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Karnataka Government To ‘Elevate’ 100 Startups

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The Karnataka Government in an effort to boost the startup ecosystem has launched the “Elevate Program” to identify 100 of the most innovative startups in Karnataka, to elevate to them to next level of success.

The program will spend Rs. 400 crore to ‘elevate’ the selected startups by providing them funds and mentors to help them turn their ideas into successful businesses. Karnataka’s IT and BT Minister, Priyank Kharge unveiled the program along with the official website and logo for the flagship initiative on Wednesday.

The scheme is the brainchild of the startup cell, Karnataka Biotechnology and Information Technology Services (KBITS) and will help identify startups working in the field of IT, Electronic System Design Manufacturing, Animation Visual Gaming & Comics, Biotechnology, Pharmaceuticals, Agriculture, and Life Sciences.

Startups under this program will also be provided with access to idea validation, incubation facilities and in depth sessions for startups on accounting, legal and emerging technologies.

Speaking at the launch, the IT Minister said through Elevate they will provide startups with technical and business support based on their need along with funding. Till date, the startup cell has identified 46 startups and sanctioned ₹ 15.68 crores in the field of biotech, tourism and IT.

Startups from Mangaluru, Kalaburgi, Mysuru and Hubli will get the opportunity to pitch their ideas to the Elevate team in open houses that will be held by the State Government. Registration began on 4 July 2017 and will be open until 18 July 2017, for all participants across Karnataka.

Chief Minister Siddaramaiah said Elevate is one of the highlights of the work that we are doing to boost trade and business in Karnataka and the Government is happy to be inaugurating the program.

According to the IT Minister, venture capitalists have also been brought on board to help curate and fund startups, although at the initial stages the government will fund the startups to bring them to a point where it is investible for the VCs.

This program has been launched in partnership with the Deshpande Foundation, The Indus Entrepreneurs and others to empower startups and scale operations. The Government of Karnataka has taken tremendous steps to encourage the startup ecosystem. They announced a $ 1.4 million fund for women entrepreneurs in March this year. IT Minister Priyank Kharge has also allocated a $ 1.65 million fund for agritech startups in May and later announced a fund of $ 1.65 million for 26 selected startups in the biotechnology sector.

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Piyush Anchliya Joins Cashfree Payments as CFO Amid Expansion in India’s Fintech Sector

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Cashfree Payment - StartupStories

Cashfree Payments has appointed Piyush Anchliya as its new Chief Financial Officer (CFO), effective April 15, 2025. Anchliya brings over 15 years of experience in investment banking, corporate finance, strategy, and mergers and acquisitions, with senior roles at Barclays, Bandhan Group, and most recently as CFO of Bandhan AMC. He holds an MBA from IIM Ahmedabad and a B.Tech. from IIT Kharagpur.

In his new role, Anchliya will lead Cashfree’s financial strategy, optimize operations, and support the company’s next growth phase. He will report to CEO and Co-founder Akash Sinha, who highlighted Anchliya’s expertise as vital for sustainable scaling and strengthening the company’s financial foundation. Anchliya succeeds outgoing CFO Vikas Guru, who will assist during the transition.

Founded in 2015, Cashfree Payments processes over $80 billion annually for more than 800,000 businesses. The company recently raised $53 million in funding led by KRAFTON and Apis Growth Fund II and secured key RBI licenses, positioning it for accelerated growth in India’s fintech sector. Anchliya’s appointment comes at a pivotal time as Cashfree aims to expand its leadership in digital payments.

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Flipkart’s Jeyandran Venugopal Likely to Join Reliance Retail as CEO

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Jeyandran Venugopal, the outgoing Chief Product and Technology Officer of Flipkart, is set to become the CEO of Reliance Retail Ventures (RRV), the retail arm of Reliance Industries. His appointment, expected to be finalized in May after his exit from Flipkart, signals Reliance’s push to strengthen its retail business with a technology-first approach.

Venugopal brings extensive experience from leading roles at Flipkart, Myntra, Yahoo, Snapdeal, and Amazon, where he focused on scaling technology platforms and driving innovation. At Flipkart, he managed product, engineering, data science, and more, helping build robust systems and improve user experience.

His move comes as Reliance Retail undergoes transformation, including cost-cutting and a renewed focus on digital growth. Venugopal’s leadership is expected to accelerate Reliance’s ambitions in omnichannel and tech-driven retail, positioning the company for continued dominance in India’s evolving market.

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Delhivery’s Acquisition of Ecom Express: A Major Consolidation in Indian Logistics

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Delhivery, one of India’s leading logistics companies, has announced its acquisition of Ecom Express in an all-cash deal valued at ₹1,407 crore. This strategic move marks one of the largest consolidations in the logistics sector and is expected to enhance Delhivery’s scale, profitability, and operational efficiency.

Background

Ecom Express, founded in 2012 and headquartered in Gurugram, has faced significant financial challenges recently. The company canceled its IPO plans in 2024 and laid off hundreds of employees due to operational setbacks, including losing a major client, Meesho, which shifted to its in-house logistics service Valmo. These struggles led to a distressed sale, with private equity investors like Warburg Pincus and Partners Group exiting their stakes entirely.

Strategic Benefits for Delhivery

  1. Enhanced Scale: The acquisition will strengthen Delhivery’s network reach and infrastructure, enabling better service delivery across India.
  2. Operational Synergies: Combining operations with Ecom Express will improve efficiency and reduce costs through economies of scale.
  3. Competitive Edge: With Ecom Express as a subsidiary, Delhivery solidifies its leadership position in the logistics space by offering broader coverage and faster services.

Challenges Addressed

The acquisition mitigates risks from Ecom Express’ financial struggles while addressing past disputes between the two companies over inflated shipment volumes reported by Ecom Express during IPO filings.

Future Outlook

The deal is expected to close within six months after regulatory approval from the Competition Commission of India (CCI). Post-acquisition, Ecom Express will operate as a subsidiary of Delhivery, unlocking new growth opportunities such as advanced logistics technology integration and expanded customer reach.

With ₹5,488 crore in cash reserves as of September 2024, Delhivery is well-positioned to finance this acquisition without compromising financial stability. This move underscores Delhivery’s commitment to innovation and efficiency in India’s rapidly evolving logistics landscape.

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