Food delivery platform Zomato's initial public offering was oversubscribed on the opening day on Wednesday with retail investors bidding for 2.7 times the number of shares reserved for them. The offer received bids for 75.60 crore equity shares against an IPO size of 71.92 crore, stock exchange data showed. Retail investors sought 2.69 times the portion reserved for them. Against 12.95 crore shares reserved for retail individual investors, 34.88 crore shares were bid by 1700 hours.
Budget has laid emphasis on enhancing expenditure in farm & rural, and social sector including healthcare, education, skill development, job creation and infrastructure
The idea that technology and startups with newer business models will not disrupt traditional businesses has been thrown out the window.
Investments by private equity and venture capital funds (PE/VC) declined by 22 per cent in March to $4.6 billion spread across 107 deals, a report said on Wednesday. The deal activity showed an increase of 54 per cent by value at $15.5 billion across 360 deals, largely on the back of heightened activity in the startup space, the monthly report by IVCA and EY said. "While India's position as an attractive destination for PE/VC investments is expected to remain strong in 2022 given its high growth and macroeconomic and policy stability, the continuing geopolitical tensions, rising inflation, quantitative tightening by the US FED and inversion in the US yield curve are potential downside risks, making investors circumspect," Partner at EY Vivek Soni said.
The partners intend to invest $2 million annually through the India Innovation Growth Programme for the entrepreneurs to develop technology-based solutions for the betterment of the society
'We didn't know where the story was going. But I knew I was telling the story of an extremely lonely journalist.'
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
Modi said Ayurveda is India's heritage whose expansion entails the welfare of humanity and all Indians will be happy to see that the country's traditional knowledge is making other countries prosperous.
The proposed investment will be made over a period of five years in our India operations, which includes an R&D facility at Pune and another centre at Vadodara.
'Artificial intelligence works best on unstructured data. And no other country has the amount of unstructured data like India has.'
HR Guru Mayank Rautela offers practical advice.
Nadella advised the start-up community to learn from the failures
New listing on the BSE will create more jobs, say experts.
Whether you are a mobile App designer, a systems designer or a person with strong data analytical skills, there is a problem you can take on and solve and take India Forward.
'Aquaponics can effectively cushion the impact of a calamity like COVID.'
'United Health Interface is in line with UPI. UPI is a language of money transfer, similarly, UHI is a set of protocols, which is going to create a language of health service delivery'
Nadella was in India last December.
The leaders of the Quad comprising India, the United States, Australia and Japan are set to demonstrate that the grouping is a 'force for global good' and has a unifying commitment to a rules-based international order amid China's increasingly intimidatory behaviour.
'Access to finance is one of the most crucial needs in the economy.'
The government fully supports foreign and Indian companies in leveraging Internet as "force of good" but will take all measures to ensure that Internet remains open and is not dominated by some big corporates, Minister of State for IT Rajeev Chandrasekhar said on Wednesday. Chandrasekhar said the government wants to make sure that intermediaries and the big platforms such as Meta (formerly Facebook) and others develop a culture of mutual respect and accountability between the platform and its users. "And we also want to make sure that given that a billion Indians are going to be there... women, children, elderly, pensioners, all of them, that the internet is also safe and trusted.
Various start-ups have raised concerns on notices sent to them under the Section 56 of Income Tax Act to pay taxes on angel funds received by them.
He also said that the prime minister had failed to live up to his promise to create two crore jobs every year.
Enthused by India's financial inclusion drive, US-based Accion, one of the biggest micro finance organisations in the world, has renewed its focus in India. Michael Schlein, bottom, left, chief executive officer of Accicon, tells Namrata Acharya in an email interview the Wall Street and Silicon Valley are eager to participate in opportunities presented by the issuance of the small finance and payment bank licences, the expanded banking correspondent opportunities, and the Jan-Dhan Yojna.
The government on Tuesday announced Rs 900-crore allocation in the Budget for the newly set up Ministry of Cooperation for the 2022-23 fiscal, besides slashing Alternate Minimum Tax (AMT) on cooperative societies to 15 per cent and surcharge to 7 per cent, which nodal minister Amit Shah hailed saying it will boost the sector. Of the total allocation for the next fiscal, a significant amount of Rs 350 crore has been provided for digitisation of Primary Agriculture Cooperative Societies (PACs), while Rs 274 crore for an umbrella scheme 'Prosperity through Cooperatives' which would have a number of sub-components with the aim of all-round development of cooperatives in the country. For the first time, a separate budget of Rs 11 crore has been provided to Vaikunth Mehta National Institute of Cooperative Management (VAMNICON).
Don't spend your time trying to raise funds and then get demotivated by the rejection. Spend your time growing your company first, says Arjita Sethi.
The ministry also decided to dispense with the requirement of the Integrity Pact Bank Guarantee to reduce the financial burden on the Indian defence industry, a move aimed at promoting domestic manufacturing.
Emirates and Etihad Airways have over the past year continued to lobby India to allow them more flight slots, which won't be possible until the 2007 pact is revised.
After a month long gap, the primary market is heading for a busy time, with five firms including Paytm parent One97 Communications and policybazaar parent PB Fintech have lined up their IPOs in the first half of November to raise over Rs 27,000 crore collectively. The other three firms whose initial share-sales are set to open are Sapphire Foods India, which operates KFC and Pizza Hut outlets, decorative aesthetics supplier SJS Enterprises and microcrystalline cellulose manufacturer Sigachi Industries. The IPOs of FSN E-Commerce Ventures Ltd, which runs online marketplace for beauty and wellness products Nykaa, and Fino Payments Bank are currently open for public subscription.
GenNext Innovation Hub is also pursuing a new global partnership program to collaborate with organizations in US, Europe and Asia.
Thousands of people joined the Prime Minister in the mass Yoga demonstration in Mysuru.
The 3-year partnership to set up a pan India initiative to catalyse the country's technology startup ecosystem was signed today by R A Mashelkar, Chairman, GenNext Ventures and Board Member, RIL, and Bhaskar Pramanik, Chairman, Microsoft India.
Sitharaman further said that to mitigate genuine difficulties of start-ups and their investors, government has decided to withdraw angel tax provisions for them.
Billionaire Mukesh Ambani-led Reliance Retail on Thursday said it has acquired sole control of 25-year-old search and discovery firm Just Dial. The firm's subsidiary Reliance Retail Ventures Ltd had in July announced a deal to buy a controlling stake in Just Dial for Rs 3,497 crore. Further to that announcement, "RRVL has now taken sole control of Just Dial Ltd in accordance with the SEBI Takeover Regulations with effect from September 1, 2021."
Shares of Zomato on Friday zoomed nearly 53 per cent in its debut trade against its issue price of Rs 76. The stock made its debut at Rs 115, reflecting a huge gain of 51.31 per cent against the issue price on the BSE. It then hit a high of Rs 138, a jump of 81.57 per cent.
Uber will provide mentorship for start-ups on matters such as funding, marketing, operations and scalability.
Earlier last month, for the first time ever, an anonymous hacker was served with a restraining order as a non-fungible token (NFT), reports Shivani Shinde.
Modi has accelerated efforts to make India the next driver in innovation, Sunder Pichai said.
There was an environment of "indifference" towards the use of technology in governance before 2014 due to which the poor and the middle class suffered the most, Prime Minister Narendra Modi said on Friday. He asserted the current government has ensured last-mile delivery of services with the help of technology, including drones. Addressing a gathering after inaugurating India's biggest drone festival in Delhi, he said, "At a time when we are celebrating Azadi ka Amrit Mahotsav, it is my dream that everyone in India should have a smartphone in his or her hand, every farm should have a drone and every house should have prosperity." The enthusiasm being seen in India about drone technology is amazing and indicates possibilities of an emerging sector of employment generation, the prime minister said.
Growth-oriented technology companies have raised Rs 15,000 crore through initial share sales in the last 18 months and IPOs worth around Rs 30,000 crore by such firms are in the pipeline, Sebi chairman Ajay Tyagi said on Thursday. "Growing number of unicorns in the startup ecosystem is a testimony of the new age tech companies coming of age in our economy. These companies often follow a unique business model focusing more on rapid growth than immediate profitability," Tyagi said at an event organised by industry body CII. During the last 18 months, growth-oriented technology companies have raised a sum of around Rs 15,000 crore through IPOs (Initial Public Offerings).
Close to 9,000 start-ups are currently banking with HDFC Bank and it has the bank now dedicated SmartUp zones in 70 branches in 30 cities across India.
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