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New Delhi: <keyword id="20845764" type="General" weightage="100" keywordseo="Indias-startup-ecosystem" source="keywords">India's startup ecosystem</keyword> experienced a surge in <keyword id="19913965" type="General" weightage="20" keywordseo="venture-capital" source="keywords">venture capital</keyword> (VC) funding during the first seven months of 2024, raising a total of USD 6.3 billion through 672 deals. This marks a 42.1 per cent year-on-year (YoY) increase in funding value, despite a modest 1.2 per cent rise in deal volume, according to a report by <keyword id="19910824" type="General" weightage="20" keywordseo="GlobalData" source="keywords" meta.keywordsubtype="org" meta.entityname="GlobalData" meta.hostid="261" meta.entityid="GlobalData">GlobalData</keyword>. The uptick in funding underscores investor confidence in India's <keyword id="21354516" type="General" weightage="20" keywordseo="startup-landscape" source="keywords">startup landscape</keyword>, even as global market conditions remain cautious. An analysis of GlobalData's Deals Database reveals that during the same period in 2023, India saw 664 VC deals with a disclosed funding value of USD 4.4 billion. Aurojyoti Bose, Lead Analyst at GlobalData, commented on the findings and said, "The massive jump in funding value, despite a modest 1.2 per cent growth in deal volume, can be attributed to some of the big-ticket deals announced during the review period. This also proves that even though VC investors remain cautious there is no dearth of money for promising startups." Some of the most notable <keyword id="20948843" type="General" weightage="20" keywordseo="VC-funding" source="keywords">VC funding</keyword> deals in India during January-July 2024 include USD 665 million raised by Zepto, USD 300 million by Meesho, USD 216 million by PharmEasy, USD 150 million by Radiance, USD 148 million by Kogta Financial, and USD 120 million by Rapido. India continues to stand out as a key player in the Asia-Pacific (APAC) region for VC funding, trailing only China. It is also among the top five global markets in terms of both VC deal volume and value. During the January-July 2024 period, India accounted for 7 per cent of the total VC deals announced worldwide, while its share of the disclosed funding value was 4.3 per cent. Bose concluded, "Despite global economic uncertainties, India remains a pivotal market for VC activity, driven by a robust pipeline of promising startups that continue to attract significant capital. This trend reinforces India's position as a critical player in the global venture ecosystem, demonstrating resilience and growth even amid cautious investment sentiment."

First 7 months of FY25 see significant surge in VC funding to India's startups: GlobalData

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<ul class="summary-list"><li>News Corp. has accused AI startup Perplexity of copyright infringement in a new lawsuit.</li><li>Perplexity is eyeing a massive funding round this year, <a target="_blank" href="https://www.wsj.com/tech/ai/ai-startup-perplexity-in-funding-talks-to-more-than-double-valuation-to-8-billion-54d36787?mod=article_inline">The Wall Street Journal had reported</a>.</li></ul>Perplexity, the hot AI startup aiming to compete with Google that has earned the ire of several prominent media organizations, is eyeing a massive funding round — which could mark its fourth raise this year.The AI-fueled search engine is in talks to raise $500 million at an $8 billion valuation, <a target="_blank" href="https://www.wsj.com/tech/ai/ai-startup-perplexity-in-funding-talks-to-more-than-double-valuation-to-8-billion-54d36787">The Wall Street Journal reported on Sunday</a>, a big jump from the company's $3 billion valuation this summer.Perplexity has been raising buckets of cash while it <a target="_blank" class="" href="https://www.businessinsider.com/perplexity-ai-forbes-wired-explained-2024-6">clashes with top publications</a>, which have accused the company of improperly accessing and using their content.On Monday, the Journal and New York Post filed a lawsuit against the company, becoming the <a target="_blank" class="" href="https://www.documentcloud.org/documents/25244804-news-corp-vs-perplexity?responsive=1&amp;title=1">latest to level accusations against Perplexity</a> and highlighting the ongoing tensions as media companies grapple with AI's ascent.Perplexity did not immediately respond to a request for comment from Business Insider.Here's everything you need to know about the company's rise and the allegations it's facing.<h2 id="7d8d5158-6833-4037-a9c1-2f89e8f3d37d">Big-name investors</h2>Perplexity was cofounded in 2022 by Aravind Srinivas, Denis Yarats, Johnny Ho, and Andy Konwinski. Srinivas — a former research scientist at OpenAI — <a target="_blank" href="https://www.businessinsider.com/perplexity-ceo-advice-startup-founders-2024-6">serves as its chief executive</a>.Perplexity is an AI-fueled search engine that monetizes by selling subscriptions; it will soon start selling ads, according to The Journal. The company has annualized revenue of $50 million, according to The Journal, and fields 15 million searches every day.Perplexity has attracted the backing of <a target="_blank" href="https://www.wsj.com/tech/ai/jeff-bezos-bets-on-a-google-challenger-using-ai-to-try-to-upend-internet-search-0859bda6">tech mogul Jeff Bezos</a> as well as multitrillion-dollar chip firm Nvidia.In January, the company raised roughly $74 million at a $520 million valuation; by its next funding round in the spring, the company was valued at $1 billion and later valued at $3 billion after SoftBank's Vision Fund 2 invested.<h2 id="1bef7e0c-8ab9-4b5d-a281-cd01043e47b1">Allegations of 'ripping off' news outlets</h2>Perplexity has clashed in recent months with a <a target="_blank" href="https://www.businessinsider.com/perplexity-ai-forbes-wired-explained-2024-6">number of media organizations</a>, including Forbes and Wired.In June, Forbes' executive editor <a target="_blank" class="" href="https://x.com/JohnPaczkowski/status/1799135156051255799">accused Perplexity</a> of "ripping off" an investigation without proper attribution. Srinivas <a target="_blank" class="" href="https://x.com/AravSrinivas/status/1799159732126794017">said</a> he agreed the sourcing should've been more prominent.That same month, Wired made similar claims in an <a target="_blank" class="" href="https://www.wired.com/story/perplexity-is-a-bullshit-machine/">investigation</a> that found Perplexity summarized certain articles inaccurately and without attribution. It also alleged Perplexity was likely scraping content that websites had intended to be off limits.Perplexity pushed back in a statement to the outlet, though Wired reported that it didn't deny the allegations."The questions from WIRED reflect a deep and fundamental misunderstanding of how Perplexity and the internet work," Srinivas told Wired.<h2 id="037c51ec-2645-47c9-8696-257c1e980b10">Legal trouble from The New York Times and News Corp.</h2>Perplexity has more recently found itself in the legal crosshairs of The New York Times and News Corp.Last week, the Times — which <a target="_blank" class="" href="https://www.businessinsider.com/nyt-sues-open-ai-microsoft-alleging-trained-chatgpt-off-content-2023-12">previously sued OpenAI and Microsoft</a> — sent Perplexity a cease-and-desist letter demanding it stop using Times content in its results, <a target="_blank" class="" href="https://www.reuters.com/technology/artificial-intelligence/nyt-sends-ai-startup-perplexity-cease-desist-notice-over-content-use-wsj-reports-2024-10-15/?utm_source=reddit.com">Reuters reported</a>.The Times alleged that Perplexity was violating copyright laws by using its content to create news summaries, according to Reuters.In a statement to Reuters, Srinivas said: "We are very much interested in working with every single publisher, including The New York Times. We have no interest in being anyone's antagonist here."On Monday, the Journal and New York Post owner News Corp. filed a lawsuit against Perplexity, also alleging copyright infringement."This suit is brought by news publishers who seek redress for Perplexity's brazen scheme to compete for readers while simultaneously freeriding on the valuable content the publishers produce," the lawsuit states.The lawsuit alleges Perplexity built its user base "through theft of a massive volume of copyrighted material" and threatened a "reckoning" for the company in court.While Perplexity has dealt with criticism from media outlets, its rival OpenAI has struck deals with publishers to use their content.In May, OpenAI announced a <a target="_blank" class="" href="https://openai.com/index/news-corp-and-openai-sign-landmark-multi-year-global-partnership/">multi-year deal</a> with News Corp. to give the AI firm access to content from the conglomerate's media properties. That deal came months after OpenAI and Axel Springer <a target="_blank" rel=" nofollow" href="https://www.axelspringer.com/en/ax-press-release/axel-springer-and-openai-partner-to-deepen-beneficial-use-of-ai-in-journalism">unveiled</a> a multi-year content licensing deal that gives ChatGPT access to select content from Axel Springer publications — including Politico, Business Insider, and European properties like BILD and WELT.

What to know about Perplexity, the buzzy — and controversial — AI startup targeting a big funding round

<keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">Startups</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> have high expectations from this year's upcoming <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>. Early-age startups hope for the removal of angel taxes, while <keyword id="20677283" type="General" weightage="20" keywordseo="health-tech-startups" source="keywords">health tech startups</keyword> expect increased <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> for the sector. Startups function as engines of economic growth, playing a crucial role in generating new jobs, ideas, products, and services. As of December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognised 1,17,254 startups. These startups have reportedly created over 12.42 lakh direct jobs, significantly impacting the economy. Eklavya Gupta, CEO and Co-founder of Recur Club, stated, "We are confident that India's business credit landscape is on the brink of a major digital overhaul. FinTechs are at the forefront of this change, deploying innovative technologies and utilising in-depth data analytics to streamline and expand <keyword id="20974354" type="General" weightage="20" keywordseo="credit-access" source="keywords">credit access</keyword>." He added, "While the current allocation of Rs 10,000 crore is an excellent initial step, realising the full capabilities of India's SME and startup ecosystem will necessitate greater investment, especially in credit guarantee schemes." Vinod K Singh, Co-Founder and CTO of Concirrus, expressed his expectations from the budget: "As the Union Budget 2024-25 approaches, we hope the government will address the pressing issue of the 'angel tax.' Eliminating this tax will enhance capital formation and attract vital <keyword id="19895633" type="General" weightage="20" keywordseo="investments" source="keywords">investments</keyword>. Streamlining the duty structure and reducing high tariffs on electronic inputs are also crucial to bolstering the startup ecosystem and driving innovation. Expanding the Fund of Funds and introducing low-interest loans would be beneficial." Rajiv Lamba, co-founder and CEO of AI-enabled customer feedback platform Surveysensum, added, "Just as the government has prioritised financial inclusion, it should now focus on <keyword id="22405441" type="General" weightage="20" keywordseo="technological-inclusion" source="keywords">technological inclusion</keyword> to propel India to the next stage of growth. By training youth in AI, the government can make a strategic investment in the nation's technological future. Given the rapidly evolving job market, a substantial increase of 20 to 25 percent in budget allocation should be considered for AI-based skill development and entrepreneurship." He further emphasised, "Incentivizing investment in <keyword id="20328842" type="General" weightage="20" keywordseo="AI-startups" source="keywords">AI startups</keyword> and R&amp;D initiatives can boost local innovation in the AI space. The last budget introduced a deep tech fund of Rs 1 lakh crore with a 50-year interest-free loan period; the government should now establish a clear and transparent mechanism for access to this fund." Raja S, founder and MD of Hearzap, highlighted the expectations of health tech startups: "Health tech startups are eagerly anticipating increased funding that could usher in transformative advancements. This crucial investment holds the promise of extending cutting-edge healthcare solutions to rural and underserved areas, effectively bridging existing gaps in care. The upcoming budget ensures that every individual in our diverse population, from the youngest to the oldest, can access essential health services, including specialised care." Discussing taxation for startups in India, Vvihan Gulati, Director of Mediagraphics PR, commented, "Removing the angel tax is a highly anticipated move that would benefit early-stage startups and their investors. It would foster a more favourable environment for innovation and growth, allowing startups to attract much-needed capital without the burden of excessive taxation. This change could significantly enhance the ease of doing business and contribute to the overall growth of the startup ecosystem in India." The Union Budget 2024 will be tabled on July 23 by Union Finance Minister Nirmala Sitharaman. With this, she will become the first Finance Minister to deliver seven consecutive budgets, surpassing Morarji Desai. She presented the interim budget on February 1 of this year.

Startups demand angel tax elimination, incentives on investments in upcoming budget

<ul class="summary-list"><li>AI cloud startup Ori is raising up to $80 million in new funding, two sources have told BI.</li><li>Ori offers companies access to Nvidia GPUs, including the H100 and A100, to run AI applications.</li></ul>AI cloud computing startup Ori is in talks to raise up to $80 million in a fresh funding round, two sources told Business Insider.Launched in 2019, the startup builds infrastructure that gives companies access to Nvidia graphics processing units — known as GPUs — to train, deploy, and scale AI applications.The deal is not yet finalized and details relating to round size could still change. Sources spoke to BI on condition of anonymity because details of the deal are still private.According to a leaked deck seen by BI, Ori had about $42 million in annual recurring revenue as of the first quarter of 2024.The UK-headquartered startup had projected to book over $300 million in annual revenue by the fourth quarter of 2024, the leaked deck stated.The startup did not comment on the financing round.Instead, Ori cofounder and CEO Mahdi Yahya told BI that the startup is "deeply committed to growing the AI <a target="_blank" class="" href="https://www.businessinsider.com/sovereign-clouds-explained-data-center-ai-national-security-vultr-2024-10">sovereign cloud</a> in the UK," referring to a type of cloud computing that guarantees data is stored locally and not transferred across borders without authorization. Yahya added: "I was pleased to recently be at 10 Downing Street to discuss UK AI policy. Our plan is to invest nine figures in the UK AI infrastructure over the next 24 months."Ori previously raised $10.4 million in 2021 at a $39 million post-money valuation, per PitchBook.The startup bills itself as a GPU cloud provider, and the H100 and A100 are among the Nvidia chips that it gives companies access to.Startups building the <a target="_blank" class="" href="https://www.businessinsider.com/vcs-whats-hot-whats-not-ai-investing-2024-6">"picks and shovels" of AI </a>— such as the infrastructure layer needed to power the technology — are hot among investors.Ori is among a batch of GPU providers and <a target="_blank" class="" href="https://www.businessinsider.com/pitch-deck-semiconductor-startup-synthara-raises-11-million-2024-6">semiconductor startups</a> that have been in talks to secure funding in 2024. In May, rival AI infrastructure startup CoreWeave <a target="_blank" class="" href="https://www.cnbc.com/2024/05/17/ai-startup-coreweave-raises-7point5-billion-in-debt-blackstone-leads.html">secured $7.5 billion</a> in debt financing from Blackstone just weeks after it secured $1.1 billion in equity funding.

Exclusive: AI cloud startup Ori is in talks to raise up to $80 million in funding, sources say

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