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<keyword id="6354630" type="General" weightage="50" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword>'s <keyword id="399907" type="General" weightage="100" keywordseo="meta" source="Orion">Meta</keyword> (formerly Facebook) on Wednesday announced a partnership with VC fund <keyword id="1397792" type="General" weightage="80" keywordseo="kalaari-capital" source="Orion">Kalaari Capital</keyword> to upskill and scale young, invested businesses in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> by providing them with timely business skilling support. The partnership is a part of Meta's 'VC Brand Incubator Initiative' for the growth of micro, small and medium businesses in the country. "As part of this initiative, Meta has partnered with India's largest VC funds. We are thrilled to now partner with Kalaari Capital that has been instrumental in the growth journey of many startups," said <keyword id="3056724" type="General" weightage="50" keywordseo="ajit-mohan" source="Orion">Ajit Mohan</keyword>, VP and MD at Meta in India. Kalaari Capital is an early-stage, technology-focused venture capital firm based in Bengaluru. "As startups scale, they need to leverage several tools and platforms like Meta to support their growth," said <keyword id="1397790" type="General" weightage="50" keywordseo="vani-kola" source="Orion">Vani Kola</keyword>, Founder and Managing Director, Kalaari Capital. In the last three years, Meta has tied up with 16 VC funds, including Kalaari Capital, and has successfully skilled and mentored more than 500 small businesses at various stages of their growth journey. In April, Meta onboarded <keyword id="122716" type="General" weightage="50" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword>. Other VC firms are Fireside Ventures, Elevation Capital [SAIF Partners], DSG Consumer Partners, Matrix Partners, Anthill Ventures and <keyword id="6306883" type="General" weightage="50" keywordseo="stellaris-ventures" source="Orion">Stellaris Ventures</keyword>, to name a few. With Kalaari Capital, Meta said it is going to have several young, invested businesses from emerging sectors such as ed-tech, social commerce, gaming, and fin-tech, among others participate in the initiative. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/if-you-place-an-order-youre-accepting-the-service-charge-restaurant-body-says/articleshow/91779455.cms">If you place an order, you’re accepting the service charge, restaurant body says</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-avinya-renders-reveal-the-expected-design-of-the-concept-electric-car/articleshow/91765348.cms">Tata Avinya renders reveal the expected design of the concept electric car</a>

Zuckerberg's Meta partners with Kalaari Capital to upskill young startups in India

Indian IT giant <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> has started discussions for its first ever investment in an Indian venture capital fund, <keyword id="3494841" type="UNKNOWN" weightage="100" keywordseo="stellaris">Stellaris</keyword> Venture Partners. As per reports, Infy might be investing up to $15 million in the fund, which was launched by a team of venture capitalists, who are now aiming for funds of $100 million from investors in India and abroad. 
 
The Infosys investment will come from its $500-million Innovation Fund that it had set apart for early-stage investments, and will be the second such deal. In December last year, it backed early-stage VC firm Vertex Ventures based in Silicon Valley. 
 
"Infosys will not be the anchor investor in the (Stellaris) fund," a company executive aware of the matter told <a href="http://economictimes.indiatimes.com/small-biz/startups/infosys-to-bet-closer-home-15-million-for-indian-venture-capital-fund/articleshow/53515347.cms">ET</a>. 
 
Talking of Stellaris, the VC fund was set up by Alok Goyal, Rahul Chowdhri and Ritesh Bangalani, all former partners at India-based Helion Venture Partners, to invest in early-stage consumer internet and software start-ups. 
 
<a href="http://chennaionlines.com/wp-content/uploads/2015/07/Infosys.jpg">Image source</a>

Infosys to invest $15 million in an Indian VC fund

<ul><li>Lok Sabha passed the <keyword id="6366282" type="DEFINITION" weightage="20" keywordseo="General-Insurance">General Insurance</keyword> Business (Nationalisation) Amendment Bill, 2021 on August 2.</li><li>The bill seeks to remove the requirement of the union government holding not less than 51% of the equity capital in a specified insurer.</li><li>Now this bill will bring in higher private sector participation in government held <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> companies.</li><li>This is in relation to the finance minister’s budget speech where she mentioned that the government wants to privatise two public sector banks and one general insurance company.</li></ul>The General Insurance Business (Nationalisation) Amendment Bill, 2021 was passed by the Rajya Sabha on August 11. The bill seeks to remove the requirement that the union government should hold 51% stake in a specified general insurer. With this bill, the government will progress its divestment plans and privatise one of the general insurance companies. The government hopes that this will lead to more people getting insurance in the country. Right now, less than four in every 100 Indians have any kind of insurance. With the move, foreign investors will be able to hold up to 74% in the divested general insurance company. A report by <a href="https://timesofindia.indiatimes.com/business/india-business/centre-to-scrap-51-holding-clause-to-privatise-insurer/articleshow/84747204.cms">Times of India</a> suggests that the government will privatise one of the general insurance companies from United India Insurance, National Insurance and Oriental Insurance. The Finance Minister had said in the budget it would privatise one of the public general insurance companies. This is in relation to India’s Finance Minister Nirmala Sitharaman’s budget 2021-22 speech where she had announced a big ticket privatisation agenda, which included two public sector banks and one general insurance company. There are four general insurance companies in the public sector -- National Insurance Company, New India Assurance Company, Oriental Insurance Company and the United India Insurance Company. So what difference will this bill bring? Firstly, this bill will aid the government to sell stakes in some general insurance companies to private sector companies. To put it into perspective, although public sector insurance firms have a bigger market share in the insurance industry, they have a bad financial health which restricts them from offering low cost affordable insurance products. This eventually hinders the growth of insurance penetration in the country. With the private sector getting some control over such companies, they would be able to infuse capital and get things working. United India Insurance posted a net loss of ₹1,485 crore in 2019-20 while National Insurance Company posted a loss of ₹4,100 crore. Lack of capital made it difficult for insurers to expand their reach to unpenetrated regions. India’s insurance penetration stood at 3.76% in FY20, which is much lower against the global average of 7%, as per Insurance Regulatory and Development Authority (IRDAI) data. The low insurance penetration data tells that a large section of the country is still uninsured. While the pandemic has already boosted awareness and the importance of having health coverage, the move to <keyword id="11845055" type="UNKNOWN" weightage="20" keywordseo="privatise-general-insurance">privatise general insurance</keyword> space might improve insurance coverage in the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/eruditus-is-indias-fourth-edtech-unicorn-valued-at-3-2-billion/articleshow/85267050.cms">Eruditus is India’s fourth edtech unicorn, valued at $3.2 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/stellaris-venture-partners-closes-fund-2-to-make-bets-in-existing-portfolio-new-startups/articleshow/85261404.cms">Mamaearth and MFine-backer Stellaris Venture Partners closes second fund to make bigger bets in existing portfolio and up to 30 new startups</a>

New general insurance law will allow the government to privatise some state-owned insurers

New Delhi, Jan 8 () Personal care brand Mamaearth on Wednesday said it has raised Rs 130 crore in funding led by Sequoia India.
 The funding also saw participation from existing investors, Fireside Ventures, Stellaris Venture Partners and Sharp Ventures.
Founded in 2016 by husband-wife duo Varun and Ghazal Alagh, MamaEarth offers skin and hair care, and baby care products. 
The company plans to use the freshly acquired funds over the next three years to continue its growth, building it into a Rs 500 crore brand by acquiring five million new consumers, a statement said. 
The funds will also be used to launch more brands under the Honasa umbrella- all of which will be internet-first and focused on the needs of millennial consumers, it added. 
 Honasa is the parent company of personal care brand Mamaearth.
The company plans to utilise the funds to hire talent as the organization scales rapidly. It also plans to expand into key markets in Southeast Asia.
"Our vision is to create the FMCG conglomerate of the future by building brands that connect strongly with millennials and Gen Z customers using the combined power of digital marketing and e-commerce at large scale," Mamaearth founder and CEO Varun Alagh said in a statement.
Mamaearth, with a Rs 100 crore run-rate, has over 80 products in its portfolio with more than 1.5 million consumers in over 500 cities across India.
"Out of India's over USD 15 billion personal care market, online channels contribute to only 3-5 per cent. With 15-20 per cent of Indian shoppers influenced digitally and expected to double in next 7-8 years, digital first brands have the potential to redefine the architecture of tomorrow's FMCG companies," Sequoia Capital India LLP Principal Ishaan Mittal said. SR RUJ
RUJ

Mamaearth raises Rs 130 cr in funding led by Sequoia India

New Delhi, Mar 8 () Vogo, a bike and scooter sharing start-up, is working on increasing the number of vehicles on its platform to about one lakh as it aims to more than double its revenue run rate to USD 120 million in the next one year. The Ola-backed company, which operates in Bengaluru, Hyderabad and Mysore, is also betting on electric mobility and aims to have 20 per cent of its fleet as EVs. "In the last 12 months, we have scaled the number of vehicles on the platform from 200 to 20,000 and the plan is to increase this further to one lakh in the next 12 months," Vogo CEO Anand Ayyadurai told . He further said the company will deepen its presence in Bengaluru and Hyderabad, and is also exploring entering cities like Ahmedabad and Vijayawada. "This will be towards the end of the year," he said, adding the company currently has about 20,000 vehicles across 500 spots. Founded in 2016, the company recently raised USD 19 million (around Rs 136 crore) in a funding round led by LGT Lightstone with participation from existing investors like Matrix Partners and Kalaari Capital. Vogo had previously raised money from ride-hailing firm Ola and Stellaris Venture Partners. In December 2018, it had formed a strategic partnership with Ola to boost Vogo's supply by putting in one lakh scooters on its platform. Talking about its electric mobility plans, Ayyadurai said EVs form a big part of the company's focus. "Currently, the number is small, about 200 but over the next three years, as we scale to about 3 lakh two-wheelers, we expect about 20 per cent of them to be electric vehicles," he added. He said the company's current average revenue run rate is about USD 50 million and Vogo expects this to grow to USD 120 million in the next 12 months. "In the next 24 months, we would want to hit profitability," he added. Asked about recent layoffs, Ayyadurai said the company has been working on ensuring that Vogo is a low-friction platform. "Over the last 6-9 months, we have been able to automate our entire fleet. So users can come and using their phones, get access to bikes. We don't need someone manning the docks anymore. New features that we now build in will be incremental in nature and wouldn't really need us to start from scratch. Therefore, we undertook a restructuring and about 40 people were let go from the IoT team and a few other roles were shed," he said. He added that the company now has about 260 people. "However, we continue to hire in business development and software engineering roles," he said. SR KPM ABMABM

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Zuckerberg's Meta partners with Kalaari Capital to upskill young startups in India

IANS

Infosys to invest $15 million in an Indian VC fund

BI India Bureau

New general insurance law will allow the government to privatise some state-owned insurers

Bhakti Makwana

Mamaearth raises Rs 130 cr in funding led by Sequoia India

PTI

Vogo eyes revenue run rate of USD 120 mn, bets big on EVs

PTI

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