Intuit India Acquires Jaipur Based KDK Software

Intuit India has acquired Jaipur based KDK Software, a company that provides cost-effective software solutions to tax professionals and SMEs in the country. KDK has about 20k customers & serves 1 in 5 practicing chartered accountants in India, which gives Intuit the needed warchest to take on the competitors like Tally. Looks like Intuit wants to invade the Indian market now. Link


RBI Circular to shut down IT Startups and SMEs in India

RBI has released a circular that requires every exporter of software products or services to submit export invoices for certification to STPI (Software Technology Park of India), being the nodal designated agency irrespective of whatever value. This will enable multiple issues for IT and software startups in India. Basically, RBI wants to regulate and track incoming foreign exchange but that is quite well done as all payments coming in India are tracked anyway through bank. Read more

LinkedIn Buys Newsle

LinkedIn has acquired Newsle for an undisclosed amount. Newsles’ functionality and services will be linked with LinkedIn’s core services as the week’s progress, the ability to scan the Internet to find articles, blogs etc mentioning certain people within LinkedIn to return results including the above will be relevant to those connections. Interesting move and will greatly benefit LinkedIn. Link

News In Short Raises Funds

News in Short has raised undisclosed amount of funding from Times Internet, Flipkart co-founders Sachin and Binny Bansal and entrepreneurs Ankush Nijhawan, Gaurav Bhatnagar and Manish Dhingra. The app is almost like a competitor to what you are reading now, except that instead of a newsletter, you would read news on an app. Link

Union Budget 2014 Highlights

  1. 10,000 crore startup fund for new businesses
  2. National accelerators & incubators for startups to be setup 100 crore agri-infra fund
  3. Definition of SME to be revised for high capital ceiling (very ambiguous at this moment)
  4. Rs. 100 Crore for Startup Village
  5. Rs. 200 Crores for scheduled caste entrepreneurs
  6. Rs. 500 crores to set up software services in rural areas

Xiaomi Users In China Spend More Time On Apps Than iPhone Users

Analytics firms Flurry reports that Xiaomi users in China spend more time on the apps than Apple’s iPhone. Typically iPhone users around the world spend more time on apps than Android users, which is reflected in the amount of money app developers make from the apps. Xiaomi has managed to get biz users to get onboard who like to spend more time on apps under media & entertainment, productivity. Link

TechHub comes to India

TechHub, a community of tech entrepreneurs & Startup spaces is coming to India. In India, it will be based out of Bangalore and will support Indian entrepreneurs’ tech innovations and provide European business with access to the Indian tech cluster. Link