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Unicorn India Ventures is selling its stake in six startups to a US-based fund. The companies include technology, and healthcare startups Unicorn India Ventures is selling its share in six firms to a US-based investor for Rs 50 crore. With this the  early-stage investment has doubled returns  for its limited partners (LPs). Robotics company Genrobotics, cybersecurity firm Sequretek, customer experience analytics startup Clootrack, digital business newspaper Inc42, digital media startup Inntot, and healthcare startup NeuroEquilibrium are among the six firms involved. These were investments from the firm's first tranche of cash, which was raised in 2016 and distributed to 17 early-stage firms. The lifespan of this fund will conclude early next year. In 2019, the business exited Boxx.ai, an ecommerce personalization startup, and Pharmarack, a pharmaceutical supply chain startup, in 2021. Majumdar stated that the VC company will remain involved in two of its mos...

A financial aid of Rs 3.29 crore has been announced to a Hydrogen StartUp from Maharashtra.The funding would help India become a green hydrogen hub. Dr. Jitendra Singh, Minister of State in the Prime Minister's Office, stated that the Hydrogen Startup funding aligns with Prime Minister Narendra Modi's vision of the National Hydrogen Mission (NHM), which aims to assist the government in meeting its climate targets and making India a green hydrogen hub. On Friday, the Minister announced a financial help of Rs 3.29 crore to a Maharashtra-based Hydrogen StartUp for indigenous development of Hydrogen Sensing & Analysis Technology. "This will contribute to fulfilling the aim of producing 5 million tonnes of Green hydrogen by 2030, as well as the related growth of renewable energy capacity," the Minister stated. On India's 75th Independence Day last year, Prime Minister Narendra Modi launched the National Hydrogen Mission from the ramparts of the ...

Coins worth Rs 11 crore went missing from SBI's Karauli branch in Rajasthan. CBI has since then raided 25 locations across Delhi, Jaipur, Udaipur and Dausa. Officials said Friday that the CBI searched 25 locations on Thursday in connection with a case in which coins worth Rs 11 crore went missing from the vaults of an SBI branch in Karauli, Rajasthan. The raids were carried out at the homes of approximately 15 former bank officials and others in Delhi, Jaipur, Dausa, Karauli, Sawai Madhopur, Alwar, Udaipur, and Bhilwara. The matter became known after a preliminary investigation revealed a discrepancy in the cash reserve at the State Bank of India (SBI) branch in Mehandipur, Karauli district, in August 2021. Alarmed bank officials hired a Jaipur-based private vendor to count coins worth Rs 13 crore, according to account books. To their surprise, the vendor discovered only 3,000 bags containing coins worth approximately Rs 2 crore, while over Rs 11 crore in coi...

Zomato started a restaurant funding platform, last year, to ease equity funding for restaurants or cloud kitchens by introducing them to investors.   This article shows why Zomato has halted operations of Zomato Wings, the funding funding platform. Zomato has ceased operations of its 'Zomato Wings' platform, which it established late last year to assist restaurants connect with investors in order to acquire finance. The investment community has fled due to the funding winter.  Things have been put on hold at Zomato Wings since the first quarter of this financial year. but, there is a chance that it will reopen towards the end of the year. Zomato Wings was created in November of last year as an intermediate platform for restaurant/brand/cloud kitchen equity financing. The platform brought these entrepreneurs and investors together on a single platform. However, since Zomato's stock price fell during the first six months of 2022, the company opted to focus on...

The inaugural flight of India's brand new rocket, the Rs 56 crore Small Satellite Launch Vehicle (SSLV), failed on Sunday morning. The failure of a tiny solid-fuel rocket to launch focuses attention on the safety of India's human space mission. The Geosynchronous Satellite Launch Vehicle-Mk III (GSLV-Mk III) will carry out the mission with the difficult cryogenic engine stage. The SSLV-D1 with two satellites was launched at approximately 9.18 a.m., however the Indian Space Research Organisation (ISRO) declared the satellites are useless since they were placed in a different orbit than the intended one. "All of the phases ran smoothly. Both satellites were launched. However, the orbit attained was lower than intended, making it unstable," ISRO noted in a brief statement regarding the project. ISRO explained, "SSLV-D1 put the satellites in an elliptical orbit 356 km x 76 km instead of a circular orbit 356 km. Satellites are no longer functional. ...

Mukesh Ambani's JioGames has launched its own streaming platform. JioGames Watch allows producers to go live with any device and display their greatest content to millions of fans. JioGames, which is owned by Mukesh Ambani, has established a streaming platform named JioGames Watch. According to the firm, it is a one-stop shop for viewing all forms of gaming material. The platform's goal is to empower and enable producers to go live with any device and expose their greatest content to millions of people. It also incorporates many viewer interaction features, including as audience polls and Emotes, to help creators and influencers remain ahead of the competition. JioGames, for those who are unfamiliar, is a one-stop platform that has revolutionized the online gaming space in India.  It is a one-stop shop for incredible online games, competitions, and esports for casual gamers, game publishers, and developers. JioGames Watch is the result of extensive research i...

Luxfer Gas Cylinders has developed the UK's first mass-produced hydrogen-electric truck. Tevva, a maker of electric trucks, modified its battery-electric heavy-duty vehicle to incorporate a hydrogen fuel cell system that recharges the battery and increases its range by 310 miles. Following the introduction of the nation's first mass-produced hydrogen-electric truck, which represents the next phase of the transition from fossil-based fuels to low carbon energy, the UK has hit a "historic milestone" in its march toward net zero. Together with Tevva engineers and experts in alternative fuels, Luxfer Gas Cylinders (Luxfer) developed the truck's "plug and play" hydrogen storage system. The engineers of the UK-based gas equipment specialist assisted Tevva, a maker of electric trucks, in modifying the design of its battery-electric heavy-duty vehicle to incorporate a hydrogen fuel cell system that recharges the truck's battery and increases i...

Domestic pharma firms capable of producing anti-retrovirals and anti-virals are preparing plans to produce anti-virals and other drugs that may be effective against monkeypox, according to industry analysts. Indian pharmaceutical companies are preparing to create antivirals and other treatments that may be useful against monkeypox. There is currently little evidence on therapy, and firms are waiting for guidance from international health organizations like as the World Health Organization (WHO) to move forward with their plans. The World Health Organization recently designated monkeypox a public health emergency of worldwide significance. According to industry analysts, companies with the potential to manufacture anti-retrovirals and anti-virals may be interested in this possibility. Cipla, which has released various treatments for Covid, including remedesivir, favipiravir, and molnupiravir, is evaluating the choices as part of its'repurpose' strategy. Umang Vohr...

The Indian state of Bihar is setting up a startup policy to offer a zero-interest seed fund, among other things. The government will provide startups with a grant of  Rs. 3 lakhs for product development, and training. Syed Shahnawaz Hussain, the state's industry minister, unveiled the Bihar Startup Policy on July 29th to boost entrepreneurship in Bihar. Under the Bihar Startup Policy, the state government provides a 10-year interest-free initial capital of INR 10 lakh to enterprises. If a business joins in an accelerator program, it will also get INR 3 Lakh for product development and training. In addition to the Bihar Startup Policy, Hussain has established a startup portal for young entrepreneurs who want to take use of the platform's benefits. Hussain stated that firms who win angel funding will earn an additional 2% of the overall investment as a success fee from the state government. "If a company is successful in getting funds from an angel inv...

For its second fund, First Cheque has raised Rs 38 crore from worldwide investors. The business will prioritize first-time entrepreneurs and invest $100,000 in each of its portfolio firms. First Cheque, a pre-stage venture capital business, has announced its second fund, which will invest in 50 firms over the next 18 months. The fund, which previously operated as an AngelList syndicate and invested in over 100 businesses over the previous three years, has secured Rs 38 crore from worldwide investors for its second fund. The firm will focus on first-time entrepreneurs and will invest $100,000 in each of its portfolio firms, which will be necessary for founders to get their business off the ground. First Cheque promises to be the first institutional financing available for creators by investing at the pre-seed stage. The business takes an agnostic approach to sectors and is willing to assist starting teams at the paper-plan stage. With the conclusion of its second fund, th...

Nykaa has developed an incubator program to provide budding beauty companies with funding and coaching as they expand. Brands must participate in the program and demonstrate their brand value, with the top brand receiving a prize of 4 crore ($500,000). Nykaa, India's leading cosmetic e-commerce company, has launched an effort to promote some of the country's numerous beauty entrepreneurs and help establish domestic brands. Nykaa's new incubation programme allows beauty businesses in the nation to display their brand and win a grant of up to 4 crore ($500,000) as well as a future acquisition chance. Nykaa launched 'Cosmetics&You' on July 20 in collaboration with American beauty giant Estee Lauder, with a prize fund of 4 crore to be dispersed to enterprises picked by a panel of fashion entrepreneurs. Nykaa stated that they are not interested in acquiring shares in the winning firms in exchange for the award amount, although they could. ...

Lightspeed Venture Partners has raised its largest India and Southeast Asia fund to date. The fund is part of the $7 billion that Lightspeed said it had raised to invest in early- and growth-stage startups throughout the world. Lightspeed Venture Partners has collected $500 million for its largest fund focused to India and Southeast Asia. With the closure, the Silicon Valley-based venture capital company has joined a growing group of technology investors that have collected substantial quantities of dry powder despite a global financing slump. Lightspeed, which has funded companies such as Oyo,Udaan, Sharechat, and Byju's, has significantly expanded the size of its fourth India fund from its previous corpus of $275 million, which it accumulated in 2020. The India fund is part of the $7 billion that Lightspeed announced it had raised to invest in early- and growth-stage firms throughout the world. Bejul Somaia, a Lightspeed partner who founded the fund's Indi...

The Indian government will establish a digital cooperation platform for businesses and investors to ease and rapidly conclude transactions. The new platform will first accept Indian investors and investment firms and will search for worldwide funding. The government will establish a specialized digital cooperation platform for businesses and investors in order to facilitate and rapidly conclude transactions. The platform will be launched in collaboration with the Small Industries Development Bank of India by the Department of Promotion for Industry and Internal Trade (DPIIT) (SIDBI). Shruti Singh, joint secretary of the DPIIT, stated, "This was accepted at one of the national startup advisory council sessions. It is a matchmaking tool for companies and investors that is nearing completion. We plan to publish it within the next two months." Singh stated that the platform will initially integrate Indian investors and fund firms before looking for global money aft...

Former British Finance Minister Rishi Sunak has announced that he was running to become the next British Prime Minister. The announcement was made a day after Boris Johnson stepped down from the post of UK's Prime Minister. Boris Johnson resigned as British Prime Minister on Thursday, following the resignation of over 50 members of his administration in the previous two days in protest of the nomination of prominent Conservative MP Chris Pincher as deputy chief whip. Pincher resigned last week after acknowledging drunken behavior. The resignations of 42-year-old British Indian ministerRishi Sunak and health secretarySajid Javid on Tuesday night triggered a chain reaction of resignations from Johnson's cabinet, finally culminating to his resignation as prime minister. Sunak was forthright in his resignation letter, which he shared on Twitter minutes after Johnson went on TV to explain his error in deliberately appointing now-suspended MP Chris Pincher, who had a q...

Nutrition is the key to the top performance of athletes. A Hyderabad-based healthcare startup BBETTER is sponsoring sports nutrition for a hundred Indian athletes. On Thursday, the Hyderabad-based healthcare firm BBETTER launched 'Khelengebehetar,' which would finance sports nutrition for 100 Indian sportsmen. The campaign was inaugurated here by Dr. Andrew Fleming (British Deputy High Commissioner for Telangana and Andhra Pradesh) at an event attended by Raju Vanapala, CEO of Way2News, Prithvi Chaitanya, Head of Partnerships at T Hub, and Ajay Sakhamuri (Founder of MyClassBoard). BBETTER got an impressive response of over 1700+ registrations and shortlisted 100 athletes from various regions of the nation who compete in sports such as badminton, powerlifting, Paralympic sports, boxing, and football. Speaking about the sponsorship, International Para-Badminton Player Arati Patil stated that nutrition is a vital component of any athlete's path and that thi...

According to Google, 90 percent of all companies fail within the first five years. Google Startup School intends to assist India's tens of thousands of entrepreneurs in overcoming their growth pains. Google introduced the Startup School in India on Wednesday as part of its Startup Initiative, which aims to mentor over 10,000 businesses in Tier 2 and Tier 3 locations. The Startup School intends to assist India's tens of thousands of companies in overcoming their growth pains. As more companies and enterprises sprout up around the country, Google sees a need for programs that can integrate this expertise into a structured curriculum and disseminate it across a broad footprint.  According to Google, India has over 70,000 businesses, however 90% of all firms fail during the first five years of their journey for the same reasons - uncontrolled capital burn, faulty demand estimation, inadequate feedback loops, or a lack of leadership. "We have a plethora of f...

Plastic packaging is seen as a major threat to human health and the environment, with patches of single-use plastics still present in our previously pristine oceans. Aside from plastic, the mushroom mix produced by the London-based Magical Mushroom Company may also be used to replace cardboard in packaging. Plastic packaging is seen as a major threat to human health and the environment, with patches of single-use plastics still present in our previously pristine oceans. A business is now working on its aim of replacing packaging with a mushroom mix. The Magical Mushroom Company, situated in London, just acquired £3 million in early capital to fund their eco-friendly packaging. In addition to plastic, the Magical Mushroom Company's mushroom mix may be used in place of cardboard in packaging. The firm combines agricultural waste with the "root structure of a mushroom" to create a biodegradable material that is cost competitive with current packaging solu...

Bertelsmann has raised $500 mn for Indian startups. The venture capital company plans to deploy capital across 6-8 businesses every year. Bertelsmann India Investments, a venture capital firm, has unveiled a $500 million India-focused fund. In addition, suggesting an interest in early-stage investments, the VC firm stated in a statement that it will consider making select Series A investments. For the time being, Bertelsmann intends to deploy funds across 6-8 enterprises every year. It intends to prioritize investments in healthtech, corporate tech, the future of work, fintech, agritech, and other industries in 2022 and 2023. According to the announcement, the fund will also keep an eye on disruptive technologies such as Web3 and deeptech, and it wants to build more offices in India and the region. "Today, mid-stage investment in India and the region has moved into the early growth stage, with several innovative startups constructing such an ecosystem. With over...

Allowing IT companies to purchase 5G spectrum and build their own private network will hammer the pockets of Indian carriers wanting to spend big on the network. With India preparing to hold 5G spectrum auctions, all eyes are on the Indian telecom operators that will compete for the prized 5G spectrum to launch their services in the nation. However, the Indian government has once again made life difficult for telecoms by giving private 5G networks to enterprises, allowing them to set up their own network base to conduct their operations. This announcement has understandably surprised Airtel, Vi, and Jio, and analysts have speculated that it may depress demand for 5G spectrum during the auctions next month. Giving the network to corporations implies that telecoms will lose a significant portion of their income potential. As a result, they may think twice about proceeding with their planned move during the 5G spectrum auctions. "The new regulations will surely da...

Fintechs generally collaborate with banks to issue cards before partnering with non-banking financial institutions or operating their own NBFC business to provide credit lines to consumers. The Reserve Bank of India has prohibited fintech companies from loading credit lines into non-bank prepaid payment instruments (PPIs). Lending has always been the end goal for practically all fintech firms. This week's warning from India's central bank threw a kink in the system, calling into question who can lend to whom. The Reserve Bank of India has informed dozens of fintech startups that it is prohibiting the use of credit lines to load non-bank prepaid payment instruments (PPIs) — such as prepaid cards — in a move that has caused panic among — and an existential threat to — many fintech startups, prompting some to compare the decision to China's crackdown on financial services firms last year. PPI licenses have long been utilized by several firms, including Slice, Jupite...