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Keralas Startup Village Ranked India’s Best Incubator

23Jul By NitishNo Comments

News

Keralas Startup Village Ranked India’s Best Incubator

Startup Village, the countrys first public-private partnership business incubator, has been named Indias best startup incubator. Startup Village is ranked number one in a first-of-its- kind comprehensive ranking by the India edition of Entrepreneur Magazine of the 100 best startup incubators in India (25 across sectors and 75 sector specific), a release said here. Last week, Startup Village entered its second phase with Kerala Chief Minister Pinarayi Vijayan launching the online platform SV.CO that aims to provide a fully digital incubation framework to five million students in 3,500 engineering colleges across the country, it said. "SV.CO is the next big iteration of Startup Village, to give a world class student startup ecosystem to all 5 million engineering students India, ...

22Jul By NitishNo Comments

ACQUISITION

Rs 357 crore for 62% – Titan Will Pay to Caratlane For Acquisition

As per the filing report, Jewellery-to-eyewear lifestyle company Titan Company Ltd also an entity of Tata's Group would pay Rs 357.34 crore to acquire a 62 percent stake in Chennai-based Carat Lane Trading Private Limited, the parent entity of the jewellery etailer CaratLane.com. In May, Titan Company acquired a majority stake in CaratLane.com. The Company is acquiring 19,142,545 shares in the parent entity. Caratlane raised over $50 million in funding from Tiger Global Management. Carat Lane Trading Private Limited, which is involved in designing, manufacturing, trading and retailing of gems and jewellery, clocked revenues of Rs 141 crore for the financial year 2015-16. Its revenues in the preceding two consecutive fiscals were Rs 127 crore and Rs 101 crore, respectively. Titan ...

Microsoft Posts $3.1 Billion in Profit, a Year After Big Loss

21Jul By NitishNo Comments

BUSINESS

Microsoft Posts $3.1 Billion in Profit, a Year After Big Loss

AFP, SAN FRANCISCO: Microsoft said Tuesday it posted a profit of $3.1 billion in the just-ended quarter, swinging into the black a year after hefty charges from writing off mobile phone assets. "This past year was pivotal in both our own transformation and in partnering with our customers who are navigating their own digital transformations," said chief executive Satya Nadella. The profit in the tech giant's fourth fiscal quarter was nearly identical to the loss from a year earlier, when it took charges of more than $7 billion to reflect the lower value of the Nokia mobile phone division it had acquired. Revenue dipped to $20.6 billion from $22.2 billion in the same period a year ago. Overall, the results were better than most forecasts and sparked an after-hours gain of more than 3% f...

Day Before IPO Advanced Enzyme Tech Raises Rs 123 crore

20Jul By NitishNo Comments

FUNDING

Day Before IPO Advanced Enzyme Tech Raises Rs 123 crore

Ahead of its initial public offer tomorrow, Advanced Enzyme Technologies today mopped up nearly Rs 123 crore from as many as 15 anchor investors. Little over 13.71 lakh shares were allotted to the anchor investors at Rs 896 apiece, the upper end of the price band for the Rs 411 crore IPO. DB International (Asia) Ltd, Kuwait Investment Authority Fund, DSP Blackrock Equity Fund, SBI Life Insurance Company Ltd, L&T Mutual Fund Trustee Ltd and Kuwait Investment Authority Fund, DSP Blackrock Equity Fund, SBI Life Insurance Company Ltd, L&T Mutual Fund Trustee Ltd are among the anchor investors. Advanced Enzyme Technologies is the largest domestic enzyme company, engaged in research, development, manufacture and marketing of over 400 proprietary products developed from 60 indigenous e...

Local Business Dicovery Platform Nowfloats Acquired Lookup

19Jul By NitishNo Comments

ACQUISITION

Local Business Dicovery Platform Nowfloats Acquired Lookup

It's wedding between search and chat. NowFloats a business discovery services platform has acquired Lookup a chat service that connects consumers to local business. The amount of the deal is undisclosed. The marriage is analogous to, perhaps, a Facebook and WhatsApp coming together to create a compelling platform for consumers and businesses said Jasminder Singh Gulati, Co-Founder/CEO of NowFloats. The another significant reason for NowFloats to acquire Lookup was based on the findings of the NowFloats Digital Desh Drive which attempts to uncover ‘Inside the Internet of India” and thus the evolving consumer and business behaviors, he added. Over the past year, NowFloats has conducted three research sprints across India (that includes driving across the country & meeting people), a...

Almost 70% of Startups Globally Will Fail: Kris Gopalakrishnan

19Jul By NitishNo Comments

Entrepreneurs Talk

Almost 70% of Startups Globally Will Fail: Kris Gopalakrishnan

Infosys Co-Founder and former CII President Kris Gopalakrishnan today said almost seventy per cent of startups globally will fail and only five to ten per cent will become large and scale up. "Almost seventy per cent of startups will fail. About 20 per cent will survive but will not grow. They will remain small enterprises, and may be only five to ten per cent will become large and scale up - that is the spastics globally," he told reporters at the announcement of the 12th Innovation Summit 2016 here, of which he is the chairman. This should not, however, be treated as a concern or a challenge, but it is a part of natural process of evolution, he added. "The key is what are the learnings, and how do we continue to nurture this," he said. Asked who has made a mark globally ...

5Jul By NitishNo Comments

FUNDING

Fintech Startup NeoGrowth Raises $35mn

Fintech startup NeoGrowth has raised USD 35 million (about Rs 225 crore) of equity from IIFL Asset Management and existing investors, including Accion Frontier Inclusion Fund, managed by Quona Capital. A significant portion of the equity was raised in the current round and other existing investors ? Omidyar Network, Aspada Investments and Khosla Impact ? also participated in the funding, IIFL said in a statement here. NeoGrowth will use the funds to help small retailers, including qualified borrowers with little or no credit history, access credit in the country, it said. Using a data and technology-driven approach, the company provides small and mid-sized retail enterprises with flexible, innovative loan products that are secured against retailers future credit card and debit sal...

Myntra’s ‘End of Reason Sale’ Clocks 2 Million Product Orders on Day 1

3Jul By NitishNo Comments

News

Myntra’s ‘End of Reason Sale’ Clocks 2 Million Product Orders on Day 1

India's biggest fashion shopping sale, the fourth edition of Myntra's 'End of Reason sale', clocked over two million item orders placed by end of day one of the two-day weekend sale. In the run up to the opening of the sale at 12 am on Saturday, around Rs. 700 crore worth of products were added to the EORS wish list (A special feature offered for EORS-4). The wish list was offered for the first time for short listing of items to go on sale. Also, the Myntra App was ranked number one on iOS in India across all categories. Myntra and EORS were among the top searched items on Google and Twitter, with search trends higher than Amazon, during the same period. "The fourth edition of EORS has received phenomenal response so far. On the first day of the sale, we have seen installation of...

1Jul By NitishNo Comments

Story

Real Story Behind Tesla Autopilot Crash in Model S From Tesla

We learned yesterday evening that NHTSA is opening a preliminary evaluation into the performance of Autopilot during a recent fatal crash that occurred in a Model S, Tesla wrote on its official blog. Company has also recognized and described how the autopilot mode accident occurs. The company said that this is the first known fatality in just over 130 million miles where Autopilot was activated. Among all vehicles in the US, there is a fatality every 94 million miles. Worldwide, there is a fatality approximately every 60 million miles. It is important to emphasize that the NHTSA action is simply a preliminary evaluation to determine whether the system worked according to expectations. Following standard practice, Tesla informed NHTSA about the incident immediately after it occurred. ...

1Jul By NitishNo Comments

INDIA

HCL Infosystems Delivered First Made in India Communication Network For Indian Armed Force

HCL Infosystems, one of India's premier IT services, distribution and digital solutions company, has enabled the design, development and deployment of Defence Communication Network (DCN) - the first tri-service communication and IT network of the Armed Forces. The network has been fully designed and developed in India. The DCN was today dedicated to the nation by Shri Manohar Parrikar, the Hon'ble Raksha Mantri, Government of India. Speaking on the occasion, Mr. Premkumar Seshadri, Executive Vice-chairman and Managing Director, HCL Infosystems Ltd. said, "This is a moment of great honour for us. HCL Infosystems is proud to design, develop and deploy the first ever converged tri-service communication and IT network for the Indian Defence Forces. The network has been entirely designed and d...

SAIF Partners Invests $1 Million in Online Counselling Platform YourDOST

29Jun By NitishNo Comments

FUNDING

SAIF Partners Invests $1 Million in Online Counselling Platform YourDOST

Venture capital firm SAIF Partners today announced that it has invested USD 1 million (around Rs 6.8 crore) in a pre-series A funding deal in online counselling platform YourDOST. "SAIF Partners has invested USD 1 million into the Bengaluru-based venture which offers online counselling and emotional wellness support to users to bolster their mental health," Saif Partner said in a statement. YourDOST has raised a total of USD 1.2 million in the round with the repeat participation of seven angel investors- Venk Krishnan (NuVentures), SubbaraoTelidevara (NuVentures), PhanindraSama (Redbus), Aprameya (Taxi4Sure), Paula Mariwala (Seedfund), Vibhu Garg (Unicommerce), Gaurav Bhalotia (Flipkart). "YourDOST will strategically allocate the funds raised to rope in senior professionals from t...

28Jun By NitishNo Comments

FUNDING

Lendingkart Raises 205 Cr in Series B

Online loan platform Lendingkart Group today said it has raised Rs 205 crore (USD 32 million) in second round of funding led by Bertelsmann India Investments. The fresh round of funding also saw participation from Darrin Capital Management and existing investors - Mayfield India, Saama Capital and India Quotient, it added. With this, the company has raised Rs 260 crore (USD 41 million) till date. "With Bertelsmann India Investments (BII) onboard, we look forward to leveraging its deep understanding of global financial products as well as Internet businesses," Lendingkart Group co-founder and CEO Harshvardhan Lunia said in a statement. Of the Rs 205 crore funding, about Rs 128 crore (USD 20 million) was raised as equity and about Rs 77 crore (USD 12 million) as debt in the second round or...