Listed below are some of the major news of the startup sector, take a look to stay updated:
Definitions tweaked, startups are now free to be exempted from the angel tax
The government has refined the definition of startup and put in place a mechanism for such companies to secure exemption from the so-called ‘angel tax’ with retrospective effect and avail tax incentives under its startup policy.
Those with total investment including funding from angel investors up to Rs 10 crore can seek approval from an eight-member government board for exemption from tax under Section 56 of the income-tax law, the government said in a notification issued on Thursday.
A startup incorporated after April 1, 2016, but before April 1, 2021, will be eligible for this tax incentive. It would need to make an application to the board for the certificate of exemption.
Experts, however, hold a different opinion – they think that availing exemption would not be that easy.
Online lending startup Aye Finance raises $4.6 Million funding from BlueOrchard
Gurugram-based online lending startup Aye Finance has raised $4.6 Mn (INR 30 Cr) in debt funding led by Swiss impact investor BlueOrchard Finance Ltd. Only two months ago, the startup had secured $3.8 Mn (INR 25 Cr) from three investors, including Hinduja Leyland Finance and IntelleGrow.
The latest round of funding will enable Aye Finance to further diversify its lending portfolio, with the aim of reaching out to more MSMEs in India.
Founded in 2014, Aye Finance is a new-age finance company that provides customer-centered financial services to the small and micro enterprises across India.
Nykaa in talks to raise Rs 75 crore in a fresh round of funding
Nykaa, a leading player in the online Indian beauty and cosmetics space, is reportedly in talks to raise Rs 75 crore in a new round of funding, according to people close to the development. This round of funding could see the company being valued at almost Rs3,000 crore.
Started by former investment banker Falguni Nayar in 2012, Nykaa offers makeup, skincare, hair care, fragrances, bath and body, luxury and wellness products for women and men.
Paytm all set to foray into wealth management sector
India’s largest digital payments company Paytm is all set to foray into wealth management and is in the final stages of integration with multiple asset management companies (AMCs), according to a top executive of Paytm Money, the wealth management arm of Paytm.
Paytm Money is due to go live as a separate application on the app store. It will start with 12 AMCs and eventually bring in more than 25 after the formal launch. The company has already received initial registrations from interested consumers.
According to the initial plans of the company, it is to start with mutual funds, which has seen a huge wave of early adoption across Indian markets. It plans to take the product to places where physical distributors are not present.
Uber COO Barney Harford to pay a visit to India
It’s been two months that Uber’s CEO Dara Khosrowshahi’s India trip in February and now the company COO Barney Harford is coming to India between April 17-20.Barney was leveled up to the position of COO in January 2018. Earlier he was working as a Senior Advisor to the CEO at Uber. Harford is visiting the company’s one of the profitable markets after there have been strikes by its workers along with that of Ola workers over issues such as driver security, better incentives, and more. There has also been news of a probable merger between Uber and home-grown cab-hailing company, Ola.
Harford is due to visit Delhi, Hyderabad, and Mumbai. He will meet government officials as well as business leaders.
Today’s Take Away:
Believing in oneself is the foundation of a successful business enterprise. In spite of having the right set of ideas, skills, and team, ventures do not meet with success because founders lack the belief in them. It is very important to not bend down to criticisms and cynicism but continue to have faith in one’s idea and qualities.
As the famous scientist Thomas Alva Edison had said,
“Many of life’s failures are people who did not realise how close they were to success when they gave up.”
