EV manufacturer, Corrit Electric raises ₹5 crores Corrit Electric secures ₹5 crore funding from Sportskeeda.com founder for expanding operations and launching high-speed delivery vehicle Corrit Electric, electric vehicle startup has raised ₹5 crores in funding from Porush Jain, the founder of Sportskeeda.com. The funds will be used in expanding operations and enhancing its research and development initiatives, said the company in release. Mayur Misra, Director and CEO of Corrit Electric talking about the investment said, “We will be deploying the funds towards taking our much-awaited high speed last-mile delivery vehicle- Transit into production and enhancing our R&D capabilities. The company aims to be present in more than 25 cities in the next six months.” Commenting on the investment, Porush Jain said “I have a keen interest in sustainability startups. I believe Corrit Electric has a good team and a great product in their flagship vehicle, the ‘Transit.’ Through customer research, focus on indigenous vendors, and a great design team, they tick all the boxes for me.” Corrit Electric, is an EV manufacturing company based in Noida, the brand was founded by entrepreneur duo Mayur Misra and Nishan Kapoor. The brand’s portfolio includes Hover, Hover 2.0 and Hover 2.0+. Source: https://www.thehindubusinessline.com/companies/ev-manufacturer-corrit-electric-raises-5-crores/article67837571.ece

Consumer foods brand Yu raises Rs 20 Cr in follow-on Series A round In the ever-dynamic landscape of entrepreneurship, National Startup Day stands as a testament to the spirit of innovation, resilience, and creativity that defines the startup ecosystem. Celebrated annually, this day serves as a rallying point for entrepreneurs, investors, policymakers, and enthusiasts alike to come together and acknowledge the incredible impact startups have on economies, industries, and societies. A Platform for Aspiring Visionaries: National Startup Day is more than just a date on the calendar; it’s a platform that amplifies the voices of aspiring visionaries. It provides an opportunity for fledgling startups to showcase their ideas, products, and services to a broader audience. The spotlight on this day isn’t just reserved for the big names; it’s a day that celebrates the bold ventures and audacious dreams of every startup, irrespective of size. Fostering Entrepreneurial Spirit: One of the primary objectives of National Startup Day is to foster and nurture the entrepreneurial spirit. It serves as a reminder that innovation knows no bounds and that every great enterprise starts with an idea and the courage to pursue it. This celebration encourages individuals from all walks of life to explore their entrepreneurial instincts, promoting a culture where risk-taking and creativity are celebrated rather than feared. Knowledge Sharing and Collaboration: National Startup Day acts as a catalyst for knowledge sharing and collaboration within the startup community. Events, workshops, and seminars hosted on this day provide a platform for entrepreneurs to share their experiences, insights, and lessons learned. Collaborative efforts between startups, established businesses, and support organizations contribute to the growth and sustainability of the entrepreneurial ecosystem. Highlighting Success Stories: The day also serves as an occasion to spotlight success stories within the startup realm. From the garage startups that evolved into tech giants to the social enterprises making a positive impact, National Startup Day celebrates the journeys, triumphs, and lessons of those who dared to dream and transform their visions into reality. These success stories inspire and motivate the next generation of entrepreneurs. Government Support and Policy Advocacy: In many countries, National Startup Day is backed by governmental support and advocacy for policies that foster a conducive environment for startups to thrive. This includes initiatives such as funding support, regulatory reforms, and mentorship programs designed to fuel the growth of startups and propel them toward success. Looking Ahead: The Future of Innovation: As we celebrate National Startup Day, it’s crucial to reflect on the pivotal role startups play in shaping the future. The breakthrough technologies, disruptive business models, and societal impact generated by startups contribute significantly to the evolution of industries and economies. This day is a call to action for continued support, investment, and belief in the power of innovation to drive positive change. In conclusion, National Startup Day is not just a date on the calendar; it’s a celebration of the entrepreneurial spirit that propels societies forward. It’s an acknowledgment of the dreams, challenges, and victories that define the startup journey. So, here’s to the dreamers, the risk-takers, and the innovators—may your ventures continue to inspire and reshape the world. Happy National Startup Day!

Celebrating Innovation: The Significance of National Startup Day In the ever-dynamic landscape of entrepreneurship, National Startup Day stands as a testament to the spirit of innovation, resilience, and creativity that defines the startup ecosystem. Celebrated annually, this day serves as a rallying point for entrepreneurs, investors, policymakers, and enthusiasts alike to come together and acknowledge the incredible impact startups have on economies, industries, and societies. A Platform for Aspiring Visionaries: National Startup Day is more than just a date on the calendar; it’s a platform that amplifies the voices of aspiring visionaries. It provides an opportunity for fledgling startups to showcase their ideas, products, and services to a broader audience. The spotlight on this day isn’t just reserved for the big names; it’s a day that celebrates the bold ventures and audacious dreams of every startup, irrespective of size. Fostering Entrepreneurial Spirit: One of the primary objectives of National Startup Day is to foster and nurture the entrepreneurial spirit. It serves as a reminder that innovation knows no bounds and that every great enterprise starts with an idea and the courage to pursue it. This celebration encourages individuals from all walks of life to explore their entrepreneurial instincts, promoting a culture where risk-taking and creativity are celebrated rather than feared. Knowledge Sharing and Collaboration: National Startup Day acts as a catalyst for knowledge sharing and collaboration within the startup community. Events, workshops, and seminars hosted on this day provide a platform for entrepreneurs to share their experiences, insights, and lessons learned. Collaborative efforts between startups, established businesses, and support organizations contribute to the growth and sustainability of the entrepreneurial ecosystem. Highlighting Success Stories: The day also serves as an occasion to spotlight success stories within the startup realm. From the garage startups that evolved into tech giants to the social enterprises making a positive impact, National Startup Day celebrates the journeys, triumphs, and lessons of those who dared to dream and transform their visions into reality. These success stories inspire and motivate the next generation of entrepreneurs. Government Support and Policy Advocacy: In many countries, National Startup Day is backed by governmental support and advocacy for policies that foster a conducive environment for startups to thrive. This includes initiatives such as funding support, regulatory reforms, and mentorship programs designed to fuel the growth of startups and propel them toward success. Looking Ahead: The Future of Innovation: As we celebrate National Startup Day, it’s crucial to reflect on the pivotal role startups play in shaping the future. The breakthrough technologies, disruptive business models, and societal impact generated by startups contribute significantly to the evolution of industries and economies. This day is a call to action for continued support, investment, and belief in the power of innovation to drive positive change. In conclusion, National Startup Day is not just a date on the calendar; it’s a celebration of the entrepreneurial spirit that propels societies forward. It’s an acknowledgment of the dreams, challenges, and victories that define the startup journey. So, here’s to the dreamers, the risk-takers, and the innovators—may your ventures continue to inspire and reshape the world. Happy National Startup Day!

SoftBank Banks On Swiggy’s $1 Bn IPO For A Big Cashout In 2024 SoftBank’s Swiggy divestment may hand over the Japanese tech investor the biggest cashout as the food delivery firm strengthens its path to profitability SoftBank is looking at partial/complete exits from listed startups with new investments now focussed on AI-led business models Swiggy’s valuation, however, will be interesting to watch out reliant on FY24 financials as well as Zomato stock performance Food delivery giant Swiggy is all set to list on the stock exchanges, likely in mid-2024, in what is being called the biggest IPO by an internet company next year, with an issue size of $1 Bn (INR 8,300 Cr). According to several top investors and founders that Inc42 spoke with, the Swiggy IPO may result in the world’s largest tech investor, SoftBank, substantially reducing its 9% stake worth over $800 Mn in the upcoming IPO. The IPO could potentially mark the exit of several investors like SoftBank from Swiggy, as the food delivery firm seems well positioned on its path to profitability, they added.

Former Flipkart Exec Anil Goteti’s Fintech Startup Scapia Bags $23 Mn From Elevation Capital, 3STATE Ventures With the latest round, Scapia’s total funding stands at $32 Mn till date The fresh proceeds will be deployed for marketing efforts aimed at expanding awareness of the product and increasing the customer base Scapia launched its co-branded credit card five months back in partnership with Federal Bank Bengaluru-based travel fintech startup Scapia, floated by former Flipkart executive Anil Goteti, has secured $23 Mn as a part of its Series A funding exercise co-led by Elevation Capital and Binny Bansal’s 3STATE Ventures. The round also saw participation from existing investors such as Matrix Partners India and Tanglin Venture Partners.

Seafund Eyes EV, Clean Mobility Space; Invests In Five Deeptech Startups The fund aims to allocate 20% of its investible corpus to clean energy and electric vehicle value chain across sectors such as transportation, logistics and circular economy The early-stage VC firm’s five deeptech bets include Redwings, Docker Vision, Swapp Design, Simactricals and EVhicle Seafund is currently raising an INR 250 Cr fund which plans to invest across sustainability, fintech, SaaS and hardware-enabled firms Early-stage venture capital firm Seafund, which is currently raising its second vehicle with a target corpus of INR 250 Cr, has backed five deeptech startups with a total investment of INR 5 Cr. These five bets include startups RedWings, Docker Vision, Swapp Design, Simatricals and Evhicle.

Google Backed ShareChat’s Losses Ballooned To INR 4,064 Cr In FY23 Mohalla Tech posted a 62% surge in its revenue from operations to INR 540.21 Cr from INR 332.69 Cr in FY22. Total income saw a YoY increase of 54.90% to INR 628.85 Cr from INR 405.96 Cr in FY22 The Bengaluru-based unicorn spent INR 7.46 to earn every rupee in FY23 Social media platform ShareChat parent Mohalla Tech Private Limited’s losses jumped 38.17% to INR 4,064.31 Cr during FY23 as compared to INR 2,941.51 Cr in the previous fiscal year. However, the Google-backed company posted a 62% surge in its revenue from operations to INR 540.21 Cr from INR 332.69 Cr in FY22.

After BYJU’S Denial, ED Says Issued Show Cause Notice For FEMA Violation Of INR 9,362 Cr The Adjudicating Authority has issued show cause notices to BYJU’S parent and Byju Raveendran for FEMA violations to the tune of INR 9,362.35 Cr, the ED said The agency said that the company failed to submit documents of imports against advance remittances made outside India, among other contraventions Earlier in the day, the edtech giant rejected reports which said it has received show cause notice from the agency for FEMA violations Hours after BYJU’S unequivocally denied reports of it receiving show cause notices from the Enforcement Directorate (ED), the agency has now publicly stated that it has issued show cause notices to the embattled edtech giant over FEMA violations. “The Adjudicating Authority under the Foreign Exchange Management Act (FEMA), 1999 has issued show cause notices to Think & Learn Private Limited and Byju Raveendran on the basis of the complaint filed by the Directorate of Enforcement… with respect to the contraventions of the provisions of FEMA, 1999 to the tune of INR 9,362.35 Cr,” the ED said in a statement.

CCI Greenlights Titan’s Acquisition Of An Additional 27% Stake In CaratLane In August, Titan signed a share purchase agreement to acquire an additional 27.18% shareholding in CaratLane for a sum of INR 4,621 Cr Under the proposed deal, Tata-backed Titan will acquire CaratLane’s remaining stake from cofounder Mithun Sacheti, his brother Siddhartha Sacheti, and father Padamchand Sacheti Following the announcement of the deal, the startup elevated cofounder and COO Avnish Anand as the new CEO and even challenged a precious show cause notice issued by the ED The Competition Commission of India (CCI) has approved Tata-backed Titan’s proposal to acquire an additional 27.18% stake in jewellery startup CaratLane. “CCI approves acquisition of additional shareholding in CaratLane by Titan. The proposed combination relates to the acquisition by Titan of 27.18% share capital of CaratLane, on a fully diluted basis, from Mithun Padam Sacheti, Siddhartha Padam Sacheti, and Padamchand Sacheti,” the competition watchdog said in a statement.