends include the growth of telemedicine, the implementation of artificial intelligence and machine learning, personalised medicine, the widespread use of wearable and remote monitoring devices, the integration of digital health technologies into traditional healthcare systems, and the role of governments.

100X.VC is India’s first venture fund to invest in early-stage startups using iSAFE (India Simple Agreement for Future Equity) notes.

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