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Startup News
SiliconCanals
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Norway-based eSmart System secures €30M to inspect and maintain critical energy infrastructure
- Norway-based eSmart System has secured €30M in funding for inspecting and maintaining critical energy infrastructure.
- TiLT Capital led the funding round, with Quanta Services participating as a strategic investor.
- Existing investors also participated in the capital raise, bringing eSmart System's total funding to €63M over the past two years.
- Quanta plans to collaborate with eSmart System on virtual inspection and grid digitalisation services in the North American market.
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Medium
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Lessons learned from Hackathons. Expect the unexpected.
- Hackathons are fast-paced events where participants have 24 hours to come up with an idea, design, and build it.
- The short deadline and ambitious goals often lead to skipping basic tests and best practices.
- While some risks can be anticipated and mitigated, there are always unexpected events (unknown unknowns) that can disrupt the progress.
- Adapting to the given constraints and finding creative solutions are key to success in hackathons.
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Yourstory
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365
Yulu reports nearly 188% rise in FY24 revenue
- Yulu, backed by Bajaj Auto, reported a 188% rise in revenue to ₹119.9 crore in FY24.
- The increase in revenue was driven by the sale of products, income from electric vehicles, and bicycle renting services.
- However, the company also reported a 51% rise in total losses for FY24, reaching ₹142.8 crore.
- Yulu plans to double its on-ground presence to 100,000 EVs by 2025 and aims to turn profit after tax positive before pursuing an IPO.
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Inc42
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413
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Cashfree Gets RBI’s Prepaid Payment Instrument Licence
- Cashfree Payments, a fintech startup based in Bengaluru, has received the Reserve Bank of India's prepaid payment instrument (PPI) licence.
- This licence allows Cashfree to issue prepaid payment instruments like cards and digital wallets for purchasing goods, conducting financial transactions, and transferring funds.
- Cashfree becomes one of the first fintechs to receive the payment aggregator, payment aggregator-cross-border, and PPI licences from the RBI.
- Cashfree is focused on providing secure and efficient payment experiences, and aims to build offerings to help businesses retain and grow their user base.
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Yourstory
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304
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GPS Renewables' ARYA raises Rs 100 Cr funding from Incred, Spark Capital
- ARYA, a subsidiary of GPS Renewables, has secured Rs 100 crore funding from InCred Opportunities Fund and Spark Capital.
- The funding will be used to develop Compressed Biogas (CBG) projects under joint ventures with Indian Oil Corporation and Bharat Petroleum Corporation Limited.
- ARYA aims to contribute to India's transition to sustainable green energy.
- GPS Renewables has previously raised funds through debt financing and equity funding.
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Medium
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52
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10 Profitable Business Ideas You Can Start from Home
- E-commerce businesses can generate thousands of dollars in revenue monthly.
- Freelancers can charge anywhere from $20 to $150+ per hour.
- Earnings from online courses can range from a few hundred to several thousand dollars monthly.
- Successful dropshipping businesses can earn a profit margin of 20–50% per sale.
- Virtual assistants typically earn between $15 and $50 per hour.
- Bloggers and vloggers can make from a few hundred to several thousand dollars per month.
- Social media managers can earn between $15 and $100+ per hour.
- Home-based bakers and caterers can earn a substantial income.
- Successful affiliates can earn hundreds to thousands of dollars monthly.
- Subscription box services can earn anywhere from $10 to $50+ per box.
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Startup Pedia
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Mumbai Woman Robbed of Rs. 4 Lakhs Gold by No Broker Cleaning Staff
- A 55-year-old woman from Mumbai booked a cleaning service on the No Broker app for her Diwali preparations.
- After the cleaners left her residence, she discovered that gold ornaments worth Rs 4 lakh were missing from her cupboard.
- One suspect has been arrested, while the background of the suspect is being verified.
- This incident sheds light on the importance of background verification for all service employees to ensure customer safety.
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The Total Entrepreneurs
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How Much Does It Cost to Start DropShipping Business?
- Dropshipping is a model in e-commerce that has become popular among aspiring entrepreneurs.
- Initial setup costs are the major expenses when starting your drop-shipping journey.
- Subscription to E-Commerce Platform: Basic features start at $29 per month and can go up to $299.
- Domain names are essential to building your brand online and creating a professional presence. Domain names cost an average of $10 to $20 per year.
- You will typically be sold products at wholesale prices by suppliers, while you are responsible for setting the retail price of your website.
- Marketing is vital in driving traffic and sales. Your marketing budget will have a direct impact on your sales and traffic.
- Processing Fees: PayPal charges an average fee of 2.9% plus $0.30 for each transaction.
- In dropshipping, you will need to provide excellent customer service.
- The cost of registering a business varies by region but can be anywhere from $50 to $500.
- You can expect to pay between $500 and $2,500 for the launch of your drop-shipping business. Monthly costs will range from $200 to $1500.
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SiliconCanals
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EvoluteIQ secures €18.5M for its AI-driven business automation platform
- EvoluteIQ, an AI-powered intelligent business automation platform, has secured €18.5M in funding.
- The round was led by Round2 Capital with participation from Nordea Growth Fund, DCAP Select, and PH ventures.
- The funding will support platform enhancement and global expansion.
- EvoluteIQ aims to simplify enterprise software and offers an AI-driven platform for end-to-end automation.
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Economic Times
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Gaming firm Krafton backs South Korean IMM Investment's maiden India fund
- Krafton India, the local unit of the South Korean maker of Battlegrounds Mobile India, has become the anchor investor in IMM Investment’s maiden India fund.
- The IMM India Fund is an extension of IMM Investment, a multi-asset South Korean fund managing $7 billion in assets.
- IMM’s investments range from $1 million in seed funding to about $1 billion in growth equity or infrastructure capital.
- The fund will primarily target growth-stage companies with strong potential for an initial public offering, leveraging South Korean expertise and capital.
- Krafton India’s strategy includes a fund-of-funds approach, allowing it to tap into high-potential sectors beyond its core focus.
- Krafton has invested about $170 million in several Indian startups.
- Krafton’s other investments in India include Nodwin Gaming, Pratilipi, KukuFM and Loco.
- Krafton Inc. announced plans to invest $150 million in Indian startups over the next two to three years.
- IMM India Fund has closed its first investment in Vellvette Lifestyle, the parent company of Mumbai-based beauty and personal care brand Sugar Cosmetics.
- The Krafton-IMM partnership in India will bring together deep expertise in the creation of a system to help support Indian startups.
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TechCrunch
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Emidat is building a tool to clean up construction by automating environmental reporting
- Emidat has built a software platform for automating the generation of validated Environmental Product Declaration (EPD) certificates for the construction sector.
- EPDs require undertaking a product lifecycle assessment (LCA) to declare standardized info about the environmental impact of construction materials at each stage of their lifecycle.
- Emidat's platform could help manufacturers compete to produce more sustainable buildings materials, helping to shrink the carbon footprint of future builds as a byproduct of platform-enabled transparency.
- This startup company also uses AI to analyze data ingests so it can present information on industry benchmarks and to create emissions calculation projections.
- The cost per EPD is slashed dramatically. It can now take as little as a week per product at a much lower cost using Emit’s platform.
- Emidat’s platform also streamlines data collection by integrating with manufacturers’ systems via API and then uses those data unloads to automate the generation of EPD.
- Emidat's database of materials contains information on over 150,000 construction products spanning 13 product categories so far.
- Emidat's initial focus has been onboarding manufacturers of structural components where environmental impact is greatest such as cement/concrete, steel, windows, roofing, etc.
- Emidat is announcing a €4 million seed round, which it closed this summer, led by U.S. VC giant General Catalyst.
- Emidat's platform could fundamentally change the construction industry to compete and innovate in producing or using more sustainable products.
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Medium
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Indian Space Startups Get an Early Launch Boost
- The Indian government has approved a ₹1,000 crore fund to support young space startups.
- 35–40 companies will receive funding between ₹10 crore and ₹60 crore based on their progress.
- The fund aims to fill the gap in startup funding in the space industry.
- India's space economy is expected to reach $44 billion by 2033, and this fund will help Indian startups stay competitive.
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Yourstory
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Swiggy IPO to open on November 6
- Swiggy's IPO will open for bids from investors between November 6 and 8.
- The IPO will be a combination of fresh issue of shares and offer for sale (OFS) from existing shares.
- Swiggy aims to raise Rs 4,499 crore through the fresh issue of shares and expects a valuation of around $11 billion.
- Key investors selling their shares in the IPO include Accel, Elevation Capital, Prosus, Tencent, and Norwest.
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Yourstory
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938
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EvoluteIQ bags $20M funding led by Vienna-based Round2 Capital
- EvoluteIQ, an enterprise automation platform, has raised $20 million in funding led by Round2 Capital.
- The funding round also saw participation from Nordea Growth Fund, DCAP Select, and PH ventures.
- The funds will be used to enhance EvoluteIQ's AI automation platform and expand its global presence.
- EvoluteIQ provides an AI-powered business automation platform that helps streamline workflows and cut costs.
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Yourstory
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382
Image Credit: Yourstory
Cashfree Payments receives RBI’s Prepaid Payment Instrument licence
- Cashfree Payments has received the Prepaid Payment Instrument (PPI) licence from the Reserve Bank of India.
- The company is one of the first fintechs to have received PPI, Payment Aggregator (PA), and Payment Aggregator-Cross Border (PA-CB) licences.
- The PPI licence will enable Cashfree Payments to innovate in the payments landscape and provide secure and efficient payment experiences.
- Cashfree Payments is expanding its presence in the UAE region through its acquired partner, Telr.
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