Google's Appscale Academy returns to help startups💡; HDFC acquires stake in Mintoak🌳; EVs to create $100 Bn opportunity🛵
Appscale Academy returns to help Indian startups, HDFC Bank acquires stake in Mintoak, EVs to create up to $100 billion opportunity in India, Funding Deals and more.
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Google's Appscale Academy returns to help Indian startups achieve scale💡
Google on Wednesday announced it would support 100 Indian startups to scale up with the second edition of its Appscale Academy program, in collaboration with the Ministry of Electronics and Information Technology's (MeitY) Startup Hub.
Appscale Academy is Google’s growth and development program to train early- to mid-stage startups to build apps. Started in 2022, the program helped 100 startups scale their businesses last year. The company has now opened applications for the 2023 program.
A hundred chosen startups will have access to virtual instructor-led webinars, self-learning material, and mentorship sessions with local and global industry leaders. Many of these startups will also get to pitch their ideas to global venture capitalists.
HDFC Bank acquires 7.75% stake in payments startup Mintoak🌳
HDFC Bank will pick up a minority stake in fintech startup Mintoak Innovations for Rs 31.14 crore in cash, the private sector lender said in an exchange filing on Wednesday.
Once the deal goes through, it will hold 7.75% of the total share capital of Mintoak on a fully diluted basis.
Mintoak is a fintech start-up that offers a payments-led platform with many value-added services so that merchants can connect with their customers. For acquirers, Mintoak enhances their engagement with merchants through its digital offerings.
The deal is expected to be completed by January 31.
Hot Shorts⚡
New-age fintech platform Zype has raised Rs 146 crore ($17.6 million) in a new round led by Mumbai-based private equity fund Xponentia Capital.
Venture debt firm BlackSoil has invested $5 million in three startups including battery swapping network BatterySmart, Upmove Capital (NBFC arm of SmartCoin) EV-focused lending platform Revfin.
Kredmint, which offers multiple working capital financing solutions for MSMEs, has scooped up around $2 million startup founders and angel investors including Kunal Shah, Ashneer Grover, Amit Lakhotia, Shankar Nath, Amit Sinha and Manish Amin among others.
Generative AI startup Hexo has raised $270K in its pre-seed round led by Antler India, via the VC firm’s Antler India Residency initiative.
EVs to create up to $100 billion opportunity in India by 2030: Report🛵
There is a $100 billion revenue opportunity across the electric vehicle value chain in India, spanning batteries, components and manufacturing of vehicles, according to a new Bain & Company report.
By 2030, 40-45% of all two-wheelers and 15-20% of all four-wheel passenger vehicles sold in India will be electric, the report said. This will be the result of 12 to 13 million new electric two-wheelers and a million new electric passenger four-wheelers being sold in India annually by 2030, it added.
The projected adoption will largely be driven by various factors:
EVs becoming more price competitive on a capital-cost basis
Growing Infrastructure to support EVs with charging and battery swapping
Materials or product investments going into the market
Government-backed incentives
Vehicles are becoming more suited to the market and consumers understand the economic benefits of owning EVs
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