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New rules for one person companies, revised thresholds for small firms
The Ministry of Corporate Affairs on Wednesday said it has amended rules for One Person Companies (OPCs) and has extended fast track merger process to startups and other small companies.
In a release, the ministry said the incorporation of OPCs is being incentivised in order to bring in more unincorporated businesses into the organised corporate sector. The move is expected to directly benefit startups and innovators, especially those who are supplying products and services on ecommerce platforms.
PhonePe launches $200M ESOPs for all full-time employees
Fintech major PhonePe said in a blog it has launched a $200 million stock option plan for its 2,200 full-time employees, enabling everyone to benefit from the growth it saw last year when digital payments hit new highs due to the pandemic. PhonePe ESOP follows a string of several other startups such as Licious, Wakefit, and ShareChat that recently granted stock options to all their employees in an attempt to involve them in the growth plan and success of the organisation more closely.
ARAI ties up with AIM-NITI Aayog to boost startup ecosystem in mobility sector
The Automotive Research Association of India (ARAI) and Atal Innovation Mission (AIM)- NITI Aayog have signed a statement of intent (SOI) to boost the startup ecosystem in the mobility sector, officials said. ARAI Director Dr Reji Mathai said, "Under this initiative, the ARAI will use its TechNovuus platform and lend its experience, expertise, and equipment to nurture startups working in the mobility segment."
SATYA MicroCapital raises 153.25 Cr from Japan-based Gojo & Company (Funding)
Microfinance institution SATYA MicroCapital Ltd on Wednesday announced that it had raised fresh equity of Rs 153.25 crore from Japan-based Gojo & Company Inc. According to the startup, it closed its equity round of Rs 105 crore from Gojo & Company Inc. earlier in May 2020.
"The capital raised will be used in appropriate custom to expand our operations to a broader spectrum, thereby providing much-needed financial access to women micro-entrepreneurs for their livelihood rehabilitation", said Vivek Tiwari, MD, CEO and CIO of SATYA MicroCapital Ltd.
Aviom Housing Finance raises Rs 10 Cr in debt from Blacksoil India Credit Fund (Funding)
Delhi-based AVIOM India Housing Finance on Wednesday raised Rs 10 crores debt from Mumbai-based Blacksoil ’s new alternate investment fund - Blacksoil India Credit Fund. According to the official statement, the startup plans to disburse Rs 250 crores in this financial year. The company has previously raised Rs 60 crores in equity from marquee investors like Gojo from Japan and C4D till date, and over Rs 350 crores in debt from 37 lenders.
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