Odisha government decided to organise ‘Start-up Enclave’ here to boost confidence of budding entrepreneurs in the state. A proposal to this effect was taken in a high level meeting held under the chairmanship of Chief Secretary A P Padhi. “It was decided to organize the event fo…
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MFs invest in SME IPOs; Reliance MF in Valiant Organics
Mutual Funds have begun investing in quality small and medium enterprise (SME) IPO, with a public issue of over Rs 21 crore by Valiant Organics getting investment from leading fund house Reliance MF. Valiant Organics came out with an initial public offering (IPO) of 9,64,800 equity shares of face…
NSIC reduced the interest rates & registration fees for Micro Enterprises
National Small Industries Corporation (NSIC) announced reduction in fees and single point registration for MSMEs to mark Gandhi Jayanti this year. “In credit support for Raw material, NSIC is offering reduction in the rate of interest for Micro Enterprises, ranging from 10.50 percent p.a. to 11.5…
Monetary Policy: Start-ups can raise $3 mn via ECBs annually, says RBI
With a view to boosting innovation and promoting job creation, the Reserve Bank today said start-ups can raise External Commercial Borrowings (ECBs) of up to 3 million in a financial year. They will be permitted raise the overseas funds in rupees as well as in foreign currency. India has the thir…
Mynd Solutions to launch Online National Exchange for TReDS
Gurgaon-based Mynd Solutions will launch Online National Exchange for Receivables over the next three months, its CEO said. “We have received Reserve Bank of India’s (RBI) in-principle approval to implement ‘TReDS’ (Trade Receivables Discounting System). We have created M1…
Ratan Tata backed Moglix raises Rs 28 cr from Accel Partners, others
B2B e-Commerce start-up Moglix has raised Rs 28 crores in Series A round of funding led by Accel Partners with participation from Jungle Ventures and SeedPlus. Moglix had raised Pre-Series A funding from Accel Partners and Jungle Ventures in October 2015 and an undisclosed financial investment in…
Muhurtmaza raises funding from US based HNI investor
Online puja booking service Muhurtmaza has raised an undisclosed amount of seed funding from a US based HNI investor, said Co-Founder, Sughosh Sowale. Set up in Pune in late 2014, Muhurtmaza allows customers to book a priest online, depending on what specific ritual they would like to conduct, as…
Automation threatens 69% jobs in India: World Bank
Automation threatens 69 per cent of the jobs in India, while 77 per cent in China, according to a World Bank research which has said that technology could fundamentally disrupt the pattern of traditional economic path in developing countries. “As we continue to encourage more investment in infras…
US-based start-up Roomi launches services in India
Expanding its services to India, US-based rental and shared housing startup Roomi launched its services in Delhi. The company claims to have 400,000 users globally. “In recognition of rising demand for affordable shared housing in urban centers in India, Roomi has opened a dedicated office in Ne…
MP govt creates venture fund of Rs 100 cr
Indore: With an aim to promote entrepreneurship in the state, the government has created a venture capital fund. The fund will be invested in equity of startups and small and medium sized enterprises. The initial size of the venture fund is Rs 100 crore which will be invested in firms setting up …