Startups in travel business have received more funding than ecommerce marketplaces so far this year, according to data sourced from research firm Tracxn. Travel startups have received $366,450,000 while ecommerce marketplace startups have received $357,831,100 in funding since the beginning of 20…
Govt approves ‘Fund of Funds’ with an aim to generate 18 lakh jobs
The Cabinet on June 22 approved a Rs. 10,000-crore ‘Fund of Funds for Start-ups (FFS)’ with an aim to generate 18 lakh jobs. This is in line with the ‘Start-up India Action Plan’ unveiled by the government in January. “The fund is expected to generate employment for 18 lakh persons on full deploy…
SEBI may scrap planned listing platform for start-ups
The market regulator is reworking its plans for a capital-raising platform targeted exclusively at start-ups after the concept failed to take off a year after it was proposed. Now, the Securities and Exchange Board of India (Sebi) is considering sweeping changes to the listing framework for techn…
APSFC cuts rates, to extend loans to MSMEs
The Andhra Pradesh State Financial Corporation (APSFC) has recently cut interest rates and is focusing on extending loans to the MSMEs, the service sector and commercial and residential projects, according to Managing Director WVR Murthy. He was speaking here on June 23, 2016 after launching a bu…
MSMEs in Odisha require 0.1 million tonne coal in FY17
The coal requirement by the Micro, Small and Medium Enterprises (MSME) in Odisha is pegged at 1,83,000 tonne for the FY17. The state government has nominated state run Odisha Small Industries Corporation (OSIC) this year in addition to the local branch of National Small Industries Corporation (NS…
Cabinet clears Rs 6,000 crore package for textile sector
The government has announced a Rs 6,000-crore package for the textiles and apparels sector to help it wrest a bigger share of the global market. The package also provides the sector more flexible labour laws and financial incentives. It hopes the package will create one crore new jobs in three ye…
Recent FDI Policy a measure to induce additional employment, jobs and spur up Make-in-India: Lavasa
The Finance Secretary, Ashok Lavasa on June 22 reiterated that the recent FDI policy pronouncements are meant to create additional jobs as well as induce employment and spur up the Make-in-India with emphasis on driving investments both foreign and domestic. Addressing the Managing Committee Memb…
Hitachi data systems announces new converged & hyper converged solutions
Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd. (TSE:6501), June 22 announced Hitachi Unified Compute Platform 2000 (UCP 2000) Converged System and UCP HC V240, which is the first member of the new Hitachi Unified Compute Platform HC (UCP HC) line of hyper-converged solutions. Bo…
Riding on uptick in crude oil prices, India devising game plan for Russia: EEPC INDIA
In a bid to take advantage of the turnaround in the crude oil prices and its positive impact on the oil producers, the EEPC India is working on a game plan in partnership with the Commerce Ministry to reverse a huge fall of about 50 per cent in India’s engineering exports to Russia in 2015-16. As…
US based Bessemer Venture Partners to invest Rs 80 crore in food-delivery co. Swiggy
US-based venture capital firm Bessemer Venture Partners is in advanced talks to invest around Rs 80 crore or $12 million in food-delivery company Swiggy, according to two people aware of the negotiations. The deal, if it concludes, will value the Bengaluru-based company at around $200 million (Rs…