What does the startup India expect from Budget this year, to be presented on Feb 1? Startups are looking forward for every opportunity to grow and expand. let’s hear it from some of the promising startups….
Shubhankar Chaudhry, CEO, One Moto India
“To create a robust ecosystem for Electric Vehicles and give a boost to the EV market, the Indian government should focus on putting EVs in the priority lending sector, as currently very few NBFCs and financial institutions are providing affordable lending to potential end-users as well as fleet operators. Additionally, the Government also needs to push for more R&D in affordable and indigenous battery technology development, which currently is the biggest pain point for EV players. Our current dependence on lithium imports of which 90% is dominated by Chinese players is a strategic disadvantage for Indian EV manufacturers.”
One Moto India, is a British Mobility Company Shaping And Electrifying The Last-Mile With Iconic Electric Motorcycles, Bikes, And Scooters. One Moto forayed in India and is promoted by Ellysium Automotives in the country.
Mridu Mahendra Das, Co-founder and CEO, Automovill
“Post-pandemic the startup ecosystem is booming at a neck break speed in terms of funding and adoption. However, increase in economic activity is yet to be seen which is giving revenue pressure for startups. Govt should introduce some flexibility in attracting or remitting foreign funds for companies that are registered under startup (DPIIT programs). This should help startups ease the processes involved, give laxity in penalties for any delay in GST or such statutory filings, ensure quick resolution of any disputes of compliance-related matters. It will save a lot of time for founders to focus on work and also ease up the funding process which gets on hold for such statutory filings.
Specifically in the after-sales automotive segment import duties on certain parts (specifically electrical, electronics etc) should be lowered as the manufacture of such parts in India had a roadblock due to chip/sensor issues. Discontinuation of certain vehicles (10+ year old vehicle in Delhi) should be in a phased manner or should be allowed to run with additional fitness requirements which will increase more revenue options for after-sales ecosystem players. Regular industry connects activities between OEMs and after-sales players, relaxing certain norms for Govt Auto claim process also helps after-sales players get a fair playing ground in comparison to OEMs.”
Founded in 2016 in Guwahati, Automovill’s tech-enabled 360-degree approach enables impeccable customer experience by bringing trust, transparency, and convenience. Since its inception, the platform, co-founded by Mridu Mahendra Das and Chinmay Baruah joined by Ramana Sambu as Co-Founder and CBO, has handled 100,000+ cars for both retail customers and B2B clients.
Kumar Gaurav, Founder & CEO of Cashaa
“The crypto industry has stayed amidst speculation for a couple of years now. With the upcoming budget we expect the government to introduce the regulations that the community has been awaiting for a long time. The positive growth is only possible with the introduction of a stringent framework. This is also expected to welcome a heavy fund infusion in the country by foreign investors.”
Cashaa launched in 2017 with a singular vision — to aid the adoption of blockchain-based financial products. Cashaa has been helping businesses exposed to cryptocurrencies access crucial banking infrastructure and deliver powerful products to their users.
Dr. Navneet Gupta, Founder & CEO at YPay
“Extension of the tax holiday for startups would be a great way for the government to show its commitment towards building a robust and dynamic startup environment. Investment into infrastructure that would promote digital payments needs to continue rapidly. There is so much unexplored potential in Tier-2 and 3 cities, let alone villages. The pace of investment only needs to go up if this potential is to be meaningfully utilized. For Neobanks and PPI companies such as ours, the idiosyncrasies of and changes in KYC requirements are actually a major nuisance. KYC norms lead to several problems such as registration issues for customers. And finally, the government needs to see the fintech industry as a partner in helping formalize the economy and getting banking services to those who do not have access to them.”
YPAY, a young fintech startup. A digital payment platform that helps teens to manage their spending. The app also allows parents to monitor and assist their children’s development as they learn about money management in a controlled manner and safe environment.
Sushant Gupta, Founder & CEO of SG Analytics
In order to make startups an equally lucrative opportunity for job seekers, we suggest the government revisit the definition of start-ups and ESOP Taxation. It might be more relevant if ESOPs are taxed only during the time of sale. In addition to this, exception of SEZ from long-term capital gains would boost the stock market, and encourage foreign investments inflow in the country.
SG Analytics, is one of the leading research and analytics firms to offer data-centric research and contextual analytics services to companies across BFSI, Media & Entertainment, Technology & Healthcare sectors including Fortune 500 companies.
Sarvagya Mishra, Co-founder & Director, SuperBot (PinnacleWorks)
“India is still a developing economy, which needs technological advancements in a lot of sectors. Even if we talk about the advancements in the fields of agriculture, medicine, education, etc. technology is that one thing that is the common elements required for the advancement of all. But, we have a long way to cover in terms of technological advancements as well as compared to other countries, esp for making India a developed nation from a developing one. The budget which a country allocates, should have a fair share towards technological advancements, as then only we will be able to digitise and automate the other industries. From home automation, to advance agriculture tools, to medical equipment required for transplantation and major surgeries to save lives, all need technology. Therefore we hope that technology and start-ups working on these technologies should get support from the government to come up with new ideas, solutions to make India an advanced economy. ‘
PinnacleWorks established in the year 2012, has always focused towards bringing a revolution in the tech industry. It has always focused towards coming up with something new which can help businesses to digitally transform and evolve themselves. Following its vision of Always Evolving, PinnacleWorks had launched SuperBot in the year 2018, when the concept of AI-Powered chat agent was new to the Indian Market.
Farman Beig, Co-founder & CEO of Wat-a-Burger
“It takes multiple licenses to establish a food & beverage business in India. We expect the government to address this in the upcoming budget. Additionally, the sector requires reintroduction of the inputs tax credit. Also, considering the sector has been struggling due to the pandemic havoc, it is necessary to provide it with relief package and special fund allocation for speedy recovery,”
Wat-a-Burger, established in 2016 in Noida is a biggest homegrown burger chain of India. In the beginning, the co-founder had just ideas and inspired by them, they decided to take fresh, delicious, and affordable burgers to people. ‘High Quality’, ‘Exquisite’ and ‘Affordability’ work hand in hand at Wat-a-Burger.
Kushang, Co-founder & CEO of SupplyNote
The food and beverage industry has incurred heavy losses due to the pandemic, which makes it essential for us to look up to the Union Budget 2022-23 for relief. In order to accelerate the recovery of the sector, this budget should enable interest free loans, greater subsidies, and a reduction in tax structure. Additionally, since most of the F&B businesses fall under Micro and SMB categories they should be offered extended moratorium. Considering the current situation, business losses should be allowed to be carried forward from the existing 8 years to 12 years,”
Incepted in 2019, Supplynote is a supply chain automation platform providing SAAS platform to restaurants. Established by the founders- Kushang-CEO, Abhishek Verma-COO, Nitin Prakash-CPO and Harshit Mittal-CTO, the company was started with an aim to provide end to end digitization of procurement process and automation steps like inventory management, ordering, payment ledger management and to solve the supplier/product discovery problems.