Listed below are some of the major news of the startup sector, take a look to stay updated:
Axilor to make early-stage bets from new $30-mn seed fund
Axilor Ventures, the early-stage investment firm, and accelerator led by Infosys founders Kris Gopalakrishnan and SD Shibulal has launched an Rs 200-crore (around $30 million) seed fund, a company statement said.
Founded in October 2014, the company will continue to make its pre-seed investments through its accelerator programme.
Starting with the current accelerator batch, which is Axilor’s seventh, the company will invest in all the startups that are selected to be part of its cohort. The batch comprises around 20 startups.
RIL-owned music streaming platform Saavn profit surged 3X in 2017
Music streaming app Saavn has recorded 3X surge in profit in the fiscal year ending December 2017. It has posted a revenue of Rs 45.9 crore in the FY17 (Jan to Dec), reveals RoC filings.
The Indian entity of the company has recorded a profit (after tax) of Rs 3.22 crore as compared to 1.08 crore in CY16. Despite an increase in expenses (before tax), Saavn witnessed a 16.2 percent year on year growth in terms of revenue. It had a revenue of Rs 39.6 crore in FY16.
The Reliance Group-owned company has significantly cut down promotional expenses by about 46 percent.
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Rannvijay Singh invests in What’s Up Life, becomes the brand ambassador
Gurugram-based online lifestyle media platform What’s Up Life has raised fresh funding from actor and television personality Rannvijay Singh, who also joins the company as its brand ambassador.
Founded in 2014 by Gaurav H Luthra as What’s Up Gurugram, What’s Up Life (WUL) curates engaging content on their social media pages, editorials, and calendar to keep users updated with all the activities and events across categories.
Ascension Ventures and Unicorn India Ventures launch UK-India EIS fund
Ascension Ventures, a London-based early-stage VC fund managing SEIS and EIS funds and Unicorn India Ventures, a Mumbai-based early stage VC funds have launched Indo-UK EIS fund.
The fund aims to raise up to £5 million (Rs 45 crore) per year and is expected to announce its first close at £2 million (Rs 18 crore) by July-end this year.
An EIS (Enterprise Investment Scheme) is a tax relief scheme offered by the UK government through which investors can avail income tax relief for their investments in small companies based in the UK.
Today’s Take Away:
We often have so many dreams but don’t work on them. We get scared when we think about losing the comfortable job that we have.
However, creative genius, Walt Disney has something different to say:
“The way to get started is to quit talking and begin doing.”