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.
Kerala to Provide a Path of Progress for SC and ST Startups
A total of 188 SC/ST startups have registered for the joint venture project between Kerala Startup Mission and Unnathi, known as the Startup City Project. The primary objective of this project is to support entrepreneurs and innovators from the SC/ST communities in establishing or expanding their businesses. The first phase of the project encompasses various sectors, including Livelihood and Traditional MSME Business, MIS, Healthcare, IT, Hardware, Internet of Things, and Data Analytics. It's worth noting that Unnathi was launched by Kerala Startup Mission in July.
Innovation Boost for Small Cities with Support from Local Investors in Gujarat
In 2023, TiCON Vadodara will see local high-net-worth individuals from Gujarat commit to providing 100 crore in funding to support early-stage startups in Gujarat. This funding will assist approximately 50 startups in the state. The aim of this new funding initiative is to strengthen Gujarat's startup ecosystem. It's important to mention that this support from Gujarat comes at a time when the Indian government is also working on creating new avenues for funding startups.
Innovation Council to Be Established in Chandigarh Before the Launch of Startup Policy
Chandigarh is preparing to release Chandigarh Startup Policy shortly. However, before the policy's release, the UT administration of Chandigarh plans to establish the Chandigarh Innovation Council. This council will be a strategic initiative designed to promote innovation and research in sectors such as education, health, and IT. According to sources, Chandigarh aims to launch its startup policy by October 30.
India's Space Sector Thrives with 150 New Space Startups in Four Years
India's success in astro science is no longer a hidden treasure, especially after the successful landing of Chandrayaan 3. The Indian space sector is rapidly growing. Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science & Technology, revealed that nearly 150 new space startups have emerged in India in just four years. Additionally, India has now reached the seventh position globally in terms of funding in the space sector.
Skyroot Aerospace Launches India's Largest Private Rocket
Indian space startup Skyroot Aerospace successfully launched the Vikram-1 rocket, the largest private rocket manufactured in India. Skyroot launched this rocket from ISRO's station in Hyderabad. Vikram-1 is a multi-stage launch vehicle with the capacity to carry approximately 300 kg payloads into Low Earth Orbit. It is expected to deliver satellites to low earth orbit early next year.
Mamaearth's Parent Company Faces a Setback with a Loss of 151 Crores Ahead of IPO
Hosana, the parent company of Mamaearth, is preparing to launch its IPO. Mamaearth is set to launch its IPO with a valuation of 10,500 crores on October 31. However, the company reported a loss of 151 crores in its recent financial filings. Mamaearth attributed this loss to the impairment of goodwill and other intangible assets.
Paytm Founder Offers Support to AI and EV Startups
Vijay Shekhar Sharma, the CEO of Paytm, will soon participate in the VSS Investments Fund. This fund is aimed at providing support to startups in the Artificial Intelligence and electric vehicle industries. It's worth noting that Paytm's founder has previously offered funding support to several startups, including Ola Electric, Josh Talks, Mesa School, UNNATI, and KAWA Space. The VSS fund's objective is to not only support new startups but also provide follow-up funding to existing ones.
Controversy Surrounding BYJU’s and Unacademy Due to False UPSC Advertising
The Central Consumer Protection Authority has recently issued notices to the Edtech companies Unacademy and BYJU’s for false advertising related to UPSC exams. These companies are accused of using false data to advertise their success with UPSC alumni. It's worth noting that controversies in the Indian edtech industry are not uncommon, with various companies, including Unacademy, Physicswalla, and BYJU’s, being involved in controversies for their advertising practices.
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