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Tag: startups (page 1 of 1)

Sharechat’s parent Mohalla tech is new $1 bn-plus startup

India’s Mohalla Tech, known for its social media platform ShareChat and the short-video app Moj, has raised $502 mn from investors led by Lightspeed Ventures and Tiger Global at a valuation of over $2.1 bn. Combined users of the 2015 founded start-up are 280 mn. Snap and Twitter also participated in the latest round. Sharechat, Moj, and other similar platforms have benefitted from the Indian government’s decision to ban several Chinese apps.

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Union Budget 2021: Government extends tax exemption to start-ups for another year

The Union Budget 2021-22 has given importance to start-ups by extending tax holidays by one year. Finance minister Nirmala Sitharaman has also announced incentivising one-person companies (OPCs) to help startups and innovators. The FM also reduced residency limit for Indian to set up a one-person company from 182 to120 days and allowed non-resident Indians to set-up OPC too.  “This will be a big boost for startups,” Sitharaman said.

Indian startups raised $9.3 bn in 2020; $ 5 bn lesser than last year

Indian startups are ending 2020 with about $9.3 bn, much lower than $14.5 bn fundraised last year. This is the first time since 2016 that Indian startups have raised less than $10 bn in a year. The total number of deals fell from 1,185 in 2019 to 1,088 in 2020. Rounds with deal size $100 mn or larger fell from 26 in 2019 to 20, and similarly rounds with a deal size of $50 mn to $100 mn fell from 27 to 13. 11 Indian startups, however, became a unicorn this year.

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NetApp looking for more Indian Startups for its 6th Cohort

NetApp is looking to onboard more Indian startups for its 6th Cohort. India is an emerging centre for R&D for Netapp, as it looks to strengthen its position in Indian public cloud market which is estimated at ₹17,000 cr at present to ₹63,000 cr by 2025. The company has selected five technology startups including CloudSEK, Senseforth.ai, Lightwing, Coralogix and Curl Analytics in its past program. NetApp India has filed 500 patents, of which 280 have been approved.

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Google pressurised to soften its stance after startups oppose Play Billing policy

Google is being pushed to soften its stance in India as startup founders seek alternatives to list their apps, either through APK downloads or other app stores. While Google has deferred the deadline to integrate its billing system into the apps, it has not spoken anything regarding the 30% commission it said it’ll be charging. The tech giant is meeting various startup founders to “understand their concerns more deeply” while also answering developers’ queries. 

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Founders raise demand for local app stores as Google mandates Play billing

Many Indian startups have raised concerns on Google’s Play billing system, saying that it cannot force Indian app developers/owners to sell digital services by using its billing systems. Many founders also believe that India now needs a local app store. The compounding fear is the current revenue sharing (30%) policy of the Play Store. It brings back the fears of not so old, deeply problematic revenue share model between VAS service provider and telecos.

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