The government is working towards a pension scheme for the informal sector, which comprises 88 per cent of the workforce in the country, Pension Fund Regulatory and Development Authority Chairman Hemant G Contractor has said. Currently only 3-4 per cent employees in this sector have any kind of p…
SMEs produce 80% of defence components
Indian Small and Medium enterprises numbering about 6000 supply 80 per cent of components, aggregates and assemblies of complex defence weapons system and aircraft, an official statement said. These 6000 enterprises spread all over the country supply components including hi-tech and sub-assemblie…
Nexus has raised $450 million
Nexus Venture Partners has announced to close its fourth round of funding of over $450 million, making its total capital under management in eight years to over $1 billion. According to Naren Gupta, Co-founder and MD, Nexus Venture Partners.“We are thankful to our investors that continue to back …
Technology edge to enable SMEs compete with big boys
According to the study by Greyhound Research commissioned by technology firm EMC India, technology is helping start-ups deliver unique and personalised experiences compared to mid and large-sized enterprises. It also said, “Business agility is the key business attribute that is allowing sta…
Karnataka in race to 20,000 start-ups by 2020
Karnataka had announced that it would facilitate the birth of 20,000 start-ups in the state by 2020.These ventures will help to create 18 lakh jobs — 6 lakh direct and 12 lakh indirect. The state proposes to offer entrepreneurs financial incentives to get them going. The Rajasthan government rece…
Big corporate NPAs impacting credit to SMEs
Banks have squeezed their lending to micro, small and medium sector enterprises (MSMEs) as the spillover from the bad loans of large corporates continue to haunt their balance sheets. According to the monthly sectoral loan deployment data by the Reserve Bank of India, outstanding credit to medium…
Start-ups push up salary packages in BITs Hyderabad
Start-ups and e-commerce firms are driving a massive increase in salary packages for students in campus placements, going by the first round of placements in the Birla Institute of Technology and Sciences (BITS). As per available data, companies visiting BITS upwardly revised compensation package…
MockBank buys startup Litoro
Online exam preparation service MockBank has bought a majority stake in custom web and mobile product development startup Litoro for an undisclosed amount. Litoro had helped MockBank develop the initial version of its service. The acquisition will help Bengaluru-based MockBank expand its course o…
Ola To Launch In Chandigarh; Jugnoo Cries Foul
Ola is planning to launch its auto-rickshaw hailing service in Chandigarh soon. Jugnoo, an auto-rickshaw aggregator funded by Paytm, has accused larger rival Ola of poaching employees and lifting its employee and driver database in Chandigarh. In a letter dated December 1, Jugnoo’s founder …
IIT (Kharagpur) to hold global entrepreneurship summit
The Entrepreneurship Cell of Indian Institute of Technology (Kharagpur), one of the world top centres of engineering education and research and development (R&D), will hold Global Entrepreneurship Summit (GES)-2016 from January 8 to 10, 2016. It will be one of the world’s biggest platfo…