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The Curse Of Angel Tax: TravelKhana Left With ‘Zero’ Money After CBDT Seizes INR 33 Lakh, Freezes Accounts
Today’s Top Story
The Curse Of Angel Tax: TravelKhana Left With ‘Zero’ Money After CBDT Seizes INR 33 Lakh, Freezes Accounts
New Delhi-based foodtech startup Travelkhana is facing an existential threat owing to an angel tax order. On February 5, the Central Board of Direct Taxes (CBDT) had not only seized all of the startup’s money — amounting to INR 33 Lakh — but also frozen its bank accounts.

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Ecommerce Policy Almost Ready, To Be Announced Soon: CAIT
The Confederation of All India Traders (CAIT), a traders’ organisation, has said that senior officials from the Ministry of Commerce have said that the new draft ecommerce policy is almost ready and will be announced shortly.

First Unicorn Of 2019? BigBasket Is Raising $150 Mn Funding
Bengaluru-based hyperlocal grocery delivery company, BigBasket, is closing a $150 Mn (INR15 Cr) funding round. The funding round values BigBasket at $1 Bn premoney, which would make the company the first India startup to join the unicorn club in 2019.

Will Find Solution To Angel Tax Issues, CBDT Head Assures Startups
The government may soon come up with a solution to address the tax concerns of the startups, the chairman of Central Board of Direct Taxes (CBDT), Sushil Chandra, said. The news comes a week after the interim budget failed to provide clarity to entrepreneurs and investors on the issues of angel tax.

Milktech Startup Country Delight Gets $10 Mn In Funding Round Led By Matrix Partners
Venture capital firm Matrix Partners led an INR 70 Cr ($ 9.8 Mn) equity financing round in Gurugram-based milk delivery startup Country Delight. Existing investor Orios Venture Partners also participated in this round.

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Featured Stories
In An Online World, Shuttl Offers An Offline, Convenient Meal Service On Its Buses. Here’s Why
Targeting users who use Shuttl services at least 22 times a month on an average, the startup is offering breakfast and snacks to its customers during the ride. It has launched a pilot, offering its meal service on 50 buses and now plans to expand its meal service to its entire fleet of 1,200 buses this year.

Inc42’s Budget Survey 2019: Angel Tax Exemption Is Top Priority For Indian Startup Ecosystem
Over 25% of the startups and 24.71% of the angel investors and VCs participated in the Inc42’s Budget Survey agreed on the point that the Fund of Funds with a corpus of INR 10,000 Cr is being disbursed poorly and in order to meet the target of 2025, the government needs to make implementational changes.

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