Jagdish Mitra Launches AI Startup, India's Startup Surge Marks Global Recognition

Ex-Tech Mahindra Exec Launches AI Startup, Embraces Value-driven Approach

Former Tech Mahindra India business head Jagdish Mitra has embarked on a new venture, establishing an AI startup with an initial investment ranging between Rs 65-80 crore. With operations slated to commence within three months, Mitra aims to transition from a cost-centric to a value-driven approach, focusing on manufacturing, retail, and sportstech sectors in both the US and India. Mitra emphasises the importance of AI in enhancing productivity, advocating for a shift towards value-driven outcomes. His strategy includes catering to industries with revenue under USD 2 billion, leveraging SAAS models for market penetration. Mitra's vision underscores the pivotal role of AI in driving efficiency and delivering tangible value across sectors.

India's Startup Surge Marks Global Recognition, says Minister Jitendra Singh

Union Minister Jitendra Singh heralds India's remarkable startup boom, citing a staggering 300-fold growth over the past decade. This surge, from around 350 startups in 2014 to a flourishing ecosystem today, positions India as a global startup powerhouse. Singh attributes this success to PM Narendra Modi's leadership, fostering job diversification and igniting entrepreneurial zeal. He commends the government's progressive initiatives, including the liberalization of the space sector, culminating in landmark missions like Chandrayaan-3 and Aditya L1. Singh envisions India's ascent to become the world's 3rd largest economy under PM Modi's leadership, with sustained focus on youth empowerment and startup sustainability.

CII Introduces Corporate Governance Charter to Fortify Startup Oversight

The Confederation of Indian Industry (CII) has launched a new Corporate Governance Charter tailored specifically for startups, aiming to address governance concerns amid recent turbulence in the Indian startup landscape. This initiative introduces an innovative online self-evaluative governance scorecard, enabling startups to assess their governance status and track improvements over time. Structured across four crucial stages of a startup's lifecycle, the charter provides guidance on governance principles essential for each phase, fostering transparency and accountability. This move responds to mounting concerns over governance lapses in prominent startups and aims to instill robust governance practices from inception to scale, enhancing investor confidence and promoting long-term sustainability. Key industry figures, including Kunal Bahl and Chandrajit Banerjee, underscore the pivotal role of corporate governance in driving informed decision-making and strategic foresight, marking a significant stride towards accountability and resilience in India's startup ecosystem.

Indian Startup, The ePlane, Set to Pioneer Electric Air Taxi Prototype by March 2025

Chennai-based startup The ePlane Company, incubated at IIT Madras, is set to pioneer India's electric air mobility revolution with plans to unveil a flying electric taxi prototype by March 2025. Led by Founder and CEO Satya Chakravarthy, the company aims to address urban congestion by introducing eVTOL aircraft, initially designed as three or four-seater planes convertible into air ambulances. The envisioned prototype, subject to certification by the Directorate General of Civil Aviation (DGCA), promises to revolutionize intra-city travel, boasting a mere 14-minute commute compared to an hour by conventional vehicles. Alongside, the company is poised to commercialize drones with payload capacities ranging from 2-50 kg, catering to diverse logistical needs. Concurrently, InterGlobe Enterprises and Archer Aviation plan to debut an all-electric air taxi service in India by 2026, signaling a transformative shift towards sustainable urban transportation solutions.

27 Indian Startups Raise Over $222 Million, Reflecting Investor Confidence in Innovation

Last week witnessed a robust funding spree in the Indian startup ecosystem, with 27 startups securing a total of nearly $222.7 million. The funding landscape featured a mix of growth-stage and early-stage deals, highlighting the diverse investment opportunities in the country. Among the growth-stage deals, seven startups collectively raised $150.6 million, with Northern Arc leading the pack with $80 million in funding. Notable beneficiaries also included CloudExtel, LetsTransport, BankBazaar, Clix Capital, Samunnati, and Smartworks. Meanwhile, 17 early-stage startups collectively garnered $72.08 million, with Lyskraft emerging as the top recipient, followed by Dhruva Space, Accacia, CheQ, and Plane. This funding influx underscores the continued investor confidence in India's startup ecosystem and signals a promising trajectory for innovation and growth.