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Start-ups in Karnataka to receive Rs 400 crore boost

Tuesday, July 4, 2017, 5:00 PM

Start-ups in Karnataka to receive Rs 400 crore boost

The Karnataka government will spend Rs.400 crore to ‘elevate’ 100 startups by providing them funds and mentors to help them turn their ideas into successful businesses, state IT and BT Minister Priyank Kharge said Tuesday. The funds had been allotted under ‘Elevate Programme’, stated to be the first of its kind in the country, and was unveiled by Kharge.

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Bengaluru-based startup directed to stop delivering diesel

Tuesday, July 4, 2017, 2:09 PM

Bengaluru-based startup directed to stop delivering diesel

A city-based startup which recently started a first-of-its-kind door delivery of diesel has hit a roadblock, after Petroleum and Explosives Safety Organisation directed oil marketing companies and private retailers not to sell fuel to it, citing "safety." In a letter to Union Oil Minister Dharmendra Pradhan and PESO, Mypetrolpump CEO Ashish Kumar Gupta has requested them to pass an interim order for certain limited quantity of delivery.

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K'taka is ahead in the digitisation race: IT minister Priyank Kharge

Monday, July 3, 2017, 5:54 PM

K'taka is ahead in the digitisation race: IT minister Priyank Kharge

Think Bangalore, think startups. The city has firmly established its Silicon-Valley-of-India image in the last couple of years. But Priyank Kharge, Karnataka’s IT minister is far from done. After creating a proactive incubation, mentoring, and funding infrastructure for startups, the 39-year old minister is now burning the midnight oil to diffuse the concentration of startup innovation from Bangalore onto other parts of the state.

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Ril Capital arm invests $1 mn in digital lending start-up Billionloans

Monday, July 3, 2017, 3:45 PM

Ril Capital arm invests $1 mn in digital lending start-up Billionloans

Reliance Corporate Advisory Services, an arm of Reliance Capital, today said it has made an investment of about Rs 7 crore ($1 million) in alternative digital lending startup Billionloans Financial Services Pvt Ltd. This is the second major startup investment, after Paytm, by Reliance Capital. The investment is in line with RCap's strategy to expand its consumer lending business across platforms.

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12 startups picked by Karnataka government for Rs 3.18-cr booster shot

Thursday, June 29, 2017, 8:54 AM

12 startups picked by Karnataka government for Rs 3.18-cr booster shot

Karnataka's department of information technology and biotechnology has announced Rs 3.18 crore in grants to 12-startups in areas such as agriculture, biotechnology, security, communications and robotics. The enterprises have been selected on the grounds of application of the technology, practicality, feasibility and innovation. These startups have been a part of the Idea2PoC (Proof of Concept), a scheme being implemented by the Karnataka Startup Cell.

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Rubique launches regional language apps

Tuesday, June 27, 2017, 3:25 PM

Rubique launches regional language apps

Fintech startup Rubique has launched regional language versions of its app in order to reach out to more customers. The company said that it had launched its interactive Rubique Associate app in Hindi, Marathi and Bengali. Rubique is a marketplace based lending platform aimed at financing the needs of individuals as well as small and medium enterprises.

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Union Government to set up workspace for startups in Mangaluru

Tuesday, June 27, 2017, 8:08 AM

Union Government to set up workspace for startups in Mangaluru

India’s first government-owned co-working space for startups is set to come up in Mangaluru (Karnataka), offering cutting-edge technology such as 3D printing and new-age digital infrastructure, such as high-speed Internet. The initiative is being led by commerce and industry minister Nirmala Sitharaman as part of the Member of Parliament Local Area Development scheme.

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Startups are now learning to monetize their business early

Monday, June 26, 2017, 12:17 PM

Startups are now learning to monetize their business early

As funding slows, early-stage startups are focusing on being lean and monetising their businesses quickly. Some are doing paid pilot projects - in cash flush times, they would have done such projects for free - while others are creating services businesses that can bring in money immediately to pay for their primary ventures, which they expect will take time to turn profitable.

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Practo probed for supposed tax evasion

Saturday, June 24, 2017, 9:42 AM

Practo probed for supposed tax evasion

Practo, the healthcare startup, is supposedly being investigated by the authorities to look into whether it has evaded tax through a cross-border corporate restructuring.The company has been summoned to explain the discrepancies between the different valuations. According to the Nikkei Asian Review website, the tax authorities searched Practo's offices in Bengaluru and seized company records in late May.

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Bengaluru start-up starts diesel home delivery in city

Friday, June 23, 2017, 11:48 AM

Bengaluru start-up starts diesel home delivery in city

Petroleum Rules, 1976, says no licence is needed for transport or storage of petroleum class-B in quantity not exceeding 2,500-litres and in receptacle not exceeding 1,000-litres. Petroleum class-B includes diesel, but not petrol. This is the space wherein Bengaluru-based Ashish Gupta has got registered enterprise ANB-Fuels. Under the brand name MyPetrolPump, the company has already started home-delivery of diesel in some areas of Bengaluru.

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