Indian-origin man's start-up bags UK's biggest funds injection
PTI A London-based start-up co-founded by an Indian-origin entrepreneur has been valued at more than $1 billion after raising $ 502 million from Japan's SoftBank this week in one of the UK's largest venture capital deals. Improbable, a virtual reality tech firm, was co-founded by Herman Narula with a Cambridge University friend in 2012. SoftBank's investment in the firm, which uses cloud-based computing to create virtual worlds for use in games as well as large-scale simulations of the real world, is said to be the largest ever funds injection in a European tech start-up. "This investment will allow us to take the big, bold steps needed to fully realise our vision. This investment reflects the potential size and ...
Six Indian startups share their Budget wish list
Sneha Gilada With 'startups' and 'venture capitalism' having become buzz words in the business environment, the government jumped onto the band wagon in 2016, and initiated a slew of measures to boost the startup ecosystem in India. One year ago, in January 2016, The 'Startup India' initiative was launched with the intent of incentivising startups through tax exemptions and funding support. A three-year tax holiday for newly founded businesses was one of the most cheered moves of Budget 2016-17. India's fiery entrepreneurial spirit has made the country the third largest breeding ground for startups in the world, after USA and England. With Budget 2017-18 fast approaching, stakeholders anticipate many more tax and non-tax sops to make the business environment more friendly for incubations. Minister of Commerce and Industry, Nirmala Sitharaman has also ...
Infosys has invested $62 million in start-ups
The Dollar Business Bureau Infosys has invested $62 million in start-ups related to automation, IoT and drones. To encourage entrepreneurs who provide innovative solutions in areas related to the core business of Infosys, it started an innovation fund in 2015. The size of the fund is $500 million, which is meant to support upcoming ventures in the IT arena. “The startup world is incredibly exciting. We have been investing in companies there. We have been bringing these companies to our clients, and that rate at which we bring these companies to clients is just exploding,” Infosys CEO Vishal Sikka said. The Infosys Innovation Fund supports numerous startups like Stellaris Venture Partners, UNSILO, TidalScale, Cloudyn, Trifacta, Waterline Data, WHOOP, Cloud Endure, ANSR Consulting, Airviz Speck, Vertex Ventures and Nova. Consulting, video making, cloud storage, sports team ...
Pai International plans to raise Rs.500 cr fund for expansion
Sharath Chowdary Electronics retailer Pai International is planning to raise Rs.500 crore venture capital (VC) funding for its expansion in India. The company has more than 80 stores in Telangana and Karnataka. It expects to have around 100 retail outlets across the country by the end of this fiscal, Pai International Managing Director Raj Kumar Pai told The Dollar Business Bureau. As part of the company’s expansion plans, Raj Kumar will be inaugurating six showrooms in different locations of Hyderabad on Saturday. “All the stores are company-owned and we don’t have any franchisees. Till date, we have sourced funds from a consortium of banks. But now, we are looking for VC funding, as the company has decided to open at least 10 stores a ...
Mumbai to be made a global financial hub: Sinha
The Dollar Business Bureau Emphasizing on ‘Why can't India become an international financial centre like Singapore and London?,’ the Indian Minister of State for Finance Jayant Sinha on Friday said that the Government of India mulls to develop Mumbai as a major international finance centre. Sinha also exuded confidence that the $ 2 trillion Indian economy will become a $ 4-5 trillion economy in the next 10-12 years, speaking at an event organized by the Indian Private and Venture Capital Association (IVCA) in Delhi. Referring to this as a right time when India is receiving good capital inflows, Sinha called for investments assuring investors of addressing tax issues in the upcoming budget. Earlier on Thursday, in a meeting with the Central Government ...
Foreign Exchange Management (Transfer or Issue of any Foreign Security) (Fifth Amendment) Regulations, 2014
Dated November 12, 2014 | Copy of | Notification No.FEMA.326/ RB-2014 In exercise of the powers conferred by clause (a) of sub-section (3) of Section 6 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank hereby makes the following amendments in the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 (Notification No. FEMA.120/RB-2004 dated July 7, 2004), as amended from time to time, (hereinafter called the Principal Regulations or the Notification) namely:- 1. Short Title & Commencement (i) These Regulations shall be called the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Fifth Amendment) Regulations, 2014. (ii) They shall come into force from the ...
