Ola will Set up Biggest Electric Scooter Manufacturing Plant in Tamil Nadu by Investing Rs. 2,400 crore
Ola will become a two-wheeler maker with a new electric scooter plant in Tamil Nadu where it is investing Rs. 2,400 crore. The Softbank-backed Ola is now competing with legacy business houses in India like Hero Moto, TVS Motor and Bajaj Auto as well as with startups like Ather Energy and Okinawa Scooters. Ola says it will set up the biggest electric scooter manufacturing plant in the Indian state of Tamil Nadu.
Bollywood actor Sonu Sood who won hearts during the COVID-19 pandemic for his work supporting India’s migrant workers and the needy, is now flooded with offers from the startup world. Spice Money is a part of the business conglomerate Spice Group which has interests across telecom, technology and finance. After having signed up as a brand ambassador for Indian hospitality unicorn OYO, Sood is now endorsing Spice Money – a fintech startup that helps rural entrepreneurs.
The blockbuster initial public offering (IPO) from DoorDash — a startup that delivers food just like Zomato and Swiggy in India— saw a 90% jump on listing. The San Francisco-based startup’s valuation has jumped more than three times from the $16 billion reported before the IPO. It’s possible that DoorDash listing may encourage Indian food delivery firms to re-evaluate their plans and list sooner. DoorDash is among firms that benefited from the covid-19 crisis, witnessing a significant increase in total orders, marketplace GOV (gross order volume) and revenue as people avoided stepping out due to fear of infection.
Lingerie brand Clovia has raised $4 million in pre-Series C round of funding led by a clutch of investors including Golden Birch Investments and SheCapital Venture Fund. In a statement, the company also announced the appointment of Anisha Singh, Founder of SheCapital Venture Fund, to its Board of Directors. The company said it will use the fresh capital to expand into new categories, pushing the brand message, enhancing technology, and strengthening the teams.
India’s leading payment services Paytm has announced a new EMI option for its postpaid users. As per the new plan, the postpaid users on Paytm can now convert their spending into Equated Monthly Installments (EMIs). The new policy would allow customers to buy any product without pondering much about the budget. The “buy now and pay later” scheme can be availed for a wide range of products and services at 5 lakhs shops and websites, the company says.
UpGrad, India’s largest online higher education company, announces its entry into the test preparation market with the 100% acquisition of The Gate Academy (TGA) for an undisclosed amount. Bengaluru based TGA is one of India’s premier coaching institutes with 57 centers across India and 76 million video hours consumed by its almost 2 lakh enrolled learners for GATE and other entrance tests for various Public / Government Sector jobs.
Reserve Bank of India has announced the names of two startups as a part of its regulatory sandbox programme
Reserve Bank of India has announced the names of two startups that have been selected as a part of its regulatory sandbox programme. RBI said, it has shortlisted six companies out of 32 entities that had applied for the ‘Test Phase’ of the first cohort. The two companies are Jaipur based Natural Support Consultancy Services Private Limited and New Delhi based Nucleus Software Exports Limited.
Financial services platform Paytm on Monday announced to double its loan disbursements for the micro- and small and medium enterprises (MSMEs) from Rs 550 crore in last fiscal year to Rs 1,000 crore by March 2021. The company expanded collateral-free loans of up to Rs 500,000 at a low-interest rate and unique daily EMI product customised for micro-merchants.
In a potential data breach, details of around 2 crore users of grocery e-commerce platform Bigbasket may have been leaked, media news quoted cyber intelligence firm Cyble as saying. The company said that a hacker has put data allegedly belonging to Bigbasket on sale for around Rs 30 lakh. Meanwhile, the firm has filed a police complaint in this regard with Cyber Crime Cell in Bengaluru. It is verifying claims made by cyber experts.
Working from anywhere has become the new reality and thank you for seeing this – Rishad Premji, Wipro Chairman
This is truly long term, progressive thinking by the Government which will make our technology industry that much more competitive. Working from anywhere has become the new reality and thank you for seeing this.
If you want returns with reliability, India is the place to be – Prime Minister Narendra Modi pitched India as a lucrative investment destination
If you want returns with reliability, India is the place to be. If you want demand with democracy, India is the place to be. If you want stability with sustainability, India is the place to be. If you want growth with a green approach, India is the place to be. We are building a New India which is free of old practices. Today, India is changing and for the better.
The immediate impact of the lockdowns on the Indian startup ecosystem was severe – Rajan Anandan, President TiE Delhi-NCR
The immediate impact of the lockdowns on the Indian startup ecosystem was severe; however, we have been amazed to witness how quickly Indian founders have acted to reimagine their businesses. What has been most impressive is how many startups have reduced burn and improved their unit economics very rapidly.
In the face of COVID-19-induced challenges, the Indian startup ecosystem has gone beyond resilience to showcase antifragility – Pari Natarajan
In the face of COVID-19-induced challenges, the Indian startup ecosystem has gone beyond resilience to showcase antifragility, as is evidenced by its faster than estimated recovery. To circumvent the challenges, start-ups reduced cash burn and redeployed existing capabilities to focus on tiding over the uncertainty. The decided shift to digital consumption certainly provided an opportunity.
By being nimble, rapidly responding to different challenges, and looking at them as an opportunity, the Indian startup ecosystem has reinforced its antifragile nature. And despite the trying times, and the death of many a startup, the ecosystem has played a key role in employment generation. With clear evidence that India’s future is about technology, policy, innovation, and entrepreneurship, India is poised to be home to 100 unicorns by 2025.
Ola plans to set up a new technology centre in Pune and hire about 1,000 engineers over the next few years
Ride hailing platform Ola plans to set up a new technology centre in Pune and hire about 1,000 engineers over the next few years, sources said. According to sources close to the development, the tech centre in Pune will be the second such centre for the company in India after Bengaluru, and will cater to global and local solutions for all businesses of Ola across the group.
Micromax co-founder Rahul Sharma announced the company is planning a comeback with a new “in” series of smartphones
Micromax has announced its comeback in the Indian smartphone market with its “In” range of smartphones. Micromax co-founder Rahul Sharma announced that company’s re-entry in the smartphone space via a short video on Twitter. No further details were officially revealed but an interesting Geekbench listing gives us a possible look at the first device from the new Micromax range.
Foodtech unicorn Zomato has raised $52 million from US-based Kora Investments, continuing efforts to bolster its cash reserves at a time when the food delivery sector is rebounding from the ravages of the Covid-19 pandemic. Kora is expected to make a follow-up investment of a larger amount in Zomato in the coming months, said a person aware of the talks.
Walmart-owned Flipkart said it will offer credit options through 17 banks, NBFCs and fintech players that will drive credit accessibility for customers during the upcoming festive season. Flipkart is ramping up its fintech constructs so that consumers across the country can avail the benefits of easy accessibility to credit and affordability options.
India is expected to have 60,000 start-ups and 100 companies with valuation of over USD 1 billion by 2025, a TiE Global report, in association with Zinnov. The report observed that business recovery of start-ups is back on track after the lockdown. However, 12-15 per cent of start-ups are facing risk of survival and a similar percentage of start-ups have closed their business.
The co-founder of Chinese smartphone maker OnePlus Carl Pei has reportedly left the company ahead of the flagship OnePlus 8T series and the affordable Nord N10 series launch. Two separate sources speaking with TechCrunch confirmed that Pei has left OnePlus. According to the report, Pei is starting “a new venture” and “is in talks with investors to raise capital.
Paytm on Tuesday announced the same-day settlement facility for all kinds of fund transfers on its payment gateway that will help businesses that depend upon immediate availability of funds to pay down-stream partners. The feature can be accessed from Paytm Merchant Dashboard or Paytm for Business app. The minimum amount that can be transferred is Rs 50, and the maximum amount is Rs 2 lakh in a single transfer request, the company said in a statement.
Homegrown marketplace Snapdeal has added over 5,000 manufacturer-sellers on its platform so far this year, most of them in the September quarter, exceeding the target it had set for itself earlier in the year. Adding new sellers will help the e-tailer to ramp up its Diwali sales plans as direct shipment to buyers help manufacturers move stocks faster to customers.
In the midst of a pandemic, India now has half-a-dozen unicorns as payment startup Razorpay’s valuation more than doubles to $1 billion with its latest $100 million fund-raise — co-led by Singapore’s sovereign wealth fund GIC and marquee venture capital firm Sequoia Capital. For Razorpay, the pandemic has accelerated its journey to the coveted unicorn club as the Bengaluru-based company saw five times growth in transaction value to $25 billion as compared to last year and business quickly recovering past pre-COVID-19 levels.
Actor Aamir Khan has instructed the team to employ women driven Sakha cabs for their entire Delhi schedule
‘Ghajini’ actor is currently shooting in Delhi with his entire team for his upcoming movie ‘Laal Singh Chaddha’ and Aamir has instructed the team to employ women driven Sakha cabs for their entire Delhi schedule. The ‘PK’ actor first introduced Sakha cabs in ‘Satyamev Jayate’ appreciating their remarkable work of providing employment opportunities to women who have been victims of domestic abuse and harassment.
Chennai-based PikMe allows users to virtually join queues before going shopping. COVID-19 has changed the dynamics for Chennai-based hyperlocal delivery startup PikMe, pushing it to venture into a virtual queue and appointment management system. The startup ventured into Queue and Appointment — a virtual queue and appointment management system — in April 2020.
50 Startups are going to take part in Central India’s largest entrepreneurship summit—the i5 Summit 2020
As many as 50 startups are going to take part in Central India’s largest entrepreneurship summit—the i5 Summit 2020 began at IIM Indore on Friday. The three-day event, jointly organised by IIM Indore and IIT Indore will witness various events including Speaker Series, Panel Discussion, Entrepreneurship Workshop, Start-up Expo, Pitch Deck Designing & Finance Workshop and Chai Pe Charcha.
India is encouraging indigenous vaccine production, Prime Minister Narendra Modi said on Friday. He was inaugurating the Vaishvik Bhartiya Vaigyanik (VAIBHAV) Summit 2020, a global virtual summit of overseas and resident Indian Researchers and Academicians. “The long break in vaccine production is broken. In 2014 four new vaccines were introduced into our immunization programme. This includes indegineously developed rota vaccine,” said PM Modi.
Several Indian startup founders came together to evaluate legal options as well as on approaching regulators such as the Reserve Bank of India and the Competition Commission of India against Google over its PlayStore policy, which is turning into a raging issue in the tech industry. Google on Monday reiterated its Play Store billing policy which entails that a 30 percent fee will be levied on all in-app purchases of digital goods and that all payments for in-app purchases will have to be routed through Google’s Play Store billing platform.
Centre for Development of Advanced Computing is building an indigenous App Store to challenge Google and Apple’s duopoly
Reports suggest that the Centre for Development of Advanced Computing is building an indigenous App Store to challenge Google and Apple’s duopoly. The new App Store could be made a mandatorily pre-installed feature for Android phones sold in India. Demands for an Indian App Store have grown from India’s tech and internet entrepreneurs, who have opposed Google’s Play Store policies.
India’s private space industry is witnessing a sudden surge in terms of both innovation, as well as the number of new startups coming up. The Indian Government also provided a much needed push, when privatization of space activities in the country was opened up for the first time.
After Google briefly delisted digital payment app Paytm over its IPL cashback campaign, the search giant has now sent notices to food delivery apps Zomato and Swiggy over the same. Both Zomato and Swiggy were running cashback-based IPL campaigns and now both platforms have reportedly decided to suspend these offers for the time being.
Computer games are also very famous. Both young and old play them. But most of them are influenced by the West. We should have India-centric games. We can be ‘Aatma Nirbhar’ in this regard.
I urge our start-up to ‘Team up for Toys’, this also matches our call for Vocal for Local.India’s share in the global toy industry is very small. It is not right for us to have such a small share, we have to work towards improving this.