Indian Startup News 219: Angel Tax Abolished in Indian Budget 2024, Favourable LTCG on Shares

Описание: Check out the video we made on the top 10 Tripura startups here:    • Top 10 Tripura Startups  

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00:00 Startup Spring: Angel Tax Takes a Hike, Space Ventures Get a Lift
01:56 WazirX Security Breach
02:50 Bluelearn Shuts Down
04:03 CRED Launches CRED Money
04:38 Bhavish Aggarwal Teases Ola’s Latest Electric Motorcycle?
05:40 Funding News
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Startup Spring: Angel Tax Takes a Hike, Space Ventures Get a Lift

India's budget announcement brought great news for startups. The controversial angel tax, which taxed startup investments as income, has been abolished, encouraging more investments. Additionally, the LTCG tax on unlisted equity shares has been reduced from 20% to 12.5%, making investments more attractive for VCs. Lastly, the government announced a ₹1,000 crore fund for spacetech startups to boost India's space economy.


WazirX Security Breach

In a significant setback, Indian crypto exchange WazirX faced a security breach with hackers stealing $235 million worth of crypto assets. This amounts to nearly half of their reserves, leading to a temporary halt in trading activities. WazirX is working with authorities and other exchanges to recover the lost assets and has increased its bug bounty to 10% of the stolen value.


Bluelearn Shuts Down

Bluelearn, a startup building a community for students, has shut down and is returning 70% of the funds raised. Despite scaling to 250,000 users, the founders realized the business couldn't generate substantial revenues to justify further VC funding.


CRED Launches CRED Money

CRED has launched its latest product, CRED Money, which acts as a financial manager by consolidating information from all your banks, showing spending habits, pending bills, and offering insights on managing finances better.


Bhavish Aggarwal Teases Ola’s Latest Electric Motorcycle?

Bhavish Aggarwal teased a new product, likely the battery for Ola’s latest electric motorcycle, on X. Although there have been no recent updates from Ola regarding their electric motorcycles, they are expected to start deliveries by the first half of FY26.

Funding News

This week, Indian startups raised nearly $65 Million. Highlights include:
Unimech Aerospace (Bengaluru): Raised $30 Million in its first funding round
Auxilo (Mumbai): Raised $12 Million in debt for education loans
NeoGrowth (Mumbai): Raised $11.2 Million in debt for small business loans
Incuspaze (Gurugram): Raised $8 Million in Series A for co-working spaces
Neo (Mumbai): Raised $4 Million for wealth management
Pneucons (Ahmedabad): Raised an undisclosed amount for B2B marketplace for industrial products

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