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The <a href="http://www.businessinsider.in/searchresult.cms?query=startup+">startup</a> culture is growing in India as high networth individuals (HNIs) have invested more than Rs 1,200 crore into <a href="http://www.businessinsider.in/searchresult.cms?query=venture+capital+">venture capital</a> funds focused on helping early-stage entrepreneurs. 
 These <keyword id="6362476" type="ORGANIZATION" weightage="60" keywordseo="investments">investments</keyword> have flowed in over the past year into these venture <a href="http://www.businessinsider.in/searchresult.cms?query=capital+funds+">capital funds</a> - <keyword id="2491409" type="ORGANIZATION" weightage="80" keywordseo="Orios-Venture-Partners">Orios Venture Partners</keyword>, Zodius Capital, Your-Nest Angel, Kalaari Capital and Blume Ventures - which have together raised Rs 4,360 crore, data shared by these funds with the Economic Times reveal. 
 
These funds have the mandate to invest in app-makers, <a href="http://www.businessinsider.in/searchresult.cms?query=radio+taxi+">radio taxi</a> companies, food-ordering platforms and <a href="http://www.businessinsider.in/searchresult.cms?query=healthcare+">healthcare</a> aggregators and such Internet businesses and other <keyword id="6362513" type="ORGANIZATION" weightage="100" keywordseo="Startups">startups</keyword>. In some funds, over 50% of the corpus raised has come in from high networth individuals. 
 The trend to invest in startups started with top executives and businessmen. "People who are exposed to various asset classes have now begun seeing value in venture funds," says <keyword id="1768757" type="PERSON" weightage="60" keywordseo="Sunil-Goyal">Sunil Goyal</keyword>, CEO of YourNest Angel Fund. 
 
He said: “Even traditionally wealthy investors are warming up to the idea of investing in startup funds." 
 
These numbers are in line with an ET CXO poll on startup investing published on Monday. Over 60% of the 100-plus CXOs polled by ET said they had already invested a portion of their wealth in startups. Another 25% expressed interest in such investments in the future. 
 
· Low awareness level "The HNI response to startup funds has been pretty good, but awareness level is still low," says Rehan Yar Khan, founder-partner at Orios Venture Partners. These funds, Khan says, are not yet as popular as <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword> or equity funds. 
Orios Venture mobilised close to Rs 150 crore from HNIs in its earlier fund, which closed in August 2014. It is now raising Rs 1,200-crore fund and expects to get Rs 300 crore from rich Indian investors. 
Zodius Capital recently raised over 45% of its Rs 700-crore fund from rich domestic investors. 
 
· Ticket sizes have grown 
Individual ticket sizes have also grown over the past few months with average investment ticket sizes of Rs 10-20 crore. Wealth managers seek larger investments as these funds have a high failure rate. A portfolio of 20 companies may only have 3-4 multi-baggers (yielding returns of over 50 times), the rest being average performers and many turning plain duds. 
 
Wealth managers say funds will have to generate gross returns in excess of 20 per cent to make a meaningful case. "We'll have to wait and see how the first batch of funds delivers in terms of returns. Vintage funds in this segment will set the tone for future investments in startups," said Karthik Reddy, managing partner at Blume Ventures. 
 
 (Image: Indiatimes)

Rich people from around the world have invested more than Rs 1,200 cr in Indian startups

<ul><li><keyword id="6354504" type="General" weightage="20" keywordseo="reliance-jio" source="Orion">Reliance Jio</keyword> has entered into a strategic partnership with <keyword id="9023881" type="General" weightage="100" keywordseo="zupee" source="Orion">Zupee</keyword>.</li><li>Zupee is a skill-based gaming company whose games have over 70 million downloads.</li><li>Zupee recently raised $102 million in Series B funding.</li></ul>Indian telecom operator Reliance <keyword id="2003276" type="General" weightage="80" keywordseo="jio" source="Orion">Jio</keyword> has announced that it has entered into a strategic partnership with Zupee, a skill-based gaming company to integrate the latter’s apps into Jio Platforms. This comes soon after Zupee raised $102 million in a Series B funding round from Nepean Capital, WestCap Group, Tomales Bay Capital, AJ Capital, Matrix Partners India and Orios Venture Partners. The company has so far raised $121 million at a valuation of $600 million. The funds raised by the company will be used to develop new products, improving immersive design experiences, expanding markers, marketing, research, talent acquisition and more. “Jio is the perfect partner for this journey as we look to penetrate the remotest areas of India all the way to the most disadvantaged people to bring them into the fold. This resonates firmly with our idea of the internet of the future which would be open, permissionless, decentralized and limitless,” said <keyword id="399311" type="General" weightage="20" keywordseo="dilsher-singh" source="Orion">Dilsher Singh</keyword>, founder and chief executive officer, Zupee. The Mukesh Ambani-led telco will integrate Zupee’s games into its platform, allowing its users to access the games. The company will also introduce new games in multiple languages to attract users from across the country. Zupee’s games already have over 70 million downloads and access to Jio’s customers will help it boost its user base. “The timing for this partnership could not be better as we are going to be focussing on innovations in Edge Computing, Decentralised Data Networks and Artificial Intelligence creating a truly global platform with the best that India has to offer,” Singh added. SEE ALSO: <a href="https://www.businessinsider.in/business/news/jiomart-taps-whatsapp-to-deliver-groceries-vegetables/articleshow/88299422.cms">JioMart taps WhatsApp to deliver groceries, vegetables</a> <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambani-calls-for-5g-roll-out-in-india-asks-it-to-be-national-priority/articleshow/88160233.cms">Mukesh Ambani calls for 5G roll out in India, asks it to be national priority</a> <a href="https://www.businessinsider.in/tech/news/why-india-must-take-first-step-towards-5g-rollout-this-year/articleshow/88643675.cms">Why India must take first step towards 5G rollout this year</a>

Reliance Jio and Zupee announce strategic partnership, Jio users to get access to games

New Delhi, Dec 30 () Start-up technology-enabled car service provider GoMechanic on Monday said it has raised Rs 105 crore in Series B funding in a round led by Chiratae Ventures and Sequoia Capital.
 Orios Venture Partners was the other investor which participated in the 3rd round of institutional funding, GoMechanic said in a statement.
 The investment will be used to support expansion into 10 more cities by the end of 2020 in its EV thrust, brand promotion and in streamlining spare parts procurement, it added.
 Commenting on the fund raised, GoMechanic Co-Founder Kushal Karwa said, "The money raised will allow us to continue our aggressive geographical expansion besides investment in innovation to keep us ahead of the curve."
 GoMechanic Co-Founder Amit Bhasin said the current fundraise will reinvigorate the company's thrust in providing scalable technology first solutions for the USD 11 billion unorganised automotive repairs and maintenance market.
 Chiratae Ventures Executive-Director Ranjith Menon said, "India is among the largest car manufacturers in the world where bulk of the cars on the road are out of warranty. We are excited to work with the GoMechanic team addressing this huge gap in a technology first manner."
 Commenting on the company's investment in GoMechanic, Sequoia Capital India LLP Vice President Abhishek Mohan said, "In the 12 months since Sequoia India led the Series A, the company has scaled many times on the back of its asset light network of workshops and most importantly built true customer love. Given the massive market potential of USD 5 billion plus, we are excited to see what comes next."
 Earlier this year, GoMechanic had raised Rs 35 crore in a series-A round led by Sequoia Capital and Orios Venture Partners. In 2017, it had raised close to Rs 7 crore from Orios Venture Partners and Kunal Bahl and Rohit Bansal.
 In 2016 the company has raised Rs 2 crore in angel funding from Dhianu Das. GoMechanic offers a platform for multi-brand car service centres. RKL SHW
SHW

GoMechanic raises Rs 105 crore in latest round of funding

<ul><li>TVS Automobile had acquired Mahindra First Choice, which has been rebranded as <keyword id="570702" type="COMPANY" weightage="20" keywordseo="MyTVS">myTVS</keyword>.</li><li>The company offers car maintenance and repair services to retailers, service garages and fleet operators post the purchase.</li><li>myTVS is looking to build a ‘super app’ to offer all car maintenance-related services in one app.</li></ul>myTVS, a subsidiary of <keyword id="190592" type="COMPANY" weightage="20" keywordseo="TVS-Group">TVS Group</keyword>’s digital unit <keyword id="11869400" type="UNKNOWN" weightage="20" keywordseo="ki-mobility-solutions">Ki Mobility Solutions</keyword>, has raised ₹375 crore from a fund managed by Europe-based Exor. The company plans to use this finding to scale its online-to-offline business model and expand its presence across India. myTVS focuses on offering car maintenance and repair services to retailers, service garages and fleet operators post the purchase of vehicles. The company aims to offer its solutions to 3 million customers, 20,000 service garages, 10,000 retailers and fleets in 270 cities across the country. Ki Mobility Solutions was launched by <keyword id="571965" type="ORGANIZATION" weightage="20" keywordseo="TVS-Automobile-Solutions">TVS Automobile Solutions</keyword>, a part of the automotive giant TVS Group, earlier in June. TVS Automobile Solutions also acquired <keyword id="11870270" type="UNKNOWN" weightage="20" keywordseo="mahindra-first-choice-services-limited">Mahindra First Choice Services Limited</keyword> (MFCSL) in November 2020, which has been brought under the Ki Mobility banner and rebranded as myTVS. Mahindra First Choice had a network of 475 franchise partners, 100 distributors in over 350 towns across 27 states and union territories. Ki Mobility Solutions, through myTVS, is now looking to build a ‘super app’ to offer greater access to end-to-end service requirements for its customers. These services would range from mechanical, diagnostics, roadside assistance, insurance and maintenance services. A part of the latest funding would also be used to build its cloud-based digital infrastructure to establish its lead in the after-purchase automotive market in business-to-consumer (B2C) space. Besides this, the company is also looking to launch a spare parts platform that will cater to the currently largely unorganised service garage market. It will allow online ordering of spare parts and delivery through efficient supply chain solutions. "Our end-to-end digital platform provides India’s business entrepreneurs’ an opportunity to grow in a fragmented market and will bring transparency and organised structure into the aftermarket segment,” R. Dinesh, director at TVS Automobile Solutions, said in a statement. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/with-pharmeasy-mobikwik-and-ixigo-all-set-to-hit-the-public-market-orios-plans-to-go-deeper-into-pre-ipo-bets/articleshow/85359703.cms">With PharmEasy, MobiKwik and ixigo all set to hit the public market, Orios plans to go deeper into pre-IPO bets</a> <a href="https://www.businessinsider.in/business/auto/news/tamil-nadu-government-is-upset-about-losing-money-on-luxury-cars/articleshow/85322536.cms">Tamil Nadu government is upset about losing money on luxury cars</a> <a href="https://www.businessinsider.in/business/startups/news/india-now-has-four-edtech-unicorns-byju-unacademy-eruditis-upgrad/articleshow/85300757.cms">From Byju’s to Eruditus — India now has four edtech unicorns, thanks to a $4 billion funds flowing in since 2020</a>

TVS Group’s car maintenance wing myTVS raises ₹375 crore to expand its network across India

<ul><li>SII chairperson Cyrus Poonawalla emphasised that a third booster shot of <keyword id="8904563" type="UNKNOWN" weightage="20" keywordseo="covid-19-vaccine">COVID-19 vaccine</keyword> is a “must” for people with weak immune systems.</li><li>The US government last week approved the third dose of Pfizer-BioNTech and Moderna COVID-19 vaccines for people with weakened immune systems.</li><li>Meanwhile, <keyword id="6366244" type="UNKNOWN" weightage="20" keywordseo="who">WHO</keyword> and SII have confirmed the existence of fake Covishield vials in India and Africa.</li></ul><keyword id="242973" type="ORGANIZATION" weightage="20" keywordseo="Serum-Institute">Serum Institute</keyword> of Indi's (SII) chairperson Cyrus Poonawalla has said that a third shot or a ‘booster dose’ of COVID-19 vaccine is desirable six months after taking the second dose of the vaccine. This is especially a “must” for those with weak immune systems, news agency PTI reported. SII makes India's primary COVID-19 vaccine, locally known as Covishield. Poonawalla also revealed that he, along with 7,000 employees of SII, have already taken the third dose of the COVID-19 vaccine as a precautionary measure. “After six months, the antibodies go down and that is why I have taken the third dose. We have given the third dose to our seven to eight thousand SII employees. For those who have completed the second dose, it is my request to take a booster dose (third dose) after six months,” Poonawalla said. This development comes a week after the government of the United States (US) <a href="https://www.reuters.com/business/healthcare-pharmaceuticals/who-is-eligible-third-covid-19-vaccine-dose-us-2021-08-15/">approved</a> the third/booster shot of Pfizer-BioNTech and Moderna vaccines for people with weakened immune systems. Now, Pfizer and BioNTech have also <a href="https://www.cnbc.com/2021/08/16/covid-vaccine-booster-shot-pfizer-submits-data-to-fda-for-approval.html">submitted</a> preliminary clinical data — evaluating the safety and efficacy of a third shot — to US health authorities to seek authorisation for a third dose of COVID-19 vaccine for all Americans and not just the ones with weakened immune systems. "The data we've seen to date suggest a third dose of our vaccine elicits antibody levels that significantly exceed those seen after the two-dose primary schedule,'' Albert Bourla, Pfizer’s chairperson and chief executive officer, said in a statement. The menace of fake vaccine vials continues Another major issue that has been surrounding the Indian vaccination drive has been the administration or availability of fake COVID-19 vaccines in India. The <keyword id="6356311" type="UNKNOWN" weightage="20" keywordseo="World-Health-Organisation">World Health Organisation</keyword> (WHO) has <a href="https://www.bbc.com/news/world-asia-india-58253488">identified</a> counterfeit versions of Covishield in India and Africa. As per the BBC report, the doses were seized by authorities in India and Africa between July and August. Even vaccine maker <keyword id="95879" type="ORGANIZATION" weightage="20" keywordseo="Serum-Institute-of-India">Serum Institute of India</keyword> has confirmed, to WHO, that the vaccine was fake. Multiple media reports, published in the past months, have also highlighted the existence of a vaccine scam in India under which victims were given saline water in lieu of the COVID-19 vaccine. Health minister of Maharashtra Rajesh Tope also <a href="https://www.indiatoday.in/cities/mumbai/story/mumbai-covid-vaccination-scam-victims-given-saline-water-antibody-test-first-week-july-1820847-2021-06-29">confirmed</a> the scam, and ensured that the victims would undergo antibody tests and will be administered with two doses of Covishield vaccine. Covishield is the local name of Oxford-AstraZeneca's COVID-19 vaccine and has been administered to more than 48.6 crore Indians, as per government data, as of August 17, 2021. SEE ALSO <a href="https://www.businessinsider.in/retail/news/a-third-of-internet-users-would-be-actively-shopping-online-by-the-end-of-this-decade-offline-retail-to-take-a-back-seat/articleshow/85390712.cms">A third of internet users would be actively shopping online by the end of this decade, offline retail to take a back seat</a> <a href="https://www.businessinsider.in/business/startups/news/with-pharmeasy-mobikwik-and-ixigo-all-set-to-hit-the-public-market-orios-plans-to-go-deeper-into-pre-ipo-bets/articleshow/85359703.cms">With PharmEasy, MobiKwik and ixigo all set to hit the public market, Orios plans to go deeper into pre-IPO bets</a> <a href="https://www.businessinsider.in/business/auto/news/tamil-nadu-government-is-upset-about-losing-money-on-luxury-cars/articleshow/85322536.cms">Tamil Nadu government is upset about losing money on luxury cars</a>

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Rich people from around the world have invested more than Rs 1,200 cr in Indian startups

BI India Bureau

Reliance Jio and Zupee announce strategic partnership, Jio users to get access to games

Rounak Jain

GoMechanic raises Rs 105 crore in latest round of funding

PTI

TVS Group’s car maintenance wing myTVS raises ₹375 crore to expand its network across India

Kritti Bhalla

WHO confirms existence of fake Covishield vaccines in India; Serum Institute pushes for a booster shot

Kritti Bhalla

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