Indian government may alter ‘start-up’ definition

The government may change the definition of a start-up following criticism that the current one that defines such companies as those that are less than five years old and have annual sales not exceeding Rs25 crore was too restrictive.

“We are finding that this definition needs to go through a change,” Department of Industrial Policy and Promotion (DIPP) secretary Ramesh Abhishek said at an event in New Delhi on Monday.

“Maybe we can have different periods for different types of start-ups… We can also have different criteria for turnover for different sectors… we would like to completely relook at the definition of start-ups which will be much more inclusive of the ground realities,” Abhishek said at a panel in IVCA’s Annual India Alternatives Conclave 2017.

The definition is crucial for young companies that aspire to receive government-sponsored venture funding and a host of other benefits—such as rebates on income tax and patents fee.

Abhishek said that while an overall change in definition is not immediately expected, DIPP is looking at the matter on a case-to-case basis.

The department has received feedback from start-ups in bio-technology and healthcare space seeking a relaxation in the age criterion to at least eight years, he said, adding that the Department of Biotechnology has been asked to gives its view.

He also said DIPP will allow relaxation in sectors and areas where start-ups present a valid case. “Currently, we are inviting feedback and as when we get feedback from other sectors, we will examine that,” he said.

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This story was first published on Livemint

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.