If you have seen Zwigato, Param Kumar's story will sound familiar. Laid off from his job as a repairman at a Gurugram-based water purifier provider, he now delivers groceries and food for a mobile-based delivery app, in Delhi. Kumar, who started making deliveries last August, told Business Standard that he is working longer hours than his older salaried job as an RO repairman, and has no paid leaves or health insurance. Kumar is part of India's estimated 7.7 million-strong force of gig workers.
these are all funded by venture capitalists and "after 2-3 rounds of funding, 80 per cent shares are gone" and then are sold to some corporate houses
'India's edtech and start-up story will be in danger.'
'We all face challenges in life. It's our approach towards them that absolutely decides what you become.'
'We all work hard and save money, and later spent it in hospitals!'
Infosys' co-founders, S D Shibulal and S Gopalkrishnan, on Tuesday launched Axilor Ventures, a business incubator and platform for supporting innovation and entrepreneurship.
In most cases, the payback on energy saving projects offered by GIBSS are between one and three years.
The 6-metre tall launch vehicle Vikram-S is named after Vikram Sarabhai, the father of the country's space programme and lifted off at 11.30 am.
'I've been backing businesses in the e-commerce space because they enable goods and services to reach people who could never have been catered to in this manner before.'
Babajob.com is trying to help unorganised blue-collar workers get better employment.
Tiger Global-backed Koo, an Indian alternative to Twitter, has laid off 30 per cent of its workforce of 260 employees in the last year as the budding firm, like many other start-ups in the country, battles global headwinds. "It's important for businesses of all sizes to adopt efficient and conservative approaches to see this period through. "In line with this, we have acted on some role redundancies by letting go of 30 per cent of our workforce over the course of the year," said a Koo spokesperson.
The home rental market is facing a slowdown.
Every 30 seconds its website is connected to an SME for a loan, every five minutes it evaluates a loan, and every 20 minutes it disburses a loan.
'A start-up with 100 people has reduced the strength to 60-80 people to reduce cost.' 'Even if there is attrition, they prefer not to replace them.'
Indo-Pacific region. Senior officials from the ministries of External Affairs and Defence, and the US departments of Defence and State met here for the India-US 2+2 Inter-Sessional meeting.
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
One hundred and forty nine new individuals joined the rich list club of 1,103 Indians across 122 cities who cumulatively accumulated a wealth of Rs 100 trillion. Bengaluru -based Kaivalya Vohra, 19, of grocery delivery application Zepto is the youngest self-made and the youngest rich individual, according to IIFL Wealth Hurun India Rich List 2022. The report found 1,103 Indians with a networth of Rs 1,000 crore each - an increase of 62 per cent over five years. There are 221 billionaires (Rs 100 crore networth) in India on the 2022 list - down 16 compared with last year, while 13 people born in the 1990s made it to the list, all self-made.
In 2020-2021, the amount of foreign direct investment into India from China and Hong Kong plummeted to just $200 million -- its lowest in the recent past. In the first half of 2021-2022, FDI investments through these two nations stood at just $36 million.
Modi's emphasises on transit for trade comes amid Pakistan's reluctance to provide such a facility for two-way trade between India and Pakistan.
India is playing a major role in a growing trend of new companies that are launched as global businesses right from the beginning, a media report said.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
Being too optimistic could cost you dear.
Meet IITians Aneesh Reddy and Krishna Mehra whose company Capillary Technologies has grown from a garage start-up to a 150-member strong company with operations across India and in the UK, Middle East and South Africa.
Prime Minister Narendra Modi said on Friday that the combination of technology and talent will be a guarantee for a bright future for the world.
The Indian startup ecosystem has lauded the inclusion of startups in the New Delhi Leaders' Declaration for the first time ever in the history of G20. Industry stakeholders say that the move will lead to easier access to capital, reduce regulatory hurdles, and may revive funding activity. The Declaration, through the Startup20 initiative, recognised startups as "natural engines of growth" and key to socio-economic transformation by driving innovation and creating employment.
Being employee light is the latest fad.
The Bombay Hemp Company offers goods fashioned out of hemp, the lesser known cousin of ganja.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
The currency appreciation has increased the capital (in dollars) required for starting a business in India. The rising cost (in rupees) of employees, building space and infrastructure has only made matters worse.
'Silicon Valley people are generally used to layoffs.' 'Every person who has been in the industry for 15-20 years would have been laid off at least 3-4 times.' 'In India, we aren't used to that concept.' 'So when it came here, people were shocked.'
Japanese tech investor SoftBank may end up investing around $1 billion in India in 2022, nearly a third of what it did last year, according to people closely tracking its plans. Last year, SoftBank undertook investments of $3.2 billion in 12 deals. In the first five months of CY22, the giant investor has invested $400-500 million in five deals.
In his latest monthly radio address, Mann Ki Baat, Modi said that India is capable of providing solutions to the varied challenges being faced globally.
This year's edition, three years lost to the pandemic and scheduling, wore a distinctive shade of green, and, as would befit an era of technology shift from internal combustion engines to electric motors, had a clutch of high-technology exhibits and concepts. But the excitement of the expo's heyday was missing.
They discussed at length India's rapid progress in the space sector, including various space exploration missions being undertaken by India, the Ministry of External Affairs said in a press release.
Wipro, has set up a venture capital (VC) fund that will look at investing in early-to-middle stage technology start-ups globally.
Google unveiled on Wednesday a slate of artificial intelligence (AI) tools and technologies for Indian developers at its first I/O Connect event for India, being held in Bengaluru. The company made accessible for Indian developers its faster, more accurate large language AI model accessible through PaLM API, Makersuite, as well as features on Google Cloud's Vertex AI. Google Cloud officially launched a new initiative in collaboration with Open Network for Digital Commerce (ONDC), under the Department for Promotion of Industry and Internal Trade, to help sellers build and scale commerce platforms across the country.
The US-based start-up developed a machine learning system that uses sensors in smartphones.
Three senior executives have resigned from Byju's at a time when the most valuable edtech company has been trying to address challenges such as due diligence issues, legal battles with lenders, challenges in raising fresh capital, and a markdown in its valuation by investors. Prathyusha Agarwal, the chief business officer of Byju's, has quit, according to sources. They said Himanshu Bajaj, business head of Byju's tuition centres, and Mukut Deepak, business head for Class 4 to 10, have also moved on.
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