Rahul promises 3-year-tax holiday for entrepreneurs

  • Slamming the ” hollow” promises of the NDA government, Congress President Rahul Gandhi on Sunday said his party, if elected to power, would allow anyone to start business without permits or clearances and offer a tax holiday for the first three years.
  • ” The Congress manifesto promises to allow anyone to start business without permits or clearances, with tax holiday for the first three years to encourage entrepreneurship and create thousands of jobs across the country,” he said at a massive public meeting ahead of the polling in Karnataka on April 18 and April 23.
  • Terming Karnataka as India’s start-up hub, Gandhi told the gathering that his party’s manifesto also promised to provide incentives, tax credits and easy bank loans based on how many jobs an entrepreneur or a company create.

Read full article: business-standard.com

Rahul promises 3-year-tax holiday for entrepreneurs

  • Terming Karnataka as India’s start-up hub, Gandhi told the gathering that his party’s manifesto also promised to provide incentives, tax credits and easy bank loans based on how many jobs an entrepreneur or a company create.
  • Angel tax is levied on premium paid on investments in startups and unlisted firms to curb ” laundering” under the Income Tax Act, as their valuations increase despite stagnant or declining revenues.
  • Accusing Prime Minister Narendra Modi of taking money of the ordinary citizens by making them stand in queues for days during demonetization in November 2016, Gandhi said the party’s revolutionary Nyay scheme would remonetize India, by crediting in the bank accounts of 25 crore people Rs 6,000 per month or Rs 72,000 per year for 5 years.
  • Lamenting that the current unemployment rate was the worst in the last 45 years, Gandhi said the NDA government’s flagship programmes such as ‘Made in India’, ‘Startup India’ and ‘Standup India’ did not take off as no investments came from domestic or overseas investors.

Read full article: thequint.com

Two startups use new-age tech to  help connect artists with enthusiasts

  • ” By combining both hardware and software to address real-time issues and leveraging new-age technologies such as the Internet of Things, artificial intelligence (AI) and machine learning (ML), we are able to provide seamless first- and last-mile connectivity,” says Vivekananda H.R., CEO and co-Founder, Bounce.
  • Gurugram-based SkillBox is an art social network platform that helps connect artists with businesses and fans using technology.
  • While artists can showcase their profiles, gain visibility and monetize their work, businesses can discover artists.
  • Additionally, we are using ML algorithms in our upcoming chat bot feature,” says Ravi Pardhi, co-founder and CTO of Skillbox.

Read full article: livemint.com

‘Edtech’ boom transforms how Indian kids learn – Daily Times

  • A host of online platforms are taking advantage of a surge in smartphone ownership to engage millions of youngsters with interactive games and animated video lessons.
  • India’s education system suffers from a lack of investment, and the apps aid students who want extra tuition away from overcrowded classrooms and crumbling schools.
  • Major foreign investors are ploughing funds into India’s growing ” edtech” industry as they seek to capitalise on the world’s largest school-age population who face fierce competition for university places.
  • Byju’s has become one of the world’s largest online learning sites since it was founded in Bangalore in 2011 and is currently embarking on an ambitious overseas expansion.

Read full article: dailytimes.com.pk

Exclusive: Quikr Is Acquiring LaundryAnna To Ramp Up Its Laundry Play

  • Online classifieds marketplace Quikr is acquiring Bengaluru-based online laundry services startup LaundryAnna, and
  • In India, Delhi-based UClean, Bengaluru-based WashBuddy and The Laundry Basket offer similar services.
  • According to the company, with the launch of its first franchise outlet in Koramangala, it became the first laundry chain to begin a franchisee-owned company operated (FOCO) model in India.
  • As far as laundry services are concerned, a report by FMI, titled ” Laundry Care Market: Global Industry Analysis and Opportunity Assessment” , estimated that the global laundry sector will grow to reach $127 Bn by 2027 end with a CAGR of 5.3% during the forecast period.
  • It’s the strategy of combining the acquisition model along with its own large supply-and-demand base has helped it grow its business.

Read full article: inc42.com

Artificail Intelligence and Indian Government

  • As indicated by the union finance minister in this budget speech, the Indian government think-tank has cured itself to create a roadmap for national artificial intelligence program.
  • The Indian national program for artificial intelligence will also be geared towards developing new applications of the artificial intelligence technology.
  • It’s a beginning which has been made that india should invest towards artificial intelligence and gain some experience toward that
  • So this led to launch a program on what you call interdisciplinary cyberphysical system and artificial intelligence is one of the part of it.

Read full article: medium.com

Exclusive: Beauty e-tailer Nykaa raises $14 million from TPG Growth; valuation jumps over $700 million

  • TPG Growth’s investment gives it a spectacular jump in the post-money valuation of Rs 5027 crore ($724 million).
  • Apart from Sunil Kant Munjal who invested Rs 30 crore in 2016 in the startup, its other backers include TVS Shriram Growth Fund (invested Rs 25 crore in 2015) and a host of angel investors such as corporate lawyer and Founder and Managing Partner of AZB & Partners Zia Mody who put Rs 1 crore in 2014.
  • The new round takes the total amount raised by the startup to $107.5 million, as per deals tracker Crunchbase.
  • Beauty e-tailer Nykaa raises $14 million from TPG Growth; valuation jumps over $700 million

Read full article: financialexpress.com

DPIIT working on definition of accredited investors to boost investments in startups

  • The Department for Promotion of Industry and Internal Trade (DPIIT) is working on a definition of ‘accredited investors’, who could be provided tax incentives for investments in startups, an official said.
  • Currently, the government allows startups to avail full angel tax concession on investments up to Rs 25 crore.
  • It is dubbed as angel tax due to its impact on investments made by angel investors in startup ventures.
  • ” We are seeking views of stakeholders on the definition of accredited investors.

Read full article: moneycontrol.com

Asian investors bring new flavour to Indian startups – Times of India

  • US-based venture capital firms like Tiger Global and Sequoia Capital continue to dominate startup funding, but they are very clearly giving way to Asian heavyweights like SoftBank , Beenext , Alibaba , and Tencent.
  • Data from research firm Venture Intelligence shows that the number of deals involving Chinese investors jumped from 1 in 2013 to 27 in 2018, and deals backed by Japanese investors rose from 3 to 54 in the same period.
  • Venture Intelligence data shows that China’s investments in Indian startups was at its highest in 2017 at $4.3 billion, a 180% increase in deal count from 2016.
  • Pankaj Makkar, MD of Bertelsmann India, the strategic investment arm of Netherlands-based media group Bertelsmann, says the fund started building their portfolio with e-commerce businesses, but over the years has gone on to add other sectors such as fintech, edtech, and logistics.
  • Chinese tech conglomerate Tencent, China’s Shunwei Capital, and Japan’s SoftBank were some of the top active investors in India in 2018, in terms of deal value.

Read full article: timesofindia.indiatimes.com

‘Edtech’ boom transforms ways of Indian kids learning

  • ” I have been using Byju’s since last year and my performance has really improved.
  • Byju’s has become one of the world’s largest online learning sites since it was founded in Bangalore in 2011 and is currently embarking on an ambitious overseas expansion.
  • At a state-run school in Mumbai teacher Pooja Prashant Sankhe is using technology in a rather different way to change how her pupils engage with lessons.

Read full article: en.prothomalo.com