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.
Number Of Registered Startups In India Has Reached One Lakh
Minister of Commerce and Industry, Piyush Goyal, announced that under the Startup India initiative, the government has surpassed one lakh registered startups in India. India's startup journey officially began in 2016, with only 450 registered startups in that year. Today, in 2023, this number has grown to one lakh. It's worth noting that India now boasts 108 unicorn startups, making it the third-largest startup economy globally, following the United States and China.
Finance Ministry Introduces New Angel Tax Mechanism for Startup Investors
The Finance Ministry has issued final rules outlining valuation methods for both non-resident and resident investors as part of the new angel tax mechanism outlined in the Finance Act 2023. These new guidelines stipulate that when an unlisted company issues shares at a price higher than the actual market price to any investor, angel tax will be levied. These rules came into effect on September 25th. Previously, angel tax was only applicable to investments made by resident investors, but now, non-resident investors are also subject to it.
BYJU's Bans Employees from Media and Social Media Engagement
Due to ongoing challenges, BYJU's has introduced a new social media policy for its employees. Under this policy, BYJU's employees are strictly instructed not to engage with the media in any way, and they are prohibited from sharing any screenshots, videos, or photos related to BYJU's or their job on social media. This decision follows recent incidents where several BYJU's employees shared videos on social media regarding alleged malicious practices within the company, leading to increased scrutiny.
BYJU's to Lay Off 3,500 Employees Soon
Massive layoffs have become a new trend in the startup world, with BYJU's at the forefront. This decision was made during a restructuring activity led by BYJU's new CEO, Arjun Mohan. It's important to note that BYJU's had already laid off approximately 2,500 employees in 2022 and an additional 1,000 in June 2023.
Zepto: Employees' Favorite Amid Startup Job Uncertainty
LinkedIn recently released a list of the top 20 startups in India, with Zepto claiming the number one position. Zepto, which began in 2021, has become the favored workplace for employees across the country. It's worth mentioning that Zepto recently raised $200 million in funding, earning its place in the unicorn club. In a time of job instability in the startup world, 2023 appears to be a successful year for Zepto.
P&G India Commits ₹300 Crore Funding for Startups
Procter & Gamble India has introduced the 'P&G Supply Chain Catalyst Fund,' amounting to 300 crores. The primary focus of this fund will be on supply chain optimization, digitization, and sustainability. The fund aims to collaborate with third-party firms and startups to co-develop solutions for a modern supply chain ecosystem.
ChatGPT Unveils Real-Time Updates with New Features
ChatGPT has addressed one of its major limitations by launching new features. While previously, ChatGPT could only provide information up to 2021, it can now provide real-time updates. With these new features, ChatGPT can answer user questions in five different voices, allowing users to select their preferred voice.
Fintech Startup CRED Launches CRED Garage
Fintech unicorn CRED has launched the CRED garage, offering vehicle management services to its members. This one-stop dashboard allows users to register their vehicles and provides document management, service reminders, and spending insights. Additionally, users can recharge their FASTag directly through CRED garage, and it offers the option to purchase motor insurance.
Startup Funding Hits Five-Year Low in July-September Quarter
It's important to note that funding for startups in India is currently experiencing a slowdown. Funding for startups in the July to September quarter has reached its lowest point in the past five years. Despite this slow growth, the Indian startup ecosystem continues to progress and remains the world's third-largest startup ecosystem, following the United States and China.
NeoBanking Startup Fi Cuts 10% of Workforce
The trend of layoffs in the startup world continues, with the neo banking app Fi recently laying off approximately 10%, or roughly 30 employees. According to industry reports, more than 17,000 employees have been laid off in 2023 thus far.
Join Our Thriving Entrepreneurial Community