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Stay Updated on Startup India News: Today's Business and Economy News on the Go. Stay informed about the latest in startup funding news, venture capital news, startup scheme policies, market updates, finance, and breaking news.

India's Unallocated Capital Surges: Investors Hunt for Startup Gems

Recent Media Reports reveal a staggering $25 billion in unallocated capital earmarked for India. Investors face mounting pressure to scout promising startup deals and deploy these funds effectively. The slowdown in China has unexpectedly bolstered Indian markets, igniting anticipation for a surge in investment flowing into new ventures

  • May 02, 2024 20:31 IST
    Mineral Production in India Sees 8% Growth in February

    According to recent data released by the Indian Bureau of Mines (IBM), the index of mineral production in the mining and quarrying sector for February 2024 saw a notable increase. Compared to the same period last year, mineral production surged by 8.0%, reaching an index level of 139.6 (Base: 2011-12=100).

    The provisional statistics for April-February 2023-24 period reveal a cumulative growth of 8.2% over the corresponding period of the previous year.

    Mineral Production

    Key highlights of mineral production in February 2024 include:

    • Coal production stood at 966 lakh tonnes.
    • Notable growth was observed in Gold (86%), Copper Conc. (28.7%), and Bauxite (21%) production.
    • Other minerals showing positive growth include Chromite, Phosphorite, Limestone, and Natural gas (utilised), among others.
    • However, Iron Ore (-0.7%) and Lead Conc. (-14%) witnessed a decline in production compared to last year.

    This growth in mineral production reflects a positive trend in the mining and quarrying sector, indicating potential opportunities for economic development and industrial growth in the country.

  • May 02, 2024 20:27 IST
    Deepening Collaboration between India and New Zealand in Pharma, Agriculture, and Food Processing Industries

    The 11th India - New Zealand Joint Trade Committee (JTC) Meeting, held in New Zealand from April 26-27, 2024, marked a significant milestone in enhancing bilateral relations between the two nations. Led by the Commerce Secretary, Shri Sunil Barthwal, the Indian delegation engaged in constructive discussions with key stakeholders including New Zealand's Minister for Trade, Hon. Todd McClay, and Acting Chief Executive and Secretary of Foreign Affairs and Trade, Mr. Brook Barrington.

    Key Discussion Points:

    1. Focused Areas of Collaboration

      • Agriculture: Discussions included cooperation in horticulture, particularly in the kiwi fruit and dairy sectors, with an emphasis on enhancing quality, productivity, storage, and transportation.
      • Food Processing: Both nations explored opportunities for cooperation in food processing, storage, and transportation.
      • Pharmaceuticals: Collaboration in the pharmaceuticals and medical devices sector was discussed extensively, including the fast-tracking of regulatory processes and quality assessment of manufacturing facilities.
    2. Resolution of Trade Matters: The meetings addressed bilateral trade issues such as market access, non-tariff barriers, and sanitary and phytosanitary measures on specific products. Both parties reaffirmed their commitment to resolving these issues through constructive dialogue and cooperation under the existing mechanism of the JTC.

    3. Services Sector Focus: Special attention was given to enhancing the scale of bilateral trade in the services sector. Discussions encompassed various areas including hospitality, tourism, nursing, telemedicine, education, and air connectivity.

    4. Digital Trade and International Engagement: Opportunities for collaboration in digital trade, cross-border payment systems, and meeting Nationally Determined Contributions were briefly explored. Both sides expressed commitment to engaging within platforms such as the G20 and Indo-Pacific Economic Framework for Prosperity (IPEF).

    Newzeland India

    The meetings concluded with a mutual understanding that existing cooperation can be further advanced through continuous dialogue and collaboration. Both sides committed to holding regular meetings at all levels to address issues and explore collaborative activities in both existing and unexplored areas. The discussions underscored the shared commitment of India and New Zealand to uphold a rules-based international trading system and foster deeper economic ties for mutual benefit.

  • May 02, 2024 17:16 IST
    7.41% Increase in Coal Production in April Compared to Last Year

    In April 2024, India witnessed a notable increase in coal production, marking a significant growth compared to the corresponding period in the previous year. This report delves into the specifics of the increase in coal production and dispatches during April 2024.

    India's Coal Production

    India's coal production for April 2024 reached 78.69 million metric tons (MT) (Provisional), indicating a growth rate of 7.41% compared to April of the previous year, which stood at 73.26 MT. Notably, Coal India Limited (CIL) contributed substantially to this increase, achieving a coal production of 61.78 MT (Provisional) during April 2024. This figure represents a growth of 7.31% compared to the same period last year when CIL's production was 57.57 MT. Additionally, coal production by Captive/others in April 2024 was recorded at 11.43 MT (Provisional), reflecting a growth of 12.99% from the previous year, which stood at 10.12 MT.

    Coal Dispatches 

    During April 2024, India's coal dispatches reached 85.10 MT (Provisional), marking an increase of 6.07% compared to the same period last year when it was recorded at 80.23 MT. Specifically, CIL dispatched 64.26 MT (Provisional) of coal in April 2024, representing a growth of 3.18% compared to the corresponding period of the previous year when it was 62.28 MT. Furthermore, coal dispatch by Captive/others in April 2024 was recorded at 15.16 MT (Provisional), indicating a significant growth of 26.90% from the previous year, which stood at 11.95 MT.

  • May 02, 2024 17:13 IST
    Adani Enterprises Ltd Reports Strong Performance for Q4 and FY24

    Adani Enterprises Ltd (AEL), a prominent entity within the Adani Group, has disclosed its financial results for the fourth quarter and fiscal year ending March 31, 2024, showcasing robust growth and operational achievements.

    Adani Enterprises Ltd: Financial Highlights For FY24

    AEL witnessed a substantial increase in its consolidated EBIDTA by 32%, reaching Rs. 13,237 crore. The consolidated Profit Before Tax (PBT) surged by an impressive 56%, amounting to Rs. 5,640 crore. Notably, the incubating businesses segment saw a remarkable growth of 47% year-on-year in its consolidated EBIDTA. These financial achievements underscore the company's resilient growth model and its commitment to value creation for stakeholders.

    Adani Enterprises Ltd Operational Milestones

    AEL achieved significant operational milestones during the fiscal year. Notably, the company successfully operationalized India’s first large-sized ingot-wafer unit with a capacity of 2 GW, demonstrating its leadership in the renewable energy sector. Additionally, the copper unit of 500 KTPA in Mundra commenced operations, further strengthening AEL's presence in the primary industries segment.


  • May 02, 2024 17:10 IST
    APSEZ Reports Stellar FY24 Results, Surpassing Expectations

    Adani Ports and Special Economic Zone Ltd (“APSEZ”) has unveiled its remarkable performance for the fiscal year ending March 31, 2024, showcasing significant growth across various financial and operational metrics.

    Record-breaking Financial Performance

    APSEZ reported a staggering 50% year-on-year increase in its net profit for FY24, reaching Rs 8,104 Cr. This impressive surge was fueled by a 28% growth in revenue, soaring to a record high of Rs 26,711 Cr. The company's EBITDA experienced a remarkable 44% jump, climbing to Rs 15,751 Cr. Furthermore, APSEZ managed to substantially reduce its net debt to EBITDA ratio from 3.1x in FY23 to 2.3x in FY24, indicating a robust financial position.

    Operational Excellence and Expansion

    In terms of operational highlights, APSEZ demonstrated its prowess by handling approximately 27% of the country’s total cargo and a remarkable 44% of container cargo. The company's domestic cargo volumes surged by 21% year-on-year, significantly outperforming India’s cargo growth rate. Notably, Mundra Port, APSEZ’s flagship port, achieved a historic milestone by handling 180 MMT of cargo in FY24, with expectations to surpass the 200 MMT mark in FY25.

  • May 02, 2024 15:37 IST
    India's Services Exports Set to Soar to $900 Bn by 2030: Goldman Sachs

    Goldman Sachs forecasts India's services exports could reach $900 billion by 2030, comprising 12.4% of GDP, fueled by the rise of Global Capability Centers (GCCs). This optimistic outlook could see the current account deficit improve to around 0.6% of GDP. The report highlights India's growing prominence in global professional consulting and the potential for further gains with the proliferation of GCCs.

  • May 02, 2024 14:46 IST
    OECD Forecasts India's FY25 Growth at 6.6%, Emphasises Fiscal Discipline

    The OECD has upgraded India's FY25 growth forecast to 6.6%, fueled by robust investment and business sentiment. Public sector investment is deemed vital, alongside anticipated inflation decrease, paving the way for rate reductions. The focus is on managing fiscal deficit, advancing agricultural reforms, and navigating global growth dynamics, according to OECD's outlook.

  • May 02, 2024 13:19 IST
    FSSAI Orders Nationwide Spice Mix Inspections After Contamination Concerns

    In response to recent contamination issues with popular Indian brands MDH and Evarest, the Food Safety and Standards Authority of India (FSSAI) has initiated nationwide testing and inspections of all spice mix producers. With a focus on quality and safety standards, rigorous analysis will be conducted on each sampled product, particularly to detect ethylene oxide—a banned substance flagged for health risks. FSSAI's proactive measures aim to safeguard consumer health and maintain integrity in India's vital spice industry, valued at $10.44 billion domestically in 2022.

  • May 02, 2024 11:48 IST
    India's Manufacturing PMI Dips Slightly in April After 16-Year High

    India's manufacturing sector experienced a decline in April following its 16-year high in March, with the manufacturing PMI dropping from 59.1 to 58.8. Despite a decline, the HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, indicated the sector's second-best improvement in 3.5 years. With PMI comfortably above the neutral mark of 50.0 and its long-run average of 53.9, operating conditions improved because of buoyant demand and sharp upturn in new business intakes.

  • May 02, 2024 10:50 IST
    Analyst Forecasts Tightening Global Financial Liquidity in May

    Ryan Lee, Chief Analyst at Bitget Research, forecasts tightening liquidity in global financial markets for May. The US saw unexpected rises in the Consumer Price Index (CPI) in April, while Q1 GDP data fell below expectations. Weak exports signal subdued global demand, despite strong US import figures.

    Additionally, weak consumer spending and declining government expenditure are noted. The US dollar remains strong, with fluctuation around 106, as interest rates rise and real estate demand decreases. This decrease impacts existing home sales, affecting recent strong US demand and high inflation.

    Although financial conditions aren't tight enough, US stocks, commodities, and credit spreads may widen. Cryptocurrency markets, including BTC and ETH, may face downward pressure due to tightening macro financial conditions. Expectations for BTC range between $56,000 and $68,000, while ETH, influenced by events like the ETH ETF, may fluctuate between $2,600 and $3,600.

  • May 02, 2024 10:34 IST
    HostBooks Partners with SASCO to Revolutionise Financial Management Solutions

    HostBooks, a leading financial management solutions provider, has teamed up with SASCO as a Platinum Partner, signalling HostBooks' commitment to innovation and industry leadership. Based in Kolkata, West Bengal, the collaboration aims to redefine financial management services.

    SASCO, led by founder Mr. Subrata Chatterjee, brings extensive expertise in the software industry, aligning with HostBooks' mission. The partnership is set to drive HostBooks' growth, leveraging SASCO's experience in innovation and expansion.

    Mr. Chatterjee expressed enthusiasm for the collaboration, highlighting the opportunity to lead in the financial management sector. HostBooks aims to apply cutting-edge technologies and user-friendly solutions, enhancing them with SASCO's expertise in the ERP domain.

    "We're dedicated to excellence and innovation," remarked HostBooks on the partnership. "SASCO's strategic insights will help us elevate our solutions and set new industry standards.”

  • May 02, 2024 10:09 IST
    TalkEsport Secures $1 Million Pre-Series A Funding from Saswat Ventures

    TalkEsport, India's leading esports media platform, has closed its pre-Series A funding round with a significant $1 million investment from Saswat Ventures, marking a pivotal moment for the company's growth.

    Established in 2011, TalkEsport aims to provide timely updates to gaming communities worldwide and currently serves millions of gamers globally through its website and social media platforms.

    With this funding, TalkEsport plans to expand its website, launch an interactive app, and set up a production studio in Mumbai to create exclusive gaming and esports content.

    Deepak Ojha, Founder and CEO, expressed excitement about the partnership with Saswat Ventures and outlined plans to enhance the newsroom capabilities to cater to global gaming communities.

    Saswat Ventures, led by Mr. BL Sharma, envisions TalkEsport as a global platform for esports enthusiasts and believes in its potential to transform esports media. Trilochan Sharma joins TalkEsport's board as the Director of Compliance, ensuring adherence to regulatory standards and strengthening the company's governance framework.

  • May 02, 2024 10:02 IST
    Anthill Ventures to Launch Hybrid Fund for Indian Startups Amidst Rising Investor Interest

    Anthill Ventures, an Indian-based firm, is set to launch a hybrid fund to bolster the startup sector amidst growing investor interest in India, as Media reports. This move comes amid a slowdown in the Chinese economy, further highlighting India's appeal as an investment hub.

    Founder and CEO Prasad Vanga has announced plans to raise $100 million for a hybrid private credit and equity fund, aimed at providing crucial support to Indian startups specialising in consumer experiences, wellness, and entertainment.

    The initiative underscores Anthill Ventures' commitment to fostering innovative ventures in India, leveraging the country's dynamic entrepreneurial ecosystem. With increasing investor interest and a focus on promising sectors, Anthill Ventures seeks to catalyse growth opportunities for startups, enriching India's startup landscape.

  • May 02, 2024 09:53 IST
    GST Collections Surge Past ₹2 Lakh Crore Mark, Registers Robust Growth

    In a significant development, India's Gross Goods and Services Tax (GST) collections have soared to a landmark figure, breaching the ₹2 lakh crore mark in April 2024. According to official data released by the Press Information Bureau (PIB) Delhi, the GST collections for April stood at ₹2.10 lakh crore, marking a substantial 12.4% year-on-year growth.

    The surge in GST revenue was propelled by a notable increase in both domestic transactions, which rose by 13.4%, and imports, which saw an 8.3% uptick. After adjusting for refunds, the net GST revenue for April 2024 amounted to ₹1.92 lakh crore, reflecting an impressive 15.5% growth compared to the corresponding period last year.

    The breakdown of the April 2024 collections is as follows:

    • Central Goods and Services Tax (CGST): ₹43,846 crore
    • State Goods and Services Tax (SGST): ₹53,538 crore
    • Integrated Goods and Services Tax (IGST): ₹99,623 crore, inclusive of ₹37,826 crore collected on imported goods
    • Cess: ₹13,260 crore, including ₹1,008 crore collected on imported goods

    Moreover, in the inter-governmental settlement for April 2024, the central government disbursed ₹50,307 crore to CGST and ₹41,600 crore to SGST from the IGST collected, resulting in a total revenue of ₹94,153 crore for CGST and ₹95,138 crore for SGST for the month.

    The PIB Delhi also provided comparative data showcasing the state-wise figures of GST collected in April 2024 as compared to April 2023, and post-settlement GST revenue for each state in April 2024.

    This remarkable performance in GST collections indicates a buoyant economic activity and underscores the efficiency of tax administration measures, providing a boost to the government's revenue generation efforts amidst challenging times.

  • May 02, 2024 07:24 IST
    Dexif, Led by Ex-Blinkit Executive, Raises $4M to Transform Bonds Trading

    Startup Media Reports: Dexif, led by former Blinkit executive Deepank Bhandari, secures $4 million in seed funding to revolutionize bond trading. With plans to bolster its tech infrastructure, expand operations, and attract top talent, Dexif aims to enhance its offerings and rapidly grow its user base. The fintech startup, founded in 2022, provides a cutting-edge platform for both retail and institutional investors to engage in fixed-income securities trading. Stay tuned as Dexif continues to attract investor interest and plans further capital raises in the near future.