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

<keyword id="16492024" type="General" weightage="100" keywordseo="Homegrown-EV-charging" source="Orion">Homegrown EV charging</keyword> and <keyword id="16492025" type="General" weightage="20" keywordseo="mobility-solutions-company" source="Orion">mobility solutions company</keyword> <keyword id="14455900" type="General" weightage="20" keywordseo="Magenta-Mobility" source="Orion">Magenta Mobility</keyword> has raised $40 million in its Series B <keyword id="12999336" type="General" weightage="40" keywordseo="funding" source="ETB2B" meta.aliasname="funding" meta.entityname="funding" meta.entityid="7040">funding</keyword> in a mix of equity and debt, the media reported. Backed by <keyword id="16492026" type="General" weightage="20" keywordseo="Microsofts-global-startup" source="Orion">Microsoft's global startup</keyword> programme, the company closed $20 million in equity funding led by two global marquee investors, reports DealStreetAsia. The company raised $20 million in debt in the same round. Magenta is aiming to expand its geographical presence in cities including Hyderabad, Chennai, Delhi and Chandigarh. The company has a fleet of 600 3-wheelers and 4-wheelers across the country and expects to have over 4,000 in fiscal 2023-24, the report said. Last year, the Mumbai-based charging solutions provider announced its collaboration with Amazon <keyword id="13362851" type="General" weightage="40" keywordseo="india" source="ETB2B" meta.aliasname="india" meta.entityname="india" meta.entityid="7017">India</keyword>. Through this partnership, Magenta Mobility works with Amazon India to induct a fleet of <keyword id="12991107" type="General" weightage="40" keywordseo="electric-vehicles" source="ETB2B" meta.aliasname="electric vehicles" meta.entityname="electric vehicles" meta.entityid="7048">electric vehicles</keyword> including two and four-wheeler electric vehicles for its delivery partners in Hyderabad. Magenta Mobility's current list of customers includes all the major e-commerce businesses such as Amazon, Flipkart, Bigbasket, Porter and Udaan. It has a relationship with the electric-vehicle manufacturers such as Tata Motors, Mahindra Electric, Omega Seiki and Euler Motors. Magenta is a Series A funded company backed by HPCL and investors such as JITO Angel Network, LetsVenture, and Indian-American philanthropist, Dr Kiran Patel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/renault-nissan-commits-5300-cr-to-tn-to-introduce-6-new-models-including-evs/articleshow/97867394.cms">Renault-Nissan commits ₹5,300 cr to TN; to introduce 6 new models including EVs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-seeks-12-75-for-cbm-gas-ongc-wants-9-35/articleshow/97867864.cms">Reliance seeks $12.75 for CBM gas, ONGC wants $9.35</a>

EV startup Magenta Mobility raises $40 million in equity and debt

Investments by <keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">private equity</keyword> (PE) and <keyword id="6357097" type="General" weightage="20" keywordseo="venture-capital" source="Orion">venture capital</keyword> (VC) funds to homegrown companies declined to $27.9 billion across 697 transactions this year (as of December 20), compared to $47.62 billion across 1,364 deals in 2022, according to a new report. 2023 saw more money being pulled out from the country by private equity players, with overall exits reaching $19.34 billion from 248 companies, in comparison to 233 exits worth $18.45 billion in 2022, according to data from Venture Intelligence and industry body IVCA. Meanwhile, venture <keyword id="989750" type="General" weightage="20" keywordseo="capital-funding" source="Orion">capital funding</keyword> for <keyword id="6362513" type="General" weightage="20" keywordseo="startups" source="Orion">startups</keyword> declined by 72 per cent this year compared to last year. The new-age companies in the country received $7.5 billion across all stages (as of December 15), compared with $25 billion last year, according to the data. The fall in <keyword id="6357455" type="General" weightage="20" keywordseo="funding" source="Orion">funding</keyword> this year is chiefly attributed to slow late-stage deals (Series D and above), which more than halved to $3.5 billion from $11.70 billion in 2022. The early-stage funding deals slowed down. The number of deals declined to almost half to 414 rounds from 871 rounds in the year-ago period, according to the report. Growth-stage funding rounds dropped to $1.9 billion via 99 deals, compared with $6.84 billion from 230 deals in 2022. Making a dent in India's startup growth story, the country slipped to fourth position in the global ranking among the highest-funded geographies in 2023, as it recorded lowest funding in five years. After grabbing the third spot globally in 2021 as well as in 2022, India ranked fourth behind the US, the UK and China this year, receiving only $7 billion in total funding (till December 5), according to recent data by global market intelligence platform Tracxn. In the third quarter (Q3) this year, India even slipped to fifth position among the highest-funded countries -- behind the US, the UK, China and France.

PE, VC investments in domestic companies drop to $27.9 bn in 2023

Automotive start-up EVTRIC Motors has unveiled its e-delivery scooter in the low-speed category at the EV Expo 2021 that will offer a range of 110 kms on a single charge. Showcased at the event held at Pragati Maidan in New Delhi over the weekend, the scooter can clock a speed of 25 kms per hour. It features 12-inch tubeless tyres and a loading capacity of 150 kg. The three-day event is supported by the <keyword id="11755327" type="UNKNOWN" weightage="20" keywordseo="ministries-of-road-transport">Ministries of Road Transport</keyword> and Highways, and <keyword id="11821460" type="UNKNOWN" weightage="20" keywordseo="micro-small">Micro, Small</keyword>, and Medium Enterprises (<keyword id="6358354" type="UNKNOWN" weightage="20" keywordseo="MSME">MSME</keyword>), along with <keyword id="357266" type="COMPANY" weightage="20" keywordseo="ICAT">ICAT</keyword> (International Centre for Automotive Technology). The scooter can cover a distance of over 110 km on a single charge with two swappable lithium-ion battery options, thus avoiding a need for frequent charging, considering the requirement in the segment. Homegrown automation company <keyword id="11548787" type="UNKNOWN" weightage="20" keywordseo="papl">PAPL</keyword> recently launched EVTRIC Motors to fuel the ongoing electric vehicle revolution in India. "It is a popular opinion that EVs are not at par with the combustion engine products. This myth has been holding back the industry. Apart from this, there is a dearth of localisation factor in most of the products flooding the market," said Manoj Patil, MD and Founder, EVTRIC Motors. "EVTRIC Motors has entered the market with these challenges already addressed. Now customers will enjoy locally manufactured, quality electric two wheelers and experience the difference," he added. The brand also showcased its recently launched products -- EVTRIC AXIS and EVTRIC RIDE -- at the three-day event. In the first phase, the brand will deliver e-scooters across seven cities - Delhi, Gurgaon, <keyword id="2094" type="COMPANY" weightage="20" keywordseo="Pune">Pune</keyword>, Aurangabad, Bengaluru, Tirupati and Hyderabad. SEE ALSO <a href="https://www.businessinsider.in/tech/news/google-is-now-using-chrome-as-another-security-layer-for-account-sign-ins/articleshow/84975356.cms">Google is now using Chrome as an added security layer for account sign-ins</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-glenmark-life-sciences-ipo/articleshow/84978486.cms">Glenmark Life Sciences IPO: How to check allotment status, listing date and more</a> <a href="https://www.businessinsider.in/business/startups/news/freshtohome-and-bluestone-backer-iron-pillar-is-planning-to-bring-assets-worth-1-billion-under-management/articleshow/85161486.cms">FreshtoHome and BlueStone-backer Iron Pillar is planning to bring assets worth $1 billion under management</a>

Homegrown startup EVTRIC’s electric scooter can go up to 110 kilometres on a single charge, company claims

Homegrown Twitter rival <keyword id="3518161" type="General" weightage="100" keywordseo="koo" source="Orion">Koo</keyword> has laid off at least 40 people, mostly from its operations and backend teams, and the micro-blogging platform said on Thursday that it is realigning its workforce aceto the current business requirements". The development was first reported by leading startup news portal Inc42, which said that Koo CEO <keyword id="1063285" type="General" weightage="50" keywordseo="aprameya-radhakrishna" source="Orion">Aprameya Radhakrishna</keyword> is currently abroad, seeking a fresh round of funding. A Koo spokesperson told IANS thatAthe platform is at a phase of rapid growth as it steers digital inclusion for native language speakers. "We recently attained a major milestone of 45 million downloads, growing 10x in the last 2 months. The growth that we are witnessing in our business is reflected in our employee strength of 350+ people strong," said the spokesperson. Koo, which is aiming to reach the 100 million-download mark, said that it continues to "recruit talent especially as far as engineering and machine learning teams are concerned". "Our workforce is streamlined to ensure it is aligned to the current business requirements. As a people-first company, we appreciate the talent and contributions of each of our associates," the spokesperson added. Launched in March 2020, Koo is currently available in 10 languages -- Hindi, Marathi, Gujarati, Punjabi, Kannada, Tamil, Telugu, Assamese, Bengali and English. According to the platform, it has over 45 million downloads and is actively leveraged by 7,000 high-profile people from across the spectrum. In February this year, Koo raised nearly $10 million in two different trances from multiple investors. The investors included Capsier Venture Partner, Ravi Modi Family Trust, <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword>, FBC Venture Partners, Adventz Finance etc, according to regulatory filings. Last year, Koo raised its Series B funding from <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, Accel Partners, and Blume Ventures. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/spicejet-involved-in-another-security-scare-nashik-bound-flight-returns-to-delhi-as-autopilot-system-malfunctions/articleshow/93920402.cms">SpiceJet involved in another security scare – Nashik-bound flight returns to Delhi as autopilot system malfunctions</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/defense/news/tejas-mark-2-project-reportedly-approved-by-the-cabinet-committee-on-security/articleshow/93920034.cms">Tejas Mark-2 project reportedly approved by the Cabinet Committee on Security</a>

Homegrown Twitter rival Koo lays off 40 employees in 'realignment' move

Bengaluru, The overall <keyword id="921765" type="PERSON" weightage="20" keywordseo="India-internet">India Internet</keyword> <keyword id="2185962" type="PERSON" weightage="20" keywordseo="gross-merchandise-value">gross merchandise value</keyword> (GMV) grew to $65 billion in 2020, and is now creating a large impact on the overall economy with almost 4.6% of <keyword id="10640599" type="UNKNOWN" weightage="20" keywordseo="total-private-consumption">total private consumption</keyword> coming from <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> Internet, suggests research from <keyword id="6651735" type="UNKNOWN" weightage="20" keywordseo="homegrown">homegrown</keyword> consulting firm <keyword id="3359665" type="COMPANY" weightage="20" keywordseo="RedSeer">RedSeer</keyword>. "2020 has truly been a landmark year for India's consumer internet economy," said Anil Kumar, Co-founder and CEO of RedSeer. "We expect India Internet to accelerate further in 2021, driven by massive growth in consumer adoption and satisfaction in 2020 across sectors -- with India Internet expected to cross triple digits GMV for the first time in 2021 and eventually become $250 billion scale and 10 per cent of private consumption in 2025." His comments came as RedSeer organised "Ground Zero 4.0" event on Friday where Infosys Co-founder Nandan Nilekani discussed the theme of the event "Scaling Up" and how crucial a strategy it is for startups across all sectors. India's consumer Internet economy showed strong resilience in 2020. The overall gross market transaction value dropped earlier last year due to the pandemic but recovered by the end of the year. The event conducted sessions including a review of the past decade and the year 2020, how to scale retail, healthcare, edtech and how to build homegrown brands for global scale among others. Among homegrown brands, online-first brands gained 30 per cent share of e-commerce which will grow to 45 per cent by 2025, according to RedSeer's research. Direct-to-consumer (D2C) and digitally native brands (DNB) are now driving much of the e-commerce growth in India, it added. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/do-not-panic-when-finance-minister-nirmala-sitharaman-reads-out-the-revised-estimates/articleshow/80400869.cms">Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates</a> <a href="https://www.businessinsider.in/tech/news/youtube-starts-rolling-out-hashtag-landing-pages-heres-how-you-can-use-it/articleshow/80401578.cms">YouTube starts rolling out hashtag landing pages⁠— here’s how you can use it</a> <a href="https://www.businessinsider.in/stock-market/news/heres-how-indians-are-buying-tesla-facebook-and-apple-shares-through-brokerage-startups/articleshow/80403004.cms">Here’s how Indians are buying Tesla, Facebook, and Apple shares through brokerage startups</a>

India Internet GMV hits $65 billion in 2020,says report

<ul><li>Indian startup sector witnesses a rise in job losses, with over 27,000 tech employees affected and numbers increasing.</li><li>Nearly 26,868 employees have been handed over pink slips by 98 startups.</li><li>At least 22 <keyword id="1464841" type="General" weightage="80" keywordseo="edtech" source="Orion">edtech</keyword> startups have slashed 9,781 jobs to date.</li></ul>At least 27,000 tech employees at Indian startups have lost their jobs since the funding winter crept in last year, and the list is only growing. Nearly 26,868 employees have been handed over pink slips by 98 startups, including unicorns led by the edtech majors, according to data by leading startup news portal Inc42. At least 22 edtech startups have slashed 9,781 jobs to date. In the first five months into 2023, more than 8,000 employees lost their jobs in India by nearly 50 startups. Homegrown virtual events platform Airmeet sacked about 30 per cent of its workforce, or at least 75 employees, according to the report. Corporate expense management platform Happay, owned by credit Card bill payment provider CRED, slashed nearly 35 per cent of its workforce as part of a restructuring exercise. Another homegrown edtech startup Teachmint laid off over 70 employees, its second round of job cuts after sacking about 45 workers more than five months ago. <keyword id="12864" type="General" weightage="80" keywordseo="chennai" source="Orion">Chennai</keyword>-based edtech startup Skill-Lync laid off employees as it consolidates operations across Chennai, Bengaluru, and <keyword id="6354552" type="General" weightage="50" keywordseo="hyderabad" source="Orion">Hyderabad</keyword> amid global macroeconomic conditions. The year 2023 has become the worst year for tech employees as nearly 2 lakh tech employees -- from Big Tech firms to startups -- have been sacked to date globally, as companies like <keyword id="399907" type="General" weightage="50" keywordseo="meta" source="Orion">Meta</keyword>, BT, <keyword id="15492" type="General" weightage="50" keywordseo="vodafone" source="Orion">Vodafone</keyword> and many others announced further plans to lay off more employees in coming months. As per the data by layoffs tracking site Layoffs.fyi, 695 tech companies have shown the doors to around 1.98 lakh employees so far this year. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/is-whatsapp-secretly-listening-to-your-private-conversations-heres-how-to-check/articleshow/100155980.cms">Is WhatsApp secretly listening to your private conversations? Here’s how to check</a> <a href="https://www.businessinsider.in/tech/news/google-pixel-6a-vs-pixel-7a-smartphone-comparison-with-price-and-features/articleshow/100177889.cms">Google Pixel 6a vs Pixel 7a: Is Google's latest mid-ranger worth the extra ₹12,000?</a>

You Searched For "homegrown startup" and got 6 results

EV startup Magenta Mobility raises $40 million in equity and debt

IANS

PE, VC investments in domestic companies drop to $27.9 bn in 2023

IANS

Homegrown startup EVTRIC’s electric scooter can go up to 110 kilometres on a single charge, company claims

IANS

Homegrown Twitter rival Koo lays off 40 employees in 'realignment' move

IANS

India Internet GMV hits $65 billion in 2020,says report

IANS

About 27K employees lost jobs at Indian startups to date, over 8K this year

IANS

Popular Keywords

Buying Guides