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ETtech Evening Briefing, 29 Jan. 2021: Economic Survey 2021 & India’s Startup Economy

Good night, ETtech reader.

In at present’s version, we’re overlaying what India’s Financial Survey 2020-21 has to say in regards to the nation’s startup ecosystem and the way the Covid-19 pandemic and subsequent lockdowns have made India one of many largest gig economy hubs on the earth.

In the meantime, the federal government at present notified the Startup India Seed Fund Scheme.

Right here’s a have a look at the must-read top tech news at present.

1. Eco Survey on Indian startups

The federal government has
recognised 41,061 startups as of December 23, 2020, in line with the Financial Survey 2020-21 tabled in Parliament on Friday.

The story to this point: India at the moment homes the world’s third-largest startup ecosystem, with 38 corporations valued at greater than $1 billion. In 2020, the nation minted 12 unicorns regardless of the financial disruption brought on by the Covid-19 pandemic.

Why it issues: In recent times, the central authorities has taken a number of measures to assist startups—together with simplifying laws, offering revenue tax exemptions and establishing a Rs 10,000 crore fund-of-funds for startups operated by Small Industries Growth Financial institution of India (SIDBI).

On the sixth ET Startup Awards earlier this month, Union Commerce and Industries Minister Piyush Goyal referred to as upon the Indian trade to
set up a Rs 10,000 crore fund for early-stage financing as abroad buyers are selecting up massive stakes in startups.

2. Covid spurs gig financial system

India has turn out to be
one of the largest markets for flexi staffing on the earth because of the wider adoption of e-commerce and on-line retailing, in line with the Financial Survey 2020-21.

Why it issues: The lockdown interval additionally noticed employers trimming employees and fascinating freelancers to scale back overheads. Contracts for gig employees are usually shorter and extra particular to a activity or job and the gig financial system permits for flexibility in employer-employee relationships.

Earlier this month,
ET reported that whereas tech-enabled gig platforms are nonetheless evolving, their enterprise fashions usually pressure corporations to supply employees an unfair deal. This leads to churn, including to the woes of the businesses, that are already grappling with their distinctive issues and are depending on exterior funding.

Additionally Learn:
India Inc is going big on Gig economy

Tweet of the Day

3. Seed fund scheme for startups

The federal government has
approved the Startup India Seed Fund Scheme (SISFS) with a corpus of Rs 945 crore to help startups.

Why it issues: The funds shall be disbursed by chosen incubators throughout India from 2021-25, the Division for Promotion of Trade and Inside Commerce mentioned in a notification. A committee will consider and choose incubators for allotment of seed funds. A Nationwide Seed Fund was first introduced in Union Price range 2020-21 to assist ideation and improvement of early-stage startups.

T&C Apply: The eligible startups shouldn’t have acquired greater than Rs 10 lakh of financial assist underneath another central or state authorities scheme. Nevertheless, this doesn’t embody prize cash from competitions and grand challenges, subsidised working house, founder month-to-month allowance, entry to labs, or entry to prototyping services. One other situation for eligibility is that shareholding by Indian promoters within the startup must be not less than 51% on the time of software to the incubator for the scheme.

As for the eligibility criterion for incubators, they have to be authorized entities, be operational for not less than two years on the date of software to the scheme, have services to seat not less than 25 people and have not less than 5 startups present process incubation bodily. The incubators should even have a full-time chief government officer.

4. ETtech Achieved Offers

■ Buying and selling platform
Robinhood Markets is
raising more than $1 billion from current buyers, having been strained by excessive volumes of buying and selling this week, The New York Instances reported.

Ula, an e-commerce market for small retailers in Indonesia, has
landed $20 million in Series A funding, led by Quona Capital and B Capital Group, with participation from current buyers Lightspeed India and Sequoia Capital India.

Saveo Healthtech, a business-to-business ecommerce market for pharmacies, has
picked up $4 million in seed funding, co-led by Matrix Companions and RTP World, and participation from Incubate Fund and India Quotient.

■ Co-working and versatile workplace house supplier
Encourage Co-Areas has
bagged $4 million seed funding from angel investor Ashish Chandna. The funds shall be utilised to assist the start-up’s enlargement and future plans.

5. For rent: ByteDance India staff

As ByteDance resorted to mass layoffs in India after it was completely banned over safety considerations, rival social media and short-video apps have been
flooded with resumes and job requests.

To the rescue: MX Participant’s TakaTak, ShareChat, Trell, Chingari, Bolo Indya, Mitron and Roposo are among the many many corporations more likely to rent a few of the affected employees.

Why it issues: India was TikTok’s greatest worldwide market earlier than the ban. ByteDance had a big workforce of round 2,000 within the nation. ET on Friday reported that the Chinese language firm is
unlikely to go ahead with its plan to occupy workplace house in Mumbai’s Goregaon suburb as dedicated in July.

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