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New Delhi, Feb 2 () The Department for Promotion of Industry and Internal Trade (DPIIT) is working on guidelines for a National Seed Fund that was announced in the Budget for 2020-21 to help start-ups and budding entrepreneurs, a top government official said.
DPIIT Secretary Guruprasad Mohapatra said that most of the start-ups actually face problem in raising finance or funds in the ideation to the proof of concept stage. 
He said that now the finance minister has announced a proposal in the Budget on Saturday for providing seed fund to start-ups, the department will work on this.
Finance Minister Nirmala Sitharaman proposed to provide early life funding, including a seed fund to support ideation and development of early stage start-ups.
"So now we will move a Cabinet note and create a fund and guidelines in this regard," Mohapatra told .
He said that the department will work on a National Seed Fund policy and creation of the fund.
In their interactions with the department, start-ups have time and again demanded formulation of a national seed fund scheme.
Some states and central government departments like Biotechnology Industry Research Assistance Council have their own seed fund scheme but they are small and are not pan-India, the secretary said.
The department has already held discussions with states, and central government departments that have such schemes in this regard.
The secretary also said that the budget announcement regarding employee stock option plan (ESOP) will help start-ups in further strengthening startup ecosystem in the country.
"In order to give a boost to startup ecosystem, I propose to ease the burden of taxation on the employees by deferring the tax payment by five years or till they leave the company or when they sell, whichever is earliest," the finance minister has said.
 ESOP is a significant component of compensation for employees. Currently, it is taxable.
 On the budget, Mohapatra said that the need of the hour is to encourage investments and to that extant there are lot of positive things in the budget.
 "It is a pro-investment budget," he added. RR MR
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DPIIT working on guidelines for National Seed Fund: Mohapatra

<ul><li>Indian startup Lo! Foods, which is a low carb and keto friendly range of packaged foods brand, is bringing healthy snacking for people. </li><li>These include atta, biscuits, snacks, namkeens and chocolates. </li><li>The startup, which started in 2019 has received $5 lakh funding from top founders and executives of the FMCG and financial investment community. </li><li>The company also announced its partnership with Hyatt Place, Hyderabad.</li></ul>Indian startup Lo! Foods which brings in keto-friendly packed snacks raised $5 lakhs as seed fund. Apart from financers, the startup also attracted top executives of FMCG companies as well as it bets on Indians to buy low-carb snacks. Its angel investors include Anuj Golecha, the co-founder - Venture Catalyst; Raveen Sastry, the co-founder of Myntra, Rashmi Daga, Founder of Freshmenu, Sunil Chhabra, Advisor &amp; Founding Team member, Jumbotail; and Mitesh Shah, the CFO of BookMyShow among others. “Top FMCG and Financial executives coming on board to invest and mentor the company is another strong validation of the prospects we have as an organization. We believe we are now ready to further scale up our operations to the next level,” said Sudarshan Gangrade, the founder of Lo! Foods. The startup producers a range of products includes atta or flour, biscuits, snacks or namkeens and even chocolates which can be eaten by those on a keto diet. Keto diet which involves eating only fats and protein by shunning carbohydrates altogether, has become popular with the increasing number of <keyword id="351691" type="COMPANY" weightage="20" keywordseo="Weight-Watchers">weight watchers</keyword> in India. Desi taste buds The brand created a wide online market on platforms like Freshmenu, Eat Fit along with Amazon, Flipkart and Big Basket. “The Indian taste buds want something desi to munch on, but finding a healthy option is difficult. People do not like to have a granola bar or ragi biscuits with their tea. So, we are to cater to their taste buds with satisfactory and tasty low-carb snacks,” Sudarshan had <a href="https://yourstory.com/smbstory/bengaluru-low-carb-snacks-biscuits-lo-foods-fmcg">told </a>Your Story. The startup also partnered with Hyatt Place in Hyderabad by introducing <keyword id="6877681" type="UNKNOWN" weightage="20" keywordseo="keto-food">keto food</keyword> products on their menu like breads, paranthas, pastas and brownies. “I built my company on products that are very Indian in nature, tasty and healthy. The passion to impact health at scale got me convinced to come up as an advisor,” said PC Musthafa, Founder, ID Foods. See also: <a href="https://www.businessinsider.in/weight-loss-surgeries-grow-100-times-in-last-15-years/articleshow/70780880.cms">Weight loss surgeries grow 100-fold as food-loving Indians take the easy route</a> <a href="https://www.businessinsider.in/humans-have-been-drinking-tiny-plastics-every-day/articleshow/70781384.cms">We are eating, drinking and breathing microplastics — and don’t know how it would affect us</a>

A startup that bets on packaged keto snacks and chocolates raises seed funding

<keyword id="11441043" type="COMPANY" weightage="20" keywordseo="SimpliContract">SimpliContract</keyword>, an AI and SaaS-based contract lifecycle management (<keyword id="3467940" type="COMPANY" weightage="20" keywordseo="clm">CLM</keyword>) platform, said on Monday it has raised <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword> 1.8 million in a <keyword id="948731" type="PERSON" weightage="20" keywordseo="seed-funding">seed funding</keyword> round led by <keyword id="1397792" type="COMPANY" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword> with participation from Picus Capital, Arka Ventures, and Digital Sparrow Capital. This funding will drive its efforts in engineering, <keyword id="6019235" type="COMPANY" weightage="20" keywordseo="ai-research">AI research</keyword>, and marketing, the Bengaluru-headquartered company said in a statement. SimpliContract's product supports organisations across the contract lifecycle from request to renewal and enables effective collaboration for internal and external stakeholders such as vendors and customers, it said. The platform, built with customisable and intelligent workflows, seamlessly integrates with enterprise applications and provides actionable insights to users across procurement, sales, and legal functions, the statement said. Partner at Kalaari Capital, <keyword id="154262" type="PERSON" weightage="20" keywordseo="Ravinder-Singh">Ravinder Singh</keyword>, said, "90 per cent of global enterprises and 50 per cent of midsize organisations will have CLM solutions in place by 2023. The Global CLM market is expected to grow from USD 1.5 billion today to USD 5.2 billion by 2027. We believe that the AI- powered CLM platform of SimpliContract will drive and ride this growth." "We are seeing significant interest and adoption in the market within a few months of launch. SimpliContracts AI-driven platform supports over 4,000 enterprise users and manages 30,000-plus contracts worth over USD two billion in value," CEO of SimpliContract, Guru Venkatesan, said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sona-comstar-ipo-price-gmp-should-you-subscribe/articleshow/83505013.cms">Sona Comstar IPO worth ₹5,550 crore opens today – find out if this EV battery player has enough juice for a long ride</a> <a href="https://www.businessinsider.in/business/news/why-dodla-dairy-has-no-plans-to-expand-beyond-southern-india/articleshow/83503817.cms">Here’s why Dodla Dairy has no plans to expand beyond southern India for at least the next two years even with its IPO</a>

SaaS startup SimpliContract raises $1.8 million in seed funding led by Kalaari Capital

New Delhi, Jun 11 () Gurugram-based Jimmy's Cocktails, a cocktail mixer startup, on Thursday said it has raised USD 350,000 (around Rs 2.65 crore) in seed funding and plans to use the funds to broaden its product offerings and expand distribution footprint. The funding round was led by Ekcle Ventures. Vidur Talwar, Chairman T&amp;T Motors and Angad Bhatia CEO Indiatimes Lifestyle Network, Times Internet, were among those who participated in the fund raising round, the non-alcoholic cocktail start-up said in a release. Anirudh Somani, one of the investors associated with Ekcle Ventures, is joining the company board following the funding round. Launched in September 2019, the brand was available at 200 retail touchpoints in Delhi/NCR prior to lockdown in the wake of the COVID-19 pandemic. "Given the situation, the founders fast-tracked and launched direct to consumer sales from their own website," it said. Ankur Bhatia, Founder and CEO of Jimmy's Cocktails said the company plans to use the funding to expand distribution, hire talent and on new product development. "Jimmy's is in a unique space at a unique time. We found the business interesting as they have a first-mover advantage and are being guided by experienced industry hands. To add to this, home parties and DIY cocktails are now likely to become more of a necessity than a desire," Somani said. NKD MR

Gurugram-based cocktail mixer startup raise USD 350,000 seed funding

<ul class="summary-list"><li><keyword id="6357332" type="UNKNOWN" weightage="60" keywordseo="Gaming">Gaming</keyword> giant <keyword id="1311139" type="PERSON" weightage="60" keywordseo="Razer">Razer</keyword> has launched a $50 million <keyword id="49089" type="ORGANIZATION" weightage="60" keywordseo="Sustainability">sustainability</keyword> fund to invest in startups.</li><li>Its first seed investment is in The Nurturing Co., owner of <keyword id="6357269" type="UNKNOWN" weightage="60" keywordseo="Bamboo">bamboo</keyword> toilet-paper brand Bambooloo.</li><li>Razer, known for making gaming equipment, said average investments would range from $100,000 to $1 million.</li></ul>Gaming giant Razer has launched a $50 million fund to invest in sustainable startups, starting with bamboo toilet-paper brand <a href="https://lovebambooloo.com/">Bambooloo</a>, it announced today.The Razer Green Fund gave its first seed investment from the fund to <a href="https://www.nurturing.life/">The Nurturing Co.</a>, owner of Bambooloo. The Nurturing Co. will supply the single-use plastic-free <keyword id="15727" type="PERSON" weightage="60" keywordseo="Toilet-paper">toilet paper</keyword> in some of Razer's offices, Razer said. Razer did not disclose the size of the seed investment, but said average investments through the fund would range between $100,000 and $1 million.The toilet paper is made from bamboo pulp and uses 90% less water and 70% less carbon to produce than regular toilet paper, The Nurturing Co. says.Razer, known for making gaming hardware, says it hopes the fund will encourage its fans to use more sustainable products. The fund is managed through <a href="https://www.zvntrs.com/#home">zVentures</a>, Razer's corporate ventures arm, and will focus on investments in renewable energy, sustainable forestry, and carbon and plastic management. The Nurturing Co., which currently sells products in New Zealand and Malaysia, said the fund would help it launch in other markets, including the US.Razer made more than <a href="https://www.businessinsider.com/razer-creating-new-fintech-products-in-southeast-asia-2021-4">$1 billion in revenue</a> in 2020 for the first time. Last month, Razer released its ten-year sustainability plan, including a commitment to use 100% renewable energy by 2025.

Gaming giant Razer launches a $50 million sustainability fund, and its first investment is in bamboo toilet paper

<keyword id="15403441" type="General" weightage="100" keywordseo="eight-times-eight" source="Orion">Eight Times Eight</keyword>, founded in 2020 by six college students who are international-level chess players, raised $5 million in pre-seed funding on September 19, 2022. The funding will be used to accelerate product development, scale operations sales, and hire new team members. Also, the funds will be used to develop the Learning Management System and strengthen the technology stack. Eight Times Eight aims to open physical centres in a calculated move to switch to hybrid mode with the same. The start-up currently provides live, interactive chess classes to students in 20+ countries. They will also be launching <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s first-ever chess kit, which consists of a beautifully designed chess board, a chess workbook, and animated chess videos that will make learning the game fun and exciting. The syllabus for the Eight Times Eight workbook has been curated by their ambassador, Grand Master <keyword id="151034" type="General" weightage="50" keywordseo="sl-narayanan" source="Orion">SL Narayanan</keyword>, a former India No. 4, Commonwealth Silver medallist, and a member of the Indian Olympiad Chess Team. Eight Times Eight is on a mission to popularise chess among children and, thereby, advance their life skills with the game. Chess has an intellectual image in front of people, and there is a myth that only smart people play chess. Eight Times Eight wants to debunk this myth and prove otherwise. Chess is not just a game, but a key life skill and has the potential to silently transform the lives of individuals. It can create champions both on and off the board. The funds we have received will certainly feed into our dream of popularising chess. We are building a community throughout the world and the domain expertise that we have in this field will surely be beneficial, "said <keyword id="922920" type="General" weightage="50" keywordseo="abhijith" source="Orion">Abhijith</keyword>, who is the CEO of Eight Times Eight. All the co-founders of Eight Times Eight have represented India at global events. The co-founders began working on a full-time basis in September 2021. This story has been provided by <keyword id="2297398" type="General" weightage="50" keywordseo="srv" source="Orion">SRV</keyword>. will not be responsible in any way for the content in this article. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gold-demand-went-up-by-14-in-q3-world-gold-council/articleshow/95221869.cms">Gold demand went up by 14% in Q3: World Gold Council</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/amid-risks-of-a-slowdown-these-it-companies-are-best-placed-to-survive-the-storm/articleshow/95228871.cms">Amid risks of a slowdown, these IT companies are best placed to survive the storm</a>

You Searched For "seed funding" and got 6 results

DPIIT working on guidelines for National Seed Fund: Mohapatra

PTI

A startup that bets on packaged keto snacks and chocolates raises seed funding

Prerna Sindwani

SaaS startup SimpliContract raises $1.8 million in seed funding led by Kalaari Capital

PTI

Gurugram-based cocktail mixer startup raise USD 350,000 seed funding

PTI

Gaming giant Razer launches a $50 million sustainability fund, and its first investment is in bamboo toilet paper

Anna Cooban

Eight Times Eight, a Kerala-based edtech startup raises $5 million in pre-seed funding

ANI

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