DIPP mapping incubation centres to extend help to business ideas

Flooded with over 400 calls a day at the recently launched Startup Hub, the government is scaling up big time to deal with the deluge of budding entrepreneurs. The department of industrial policy and promotion (DIPP) has started mapping incubation centres across the country to extend help to business ideas. The government will also engage the private sector and state governments in building incubation capacities for young entrepreneurs. The idea is to use incubation centres as commercial proposition or part of corporate social responsibility to engage the private companies. Besides, the government will also identify 10 incubators, evaluated on pre-defined key performance indicators and give them Rs 10 crore each as financial aid to ramp up their infrastructure.

With Alipay and Paytm, Uber covers China, India and the world

Chinese travellers and very soon Indians will be able to use native currency to pay for a cab on ride-hailing app Uber in hundreds of cities as the world's two most-valuable startups — Uber and China's Alipay have entered into a partnership that includes India's Paytm. Users of Alipay — the payment service from Ant Financial, an affiliate of Chinese ecommerce giant Alibaba — can also hail an Uber cab using the payment app across 400 cities worldwide, a service that will be open to users of Paytm within the next month.

Startups are using hyperlocal tech like WiFi to build their businesses

After the hyperlocal startup boom, entrepreneurs are now focusing on hyperlocal technology or proximity technology - iBeacon, GPS and WiFi - to build their businesses. A growing number of startups are entering into proximity marketing and the connectivity space.

Kalaari Capital invests in startups as part of its seed programme

Kalaari Capital, an early investor in online retail companies like Snapdeal and Myntra, has picked three startups for its newly-launched seed and incubation programme — KStart. Kalaari is planning to invest up to $20 million in as many as 40 startups as a part of its seed and incubation programme over the next two years.

Sistema Asia Fund invests in Seclore founded by ex-IITians

Sistema Asia Fund has invested in Seclore, a Mumbai-based technology firm co-founded by ex-IITians Vishal Gupta and Abhijit Tannu. Sistema Asia Fund has invested in Seclore, a Mumbai-based technology firm co-founded by ex-IITians Vishal Gupta and Abhijit Tannu. Singapore-based Sistema Asia Fund is being advised by Insitel Services, a wholly-owned Indian arm of Sistema JSFC. The fund was floated earlier this year with an initial tranche of $50 million (about Rs 340 crore) to support Indian startups operating in technology and niche consumer-centric segments.

Chinese investors show interest in Indian startups

Mobile10X, a programme initiated by the Internet and Mobile Association of India (IAMAI) along with OnionFans, a Singapore-based tech media and venture fund, organised a two-day startup summit, where over 150 early-stage startups pitched to 15 Chinese investors.

Myntra to be back on desktops from June 1 to drive growth

Fashion ecommerce retailer Myntra is withdrawing from its mobile-only strategy and will relaunch a desktop version of its website next month in an attempt to bring back lost customers and drive growth. The move comes a year after Myntra shut its desktop site and become an app-only store, triggering a debate among online players on whether this strategy will work or backfire.

Sanjay Purohit quits Levi Strauss, to join Samara Capital as partner

Levi Strauss India's managing director Sanjay Purohit has quit the apparel manufacturer and will join Mumbai-based private equity firm Samara Capital as partner for its consumer and retail practice. Last year, Samara capital had acquired 300 KFC and Pizza Hut stores in India and Sri Lanka from diversified franchisees and consolidated them under Sapphire Foods, which is currently owned by a consortium of four private equity funds led by Samara Capital. Samara Capital was founded by Sumeet Narang, who had earlier worked with Citigroup India across various functions.

Zenify: A Platform Offering Holistic Rental Solutions to Both Tenants as well as Owners

The startup’s vision is to solve all home rental problems by providing end to end solutions for owners and tenants. The platform not only lists properties, but also undertakes repair work and maintenance of each flat ensuring the tenant does not go through much hassle. ”Our aim is to manage the entire process of locating a tenant, managing the property and rent payment”, maintained Surdarshan.

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