Connect with us
Saturday,06-March-2021

Business

Yogi Adityanath boost for startups: 4 get Rs 20 lakh

Published

on

Uttar Pradesh Chief Minister Yogi Adityanath. (File Photo: IANS)

As part of the ‘Start in UP’ programme, the policy implementation unit in the state has approved marketing assistance of Rs 5 lakh each to four startups, including one that aims to use artificial intelligence for face recognition to provide safety for women and children.

Alok Kumar, additional chief secretary (IT and electronics), who heads the unit, said that the funds would be released to the four startups over a period of a year to allow them to launch a ‘minimum viable product’ in the market.

The four startups, which have been granted approval, include G. Systems of Prayagraj for farming, Enray Solutions LLP of Ghaziabad for solar power, Bhurak Technologies of Saharanpur for a face recognition project and Matfusion Weld Pvt. Ltd. of Lucknow for a project in the biofuel sector.

Bhurak Technologies of Saharanpur has been founded by Kumar Satyam who has developed a prototype of artificial intelligence-based face recognition system, mainly to ensure safety of children and women through facial recognition.

G. Systems, founded by Ashish Kushwaha, aims to promote smart farming systems based on the Internet of Things (IoT) with machine learning-based sensors for automated irrigation and other farm-related activities.

Enray Solutions LLP founder Rishabh Bhardwaj has developed a prototype of a water-free automatic solar panel cleaning system to mitigate wastage of drinkable water.

Matfusion Weld Pvt. Ltd. has been registered by Vivek Kumar which is working on the concept of converting waste cooking oil into biofuel. It has already entered into a 10-year contract for supplying biofuels to Indian Oil Corporation.

Alok Kumar said that the objective of facilitation and incentives in the early stages of product development was to encourage innovators to stimulate commercialisation of their inventions.

He said that under the new startup policy, seed capital in the form of marketing assistance up to Rs 5 lakh per startup will be given to 10 startups, per incubator per year to launch a minimum viable product in the market.

“Under this provision, seed capital will be disbursed in milestone-based instalments in three tranches, 40 per cent as advance and 30 per cent in two instalments on the completion of milestones,” he said.

Business

SUV outside Ambani home: Hiren’s autopsy kept ‘reserved’

Published

on

The autopsy on the body of businessman Mansukh Hiren — whose body was fished out of the Thane Creek marshes — was completed here early on Saturday, police officials said.

However, the autopsy report, findings and opinion of the four-member medical team, has been kept in reserve while his viscera has been preserved for forensic analysis, said Deputy Commissioner of Police (Zone-I) Avinash Ambure.

Hiren shot into limelight after his stolen SUV Scorpio with 20 gelatin sticks and a purported typewritten threat note was found outside Antilia — the residence of industrialist and Reliance Industries Ltd. Chairman Mukesh Ambani, on Feb. 25.

Hiren’s body is likely to be handed over to his family around noon at their residence in Vikas Palms building in Charai area of the city.

The case has been handed over to the Anti Terrorist Squad, the Thane police as the SRPF deployed tight security outside the Hirens’ residence since earlier in the day.

The Opposition BJP in Maharashtra has demanded a probe by the CBI or NIA, while his family, including wife Vimala, has rejected the ‘suicide by drowning’ theory pointing out that Hiren was an excellent swimmer.

Continue Reading

Business

Man whose SUV with gelatin sticks was parked near Ambani home found dead

Published

on

Thane-based-businessman

In an intriguing development, police have recovered the body of a Thane-based businessman whose stolen SUV with 20 gelatin sticks was found parked near Antilia, the iconic home of Reliance Industries Ltd. Chairman Mukesh Ambani, officials said here on Friday.

The body of Mansukh Hiren — who had reported his Scorpio SUV as stolen from north-east Mumbai earlier — was fished out of the marshes adjacent to the Thane Creek near Mumbra town.

Reported missing by his family, the police recovered his body around 10.30 a.m. on Friday from Reti Bunder Road near Thane Creek.

Tentatively suspecting it to be a suicide, the Naupada Police has registered an accident death report and is investigating the matter, said officials.

Hiren’s SUV was found on the afternoon of February 25, along with 20 gelatin sticks and a purported threat letter typewritten in broken English, sending shock waves through the country’s corporate and political circles.

The suspiciously parked SUV, which belonged to the deceased Hiren, was apparently left there in the wee hours of February 25 and was detected only after around 12 hours by some locals who alerted the Mumbai Police.

Continue Reading

Business

FarEye acqui-hires logistics tech start-up PY Technology

Published

on

signed-a-paper

Logistics management startup FarEye on Friday said that it has acqui-hired logistics technology startup PY Technology in a bid to scale customer implementation as well as incubate new ideas.

The financial transaction details were not disclosed.

PY Technology, earlier known as PRTouch, was founded by Jignesh Vasani in 2012.

He will be joining FarEye as Vice President, Professional Services, the company said.

Vasani is an entrepreneur and a leader with over 20 years of experience in building blocks aiming towards solving real-life problems.

“I would like to welcome Jignesh and his team on behalf of all of us in this exciting journey to empower brands and carriers globally to deliver better,” Kushal Nahata, CEO and Co-founder FarEye, said in a statement.

FarEye said an increase in online orders and brands building up direct-to-customer channels is accelerating demand that will drive the company’s projected growth of 2.4x in FY20-21, with the US being the fastest growing market for the company.

The company recently announced that in order to capitalise on the unprecedented demand from retailers and logistics and transportation organisations to scale their direct-to-home deliveries, it will hire 100 technology professionals in India and North America in 2021.

Continue Reading
Advertisement
Advertisement

Trending