Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li><keyword id="6377627" type="UNKNOWN" weightage="20" keywordseo="coinsecure">Coinsecure</keyword>, a <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> exchange with over 200,000 users, claims 438 bitcoins have been siphoned off.</li><li>A case has been registered under the IPC and Section 66 of the IT Act.</li><li>The private keys, which are never supposed to be connected to an online system, were not only online, but were there for over 12 hours. </li></ul> In what is perhaps India’s largest cryptocurrency theft, Coinsecure, a cryptocurrency exchange with over 200,000 users has lodged an FIR with the <keyword id="388221" type="PERSON" weightage="20" keywordseo="cyber-cell">cyber cell</keyword> of the Delhi police. The company claims that nearly 438 bitcoins have been <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/bitcoins-worth-rs-20-crore-stolen-from-exchange-in-indias-biggest-crypto-theft/articleshow/63740771.cms">siphoned off by Amitabh Saxena, its Chief Scientific Officer</a> (CSO) - as declared on the <a href="https://coinsecure.in/">Coinsecure’s website</a>. On Monday, the company’s senior security officer unearthed the theft when he found that all the bitcoins that were stored offline had disappeared. Apparently, the private keys (passwords) that are stored offline had been leaked online. The company’s efforts to trace the hackers was unsuccessful, since all the data logs of the affected wallets had been erased. A case has been registered under the IPC and Section 66 of the IT Act. Since the theft, the company’s website has been shut and the following message been posted: “We regret to inform you that our <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">bitcoin</keyword> funds have been exposed and seem to have been siphoned out to an address that is outside our control. Our system itself has never been compromised or hacked, and the current issue points towards losses caused by an exercise to extract bitcoins to distribute to our customers.” Coinsecure’s founder and CEO <keyword id="2987177" type="PERSON" weightage="20" keywordseo="Mohit-Kalra">Mohit Kalra</keyword> told the <a href="https://timesofindia.indiatimes.com/city/delhi/wallet-hack-exchange-firm-loses-bitcoins-worth-rs-20-crore/articleshow/63738012.cms">Times of India</a> that he suspects someone from within the company is responsible. He said, “Private keys should have never been exported online. It looks like a crime committed intentionally. We have shared our suspicions with the Cyber Cell, and contacted specialists to find out the source of the hack and trace the bitcoins.” He also added that his company would be willing to compensate its customers if the money is not traced. The police have seized the company’s servers and found that the private keys, which are never supposed to be connected to an online system, were not only online, but were there for over 12 hours. The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has been wary of this form of unregulated currency trading. In fact, on April 6th, it banned regulated institutions from dealing with crypto exchanges. The move will be effective in just under three months now. It effectively makes it impossible for users to transfer money from their bank accounts to crypto exchanges and virtually bans the use of crypto currencies in the country.

Delhi-based crypto exchange report theft of over Rs. 200 mn in Bitcoin

<ul><li>The company has also managed to cut down its adjusted net losses to $21.3 million, from $29 million in the same quarter the previous year. </li><li>The company’s total liquidity stood at $174 million as of June 2020 – which will give the company a runway for the next 6-8 quarters. </li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider.</a></li></ul>India’s largest <keyword id="977682" type="PERSON" weightage="20" keywordseo="online-travel">online travel</keyword> aggregator <keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword> earnings results for the April-June quarter show the extent of impact that this pandemic has had on the travel and tourism industry. <keyword id="255878" type="ORGANIZATION" weightage="20" keywordseo="MMT">MMT</keyword>’s revenues have fallen by 95.5% from $141.7 million to $6.3 million. However, the company has also managed to cut down its adjusted net losses to $21.3 million, from $29 million in the same quarter the previous year. But that doesn’t bother the company as much as the weakness of its peers excites it. The management said it is keen on acquisitions, which will help beef up its market share in online travel bookings. <div type="image" title="MMT charts1." msid="77677135" hostid="261"></div> However, it may not come as a surprise for investors as the stock has lost 17% of its value in the last one month. Here’s how the revenue has decreased for the company across segments. MakeMyTrip currently has over 50% market share in all the verticals. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sectors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Decrease in revenue </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Air Ticketing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">91.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hotels and packages </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">98.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bus ticketing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">98.2% </td></tr></tbody></table> Acquisitions on the cards The company had $174 million in cash as of June 2020, which will give the company a runway for the next 6-8 quarters, said Mohit Kabra, Chief Financial Officer of MMT. The company has said that even though it has zero debt, it has opened avenues for additional funds to explore any growth opportunities that might come their way. Analysts too expect MMT to explore acquisition opportunities. “We expect the impact of the COVID-19 outbreak will lead to consolidation in the OTA space given stretched peer balance sheets, which could lead to more than 10 percentage points of market share gain for MMYT (in hotels) over the next three years,” said a recent report by Goldman Sachs. The company has also secured credit and guarantee facilities of approximately $100 million. “Which includes a $70 million facility from an affiliate of our largest shareholder and the balance from a commercial bank in India,” said the company’s statement. MMT’s top management remained hopeful of the quarters to come as they said that travel has seen recovery since July. “We have begun to see early signs of recovery in our domestic travels business. Our first quarter performance reflects the bulk of the impact the lockdown had on our business. During the quarter, we took painful but necessary fixed cost reductions and fully flexed our variable costs to ensure we had ample liquidity to re-emerge stronger from the quarter ,” said <keyword id="6467279" type="UNKNOWN" weightage="20" keywordseo="Deep-Kalra">Deep Kalra</keyword>, Group Chairman of MakeMyTrip. The company is also planning to restore salaries of frontline workers and middle management staff by September, as it hopes the momentum of the business will be assured. CORRECTION: The headline has been updated after the company management reached out to Business Insider. SEE ALSO: <a href="https://www.businessinsider.in/business/news/heres-why-makemytrip-oyo-lemon-tree-and-likes-may-reap-the-most-out-of-the-long-term-recovery-in-hotels/articleshow/77670756.cms">Here's why MakeMyTrip, OYO, Lemon Tree and likes may reap the most out of the long-term recovery in hotels</a> <a href="https://www.businessinsider.in/business/startups/news/this-startups-popular-sleep-internship-with-1-one-lakh-stipend-is-back-netflix-show-indian-matchmaking-face-reader-is-the-intern-selector/articleshow/77673059.cms">This startup’s popular ‘sleep internship’ with ₹1 lakh stipend is back – Netflix show Indian Matchmaking’s face reader is the intern selector</a> <a href="https://www.businessinsider.in/tech/apps/news/google-eyes-indias-sharechat-as-microsoft-goes-after-tiktok-in-the-us-heres-why-it-makes-sense/articleshow/77667345.cms">Google eyes India’s ShareChat as Microsoft goes after TikTok in the US — here’s why it makes sense</a>

Debt-free MakeMyTrip sets aside money for investment opportunities — while its own revenue is down 95%

<ul><li>For the first three months of the year, <keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword> has reported a 15.9% fall in revenue to $137.2 million from $163.3 million in the same quarter the previous year. </li><li>While MakeMyTrip’s numbers for Q4 show the impact of cancellations from February, the real dent will be seen in the current quarter. </li><li>The company has a liquidity of nearly $168 million as on 31st March which will help them survive for two years.</li></ul>India’s leading aggregator MakeMyTrip is hopeful that with domestic <keyword id="6354692" type="UNKNOWN" weightage="20" keywordseo="Travel">travel</keyword> opening up and the possibility of international travel opening after July, the worst is over. Mohit Kabra, Chief Financial Officer of <keyword id="255878" type="ORGANIZATION" weightage="20" keywordseo="MMT">MMT</keyword> during an earnings call said that over the next few quarters they will bring down the losses to the $10 million range before targeting breakeven. For the first three months of the year, MakeMyTrip has reported a 15.9% fall in adjusted revenue to $137.2 million, compared to the same quarter the previous year. The NASDAQ-listed company also posted an adjusted operating loss of $10.3 million. <div type="image" title="MMT losses new." msid="76702827" hostid="261"></div> However, Kabra told analysts that between April and June 2020, the loss balloon to the $20 million range.“The quarterly run rate on fixed cost has been brought down from almost like $45 million/$50 million to less than $30 million. And therefore, we do expect that we will be able to keep the burn into the 20s, if at all, during the first highly impacted quarter,” he said. Kabra added that because of the coronavirus pandemic there has almost been “a reset of the business”. From <a href="https://www.businessinsider.in/business/news/oyo-mahindra-holidays-emirates-and-boeing-agree-people-wont-fly-for-a-while/articleshow/75731204.cms">airline companies to hoteliers</a>, most do not expect an immediate revival in international tourism. In fact, hotel chains like OYO and Mahindra Holidays do not see much air travel even within countries. Instead, they expect people to choose destinations that they can drive to, in order to avoid the risk of infections and quarantine. Stowing cash for times are getting worse While the company has taken several initiatives to cut costs and also cut down on marketing and promotional activities, it still has a long way to go as the future for travel and tourism still looks grim. However, Kabra said that the company has enough in the money in the bank to last two years. <div type="image" title="MMT cash new." msid="76702959" hostid="261"></div> “We believe our liquidity of nearly $168 million as on 31st March, along with the cost optimization initiatives that I've talked about, will provide us a runway of almost two years, even if travel demand is not restored due to unforeseen worsening of the current situation. While a zero revenue scenario is unlikely beyond a quarter or two, we feel it is prudent to be geared up for a longer period given the uncertainty of the pandemic and to be able to survive with the available cash,” said Kabra during the call. During this time, the company’s top management let go of its salary for the entire year. But even then, the company ended up firing 350 employees. SEE ALSO: <a href="https://www.businessinsider.in/india/news/an-indian-covid-19-vaccine-made-by-bharat-biotech-is-set-to-enter-human-trials/articleshow/76702286.cms">An Indian COVID-19 vaccine made by Bharat Biotech is set to enter human trials</a> <a href="https://www.businessinsider.in/business/auto/news/what-to-expect-from-maruti-mm-hero-moto-bajaj-in-june-monthly-auto-sales/articleshow/76702678.cms">Here’s what to expect from Maruti and M&amp;M to Hero Moto and Bajaj in monthly auto sales in June</a>

MakeMyTrip is hoping international flights will start from July⁠— but it is also preparing for many quarters of big losses

<ul><li>The event focuses on Web3, D2C, metaverse, SaaS, in addition to conversations around corporate governance and building resilient businesses.</li><li>The event will include over 50 speakers, over 20 investors and has more than 20 sessions that include keynotes, masterclasses, panel discussions and exclusive lunch table sessions.</li><li>The 2-day event is spread across <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>’s leading sStartup hubs – Delhi-NCR and Bengaluru.</li></ul>Dubbed as India's largest and most definitive startup event for tech entrepreneurs, TiE Delhi-NCR’s India Internet Day (iDay) is all set to commence. The event will be held at two different locations and nation’s leading startup hubs. It is slated for September 1-2 in Bengaluru and Delhi-NCR. The theme for iDay 2022 is ‘Riding the wave: Building Winning Businesses Today’. Over 100 key industry stakeholders, ace investors, unicorn founders will be a part of conversations revolving around building resilient businesses, trends in D2C, Web3, metaverse, SaaS, crypto and beyond. Now in its 11th edition, the iconic India Internet Day has been running successfully for over a decade, curated by key leaders from the Indian startup ecosystem. iDay will showcase best practices, exciting opportunities and defining future trends. Expected attendees include tech pioneers, innovators, ideators, investors, mentors, incubators, accelerators, evangelists and budding entrepreneurs. The conference plays host to in-depth sessions, engaging keynotes by leading founders, investors and market experts of the digital world, in addition to exclusive lunch table sessions. “It has been an honour to co-chair this edition of India Internet Day, which has always been the premier event for tech entrepreneurs. The importance of this platform is even more amplified now, when founders need to learn from one another on how to build enduring, resilient businesses. Like they say - when the going gets tough, the tough get building,” said Mayak Khanduja, partner, elevation capital &amp; co-chair, India Internet Day. The exceptional line up for the event includes institution builders, leading tech entrepreneurs, nation’s best investors and policy makers including Deepak Bagla, Invest India; Mayank Khanduja, Elevation Capital; Rajan Anandan, Sequoia India &amp; SEA; Deep Kalra, MakeMyTrip; Mohit Bhatnagar, Sequoia India; Mukul Arora, Elevation Capital; Kiran Vasireddy, Kalaari Capital; Ashwini Asokan, Vue.ai, Blox.ai; Upasana Taku, Mobikwik; Ravi Chhabria, NetApp India; Gaurav Gupta, Squareboat; Ashish Hemrajani, BookMyShow; Ashish Singhal, CoinSwitch; Vidit Aatrey, founder &amp; CEO, Meesho &amp; many more. “Over the past decade, India Internet Day has emerged as a leading platform showcasing India’s internet growth story. After a resounding debut in 2012, it has grown from being relevant to being indispensable for stakeholders across the ecosystem. iDay hosts the entire gamut of the internet mobile industry in India like no other forum,” said Geetika Dayal, executive director, TiE Delhi-NCR. “This year iDay focuses on building robust, resilient &amp; future ready companies which can survive &amp; succeed in the midst of headwinds. We are happy to bring iDay to Bengaluru in collaboration with TiE Bangalore this year,” added Dayal. The conference is supported by <keyword id="3003094" type="General" weightage="50" keywordseo="startup-india" source="Orion">Startup India</keyword>, Elevation Capital, Sequoia Capital, Microsoft, AWS, Squareboat, Netapp Excellarator, Kalaari Capital, Client Associates, Google Cloud, Kalaari and NTT Data-TiE Pune. As a commitment towards being a responsible organization TiE Delhi-NCR is continuing to build on its initiatives to adopt sustainability and make its events truly sustainable. As a first formal step towards being carbon neutral, it is tracking its carbon emissions for the India Internet Day and adopting steps to reduce emissions, waste generated and water wastage. India Internet Day 2022 is going to officially be a carbon neutral event. All the emissions offset undertaken, shall be published for public knowledge, post third party validation. About TiE Delhi-NCR’s India Internet Day From its inception #iDay has set out to be a leadership conference that looks to set conversations around vision 2025 for the industry. It’s one of India’s most exciting gatherings of the internet community designed to deliver powerful content and showcase the possibilities, which the internet holds for the present and the future. The conference sees participation from all major and relevant technology companies from across the country. India Internet Day 2020 co-chairs include – Mayank Khanduja &amp; Ashwini Asokan along with the team Abhishek Gupta, Alok Mittal, Arvind Jha, Deep Kalra, Dev Khare, Gautam Gandhi, Karan Mohla, Latika Pai, Miten Sampat, Prasanto K Roy, Rajan Anandan, Rajat Garg, <keyword id="262068" type="General" weightage="50" keywordseo="rajesh-sawhney" source="Orion">Rajesh Sawhney</keyword>, Ravi Gururaj, <keyword id="8713499" type="General" weightage="50" keywordseo="shereen-bhan" source="Orion">Shereen Bhan</keyword>, <keyword id="3380503" type="General" weightage="50" keywordseo="suchita-salwan" source="Orion">Suchita Salwan</keyword> and Vani Kola – who are the torchbearers who put together the conference that has emerged as the voice of India’s internet industry. About TiE Delhi-NCR TiE Delhi-NCR is among the most active and vibrant chapters across the vast TiE network. In the last two decades, it has continuously taken the lead in creating an increasingly positive ecosystem for entrepreneurs and investors. With a strong mentor support base, marquee events and focused workshops throughout the year it has emerged as one of the most valuable platforms supporting entrepreneurship, nationally. TiE Delhi-NCR conducts a wide range of programmes to help entrepreneurs. These include TiEcon, Startup Expo, TiE Institute, TiE Young Entrepreneurs along with Special Interest Groups (SIGs) across sectors.

India’s largest event for tech entrepreneurs, TiE Delhi-NCR’s India InternetDay - now connects two startup hubs

<ul><li><keyword id="46718" type="General" weightage="20" keywordseo="iday" source="Orion">iDay</keyword> is dubbed as India's Largest &amp; most Definitive Startup Event for Tech Entrepreneurs featuring Global Icons, Unicorn Founders &amp; Leading Investors</li><li>Focuses on Tech trends including Fintech, Crypto SaaS for SMEs, Gig Economy, Capital Markets, Healthcare, Hybrid education &amp; More</li><li>Spread across 2 Days | 100+Speakers |50+ Sessions | Unicorn Roundtables, Workshops, Masterclasses &amp; Engaging Sessions</li></ul>With a huge number of companies witnessing accelerated scale, despite uncertain times, <keyword id="502904" type="General" weightage="20" keywordseo="tie-delhi-ncr" source="Orion">TiE Delhi-NCR</keyword> is organising the 10th edition of <keyword id="4390638" type="General" weightage="20" keywordseo="India-internet-day" source="Orion">India Internet Day</keyword> (iDay) in virtual format, with the theme ‘Digital India: Escape Velocity. With a Focus on Tech trends including Fintech, Crypto SaaS for SMEs, Gig Economy, Capital markets, Healthcare, Hybrid education &amp; more, it will span over 2 days 23rd &amp; 24th September. The conference plays host to in-depth sessions &amp; keynotes by leading founders &amp; investors from India and around the World. Speaking about the event, Karan Mohla, Co- Chair for iDay 2021 &amp; Partner, Chiratae Ventures said – “As India leapfrogs to being a tech enabled economy, India Internet Day 2021 rings in with the theme - Digital India: Escape Velocity. The year 2021 has been a defining one for the Indian startup ecosystem in more ways than one — record amount of fund inflow, creation of new unicorns, companies going public, and a new benchmark in terms of mergers &amp; acquisitions. This reflects the strength of the Indian start-ups. Through iDay this year we are putting a spotlight on the learning, insights &amp; trends which have in last 18 months, seem to have lent ESCAPE VELOCITY to the entire startup ecosystem.” Business Insider is the media partner for TiE's ‘Digital India: Escape Velocity' event. The Stellar line up at the event includes Global Speakers, Leading Entrepreneurs, Investors, Influencers, Startups, Tech Innovators likeRuchir Sharma, Morgan Stanley | Monish Darda, Icertis | Surojit Chatterjee, Coinbase | Jeff Maggioncalda, Coursera |John T Chambers, JC2 Ventures |Kanwaljit Singh, Fireside Ventures |Balaji S. Srinivasan, Angel Investor &amp; Entrepreneur, | Byju Raveendran, Founder &amp; CEO- Byju’s |Kunal Bahl, Co-founder &amp; CEO – Snapdeal|Kushal Bhagia, CEO – firstcheque | Rajan Anandan, Sequoia India &amp; Surge | Kumara Raghavan, Amazon Internet Services |Bikram Singh Bedi, Google Cloud | Lathika Pai, Microsoft |Vani Kola, Managing Director – Kalaari Capital | Supria Dhanda, Western Digital. “India Internet Day is curated &amp; led by a team of serial entrepreneurs &amp; investors. It has become a leading platform to catch the makers and leaders of the India Internet Growth story. Over the years, tech entrepreneurs have hugely gained from the conference. This year we put a spotlight on how technology &amp; resilience have shown the way through the worst crisis of our times. 40% of Indian unicorns have been added in 2021 &amp; this augurs well for the startup ecosystem. With engaging conversations at #iDay in form of Keynotes, Fireside Chats, AMAs. Masterclasses, Panel Discussions, Unicorn Roundtables, we wish to continue to foster entrepreneurship.” said Geetika Dayal, Executive Director, TiE Delhi-NCR The Conference was supported by Startup India, Google, Western Digital, Sequoia Capital, Morgan Stanley, Coinbase, Microsoft, AWS, Icertis, Kalaari and Avendus. About TiE Delhi-NCR’s India Internet Day From its inception #iDay has set out to be a leadership conference that looks to set conversations around vision 2025 for the industry. After a resounding debut in 2012, it has grown from being relevant to being indispensable for stakeholders across the ecosystem. #iDay hosts the entire gamut of internet mobile industry in India like no other forum. India Internet Day 2020 Co-Chairs – Lathika Pai &amp; Mohit Bhatnagar along with the team Abhishek Gupta, Alok Mittal, Arvind Jha, Deep Kalra, Dev Khare, Gautam Gandhi, Karan Mohla, Latika Pai, Miten Sampat, Prasanto K Roy, Rajan Anandan, Rajat Garg, Rajesh Sawhney, Ravi Gururaj and Vani Kola are the torchbearers who put together the conference that has emerged as the only voice of India’s internet industry. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/airtel-rights-issue-details-record-date-issue-price-and-more/articleshow/86446419.cms">Airtel rights issue worth ₹21,000 crore opens next month – record date, price, ratio and everything else you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/freshworks-ipo-500-crorepatis-12-billion-market-cap-and-more-that-emerged-from-indias-first-saas-listing-at-nasdaq/articleshow/86445614.cms">Freshworks IPO — 500 crorepatis, $12 billion market cap and more that emerged from India’s first SaaS listing at Nasdaq</a> <a href="https://www.businessinsider.in/business/corporates/news/zee-sony-merger-heres-what-sony-is-really-getting-from-zee-entertainment/articleshow/86420990.cms">Zee-Sony merger: Here’s what Sony is really getting from Zee Entertainment</a>

TiE Delhi-NCR kickstarts the 10th Edition of India Internet Day themed Digital India: Escape Velocity

<ul><li><keyword id="270604" type="ENTERTAINMENT" weightage="20" keywordseo="Sequoia">Sequoia</keyword> India, <keyword id="65520" type="COMPANY" weightage="20" keywordseo="matrix">Matrix</keyword> Partners, <keyword id="161314" type="COMPANY" weightage="20" keywordseo="SAIF-Partners">SAIF Partners</keyword>, Lightspeed Ventures, Kalaari Capital, <keyword id="733500" type="ORGANIZATION" weightage="20" keywordseo="Accel">Accel</keyword>, Chiratae Ventures, Omidyar Network and Nexus Partners along with several startup founders launched a ₹100 crore grant.</li><li>The grant is purely charitable with no financial interest from investors.</li><li>Founders like Vijay Shekhar Sharma of Paytm, Ritesh Agarwal of OYO, Abhiraj Bahl of Urban Company, Deep Kalra from MakeMyTrip, have contributed to the fund.</li></ul>On Tuesday evening (March 31), India’s top VCs published an extensive note for startup founders to follow during the Covid-19 crisis. But like Mohit Bhatnagar, Managing Director, Sequoia India said during a conference call with reporters, “In terms like these, words are cheap and action is right.” Investors swiftly sprung to action. They have now launched Action COVID -19 Team (ACT). Sequoia India, Matrix Partners, SAIF Partners, Lightspeed Ventures, Kalaari Capital, Accel, Chiratae Ventures, Omidyar Network and Nexus Partners along with several startup founders, launched a ₹100 crore grant to fund ideas that will lead the fight against the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> pandemic. The grant is purely charitable with no financial interest from investors. It is also subject to tax exemptions of upto 50% under section 80G. Ideas in the following areas will be eligible for the grant ● Prevention of Covid-19 spread ● Scaling Testing ● Disease management at home ● Enhanced support for healthcare workers &amp; hospitals ● Management of critically-ill patients ● Support for mental health The initial grants will be for ₹10 lakh but once the startup can prove a product-market fit, the investors will double down on the grant which can go up to ₹10 crore per idea. The grant already received over 40 proposals. So far, the VCs committed ₹2.5 crore to startups like IVR project, MyLab and Ventilator Splitter. Founders like Vijay Shekhar Sharma of Paytm, Ritesh Agarwal of OYO, Abhiraj Bahl of Urban Company, Deep Kalra from MakeMyTrip, have contributed to the fund. The first ₹100 crore will be deployed over the next two months, the team which will be evaluating these grants will also include healthcare experts. The eligibility of the grant is not limited to startups but any organization which can be a force multiplier in the fight against coronavirus – even a volunteer group that has an idea. “Strong execution teams, which have the DNA for technology and ideas that are capital efficient and force multipliers, that can leverage the existing startup ecosystem,” said Prashant Prakash, partner at Accel during the call. They also collaborated with the Bengaluru-based chapter of ‘United Way’, a global non-profit organization, to help coordinate the project and grant activities. It is an ISO-certified, FCRA and 80-G compliant organization. “Every crisis in the past has redefined the world, so the hope is that we come out stronger,” said Avnish Bajaj of Matrix Partners. See Also: <a href="https://www.businessinsider.in/business/startups/news/indias-top-vcs-publish-best-practices-for-startups-to-ride-the-covid-19-crisis/articleshow/74924050.cms">India's top VCs publish ‘best practices’ for startups to tide over the Covid-19 crisis</a> <a href="https://www.businessinsider.in/business/startups/news/startup-funding-could-halt-valuations-to-take-a-hit-and-business-models-have-to-be-pivoted-say-investors/articleshow/74910779.cms">Startup funding could halt, valuations to take a hit and business models have to be pivoted say investors</a>

India’s top VCs set-up ₹100 crore grant to fund ideas to fight Covid-19

New Delhi, Jan 9 () Unfazed by projections of GDP growth slowing to an 11-year low in the current fiscal, Prime Minister Narendra Modi on Thursday said fundamentals of the Indian economy are strong and it has the capacity to bounce back.
 Modi, who seems to have taken charge of the efforts to revive the economy, has over the past few days held as many as 12 brainstorming meetings with different stakeholders over various issues affecting the economy and to thrash out appropriate policy interventions in the upcoming Budget.
 On Thursday, he met economists, private equity and venture capitalists, business leaders and agri experts at Niti Aayog and called for focussed efforts from all stakeholders to achieve the target of nearly doubling the size of the Indian economy to USD 5 trillion by 2024.
 "We must all work together and start to think like a nation," an official press statement quoted him as saying at the meeting.
 Modi has been devoting a considerable amount of time in personally overseeing the policy matrix aimed at engineering a quick turnaround of the Indian economy, which is estimated to grow at 5 per cent in 2019-20, significantly lower than 6.8 per cent growth rate last fiscal and the lowest pace of GDP growth for a full financial year since the global financial crisis in 2008-09.
 At the pre-Budget meeting at Niti Aayog, Modi called for a focussed effort from all stakeholders in order to achieve the target of USD 5 trillion economy, the statement said.
 The prime minister said he was happy that the two-hour open discussion has brought to the forefront the experience of people on the ground and those working in their respective fields.
 This, he said, would enhance the synergy between policymakers and various stakeholders.
 The idea of USD 5 trillion economy is not a sudden development and is based on a deep understanding of the strengths of the country.
 "The strong absorbent capacity of the Indian economy shows the strength of basic fundamentals of the Indian economy and its capacity to bounce back," he said adding sectors like tourism, urban development, infrastructure, and agri-based industry have a great potential to taking forward the economy and for employment generation.
 He said open discussions and brainstorming in such forums lead to a healthy debate and understanding of the issues.
 This would also foster a positive mood and "can do" spirit in the society, he said.
 According to sources, the participants urged the government to focus on credit expansion, exports growth, governance of Public Sector Banks (PSBs), increasing consumption and job creation. As many as 40 experts and economists attended the meeting.
 Modi assured them that he would act on suggestions that can be implemented in the short-term and also consider long-term suggestions in due course as these require structural reforms.
 In a tweet, Niti Aayog Vice Chairman Rajiv Kumar said the meeting "discussed a wide range of issues relating to economic growth, startups &amp; innovation."
 The high-profile meeting was attended by Home Minister Amit Shah, Road Transport and Highways Minister Nitin Gadkari, Commerce and Industry Minister Piyush Goyal besides Niti Aayog Vice Chairman Rajiv Kumar, CEO Amitabh Kant and other senior officials of the think-tank.
 Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister, too was present at the meeting.
 Finance Minister Nirmala Sitharaman was not present, as she was holding pre-Budget meetings with party workers at BJP headquarters.
 The Niti Aayog meeting assumes significance as the government is in the process of formulating Budget proposals for 2020-21. The government's focus will be on accelerating economic growth, which is estimated to slip to an 11-year low of 5 per cent during 2019-20.
 The prime minister on Monday interacted with top business tycoons to discuss the issues facing the economy and measures needed to boost growth and create jobs.
 Among others, the Niti Aayog meeting was attended by NIPFP economist Ila Patnaik, former chief economic advisor Shankar Acharya, IGIDR Professor R Nagraj, KKR India CEO Sanjay Nayar, Ather Energy Co-founder and CEO Tarun Mehta, MakeMyTrip CEO Deep Kalra, Dabur India chief Mohit Malhotra, Bandhan Bank MD and CEO Chandra Shekhar Ghosh and CRISIL MD and CEO Ashu Suyash.
 Sitharaman will be presenting her second Union Budget on February 1.
 A key factor driving the sharp slowdown in Indian economy is the manufacturing sector slump.
 In response to the slowdown, the Reserve Bank has eased policy rates significantly during 2019, with a series of rate cuts since February 2019, while the government announced a large reduction in corporate tax rates in September in order to help boost new investment spending.
 The February 1 Budget is widely expected to unveil more measures to boost growth. BKS CS ANZ ANU

PM Modi says fundamentals of Indian economy strong, has capacity to bounce back

Even though the trend of <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> is on the downhill, they are still the best place to start your career, say experts. In fact, after having faced <a href="http://www.businessinsider.in/bi-investigation-is-capital-dumping-killing-indian-startups/articleshow/57126105.cms">cash crunch</a> because of <keyword id="6359051" type="COMPANY" weightage="20" keywordseo="investors">investors</keyword> tightening their moneybags, startups are now all the way more careful in choosing their staff, making their hiring process suitable only for the best. 
 
"Potential recruits are asking us the same questions as investors. The people who are applying now are much smarter," Mohit Gundecha, founder of talent assessment startup Jombay, told ET. 
 
Even as startups have been on a <a href="http://www.businessinsider.in/snapdeal-has-started-down-sizing-600-employees-have-already-been-fired/articleshow/57343065.cms">firing spree</a> in the recent past, there is still hope left for real talent. As per <keyword id="6355127" type="ORGANIZATION" weightage="20" keywordseo="employment">employment</keyword> experts and startup veterans, the dark days of pink slips are just a phase, which would eventually help startups retain the best of their manpower. 
 
Also read: <a href="http://www.businessinsider.in/bi-investigation-business-models-akin-to-amazon-and-ubers-arent-working-for-indian-startups/articleshow/57287190.cms">BI Investigation: Business models akin to Amazon and Uber’s aren’t working for Indian startups</a> 
 
As per PwC’s Abhishek Goenka, the startup story is still going strong PwC is keeping an eye on the startups that are promising enough to enter the unicorn club in the future. 
 
"We are betting big on startups and it makes sense for talent to join startups - it still looks good on your CV," Goenka said. 
 
Also read: <a href="http://www.businessinsider.in/budget-2017-china-is-still-far-ahead-of-india-when-it-comes-to-startups/articleshow/56628904.cms">China is still far ahead of India when it comes to Startups</a> 
 
Deep Kalra, CEO of MakeMyTrip group, gives his two cents: "Of course, jobseekers, while evaluating startups as potential workplaces, must evaluate the company, its values, financial situation etc., but this temporary phase must not deter them from deciding to work in a startup," he said. 
 
Also read: <a href="http://www.businessinsider.in/A-study-reveals-India-is-worlds-third-biggest-tech-startup-hub/articleshow/53794744.cms">A Study reveals India is World's Third Biggest Tech Startup Hub</a> 
 
Another good thing that his sad phase has brought to the startups is that now, only those who are serious to make a career in startups are applying for jobs now, unlike earlier when it had almost became a trend to join startups. 
 While investors have in the past refused <keyword id="6357455" type="EVENT" weightage="20" keywordseo="Funding">funding</keyword>, they still have not lost all hopes when it comes to startups. 
 
Also read: <a href="http://www.businessinsider.in/retail/e-commerce/as-valuations-decline-indianstart-ups-now-planning-to-get-listed-on-american-exchange/articleshow/56967926.cms">As valuations decline, Indian start ups now planning to get listed on American exchange</a> 
 
Talking of the recent trend, while it’s true that there have been thousands of layoffs in the startup sector, it’s nothing in comparison to the <a href="http://www.businessinsider.in/Jobs-in-India-hits-3-5yr-high-Telecom-and-Financial-sector-hiring-to-touch-new-highs/articleshow/55241165.cms">millions of jobs</a> that startups have created. 
 
(Image Source: KnowStartup)

You Searched For "Mohit Kalra" and got 9 results

Delhi-based crypto exchange report theft of over Rs. 200 mn in Bitcoin

Kavita Majumdar

Debt-free MakeMyTrip sets aside money for investment opportunities — while its own revenue is down 95%

Sanchita Dash

MakeMyTrip is hoping international flights will start from July⁠— but it is also preparing for many quarters of big losses

Sanchita Dash

India’s largest event for tech entrepreneurs, TiE Delhi-NCR’s India InternetDay - now connects two startup hubs

BI India Partner

TiE Delhi-NCR kickstarts the 10th Edition of India Internet Day themed Digital India: Escape Velocity

BI India Partner

India’s top VCs set-up ₹100 crore grant to fund ideas to fight Covid-19

Sanchita Dash

PM Modi says fundamentals of Indian economy strong, has capacity to bounce back

PTI

Yes startups have slowed down, but you should still start your career there

BI India Bureau

2020 IPL auction will see these 332 players trying their luck under the hammer

BI India Bureau

Popular Keywords

Buying Guides