The Export-Import Bank of India has activated a $15 million credit line for Kenyan SMEs to finance imports. The Indian lender signed the financing agreement with the kenyan government in July last year during the visit of Indian Prime Minister Narendra Modi to the country. The $15 million is bein…
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KVIC to promote banana-extract fibre with contemporary twist
Kolkata: The Khadi & Village Industries Commission (KVIC) will work towards promoting fibre extracted from banana in a big way, senior officials of KVIC said. “We are promoting and thus facilitating research in extracting fibre from banana leaves which are abundant in eastern region, for prod…
CherishX, Touchkin and mShipper selected for Facebook’s FbStart programme
Social media giant Facebook has selected express delivery platform mShipper, healthcare firm Touchkin and dating experiences platform CherishX for its FbStart programme, the companies told . The startups will receive up to $40,000 from Facebook and its 30 partners, including Amazon, UserTesting, …
Gadget repair service PICKmE secures $1.79 mn from SIDBI VC
Mumbai-based PICKmE e-Solutions India Pvt Ltd has raised Rs 12 crore ($1.79 million) from SIDBI Venture Capital Fund, according to a filing with the Registrar of Companies. SIDBI has bought 30,133 shares at Rs. 3,982.34 apiece. The gadget insurance and repair services startup will use the capital…
Accel Partners leads $10 mn Series B round in AgroStar
Pune-based ULink AgriTech Pvt. Ltd, which operates direct-to-farmer mobile-based retail platform AgroStar, has raised $10 million (around Rs 66.6 crore) in its Series B round led by Accel Partners, the company said in a statement. Existing investors IDG Ventures and Aavishkaar Venture Management …
India’s first cybersecurity start-up hub set up by Amrita University
Amrita University has set up what it claimed was India’s first start-up hub to focus exclusively on cybersecurity. The Technology Business Incubator and the university’s Center for Cybersecurity Systems and Networks have come together for this initiative, which will bring together res…
Ex-Infosys CFO launches SME lender
A former CFO of Infosys, V. Balakrishnan, is entering India’s alternative lending market through the launch of his new company, billionloans. The company will target SMEs as well as consumers by linking borrowers to investors, reports said March 3. MicroGraam Executive Rangan Varadan is a joint f…
Govt is open to change the definition of a ‘start-up’: DIPP Secy
The government is inviting feedback from various sectors to modify the definition of Indian businesses that can be classified as ‘start-ups’. DIPP secretary Ramesh Abhishek said that the definition of start-ups in its current form needs to undergo a change. “We would be happy to make it even more…
MSME Min to organise 60 Vendor Development Programmes for SC/ST entrepreneurs
“In the Financial Year 2017-18, as many as 60 special Vendor Development Programmes is proposed to be held for SC/ST entrepreneurs along with facilitating capacity building for around 10000 SC/ST beneficiaries,” the Ministry of Micro, Small and Medium Enterprises (MoMSME) said. In a F…
More than 2/3rd of Indian SMBs have seen a drop in business: Survey
More than two thirds of small and medium enterprises (SMEs) have seen a drop in business manly due to currency crunch, reveals a survey. According to a media report, a survey conducted by State Bank of India (SBI) among small businesses pointed that more than two-thirds of them have seen a drop i…