Here is this week’s news round-up for home business, micro business, sole-traders, freelancers, self-employed and any one who is interested in small business news from India:
- IndiaMART.com gets funding from Intel Cap: IndiaMART.com, India s leading online B2B marketplace, has received funding from world’s leading venture capital firm, Intel Capital. The move comes as a perfect example of the success of Indian SMEs in these turbulent times.
- Reliance Cap gets NHB nod for home loan business: It has also got the Reserve Bank’s nod to set up a non-banking finance company subsidiary for its consumer loan business, which would primarily focus on vehicle loans and lending to SMEs. Both HFC and consumer finance subsidiaries would be in place in the next two months, and the employees currently working with the related businesses at Reliance Consumer Finance Ltd would be relocated to the new entities.
- Watch the Video Of The CNBC Power Lunch Interview With WinWeb CEO Stefan Töpfer: Titled ‘Small Business in Trouble’ WinWeb CEO Stefan Töpfer talks about the challenges faced by small business during this recession.
- Banking, SMEs attract Rs 70k crore investment: And the response it received was tremendous: About 7,200 memoranda of understanding, worth Rs 7,000 crore (Rs 70 billion), have been signed. The MoUs aim to generate more than 2,80,000 jobs in Gujarat. What’s more, four major banks, including State Bank of India and Commonwealth Microfinance India from the UK, signed MoUs worth Rs 60,000 crore (Rs 600 billion) with the Gujarat government to support the SME sector.
- PE investments in 08 witness biggest decline since 2002: Private equity investments in India declined for the first time in six years in 2008, as entrepreneurs were not willing to settle for lower valuations despite the steep price correction in markets.
- ISB to nurture startups: ISB is in the process of framing guidelines on the proposed initiative. It will also approach companies for supporting the students. There is also a proposal to provide grants to the entrepreneurs. However, this is still in nascent stages.
As always this list is not exhaustive, but I hope it will give you a little overview. — ST.