The Union Cabinet, chaired by PM Narendra Modi, approved the establishment of the “Fund of Funds for Startups” (FFS) by the Small Industries Development Bank of India (SIDBI) in June 2016. This fund was sanctioned for contribution to various Alternative Investment Funds (AIF) registered with the …
Oracle launches cloud computing service for India to push GST rollout
Technology giant Oracle has launched its cloud computing service for India, which aims to support the government’s GST rollout in July and plans to open data centres in the country. Addressing a gathering of 12,000 attendees, which included technology partners, analysts and heads of state s…
Startup अब 5 साल तक कर सकेंगे सेल्फ सर्टिफिकेशन, इंस्पेक्टर राज से राहत
मोदी सरकार ने स्टार्टअप इंडिया को बढ़ावा देने के लिए एक बड़ी पहल की है। इसके तहत अब स्टार्टअप 5 साल तक सेल्फ सर्टिफिकेशन कर सकेंगे। यानी उन्हें कई सारे लेबर कानून के पालन के लिए इंसपेक्टर की मंजूरी लेनी की जरूरत नहीं पड़ेगी। अभी तक स्टार्टअप को 3 साल तक के लिए सेल्फ सर्टिफिकेशन […]
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IFC to invest upto $150 m in Bajaj Finance; Proceeds to boost MSME lending
International Finance Corporation (IFC), the private lending arm of the World Bank, is looking to invest up to $150 million in non-banking financial company Bajaj Finance Ltd, according to a disclosure by IFC. IFC will buy Bajaj Finance’s secured, fixed, rated and listed non-convertible debenture…
Indian start-up scene very important for Oracle CEO Safra Catz
Emphasizing the importance of Indian start-up ecosystem, Oracle CEO, Safra Catz on May 9 said the country has been the first to see start-up initiatives like an incubator, which has subsequently been launched globally. “The last time I was in India I announced setting up nine incubation cen…
Revised Foreign Trade Policy to promote SME exports
The core focus of the revised Foreign Trade Policy (FTP) would be promoting exports from the small and medium enterprises (SMEs) and sectors with high employment potential such as apparel. The revised FTP would be released early to synchronise the same with roll out of Goods and Services Tax (GST…
No more rejection for start-ups seeking tax sops
In what could be a morale booster for start-ups, the government has decided to do away with the practice of rejecting applications for tax sops. Instead, start-ups will get an opportunity to apply again after making changes to the proposal based on the explanation given to them on the initial one…
Gujarat churns out biggest SME IPOs; Zota Healthcare & Euro Foods top the list
Gujarat-based small and medium enterprises (SMEs) seem to be cashing in on investors’ growing interest and confidence in initial public offerings (IPOs) by smaller enterprises. The state has churned out two biggest SME IPOs of over Rs 50 crore in last two months. These include offers of Zot…
CureFit secures $3 m from RNT capital, others; launches healthcare app
Part of the famous Flipkart Mafia, Mukesh Bansal and Ankit Nagori’s startup CureFit has reportedly secured $3 m in funding from Tata Sons Chairman Emeritus Ratan Tata’s RNT Capital, and other angel investors. The round also saw participation from Gokul Rajaram, product engineering lead, Square; A…
UP aims at job creation through venture capital funding of MSMEs
Lucknow: The state government has prepared a strategy to give fresh impetus to the small and medium scale industrial sector which is credited to play an important role in providing job opportunities and remove regional imbalances. The department of small-scale industries and export promotion is i…