Bangalore: Technology major Siemen’s EVP Digital factory division, Ashish Bhat, said digitisation in machine tool manufacturing will make the Indian SME environment vibrant and buoyant. In the manufacturing industry, machine tools – similar to lathe machines – are used for shaping oth…
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Ujjivan begins operations as small finance bank; opens five pilot branches in Bengaluru
Ujjivan Financial Services on February 6 commenced operations as a small finance bank (SFB) with launch of five pilot branches in Bengaluru. These five branches, Ujjivan SFB said, will provide full service offerings. “In the next one month, the bank will comprehensively test its technology, chann…
Venture capital funding of logistics start-ups dips 68%
Hyperlocal logistics start-ups, the backbone for any e-commerce company, had a bumpy ride in 2016 in terms of fund raising and it does not seem to be getting any better. Venture capital funding into logistics start-ups has drastically declined by 68% to $124.61 million in 2016 compared to the pre…
Facebook invests $40k in Edtech start-up EduRev under the FBstart program
Social media giant Facebook has selected the fast growing Edtech startup Edurev for its much sought after FB Start program. EduRev will receive credits up to $40,000 and free tools and services from Facebook and its more than 30 partners including Amazon, UserTesting, Dropbox, and MailChimp. Besi…
GST to create Rs 36k cr software market in MSME segment
JAIPUR: With the GST expected to be rolled out from September of 2017, there is a scramble among the software providers to have a bigger pie of the MSME segment whose invoicing and tax compliance IT requirements are estimated to create a Rs 36000 crore market. Currently, only 90 lakh dealers out …
SMEs to pay 25% tax even if Rs 50 cr limit crossed in FY17: CBDT
The IT department said companies that had a turnover of less than Rs 50 crore in 2015-16 will pay tax at the reduced rate of 25 per cent from April 1 even if they cross the threshold in 2016-17 or subsequent years. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said the income tax […
Indian bitcoin start-ups form a blockchain association following RBI caution
A circular by the Reserve Bank of India last week, cautioning users about virtual currencies such as Bitcoin, may have led to an alarm among Bitcoin investors in the country, but for startups in this space, it has served as the right push for creating an industry association. Bitcoin players such…
Fintech valley Vizag launches fintech start-up challenge in India
In a bid to make the city of Visakhapatnam the fintech hub for the country and the world, Andhra Pradesh’s Fintech Valley Vizag has launched the first Fintech innovation challenge for India’s leading broking firm, Angel Broking. As financial services companies are adapting to the transition of In…
Entrepreneurship courses got a boost from Start-up India: IIMA’s Amit Karna
Start-ups have mushroomed throughout the country, and so have short-term entrepreneurship courses that promise to hone people’s entrepreneurial skills. Professor Amit Karna, chairperson of Centre for Innovation Incubation and Entrepreneurship at the Indian Institute of Management, Ahmedabad, comm…
H-1B looms big for Indian unicorn start-ups in the US
Chennai: US Democrat Zoe Lofgren’s bill introduced last week is set to ensure that the US retains the crown when it comes to creation of billion dollar startups. The bill seeks to curb job outsourcing through H1B program which has been long used by large IT companies, and make way only for …