The post Flipkart Foundation: Sustainable development by empowering the underprivileged first appeared on Corp India News.
]]>And to facilitate an inclusive, equitable, empowered and sustainable society in India, Flipkart India has launched the Flipkart Foundation today.
Rajneesh Kumar, Chief Corporate Affairs Officer at Flipkart, said, “With a vision of Building a New India Together, the Flipkart Foundation is our commitment to engage with diverse stakeholders to enable transformational development work for society and the economy.”
facilitate an inclusive, equitable, empowered and sustainable society in India, Flipkart India has launched the Flipkart Foundation today.
Role of Flipkart Foundation
Flipkart foundation shall focus on rural areas and provide equitable access to growth opportunities for women and other disadvantaged communities. In addition, it intends to carry forward Flipkart Group’s efforts toward creating opportunities for its ecosystem partners and convenience to stakeholders through a technology-led digital commerce model.
Hence, Flipkart Foundation aims to positively impact 20 million lives directly and indirectly in the next decade.
Campaign Details
For this, the Foundation will collaborate with its diverse stakeholders, including government organisations, NGOs and community leaders, in four key areas. Firstly it will strive in creating entrepreneurship and livelihood opportunities for the underserved and underrepresented sections of society by providing them market access.
Another critical area is skill development among the underprivileged and community development. And lastly, to attain sustainable living for these communities with environmental Responsibility.
The @Flipkart Foundation aims to drive transformational work by collaborating with diverse stakeholders across government organizations, NGOs & community leaders across 4 key areas: Market access, Skill development, Community development & Environmental Responsibility. pic.twitter.com/lxN56ERlA8
— Flipkart Stories (@FlipkartStories) April 4, 2022
During the launch event, Dr Virendra Kumar, Union Minister for Social Justice and Empowerment, said, “While India is full of opportunities, there is a need to drive equitable growth. To help drive this, it is important for businesses to offer support to underprivileged sections of society to make them a part of the country’s growth story. Our Prime Minister’s vision of Sabka Saath, Sabka Vishwas, aims to bring the government and the industry on a common platform to work harmoniously in achieving prosperity for all.
Organisations like the Flipkart Group play an important role in this endeavour, and the launch of the Flipkart Foundation is a decisive step in this direction to create widespread social impact.”
Flipkart Foundation’s operations are grant-based, with contributions from the Flipkart Group and through the ‘Charity Checkout’ feature available on Flipkart platforms.
The post Flipkart Foundation: Sustainable development by empowering the underprivileged first appeared on Corp India News.
]]>The post BSE signs MOU with Federal Bank to list SMEs first appeared on Corp India News.
]]>The collaboration will enable BSE to take advantage of Federal Bank’s SME and Startup clientele to encourage them regarding listing their companies on the stock exchange.
Ajay Thakur, Head of BSE, SME and Startups, said: “We are excited to partner with Federal Bank, and this collaboration will enable us to tap the large SME & Startup client base of Federal Bank spread across the country and educate them on the benefits of listing.
He further said that this step is stepping stone in BSE’s endeavour to further penetrate the SME and Startup ecosystem and provide them with the platform for equity financing.”
BSE, India’s premier stock exchange and a leading private sector bank, Federal Bank, will jointly evaluate the SMEs and startups undergoing the listing process.
Harsh Dugar, Group President and Country Head, Federal Bank, said: “We are delighted to partner with BSE on the SME and Startups space. As one of India’s foremost tech-led banks, this is an area of sharp focus for us. Our full-stack product suite and our deep understanding of this sector make us a banker of choice to the SME ecosystem, and we are confident of significant synergies that both our institutions can derive from this partnership.”
It is to be noted that there are 364 SMEs listed on the BSE SME platform, and 14 companies have been listed on BSE Startups platform until today.
The post BSE signs MOU with Federal Bank to list SMEs first appeared on Corp India News.
]]>The post Planning to begin your startup? – Register in five easy steps first appeared on Corp India News.
]]>Fortunately, the Government of India acknowledges the power of young minds and the potential to realise their dreams in a one-room startup. Hence, in 2015, announced the development of a government-led startup ecosystem to provide initial handholding and financial support through funds, incentives and flexible policies.
Hence, aspiring entrepreneurs can begin their startup journey by enrolling in this program. You can avail initial support and nurturing that every startup requires by the government through Startup India Program.
What qualifies as a startup in India?
There are four important criteria to be an eligible startup.
- Firstly, your company should either be incorporated as a private limited company, a partnership firm or a limited liability partnership
- The company’s turnover in previous financial years should be less than Rs 100 crore
- A business shall be considered as a startup up to 10 years from the date of its incorporation
- The last and most important criterion is the ‘Innovation’ factor. Your business should be working towards an innovative solution towards existing products, services and processes and should have the potential to generate employment/ create wealth
What can not be a Startup?
Your business must qualify for all the above criteria. Any entity formed by splitting up or reconstructing an existing business shall not be considered a “Startup”.
If your business qualifies for all the above criteria, you can register five easy steps.
Step 1: Business Incorporation
The first step towards this direction is the incorporation of your business entity. At this stage, you must fulfil the first criteria listed above, i.e. incorporate your business as a Private Limited Company, Partnership firm, or a Limited Liability Partnership.
Certificate of Incorporation is the basic requirement to start any operating as a business entity. Hence, you will have to go through all the standard procedures required while registering a company in India.
Step 2: Register with Startup India
The next step is to register your business as a startup. To register your startup under the Startup India initiative is quite simple. First, you need to log on to the Startup India website to fill up the form with your business details. Then, you will have to create your profile after providing the required details on the website.
Creating a profile on the website will open many avenues for your Business Startup. For example, you can apply for various acceleration, incubator/mentorship programmes. Here, you get access to valuable resources like the Learning and Development Program, Government Schemes; State Polices for Startups and pro-bono services.
Step 3: Get DPIIT Recognition
The Government of India provides many benefits, including tax exemptions under the Startup India program. However, to avail of these benefits, startups must get Department for Promotion of Industry and Internal Trade (DPIIT) Recognition. Hence, it helps entrepreneurs to avail benefits like access to high-quality intellectual property services and resources and other relaxations.
If you are a new user, then click on the ‘Get Recognised’ button; existing users can click on the ‘Dashboard Button’ to get DPIIT Recognition.
Step 4: Recognition Application
Next, the ‘Recognition Application Detail’ page opens. Click on ‘View Details’ option under the Registration Details section. Fill up the ‘Startup Recognition Form’ and click on ‘Submit’.
Documents Required for Recognition:
a. Documents for Registration
b. Incorporation/Registration Certificate of your startup
c. Details of the Directors
d. Proof of concept like pitch deck/website link/video (in case of a validation/ early traction/scaling stage startup)
e. Patent and trademark details (Optional)
f. PAN Number
Step 5: Recognition Number
Once you apply for the recognition certificate, you will receive a recognition number for your startup. The authority issues the certificate of recognition after verifying all your documents. Usually, the certificate is issued within two days after applying.
After receiving recognition certificate, you are registered with the government as a startup and you can officially call your business entity as STARTUP.
Word of Caution
Individuals must be careful while uploading their documents. If your documents are forged or have uploaded wrong documents, you will be charged with a fine of 50% of your paid-up capital of the startup with a minimum fine of Rs. 25,000.
Patents And Trademarks
The website also allows you to patent your innovation or get a trademark for your business. You can avail of it from the list of facilitators issued by the government. However, you will need to bear only the statutory fees, thus getting an 80% reduction.
Relaxation In The Registration Process
The government has relaxed the registration process for startups from providing certain documents. The list of documents not required to be filed at the time of the registration are-
a. Letter of Recommendations
b. Letter of funding
c. Sanction Letters
d. Udyog Aadhar
e. MSME Certificate
f. GST Certificate
Benefits from Startup India Program
Tax Exemption
Under section 80 IAC of the Income Tax Act, the Government of India allows tax exemption for three consecutive financial years. Startups must be certified by Inter-Ministerial Board (IMB) to avail of this benefit.
Government’s Backing
The government dons the role of a venture capitalist under StartUp India. It has a set-up of Rs 10,000 crore funds to provide funds to the registered startups. It also provides guarantees to lenders to encourage banks and other financial institutions to provide venture capital.
Exemption from Tax on Capital Gain for Investors
For easy availability of funds, the government has provided that investors who invest in venture funds set up under this program will be exempted from paying tax for their capital gains.
Self-Certification
Under Startup India Program, startups can self-certify through its website or startup mobile up with nine labour laws and three environment laws. Additionally, the authority will not conduct inspections for a period of 3 to 5 years from the date of incorporation.
Tenders From Government
While applying for government tenders, Startups are exempted from “prior experience/turnover” criteria applicable for other companies.
The government has made registering a startup in India quite seamless. Moreover, the additional support that government provides adds flexibility to the startup ecosystem in India. Therefore, it provides pivotal support to aspiring entrepreneurs in realizing their startup dream.
The post Planning to begin your startup? – Register in five easy steps first appeared on Corp India News.
]]>The post Bharat Founders Fund: Indian Unicorns to provide funds to new startups first appeared on Corp India News.
]]>About 65 entrepreneurs have now donned the investor’s cap through the Bharat Founders Fund (BFF) launch to invest in pre-seed stage companies. Among them are the famous Unicorn founders Vidit Aatrey and Sanjeev Barnwal, co-founders of Meesho; Gazal Kalra, co-founder of Rivigo; Cars24 co-founders Vikram Chopra, Mehul Agrawal and Gajendra Jangid; Smita Deorah and Sumeet Mehta of Lead School; Vamsi Krishna, co-founder of Vedantu; and Saurabh Garg, co-founder of NoBroker.
Investopad partners Maanav Sagar and Sera Arora are managing the fund at present.
“Today, founders and senior operators in a startup have created wealth through either successful exits or employee options (ESOPs) and are actively looking to give back and invest in startups. Bringing these founders together as venture partners will allow Bharat Founders Fund to connect its portfolio companies with senior startup operators which have the experience of taking an idea (or business) from zero to one,” said Arora
He also said that BFF would not participate in the companies but hold the right to appoint a director if needed.
With a corpus of $20 million in the funds in BFF, founders-turned-Investors have decided to invest $100,000 to $200,000 on average in various early-stage startups and companies which are still at the idea stage.
“We would like to invest and enter a company as early as possible. The idea is to help these companies get access to the best mentorship and interact with a wide portfolio of our venture partners who have built successful startups,” said Sagar.
While Bharat Founders Fund (BFF) has already made 20 investments until today, it aims at providing 100 early-stage investments this year. BFF has currently invested in the learning platform Yellow Class, jobs platform Skillbee, lending startup Basic, and direct-to-consumer brand BlissClub.
The post Bharat Founders Fund: Indian Unicorns to provide funds to new startups first appeared on Corp India News.
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