At the Economic Times World Leaders Forum, Prime Minister Narendra Modi laid out a vision for India’s next decade of growth, signaling a decisive shift from an import-driven economy to a global technology and innovation leader. Highlighting electric vehicles (EVs), semiconductors, space, and renewable energy, Modi emphasized that “India is ready to take the world by storm with its innovation and manufacturing capabilities.” EV Exports: India Goes Global One of the most eye-catching announcements was India’s plan to export electric vehicles to 100 countries, with a high-profile event scheduled for August 26. “I want to tell you about another achievement…
Author: Aman Atulya
Debt financing platform Recur Club has announced a strategic partnership with early-stage impact investor Enrission India Capital, designed to enhance funding access for mission-driven startups and SMEs across India. Expanding the Capital Arsenal for Startups Recur Club, which introduced a ₹150 crore (~$18 million) fund earlier this year to support D2C brands on quick-commerce platforms, will now leverage this partnership to provide eligible startups with non-dilutive capital flexibility, aligned with standard term sheets and at the founder’s discretion. Holistic Support Beyond Funding Beyond capital, Recur Club will also support Enrission’s portfolio companies with equity-fundraising, smoothing their path to institutional rounds…
The Group of Ministers (GoM) on GST has approved a major overhaul of India’s tax structure, paving the way for a simplified two-slab system. The proposal, cleared after extensive deliberations, replaces the existing 12% and 28% GST rates with a dual structure of 5% and 18%. The plan is set to be tabled before the GST Council in September for final approval. Introduction of 40% GST for Sin and Luxury GoodsA major highlight of the reform is the creation of a 40% GST slab for sin and luxury goods. This move targets products already facing steep duties, aiming to simplify…
Japan International Cooperation Agency (JICA), Japan’s official development assistance body, has committed $40 million to Aavishkaar Capital’s ‘Global Supply Chain Support Fund’ to drive inclusive and sustainable growth across Asia and Africa. The announcement was made by Japanese Prime Minister Shigeru Ishiba at the “Economic Partnership in Indian Ocean – Africa Forum.” The fund, managed by impact-focused Aavishkaar Capital, will leverage JICA’s contribution to provide credit to private corporations in India, Africa, and other emerging Asian markets. These businesses span agriculture, food processing, and manufacturing sectors and play a crucial role in international supply chains. The initiative specifically targets small…
OpenAI, the parent company of ChatGPT, has announced plans to open its inaugural office in India, located in New Delhi. This move underscores OpenAI’s commitment to expanding its presence in one of the world’s largest and fastest-growing AI markets. Strategic Expansion into India The decision to establish a physical presence in India aligns with OpenAI’s broader strategy to enhance its engagement with local developers, startups, and policymakers. By setting up an office in New Delhi, OpenAI aims to foster deeper collaborations and better understand the unique needs of the Indian market. Local Hiring Initiatives In conjunction with the office setup,…
Smartworks, the managed office space provider, has trimmed its stake in associate company CleanMax (CleanMax DOS Pvt Ltd) from 24.82% to 9.08%, according to a recent stock exchange filing. The shares—worth approximately ₹99 lakh—were sold to Clean Max Enviro Energy Solutions Limited, and since the buyer isn’t part of the promoter group, this doesn’t count as a related-party transaction. With this move, CleanMax is no longer categorized as an associate of Smartworks. Financial Momentum Smartworks recently made its stock market debut, raising ₹445 crore via a fresh issue and ₹137.5 crore through an offer-for-sale (OFS). Its stock began trading at…
Fantasy sports giant Dream11, one of India’s largest gaming startups, has announced the discontinuation of its core real-money gaming business. The decision marks a significant setback as RMG had been the platform’s primary revenue driver. The ripple effect has spread quickly. My11Circle (Games24x7), MPL, Zupee, Gameskraft’s RummyCulture, and Probo have all shut down their money-based verticals. While MPL will continue focusing on international markets, which contribute nearly 50% of its revenues, domestic real-money operations have been discontinued. Similarly, Zupee and Probo confirmed they would continue offering free-to-play formats while exiting money-linked games. Spokespersons from MPL and Probo underlined their compliance…
New Delhi | August 21, 2025 — Deep-tech-backed FMCG startup Mitra has raised ₹14 crore (approx. $1.6M) in a bridge funding round led by Bestvantage Investments, with participation from existing investors including a Dubai-based family office. How the Funds Will Be Used The capital will be deployed to launch a 3,000-tonne refined flour (maida) manufacturing plant in October. Mitra is also expanding its product portfolio to include millet-based, gluten-free, sugar-free, diabetic-friendly flours, and organic spices, and enhancing its presence in Gulf Cooperation Council (GCC) markets. The firm is integrating smart manufacturing technologies to improve efficiency and production. Impressive Growth Trajectory…
New Delhi | August 21, 2025 – The Payments Council of India (PCI) has unanimously re-elected Vishwas Patel, Joint Managing Director of Infibeam Avenues Limited (CCAvenue), as Chairperson for the 2025–27 term. Alongside Patel, the PCI Executive Council also announced the appointment of M. N. Srinivasu, Co-founder & Director of BillDesk, and Nalin Bansal, Chief of Corporate Fintech Relationships & Key Initiatives at NPCI, as Co-Chairpersons. PCI’s Role in India’s Digital Push PCI serves as the apex industry body for the country’s digital payments ecosystem, representing banks, card networks, UPI players, wallets, gateways, and fintechs. The council plays a crucial…
New Delhi | August 21, 2025 – The Rajya Sabha on Thursday passed the Promotion and Regulation of Online Gaming Bill, 2025, finalizing its passage just a day after approval by the Lok Sabha. What the Bill Covers Government’s Perspective Union IT Minister Ashwini Vaishnaw emphasized the social costs of online money gaming, calling it a problem even worse than drug abuse. He said several young lives have been lost, and the bill will protect families and bolster legitimate gaming sectors like e-sports. Secretary S. Krishnan (MeitY) added that the real issue isn’t e-sports, but real-money games. He reaffirmed the…