Startups - Current Affairs Questions and Answers

1)   Which of the following are the funds setup for startups?

a. Alternate Investment Funds
b. Fund of Funds of Start Ups
c. Both a and b
d. None of these
Answer  Explanation 

ANSWER: Both a and b

Union Cabinet on 22nd March 2017 approves the proposal to establish the Fund of Funds of Startups or FFS.

Union Cabinet in 2016 approved the proposal to establish a Fund of Funds for Startups with total corpus of INR 10,000 crore.

AIFs supported by FFS should invest at least twice the amount of contribution received from FFS in Startups.

If the account committed for a startup has not been released before a startup ceases, the balance funding can continue thereafter.

Operating expenses out of the FFS to the extent of 0.50 percent of the commitments made to AIFs and outstanding.

Operating expenses include carrying due diligence, legal and technical appraisal, meeting of Venture Capital Investment Committee etc.

Operating expenses will be debited to fund at the beginning of each half year on April and October 1.

Fund of Funds for Startups was approved by Union Government in 2016.

Fund of Funds for Startups is being managed by SIDBI.

FFS contributes to SEBI registered Alternative Investment Funds that may go up to a maximum of 35 percent of the corpus of the AIF concerned.

2)   Which ride sharing app has acquired Pune based startup FinitePaths?

a. Lyft
b. Uber
c. Ola
d. TaxiForSure
Answer  Explanation 


Ride sharing app aggregator Lyft has acquired Pune based FinitePaths for an undisclosed amount.

Trail Answers, the app created by FinitePaths will be shut down and cofounders will join the Lyft team.

FinitePaths was set up in November 2015 with the move to leverage technology to enable people to take better decisions.

The app Trail Answers enabled answers to questions using social, contextual and local signals.

The company has been founded by Vinay Kakade and Balaji Raghavan, who worked with Amazon and Google respectively before setting up the firm.

The cofounders will now work with Lyft to help in expanding its infrastructure and services.

Following this acquisition, the company has stopped signing up new users and will shut down the app over the next two weeks.

Lyft: Know More

  • Founded: 2012
  • CEO: Logan Green (Jun 2012)
  • Headquarters: San Francisco, California, United States
  • Founders: Logan Green, John Zimmer

3)   Where is the country's largest startup incubator to be set up?

a. Hubballi
b. Bengaluru
c. Mysuru
d. None of the above
Answer  Explanation 

ANSWER: Hubballi

The Deshpande Foundation, the philanthropy arm of Silicon Valley entrepreneur Gururaj ‘Desh’ Deshpande, will launch the country’s largest start-up incubation centre at Hubballi.

The foundation aims to promote entrepreneurship in India’s tier-II and tier-III cities.

It is investing INR 30 crore in the centre, to be opened this September and able to seat 1,200 people at any point.

Housing a makers lab, a 3D printing lab, hardware labs and an IOT lab, the centre will try to attract entrepreneurs from across sectors and any background, to build new-age solutions.

A ‘sandbox’ location has been created to allow entrepreneurs to test and nurture their ideas into businesses.

His foundation has set up two more sandboxes. One is in Varanasi, the constituency of Prime Minister Narendra Modi, and another in neighbouring Telangana.

The Hubballi centre will continue to be funded by the Deshpande Foundation.

About Deshpande Foundation

  • Deshpande Foundation is a non-governmental organization founded in 1996 by Gururaj and Jaishree Deshpande.
  • Founded: 1996
  • Headquarters: Massachusetts
  • Type: Non-governmental organization

4)   Where is the Incubation centre (first of its kind) for startups in environmental conservation being set up?

a. Indore
b. Ahmedabad
c. Vadodara
d. Bhopal
Answer  Explanation 

ANSWER: Indore

In a first, a special incubation centre for start-ups working on environment conservation is being set up in Indore.

Three entrepreneurs each from Ahmedabad, Vadodara and Indore have been finalised to start operations at the centre from December 22.

Located at the Govindram Sekseriya Institute of Management and Research premises, it aims to provide a platform to budding entrepreneurs working in the field of solar energy, biogas, biomass and other environment related subjects.

This incubation centre is part of the MP Incubation and Start-up scheme 2016. We have not taken any fund from the government.

The incubation centre will not only help the entrepreneurs but also inspire the existing college students to come up with their ventures.

Out of the 62 applications from across the country a special panel of 50 mentors specialised in the fields of energy conversation, three projects were selected after analysis and evaluation.

The mentors will have 6 - 8 per cent equity share in the startups.

The incubation centre has tied up with 10 investors across the country. The team of experts include solar energy specialist Deepak Gadhia, Ganjana Joshi and Dipal Chandra Barua among others.

5)   GE aims to start AI capabilities to compete with which company?

a. IBM
b. HCL
c. Apple
d. None of the above
Answer  Explanation 


General Electric on 15th Nov 2016 acquired two tech startups to build the AI capability to compete with IBM’s Watson product

  • Acquisitions of Bit Stew Systems and will expand its Predix platform for industrial internet applications, which connects big machines such as power plants and aircraft engines to databases and analytical software.
  • Terms of the deals weren't publicly disclosed.
  • is based in Berkeley California and has advanced machine learning technology
  • AI has a branch called machine learning which allows computers to adapt to new data without fresh programming
  • Bit Stew is a Vancouver based Canadian firm backed by GE’s venture capital arm
  • It applies machine learning to large data sets associated with utilities, aviation, oil and gas production and manufacturing, according to the company's web site.
  • IBM’s Watson is among the better known AI systems which enables computers to perform intelligent actions such as recognising voices and making decisions

6)   Kris S Gopalakrishnan, software major founder and Atul Nishar, Aptech founder, have invested in which startup?

a. CollegeDunia
b. Avagmah
c. MotaChashma
d. None of the above
Answer  Explanation 

ANSWER: Avagmah

Kris S Gopalkrishnan has invested a non disclosed amount in Avagmah, an educational technology start up associated with higher education along with Aptech co-founder Atul Nishar. The two-year-old startup works with Pondicherry University, Bharathidasan University and Loss-Angles-based UCLA Extension. Its investors include Singapore-based Lionrock Capital, serial entrepreneur Ganesh Krishnan and Mumbai-based investment firm Zodius Capital founder Neeraj Bhargava. NIT Kurukshetra alumni KS Karthik has founded the startup.

7)   Rata Tata has provided funding to which of the following startups?

a. Dogspot
b. Cashkaro
c. Tracxn
d. All of the above
Answer  Explanation 

ANSWER: All of the above

Teabox, the international speciality tea company, is the latest to received funding from Ratan Tata, Chairman Emeritus of Tata Sons. This is the 4th start-up in 2016 to receive the attention of Tata, after Tracxn, Dogspot and Cashkaro.

8)   Which ride haling company has GM invested USD 500 million in?

a. Uber
b. Meru
c. Lyft
d. Ola
Answer  Explanation 


GM has invested USD 500 million in ride hailing company Lyft and forming a partnership leading to on demand, self driving cars. This is the biggest investment by the traditional automaker in the mobility company and is an acknowledgement by GM that the transportation landscape is fast changing. In May 2014, Fontinalis Partners a venture capital firm co-founded by Ford Motor Co's executive chairman Bill Ford invested this company. Lyft co-founder and president John Zimmer and Ammann say the two companies began serious discussions about the investment months ago.

9)   TATA Power has signed an MoU with which country to explore and develop investment opportunities in the energy sector?

a. Australia
b. US
c. UK
d. Russia
Answer  Explanation 

ANSWER: Russia

TATA Power has signed a memo with the Ministry of Development of Russian Far East for exploring and developing investment opportunities within the energy sector. This memorandum reflects the mutual intentions of parties to cooperate for realising investment projects in the energy sector across the Russian Far East.

10)   PepperTap has acquired which grocery delivery startup?

a. Jiffstore
b. Giftstore
c. Local Baniyan
d. None of the above
Answer  Explanation 

ANSWER: Jiffstore

Gurgaon based on demand grocery service store PepperTap on 21st December 2015 acquired hyperlocal grocery delivery startup Jiffstore in a cash and stock deal. As part of the deal. the latter will merge its operations with PepperTap.

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