This week, the startup scene in India witnessed some big announcement from PM Modi at Startup India event like tax exemption and no inspection till 3 years, easy registration and exit policy. The event was also attended by Finance Minister Arun Jaitley, Masayoshi Son (founder and CEO of Softbank), Travis Cordell Kalanick (CEO of Uber) and many renowned entrepreneurs. So let’s look at some of the news which made headlines in the startup space this week.
1. Announcements from Modi’s address at the Startup India event
Prime Minister Narendra Modi unveiled the Start-Up India mission launch on 16 January. Starting off on a lighter note on how young entrepreneurs don’t care about it being a Saturday and post 6 PM unlike government officials, to how for the first time there was soo much energy in the ‘Vigyan Bhavan’. Here are the 19 Key points and announcements from Modi at the Startup India Event.
2. Lessons to entrepreneurs by Travis Kalanick, CEO of Uber during Startup India event
Travis has been well known for creating a “win at all costs” culture within Uber and that is precisely what he tried communicating to the budding startup fraternity of the country today at Vigyan Bhavan. Travis had a lot of advice for the Indian start-up ecosystem and here are the 8 top lessons from Travis to the entrepreneurs of the country.
3. President, Pranab Mukherjee praised PM for Startup India Initiative, said will not pass the buck for delay
While addressing the delegation of CEO’s from Silicon Valley on Friday night, who are here in India to grace the StartUp India Event, President Pranab Mukherjee praised PM for the Startup India initiative. He also said that India has “woken up” too late on it and he said that he will not pass the buck and owned up responsibility for the delay, while noting that he had been in administration earlier.
4. This is the beginning of big bang start up boom in India: Softbank CEO Masayoshi Son
Finance Minister Arun Jaitley on Saturday kick-started StartUp India mission at Vigyan Bhavan in New Delhi. Masayoshi Son, founder and CEO of Softbank said, “I look at the eyes and ideas of an entrepreneurs-which field and passion, before investing. Last year alone Softbank invested USD 2 billion in India… If we rescale, it will only go up”.
5. During Startup India Event Arun Jaitley promises – Government to be a facilitator
Addressing the gathering at the opening session of ‘Start-up India’ event, Finance Minister Arun Jaitley said the campaign will help change conventions while the government will only be a facilitator for start-ups, thus finally breaking away from the ‘Licence Raj’ that was prevalent.
6. Flipkart Announces Binny Bansal as the New CEO
Ecommerce giant Flipkart has announced a new management structure on Monday. Founder Sachin Bansal (CEO & co-founder) has now been appointed as the Executive Chairman in the company, on the other hand, Binny Bansal (COO and co-founder) will be the new Chief Executive Officer of Flipkart.
7. 5 startups shortlisted by Google that pitched at ‘Startup India’
Google Inc shortlisted five startups that pitched live in front of a panel of judges comprising key venture capitalists, Google global leaders and government representatives as part of the ‘Startup India, Standup India’ event.
8. Online auto classified platform CarTrade raises $145 Million
Mumbai based CarTrade, an auto classified platform has secured $145 million from Singapore state investor Temasek Holdings and US based investment firm March Capital. Existing investor Warburg Pincus also participated in the round.
9. Shopclues Raises $100 Million In Its Series E Round Of Funding
Online retailer ShopClues raised $100 Million of funding in its Series E round.The round was led by Singapore based GIC. Existing investors, including Tiger Global and Nexus Venture Partners have also participated in this round of funding.
10. Zomato Shuts Down Its Online Ordering Service In 4 Cities
Gurgaon based Zomato which launched its online food ordering business in April 2015, has announced it will be shutting down its online ordering service in Lucknow, Kochi, Indore, and Coimbatore on account of a still nascent market in these cities.