Indian Govt To Setup VC Fund For EV Startups And Other Related News That You Need To Know


Listed below are some of the major news in the startup sector, take a look to stay updated:

Indian govt to set up VC fund to finance EV startups

In 2015, the government of India launched FAME India scheme, which stands for Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles India, to promote and finance eco-friendly vehicles in the country by incentivising all vehicle segments including 2-wheelers, 3-wheelers, and buses.

Now, in a recent development union Cabinet is considering to approve the proposal entailing financial support of Rs 9,381 crore in the second phase of the FAME India scheme (FAME II) spanning 5 years to boost adoption of energy-efficient vehicles in the country.

Under FAME II, the government is also considering establishing a venture capital (VC) fund of ₹500 crore in order to support startups related to electric vehicles (EV) in India. According to Start Up team of Invest India, currently, there are about 136 startups related to electric vehicles in India. 

Charcoal Eats secures Rs 5 Cr from a consortium of HNIs

Quick-service restaurant (QSR) startup Charcoal Eats has raised Rs 5 crore in a pre-series-A round from a consortium of HNI investors.

The funding round saw participation from Rajesh Ramanathan – Head Global Growth Mondelez, Kush Verma – Asoka Capital, Sanjay Bhandarkar – Rothschild, Amit Gupta – New Quest Capital Partners, Vishesh Shrivastav – Temasek, Sachin Khivasara – Buoyant Capital, and Chetan Mehrotra.

The Mumbai-based startup will explore new cities and invest in customer acquisition and brand building with the new capital. 


MTR Foods’ first invests in children’s food brand Timios

MTR Foods Pvt. Ltd. has made its first investment from its Rs 50 crore seed fund in early-stage startup Firm Roots Pvt. Ltd., mainly for the latter’s children-packaged food brand Timios.

Orkla Group, the parent company of MTR Foods, had set up the Rs 50 crore venture fund, christened MTR Seed Fund, last year to invest mainly in food tech-related startups in India over 2017 and 2018. 

Live-video debate app Wishfie gets seed funding

Bengaluru-based Wishfie, a platform launched in 2017 for live video debates on current affairs, has raised an undisclosed amount in a seed round to build vernacular content as well as its online community.

Some of Wishfie’s notable users include MTV Roadies contestants, South Indian actor-director Ramesh Aravind, Nearbuy CEO Ankur Warikoo, Bhive Workspace CEO Shesh Rao Paplikar, reporters, journalists, and toastmasters. 

Today’s Take Away:

These days startups are the trend, but it is important to understand that business is not a matter of joke, one has to have the passion for it as well as the perseverance to achieve success.

As Azim Premji, Indian business tycoon has said,

“You cannot get into business for the fashion of it.”