Competition and Industry News
Startup India Opens Applications To “National Startup Awards” For Businesses, Incubatorsedit
In a bid to support and recognise the innovation of the Indian startup ecosystem, the government’s Startup India project is looking to host National Startup Awards in 2020. The National Startup Awards will recognise and reward outstanding startups and ecosystem enablers that are building innovative products or solutions and scalable enterprises, with high potential of employment generation or wealth creation, demonstrating measurable social impact.
Publication: Inc 42
Date: December 1, 2019
innovationstartup ecosystemstartup indiaPepperFry loss widens to Rs 183 crore, now trails Urban Ladderedit
Increasing competition and a year-long expansion effort has put PepperFry in the second spot. It is only behind Urban Ladder now, which emerged profitable last year. In the financial year ended March 2019, net losses at PepperFry jumped 172 per cent to Rs 183.5 crore, company documents accessed through Tofler showed. The figures put the Mumbai-based online furniture brand in contrast to rival Urban Ladder which posed a Rs 50-crore profit in the same period.
Publication: Business Standard
Date: November 30, 2019
PepperfryPepperfry Bets On Virtual Reality Retail As It Looks To Join Unicorn Clubedit
Pepperfry is planning smaller VR studios to bring tech into the retail experience. The company is banking heavily on private label brands and retail expansion. Can VR experiences give the Mumbai startup the momentum for its next growth phase? To celebrate India’s rising startups, Inc42 is profiling a new soonicorn every Friday in the Inc42 UpNext: Unicorns Of Tomorrow series. This week, we are featuring the furniture e-commerce startup Pepperfry.
Publication: Inc 42
Date: November 30, 2019
Pepperfrytech in retailUnicornsGovt Proposes Income Tax Relaxations To Boost Startup India Vision 2024edit
To make investments in Indian startups much simpler, the Department for Promotion of Industry and Internal Trade (DPIIT) has proposed new income tax regulations to promote budding entrepreneurs, who otherwise find it difficult to raise funding. The new changes are a part of ‘Startup India Vision 2024’, which aims to set up 50K new startups and 20 Lakh jobs by 2024.
Publication: Inc 42
Date: November 30, 2019
DPIITStartupsIkea crosses RS 400-crore sales mark in first yearedit
The world’s biggest furniture retailer Ikea sold goods worth about Rs 2 crore every day on an average in its first year of operations, crossing Rs 400 crore in FY19 total revenue from its maiden store opened last August. This is a revenue record for any brand in the country from just one store -and in its debut year – in a market otherwise considered extremely value-conscious.
Publication: The Economic Times
Date: December 2, 2019
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