TICE News | Startup News Of The Week |
Welcome to our latest edition of the Startup Spotlight, where we bring you the hottest updates and developments from the dynamic world of startups! From groundbreaking innovations and government schemes to funding and new hirings in the startup space, our news bulletin dives into the heart of the startup ecosystem, keeping you informed and inspired.
Kanpur Emerges as UP's New Startup Hub, Creating 1 Lakh Jobs
In an internal survey conducted by the UP state government, it was revealed that Kanpur is emerging as a startup hub in Uttar Pradesh. According to the report, Uttar Pradesh is the fourth-largest startup state in India, with approximately 10,000 startups. Notably, 49% of these startups come from Tier II and Tier III cities. The report also indicates that there is at least one startup in each of the state's 75 districts, and these startups have created more than 1 lakh jobs.
MeitY Launches GENESIS Scheme to Boost Tech Startups
MeitY has introduced the GENESIS scheme to support startups. GENESIS, short for Gen-Next Support for Innovative Startups Government, is an umbrella scheme with a budget of 490 crores for the next five years. Its goal is to further scale and sustain the tech ecosystem, focusing on discovering, supporting, growing, and making startups successful. The program aims to impact and consolidate over 10,000 tech startups in the next five years.
UPI Transactions Surpass $11 Billion in October
Digital payments in India have set a new record, with UPI processing more than 1.14 billion transactions in October. These transactions had a total value of 17.16 lakh crore INR. This represents an 8% month-on-month increase in the number of transactions compared to September, and an 8.6% growth in transaction value, which was 15.8 lakh crore INR in the previous month.
Delhi Government Aims to Support 15,000 Startups by 2023
The industry department of the Delhi government has finalized the draft of Delhi's startup policy. The policy aims to encourage, facilitate, and support the emergence of at least 15,000 startups in Delhi by 2030. Additionally, the department will develop Shahdara district under the 'One District One Product - Districts as Export Hubs' scheme.
ONDC Guide App Simplifies Participant Sellers' Work
ONDC has launched the ONDC guide app on its platform to simplify the work of participant sellers. The app is available on the Google Play Store and supports English, Hindi, and ten other Indian languages. It offers detailed explanations of the network's operations, key features, and its value to various stakeholders, making it an engaging and informative resource.
IIT Madras Platform Makes Government Funding Schemes Accessible
Researchers at the Indian Institute of Technology Madras, in collaboration with the startup YNOS, have developed a platform called YNOS. The platform's goal is to make all government funding schemes easily accessible in one place. It was launched by G20 Sherpa Amitabh Kant and will help entrepreneurs gain a comprehensive understanding of government funding opportunities for startups.
RBI Introduces New Norms for Cross-Border Payments
In response to the increasing number of fintech startups and cross-border payments, the Reserve Bank of India (RBI) has introduced new norms for cross-border transactions. These norms bring all entities processing cross-border transactions under RBI's supervision and categorize them under 'Payment Aggregator-Cross Border.' Startups seeking cross-border payment licenses must register with the FIU-IND and maintain a minimum net worth of INR 15 crore when submitting their applications.
Indian Companies Get Approval for Overseas Listings
The Indian government has granted permission for Indian companies to list on foreign exchanges, subject to specific conditions. The corporate affairs ministry has officially notified the relevant section under company law to enable this move, although detailed rules for direct overseas listings are yet to be finalized.
Mamaearth's IPO Receives Lukewarm Response on Day 1
Mamaearth, a D2C unicorn, received a slow response to its initial IPO, with only 0.13 times subscription on the first day. According to BSE data, the issue received bids for 36.25 lakh shares against the 2.88 crore shares offered.
Indian Startup Funding Reaches 2020 Levels, Raising $8.7 Billion
According to industry reports, Indian startups raised nearly $8.7 billion in funding from January 2023 to October 2023. This is close to the $8.3 billion raised during the same period in 2020, indicating a positive trend in the startup funding landscape after a prolonged period of lower funding.
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