Acko Raises $60 Million Led By Munich Re Ventures
Published on 17th Sept, 2020 | 1 min read
Bengaluru-based insurtech start-up Acko has raised $60 million in its Series D funding led by Germany-based Munich Re Ventures, with participation from existing investors Amazon, RPS Ventures and Intact Ventures Inc., which is the corporate venture arm of Canada’s largest property and casualty insurer. The company said it has issued over 650 million policies to over 60 million unique customers to date. “Munich Re has been a strategic partner to Acko since inception and we are really excited to bring them on board as our investor. As one of the largest reinsurance companies globally, their investment shows confidence in our data and technology-driven business model,”said Varun Dua, founder and CEO, Acko. “We’re excited to join forces with one of the leading digital insurers in India, as well as other investment partners, to help support Varun and his impressive team as they continue their journey,” said Oshri Kaplan, Director, Munich Re Ventures. “Since our first investment in Acko which was made last year, it has scaled quickly to become the leading digital insurer in India by leveraging data and technology to create a unique customer-centric experience,” said Karim Hirji, senior vice-president & managing director of Intact Ventures.
Bengaluru Based Ed-Tech Startup Newton School Raises $650,000 In Seed Funding
Published on 17th Sept, 2020 | 1 min read
City-based ed-tech startup Newton School on Wednesday said it has raised $650,000 in a seed round of funding led by early-stage venture capital firm Nexus Venture Partners. Newton School will use the raised capital to strengthen its product and expand its team. Newton School is an online edtech platform that trains people to be highly skilled software developers and get them placed in top companies and startups as frontend, backend and full stack software developers among other roles, it said in a release. “While software engineering is one of the highest paying and fastest growing career paths, access to quality software development training remains limited to students of few top colleges. With our unique pay after placement online platform we are democratising software development training and allowing people to cross financial and location barriers to achieve their dream of becoming a great software developer,” Newton School Co-founder Siddharth Maheshwari said. With a highly capital efficient business model, Newton School is close to break even just after a few months of operations and is on the path to become profitable in the next couple of months. The coming months will see Newton School deploy this funding round to further evolve its platform and increase its user capacity to handle thousands of simultaneous learners, the company said.
House Panel For Abolition Of LTCG Tax On Investments In Startups
Published on 16th Sept, 2020 | 1 min read
A Parliamentary panel has batted for the abolition of long-term capital gains tax for all investments in startups which are made through collective investment vehicles such as angel funds, alternate investment funds and investment Limited Liability Partnerships. “The Committee would like to strongly recommend that tax on Long Term Capital Gains be abolished for all investments in startup companies which are made through collective investment vehicles such as angel funds, AIFs, and investment LLPs,” the committee said in its report “Financing The Startup Ecosystem”. “The Parliamentary Panel has given voice to a longstanding ask of the Indian startup ecosystem. Investments into startups are in the form of primary investments into the company, which in turn generates new assets, economic growth and jobs. These measures, if adopted, will help accelerate the Indian startup ecosystem and allow them to meet the PM’s goal of startups contributing 20% of India $5 trillion GDP by 2025,” said Siddarth Pai, founding partner at 3one4 Capital & co-chair Regulatory Affairs Committee at IVCA. The panel recommended that after this two year period, the Securities Transaction Tax may be applied to CIVs so that revenue neutrality is maintained. At present, LTCG earned by foreign investors in private companies attracts taxation at concessional rate of 10%, in comparison to the domestic VC/PE investments being taxed at 20% with an enhanced surcharge of 37%. The panel also proposed that the sectors in which Foreign Venture Capital Investor are allowed to invest should be expanded to include all sectors where Foreign Direct Investment is permitted, as this route provides a flexible investment framework and hence will be able to attract significant capital in the economy.
GullyBuy Software Raises Rs 4 Crore Pre-Series A Funding
Published on 16th Sept, 2020 | 1 min read
Pune: Pune-based software startup GullyBuy Software said it had raised Rs 4 crore in Pre-Series A funding from SEED Enterprises and a few individual investors. “The funding will help our sales/marketing team to promote the app more aggressively and engineering to accelerate the product roadmap. This space has unlimited potential but is also highly competitive, and hence we continue to seek more funding,” said Shirish Deodhar, co-founder of GullyBuy Software. GullyBuy provides a unique digital hyperlocal marketplace solution that enables buyers to order online from nearby stores selling groceries, food, medicines and other daily necessities. “While offline-to-online retail solutions are proliferating, we decided to back GullyBuy because of their vision of empowering local stores, a segment that has been underserved by the digital economy. Others either enable standalone online stores or are logistics apps that bypass stores, while the e-commerce giants’ strategy is to effectively make them their agents,” said Siddharth Sethi, CEO of InfoBeans, who joins the GullyBuy board following the investment. GullyBuy’s mobile apps are aligned to the informal nature of the regular buy-sell transactions with local stores.
Health Monitoring Startup Dozee Raises ₹12.5 Crore In Funding
Published on 16th Sept, 2020 | 1 min read
Bengaluru: Remote health monitoring startup, Dozee has raised ₹12. 5 crore in its new round of funding from Prime Venture Partners, YourNest Venture Capital and 3one4 Capital. “Healthcare is a basic necessity and everyone deserves quality care. Over the last 5 years led by intense R&D, our focus has been to hone Dozee as the most convenient, accurate, and cost-effective health monitor that can easily reach masses. We are thrilled to get support from brilliant product thinkers and market experts in PrimeVP, YourNest and 3one4, in our growth journey to touch a billion lives,” said Mudit Dandwate, CEO & co-founder, Dozee. During the ongoing covid-19 pandemic, over 1200 Dozee sensors have been deployed in over 20 quarantine centres across eight states in India. “Recent events have accelerated the need for realtime vitals sensing, home health care, and continuum care. Dozee has shown tremendous agility in this context to combine deep technology and healthcare expertise into a scalable and sustainable sensor and data platform in the form of their step down ICU system,” said Pranav Pai, managing partner, 3One4 Capital.
Airmeet Raises $12 Mn Led By Sequoia Capital, To Accelerate Global Expansion
Published on 16th Sept, 2020 | 1 min read
NEW DELHI: Virtual events platform Airmeet has raised $12 million in Series A funding led by new investors Sequoia Capital India and Redpoint Ventures. “With digitization of largely traditional spaces leapfrogging by years, the $800+ billion global offline events space is up for grabs. There is massive potential for players who drive the industry’s transition towards online-events”, said Abhishek Mohan, vice-president, Sequoia Capital India LLP. While meetings, webinar categories existed with more popular alternatives like Zoom and Skype, Mangal said platforms such as Airmeet have not been conceptualised for peer-to-peer interactions. Airmeet does not require an event organiser to have a subscription. Professional communities like Microsoft for Startups, Linux Foundation and Florida International University have hosted their events on Airmeet with a maximum of 10,000 participants. “There is an excitement for virtual conferences now, and we want to create a global platform to enable community managers and event organizers across the world to engage with and expand their audience,” he said.
Paytm First Games Ropes In Sachin Tendulkar As Brand Ambassador
Published on 15th Sept, 2020 | 1 min read
MUMBAI: Paytm First Games, a subsidiary of the digital financial service platform Paytm, has signed cricketing legend Sachin Tendulkar as the brand ambassador for the platform, ahead of the 2020 edition of the Indian Premier League. Paytm First Games has also set aside Rs 300 crore to spend on marketing and promotions during the remaining six months of the current financial year, to grow its market share in the space currently dominated by Dream11. “As India’s homegrown gaming platform, our vision is to get the sports fans closer to the action with fantasy sports,” said Sudhanshu Gupta, COO Paytm First Games. “With Sachin as a brand ambassador, we wish to inspire mobile gaming enthusiasts to experience fantasy sports which are about tactics, strategic planning and research.” As its brand ambassador, Tendulkar will help PFG in creating awareness about the genre of fantasy sports in the country. “Cricket is an engaging sport, and we all tend to have opinions about the game – right from player selection to playing strategies. Paytm First Games will give fans the opportunity to don their thinking hats and experience the thrill of making the correct choices and getting their teams to win,” Tendulkar said. PFG offers over 50 games, where the most popular is fantasy sports.
CashKaro raises $10M in Series B round led by Korea Investment Partners
Published on 15th Sept, 2020 | 1 min read
CashKaro, a Gurugram-based cashback and coupons site, has secured $10 million in Series B funding round led by Korea Investment Partners and existing investor, Kalaari Capital. “CashKaro has seen incredible growth over the last two years, while consistently reducing losses. We felt it was the right time to raise money and use it to tactically scale up marketing, open up new brand building avenues, user-acquisition, product development, and hiring new talent.” CashKaro’s business model is that it is a marketing channel for 1500+ ecommerce sites like Amazon, Flipkart, Myntra, Ajio, etc. Brands pay CashKaro commission for every transaction driven, and CashKaro passes a large portion of this as cashback to its members. “India is a growing market for us and CashKaro is a great way for us to participate in the Indian ecommerce industry. CashKaro and EarnKaro together have shown exceptional unit metrics and we are really excited to be a part of India’s affiliate story,” added Hudson Kyung-sik Ho, Managing Partner of KIP. According to Rajesh Raju, Managing Director of Kalaari Capital, who also participated in the Series B round of funding, “CashKaro has grown more than 5x in the last 12 months, have been ROI focussed, and is a clear market leader today. We foresee some truly exciting times for CashKaro in the coming years.”
The Moms Co Raises $8 Million From Saama, DSG, Others
Published on 15th Sept, 2020 | 1 min read
The Moms Co has raised $8 million from Saama Capital and DSG Consumer Partners, along with angel investors. The mom and baby care brand has raised $10 million so far including the latest round. The Moms Co works with experts across India, Australia and Switzerland to create products that are safe and natural, using ingredients that are globally accepted to be toxin-free. The brand, with its 30-product portfolio and one million transacting customers, has focused on catering to the mom and baby market – from pregnancy to postpartum and baby care. The Moms Co competes with Johnson & Johnson, Cetaphil, Sebamed, Aveeno and Himalaya across some product categories, as well as Sequoia Capital-backed MamaEarth. In a few years, The Moms Co has established a niche for natural products and trust, given its early tie-ups with maternity hospitals across the metros. “Over the last few months, we have seen an accelerated trend of moms re-evaluating their choices when it comes to the personal care products they use. They are searching for natural and safe products,” Sadani said.
Tiger Leads $225 Mn Dream11 Fundraising
Published on 15th Sept, 2020 | 1 min read
Dream Sports, India’s most valuable online gaming startup, has secured $225 million in new funding, led by Tiger Global Management, TPG Tech Adjacencies and ChrysCapital, as investors bet on the country’s nascent but fast-growing e-sports business. Footpath Ventures also invested in the company that runs the Dream11 fantasy sports platform, the startup said in a statement on Monday. “We are proud to continue adding value to our 10 crore Indian sports fans, investors, employees and the overall sports ecosystem in India. In the last two years, we have grown beyond fantasy sports to sports content, merchandise, streaming, experiences, and there is much more to come,” said Harsh Jain, CEO and co-founder, Dream Sport. Parent Dream Sports was valued at $700 million in September 2018, when it raised $100 million from Chinese internet giant Tencent. Gross revenue of online fantasy sports operators has nearly tripled to ₹2,400 crore in the year ended 31 March 2020 from ₹920 crore in the previous year, according to a FIFS-KPMG 2020 report. Apart from offering fantasy gaming, the startup launched a multi-sport aggregator platform for sports fans, FanCode in 2019.
Around 20% Of Online Train Ticket Inventory Has Opened Up For Public: RailYatri
Published on 14th Sept, 2020 | 1 min read
Bengaluru: Around 20% of train ticket inventory has opened up for online booking within months of resumption of train services in the northern and southern states, said a top executive of online train tracking and booking platform RailYatri. RailYatri’s online train booking platform is currently seeing around 2,500-3,000 daily bookings, which is around 50% of the demand it had before March. “We have recovered to about 50-55% of the bookings that we used to process before March 2020. This is because only about 15-20% of the trains’ inventory. We used to process around 5,500-6000 daily bookings before March,” Manish Rathi, chief executive, RailYatri said in an interview. It also provides train ticket PNR predictions, similar to other tech startups such as Confirmtkt, Railofy, and IRCTC, which launched a prediction feature on its online ticket booking platform in May 2018. Apart from train bookings, RailYatri also offers bus booking options, but this option is mostly dedicated to users whose train tickets are wait-listed. Mint reported on May 2019 that around 40% of the daily 600,000 train bookings made in India, via both online and offline medium, go directly into a wait-list, as per data sourced from Confirmtkt. Black-marketing of tickets, low capacity on non-premium trains and the rising influence of middlemen in train ticketing are contributing factors to wait-listed tickets.
Govt Is Working On Credit Guarantee, Seed Fund Schemes For Startups: DPIIT
Published on 14th Sept, 2020 | 1 min read
NEW DELHI : The Department for Promotion of Industry and Internal Trade is working on two schemes – credit guarantee and seed funds – to support startups in the country, a top government official has said. DPIIT Secretary Guruprasad Mohapatra said that an inter-ministerial consultation process is on to work out the contours of the two schemes. “We are working on a credit guarantee scheme and a seed fund scheme. Both are under inter-ministerial consultations,” the secretary told PTI. He said there would be a corpus in the credit guarantee scheme which would be given to banks and they will leverage that to lend to startups. This scheme would give banks a comfort to lend, he said adding that it is for credit not for venture capital. On the seed fund scheme, Mohapatra said that most startups actually face problems in raising finance or funds in the ideation to the proof of concept stage. Some states like Gujarat and Kerala already have schemes like seed funds, but they are small, he said. Both the schemes would require approval of the finance ministry and then the DPIIT would seek nod of the Union Cabinet for these two schemes.
India Startup Rankings: Gujarat, Andaman And Nicobar Best Performers
Published on 14th Sept, 2020 | 1 min read
Gujarat and Andaman and Nicobar Islands are the best performer in the government’s ranking of startup-friendly states for 2019. Karnataka and Kerala have been hailed as “Top performers” while Maharashtra, Bihar, Odisha, Rajasthan and Chandigarh emerge as leaders in the ranking done by the Department for Promotion of and Internal Trade, CNBC-TV 18 reported. The ranking is based on each state’s or union territory’s efforts to foster innovation and entrepreneurship, also commensurate with its size. Haryana, Jharkhand, Punjab, Telangana and Uttarakhand have been ranked under the “Aspiring leaders” category. Andhra Pradesh, Assam, Chhattisgarh, Delhi, Himachal Pradesh, Madhya Pradesh, Sikkim, Tamil Nadu and Uttar Pradesh have been listed as “Emerging hubs” for startups, the report said. States are ranked on performances in categories such as institutional support, easing compliances, relaxation in public procurement norms, incubation support, seed-funding support, venture funding support and awareness and outreach. Minister for Commerce and Industry Piyush Goyal also recommended that startups be focused on product, processes, and people.
Kerala Bags 'Top Performer' Honour In States' Startup Ranking 2019
Published on 14th Sept, 2020 | 1 min read
THIRUVANANTHAPURAM : Kerala has bagged the “Top Performer” honour for developing a strong start-up ecosystem for the second consecutive year in the States’ Startup Ranking 2019, announced by the Centre, recognising the state as a leader across all pillars of startup ecosystem. While four states were adjudged as the top performers last year, only Kerala and Karnataka have been selected this year, a press release said. The States’ Startup Ranking Framework 2019, prepared by the Department for Promotion of Industry and Internal Trade of the Ministry of Commerce and Industry, recognized Electronics and Information Technology Department of the state government as an institutional leader, regulatory change champion, procurement leader, incubation hub, seeding innovation leader, and scaling innovations leader. Initiatives like robust venture funding mechanism for start-ups are being implemented through the Kerala Startup Mission, the nodal agency for entrepreneurship development and incubation activities in the state. The ‘State/UT Startup Ranking Framework’ 2019 is spread across seven areas of intervention with a total of 30 action points, as compared to the 38 action points in the Previous Year State Ranking Framework.
SMBs Banking On Digital Transformation To Rebound From COVID Impact: HP Study
Published on 12th Sept, 2020 | 1 min read
NEW DELHI: Small and Medium Business in India are looking to bounce back after facing stiff challenges due to the ongoing pandemic. The HP Asia SMB Report 2020 – a study conducted among SMBs in the region has revealed that over 73% of SMBs in India are confident that they will survive and bounce back post COVID-19. SMBs in India recognize the importance of going digital to revive their businesses. 75% of the surveyed businesses believe that digital adoption is essential to their success. Indian SMBs have also recognized 4 key aspects that will help them best to bounce back. “SMBs are critical to our economy as they contribute nearly a third of our GDP and generate employment for millions. The ongoing pandemic has impacted them as much as any other segment. It is critical to discover their challenges and address their pain points, which was ther reason for this study. The results of this study will enable HP in helping SMEs adapt to the new work environments, providing them the technology for innovation and drive growth for themselves,” said Ketan Patel, Managing Director, HP India Market, in a statement. The research shows that growth correlates with how a company values digital adoption for its success.
Asian Influencer Marketing Platform CastingAsia Launches In India
Published on 12th Sept, 2020 | 1 min read
MUMBAI: AnyMind Group, a technology company in the marketing, entertainment, HR and direct-to-consumer industries, is set to launch CastingAsia, its influencer marketing platform, in India through Indian subsidiary, POKKT. CastingAsia, a full-stack influencer management platform, claims to be one of the largest influencers and creators’ networks in Asia with over 170,000 influencers. The influencer marketing platform will be rolled out in India by POKKT, the in-app mobile gaming ads platform, which was acquired by AnyMind Group in March this year. “This is a huge initiative for us and we are immensely committed to this project in terms of investments and resources in the Indian market. With multiple marketing firms entering the lucrative segment of influencer marketing, we aim to introduce a systematic and measurable system, in the otherwise relatively fragmented market,” said Rohit Sharma, COO, Anymind Group and co-founder, POKKT. CastingAsia is an end-to-end solution that includes influencer discovery and analysis, campaign and content management, and real-time reporting and attribution. “India represents a unique opportunity – not just for businesses in India to scale domestically or overseas, but also businesses outside of India that are looking to reach Indian audiences. We are looking to bring influencer marketing up another level in India, and further develop the influencer marketing ecosystem,” said Kosuke Sogo, CEO and co-founder, AnyMind Group.
Fintech Startup Market Pulse Raises $750,000 In Pre-Series A Funding
Published on 12th Sept, 2020 | 1 min read
NEW DELHI: Market analysis platform Market Pulse has raised $750,000 in pre-Series A funding, led by HNI investors Ameet Desai, Aditya Goel, Rashmi Kwatra, and Umasankar Nistala, according to a release. Market Pulse will use the capital to invest in technology to enhance its core trading platform, kick start branding and marketing initiatives and expand its team from 30 to 100 people. Market Pulse has registered 2 million downloads and has a rating of 4.6 on the Google Play Store. Market Pulse aims to level the playing field for traders and investors, providing everyone with access to real-time data and insights. Aditya Goel, director, Securcap, UK, said, “Building a trading platform is a complex business and Market Pulse, in just a few years, has demonstrated its success and sustainability. The investment market is set to grow and Market Pulse is at the helm to nurture both the seasoned investor and those entering the field for the first time, giving them the right tools, knowledge, skills and support to make smarter decisions and better profits. We are happy to partner with Market Pulse and wish them the best as they reach newer heights”. Market Pulse was founded in 2015 by Amit Dhakad and Hiral Jain. The core team at Market Pulse comprises senior technology leaders with expertise in building user-centric products.
Ola Technologies To Lease Over 4.25 Lakh Sqft Office Space In Bengaluru
Published on 12th Sept, 2020 | 1 min read
BENGALURU: Ride-hailing company Ola is consolidating its multiple offices in Bengaluru in a 425,000-sq ft office space in the city’s Koramangala area, according to people aware of the deal. The tenure of the deal will be around 15 years, with a rental escalation of 15% every three years, the person said, adding, “Ola currently operates out of 6-7 offices spread around 250,000 sq ft in Bengaluru and will now move into one property, as it looks to save cost.” The facility will be used for Ola’s existing operations, including financial service, and also to expand its electric mobility business. A spokesperson for Ola confirmed the deal but did not share any details. This is one of the largest real estate office deals post the lifting of lockdown. Ola, India’s largest mobility platform, recently restructured its business and also reduced staff strength. The company has operations in more than 250 cities across India, Australia, New Zealand, and the UK. India’s office space has seen large transactions in the last six months, totalling over 11 million sq ft, and there is additional request for proposals for another 8 million sq ft of office space.
Electric-Car Startup Lucid To Follow Tesla Into Energy Storage
Published on 11th Sept, 2020 | 1 min read
Lucid Motors Inc., the electric-vehicle startup that has yet to build a production car, is following Tesla Inc.’s footsteps into the energy-storage business. His comments came ahead of the unveiling Wednesday of the production version of Lucid’s Air electric sedan, which the company says has an EPA estimated range of 517 miles and claims is the fastest-charging EV ever. Lucid has an agreement with LG Chem Ltd. for the cells in its battery packs. The fund – which invested more than $1 billion in Lucid in 2018, giving it a much-needed injection of cash and credibility – declined to comment when asked about any energy-storage discussions. Lucid has catching up to do in both EVs and energy storage. The timing of Lucid’s move into energy storage is odd because the company has yet to start production on its EV, according to James Frith, a BloombergNEF analyst and head of energy storage. Lucid is aiming to begin assembly of the cars, and the battery packs that will power them, by year-end at a plant under construction in Casa Grande, Arizona.
Start-Ups Incubated By DST Generated 65,864 Jobs, Created Around Rs 27,262 Crore Wealth
Published on 11th Sept, 2020 | 1 min read
Start-ups incubated by the Department of Science and Technology generated 65,864 jobs as cumulative direct employment and created wealth of Rs 27,262 crores from 2014-19, according to a report launched by the DST this week. The report on the journey of the National Science and Technology Entrepreneurship Development Board in catalysing innovation, entrepreneurship, and incubation was launched by DST secretary Ashutosh Sharma at an online programme earlier this week, a statement by the DST said. This activation process included a range of measures like establishment of a network of technology business incubators, scouting innovations, supporting ideas to prototypes, enabling transition from being innovators to start-ups, provision of timely seed funding to the incubated start-ups, and support to scale up the start-ups through focused mentorship, partnerships, and networks. The collective strength and power of NIDHI program, the DST’s incubator network and its start-ups was tested successfully during the COVID-19 pandemic through the Centre for Augmenting WAR with COVID-19 Health Crisis program by supporting various solutions to resolve the crisis, it added. The nurturing of 3,681 start-ups under incubation through the network of 153 incubators created by DST, generation of 1,992 intellectual property has been reported.