Daily Startup Updates - 5th April'19
Bus-tracking app Chalo to raise 50 crores from Xiaom
China's Xiaomi and Shunwei Capital are reportedly close to buying around 10% stake in bus-tracking app Chalo for about 50 crore. The deal, which will let some initial investors exit, values Chalo at around 500 crores, the report said. The investment fits well with Xiaomi's plan to invest $1 billion in Indian startup space, the report added. Chalo was co-founded in 2014 by Vinayak Bhavnani Bhavnani is a graduate of IIT Delhi.
Ex-McKinsey chief Rajat Gupta co-leads 7cr round in Teamonk
Bengaluru-based premium speciality tea brand Teamonk Global has raised around t7 crore in a pre-Series A round of funding. The funding round was led by former McKinsey chief and former Goldman Sachs board member Rajat Gupta and Roots Ventures. Further, Teamonk has also announced the appointment of Fast-Moving Consumer Goods (FMCG) professional Nalin Sood as its Chief Executive Officer (CEO).
Micromax Co-founder launches Al-enabled e-motorcycle brand
Rahul Sharma, Co-founder of Indian phone maker Micromax, has launched his new enterprise Revolt Intellicorp with a personal investment of nearly X500 crore. The proposed Al-enabled e-motorcycle will have a range of 156.8 km and a top speed of 85 kmph. "My vision is to see every household in India have access to sustainable mobility," said Sharma at the launch. Launch of e-motorcycle scheduled in June 2019 Revolt has 1 lakh sq ft factory in Manesar.
Cashify says it caught fake agents stealing iPhones, warns users
Nakul Kumar, Co-founder of used phone buying and selling platform Cashify, claimed they caught fraudsters posing as Cashify agents to steal iPhones and Apple Watches using fake receipts. Bengaluru police let the fraudsters leave with just an apology after being taken to the station, he added. Kumar also claimed the police had rejected requests to file an FIR 14 times. Fraud first came to notice on March 7 A user had complained Cashify didn't pay them
10 govt oil, gas firms partner for 320-crore startup fund
Around 10 state-owned oil and gas firms have partnered to launch an around 320-crore fund for startups. Any Indian startup that fulfils eligibility criteria as per the DPIIT definition can apply for the fund and send applications through the online mode till April 1 5. Startups will have to pass through a four-stage process, eligibility screening, shortlisting, evaluation and approval. Fund aims to process proposals in 4 months ONGC will alone contribute P100 crore to fund.
OYO launches Japan hotel biz in joint venture with SoftBank
Gurugram-based hospitality startup OYO Rooms on Thursday announced the commencement of its Japan hotel business through a joint venture with Japan's SoftBank and SoftBank Vision Fund. The new venture dubbed 10Y0 Hotels Japan' will be led by OYO executive Prasun Choudhary as the Operating Partner. Founded in 2013 by Ritesh Agarwal, OYO has expanded to over 10 countries.
New Delhi-based fintech startup BharatPe raises 107 crores
New Delhi-based fintech startup BharatPe has raised about 1107 crore in a Series A funding round. The investment saw participation from US-based private equity firm Insight Partners alongside existing investors Sequoia and Beenext. Founded in 2018 by IIM Ahmedabad graduate Ashneer Grover and IIT Delhi graduate Shashvat Nakrani, BharatPe offers a single interface for existing UPI apps. BharatPe had raised about ?13 cr in seed funding It currently operates in 11 Indian cities
Moscow Exchange signs deals with BSE, India INX
Russia's Moscow Exchange on Wednesday said it has signed a Memorandum of Understanding (MoU) with the Bombay Stock Exchange (BSE) and India International Exchange (India INX). The move aims to ease the access of Indian capital to the Russian market. This comes as Russia looks to attract a wider investor pool amid sanctions by the US and the European Union.
Want some help on building your startup, growing your business and creating products/services that your customers will love? Contact us to make an inquiry.
Are you an entrepreneur?
Join our Entrepreneurs Network and stay connected.
What's your take on today’s stories? Share your thoughts in the comments.