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DIPP Cancels Certification of Companies Posing as “Startups”

3Apr By Lavina TolaniNo Comments

INDIA

DIPP Cancels Certification of Companies Posing as “Startups”

Department of Industrial Policy & Promotion (DIPP) has put an end to some certifications and issued warnings to organizations seeking to avail exemptions by categorizing themselves as "startups". In a recent meeting of Inter-Ministerial Group on Startups held on March 15, certificates of recognition and that of eligibility given to two entities- Riot Solutions and JVS Flow Control PC were revoked on account of failing to give a report on whether they were subsidiaries of some companies or working as individual organizations. A government official reported, "These organizations were sent queries by IMG a few months back but have not responded yet. Hence, IMG has revoked certifications issued to them. It should serve as a warning to others." IMG has come to know that certain fir...

5 Best Online Tools for Startups and SME’S To Increase Productivity

2Apr By Lavina TolaniNo Comments

Story

5 Best Online Tools for Startups and SME’S To Increase Productivity

In our fast-paced changing lives surrounded by technology "all-around", competition to excel is enormous. A strong online presence today is not only a "norm" rather a "necessity". Any budding startup or small or medium-sized enterprise (SME) today requires a strong online presence not only for marketing or expanding its customer base but also to embark on a journey that could bring in brand value and recognition. Launching a startup is surely a demanding task! Yet, starting is not as difficult as most people make it appear so. There could be absolutely no better time starting a company owing to the modern fast-paced lives we are living today. The competition today is "massive", but so are the resources! While the Internet does not provide any space for procrastination, it does offer ...

26Mar By Sheldan RungasamyNo Comments

INDIA

Indian Market Regulator Sebi will revise rules for Startup Angel Funding

Market Regulator, Securities and Exchange Board of India (Sebi) is planning to increase the maximum investment for angel funds to INR 10 crore while it was previously limited to INR 5 crore. India is going through a rapid change phase, especially concerning startups and funding. Angels investments are growing ever higher every passing week and the new regulation of the market will thereby provide additional opportunities to angel funds, according to regulatory officials. On the other hand, the minimum investment by an angel investor will remain INR 25 lakh. The regulatory board would also like divide by two the minimum corpus size required for an angel fund to register with it as it currently stands at Rs5 crore. Another measure the Sebi is looking forward to update concerns the maxi...

These 5 Startups Can Help You to File Your Income Tax

16Mar By NitishNo Comments

Story

These 5 Startups Can Help You to File Your Income Tax

In the previous article, we mentioned the steps about how to file the income tax online. If you are still not sure that you can make this process done by itself, don't worry, we came up with the article on 5 online startups, which can help you to file your income tax without any hassle! Have a look, ClearTax: ClearTax is a India based online platform which helps individuals prepare and e-file their Income Tax Return online. All one has to do is log on to ClearTax and upload their Form 16. The platform will prepare the income tax return automatically. The whole process does not take more than 10 minutes. Founded by Archit Gupta in 2011, Cleartax receives $15.4 million funding till date. UrbanClap: UrbanClap is the largest on-demand service marketplace in India. It ensures quality pro...

Nasscom Expresses Concern Over Fall in Angel, Series A Funding into Indian Startups

13Feb By NitishNo Comments

News

Nasscom Expresses Concern Over Fall in Angel, Series A Funding into Indian Startups

Nasscom, the software industry lobby has once again expressed concern over the falling funding into indian startups and called for added focus to galvanise the entrepreneurial ecosystem. The National Association of Software and Services Companies (Nasscom) had last November shared its concern over the taxation issues in the startup scene, which led to a steep 50 per cent fall in angel investments and a significant decline in series A funding. "While angel investments are the critical first piece that gets a startup going, series A funding is the one where the angel investors really make their exits and make money. Thats what incentivises them to continue their investments," Nasscom president R Chandrashekhar said. "We had pointed that out and felt that corrective measures are needed. ...

No ‘Angel Tax’ For Startups on Raising Funds Up To Rs 10 Crore

6Feb By RishabhNo Comments

News

No ‘Angel Tax’ For Startups on Raising Funds Up To Rs 10 Crore

In between the Indian government's bid to promote Make in India and the startup industry in the country, the government has finally agreed stating that startups founded before 2016 who have raised up to Rs 10 crore angel funding will be exempted from the Angel Tax. Know what is Angel Tax here? "We have finalised the conditions which will resolve the issue of pre-2016 startups," an anonymous official from DIPP(Department of Industrial Policy and Promotion) told the source ET. The finance ministry had initiated the discussions with the Department of Industrial Policy and Promotion (DIPP) on the certification of genuine startups to help with the decision, amidst growing protests from investors and startup founders. "The government has also asked tax officials not to pursue cases against s...

16Jan By AnkitaNo Comments

News

Bad News For Startups, Jaarvis Accelerator Shutting Down India’s Operation

Gurgaon based Jaarvis accelerator is shutting down its India operations, as per news reported by leading news platform. The team of Jaarvis including Saumyajit Guha (Co-principal) also left the accelerator in October 2017. The accelerator, which had set up its shop in India in 2015, is also in the process of writing off investments in its portfolio. Jaarvis Accelerator funded close to 13-14 startups including Arbunize, Comparometer, DesignDodo, Drinks on Me, Edurev, Psychd, R2 Robotronics, Sniffer, Spotwrks, Extra Carbon, iManageMyHotel, and PromOn. As part of the six-month accelerator programme, selected startups got access to office space, mentors, prospective customers in Asia Pacific and funding of up to $50,000 in return of 10-12% stake. Almost 13 startups graduated from ...

24Dec By AnkitaNo Comments

News

31 Start-ups in Kerala to Get Funded

A total of 31 start-ups and student teams from all over the state, who presented a range of innovative technology solutions at the 8th Grand Idea Day, conducted by the Kerala Startup Mission (KSUM), will get a financial assistance of Rs 2.64 crore. The Grand Idea Day was held today to select technology relevant and scalable ideas across various domains. From the 49 grand ideas from startups/students which were selected from around 241 applications, 31 startups were considered for funding. "The Idea Day is a solution for the startups, which were finding it hard to find a source for funding and promote their products," KSUM manager Ashok Panjikaran said in a release here. "Forty-nine existing startups and students from colleges have presented the ideas for their projects in four ...

67 Indian Startups Receive Tax Benefits From the Government

12Sep By Press Trust of IndiaNo Comments

INDIA, News

67 Indian Startups Receive Tax Benefits From the Government

The government has extended tax benefits to 67 startups so far with a view to promoting budding entrepreneurs in the country, Minister of State for Commerce & Industry C R Chaudhary said today. In January 2016, Prime Minister Narendra Modi had unveiled a slew of incentives to boost start-up ecosystem, offering them a tax holiday and inspector raj-free regime for three years, capital gains tax exemption and Rs 10,000 crore corpus to fund them. "3,576 startups have been recognised as on September 7 and tax benefits have been given to 67 innovative startups," Chaudhary said here while addressing the startup India states conference. The Department of Industrial Policy and Promotion (DIPP), under the ministry, considered 671 startups for income tax exemption and of this 67 received the...

Indian PM Narendra Modi To Meet 200 Startup Entrepreneurs And CEOs

17Aug By RishabhNo Comments

INDIA, News

Indian PM Narendra Modi To Meet 200 Startup Entrepreneurs And CEOs

Prime Minister Narendra Modi is set to meet 200 startup entrepreneurs and CEOs who have set up successful business right from the scratch; today to discuss on a range of issues including job creation, income growth and innovation at a session organized by federal policy think tank NITI Aayog. (more…)

24Jul By AnkitaNo Comments

INDIA

Startups Can Help Find Solutions To Indian Problems, Says Missile Woman Of India

Eminent scientist Tessy Thomas called upon the youth to take up initiatives like start-ups to help the government fight challenges in sectors like health, environment and education. Thomas - known as the Missile Woman of India - was speaking at the Convocation 2017 of the Birla Institute of Technology and Science yesterday. The quality of Indian graduates coming out from such institutes would also have significant impact on the global economy as many of the students join the MNCs and global corporates. It is worth reminding ourselves of this goal as India today is faced with challenges in the domains of health, sanitation, housing, environment and education and cannot be resolved by the government alone. "To overcome these, it is important that graduating students such as you take th...

Applyifi and Indian Angel Network are collaborating to help early-stage startups

10Jul By RishabhNo Comments

News

Applyifi and Indian Angel Network are collaborating to help early-stage startups

Startup guiding platform Applyifi and Indian Angel Network are joining hands to help budding startups grow and raise adequate amount of funding. Applyifi guides startups in creating a comprehensive pitch deck, and provides startups and investors a 36-point scorecard and assessment report on the startup's investment worthiness. "Think of it as a GMAT score for Startups", they say. Applyifi assesses a startup and provides an assessment report that helps a startup to understand its shortc0mings, strengths and also help them in making an action plan. Co-founded by Prajakt Raut, the platform after reviewing a huge number of startups has realized what a startup really requires and hence has collaborated to help startups raise up to Rs.75 lacs funding. "Based on reviewing business p...