Groww Shifts Domicile to India; Bengaluru Leads India in Startup Jobs

Investment Startup Groww Shifts Domicile from US to India

Groww, an Indian investment app, has recently relocated its domicile back to India from the U.S., setting the pace for a significant trend among local startups. Led by its co-founder and CEO, Lalit Keshre, the Bengaluru-based company made this strategic move in March. This shift aligns with a broader pattern in the Indian startup ecosystem, particularly within fintech, as companies aim to comply with evolving local regulations and explore opportunities for domestic stock listings. Initially incorporated in the U.S., many startups, including Groww, sought access to investors and capital in North America. Now, with profitability established, Groww's transition reflects confidence in the Indian market. Similar deliberations are underway among other startups like Razorpay, Pine Labs, and Meesho. PhonePe's prior move from Singapore in 2022, backed by Walmart, underscores this shifting landscape.

Bengaluru Leads India in Startup Jobs with 31% Share

Bengaluru, renowned as India's IT capital, has clinched the top spot for startup jobs in the country, claiming a robust 31% share, as per a study by Foundit. The report, covering April 2023 to April 2024, underscores Bengaluru's dominance over Delhi and Mumbai, which secured 23% and 18%, respectively. Despite a marginal dip from last year, Bengaluru's startup hiring remains strong. Interestingly, remote working opportunities have dwindled, signaling a shift in employment dynamics. Startups are increasingly eyeing fresh talent, constituting 53% of job openings. The study also highlights the burgeoning startup ecosystem in non-metro areas, reflecting India's broader entrepreneurial growth. Sector-wise, manufacturing and tourism show notable upticks in hiring, while experienced professionals witness increased demand.

GalaxEye, IN-SPACe Team Up to Elevate India's Satellite Capabilities

An IIT Madras incubated startup, GalaxEye, is set to revolutionize India's satellite technology landscape through a collaboration with IN-SPACe. Based in Bengaluru, GalaxEye focuses on developing the nation's first private constellation of earth observation satellites. The recent memorandum of understanding signed in Ahmedabad paves the way for GalaxEye to utilize IN-SPACe's co-working spaces, laboratories, and testing facilities. Suyash Singh, co-founder and CEO of GalaxEye, highlighted the significance of this partnership in enhancing data gathering and analysis from Earth's orbit. He anticipates improved satellite imagery quality, even in adverse weather, empowering businesses and governments with enhanced decision-making capabilities regarding climate patterns, urban development, and natural phenomena.

Kerala Startup Mission Launches 'Rink Demo Day'

Kerala Startup Mission (KSUM) is gearing up to unlock the commercial potential of food technology with its upcoming virtual event, the 'Rink Demo Day'. Scheduled for May 10, the event will spotlight nine innovative food technologies ripe for commercialization. These technologies, previously showcased in the 'Branding Challenge' at KSUM's 'Huddle Global 2023', boast branding identities crafted by top designers. Hosted in conjunction with National Technology Day, the expo will feature displays from leading research and development institutions across Kerala. Attendees, including professionals in the food processing industry and budding entrepreneurs, will gain access to cutting-edge food innovations with accompanying commercialization rights and professionally designed brand identities. Among the showcased technologies are coconut honey, seaweed pasta, flavored sugarcane wine, vacuum fried chips, sweet potato nutribar, ready-to-cook elephant foot yam, millet and seaweed cookies, and fish protein wafers, developed by various research institutes. 

Inflection Point Ventures Leads Rs 4 Crore Funding Round for Treacle

Cybersecurity startup Treacle has secured Rs 4 crore in a pre-seed funding round led by Inflection Point Ventures. The investment aims to bolster technical and business growth, marketing efforts, collaborations, and expansion into the Indian market. Treacle, originating from IIT Kanpur's FIRST's IHub program, specializes in defensive security. Co-founded by cybersecurity and software development veterans, the company focuses on AI-based Deception Technology to thwart cyber threats. Earlier grants of Rs 26 lakh from C3iHub and SISFS in 2021 and 2022 respectively, propelled Treacle's journey. With the global cybersecurity industry projected to grow significantly by 2030, Treacle aims to pioneer advanced security solutions, ensuring network infrastructures' safety.