Under the new initiative, called Quikr Doorstep, Quikr will facilitate price negotiation, payment, pickup and delivery. The latest initiative, which is part of Quikr’s verticalisation drive, will help the company grow beyond a listing platform to a full-fledged marketplace for used goods.
India Digest: Purplle, Trak N Tell fund raise; Amin to buy Jyoti Structures; SIDBI startup investment
By Ishita Russell
While startups Purplle and Trak N Tell are raising funds, Amin Group is set to acquire Jyoti Structures. Also, SIDBI will soon review proposals worth $100 million for the government’s Fund of Funds for startups. IvyCap Ventures-backed Purplle raising $6m in Series B round IvyCap Ventures-backed Purplle, an online marketplace for beauty… Read more »
“We are working to have the corpus in place for the Stand Up India Fund corpus. It will be raised from the Reserve Bank through the priority sector lending shortfalls,” Sidbi chairman and managing director Kshatrapati Shivaji said. The groundwork on implementation of the scheme has already started, he added
Indian startups have raised $3.5 billion in funding in the first half of 2015 and the number of active investors in India has increased from 220 in 2014 to 490 in 2015.
In a bid to participate in India’s flagship initiatives, Make in India and Start-up India, Oracle Corp. on Friday said it will build a new campus in Bangalore and will set up nine incubation centres across the country. The company will also launch an initiative to train more than half-a-million… Read more »
In a move to boost the entrepreneurial ecosystem in India, the Reserve Bank has allowed startups with an overseas subsidiary to open a foreign currency account abroad. According to a recent notification, “a startup in India with an overseas subsidiary is permitted to open foreign currency account abroad to pool the foreign… Read more »
India’s Department of Industrial Policy and Promotion in the finance ministry has partnered with Qualcomm to launch a contest for startup ideas, said a report in the The Economic Times today. The initiative is a part of a run-up to the Make in India Week to be held in Mumbai… Read more »
“Promoting start-ups would need special handholding and nurturing. Thus such start-ups may be allowed to self-certify compliance with the labour laws.”
The government’s ambitions of turning limited partner to venture capital funds has drawn sharp criticism from several quarters. The primary gripe is whether it is prudent, even proper, on the part of the government to invest taxpayers’ money in venture capital funds, which will in turn invest in enterprises that carry a high risk of failure.
Indian prime minister Narendra Modi made several promises in his speech to an audience of startups and venture investors on Saturday. That has instilled hope that the country might become a more attractive destination for investment, at a time when funding activity has ebbed from the highs of mid-2015.