A compilation of important news from the startup world:
Start-up India Hub resolves over 12,000 queries in three months
The Start-up India Hub has been able to resolve over 12,000 queries received from start-ups since it began operations in April this year, the government said on Wednesday. “The hub has been able to resolve 12,290 queries received from start-ups through telephone, e-mail and twitter,” the Union Commerce Ministry here said in a status report. The Start-up India Hub was operationalised on April 1, 2016, to resolve queries and provide hand-holding support to start-ups. “Start-up India Hub would soon be launching an interactive online learning and development module to educate Start-ups and aspiring entrepreneurs, through various stages of their entrepreneurial journey,” the report said. In order to augment the existing list of incubators, which issue recommendation letters, the ministry has set up a module.
Google India head invests undisclosed amount in 500 Startups-backed Fulfil.IO
Google’s Southeast Asia and India business head, Rajan Anandan, has invested an undisclosed amount in Fulfil.IO, which is backed by 500 Startups. Anandan has provided seed funding to the multi-channel retail ERP provider.
Fulfil.IO Inc was extremely excited to garner support from Anandan, who they believe is one of the most respected names in the technology industry and has thorough knowledge and understanding of internet retail. The startup hopes to benefit from Rajan’s experience of building and scaling top-notch products in the world of internet retail.
Fulfil.IO offers retailers cloud-based software to help them manage their inventory and automate fulfillment operations. The startup was founded by Prakash Pandey, Sharoon Thomas, Rituparna Panda and Tarun Bhardwaj. Fulfil.IO was one of the 15 startups selected by 500 Startups, an investment firm, for its accelerator program. The company received an initial funding of $125,000.
We’re committed to ‘Make in India’, nurturing startups: Cisco’s Amit Phadnis
US-based global technology company Cisco, that arrived in India in 1995 and has created thousands of jobs since then, says it is committed to the Make-in-India programme and will continue to be generous in nurturing start-ups.
Reiterating Cisco’s commitment to align with Prime Minister Narendra Modi’s ambitious Digital India and Smart Cities initiatives in a free-wheeling interview to IANS, Amit Phadnis, President, Engineering and India Site Leader, said the time is ripe to begin a ..
With valuations dipping, ‘exit’ clause enters Indian startups
Higher the risk, better the reward and greater the uncertainty, bigger the insurance. What was earlier limited to foreign startups is now entering new-age ventures in India: Exit clause. Startup CEO/CXO candidates have begun pitching for specific exit clauses in employment contracts. And employers are responding positively. In a bid to safeguard the interests of such candidates, exit compensation packages are being drafted with great attention to detail. Executive search firms TOI spoke to said some CEO candidates are even roping in law firms for negotiating contracts with prospective employers. An HR head from one of the leading startups told TOI that in his career of over a decade, he had encountered only one case where a candidate insisted on specific exit clauses. It’s a phenomenon that exists in developed markets and is now said to be taking root in Indian startups, especially when valuations are falling.
DIPP asks states, UTs to set up Startup Hub, Incubators
The Commerce and Industry Ministry has asked all the states and the Union Territories to set up ‘Startup Hub’ as well as incubators to help budding entrepreneurs. The Department of Industrial Policy and Promotion (DIPP) has already set up the hub, which was operationalised since April. It helps in resolving queries and provides handholding support to startups. The hub has been able to resolve 12,290 queries received from startups through telephone, email and twitter, the DIPP said in a status report on ‘Startup India’. “DIPP has requested state governments and administration of UTs to set up Startup Hub as well as incubators to help startups during various stages of development,” it said. It also said that the department will write to top companies requesting them to support the initiative by setting up new incubators or scale up existing incubators in collaboration with educational institutes.
India Quotient-backed on-demand beauty startup Belita gets acquired by Enrich Salon
Beauty chain Enrich Salon has acquired on-demand beauty platform Belita for an undisclosed amount, who say the deal largely consists of stock, and is likely to be announced soon. This acquisition will help spruce up Enrich Salon’s position in the gradually emerging on-demand service space. With big players acquiring Zepper, Handyhome Mywash and Vyomo, the on-demand beauty service space has been seeing consolidation for a year or so. Post-acquisition, Belita will become Enrich’s ‘home-salon’ brand, and will deliver Enrich-quality experience to customers. Enrich Salon’s Director Sachin Kamat and Akshay Jain of Belita have confirmed the development but refused to share more details.
Check Out 5 Growing Indian Startups That Are Looking For Seed Round Of Funding
The initial capital raised by a company is typically called “seed” funding. Startup companies need to purchase equipment, rent offices, and hire staff. More importantly, they need to grow. In almost every case they will require outside capital to do these things. Here is a list of 5 Indian Startups that are doing pretty well and looking for seed round of funding for their growth purpose.
Tech majors like SAP Labs, Autodesk and Cisco engage with the vibrant Indian startup ecosystem
For a young company like Locus, a logistics management platform, building the technology was the easier part, pricing and marketing was not. Being a part of a corporate accelerator programme helped them discover new markets for the platform. Apart from investing capital, corporates bring in the know how and network that startups require to scale. In recent weeks, a number of technology corporations from SAP Labs to Autodesk, Cisco and Amazon Web Services — have announced engagements ..