Startup

For instance, Indian Bank is working on a product which would provide loans upto Rs 50 crore in installments. While this is welcome, the catch comes with the condition that loans can be availed against collateral only — an uncomfortable area for startupreneurs. Cross section of people in the startup ecosystem believe that RBI’s nudge will not make it easier for all startups to obtain bank credit but will lead to favourable terms for profit-making late stage ventures who were already making the cut for bank finance. Startups mentor and evangelist Vijay Anand said the typical requirements such as three years of financials, business projections, and some collateral security do not fit startups.“We would need a massive overhaul of current lending systems to start lending to startups,” he said. Though, the apex bank’s move to bring in startup funding into the banking system is a good move, extending term loans to a startup does not fit into a risk profile meant … [Read more...] about Inclusion of startups in priority sector no guarantee for funding

The central government has called for applications from innovators and startups under the Scheme for Accelerating Startups around Post COVID Technology Opportunities (SASACT) for developing or re-purposing technologies, tools, systems, solutions to respond to the post Covid-19 scenario. … [Read more...] about IIT Bombay to groom startups and innovators in a post Covid-19 world

Piyush Goyal on Friday said that the Indian startup ecosystem has been growing rapidly under the leadership of Prime Minister Narendra Modi and both Centre and state governments are together working towards making the country a startup hub."Addressed the launch of 'state start-up rankings'. The Indian startup ecosystem has been growing rapidly under the leadership of PM Narendra Modi ji. Centre and States are working in tandem to support our budding entrepreneurs to make India a startup hub," Goyal tweeted.He said with the launch of the 'Startup India' initiative, India was able to give a big thrust to promoting startups in the country."Our States and Union Territories are working in a spirit of cooperation, collaboration and also competition, as we promote Startups in our regions. We are truly engaged in one of the most important developments of the 21st century," he added.The union minister further said that Indian Startups are doing excellent work in roadways, waterways, railways … [Read more...] about Centre, States are working in tandem to make India a startup hub: Piyush Goyal

Industry body Nasscom has urged the government to suspend all deadlines, including for tax payment and return filing, until four weeks post lifting of the lockdown to provide relief to startups and SMEs. To contain the spread of COVID-19, the government has announced a 21-day nationwide lockdown starting March 26. "The COVID-19 pandemic has caused high stress on startups, putting their continuity at risk. They are looking to government to provide support and relief..." Nasscom said in a statement. The industry body said startups are facing severe time loss and project delays due to the prevailing circumstances that has contributed to financial pressure on them. "We request that the government consider rental subsidy for workspaces used by startups which are regulated/owned/managed by government agencies," it added. The body also requested for a "blanket suspension of all deadlines including tax payment deadlines and filing deadlines until at least four weeks post lifting of all city … [Read more...] about COVID-19: Nasscom urges govt to defer tax payment, return filing for startups, MSMEs

According to a statement issued by the State government, Karnataka was adjudged ‘top performer’ for the second time in succession mostly in recognition of the State’s development initiatives such as futuristic policies to support new and disruptive technologies, the regulatory committee for reviewing the challenges faced by startups working in emerging technologies, ELEVATE, a concept providing comprehensive entrepreneurship platform for startups. … [Read more...] about Karnataka’s startup initiative gets recognition from Centre