Consumer Laws
Raj Neervannan-cofounded AlphaSense raises $100 mn, bullish on India
Existing investors, including the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) and Viking Global Investors, also participated in the round. This investment, said the company, will fuel the continued deployment of AlphaSense's advanced AI capabilities, including generative AI that dramatically speeds up the research process for business and financial professionals.
Funding in Indian startups plunges 75% in Q1 2023, no new unicorn in 3 months
There were no new unicorns created in the January-March period, compared with 14 unicorns in Q1 2022, according to the report by Tracxn, a leading global market intelligence platform. The funding volumes contracted due to the reduction in late-stage funding, which declined by 79 per cent in the first quarter ($1.8 billion) compared to Q1 2022.
74% of Indians concerned about their personal financial situation: Report
According to the 2023 PwC Global Consumer Insights Pulse report, most Indian consumers expect to reduce their expenditure across all surveyed categories over the next six months, a significant decline in planned spend across all categories since the previous pulse survey in June 2022.
Indian startups able to withdraw up to $300mn from SVB: Report
The Financial Express reported, citing sources, that homegrown startups have processed fund transfers "worth $250-300 million in the past 24 hours". Industry players said that for funds transfer, firms need to first open new business bank accounts in the US as SVB still hasn't resumed direct foreign transfers.
Women-led startup share exceeds 8% in Indian tech industry
Out of the 2,200 women-led startups in India that have received funding, 36 per cent have progressed to the Series A stage, and 24 per cent have gone on to Series D stage or beyond, according to Tracxn, a leading market intelligence platform. The number of active investors investing in women-led startups has seen a steady increase since 2010, with a sharp year-on-year jump of 42 per cent in 2021, the findings showed.
33% debt investments made in FY 22 were to women-led enterprises and impact businesses: Caspian Debt
One significant challenge, which needs attention this International Women's Day, is equitable funding for women-led enterprises and women impact businesses. According to Traxcn database, only 2 per cent of female only founded companies and 26.2% companies with female co-founders received any funding.
Fintech startup ESOPDhan eyes Rs 500 cr loan book to fund ESOP buys
So far, ESOPDhan has lent Rs 20 crore to 15 Bengaluru and Hyderabad-based employees of two US-based high growth tech companies. Set up by veteran investors Shravan Shroff and Nitin Agarwal, the firm seeks to ease the acquisition of stock options by employees of high-growth SaaS startups.Our experience with startup teams over the years threw up many concerns of employees rewarded with ESOPs.
India now has nearly 27K active tech startups, adds 1,300 last year
India continues to be the third largest tech startup ecosystem globally (after the US and China). The country also added the second highest number of unicorns in the world, with over 23 added in the CY2022. Simultaneously, the potential pipeline of unicorns expanded to over 170, growing at a pace equivalent to 2021, according to the report by the National Association of Software and Services Companies (Nasscom), in collaboration with Zinnov.
Indian startups raised $1.2 bn in Jan, PhonePe & KreditBee lead
According to data by Fintrackr, an arm of startup news portal Entrackr, growth-stage startups witnessed 22 deals worth $926 million in the first month of 2023. Early-stage startups received $265 million across 67 deals while 12 startups did not disclose transaction details. According to the report, the average deal size for early-stage startups was nearly $4 million.
10-yr tax holiday, less holding period of ESOP shares: Startups on Union Budget
Gautam Nimmagadda, Founder and CEO of Quixy, a cloud-based no-code application development platform, said that currently, startups can avail of a tax holiday for three years since incorporation. "However, the ideal exemption should be 10 years, in view of the high cost of solution development.
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