Connect with us

Latest News

Uttar Pradesh To Launch Biggest Incubator In India

Published

on

Uttar Pradesh To Launch Biggest Incubator,Biggest Incubator In India,Chief Minister Yogi Adityanath,biggest incubator,Uttar Pradesh Latest News,Startup Policy 2017,Startup Stories,Latest Business News 2017,Inspirational Stories 2017

Lucknow, Uttar Pradesh, is gearing up to establish the biggest incubator in India to provide assistance and funding to new businesses and startups. The announcement comes just a month after Chief Minister Yogi Adityanath set up a Rs. 1000 crores startup fund to encourage startup schemes in the State.

The proposed incubator will be built near the Lucknow airport on a 40 acre space and can cost up to $ 615 million (Rs. 4,000 crores) to support companies registered in Uttar Pradesh The selected startups will be funded by the Small Industries Development Bank of India . 

Speaking about the incubator, the Additional Chief Secretary of IT and Electronics, Sanjeev Saran, said the State is looking to review their startup policy as well as the financial assistance policy to provide better assistance and funding to new businesses and startups. In an effort to promote entrepreneurship in the State in an extensive manner, CM Yogi announced the state would give about $39,000 (Rs. 25 lakhs) to educational institutions to encourage self employment through startup projects. The Uttar Pradesh Government is also looking to launch a dedicated mobile app for startups to further promote entrepreneurship in an extensive manner.

A number of states have begun promoting startups through various startup policies in line with Prime Minister Narendra Modi’s initiative Startup India, Standup India. The Government of Bihar also enforced a new Bihar Startup Policy 2017 in March and set up a startup fund as a trust to act as the nodal agency for the implementation of this policy.

Invest India, the parent organization of the Startup India initiative, also joined hands with the Government of Assam in July this year, to launch its first startup policy. The Karnataka government also selected 100 startups through their Elevate program for mentorship and funding. According to IT Minister of Karnataka, Priyank Kharge, nearly 60% or close to 4,200 out of 7,200 startups in the country have registered with their newly launched Startup Cell. The Telangana, Karnataka and Kerala governments have also launched similar programs in their respective states to help startups grow and develop.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Apple Achieves 13% Growth in India with $9 Billion Sales and New Flagship Stores in FY25

Published

on

Apple

Apple has set a new benchmark in India, recording $9 billion in annual sales for FY25—a 13% surge over the prior year, fueled chiefly by robust demand for iPhones and MacBooks. The tech giant’s strategic expansion into Bengaluru and Pune with new flagship stores has deepened brand engagement and increased accessibility for customers across urban centers.

Apple’s rapid retail footprint expansion and locally tailored initiatives, including student discounts and trade-in offers, overcame price barriers and high import duties to drive sales volumes to unprecedented heights. Meanwhile, local production reached new highs, with 20% of iPhones now assembled in India and manufacturing output up 60%, valued at $22 billion part of Apple’s move to diversify its global supply chain.

India is now Apple’s fourth-largest market worldwide, reflecting its rising role as both a consumption and manufacturing powerhouse for premium tech. Continued investment in retail outlets, partnerships with Tata for device repairs, and consumer-friendly financing have positioned Apple for even stronger growth as Indian incomes and technology aspirations rise.

Continue Reading

Latest News

OYO Achieves Record Profitability in FY25 with Deferred Tax Boost and New Corporate Identity

Published

on

OYO

OYO, India’s leading hospitality startup, has retained strong profitability in FY25, driven by a significant deferred tax gain and a bold corporate identity overhaul. The company’s net profit surged to ₹623 crore, marking a 172% year-on-year growth, with adjusted EBITDA reaching ₹1,132 crore a 27% increase from the previous fiscal. Total revenue rose by 20% to ₹6,463 crore, propelled by strategic expansion in premium segments and the integration of G6 Hospitality into OYO’s growing portfolio.

The deferred tax gain of ₹765.6 crore played a crucial role in OYO’s profitability for FY25, helping overcome challenges from operational losses and global expansion costs. Meanwhile, OYO launched a campaign to rename its parent company, Oravel Stays Ltd, aiming for a tech-first, globally resonant brand identity as the business prepares for its IPO. This rebranding signals OYO’s shift toward broader urban living solutions, with the “OYO Hotels” brand remaining unchanged for consumers while the corporate entity targets premium and tech-driven markets worldwide.

OYO’s premiumization strategy and aggressive international growth have led to record results for the fourth quarter of FY25, with gross booking value surging 54% to ₹16,436 crore and revenue hitting new highs. These achievements highlight OYO’s disciplined financial management and commitment to innovation, setting a benchmark for Indian startups navigating global expansion and sustained profitability in the hospitality technology sector.

 

Continue Reading

Latest News

MPL to Lay Off 60% of India Workforce Following Online Gaming Ban

Published

on

MPL

Mobile Premier League (MPL), one of India’s top online gaming platforms, is set to lay off about 60% of its India workforce following the government’s ban on paid online games. The move, confirmed by MPL CEO Sai Srinivas through an internal email, will impact around 300 employees across multiple departments including marketing, finance, operations, engineering, and legal. This decision comes as a direct result of the Promotion and Regulation of Online Gaming Bill, 2025, which restricts paid online games involving monetary stakes to address concerns over financial risks and addiction among young users.

India contributed nearly half of MPL’s revenues, estimated at around $100 million in the 2024-25 fiscal year. With the ban on paid gaming, MPL’s primary revenue source in India has been effectively cut off, prompting the company to shift focus towards free-to-play games and expand its presence in overseas markets such as the United States and Brazil. Despite the layoffs, MPL has pledged to support the affected employees through the transition period. CEO Sai Srinivas expressed regret over the downsizing but highlighted the company’s commitment to developing new business models for the Indian market amid the regulatory changes.

This development significantly disrupts the Indian online gaming industry, which was on track to grow into a $3.6 billion sector by 2029 before the introduction of the ban. While competitors like Dream11 have adapted by discontinuing paid games and avoiding layoffs, the ban has forced many gaming startups in India to rethink their operations. The government’s regulation targets all games involving real money stakes, including fantasy sports and popular card games like rummy and poker, reshaping the future landscape for the country’s gaming ecosystem and its workforce.

Continue Reading
Advertisement

Recent Posts

Advertisement