Vijay Shekhar Sharma Stays Optimistic, MeitY Seeks Funds, Tracxn’s ESOP Plans and more

Scandron's agri-focused drone has received DGCA Type Certification, opening new market avenues. MeitY is seeking additional funds to boost the Semiconductor Mission, crucial for India's tech future. Coworking giant Smartworks is gearing up for an IPO by transitioning to a public company. Vijay Shekhar Sharma of Paytm remains optimistic despite RBI's regulatory hurdles, while Tracxn is empowering its team with 3.6 lakh new shares under its ESOP plan.

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What Matters

“Abhi Hume Aur Zaleel Hona Hai”: RBI’s Clampdown On PPBL Not The Biggest Setback Faced By Paytm, Says Vijay Shekhar Sharma

Vijay Shekhar Sharma, founder of Paytm, believes RBI’s recent clampdown on Paytm Payments Bank isn’t the biggest setback they've faced. Reflecting on tougher times around 2013-14, Sharma recalls how delays in finalizing agreements and last-minute investor pullouts were more challenging.

While acknowledging the regulatory lapses, he emphasized that valuable lessons have been learned and remains optimistic about turning Paytm into a $100 Bn company.

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“Swagat Nahi Karoge Humara”: Scandron Gets DGCA Type Certification For Its Agri-Focussed Drone

Scandron has achieved a significant milestone by receiving DGCA Type Certification for its agriculture-focused drone. This drone, with a maximum capacity of 8 liters, a weight of 24.5 kgs, and the ability to reach a height of 196.86 feet.

With this approval, Scandron is poised to expand its market reach, explore new revenue streams, and pave the way for its entry into the drone manufacturing industry.

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“Thode Madad Ka Talabgar Hoon Mai”: MeitY To Seek Additional Funds From Finance Ministry for Semiconductor Mission

MeitY is gearing up to request additional funds from the Finance Ministry to bolster its Semiconductor Mission. With INR 70,000 Cr (92%) already committed from the scheme’s total outlay of INR 76,000 Cr, the need for further financial support is clear.

Secretary Krishnan mentioned that the ministry is also developing a follow-up scheme to complement the now-concluded SPECS program, which ended in March 2024.

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“Hum Bhi Hai Josh Mein”: Smartworks Takes First Step Towards IPO, Turns Into A Public Company

Smartworks has taken a significant step towards an IPO by transitioning from Smartworks Coworking Spaces Private Ltd to Smartworks Coworking Spaces Ltd. This change reflects the startup's strategy to access both equity and debt capital markets to fuel its expansion.

Despite a 44% YoY increase in net loss to INR 101 Cr in FY23, the company's operating revenue almost doubled, reaching INR 711 Cr.

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“Lakshya Ke Taraf Badte Hue”: Tracxn Allots Another 3.6 Lakh Shares Under ESOP Plan

Tracxn has allocated an additional 3.6 lakh shares under its ESOP plan, translating to a value of INR 3.5 Cr based on the stock's last closing. The company announced that these stock options can be exercised within five years from their vesting date.

Tracxn is navigating challenging times, with its profit plunging 80% year-on-year to INR 6.50 Cr in FY24.

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1. iVP Semi has secured $5 Mn to establish a fabless chip company in India, focusing on testing facilities, scaling operations, and marketing. The company aims to operationalize a 20,000 sq. ft. production test facility in Chennai by October 2024.

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2. CollegeDekho has raised $9 Mn from its existing investors via a special purpose vehicle, with backers including Winter Capital Partners, ETS Strategic Capital, Calega, QIC, and Man Capital. Founded in 2015, the startup offers higher education services.

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3. US-based Glean Technologies has launched an office in Bengaluru, planning an investment of INR 417 Cr ($50 Mn) over two years to expand its GenAI operations in India. With a recent $200 Mn raise valuing the company at INR 18,366 Cr, Glean aims to triple its local workforce and target tech firms.

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