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SIDBI Sanctioned Rs 1,000 crore to 30 Venture Funds

24Apr By AnkitaNo Comments

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SIDBI Sanctioned Rs 1,000 crore to 30 Venture Funds

The Small Industries Development Bank of India (SIDBI) has sanctioned Rs Rs 1,416 crore crore to 30 venture funds through the government-financed India Aspiration Fund, which seeks to support startups in their early stages. Earlier this month, SIDBI signed a memorandum of understanding with Life Insurance Corporation of India under which the government-owned company would contribute 10% of the fund as a co-investor. "We got many proposals from funds, out of which 35 proposals were recommended by the VCIC to our executive committee. We have already approved 30 of the proposals worth Rs 1,000 crore," Shivaji said. The proposals are from venture funds such as IvyCap Ventures, Blume Ventures and Exfinity Venture Partners. SIDBI will provide these funds about 15% to 20% of their total ...

Learn How to Invest in Mutual Funds Using Comics Character Suppandi

24Apr By Press Trust of IndiaNo Comments

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Learn How to Invest in Mutual Funds Using Comics Character Suppandi

Tata Mutual Fund has collaborated with Tinkle Digest to curate a 32-page comic that seeks to "educate people about mutual funds." The book that consists of a series of 11 stories depicts Professor Simply Simple introducing and explaining to Suppandi concepts related to investing using everyday examples from the common mans life. "Suppandi is the quintessential common man, taking everything at face value. The idea that our creative team and TMF?s marketing team came up with was that their brand mascot Professor Simply Simple would explain these concepts to Suppandi. If Suppandi can understand them, then so can everybody else," says Sanjay Dhar, President, Content Solutions Group. Designed in the signature style of Amar Chitra Kathas "Suppandi and Friends," the comic was circulated with...

Peppertap Shuts Down Grocery Delivery Operations

23Apr By AdityaNo Comments

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Peppertap Shuts Down Grocery Delivery Operations

PepperTap, a Hyperlocal delivery startup founded in 2013 by Navneet Singh and Milind Sharma shuts down its grocery delivery operations. Peppertap will focus on building a logistics company to compete with startups including Delhivery, Flipkart's ekart division and go Javas head on, multiple sources told Pixr8. In March, Bengaluru-based grocery portal BigBasket raised $150 million (about Rs 1,000 crore) in funding led by Dubai's Abraaj Group to strengthening its express delivery service and expand its reach. Grofers too raised $120 million led by Softbank earlier this year. Grofers too shut down operations in nine cities, including Ludhiana, Bhopal, Kochi, Coimbatore and Visakhapatnam earlier this year. The company already runs a reverse logistics arm through its parent company Nuvoex...

Delhi Govt Puts on Hold Bike-Taxi and Rent-a-Bike Schemes

22Apr By Press Trust of IndiaNo Comments

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Delhi Govt Puts on Hold Bike-Taxi and Rent-a-Bike Schemes

The city government has put on hold its bike-taxi and rent-a-bike schemes after authorities in Gurgaon and Bengaluru launched a crackdown over rampant violations in their operations. The AAP government had in February last year approved the rent-a-bike scheme but not notified it. It was aimed at providing last mile connectivity to tourists and individual in the city. The Bike-taxi scheme was, however, under consideration. "In Gurgaon and Benguluru, operators of rent-a-bike and bike-taxi schemes were running private vehicles which is in violation of rules. Only commercial vehicles are allowed under the scheme," said a senior official. The official said that in view of this, the transport department will study the scheme and then come out with a final notification. "We have put on...

After Rahul and Advitiya, 3 More Co-founders Quit Housing.com

22Apr By PriyankaNo Comments

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After Rahul and Advitiya, 3 More Co-founders Quit Housing.com

Abhishek Anand, who was the Chief Technology Officer, Sanat Ghosh, who was the AVP Product, and Ravish Naresh, who was CEO of Indian Real Estate Forum are the latest three co-founders of Housing.com quits. They will start their new venture, according to the company source. "Abhishek, Ravish and Sanat played an important role in building the foundation of Housing.com. They are moving out to pursue their new dream of starting another new venture. I sincerely thank them for their contributions and wish them the very best. I am sure what they undertake next will be as exciting as Housing." said Jason Kothari - CEO, Housing.com in an emailed statement. Apart from the quitting side, in the latest development, Housing.com received an undisclosed funding from the former business head of 99Acr...

Why US Companies are Afraid of ISRO (Indian Space Research Organisation)?

22Apr By NitishNo Comments

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Why US Companies are Afraid of ISRO (Indian Space Research Organisation)?

Amid the US push to expand cooperation with India in the space sector, the country's nascent private space industry has expressed its opposition to the large-scale use of low-cost ISRO launch vehicles for putting American satellites into orbits. Such a move, corporate leaders and officials of the fast- emerging American private space industry told lawmakers this week would be detrimental to the future health of the private sector US space companies as it would be tough for them to compete against low-cost Indian Space Research Organisation (ISRO) launch vehicles, which they alleged are subsidised by the Indian government. "I think the concern about using Indian boosters is not so much the transfer of sensitive technology to a nation that is a fellow democracy, but rather whether the In...

Sunil Bharti Backed OneWeb To Build 15 Internet Satellites Per Week

21Apr By reutersNo Comments

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Sunil Bharti Backed OneWeb To Build 15 Internet Satellites Per Week

Satellite internet Startup OneWeb Ltd plans to manufacture 15 satellites per week at a planned factory in Florida as part of its push to provide global high-speed internet access, company officials said on Tuesday. Backed by Richard Branson's Virgin Group and other well-known firms, OneWeb aims to supply internet services worldwide through a fleet of 700 or more satellites it expects to have in orbit and operating by the end of 2019. Construction of the Florida factory has not yet begun and OneWeb did not say when manufacturing would start. On Tuesday, it unveiled the factory's location near NASA's Kennedy Space Center in Florida, two days after Reuters reported it. The first group of 10 satellites are being built at partner Airbus' Toulouse, France facility. Typically, com...

Nasscom Tie-Up with Salezshark For Sales Operations

20Apr By AnkitaNo Comments

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Nasscom Tie-Up with Salezshark For Sales Operations

SalezShark, a relationship cloud based startup in USA will handle customer relationship management of Nasscom. Salezshark has chosen over the likes of Microsoft and American cloud computing company Salesforce.com to handle sales operations of Nasscom. SalezShark will now manage the entire gamut of operations from marketing, events and publications to internal member and non-member data, functions for which Nasscom had been relying on multiple systems. "Requirement came from Nasscom's end to manage their huge data and help increase productivity within the organisation," said SalezShark founder Ajay Chauhan. "They will utilise SalezShark for our sales and marketing automation as well as introduce social selling in their sales culture," he said. SalezShark has implemented a marketing eng...

Bitcoin Wallet Zebpay Crosses Rs 100 Cr Turnover

20Apr By AnkitaNo Comments

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Bitcoin Wallet Zebpay Crosses Rs 100 Cr Turnover

Bitcoin wallet firm Zebpay today said it has crossed Rs 100 crore turnover within 10 months of operations as more Indians are going for the digital currency. "In only 10 months, the company has crossed Rs 100 crore turnover in April 2016," Zebpay said in a statement. Zebpay, a Bitcoin app, deals with Indian customers only and it has made PAN number a must for users for opening of wallet, company co-founder Sandeep Goenka said. Bitcoins are digital money and their value is determined o the basis of their demand and supply. The digital money is limited in numbers. Only 21 million Bitcoins can be generated globally and they can be traded even infractions, up to eight decimals. The last bitcoin will be generated in 2140 but 99 per cent would be already there by 2040. At present, the va...

What’s the Cost of Surfing the Internet? ‘Earth Mode’ Browser Plug-in Will Tell You

19Apr By PriyankaNo Comments

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What’s the Cost of Surfing the Internet? ‘Earth Mode’ Browser Plug-in Will Tell You

You might not realise it but the amount of time you spend and what you do online takes its toll on the environment. Research* suggests that the average online user consumes 130 kgs of carbon a year - the equivalent to driving 740 km in a car - which could be offset by planting four trees. A new plug-in for Google's Chrome browser launched ahead of Earth Day on Friday (22 April) will help educate people about how much energy they consume online by calculating their digital carbon footprint and, as a result, inspire them to think about their everyday energy efficiency. The new Chrome plug-in comes from Johnnie Walker®, makers of the world's best-selling Scotch whisky, who are partnering with Earth Day Network to urge people to take a small but progressive step towards he...

Payments Banks Do Not Have a Viable Business Model: SBI Chief

19Apr By Press Trust of IndiaNo Comments

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Payments Banks Do Not Have a Viable Business Model: SBI Chief

Small and payments banks have not yet devised a business model which can be termed viable, SBI Chairperson Arundhati Bhattacharya said today. "Neither the payments banks nor small finance banks seem to have as yet devised a business model that can be said as viable," said Bhattacharya, whose bank has tied up with Reliance Industries for a payments bank venture. Addressing a banking seminar organised by industry lobby IMC here, she added, "...a mobile banking customer, who is also a customer for payment services, will be less free to migrate to a competition for mobile services. Hence, it is hard to see payment banks taking away customers or income from commercial banks in a big way. Similar arguments hold for small finance banks. "Admitting that the entry of other non-banking co...

Snapdeal Partners IIT Delhi to Sell SmartCane Online

18Apr By NitishNo Comments

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Snapdeal Partners IIT Delhi to Sell SmartCane Online

E-commerce marketplace Snapdeal today said it has partnered IIT Delhi and Phoenix Medical Solutions to sell SmartCane online, priced at Rs 3,500. SmartCane is an advanced version of the white cane used by visually impaired people and ensures independent mobility and safety of the user. As a part of the partnership, potential donors can also choose to donate SmartCane via Snapdeal Sunshine platform, where the product will be shipped directly to NGO partner Saksham that works for empowering persons with blindness. Using ultrasonic ranging, SmartCane helps predict above knee-level obstacles and therefore, ensures safety against collisions. The device is already used by nearly 10,000 people in the country. "We are confident that this product will be well received and our customers...