Daily Startup Updates - 6th April'19
Swiggy not acquiring rival Uber Eats as talks fail
Bengaluru-based Swiggy has ended acquisition talks with Uber Eats over disagreements on financial and taxation terms of the deal, as per a report. The report claimed Uber investor SoftBank demanded to invest in Swiggy at a lower than the previous valuation, which Swiggy denied. Further, being part of Netherlands registered Uber BY Uber Eats India would come under Indian taxation on the acquisition.
Gurugram e-pharmacy startup '1 mg' raises ₹314 crores
Gurugram-based e-pharmacy startup '1 mg' has raised around ₹314 crore in a funding round held between December 2018 and March 2019. The round was led by Corisol Holding AG with participation from Sequoia Capital, Kae Capital, Redwood Global, among others. Launched as HealthKart Plus, the startup's founders are Prashant Tandon, Gaurav Agarwal and Vikas Chauhan. '1 mg' was incorporated in the year 2015 It has raised about ₹415 cr in the last one year
Zomato spends $500mn in FY19, revenue grows three-fold to $206 mn
Zomato has released its annual report, claiming $206 million revenue for the financial year 2018-19 after concluding FY18 with $68 million. The Gurugram-based unicorn mentioned its costs went from $80 million to $500 million. Zomato CEO Deepinder Goyal said most of the losses ($294 mil-lion) came from expansion of its Indian food delivery business and promotions to acquire new users. We now lose ₹25 per delivery, was ₹44 in FY18' Last mile delivery cost now ₹86.
Logistics startup BlackBuck raises ₹553cr, valuation nears $1 bn
Bengaluru-based logistics startup BlackBuck has raised about ₹553 crore in Series D funding round, at a reported valuation of up to about $942 million. The round saw participation from Accel Partners US, Facebook Co-founder Eduardo Saverin's VC firm B Capital and Goldman Sachs, among others. BlackBuck was founded by IIT-Kharagpur alumni Rajesh Yabaji, Chanakya Hridaya along with Ramasubramanian B.
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.