Sunday, June 23

Author: Press Trust of India

Indian startups raise USD 63 bn since 2016, generate 27 unicorns
INDIA

Indian startups raise USD 63 bn since 2016, generate 27 unicorns

New Delhi, 1st Oct 2020: The startup's ecosystem has raised as much as USD 63 billion in growth capital between 2016 and 2020, when they spawned 27 unicorns, according to the data collated by the Indian Private Equity and Venture Capital Association and Praxis Global Alliance. According to them, this makes India the third-largest tech startup ecosystem in the world. Of the total inflows, nearly half came in 2019 alone USD 34 billion, and USD 17 billion in 2020 till May. The time period also created as many as 27 unicorns in the country. Unicorns are those with USD 1 billion or more valuation. Tech-enabled players continue to drive investors' interest and have dominated the early-stage funding landscape here. According to Rajat Tandon, the president of the Indian Private Eq...
Fantasy Akhada raises funding from Harsha Bhogle
FUNDING

Fantasy Akhada raises funding from Harsha Bhogle

Cricket commentator Harsha Bhogle has invested an undisclosed amount in gaming startup Fantasy Akhada, and will be the brand’s face for the next two years, the company said on Friday. Fantasy Akhada founder Amit Purohit said that onboarding of Bhogle as an investor will boost subscribers’ confidence towards the platform, while the startup will continue building technology to serve the gamers on the platform. “I have realized that during a cricket match, everyone wants to join the game. While limited people can play on the ground, several fans engage in the game online through various sorts of games. There fantasy gaming is growing and it is good to invest in something which is growing,” Bhogle told PTI. The company did not disclose the investment details. “Besides the growth...
No More startup after WhiteHat $300 million Sale: Karan Bajaj
Entrepreneurs Talk

No More startup after WhiteHat $300 million Sale: Karan Bajaj

After the blockbuster sale of WhiteHat Jr for USD 300 million to Byju's, the former's founder Karan Bajaj said he is a "wanderer" who will neither go back to creating another startup nor follow in the footsteps of other entrepreneurs who dabble in the space as investors after a successful exit. Bajaj said he is a "minimalist" who does not think a lot about money and stressed that all his investments are long-term ones where he does not fret about those. Earlier this month, Bajaj's edtech venture was acquired by Byju's in an all-cash deal for USD 300 million within 20 months of its incorporation in one of the largest deals in the upcoming space. "I feel there is an endpoint of a journey. With this chapter, I'm kind of putting a lot of myself into it, and I feel I reached a very lo...
Patanjali Considering bidding for IPL Title Sponsorship
INDIA

Patanjali Considering bidding for IPL Title Sponsorship

New Delhi, Aug 10, 2020: Baba Ramdev's Patanjali Ayurved is considering to bid for the title sponsorship of the upcoming Indian Premier League (IPL), according to a company official. The slot of the title sponsorship of IPL was vacated after the Chinese handset maker Vivo decided to exit from it. The move would help the Haridwar-based firm access a global marketing platform, as Patanjali is focusing on exports for its Ayurveda-based FMCG products. Confirming the development, Patanjali spokesperson S K Tijarawala said, "We are considering this for Vocal For Local and making one Indian brand as global, this is the right platform. We are considering into that perspective," he said. However, Tijarawala also added that the company is yet to take a final call on the issue. "We ha...
Work from home Job Search rise over 400% in India
INDIA

Work from home Job Search rise over 400% in India

Amid the COVID-19 pandemic, many jobs have rapidly become work-from-home jobs at least temporarily and with the flexibility and a variety of career options, it has become more popular than ever, global job site Indeed said in a report. The job postings grew in sectors such as software technology, healthcare and marketing, while opportunities for delivery person and IT manager saw a steady rise, it said. The report is based upon data from the Indeed platform from February to July. Employers are beginning to notice the benefits of increased production and morale, leading to more opportunities for work-from-home and remote jobs, it noted. According to the data, job searches for work from home in India have surged over 442 percent between February and July, the highest globally. ...
Info Edge invests $6.33 million in Bulbulive Shopping Network
FUNDING

Info Edge invests $6.33 million in Bulbulive Shopping Network

New Delhi, Jul 28, 2020: Info Edge invested about USD 6.33 million (about Rs 47.3 crore) in Bulbulive Shopping Network. Bulbul is a video and Livestream-led commerce platform that aims to make online shopping engaging and social while offering consumers the opportunity to discover new products. "The IE Venture Fund I have acquired/agreed to acquire 416 ordinary shares and 2002 series A1 compulsorily redeemable convertible preferred shares, through a mix of the primary and secondary mode of acquisition," Info Edge said in a regulatory filing. Upon successful closing of the said acquisition of shares, the aggregate shareholding of the company in the said entity would be around 17.82 per cent on fully converted and diluted basis. "This is part of a larger round of about USD 8.7 m...
Niyo acquires wealth-tech startup Goalwise
ACQUISITION

Niyo acquires wealth-tech startup Goalwise

Jul 28, 2020: Digital banking fintech startup Niyo has acquired mutual funds investment platform Goalwise in a cash-and-stock deal to expand its product offering, a release said on Tuesday. The Bengaluru-based company did not disclose the financial value of the acquisition. "Niyo co-founders Vinay Bagri (CEO) and Virender Bisht (CTO) have picked up majority stakes in the start-up, along with Niyo, in a cash-and-stock deal for an undisclosed amount," the release said. The Goalwise founding members will join Niyo''s leadership team and will be running Niyo Wealth as an independent vertical within Niyo, it added. The COVID-19 pandemic has significantly increased the demand for digital banking and related services. The release further said the acquisition is in line with Niyo''...
Flipkart acquires Walmart India, to launch Flipkart Wholesale for B2B segment in August
INDIA

Flipkart acquires Walmart India, to launch Flipkart Wholesale for B2B segment in August

Bengaluru, 23rd July 2020: Flipkart announced the acquisition of Walmart India for an undisclosed amount, and said it will launch ‘Flipkart Wholesale’ next month, as the homegrown e-commerce major looks to tap into the USD 650 billion B2B retail markets in India. Walmart India runs 28 Best Price wholesale stores in the country. The announcement comes a week after Flipkart had said it had raised USD 1.2 billion in funding from a Walmart-led investor group. In 2018, Walmart Inc had invested USD 16 billion for acquiring 77 percent stake in the group. Flipkart Wholesale is a new digital marketplace focusing on addressing the business-to-business (B2B) segment in India. “This marketplace is going to effectively link sellers and manufacturers on one end and kiranas and micro, small ...
UAE successfully launches its first spacecraft towards Mars
MIDDLE EAST

UAE successfully launches its first spacecraft towards Mars

Dubai, Jul 20, 2020: UAE made history on Monday by successfully launching its spacecraft "Al Amal" towards Mars from a Japanese launch center, marking the Arab world's first interplanetary mission, according to media reports. Al Amal, or Hope Probe, weighing 1.3 tonnes was launched from the H-2A rocket from Japan''s remote Tanegashima spaceport at 1.58 am local time. The probe's telecom system was set up and it transmitted its first signal after it successfully separated from the launch vehicle and its solar panels were deployed with clockwork precision an hour after the launch, Mitsubishi Heavy Industries Launch Services, which is the launch operator, confirmed. The signals were received by the Mission Control team in Dubai''s Al Khawaneej. The solar panels will charge the ba...
India’s trade deficit with China dips to $48.66 billion in FY20
INDIA

India’s trade deficit with China dips to $48.66 billion in FY20

India’s trade deficit with China fell to $48.66 billion in 2019-20 on account of the decline in imports from the neighbouring country, according to government data. Exports to China in the last financial year stood at $16.6 billion, while imports aggregated at $65.26 billion, the data showed. The trade deficit stood at $53.56 billion in 2018-19 and $63 billion in 2017-18. The main imports from China include clocks and watches, musical instruments, toys, sports goods, furniture, mattresses, plastics, electrical machinery, electronic equipment, chemicals, iron and steel items, fertilisers, mineral fuel and metals. India has time and again raised concerns over the widening trade deficit with China. The government is framing technical regulations and quality norms for several product...
India China standoff: Indian Ministry proposes restrictions on Neighbors Countries Investment
INDIA

India China standoff: Indian Ministry proposes restrictions on Neighbors Countries Investment

New Delhi, Jun 22nd, 2020: Amid growing tensions between India and China, the finance ministry has proposed putting restrictions on pension fund investments from any of India's bordering countries. Foreign investment in pension funds regulated by the Pension Fund Regulatory and Development Authority (PFRDA) is capped at 49 per cent under the automatic route. According to a draft notification circulated for comments on Friday, "A government approval would be required for the investing entity or individual from any of the bordering countries including China. The relevant provisions of FDI policy issued from time to time would apply in all such cases." Any foreign investment from these countries will be subject to approval from the government. The restriction would be applicable ...
Reliance Industries becomes first Indian firm to hit $150 bn market cap
INDIA

Reliance Industries becomes first Indian firm to hit $150 bn market cap

Mumbai, 22nd June 2020: India based oil company Reliance Industries became the first Indian firm to hit a market valuation of  $150 billion, helped by a continuous rally in its share price. In the morning trade, the company's market valuation jumped Rs 28,248.97 crore to Rs 11,43,667 crore ($150 billion) on the BSE. The heavyweight stock surged 2.53 percent to a record high of Rs 1,804.10 on the BSE. On the NSE, it rose by 2.54 per cent to an all-time high of Rs 1,804.20. Reliance Industries on Friday became the first Indian company to cross the Rs 11 trillion market valuation mark. Its market valuation crossed Rs 11 trillion in the previous session as its share price rallying over 6 per cent after chairman Mukesh Ambani announced that his oil-to-telecom conglomerate had be...