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Looks like Indian government's '<keyword id="3003094" type="UNKNOWN" weightage="100" keywordseo="Startup-India">Startup India</keyword>, <keyword id="3086992" type="UNKNOWN" weightage="100" keywordseo="Stand-up-India">Stand Up India</keyword>' programme is getting onto the right track. In a recent development, <keyword id="104385" type="COMPANY" weightage="100" keywordseo="Small-Industries-Development-Bank-of-India">Small Industries Development Bank of India</keyword> (<keyword id="6391656" type="COMPANY" weightage="100" keywordseo="SIDBI">SIDBI</keyword>) has cleared Rs 930 crore from the Rs 2,000-crore fund-of-funds that was launched in August to support venture capital funds. 
 SIDBI's <keyword id="3007722" type="UNKNOWN" weightage="100" keywordseo="India-Aspiration-Fund">India Aspiration Fund</keyword> (<keyword id="6355075" type="ORGANIZATION" weightage="100" keywordseo="IAF">IAF</keyword>) has already screened over 30 venture capital funds since its launch, and sanction letters have been issued to more than half of them. 
 "Proposals from 24 venture capital funds for an aggregate commitment of Rs 930 crore have been cleared in principle by the <keyword id="3181679" type="UNKNOWN" weightage="100" keywordseo="venture-capital-investment-committee">venture capital investment committee</keyword> (<keyword id="2838877" type="UNKNOWN" weightage="100" keywordseo="VCIC">VCIC</keyword>) so far, out of which sanction letters have already been issued to 16 VCFs with an aggregate commitment of Rs 482 crore, where documentation is in progress," SIDBI Chairman and MD Kshatrapati Shivaji told ET. 
 
There are a dozen proposals for a potential commitment of around Rs 500 crore that are lined up for the consideration of Venture Capital Investment Committee (VCIC), which comprises of a panel of experts in various fields who are advising SIDBI in screening the venture funds. 
This panel includes TV Mohandas Pai, chairman of Manipal Global Education Services; Sanjeev Bikchandani, founder of Naukri.com owner InfoEdge; Saurabh Srivastava of Indian Angel Network; Kiran Karnik, former Nasscom chief; Vaidyanathan, IIM-Bangalore; and Harkesh Mittal, programme head of innovation, entrepreneurship and technology commercialisation at the Department of Science and Technology. Two senior SIDBI executives are also included in the panel. 
 
After application, the proposals are put up to an executive committee of the bank's board, which then sanctions these applications. SIDBI has already supported Blume Ventures, Orios, YourNest, Ivy Capital and Infuse Ventures through IAF. 
 
<a href="http://bankersherald.in/wp-content/uploads/2015/06/SIDBI-bank-recuritment.jpg">Image source</a>

SIDBI clears Rs 930 crore to support VC funds

Another <keyword id="1464841" type="General" weightage="80" keywordseo="edtech" source="Orion">edtech</keyword> startup <keyword id="4248184" type="General" weightage="100" keywordseo="udayy" source="Orion">Udayy</keyword>, backed by <keyword id="80004" type="General" weightage="50" keywordseo="info-edge" source="Orion">Info Edge</keyword>, has shut shop, laying off all 100 employees as schools, colleges and physical tuition centres reopen. Udayy's co-founder <keyword id="6553566" type="General" weightage="50" keywordseo="saumya-yadav" source="Orion">Saumya Yadav</keyword> said that the startup was witnessing the post-pandemic world for the first time as "as the kids went back to school, we faced roadblocks in growing the original model of online, live learning". "After a lot of deliberation, we decided that it's better to shut down the business than to spend more time and capital on it,a Yadav said. The development was first reported by startup news coverage portal Entrackr. The startup has paid employees severance packages and helped them find new jobs. "We are returning the remaining capital, around $8.5 million back to our investors," Yadav was quoted as saying in media reports. The live-learning platform catered to students from Grades 1 to 5. The platform raised $2.5 million in a seed funding round led by Alpha Wave Incubation (AWI), managed by <keyword id="4675626" type="General" weightage="50" keywordseo="falcon-edge-capital" source="Orion">Falcon Edge Capital</keyword> and <keyword id="12772224" type="General" weightage="50" keywordseo="infoedge-ventures" source="Orion">InfoEdge Ventures</keyword>. Udayy is the second edtech startup after Lido Learning to completely shut operations. Led by the edtech platforms, over 8,000 start-up employees have been recently hit by layoffs In India. This includes more than 1,000 employees at WhiteHat Jr, over 600 at Unacademy, over 424 at Vedantu and over 150 at Lido Learning. Another edtech firm FrontRow laid off nearly 150 full-time and contractual employees earlier this week. The Bengaluru-based non-academic upskilling startup fired almost 30 per cent of its workforce, owing to fund crunch and the market downturn. Apart from edtech firms, startups that have laid off employees in the past few months include social commerce platforms Trell (more than 300) and Meesho (150), used cars platform Cars24 (More than 600) and digital health platform Mfine (more than 500), among others.

Edtech startup 'Udayy' lays off all 100 employees as schools, and colleges physically reopen

Gurugram-based offline-to-online commerce platform <keyword id="8103952" type="General" weightage="100" keywordseo="dotpe" source="Orion">DotPe</keyword> on Monday said it has raised $58 million in its series B funding round led by Temasek. The platform, which "plans to foray into financial services", currently serves over 7.5 million brands across the country. The funding round saw participation from existing investors PayU, the payments and fintech business of Prosus, and InfoEdge Ventures while Mitsubishi &amp; Naya Capital joined as new investors. "As we keep democratising opportunities for business growth with our omni-channel solutions and making technology more affordable and accessible, we also plan to foray into financial services and further empower merchants with business loans &amp; credit lines to turbocharge their growth," said <keyword id="3204218" type="General" weightage="50" keywordseo="shailaz-nag" source="Orion">Shailaz Nag</keyword>, Co-Founder and CEO, DotPe. Founded in 2020, DotPe's merchant-base has grown over 3 times since launch. In March, DotPe secured $27.5 million (around Rs 200 crore) in Series A funding as <keyword id="6355629" type="General" weightage="50" keywordseo="google" source="Orion">Google</keyword> joined PayU and Info Edge Ventures as investors. "We look forward to empowering more Indian businesses with the benefits of digitization and co-creating a brighter future for the country's merchant community," said <keyword id="15022820" type="General" weightage="50" keywordseo="vijay-agicha" source="Orion">Vijay Agicha</keyword>, Global Head of Strategy and Growth at PayU. Started by ex-PayU Founder <keyword id="25067" type="General" weightage="50" keywordseo="nag" source="Orion">Nag</keyword> with Gyanesh Sharma and Anurag Gupta, DotPe has digitised enterprise as well as small and medium-sized business (SMB) merchants through a "full stack" solution. The company said that on the enterprise side, it has integration with over 10,000 restaurants and food courts, including leading global and domestic food and beverage brands. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/laying-off-200-engineers-to-centralise-operations-clarifies-ola-ld/articleshow/94296026.cms">Laying off 200 engineers to 'centralise' operations, clarifies Ola (Ld)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ev-battery-can-charge-in-three-minutes-a-harvard-backed-company-claimed/articleshow/94295446.cms">Harvard-backed company makes an EV battery that fully charges in three minutes</a>

DotPe raises $58 mn, plans to foray into financial services

Logistics technology platform <keyword id="4178573" type="General" weightage="100" keywordseo="shiprocket" source="Orion">Shiprocket</keyword> on Friday said it has signed a definitive agreement for a $185 million (₹1,380 crore) Series E funding round, co-led by <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword>, <keyword id="12707014" type="General" weightage="20" keywordseo="Temasek-and-Lightrock-India" source="Orion">Temasek and Lightrock India</keyword>. This marks Shiprocket's third round of funding in 2021, bringing the total funds raised to $280 million. Shiprocket focuses on providing Amazon Prime-like shipping experiences for sellers and consumers across India in direct-to-consumer e-commerce. "We are excited about the vast, untapped opportunity that lies in post-purchase technology enablement in the D2C e-commerce space. This fundraise is a validation of the hard work put in by the entire Shiprocket team over the last 4 years," said Saahil Goel, CEO and Co-founder, Shiprocket. New investors, Moore Strategic Ventures and 9unicorns, are also participating in this round, along with existing investors, InfoEdge Ventures and March Capital. Launched in 2017, Shiprocket is the fastest company to become profitable in 24 months while also doubling its ARR (annual run rate) over the last 6 months. Shiprocket said it will deploy fresh funds towards aggressive core product expansion, research and development, talent acquisition, and development of a comprehensive suite of products for retailers. "With the launch of our services in the Kingdom of Saudi Arabia in November 2021, we have also taken the first step towards expanding our footprint in new geographies," said Goel. Shiprocket also provides a technology stack to help retailers integrate their shopping websites on Shopify, Magento, WooCommerce, Zoho and others for workflow, inventory and order management. "Shiprocket plugs a big hole in the e-commerce space by offering customers of direct-to-consumer brands a seamless post checkout experience, including delivery," said <keyword id="476451" type="General" weightage="20" keywordseo="deepinder-goyal" source="Orion">Deepinder Goyal</keyword>, CEO and Co-founder, Zomato. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mapmyindias-grey-market-premium-is-at-900-heres-all-you-need-to-know/slidelist/88200647.cms">MapmyIndia’s grey market premium is at ₹900 — here’s all you need to know about the business</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/ratings-agency-fitch-says-it-considers-chinas-evergrande-to-be-in-default-and-cuts-its-creditworthiness-even-further-into-junk-territory/articleshow/88197893.cms">Ratings agency Fitch says it considers China's Evergrande to be in default, and cuts its creditworthiness even further into 'junk' territory</a>

Logistics startup Shiprocket raises $185 million from Zomato and others

<ul><li>A total of 40 CEOs and businessmen are raising ₹20 billion to build a university named Plaksha. </li><li>The university will be built over 50 acres near Chandigarh. </li><li>The idea behind the university is bringing technological solutions for society ranging from <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">Artificial Intelligence</keyword>, Machine Learning to Robotics. </li></ul>India’s top entrepreneurs and businessmen are pooling their resources to build a technology university aimed at teaching emerging technology, innovation and entrepreneurship. The university, which hopes to become the ‘Stanford of the East,’ is backed by over 40 Indian entrepreneurs and CEOs including Mahindra CEO CP Gurnani, Neeraj Aggarwal, Chairman of Asia Pacific, Boston Consulting Group, Hellion Ventures’ co-founder Ashish Gupta, chairman of Genpact and Clix Capital Pramod Bhasin, Hitesh Oberoi, Infoedge and Naukri.com Managing Director, among others. Together, they are raising <a href="https://www.livemint.com/companies/news/entrepreneurs-group-to-raise-2-000-crore-for-stem-university-1550171308952.html">₹20 billion</a> to build Plaksha – the name given to the university – and have already raised ₹4,000 million. The university will be launched in 2021. The idea for the university started three years ago, when a few IIT alums – today top business leaders – got together and thought of way to encourage India’s booming tech-driven ecosystem, say its founders. “We felt the need to reimagine technology education the way it’s being delivered today and create something that’s truly world-class and cutting edge, and reimagine teaching curriculum research,” Vineet Gupta, Managing Director, Jamboree Education Pvt. Ltd. and Founder and Trustee, Ashoka University, who is one of the investors and founding member of Plaksha, told Business Insider. The university will be built upon 50 acres of land near Chandigarh International Airport, near Indian School of Business, Mohali. In its first phase, the investors have planned to invest ₹3,500 million in capital for a 1,000 student campus. In 10 years, the founders aim for it to become a 8,000-students campus. “We met the Punjab and Haryana government, where the Punjab government was excited about the university. When the idea started it was five-six of us and now we have reached 40, the number will keep growing as it’s a combined philanthropic effort,” said Gupta. The idea behind the university is bringing technological solutions for society, Gupta said, adding they hope its ideas will help solve India’s challenges in areas ranging from food security, environment sustainability, health, education or innovation in manufacturing. “Technology has a huge role to play in advancing solutions for these problems.While the approach of the university will be to look at cutting edge technology in sectors like Artificial Intelligence, Machine Learning, robotics among other, we would like the university to sensitize and deal with solutions focused on India,” said Gupta. The importance of technology and innovation education has been a big theme at almost every other startup meet or discussion at Indian events focused on entrepreneurship. The setting up of this university will lead to more students having an option to learn about entrepreneurship and technology before actually being a part of the game. “Education is a big multiplier…most of us got good education at IITs almost for free and what we are today is because of that quality education. Over the last three decades, the world has changed and it is time for us to come together and create a new model that can be best in the world in terms of teaching, learning, and market worthiness," <a href="https://www.livemint.com/companies/news/entrepreneurs-group-to-raise-2-000-crore-for-stem-university-1550171308952.html">Mint</a> reported citing Hitesh Oberoi, Infoedge and Naukri.com Managing Director. See Also: <a href="https://www.businessinsider.in/after-bengaluru-mumbai-and-delhi-kochi-in-communist-party-led-kerala-wants-to-be-the-next-technology-startup-hub/articleshow/67522805.cms">An Indian state led by a communist party has built the country’s biggest home for technology startups</a> <a href="https://www.businessinsider.in/Indian-startup-founders-are-giving-up-ownership-too-early-and-thats-a-bad-idea/articleshow/67938329.cms">Indian startup founders are giving up ownership too early – and that's a bad idea</a>

Top CEOs from India are raising funds to set up a technology university

TiE, a global network of entrepreneurs and professionals, successfully concluded its first ever, TiE Global Summit. The event showcased success stories and business strategies of entrepreneurs and startups. Delivering on the theme of a ‘Million Entrepreneurs, the TiEGolbal Summit curated a platform for emerging businesses, aspiring entrepreneurs to learn from the leaders in the entrepreneurial space, through its various brain storming chat sessions. The event witnessed over 3000 delegates including business leaders, investors and entrepreneurs and provided a platform to meet and exchange unique ideas while networking. 
 
Rajan Anandan, VP South East Asia &amp; India, Google along with Hitesh Oberoi, MD &amp; CEO, Infoedge India Limited shared his insight on start ups. In his address, Rajan spoke about the need for home-grown startups to focus more on the next set of internet users in India. "Think of the large new businesses you can build once you have 600 million connected users. In line with this, Google's main focus is on getting the next billion users online," he commented. Talking about the overall development of India’s Start-up ecosystem, Rajan stated, “Though we are the third largest start-up base in the world, we are still at a very early stages of building a robust startup ecosystem. We are standing on the first day of the first match of a five match test series I believe! " 
 
Another highlight of the two day conference was the high powered panel discussion anchored by Amitabh Kant, CEO, Niti Aayog along with Ramesh Abhishek, Secretary, DIPP, Saurabh Srivasatava, Chairman Emeritus, TiE Delhi Ncr, Aruna Sundararajan, Secretary, Ministry of Electronics &amp; IT, Govt. of India, Pragya Saksena, Joint Secretary, CBDT and UK Sinha, Chairman SEBI. Talking about the innovation and disruption in new ventures, Amitabh Kant stated, “Innovation is always ahead of regulation. We must have the ability to transform regulations and if we do not do this then India will never be able to grow. Uber is disrupting the world and when disruptions like these take place India must have the capability to understand and modify and change regulations to keep with the innovation." 
 
“If you build differentiators to build a successful venture, all what the western world has created so far will become redundant in India by 2024,” Amitabh Kant said during the discussion. 
 
Commenting on the of the enthusiastic response from entrepreneurs, Industry leaders and policy makers that characterized the TiE Global Summit, Venkatesh Shukla, President, TiE Global said “The first ever TiE Global Summit was aimed at inspiring and educating entrepreneurs as well as providing a platform to connect with angel investors, VCs, corporate executives, policy makers and other members of this growing ecosystem. With an intention to not just inspire a ‘Million Entrepreneurs’ but to encourage them to ‘Think Big and Think Global’, this landmark event was a result of spirited collaboration amongst the 20 chapters of TiE from India, Silicon Valley, Singapore and Dubai. We hope that the success of this inaugural summit will provide a template for the industry for future endeavors.” 
 
TiE Global Summit is one of the largest entrepreneurship forums in India, which is instrumental in creating an exciting and vibrant entrepreneurial ecosystem in the country. The platform acts a pivotal base for startups and investors helping them to build upon their businesses. TiE has always been a hub for accelerators and incubators to come together. It has given entrepreneurs and investors an opportunity to meet and exchange ideas for a better future. 
 
Started in the year 1992 in Silicon Valley by a group of successful entrepreneurs, TiE has completed 25 years of fostering entrepreneurship across the world.

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SIDBI clears Rs 930 crore to support VC funds

BI India Bureau

Edtech startup 'Udayy' lays off all 100 employees as schools, and colleges physically reopen

IANS

DotPe raises $58 mn, plans to foray into financial services

IANS

Logistics startup Shiprocket raises $185 million from Zomato and others

IANS

Top CEOs from India are raising funds to set up a technology university

Sanchita Dash

TiE Global Summit laid out the roadmap for a million entrepreneurs

BI India Bureau

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