The Entrepreneurial World has been uplifted wonderfully by the creative & visionary efforts of FreeFlow Ventures. The IIIE Conclave under the Bengal Global Trade Expo ’23, organised by CWBTA & WBIDC, was an innovative approach to boost the Startup Ecosystem, including Startups, Investors, & Enablers. Held on the 26th, 27th, & 28th of January, 2023, with PwC as the Knowledge Partner, the event was also a take to introduce the potential of Startup Investments to traditional businesses, traders, & investors.
The Event: Rewinding it for YOU!
The India Innovation Impact & Entrepreneurship Conclave (IIIE Conclave) was a pivotal event for both Startups & Traditional Businesses at the Bengal Global Trade Expo ’23. While creating an opportunity for startups, the event aimed to provide access to funding possibilities, facilitate talent acquisition & recruitment, and establish Bengal as India’s gateway to the East and a source of sustained revenue, talented recourse and new market advantages, and align investor-investee maps.
A summary of the major attributes of the event:
971 Startups Applicants
100 Curated Startups
8 Incubation Partners
75+ Investors
40+ Investment Organisations
Soft Commitments worth up to 196 Crores
30 CXOs
4 Panel Discussions
4 Masterclasses by Industry Leaders
125+ Job and Internship Opportunities
10+ Academic Partners
Deals Signed At The IIIE Conclave 2023
With the conclusion of the IIIE Conclave ’23, Soft Commitments worth Rs. 196 Crore were procured as Startup funding. 58 new-age Startups made unique pitches, resulting in 8 equity investments. Additionally, the event created an enriching platform for investor-investee relationships. With exposure for aspiring talents to the possibilities of the innovative Startup Industry & enabling 125+ job opportunities across 6 domains, the event also achieved 110+ recruitment commitments.
The Startup Royale (Pitch Battle)
The unique session that was introduced to all the startups, traditional businesses, and angel investors to witness was the “STARTUP ROYALE” (Pitch Battle). FreeFlow Ventures’ strategy was mainly to gel up the event with something unique that undoubtedly went beyond the norm, mesmerising every Startup, Investor, & Traditional Business.
Among all Startups, the Top 10 made it to the next Pitch Battle round:
Every Startup added unique colours to the event, delivering cut-throat competition to the rest. But being a bit more engaging & promising, BlueMedix made it to the Champion’s Trophy.
A unique & unprecedented approach by FreeFlow Ventures, the Startup Royale earned huge appreciation & encouragement to carry it ahead.
Speakers at the IIIE Conclave 2023
The Conclave had the presence of prominent Speakers from the industry with varying fields of expertise. Their wise words on different kinds of topics, including “The Nuances of Creating Stable Returns from Startups,” “Electric Vehicles,” “Green and Resilient Supply Chains,” and “The Wave of Disruptors from Bengal,” hugely impacted investors, students, and startups.
In addition to the above, the IIIE Conclave welcomed & had an incredibly insightful session on “Startup Investments” with Mr. Gautam Sivaramakrishnan (Blume Ventures & Director of Head Start) on the 28th of January, 2023.
Overall, their learning experience was mesmerising, and the lessons received from the honourable speakers were incomparable and highly knowledgeable.
Hiring Achievements
Another shining star of the Conclave’s grand success was the “Hiring Achievement.” Students & Talents present at the event had live interactions with Startups, Businesses, & Traders to receive 125+ hiring opportunities from 6 domains – Marketing, Operations, Tech, Sales, Business, & Finance.
The event created a memorable impact for all Startups, enabling them to discover how they can effectively manage their brands. The event also showed how brands could scale up to meet emerging trends and challenges.
The Success Of Great Missions Start With The Right Vision…!!
In the picture: FreeFlow’s Co-Founder Aaquib Hussain lighting the ceremonial candles with Piyush Pandey, Sanjoy K Roy etc.
FreeFlow sets up another milestone in the entrepreneurial world by organising India’s First Strategic Startup Funding Event, FlowEdge. Held on the 17th of August 2022, FlowEdge was the flagship startup pitching event of the annexe event BrandEdge 2022. The co-host of this strategic event for startups to raise startup funding was the Public Relations Society of India, Kolkata Chapter, in association with Venture Catalysts 7 & Velocity1.
In the picture: FreeFlow’s Founder Suraj Juneja with Vijay Chaudhuri (Pachwati Group), Utkarsh Roy (Introbot), Ravi Ranjan (Velocity1), Aishwarya Biswas (Auli), Deepak Agarwal (OneX Solutions), Piyush Agarwal (Cashless Bazar)
Post-pandemic, new categories of consumer brands and behaviours have risen and has permanently shifted business trends. It is now more leisurely for a brand to embark, build and prosper with confederates across media, research, production, data, marketing, and distribution.
In this changing scenario, the past events organised by FreeFlow have set an example of phenomenal success. In our five events, we raised funding of over 226 Crores for different promising startups.
In the picture: Aaquib Hussain, the Co-Founder of FreeFlow, presenting the memento to Aishwarya Biswas.
To be more specific, this is what our data says:
Engagement of 1600+ Startups
Pitching 600+ Pitches, including Events & Demo Days
With 124+ Sales Funnels Developed
115+ MOU Signed
81+ Funding Commitments for Startups
Establishing 67+ B2B Networks
Securing 25+ Direct Investments
And the engagement of 18+ Government Departments
The Collaborator Story
In the picture: Investors, Jury Members, Guests and Startup Founders attending the confluence.
In paving its course from Engage to BrandEdge, The Public Relations Society of India (PRSI), Kolkata Chapter, has documented phenomenal climacterics. For nine years, “Engage” was PRSI’s signature event, shaping the benchmarks for advertisement, branding and thought leadership. The imperative belief behind organising the events was to confer the assertive outreach they construct in the world of communication to see business disruptions, fostering evolution and novelty.
Over the years, the Chapter immersed the attention of the communicator’s fraternity on the digital podia and how it had invaded every facet of communication, from brands to corporate image building and social communication to politics.
In the picture: Startups introducing their brands at FlowEdge.
BrandEdge was the Chapter’s new mantra for the forthcoming years. BrandEdge aspires to garner executives from innovative brands, PR and advertising agencies, and distinguished media companies to debate proven growth scenarios for a contemporary brand.
The New Shift
In the picture: Investors and Jury Members keenly evaluating the Startups.
FreeFlow has persevered with #Engage for an extended period and considers to have created adequate scope for technological innovations encompassing modern-day communication. It’s now the juncture to push the brands and give them an identity as precursors of an industrial renaissance
The Event
In the picture: The FlowEdge floor at ITC, SONAR.
FlowEdge is a one-of-a-kind premiere Fundraising Event in India, wherein we entitle startups to raise finances for explicit requirements, namely, Marketing Capital, Technology Capital, PR Capital, and Value Chain Capital (Debt & Working Capital) with the Investment against Equity/CCD, and more.
Our formerly managed and hosted events have been liable for placing the state’s entrepreneurial map in front of the country and shedding light on the disruptions happening within the state and in the overall Eastern Indian region. In 2021-22, we wanted to raise the stakes, making it compelling for aspiring entrepreneurs and registered businesses to create the utmost value and worth from our precise effort.
What FlowEdge Achieved
In the picture: A part of the team behind FlowEdge.
We received applications from 593 startups, out of which, 54 shortlisted ones made it to the event. The event marked the presence of 62 investment organisations, VCs and fund houses, 12 jury members, and 6 sponsors. FlowEdge was an event with 14 days of engagement where 8 startups made their way to the finale.
The success of the event was grand, bringing us some phenomenal achievements. FlowEdge 2022 was concluded with 225 investment commitments of over 300 Crores on 37 startups. None of this would have been possible without the gracious presence of the investors and enablers, the fabulous jury members, the soaring spirit of participating startups, our supportive partners, humble sponsors, and our dedicated team working tirelessly to make it happen.
This summit was an unparalleled opportunity to comprehend and discover how brands are born and may die, how brands can scale up, and what the pivotal role of communicators and marketers is in confronting emerging trends and challenges!
In today’s global era, law, order, and justice have become necessary factors for maintaining certitude. The demand for legal document preparation approved applications, intellectual property management, and company structure has skyrocketed since the time legal services have emerged as a global phenomenon. Consequently, there’s no doubt that the ever-evolving technology has saturated the entire commercial world in general, making every aspect of life technologically dependent, with the legal technology services and the demand for legal tech startups market being no different.
This advancement of technology in the law field has resulted in the adoption of Legal Technology or as commonly known as Legal Tech that has rapidly changed the legal landscape. We’re interested in describing what’s been termed the Legal Tech market in broad terms. Legal innovation is frequently used to refer to the application of innovation and programming to assist legal advisors and law firms by making their work easier, providing legal services in a much faster and efficient manner, making legal content more accessible to the general public.
What is legal tech startups ?
Legal tech Startups, like its elder and more recognized ‘brother’ FinTech (Financial Technology), is a subset of the larger companies which make use of these legal innovations as a means of providing full legal services through an online platform. These start-ups were aimed at superseding the traditional legal procedural work methods adopted by the legal professionals with newer tech-driven alternatives. In a way, amendments were being made to the legal field’s consumer experience by making it more distinctive.
One of the key consequences and aims of the legal tech business, in terms of technology, is to incorporate a stronger tech dimension into legal practice, so improving the way lawyers do things. It is critical to determine whether these changes or deployments will cause genuine disruption in the industry or simply a slight increase in the time required to provide services to clients.
Why legal tech startups ?
legal tech startups
Moving away from tradition
The legal technology is intended to reduce the number of physical meetings required for client consultations. Customarily while the aggrieved parties approach lawyers for advice about their difficulties, modern technology allows them to meet online and at any time, even while they are sitting at their computers. This is where the conventional law firm’s practices faced quite a big challenge in the market. A typical law office is bustling with activity and perhaps twice as much administrative work where it takes about 18 to 20 hours for a lawyer to prepare a report in totality.
This expresses the influence on new-age entrepreneurs as well. Legal tech start-ups have the potential to provide something unique in comparison to huge, traditional legal firms: flexibility, which enables businesses to modify their employees’ work processes, aiding in the retention of talent and the stimulation of employee engagement. As young, skilled, and recently graduated lawyers follow entrepreneurial pathways and careers in legal start-ups, this effect will progressively become obvious within traditional law firms’ human resources departments.
Law companies are warming up to technology
The growing demand for the usage of such legal start-ups is evident from the fact that law firms, which are not generally linked with the fast-paced world of tech start-ups, are seeing the value of being near to the action. Even though lawyers have traditionally been labeled as risk-averse and, by extension, tech-averse, more organizations are embracing technology to improve workflow and boost productivity. To achieve a competitive edge, several organizations have formed their innovation arms or partnered with legal-tech firms. Innovative firms tend to outperform their conventional counterparts in terms of performance, revenue, and client relations.
The evolution of legal technology
Legal technology has evolved into a critical component of competition among legal-market entities. Various findings showing that legal technology enables lawyers to generate affordable and accessible innovative solutions and operate in a more comfortable setting, adds to the literature on how the surging demand led to the emergence of new services and business models in the legal industry. Legal tech companies are in high demand in India since they provide diverse and improved options such as education, legal services, technological advancements and play a key role in the economy’s development and progress.
Along with that, they provide a wide range of legal services in a timely, cost-effective, and efficient manner, which benefits not only the customers but also the firm. Heavy investment in this industry is also allowing legal tech businesses to stay ahead of the curve when it comes to innovation. “Legal tech is increasingly receiving money from several sources, including law firms themselves, private equity and venture capital funds,” Jim Leason, Vice President, Customer Markets at Thomson Reuters, stated , “This enthusiasm has provided start-ups with the necessary boost to get their goods off the ground”.
Legal tech startups during the pandemic
Another cause for an increase in demand for legal tech services is the pandemic, wherein the netizens restricted to their homes welcomed internet online remedies to their so-called physical concerns. Because office visits and actual meetings were forbidden, Legal issues, which have previously been resolved by office visits and face-to-face meetings, are now resolved through the internet. People who were in a state of legal distress were asking for immediate legal advice on divorce and property disputes.
The digitalization of legal profession
As the Coronavirus restricts individuals to their homes, netizens welcome internet remedies to so-called physical problems. Legal issues, which have previously been resolved by office visits and face-to-face meetings, are now resolved through the internet. People who are in any form of legal trouble are looking for ways to obtain immediate legal advice on divorce, property disputes, and other legal matters. Likewise, lawyers who are apprehensive about physical proximity are also seeking ways to take their practice online using well-known technologies as the pandemic has forced the legal profession to rely on technology, such as virtual hearings or videoconferencing, in which counsels and lawyers can appear online for their cases while sitting in their own homes.
It also becomes easy for the bidding lawyers as they’re well equipped with the various technological aspects. “However, with the current generation of lawyers who are themselves tech-savvy, it is much easier to express and exhibit the potential of our platform,” said Himanshu Gupta, founder of legal tech firm Lawyered. COVID-19, on the other hand, has taught everyone throughout the world about the value of digital. Adding on to that, it can also be said that legal technology might just be the answer to the current dilemma, with normal judicial services under strain.
The pandemic has prompted the legal profession to develop and strive toward digitalization, and it has streamlined itself for the better. Such a far reached program also acts as a catalyst in solving the day-to-day legal matters involving families or organizations in the rural arena where it is far more difficult to consult legal professionals physically.
A few legal tech startups in India are listed below
LawRato, founded by Rohan Mahajan is an interactive online platform for a real-time video consultation with lawyers, where consumers especially female victims of violent crimes and war widows can get free initial guidance. Its most notable accomplishment was to supply Nirbhaya’s parents with senior lawyers who worked on a pro gratis basis when the case reached the Supreme Court, regardless of financial success.
Launched by Ramanuj Mukherjee and Abhyudaya Agarwal in 2010, iPleaders is an education company that develops and offers online legal and business courses to make legal education more accessible to everyone in the law field through the internet. It maintains an online Business Diploma course in Entrepreneurship Administration and Business Law in collaboration with NUJS, Kolkata along with providing an online training material called Bar Hacker for the All-India Bar Examinations.
A popular legal-tech platform located in Mumbai, Presolv360 that specializes in resolving financial issues using digital and media means. Founded by Bhaven Shah and Aman Sanghavi in June 2017, it gives an excellent platform for commercial conflicts to be discussed. For commercial conflicts, it provides an online arbitration option. It assists disputants in reaching an out-of-court settlement that is less expensive, quicker, and more effective.
In the year 2018, Arvind Singhatiya started LegalKart as an online platform that offers legal advice and documentation assistance through an app by paying as low as rupees 249 onwards. Having over 8,000 lawyers in over 800 places, the organization has seen consumers purchase 20,000 minutes per month to discuss legal questions and procedures. It aims at evolving Legal Kart into an AI-enabled system performing advanced case analytics, smart research work, auto contract drafting employing Machine Learning, and integrating an ecosystem of all stakeholders, including clients, lawyers, and enterprises.
Such businesses are also challenging the perception that certain services, such as legal advice, come at a high cost. Instead, legal technology has facilitated the end-users who are financially precarious, to save money on legal counsel. But at the same time, many legal professionals
are apprehensive that digital technology such as AI, machine learning, and others would put their professions at risk. However, there is no confirmation that these risks exist; instead, such technology will supplement lawyers’ powers.
Future Scope
For a few years now, even though legal tech has pervaded the whole legal sphere, every aspect of life must be increasingly technologically advanced. It was observed that well-established firms adopted the strategy of improving these cheaper, simpler services as they attracted fewer profit margins and restrictive mental models which however failed to owe to a lack of emphasis on customers’ needs, a refusal to learn and adapt technologies, and a lack of experimentation. A better way of adopting these new technologies was recognized which implied that there was a need to design the path for the future and acceptance of legal technologies.
Conclusion
It’s no surprise that the future of legal practice will increasingly rely on new technologies, with some sessions possibly taking place electronically. The sector will move beyond traditional law practices or courts to some kind of diagnostic system that will advise
consumers on their legal options, how to gather evidence, and provide alternative conflict resolution methods.
Legal tech is a wanted element emerging into the legal sector, that has rapidly transitioned from a niche market to a major player in the legal profession. Thus, technology law should be taken as a team sport promoted by all for the sake of all shareholders rather than a competition, that must be instead. A game that we must all promote for the sake of our clients and the future growth of the industry.
October 31, 2008, a pseudonym Satoshi Nakamoto suddenly published a white paper that detailed the foundation of the world’s first cryptocurrency Bitcoin. The paper was titled “Bitcoin: A peer-to-peer Electronic Cash System” and with this, the word Cryptocurrency took its first step in the market.
Blockchain and Cryptocurrency:
A cryptocurrency is an encrypted data string that denotes a unit of currency. A peer-to-peer network monitors and organizes a blockchain. It also serves as a secure ledger of transactions, e.g., buying, selling, and transferring.
Source: www.bitpanda.com
The first block, also known as the genesis block was mined in 2009. Bitcoin had a valuation of $0.0008. Now as of today it has a trading value of $58000. It is a far cry from when it was created.
Source: Wikimedia
So how does its value turn into a skyrocket? Bitcoin functions on the Proof of Work system. Miners have to validate a block to receive bitcoin as a reward, which has certain difficulties. With time the difficulty to mine one block increased, resulting in a reduction in supply. But the demand kept growing which resulted in a skyrocket jump from <<$0.1 to $58000. But the crypto market was never limited to bitcoins only. The very next year cryptos like Litecoin, Namecoin were introduced to the market which serves to mine/validate blocks in different networks and transactions.
Source: Investopedia
Pros & Cons of Cryptocurrency:
Now you may question, why bitcoin? Why other cryptos? The reward system could have been the legitimate non-volatile currencies, right?
Wrong! In this information age, where we are on the verge of cyberattacks, all the transactions in the network are not unnoticed by hackers. This was one of the reasons we needed to introduce this blockchain technology.
Pros:
As a reward, the miner is paid in crypto, so this way the blockchain owner does not have to know to whom the reward is paid, so no fear of information leakage.
Also, cryptocurrencies themselves are encrypted in code so no one can steal and no fraud can happen and most of all it is totally digital.
A major pro of cryptocurrencies is that they are mainly decentralized. Many cryptocurrencies are controlled by the developers using it and those who have a significant amount of the coin or by a corporation to develop it before it’s released into the market.
The decentralization helps keep the currency monopoly free and in restraint, so nobody organization can determine the flow and so the worth of the coin, which, in turn, will keep it stable and secure, unlike fiat currencies which are controlled by the Government.
Cons:
But with such pros, there are cons definitely. Many illegal businesses and activities on the dark web are taking place and the transactions there are made in crypto because it is untraceable and so criminals are using it as a mode of payment to keep on doing illegal activities.
Also, the crypto market is very volatile. One can not keep up when the trade value goes up and when goes down.
Also, the owner of the crypto has to keep it at his/her own risk, in case of any mishap if somebody loses the crypto, they cannot claim it back as this reward has no ownership and authority.
The crypto rewards are stored in a wallet, which can be a cloud or a physical-digital crypto wallet.
Also, some cryptocurrencies can only be traded in one or some fiat currencies. It forces the user to convert these currencies into one all told the most currencies, like Bitcoin or Ethereum first and then through other exchanges, to their desired currency. It can apply to just some cryptocurrencies. By doing this, the extra transaction fees are added within the method, costing unnecessary money which also affects the market value.
Cryptocurrency’s impact on the global market :
But with such cons the global crypto market capitalization hit the coveted $3 trillion mark. With this, the total value of cryptocurrencies was more than the GDP of nations like the United Kingdom, France, India, and Italy.
However, it lagged countries like the United States, China, Japan, and Germany. This is an important milestone for the crypto industry and re-emphasizes investors’ trust in this potential of blockchain technology to disrupt the way digital natives interact with the internet. So, as of conclusion, despite being volatile, the crypto market is uprising rapidly with the increased blockchain difficulties and trading.
We present to you a business that is going to make an impact on billions of people in our country!
Listerr – An Indian Marketplace is a complete digitizing supply chain solution from consumers to retailers to wholesalers that uses blockchain so that cost of all the industries can be reduced up to 20%.
TraceX is a leading blockchain powered traceability platform that creates transparent and traceable Agri & Food supply chain.
Team Freeflow invites all potential investors to be a part of Listerr – An Indian Marketplace and TraceX.
In this period you turned up that the mode of operating media by people has been hasty over the last few decades. From the source of the report, you find that billions of people are operating smartphones and other widgets to pierce forms of media, analogous as listening to music, watching filmland, etc. in this 21st century has progressed into internet streaming with the intro of companies as Netflix, Hotstar, Spotify, etc in this era. Technology and the innovation that will never go even if pandemic goes and this pandemic has taught us to do everything at home be it movies, food, school, work, and now virtual attorneys.
In India, you see a large number of people who are addicted to using different social media to make their life easy. India has seen adding growth in the operation of these online streaming websites, with the growth of better internet connectivity in the remote corridor of the country. These online services allow consumers multitudinous options and choices of what content they would like to consume.
People oftentimes say that silence is louder and deeper than words but is it true, in this day the audio platform creates a vast impact on legal enterprises it means you have to break your silence and create some impact through the audio platform. In the recent generation, attorneys are gradually serving from the flexibility of remote work. As mindsets towards traditional slipup-and-mortar legal offices evolve, being a virtual legal eagle is turning more common.
A virtual attorney-at-law comes with its gratuities
Being a virtual attorney-at-law comes with its gratuities. Because advocates are not tethered to a traditional office, advocates can save time, lower overhead costs, and work more efficiently. At the same time, advocates can travel between client offices, notaries, and court offices. Yet, virtual attorneys-at-law also needs to consider how they will handle law firm security, ethics, and communication while working virtually.
Virtual attorneys aren’t bound by the traditional nine-to-five operating hours, which means that they can work when and where they need to. The inflexibility from working from different locales and at different times can profit attorneys with children or other commitments that require a more diverse schedule.
Virtual meetings can make your legal services more accessible
Not all public wants to or can meet in person. If you can conduct virtual meetings, your clients can benefit from the increased convenience. Clients with mobility issues or who may not physically be in the city can still participate in meetings with you. Because virtual meetings are more accessible, they also encourage more frequent lawyer-client communication, which is key for a better law firm client communication.
Although the growth of the internet has impacted the world and society including the music diligence, and the powers of internet broadcasters were defended to an extent by the Delhi High Court in the Super Cassettes judgment, the Bombay High Court in the Tips judgment has presented aggressive challenges to the world of online streaming.
Aware of the shift towards online streaming, the amendment to the Copyright Act was brought about to introduce Section 31D still more interpretations are needed with respect to online streaming and internet broadcasters to eventually bring out an end to this long drawn debate of whether internet broadcasters are protected under Section 31D of the Copyright Act, especially since there are no specific guidelines to regulate the manner in which licenses are to be attained by online streaming services.
A virtual attorney is a boon to the legal service sector.
If you have an idea that you wish to give wings to, please reach out to us.
Facebook CEO Mark Zuckerberg at Connect 2021 on October 28, 2021, introduced Meta, which eventually brought the Facebook apps and their technologies under a new umbrella or a new company brand “Meta”. They are creating MetaVerse which might be another next step to Human Evolution. So, Are you Ready to evolve to the MetaVerse of Life?
Welcome to the Metaverse Era of the Life
“You might be wondering if this can be a kind of The Matrix or Avatar where you are using a virtual avatar of yourself to meet with other people in the universe or around the world.”
Meta is like a hybrid of today’s online experience which can be expanded sometimes into three dimensions or projected into the physical world. It allows the people to share immersive experiences with other people even when people can’t be together and do things together you couldn’t do in the physical world.
The metaverse doesn’t really exist — at least not yet. The idea was popularized by the 1992 novel Snow Crash by Neal Stephenson, a persistent virtual reality world navigated by the book’s protagonist. Also, other science-fiction books, movies, and TV Shows like The Matrix, Ready Player One, and Stranger Things. You can also explore the concept of “mirror worlds” where everything in the real world has a digital counterpart.
Metaverse : Key Impact Areas
Education
Augmented and Mixed Reality Tool powered Education Experiences
Entertainment
Socially Connected Entertainment Zones through Virtual Reality.
Fitness
Mixed Reality powered Fitness Trainings.
Gaming
Retro games with a socially connected Mixed Reality Experience.
Home
Smart Homes with spark of virtual assistance and 3d projection Technology
Work
Smarter Virtual Work Places: Work from Home still be there with colleagues at Office.
Social
Mixed Reality powered Social Life: Meet and spend good time with friends without all that travel hassles.
Oculus : Gateway to Metaverse
To experience any Virtual reality and Mixed Reality Experience in this current form of available Technology you require a VR Headset or at least a Smart Glass.
Since 2014, Facebook has acquired many AR/VR/XR startups one of the key investments among those was the Acquisition of ‘Oculus’
Oculus headsets such as quest, quest 2, Oculus go enable you to experience the best of the AR/VR/XR world have to offer.
Cost:
Oculus Quest 2 (128 GB): 31500 INR. at Amazon India
Oculus Quest 2 (256 GB): 39999 INR. at Amazon India
Ongoing Works at Facebook Reality Labs
Core Research
AR experiences
Polar
a new, free iOS app that makes it easy to imagine, create, and share AR effects and filters without needing to code or work in the Spark AR Studio. Creators will be able to extend their personal brands, art and creative vision in new ways – like a virtual sticker with their own tagline, or a piece of swag they can share during an AMA. Opening applications to the closed beta program for iOS later this year.
$150M Immersive Learning education program
Aimed to help create economic opportunities for AR/VR creators and developers, ranging from new training and career development resources to new content and technology partnerships.
○ Spark AR Certification: AR creators will be provided with a formal pathway and program to demonstrate their knowledge and proficiency of Spark AR, and Research.
to earn a Facebook Certified Spark AR Creator credential. The first exam will take place in November and registration will open soon.
VR and XR Experiences
Check out the amazing different VR/XR Platforms Meta (Facebook) is building. Don’t miss these cool Geeky Videos they have showcased.
● New fitness offerings on Oculus: Supernatural boxing, new FitXR fitness studios, and Player 22 by Rezzil, which is currently used by pro athletes, are adding guided and hand-tracked bodyweight exercises.
● Active Pack for Quest 2: A fitness accessories pack that makes Quest 2 more comfortable, with controller grips for when things get intense, and a facial interface that you can wipe the sweat off, making your sessions more comfortable. That’s coming next year.
● Grand Theft Auto: San Andreas: The Rockstar Games classic, Grand Theft Auto: San Andreas is currently in development for Oculus Quest 2. This new version will offer players an entirely new way to experience this iconic open-world in virtual reality.
● Vertigo Games Partnership: Oculus is partnering with Vertigo games to bring a total of five games to the Oculus platform.
● Beat Saber update: Beat Saber surpassed $100 million in gross lifetime revenue on the Quest platform. We also shared a teaser for a new update, coming soon.
● POPULATION: ONE ongoing updates: POPULATION: ONE will be offering a double XP weekend October 30-31 tied to its Halloween event that went live last week. Next month, they’ll launch an Autumn event, followed by a Winter Wonderland update in December. Since its launch last October, POPULATION: ONE has seen more than 5 million friend connections made in-game, as reported by BigBox VR, the title’s developer.
● Blade & Sorcery launch date: Blade & Sorcery: Nomad is launching exclusively for the Quest 2 on November 4, 2021.
A broad range of machine perception and AI capabilities will enable developers to build mixed reality experiences on the
Quest platform. A realistic sense of presence will be key to feeling connected in the Metaverse, and Presence Platform’s capabilities deliver on this promise with things like environmental understanding, content placement and persistence, voice interaction, and standardized hand interactions. Presence Platform consists of three offerings: Insight SDK for developing mixed reality experiences, Interaction SDK to make it easier to add hand interactions to apps, and Voice SDK to make voice input a part of the experiences they build.
Soon when you join an Oculus Party you’ll be able to invite your friends into a new social version of your Home where they’ll be embodied as their avatars. You’ll be able to spend time together with friends, co-watch videos together, and launch games and apps together
Horizon Worlds is just the jumping off point. Connect with people all over the world and test your skills, imagination, and more.
Soon you’ll be able to communicate with your friends across all your apps and devices — including Portal — with Messenger calling in VR coming later this year. From anywhere in VR, you’ll be able to invite your Facebook friends to join a Messenger call and eventually spend time together or travel to VR destinations.
A place to focus and work using the new suite of 2D panel apps, or just check a few things off your to-do list.
● Workrooms customization: For Horizon Workrooms, we’re working on launching the capability to customize your Workroom with your company logo, posters, or designs.
Services like Slack, Dropbox, Facebook and Instagram, and many more will soon work in VR as 2D panel apps in Horizon Home — so you can multitask, cross things off your to-do list between gaming sessions, and stay connected while in VR. This starts bringing some of your favorite 2D internet services into the metaverse.
This will bring work capabilities into consumer Quest devices, including the ability to log into Quest 2 with a Work Account instead of your personal Facebook account. It will also bring businesses the tools they need, like account management, IDP & SSO integration, Mobile Device Management and more. Beginning to test this year; fully available in 2023.
● New fitness offerings on Oculus: Supernatural boxing, new FitXR fitness studios, and Player 22 by Rezzil, which is currently used by pro athletes, are adding guided and hand-tracked bodyweight exercises.
● Active Pack for Quest 2: A fitness accessories pack that makes Quest 2 more comfortable, with controller grips for when things get intense, and a facial interface that you can wipe the sweat off, making your sessions more comfortable. That’s coming next year.
● Grand Theft Auto: San Andreas: The Rockstar Games classic, Grand Theft Auto: San Andreas is currently in development for Oculus Quest 2. This new version will offer players an entirely new way to experience this iconic open-world in virtual reality.
● Vertigo Games Partnership: Oculus is partnering with Vertigo games to bring a total of five games to the Oculus platform.
● Beat Saber update: Beat Saber surpassed $100 million in gross lifetime revenue on the Quest platform. We also shared a teaser for a new update, coming soon.
● POPULATION: ONE ongoing updates: POPULATION: ONE will be offering a double XP weekend October 30-31 tied to its Halloween event that went live last week. Next month, they’ll launch an Autumn event, followed by a Winter Wonderland update in December. Since its launch last October, POPULATION: ONE has seen more than 5 million friend connections made in-game, as reported by BigBox VR, the title’s developer.
● Blade & Sorcery launch date: Blade & Sorcery: Nomad is launching exclusively for the Quest 2 on November 4, 2021.
A broad range of machine perception and AI capabilities will enable developers to build mixed reality experiences on the
Quest platform. A realistic sense of presence will be key to feeling connected in the Metaverse, and Presence Platform’s capabilities deliver on this promise with things like environmental understanding, content placement and persistence, voice interaction, and standardized hand interactions. Presence Platform consists of three offerings: Insight SDK for developing mixed reality experiences, Interaction SDK to make it easier to add hand interactions to apps, and Voice SDK to make voice input a part of the experiences they build.
Soon when you join an Oculus Party you’ll be able to invite your friends into a new social version of your Home where they’ll be embodied as their avatars. You’ll be able to spend time together with friends, co-watch videos together, and launch games and apps together
Soon you’ll be able to communicate with your friends across all your apps and devices — including Portal — with Messenger calling in VR coming later this year. From anywhere in VR, you’ll be able to invite your Facebook friends to join a Messenger call and eventually spend time together or travel to VR destinations.
A place to focus and work using the new suite of 2D panel apps, or just check a few things off your to-do list.
● Workrooms customization: For Horizon Workrooms, we’re working on launching the capability to customize your Workroom with your company logo, posters, or designs.
Services like Slack, Dropbox, Facebook and Instagram, and many more will soon work in VR as 2D panel apps in Horizon Home — so you can multitask, cross things off your to-do list between gaming sessions, and stay connected while in VR. This starts bringing some of your favorite 2D internet services into the metaverse.
This will bring work capabilities into consumer Quest devices, including the ability to log into Quest 2 with a Work Account instead of your personal Facebook account. It will also bring businesses the tools they need, like account management, IDP & SSO integration, Mobile Device Management and more. Beginning to test this year; fully available in 2023.
Hardware Works
Project Cambaria
Project Cambria is currently in its prototyping phase, but Oculus parent company Facebook has stated that it focuses on face- and eye-tracking. Just like any other popular virtual reality headset on the market, Project Cambria will wrap around its user’s face to provide the virtual experience. Unlike previous Oculus headsets, Project Cambria introduces pancake lenses which will likely improve the design of the headset.
Project Nazare
wrist-based electromyography (EMG) input technology that Meta believes will be key to controlling future devices — could one day allow you to send a message in AR with your hand resting comfortably at your side.
They are also building AI that understands your context and can give you a simple set of choices based on that context. They demoed a series of assistant-related smart home experiences enabled by Project Aria.
These experiences are proofs of concept for the types of interactions AR glasses will one day bring to us. Our first fully-fledged AR glasses — Project Nazare — are still a few years out, Are you excited by the progress ?
Ray-Ban Stories
Ray-Ban Stories pairs with the new Facebook View app, so you can share your point of view, stories, and memories seamlessly with friends and social media followers. The Facebook View app on iOS and Android makes it easy to import, edit, and share content captured on the smart glasses to apps on your phone: Facebook, Instagram, WhatsApp, Messenger, Twitter, TikTok, Snapchat, and more. You can also save content to your phone’s camera roll and edit and share from there. And new, exclusive post-capture enhancements built into Facebook View let you create unique content to put a special spin on your posts.
Our Verdict about MetaVerse
We at FreeFlow Technologies believe whether you want it or not. You and Most of us, have already started evolving into the MetaVerse Phase of Life. Our Facelabs Team is also super excited about this. as they are also working on a similar domain of technology. So, we have to slowly embrace it. Good or Bad that only the future can answer.
In the modern age of digitalization, paper-based money continues to lose relevance as smart wallets and payment apps take a firm hold of the driver’s seat. Not only is this significant in terms of environmental sustainability, but it also warrants a call to developments in digital security. To this effect, we have RapydFund a breakthrough in crowdfunding startups. It is not a business, but an idea waiting to happen. This idea was coined by a team of three, participating in a hackathon organized by Rapyd Financial Networks Ltd.
RapydFund is a crowdfunding platform wherein there are two main parties- the investors and the project managers. The investor can be anyone with an idea that impresses, and similarly, there are no constraints as to who can invest in a particular project.
The problem it solves
A recent survey showed that approximately 10% of all money donated/invested in fundraisers, charities, and crowdfunding is embezzled, and an amount even higher than that misappropriated and subject to inefficient use. RapydFund a crowdfunding startup aims to tackle this problem by providing airtight security and transparency to all parties involved.
How it works
RapydFund allows its users to host and invest in various crowdfunding projects. It leverages blockchain technology to ensure not only the improbability of misuse and mismanagement but also seamless transacting and complete accountability.Both parties are provided with Rapyd smart wallets that they may use for all transactions on the platform. RapydFund’s unique offering is that not only can investors track the progress of their desired projects, but they can also monitor how and where their contribution is being utilized.
Once a project manager’s investment goals have been met, he/she can choose how to appropriate the funds acquired. However, as an added layer of security, he/she can only transact with a pre-disclosed and approved list of vendors (with Rapyd smart wallets of their own) to accomplish the specific requirements of that particular project. Leveraging Ethereum Smart Contracts, tracking and logging transactions become dead simple for all parties involved, with a transaction list that is crystal clear, complete with unique identification codes.
Finally, to make it even easier, RapydFund provides a dedicated transaction page, accessible by the investors and project managers, where a list of all transactions is maintained and displayed, thereby adding a layer of trust and security to the platform.
This idea has not yet gained the traction it probably will in the next decade or so. There is potential for limitless growth and capitalisation for crowdfunding startups– if only one were to act.
It might be a little late to talk about the massive Facebook outage that happened on October 4th, 2021. But, We entrepreneurs should concentrate on what to learn from the incident. That’s why it might be ideal to be slow, steady, and learn from detailed Genuine sources. In case, you are not a techie avoid the link and read about 5 Lessons Entrepreneurs should Learn from Worst Facebook Outage Ever.
No matter if your business relies on technology heavily or Very lightly. The Facebook Outage still has 5 key lessons to share no matter if you are a technical person or not.
Lesson 1: In a high-end networked infrastructure, outage can happen at any point in time with just a small change in any line of code.
So the Facebook outage occurred from a routine network maintenance job. It was not a feature update work or upgrade job. Shocked?! But, it is the reality you should stay ready for.
You are not as huge as Facebook. So, always keep a backup network infrastructure ready.
Lesson 2: Avoid relying on automation tools completely/blindly.
A massive networking company like Facebook is always aware of this eventuality but a small Glitch in their Code audit tool allowed them to Issue a buggy command in their Network backbone to assess the global network availability and it caused complete disconnection of their servers.
So, Automation tools and pipelines are all good. But, you should stay cautious about it all the time and keep things in check.
Lesson 3: On-premise Server maintenance is a huge struggle. Avoid self-hosting, go for the cloud.
Facebook has to maintain a total of 15 Huge Data centers and numerous localized facilities. When you open Facebook/Instagram/Whatsapp/Workplace and load up your feed or messages, the app’s request for data travels from your device to the nearest facility, which then communicates directly over our backbone network to a larger data center.
Facebook doesn’t host its platform through any 3rd party cloud or hosting services. When it was created cloud infrastructure was not commercialized yet. So, They had to host their own servers, set up their own network. Eventually, the popularity of the platform led Facebook to have its own cloud network infrastructure.
Lesson 4: If you run a multi-platform business, keep their network infrastructure separated from each other.
Every online business would like its audience to have complete reliance on its platform.
So, when your platform is down for any reason you can try to solve it from its core. But, when you are running a multi-platform/app business an outage in a common back-boned infrastructure would lead to the complete collapse of all the platforms/apps. You should definitely try to avoid that situation.
Lesson 5: Keep your internal ecosystem control separated.
Facebook engineers with the knowledge to recover the situation were not able to enter the premises at all. The physical and digital entrances of the infrastructure premises were secured using Facebook’s own Workplace tools. So, when the entire backbone got down. It also collapsed, shutting out the access for its own employees. That’s why it took more time to recover.
That’s a clear indication of what future digital collapses would look like and as an entrepreneur, you would probably not like the idea of your own system shutting access for your own employees.
Although Facebook lost a lot of business during this outage, what they have lost most is the public’s trust in their agility. Entrepreneurs should definitely learn from it and avoid repeating the same situation in the case of their online platform.
At FreeFlow, You are Free from worrying about all these complex geeky issue,
We at FreeFlow, have a separate team of Freeflow Technologies with hand-picked engineers and innovators. We don’t only code your platform but also host it with a high agile cloud environment. Our Cloud Solution Architects and DevOps make your platform hosting capabilities elastic and quickly recoverable/ Failsafe.
Freeflow Technologies Team’s hosting strategy helps you to avoid huge cloud bills. Our Serverless first approach will make you pay only that amount which you are really using not for idle times. Moreover, We are direct Partnered with AWS. Our incubated startups are eligible for 5000 USD worth of Free Cloud credits and an additional 1500 USD worth of support credits from AWS as a part of the AWS activate Portfolio Programme.
So, do what you love to do, leave your hosting and downtime worries with us.
INTERNET OF THINGS (IoT), CLOUD STORAGE, CLOUD COMPUTING, ADDICTIVE MANUFACTURING, SMART FACTORY are some of the minute glimpses of the magnanimous world of Industry 4.0 . As Industry 4.0 unfolds, computers are connected and communicate with one another to ultimately make decisions without human involvement. A combination of cyber-physical systems, the Internet of Things, and the Internet of Systems make Industry 4.0 possible and the smart factory a reality.
In the recent past, the venture building and incubation industry witnessed some massive investments in these platforms. Mentioned below are just a few of them:
Flutura– Investment of $10.6 million during 2012- IoT based big data analytics solutions provider
Altizon – Investment of $13.8 million during 2013- Provider of industrial IoT platform for manufacturing applications
Losant– Investment of $15 million during 2015 – Provides a cloud-based platform for IoT application development
The above mentions are just the tipping point of the fundraises these companies and their likes have done.
And let us not forget to give a standing ovation mention to the “swift behemoth” from the industry Microsoft Azure. A platform to build, deploy and manage applications in the cloud, with a client base that includes Adobe, Maersk, HP, Reckitt Benckiser, Mercedes Benz, etc.
Industry 4.0
We are currently witnessing a major shift as we are a part of the Big Bang era of the ongoing Industry 4.0 revolution. It was identified as the most transformative period post the Industrial Revolution that took place during 1760 and 1820 and 1840. The revolution created the transition from hand production methods to machine production. Considered as perhaps the strongest ever as our very idea of being has taken a turn. Is it towards betterment? Let us see!
What is making Industry 4.0 possible?
A whole new technology of connecting and making computers communicate with each other via an involvement. Added with a combination of cyber-physical systems, the Internet of Things (IoT), and Internet of Systems (IoS). Which is the reason behind the smooth success of Industry 4.0 and the advent of Smart Factory.
Benefits of Industry 4.0
Industry 3.0 was a disruptive and massive revolution when computers were launched to uplift the technical advancement in manufacturing and processing. However, Industry 4.0 goes several notches higher. Connecting computers to one another for data analysis and maintenance was one thing. What was just a mere glimpse of this disruptiveness during Industry 3.0, the transformation was more than it was anticipated. Without the involvement of humans, communication is happening between computers for important decision-making processes to pull out data and increase the manufacturing capability and efficiency of the machines.
Industry 4.0 – Bringing revolution via technologies for traditional manufacturing
Smart Factory- Manufacturing and distribution are witnessing a whole new transformation due to the rise of Industry 4.0. Traditional factories with large manufacturing units handled by human involvement and monitoring warehouses have turned into a simple concept of Smart Factories. Embedded software, robotics, AI, IoT, and cloud computing are some of the highlights of Smart Factories that assists in higher productivity along with enhanced quality. In a recent IBM survey, 34% of companies said they are adopting AI technology, up from 14% a year ago. Manufacturing powered by AI can rise up to 30% revenue improvements and a 15% reduction of unused components.
Addictive Manufacturing –It is made possible by the transition from analog to digital processes, another massive technological advancement. It uses data computer-aided-design (CAD) software or 3D object scanner to route hardware to sediment material, layer upon layer, in precise geometric shapes. It further aids material to create an object in a customized manner.
The Cloud – Companies that are heavily into production-related projects share their data more across sites. Some futuristic thinking companies who are following the pace of the revolution, are implementing machine data and analytics to the cloud which is further enabling more statistics-led facilities for manufacturing systems.
Internet of Things – The embedded system of computing is enriching the devices by allowing them to communicate and interact with one another. It further enables response in real and quick time, as it decentralizes analytics and decision-making of the machine. IoT is the key component of Smart Factory. The machines at the factory floor, embedded with high-powered sensitive sensors feature an IP address which allows the machine to connect to one another.
5G + Edge Computing
When the Founder and Chairman of the World Economic Forum, Klaus Schwab, mentioned Industry 4.0 during 2016, little did we know anything about the upcoming wave of 5G networks! The introduction of 5G has drastically brought down the response times to sub-seconds. This revolution has created a J curve like speed to communication to sensors and actuators, and the result is swifter results. Since transmission of data across the network is no longer broadcasted, it becomes simpler to compute the huge statistics from global sources to scale up operations.
Companies with huge manufacturing units are utilizing and adopting these technologies as they are aware of the potential of Industry 4.0. Offering a mild benefit of the doubt as the revolution is still at its evolving stage. We need to wait and watch how this massive shift disrupts human living and thought patterns that exist for ages.
Amongst the many disruptors who are creating a wave in this revolution, who are here to create and leave some worthwhile imprint we introduce to you,
A unified and highly scalable IoT platform offering seamless integration of devices, protocols, and software. They are solving the IoT implementation challenges for enterprises. That in turn is reducing the dependencies of various departments. Simplifying communication complexities of the process, manufacturing, and discrete industries.
DATOMS adds sense to the data captured using advanced analytics techniques thus reducing dependencies and simplifying complexities.
Their IoT solutions for the manufacturing industries ensure that these facilities find better ways to enhance their productivity and decrease downtime through predictive maintenance. Moreover in the vertical of process manufacturing, they assist to attain excellence across operations by deploying smart devices to compile critical data to transform the data into valuable insights.
Further to this, DATOMS is offering solutions for the environment and asset monitoring- Optimizing solutions for smart cities and heavy industries while providing for integrated compliance monitoring.
Story of DATOMS – Founded by Amiya Kumar Samantaray, Kishan Kumar Patel, Akanksha Priyadarshini, Ashish Sahoo, and Nataraj Sahoo in 2015, the company is going strong with more than 50 + employees. Through their share of ups and downs, they have been able to transform from the humble beginnings of Phoenix Robotix to the impact of DATOMS in the last 4.5 years. Their client base is something that very few entrants in the market can dream of. It includes the likes Tata Steel, SAIL, Jindal Steel & Power, JSW, Aditya Birla, ONGC, NALCO, NTPC, and many more.
To know more about their transformation heavy story, do visit: DATOMS
Ecosystem Partners of Datoms– ICLEI, TARU, Honeywell Technologies, Green Enviro, Larsen & Toubro, Quantela, trinity IoT, envea, ACETECH, and ADAGE
Supported by – Startup Odisha, Intel, Department of Science & Technology, IIM Ahmedabad, Startup India, FTBI, National Institute of Technology- Rourkela, and STPI.
On 3rd June the headlines read, “Government recognizes 50,000 startups across India” and we all clapped our hands. In a short span of 5+ years, the Startup India initiative, executed by the Department for Promotion of Industry and Internal Trade (DPIIT), has become successful in creating a vibrant ecosystem of new-age businesses. This being done by recognizing startups, creating engagement, easing compliances, introducing benefits, and iterating. Consequently, in the same timeframe, India’s ranking in World Bank’s ease of doing business index improved from 130 to 63 out of 190 nations. Also, its unofficial startups capital, Bengaluru got the tag of ‘the World’s fastest-growing tech-hub from a UK-based research firm.
In spite of all this glitter, there also lurks the rising asymmetry between the headline policies and their practical application at ground level.
Let’s take a look at some of the compliance mishaps in the Indian Startups Ecosystem:
1. Tax Holiday for Startups: Too good to be true.
a. What is it?:
Under section 80-IAC of the Income Tax Act, startups that have received a tax exemption certificate from the Inter-Ministerial Board (IMB) enjoy tax exemption on profits for 3 consecutive years out of the 1st 10 years of its operations. Amazing!
b. The catch:
i. If your turnover exceeds INR 100 Crore, you cannot claim exemption.
ii. Obtaining the certification is a long-drawn process.
iii. Out of the 50,000 Startups recognized by DPIIT, only 266 startups have received the tax exemption certificate from the IMB till date. That’s less than 1% of the entire lot!
iv. This tells us that only the most innovative and the most scalable startups will get IMB certification. Ironically, these are the very startups that hit the turnover threshold of INR 100 Crore the fastest.
2. Capital Gains exemption for Startups: No practical application.
a. Did you know?
If a person sells her/his residential property to start a Tech Startup, her/his Capital Gains arising out of the sale of such property can be exempted under section 54GB of the Income tax Act.
b. Did you also know?
The exemption comes with a loooong list of conditions that you can read HERE.
c. The catch:
The exemption is only available for IMB certified startups. This means that entrepreneurs of only 266 Companies in this country can claim benefits under section 54GB as of today.
3. ESOP tax deferment scheme for startups: Well thought of but you can’t take benefit.
a. What is it?
ESOPs are a great way to reduce cash flows in early-stage Startups and also for retaining the top quality employees. They’re offered to the
employees at a discount to the fair value of the shares.
b. The problem:
When employees purchase these shares, they’re supposed to pay tax on the differential amount between fair value and the discounted price they actually pay. This means they’re dishing out cash to buy shares and then also paying tax on it. Their fleeting moment only comes when they finally get to sell these shares which often takes 1-3 years at the least.
c. The solution:
In 2020, the GoI finally took cognizance of this problem and decided that employees of Eligible Startups can defer the payment of tax on
ESOPs until they sell their shares or on expiry of 5 years or when they leave the startup, whichever is the earliest. Wow, right?
d. The catch:
Employees of Startups having turnover exceeding INR 25 Crore cannot avail this benefit. That’s a tiny threshold!
e. The bigger catch:
Eligible Startups refer to IMB certified startups only. Which is a coveted group of only 266 Startups as of today.
4. Carve out for carry forward of startups losses: But you again can’t take benefit.
a. You should know:
If there is a significant change in ownership of a company (more than 49% shareholding change) then the losses cannot be carried forward.
Here’s a fact: Most startups incur losses to blitz-scale and most startups issue shares and sell stakes to raise funds. Without the brought forward losses, these startups will have to pay taxes as soon as they make a profit.
b. The solution:
The GoI introduced a carve-out in Section 79 of the Income-tax Act for Eligible Startups, allowing them to carry forward losses as long as all the shareholders continue to hold at least 1 share in the startup.
c. The catch:
By now you know too well. Eligible Startups refer to IMB certified startups only. Which means that most of the startups continue to surrender their losses every time there is a major stake sale. Sigh!
5. Angel Tax exemption for startups: Only good for early stages.
a. You should know:
If a company issues shares at a price more than its fair value, it attracts taxes under section 56(2)(viib) of the Income-tax Act, which is dubbed as ‘Angel tax’.
b. What’s fair value?:
For Income tax purposes, fair value is determined from a Merchant Banker report which conducts a Discounted Cash Flow (DCF)
valuation of the company. This valuation drill comes at a considerable price which is the problem for early-stage Startups who have little cash to spare.
c. The solution:
DPIIT recognized startups can fill up a simple declaration form at the Startup India portal to exempt themselves from Angel tax. This basically means that these Startups can raise funds by issuing shares in excess of their fair value or basically without bothering a merchant banker for a report.
d. The catch:
While this scheme has clear cash flow benefits for early-stage startups, those that are raising funds in excess of INR 25 Crore (i.e. appx.
$3.5Mil) cannot take advantage of this.
So now you’ll agree that although the GoI has done commendable work in identifying areas where it could extend monetary benefits to startups. These benefits still remain parked in theory books without having any meaningful impact on the startup ecosystem. Carefully structuring your entity and planning your transactions in a way that you can become eligible for the benefits can be a time-consuming process and only adds to the complexities that are already existing.
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