Report Wire

Category: Economy

  • 36 Indian Startups Secure Massive $628 Mn In Funding This Week, A 174% surge | Economy News

    New Delhi: The Indian startup ecosystem saw massive funding flow this week at more than $628.24 million raised by 36 startups — a whopping 174.5 per cent surge from last week. The funding momentum was led by edtech company Physics Wallah (PW) which secured $210 billion in its Series B funding round and took the company’s valuation to $2.8 billion.

    The round was led by Hornbill Capital, with significant participation from Lightspeed Venture Partners, and existing investors GSV and WestBridge. The week saw 14 growth-stage deals and 17 early-stage deals amid the positive investment environment in the country.

    As per an Entrackr report, SaaS-based digital adoption solution provider Whatfix raised $100 million. The company, however, is yet to make the funding public. While API infrastructure platform M2P Fintech secured $50 million, omnichannel diagnostics service provider Redcliffe raised $42 million and digital infrastructure company iBUS secured $34 million.

    Fleet management company Everest Fleet successfully raised $30 million as part of its ongoing $50 million Series C funding round, to enable it to scale operations and expand its fleet of clean-energy vehicles, including CNG and electric vehicles (EVs).

    Vahan.ai, an AI-powered recruitment platform, announced its Series B funding of $10 million led by Khosla Ventures. The funds raised will be used to develop AI recruitment technology to support eight major Indian languages. Bengaluru-based startups led with 12 deals this week, followed by Delhi-NCR, Mumbai, Chennai and Hyderabad.

    Last week, 24 domestic startups secured more than $229 million in funding, which included six growth-stage deals worth $182.65 million. The week saw 13 early-stage deals worth $46.14 million. The average funding in the last eight weeks stands at around $393 million, with 28 deals per week.

  • Sebi Refuses To Disclose Instances When Madhabi Buch Recused On Conflict Of Interest, Says THIS In RTI Response | Economy News

    New Delhi: The cases where SEBI chairperson Madhabi Puri Buch recused herself due to potential conflict of interest is not “readily” available and collating them would “disproportionately divert” its resources, the securities market regulator said in an RTI response on Friday.

    What Did SEBI Say In RTI Response?

    In the response furnished to transparency activist Commodore Lokesh Batra (retd), the regulator also refused to provide copies of Buch’s declarations to the government and SEBI Board on the financial assets and equities held by her and her family members on the grounds of these being ” personal information” and that their disclosure may “endanger” personal safety. (Also Read: Congress’ Fresh Salvo At Buch)

    It also denied to disclose the dates on which the disclosures were made. The SEBI Central Public Information Officer (CPIO) used the grounds of “personal information” and “safety” to deny copy of those declarations.

    “Since the information sought do not pertain to you and the same relates to personal information, the disclosure of which has no relationship to any public activity or interest and mat cause unwarranted invasion into the privacy of the individual and may also endanger the life or physical safety of the person(s). The same is, therefore exempt in terms of Section 8(1)(g) and 8(1)(j) of the RTI Act, 2005,” the RTI response said.

    “Further the information on cases where Madhabi Puri Buch recused herself due to potential conflicts of interest during her tenure is not readily available and collating the same will lead to disproportionately diverting the resources of the public authority in terms of Section 7(9) of the RTI Act,” it said.

    Section 8(1)(g) allows a public authority to withhold information the disclosure of which would endanger the life and physical safety of any person and section 8(1)(j) allows withholding information which relates to personal information the disclosure of which Has no relationship to any public activity or interest.

    A CPIO may still disclose information if public interest in disclosure outweighs the harm to the protected interests.

    A press release from SEBI on August 11 had claimed that the chairperson has recused herself in matters involving potential conflict of interest.

    “It is noted that relevant disclosures required in terms of holdings of securities and their transfers have been made by the Chairperson from time to time,” it had said.

    The US-based short seller Hindenburg Research alleged that it suspects SEBI’s unwillingness to act against the Adani group may be because Buch had stakes in offshore funds linked to the conglomerate.

    The short seller had alleged that Buch and her husband Dhaval had invested in one of the funds which was allegedly being used by Vinod Adani. It also flagged Dhaval’s association with private equity major Blackstone, a promoter of multiple real estate investment trusts (REITs) and Sebi’s continued pitch for the new investment avenue.

    “The allegations made by Hindenburg Research, against the Adani Group, have been duly investigated by Sebi,” the capital markets regulator had said in the statement.

    The Supreme Court had itself noted in an order in January that 24 out of 26 investigations against Adani had been completed, it said, adding that one more was completed in March and the last is nearing completion now.

  • Plea In SC Against Delhi Govt’s Guidelines For Handling End-Of-Life Vehicles. auto news

    Delhi Govt’s Guidelines For Handling End-Of-Life Vehicles: A plea has been filed in the Supreme Court challenging the Delhi government’s fresh guidelines for handling end-of-life vehicles in public places. The plea filed by Nagalaxmi Laxmi Narayan has contended that retrospective application of the Guidelines for Handling End of Life Vehicle in Public Place, 2024 is arbitrary.

    “The retrospective application of the guidelines to vehicles is arbitrary, violates the applicant’s legitimate expectation, and deprives the applicant of their right to property under Article 300A of the Constitution,” the plea has contended.

    It said the scrapping rules are being applied without due consideration of the condition of vehicles and the actual emissions they made.

    The Delhi government had in February issued fresh guidelines for handling end-of-life vehicles in public places, stipulating a penalty of Rs 10,000 for four-wheelers and Rs 5,000 for two-wheelers to be imposed on the owners of the vehicles impounded before they are released.

    According to the guidelines, continuous enforcement drives should be conducted to phase out such vehicles from public places in the national capital and daily reports sent to the environment department for onward submission to the Commission for Air Quality Management (CAQM).

    The government has classified the release procedure for impounded vehicles under two categories — those who wish to shift their vehicle out of Delhi-NCR and those who wish to park the vehicle in private spaces which are not shared parking places.

    “On plying and parking of ELVs (end-of-life vehicles) in public place in NCT of Delhi, once impounded for the first time it can be released on the basis of submission of an undertaking that vehicle will not be plied or parked in any public place within the territory of Delhi and will be removed from the city…,” the guidelines read.

    “In case of 4-wheeler, a penalty of Rs 10,000 along with towing charge and parking fee as notified in Delhi Maintenance and Management of Parking Places Rules, 2019, shall be charged before releasing of such ELVs. In case of 2-wheeler, a penalty of Rs 5,000 along with towing charge and parking fee as notified in Parking Rules 2019 shall be charged…,” it said.

    According to the guidelines, any end-of-life vehicle impounded for a second time and transport vehicles running on diesel fuel and aged more than 10 years cannot be released.

    The application for the release of a vehicle along with necessary documents should be submitted within three weeks of impounding of the vehicle and an online platform will be developed for this purpose, it said.

    According to the guidelines, impounded vehicles will be scrapped in case of three scenarios — non-submission of application for release within three weeks of impounding of the vehicle, rejection of application submitted for release and impounding of the same vehicle for the second time.

    All scrap value shall be paid through digital mode only to the bank account in the name of the vehicle owner within 15 days of the vehicle being accepted by the Registered Vehicles Scrapping Facility, it added.

  • Soon, No More Train Accidents In India? Railway Board CEO Suggest THIS To All Zones | Mobility News

    Indian Railways – Train Accidents: In an important step to avoid train collisions, Railway Board Chairman Satish Kumar has written to the general managers of all 17 zones asking them to monitor technical reports generated by a device called data logger on a daily basis.

    Data logger is fitted at stations and it records real time data of all aspects of train operations as well as the signal system. It generates an exception report in case a station master fails to take steps to ensure that a train does not come on the same track already occupied by another train.

    “During the safety review meeting held on 06.09.2024, I had instructed to all Zonal Railways that the data logger exception report should be monitored by DRMs (Divisional Railway Managers) every day and the position for previous day from two/three Divisions will be randomly reviewed at Board level,” Kumar said in a letter dated September 13 addressed to the general managers of all zones.

    “On 10.09.2024, six Divisions were asked by ED/E&R (Executive Director, Efficiency & Research) to share the position. Position was received from three Divisions; position was not received from two Divisions and position of the previous week was received from one Division,” he added.

    Expressing concern over the lack of compliance of a crucial safety instruction, Kumar said, “As this is an important measure for ensuring safety, all GMs have to ensure that the data logger report is monitored on a daily basis by all divisions in their zones. “

    Kumar added that the Railway Board may ask two to three divisions randomly to share the original printout of data logger report even if there is no exception report along with analysis and remarks in each case.

    The issue pertains to a General Rule np. 3.38(2) related to operational safety which ensures that two trains do not come on the same track one after the other.

    “A single rail line branches into several loop lines and a main line at any station. Now, if one branch line, let’s say a loop line number 1, is occupied by a train, the signal aspect for another train for that particular loop line will be red so that the another train doesn’t come on that line,” KP Arya, who retired as Chief Signal and Telecom Engineer/Information Technology, Northern Railway, said.

    “But if by mistake the loco pilot jumps the red light, he or she can hit the stationed train resulting in an accident. To avoid such a situation, a norm has been made that after receiving the train on a loop line, the station master will change the interlocking point to another line which is free so that in case the loco pilot errs, it doesn’t result in a collision,” he added.

    According to Arya, if the station master fails to change the interlocking point towards a free line, the data logger records it and generates an exception report.

    In two recent cases of train collisions, one in Andhra Pradesh in October 2023 and another one in West Bengal in June 2024, the Commissioner of Railway Safety reports in both cases observed that data loggers report showed that violations of safety norms happened multiple times before the accidents but the concerned senior railway officials of the division failed to take note of it.

    Railways experts say that it is a good move by the Railway Board chairman to ensure monitoring of data logger reports which will help rectify the mistakes before they would result into accidents.

  • Petrol, Diesel To Become Cheaper? Windfall Tax On Crude Petroleum Slashed To Zero | Economy News

    In a move that can ease burden on common man’s pocket in near future, the government on Tuesday slashed windfall tax on domestically produced crude oil to ‘nil’ per tonne with effect from September 18. The reduction could make petrol, diesel cheaper.

    Last week, Petroleum Secretary Pankaj Jain had said that oil marketing companies would consider reducing fuel prices if crude oil prices remain low for an extended period. Now, with the windfall tax coming to zero, the OMCs may consider reducing the petrol, diesel prices.

    The windfall tax, applied as Special Additional Excise Duty (SAED), is revised fortnightly based on average oil prices over the preceding two weeks. The most recent adjustment, effective August 31, set the windfall tax on crude petroleum at ₹1,850 per tonne. The SAED on the export of diesel, petrol, and jet fuel (ATF) remains at ‘nil.’ According to an official notification, the new rates take effect from September 18.

    India first introduced windfall profit taxes on July 1, 2022, joining several other nations that tax the extraordinary profits of energy companies.

  • Govt Launches ‘BHASKAR’ One Stop Digital Platform To Connect Startup Ecosystem | Economy News

    New Delhi: The Union Minister of Commerce and Industry, Piyush Goyal on Monday, unveiled the Bharat Startup Knowledge Access Registry or BHASKAR digital platform for all the stakeholders of the startup ecosystem to connect and collaborate within the landscape.

    The platform is designed to centralise, streamline, and enhance collaboration among key stakeholders within the entrepreneurial ecosystem, including startups, investors, mentors, service providers, and government bodies.

    Part of the Startup India program, the BHASKAR initiative is a platform meant to help key players in the entrepreneurial ecosystem–startups, investors, mentors, service providers, and government agencies–centralize, simplify, and improve their collaboration.

    Launching Bhaskar!

    A one-stop digital platform for all stakeholders in the Startup space to:

    Connect Collaborate & Growth Together pic.twitter.com/rQxqY9uf9M — Piyush Goyal (@PiyushGoyal) September 16, 2024

    The platform offers a one-stop digital platform that tackles the issues faced by investors and entrepreneurs alike in an effort to fully utilize this potential.By serving as a centralized registry, BHASKAR will enable seamless access to a wide array of resources, tools, and Knowledge that will help fuel the entrepreneurial journey from ideation to execution, the Ministry of Commerce & Industry informed.

    The platform will provide startups with immediate access to critical tools and knowledge, enabling faster decision-making and more efficient scaling.The platform will issue a unique BHASKAR ID to ensure personalized interactions with the stakeholders.

    It will also be able to locate relevant resources, collaborators, and opportunities, ensuring faster decision-making and action using the search feature of the platform.

    “The launch of BHASKAR marks a significant step forward in the government’s ongoing efforts to promote innovation, entrepreneurship, and job creation. It will serve as a central hub where startups, investors, service providers, and government bodies can come together to collaborate, exchange ideas, and accelerate growth,” the ministry said in the statement.

    By facilitating easy access to knowledge and resources, BHASKAR will help unlock the full potential of India’s startup ecosystem, driving the country’s emergence as a global leader in entrepreneurship, the ministry added.

    Expressing its hope, the Ministry of Commerce and Industry added that the platform will be pivotal in creating a more resilient, inclusive, and innovation-driven economy, laying the foundation for a prosperous future.As per the official figures of the ministry, there are over 1,46,000 DPIIT-recognised startups functioning in the country, making India one of the world’s most dynamic startup hubs.

  • GST Council Forms GoM To Review Tax Rate On Health, Life Insurance; Report By Oct 30 | Economy News

    New Delhi: The GST Council on Sunday constituted a 13-member Group of Ministers (GoM) to suggest GST rate on premiums of various health and life insurance products and submit its report by October 30.

    Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM. The members of the panel include members from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu and Telangana.

    The 54th GST Council meeting on September 9 decided to set up a GoM to examine and review the present tax structure of GST on life and medical insurance. A final call by the Council on the taxation of insurance premiums is likely to be taken in the next meeting in November based on the GoM report.

    Currently, 18 percent of Goods and Services Tax (GST) is levied on insurance premiums. The Terms of Reference (ToR) of the panel also include suggesting tax rate of health/medical insurance including individual, group, family floater and other medical insurance for various categories like senior citizens, middle class, persons with mental illness. Also, suggest tax rates on life insurance, including term insurance, life insurance with investment plans whether individual or group and re-insurance.

    “The GoM is to submit its report by October 30,” 2024,” said the Office Memorandum issued by the GST Council Secretariat on the Constitution of GoM on Life and Health insurance.

    Some opposition-ruled states, including West Bengal, had demanded complete exemption of GST on health and life insurance premiums, while some other states were in favor of lowering the tax to 5 per cent. Even Transport Minister Nitin Gadkari had in July written to Finance Minister Nirmala Sitharaman on the issue saying “levying GST on life insurance premium amounts to levying tax on the uncertainties of life.”

    In 2023-24, the center and states collected Rs 8,262.94 crore through GST on health insurance premiums, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premiums. Sitharaman in her reply to a discussion on the Finance Bill in the Lok Sabha in August had said that 75 per cent of the GST collected goes to states and the Opposition members should ask their state finance ministers to bring the proposal to the GST Council.

  • 24 Indian startups Raise Over $229 Million In Funding This Week | Economy News

    New Delhi: At least 24 domestic startups secured more than $229 million in funding this week, which included six growth-stage deals worth $182.65 million. The week saw 13 early-stage deals worth $46.14 million. Overall, Bengaluru-based startups led with eight deals, followed by Delhi-NCR, Mumbai, Hyderabad and Kolkata, as per industry data.

    The funding momentum was led by mobile advertising network software InMobi which raised $100 million in a debt funding round, followed by MSME-focused fintech lender FlexiLoans which secured $35 million. While employee healthcare platform Onsurity secured $21 million, spiritual tech startup AppsForBharat raised $18 million.

    Among other fundings, consumer lending platform Moneyview received $4.65 million and HRtech platform HROne $4 million this week. The average funding in the last eight weeks stood at over $331 million with 26 deals per week. E-commerce startups led the funding with 5 deals, followed by fintech, healthtech and cleantech startups.

    Among mergers and acquisitions, Nazara Technologies took a controlling stake in Moonshine Technology, the parent company of PokerBaazi, for Rs 982 crore. The gaming and sports media company acquired 47.7 per cent stake in Moonshine for Rs 832 crore through a secondary transaction and announced to infuse Rs 150 crore in primary capital via compulsory convertible preference shares.

    E-commerce enabler GoKwik acquired Return Prime, a global returns management app. Meanwhile, global venture capital firm Accel announced a pre-seed scaling program where selected startups will receive up to $1 million in funding through equity or convertible note, and access perks worth more than $5 million from Accel’s network partners.

    Last week, the Indian startups secured $348 million across 19 deals. The week was led by ride-sharing platform Rapido which raised $200 million in its Series E funding.

  • Govt To Drive Economic Growth Via Robust Partnerships With States: Piyush Goyal | Economy News

    New Delhi: Union Commerce and Industry Minister Piyush Goyal on Friday reaffirmed the government’s commitment to drive economic growth through robust partnerships with state governments. Chairing the third meeting of the reconstituted Board of Trade here, the minister emphasized that government initiatives are instrumental in guiding India towards a more transparent, efficient, and sustainable trade environment, benefiting the country’s broader economic landscape.

    He also launched the Department of Commerce’s Jan Sunwai Portal, designed to streamline communication between stakeholders and authorities, providing a direct and transparent channel for addressing trade and industry-related issues. The portal offers on-demand video conferencing services, in addition to fixed video conference links for regular, scheduled interactions.

    According to the ministry, the portal’s accessibility extends across various offices and autonomous bodies under the Department of Commerce, such as the DGFT, Coffee Board, Tea Board, Spices Board, Rubber Board, APEDA, MPEDA, ITPO and EIC.

    The minister also held discussions centered around critical initiatives aimed at fostering employment across states and enhancing the role of the Department of Commerce in promoting state-level economic growth.

    The session also featured interactive presentations from the state governments of Uttar Pradesh, Karnataka, Tamil Nadu, Telangana and Madhya Pradesh, showcasing their achievements in export promotion and ease of doing business, interventions, and ongoing state-level initiatives. Ministers from 10 state governments attended the session.

    The minister Goyal also inaugurated ECGC’s new online service portal, alongside a revamped in-house SMILE-ERP system. These innovations mark a significant leap towards paperless processing and faceless service delivery, benefiting both exporters and banks, said the ministry.

    “ECGC’s embrace of digital solutions underscores its unwavering commitment to innovation, operational excellence, and customer satisfaction, ensuring world-class services for Indian exporters,” the ministry noted.

  • What Is PM E-DRIVE? Government To Spend Rs 10,900 Crore In 2 Years For Electric Mobility Push | auto news

    What Is PM E-DRIVE: The Union Cabinet has approved a scheme for promotion of electric mobility in the country. The scheme has an outlay of Rs 10,900 crore over a period of two years. The Cabinet’s approval for ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme’ was based on a proposal from the Ministry of Heavy Industries (MHI). Subsidies or demand incentives worth Rs 3,679 crore would be provided to incentivise e-2Ws, e-3Ws, e-ambulances, e-trucks and other emerging EVs. The scheme will support 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses, a release said.

    The Ministry of Heavy Industries is introducing e-vouchers for EV buyers to avail of demand incentives under the scheme. At the time of purchase of the EV, the scheme portal will generate an Aadhaar authenticated e-Voucher for the buyer. A link to download the e-voucher shall be sent to the registered mobile number of the buyer. This e-voucher will be signed by the buyer and submitted to the dealer to avail of demand incentives under the scheme.

    Thereafter, the e-voucher will also be signed by the dealer and uploaded on the PM E-DRIVE portal. The signed e-voucher shall be sent to the buyer and dealer through an SMS. The signed e-voucher will be essential for auto manufacturers to claim reimbursement of demand incentives under the scheme.

    The scheme allocates Rs 500 crore for the deployment of e-ambulances. This is a new initiative of the government to promote the use of e-ambulance. A sum of Rs 4,391 crore has been provided for the procurement of 14,028 e-buses by public transport agencies.

    The demand aggregation will be done by CESL in the nine cities with more than 40 lakh population, namely Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Surat, Bangalore, Pune, and Hyderabad. Intercity and Interstate e-buses will also be supported in consultation with states.

    While allocating buses to cities/states, first preference shall be given to those number of buses of cities/states, which are being procured after scrapping old buses, through authorized scrapping centers (RVSFs) following the MoRTH Vehicle Scrapping Scheme guidelines.

    The trucks are a major contributor to air pollution. The scheme will promote the deployment of e-trucks in the country. Rs 500 crore has been allocated for incentivizing e-trucks.

    Incentives will be given to those who have a scrapping certificate from MoRTH-approved vehicle scrapping centers (RVSF). The scheme addresses the range anxiety of EV buyers by promoting in a big way the installation of electric vehicle public charging stations (EVPCS).

    These EVPCS shall be installed in the selected cities with high EV penetration and also on selected highways. The scheme proposes the installation of 22,100 fast chargers for e-4 Ws, 1800 fast chargers for e-buses, and 48,400 fast chargers for e-2W/3Ws. The outlay for EV PCS will be Rs 2,000 crore.