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New Delhi, Mar 17 () Business accounting app Khatabook on Tuesday announced that cricketer Mahendra Singh Dhoni has invested in the company, and has become its brand ambassador. Khatabook is aiming to onboard another 2 crore merchants over the next 12 months. The firm plans to use proceeds from the latest equity investment to expand its product portfolio and double down on its technology and capabilities. "Having grown up in small-town India, I saw friends and family struggle with outdated modes of doing business and tracking finances. Khatabook has had an outsized impact on the lives of India's small merchants and retailers," Dhoni said. * * * * *Fintech firm Fintso raises $2.6 mn in maiden round of funding* Fintech start up Fintso on Tuesday announced raising USD 2.6 million from a set of individual angel investors including top officials of Mankind, Einfochips and Deutsche Bank. "Fintso, a 3-month-old fintech startup, founded by Wealth Management industry veterans, George Mitra and Rajan Pathak, has raised USD 2.6 milliom from a set of individual Angel investors. Investors include Rajeev Juneja (CEO of Mankind Pharma), Pratul Shroff (Founder of Infochips) and Dilip Khandelwal (MD and Head of Technology, Asia Pacific, Deutsche Bank)," the company said in a statement.Fintso said it will use the capital to develop platform to help independent financial advisors and mutual fund distributors to nurture client relationships, enable seamless operations, and help them enhance productivity. PRS SHWSHW

MS Dhoni invests in biz accounting app Khatabook

<ul><li>These <keyword id="10993707" type="General" weightage="20" keywordseo="Ecommerce-startups" source="Orion">ecommerce startups</keyword> have raised over $135 million since August 2021.</li><li><keyword id="7598194" type="General" weightage="20" keywordseo="khatabook" source="Orion">Khatabook</keyword> alone has raised $100 million in the last one month.</li><li>India is home to 60 million small and medium businesses (SMBs).</li></ul>It was the year 2019, when India’s richest man Mukesh Ambani declared that he would connect 13 million kirana stores —the Indian word for mom and pop stores — with his tech platform JioPlatforms. Amazon and Flipkart have been on hot pursuit of these neighbourhood stores for at least half a decade. However, for quite some time before that, a bunch of young startups like <keyword id="1249046" type="General" weightage="20" keywordseo="dukaan" source="Orion">Dukaan</keyword> and Khatabook have been preparing the ground for these big tech giants to make a big splash. These enablers are getting their due from venture capitalists (VCs) now. These <keyword id="436047" type="General" weightage="20" keywordseo="ecommerce" source="Orion">ecommerce</keyword> startups have raised over $135 million since August 2021. Key deals include: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Company </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;">Launched In </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;">What does it do? </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;">Recent Funding </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;">Investors </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;">Merchants </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;">Khatabook </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;">2017 </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;">Originally a bookkeeping app. Ventured into the ecommerce enablement space in 2020 with MyStore. </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;">$100 million </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;">Tribe Capital, Moore Strategic Ventures (MSV), Alkeon Capital </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;">10 million monthly active users </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;">Dukaan </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;">2020` </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;">Enables kirana stores to set up their online store </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;">$11 million </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;">640 Oxford Ventures, OYO’s Ritesh Agarwal and Nothing CEO Carl Pei </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;">3.5 million </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;">Bikayi </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;">2019 </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;">Helps small businesses set up a digital store </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;">$10.8 million </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;">Sequoia Capital India </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;">4 million </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;">Ping </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;">2020 </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;">Aggregates all the local commerce message groups on the app and allows customers to discover new stores. </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;">$3.5 million </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;">Elevation Capital, </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;">400 active residential communities </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;">ApnaKlub </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;">2020 </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;">Wholesale platform for small sellers and retailers </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;">$3.5 million </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;">Sequoia Capital India’s accelerator programme Surge. </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;">5,000 wholesale partners </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;">Kirana247 </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;">2020 </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;">Wholesale distributor of consumer goods for small businesses. It optimises warehousing using ML and AI. </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;">$1 million </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;">Undisclosed </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;">5000 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Other major businesses in this segment include OkShop and MyStore. “The recent rounds in September are indicative of growing interest from investors in this segment,” Madhur Singhal, managing partner and chief executive at Praxis Global Alliance told Business Insider. He noted that Google and PayU’s investment in online-to-offline commerce platform DotPe further substantiate this claim. Devendra Agrawal, founder of investment bank Dexter Capital echoed the same sentiment, highlighting that while offline retailers have been severely impacted by the pandemic, online retail received a huge boost. “To compete with online retailers, offline retailers have started adopting solutions offered by ‘Dukan Tech’ startups at an unprecedented rate,” he said. India is home to 60 million SMEs and 13-14 million kirana stores, which employ over 130 million people. “Clearly, it is an extremely vast market and provides great opportunities for digital solutions,” he added. But what are the challenges ahead of these companies? According to Singhal, finding the right product market fit for these startups is going to be extremely challenging for these startups as they have a diverse mix of customers in terms of region, scale and vertical of operations. “Another challenge would be the monetisation aspect. Given the free adoption and availability of Dukan Tech solutions, it would be crucial for these start-ups to figure out what percentage of their merchant base become paid users,” Agrawal added. Sequoia-backed Khatabook is facing similar challenges when it comes to monetisation. The company, valued at $600 million due to its size and scale, is currently in a pre-revenue stage. The company is currently piloting some monetisation engine, according to sources within the company. But the biggest challenge remains the emergence of big tech companies in the segment. Agrawal told Business Insider that any segment where customers are interacting on a daily basis always has the potential for big players jumping in. The question, however, remains how and when they do it. They can either enter organically or follow Walmart’s approach and acquire another company, he added. However, he emphasised that companies that have figured out their business model and are raising capital will be able to survive. “But another thing to keep in mind is that the current dukan tech companies are in the customer acquisition phase. They need to figure out the business model and monetisation engines,” Agrawal added. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/shree-cement-zee-entertainment-telecom-and-other-top-stocks-to-watch-out-for-on-september-15/slidelist/86219264.cms" data-type="tilCustomLink">Shree Cement, Zee Entertainment, telecom and other top stocks to watch out for on September 15</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-13-series-ipad-ipad-mini-and-watch-series-7-announced-indian-pricing-availability-and-features/articleshow/86213320.cms" data-type="tilCustomLink">Apple iPhone 13 series, iPad, iPad mini and Watch Series 7 announced – Indian pricing, availability and features</a> <a href="https://www.businessinsider.in/tech/news/apple-unveiled-its-new-399-watch-series-7-that-lets-you-text-from-a-keyboard-on-your-wrist-and-can-detect-if-you-fall-off-your-bike/articleshow/86211383.cms">Apple unveiled its new $399 Watch Series 7 that lets you text from a keyboard on your wrist and can detect if you fall off your bike</a>

Long before Mukesh Ambani set his eyes on the millions of mom-n-pop stores, a bunch of e-commerce startups were preparing the ground ⁠— they are now getting their due

New Delhi, May 20 () Khatabook, which provides solutions to help micro, small and medium-sized businesses track business transactions, on Wednesday said it has raised USD 60 million (over 454 crore) in funding led by B Capital Group. The series-B round also saw participation from new and existing investors, including Sequoia India, Partners of DST Global, Tencent, GGV, RTP Global, Hummingbird Ventures, Falcon Edge Capital, Rocketship.vc and Unilever Ventures, a statement said. Angel investors Kevin Weil, Alexander Will, Kunal Shah, Kunal Bahl and Rohit Bansal (Snapdeal founders) also participated, it added. The latest funding will allow Khatabook to ramp up their products and services offerings for India's merchants, as the company builds technology solutions around financial services and a large merchant-focused distribution platform, the statement said. Traditionally, Indian MSMEs keep track of credit flow with their consumers and suppliers offline, maintaining handwritten accounts. Merchants spend hours tracking dues and lose significant revenue due to misplaced ledgers or missed collections. Khatabook said it is helping merchants manage their credit, creating transparency in cash flow, and increasing trust with end-consumers. "Khatabook is the biggest player in the micro, small and medium business segment in the country, with over 8 million active merchants on the app. Khatabook is playing an important role in the digitisation of MSMEs -- a sector that forms the backbone of our economy -- helping to increase their incomes and making them more efficient and competitive," Khatabook co-founder and CEO Ravish Naresh said. The company is looking to work closely with the government and financial institutions to strengthen Indian MSMEs, he added. The company said more than one million merchants are uploading data and engaging with the Khatabook app daily while adding USD 200 million worth of transactions every day. More than 25 per cent of its total active merchants are joining the platform through word-of-mouth and referrals, it added. SR HRS

Khatabook raises USD 60 mn funding led by B Capital Group

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<ul><li>Poonawalla has rented out a mansion in Mayfair, London from Polish billionaire Dominika Kulczyk.</li><li>His new neighbours would be billionaires from around the world – a Chinese heiress, businessman John Caudwell who owns the phone retail company Phones 4u.</li><li>But there’s more to Mayfair’s history.</li></ul><keyword id="383467" type="PERSON" weightage="20" keywordseo="Adar-Poonawalla">Adar Poonawalla</keyword> is a busy man, after all he’s the man behind Serum Institute of India (SII) -- the largest vaccine manufacturer in the world that has most recently made the Oxford-Astrazeneca COVID-19 vaccine. Poonawalla, who belongs to one of India’s richest families, has a new address. Poonawalla has reportedly <a href="https://www.bloombergquint.com/business/ceo-rents-london-mansion-for-69-000-a-week-in-mayfair-record">rented out</a> a mansion in Mayfair, one of the most expensive residential areas in the world. Mayfair is in the city of Westminster, which falls within the greater London area. Poonawalla is shelling out $69,000 or just over ₹50 lakh as rent per week for his new house. Poonawalla is renting the property from Polish billionaire Dominika Kulczyk. The home is one of the biggest in the district and spreads across 25,000 square feet – which is <a href="https://www.ndtv.com/india-news/adar-poonawalla-rents-uk-mansion-for-69-000-a-week-report-2398321">reportedly </a>as much as 24 average homes, put together, in the UK. Poonawalla, who is an alumnus of the University of Westminster, has often referred to London as his second home. The billionaire’s rental in London comes at a time when the city’s real estate is recovering fast after the COVID-19 induced lull. According to real estate consulting firm Knight Frank, the total number of prospective buyers who are looking at over £10 million properties had doubled by January 2021, as compared to the year before. His new neighbours would be billionaires from around the world – a <a href="https://www.dailymail.co.uk/femail/article-9290657/Chinese-heiress-24-rents-five-bedroom-Mayfair-townhouse-record-breaking-130-000-MONTH.html">Chinese</a> heiress, businessman John Caudwell, who owns the phone retail company Phones 4u, among others. <cmsannotation type="cmsannotation" annotationid="Home to history" comment="subhead" text="Home to history">Home to history</cmsannotation> Poonawalla’s new Mayfair home also houses historic significance. The area is home to British royalty, dukes and duchesses. In fact, according to reports, of the 227 houses built in the area, hundreds of years ago, 117 belonged to those who had titles. The area also has some of the most <a href="https://www.thesun.co.uk/news/12391019/britains-most-expensive-homes-250m-mayfair-mega-mansion/">expensive homes</a> in Britain. Mayfair also houses the first bachelor pad of Britain’s former Prime Minister Winston Churchill. It was there that Churchill laid the foundation of his political career and was also the place where he wrote his first book Ian Hamilton’s March. So, of course, Mayfair properties don’t come cheap. As per Knight Frank, houses in Mayfair was sold for an average of £7.3 million in 2020. And for Poonawalla this isn’t the first historic or major real estate splurge. Poonawalla, who already owns some of the biggest and luxurious homes in India, had also <a href="https://qz.com/india/501268/record-breaking-sale-a-billionaire-has-bought-the-former-us-consulate-in-mumbai-for-113-million/">made news</a> in 2015 when he bought out the Mumbai mansion, which was once the address for the US consulate. He had paid a whopping $113 million for the home. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/khatabook-acquires-saas-business-management-app-biz-analyst-for-10-million/articleshow/81683288.cms">Khatabook acquires SaaS business management app Biz Analyst for $10 million</a>

India’s vaccine king Adar Poonawalla will pay $69,000 a week to live on the same neighbourhood as Winston Churchill once did

Further widening the definition of micro, small and medium enterprises (<keyword id="6358354" type="COMPANY" weightage="20" keywordseo="MSME">MSME</keyword>), <keyword id="3466084" type="COMPANY" weightage="20" keywordseo="the-union-cabinet">the Union Cabinet</keyword> on Monday announced that entities with turnover up to Rs 250 crore or investment up to Rs 50 crore will qualify as medium enterprises. Addressing the media here, post the cabinet meeting, <keyword id="3565164" type="COMPANY" weightage="20" keywordseo="union-information-broadcasting">Union Information &amp; Broadcasting</keyword> Minister <keyword id="119642" type="PERSON" weightage="20" keywordseo="Prakash-Javadekar">Prakash Javadekar</keyword> said that the decision was taken post suggestions coming in after the government announced the broadening of the scope of MSMEs to support and more businesses. Also, the turnover criteria for MSME will not include revenue from exports further providing flexibility to the sector to expand their operations and push overseas sales, he said. On May 13, <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> announced to increase of investment limits for MSMEs. Further, she had also said that an additional criteria of turnover has also been introduced for recognition of an MSME. During that announcement, Sitharaman had raised medium enterprises definition to one with investment and machinery to the tune of Rs 20 crore and turnover of Rs 100 crore. This stands further enhanced now after the cabinet decision. As per the new changes, businesses with investment of less than Rs 1 crore and turnover of Rs 5 crore would be classified as micro enterprises. Under the existing criteria, a company with investment of less than Rs 25 lakh in the manufacturing sector and less than Rs 10 lakh in the services sector were considered micro enterprises. The Cabinet had changed this distinction as well and a unified criteria will be applied for micro enterprises. The investment limit of small enterprises has been increased to Rs 10 crore, and the companies would have to have turnover of less than Rs 50 crore. Further, the investment limit for medium enterprises has been increased to Rs 20 crore and the turnover limit has been kept at Rs 100 crore, which has now been extended to companies with investment of Rs 50 crore and turnover of up to Rs 250 crore. Under the Aatmanirbhar Bharat package, the government has also done away with the distinction of services and manufacturing MSME. Briefing media persons about the cabinet decision, MSME Minister <keyword id="26680" type="PERSON" weightage="20" keywordseo="Nitin-gadkari">Nitin Gadkari</keyword> said that the changes would benefit 6 crore MSMEs that together employ 11 crore people. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ms-dhoni-backed-khatabook-adds-to-its-line-up-of-star-investors-sequoia-and-tencent-get-more-stake-in-indias-largest-small-business-app/articleshow/75842295.cms" data-type="tilCustomLink">MS Dhoni-backed Khatabook adds to its line-up of star investors ⁠— Sequoia and Tencent get more stake in India's largest small business app</a> <a href="https://www.businessinsider.in/policy/economy/news/finance-minister-nirmala-sitharaman-final-stimulus-plan-to-boost-gdp-of-india/articleshow/75784571.cms" data-type="tilCustomLink">India's Finance Minister reveals the final lot of Modi's economic stimulus programme</a>

Entities with up to ₹250 crore turnover, excluding exports, to be medium enterprises

Home-grown regional language social media platform <keyword id="3358959" type="PERSON" weightage="20" keywordseo="ShareChat">ShareChat</keyword> on Wednesday announced that it had to let go of 101 of its employees, or about a fourth of the company's total workforce, due to the COVID-19-induced uncertainties in the advertising market. The Bengaluru-based company's cost-saving measures were announced in an email to employees by Ankush Sachdeva, Cofounder and CEO of the five-year-old firm which competes against the likes of Facebook and TikTok. "... today with the market uncertainties due to COVID-19, we are compelled to take a relook at our business. We have had to make a few decisions that would allow us to become leaner and position the company better for the future," Sachdeva said in the email. A ShareChat spokesperson later confirmed the decision to lay off 101 employees. "The global pandemic along with various local market uncertainties have had an impact on our business plans. This has pushed us towards certain tough decisions including a revised leaner structure while we continue to grow," the spokesperson said in a statement. "We've had to let go of 101 of our employees who've been part of our start-up journey. This was not an easy decision to make." ShareChat said it will provide a comprehensive severance package and extend assistance to the impacted associates with their outplacement support. The Twitter-backed firm started monetisation through advertisements only last year. But the COVID-19 brought uncertainties to the ad market. "We have to focus on our core product and feed recommendation driven growth levers while scaling back on the others. We need to go back to our fundamentals in terms of only picking bets that move the needle for growth," Sachdeva said. "We believe the Ad Market would remain unpredictable this year. We are streamlining our revenue teams to these new expectations yet will keep working towards building the necessary technology infrastructure," he said. In another big change, which is in line with Twitter's decision to allow some employees to work from home forever, ShareChat said that it would be partially remote at all times in the future. "We have adapted well to the remote working environment. Hence, we have relooked at the requirement of physical office spaces. We would be partially remote at all times in the future," Sachdeva said in the email. ShareChat, which has over 60 million monthly active users, raised $100 million in a new round of funding in last August. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ms-dhoni-backed-khatabook-adds-to-its-line-up-of-star-investors-sequoia-and-tencent-get-more-stake-in-indias-largest-small-business-app/articleshow/75842295.cms">MS Dhoni-backed Khatabook adds to its line-up of star investors ⁠— Sequoia and Tencent get more stake in India's largest small business app</a> <a href="https://www.businessinsider.in/tech/news/faisal-siddiquis-tiktok-acid-attack-video-is-adding-to-the-growing-list-of-problems-for-the-platform-in-india/articleshow/75800571.cms">Faizal Siddiqui’s TikTok acid attack video is adding to the growing list of problems for the platform in India</a> <a href="https://www.businessinsider.in/tech/news/tiktok-gogole-play-ratings-fall-to-1-3-stars-after-4-million-comments/articleshow/75842653.cms">Tiktok got 4 million comments on Google Play Store dragging down its rating to 1.3⁠ — but it may not disappear yet</a>

You Searched For "khatabook app" and got 7 results

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Entities with up to ₹250 crore turnover, excluding exports, to be medium enterprises

IANS

ShareChat sacks 101 employees due to 'market uncertainties' amid COVID-19

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