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30Oct By PriyankaNo Comments

FUNDING

Jungle Ventures Raises $240 Million

SINGAPORE, Oct. 29, 2019-- Jungle Ventures, one of Southeast Asia's largest early-stage venture capital firms closed its third fund Jungle Ventures III. The firm raised a total of $240 million, which includes $40 million raised in separately managed account commitments, for investments in innovative technology and digital-driven consumer businesses across Southeast Asia. Jungle raised more than double the amount of its previous fund, Jungle Ventures II (2016), with nearly 60% of committed capital coming from outside Asia. More than 90% of the capital came from institutional investors spanning North America, Europe, the Middle East, and Asia, with new investors accounting for nearly 70% of the fundraising, and returning investors for the rest. Investors range from endowments, fun...

Flipkart Registered $540 Million Loss in 2018-19

29Oct By PriyankaNo Comments

BUSINESS

Flipkart Registered $540 Million Loss in 2018-19

Flipkart India, the B2B arm of Walmart-owned Flipkart, has registered a higher loss of Rs 3,836.8 crore ($540 Million) during 2018-19 as compared to the previous financial year, according to regulatory documents. The unit had posted a loss of Rs 2,063.8 crore for the financial year ended March 31, 2018, documents filed by Flipkart India to the corporate affairs ministry showed. "...company incurred a net loss of Rs 38,368 million during the financial year under review as against the net loss of Rs 20,638 million in the previous financial year. There has been an increase in the net loss by 85.91 percent," the documents sourced by Paper.vc said. Flipkart India's revenue from operations, however, saw a 42.82 percent jump to Rs 30,931 crore in 2018-19 from Rs 21,657.7 crore in the pr...

Bitcoin.com Acquires Blockchain Startup O3 Labs

23Oct By PriyankaNo Comments

ACQUISITION

Bitcoin.com Acquires Blockchain Startup O3 Labs

JAPAN, TOKYO, October 23, 2019 — Bitcoin.com has acquires blockchain startup O3 Labs. The Tokyo-based software company that specializes in developing gateways to the digital economy. O3 Labs team join Bitcoin.com, forming a single team dedicated to creating tools for realizing the full potential of the Bitcoin Cash network. The two companies intend to work together to build the next generation of mobile financial services, which will bear the Bitcoin.com name. The strategic acquisition of O3’s blockchain and app development talent will allow Bitcoin.com to create intuitive and easy-to-understand user experiences that tie together Bitcoin.com, partners, and community financial service offerings across web, mobile, smart devices, and beyond. Stefan Rust, CEO of Bitcoin.com sai...

Best Mutual Funds to Invest in India amidst Volatility

22Oct By PriyankaNo Comments

Market

Best Mutual Funds to Invest in India amidst Volatility

While there are many investment platforms online that allow investing in mutual funds within minutes, the question about which mutual fund to invest in persists. To help you decide, we have compiled a reviewed the best mutual funds to invest based on their past performance, that you can consider. Axis Midcap Fund ReviewThe Axis Midcap Fund is rated moderately high risk but has a lower risk compared to the benchmark. The fund has managed huge outperformance relative to the index and the category average as compared to peers. This is due to the fund’s tilt towards large cap and a strong emphasis on quality mid-caps while avoiding small-cap. 1 Year3 Year5 yearAxis Midcap Direct Plan Growth15.0%13.1%13.4%Category Average0.6%6.3%NA Note: As on October 16, 2019; Category...

California Launched Early Warning Earthquake app

18Oct By PriyankaNo Comments

USA

California Launched Early Warning Earthquake app

California on Thursday launched the country's first earthquake warning system in the hope that residents will be alerted within seconds of a possible impending disaster and can "drop, cover and hold on. The app created by the University of California, Berkeley, and unveiled on the 30th anniversary of the deadly Loma Prieta quake, uses ground motion sensors located across the state to detect the start of earthquakes before humans can feel them. "Nothing can replace families having a plan for earthquakes and other emergencies," Governor Gavin Newsom said in unveiling the warning system. "And we know the Big One might be around the corner. I encourage every Californian to download this app and ensure your family is earthquake ready." The cellphone app called MyShake can provide p...

16Oct By PriyankaNo Comments

FUNDING

CleverTap raises $35 mn funding from Tiger Global & others

New Delhi, Oct 16- CleverTap, an AI-powered customer lifecycle, and user retention platform has raised USD 35 million (over Rs 250 crore) in series C funding, led by existing investors Tiger Global Management and Sequoia India. This new funding increases CleverTap’s external investment to USD 61 million since the beginning of 2019 a period that has seen the company’s valuation more than double from USD 150 million to USD 385 million, a statement said. "Growing at 250 per cent year-on-year since 2015, CleverTap intends to use the funds to build out its new US-based engineering hub, add enhanced predictive capabilities to its market-leading platform, and fuel an aggressive global go-to-market expansion strategy," it added. Sunil Thomas, co-founder and CEO of CleverTap, said, the la...

15Oct By PriyankaNo Comments

INDIA

Indian economy ‘doing very badly’: Nobelist Abhijit Banerjee

Indian-American Abhijit Banerjee, who jointly won the 2019 Nobel Economics Prize with his wife Esther Duflo and Harvard's Michael Kremer, said the Indian economy is "doing very badly" even as the government is increasingly recognizing that there is a problem. "The economy is doing very badly in my view," he told a press conference at the Massachusetts Institute of Technology after winning the prize. When asked about his opinion on the state of the economy in India and its future, he said, "that's a statement not about what will work in the future but about what's going on now. That I'm entitled to have an opinion about."Referring to the numbers put out by the National Sample Survey, that come out every 1.5 years that give estimates about the average consumption in urban and rural ar...

14Oct By PriyankaNo Comments

MIDDLE EAST

Dubai launches World Logistics Passport

Dubai launched the World Logistics Passport as part of the implementation of the first phase of the Dubai Silk Road strategy. The World Logistics Passport offers a set of unique operational and financial advantages for businesses and shipping companies by connecting government entities, including Dubai Customs and Dubai Trade, with logistics service providers like DP World and Dnata, and facilitating commercial transactions among concerned bodies in Dubai. The passport will help boost the role of the Dubai Silk Road and enhance demand for Dubai's products, services, and integrated transportation systems. The initiative also further raises the growing role played by Dubai Customs in regional and international trade. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince...

12Oct By PriyankaNo Comments

FUNDING

Mobile Control Door Access Startup Nexkey Raises $6M Series A Funding

SAN MATEO, Calif., Oct. 12, 2019 -- Nexkey, an end-to-end provider of mobile access control solutions raises a $6 million Series A round led by Upfront Ventures. Manu Kumar's K9 Ventures, Mark IV Capital and Anand Chandrasekaran, former Head of Platform for Messenger at Facebook also participated in the round. Nexkey's secure, cloud-connected app turns any smartphone into a digital key, allowing businesses to do away with cumbersome keycards, fobs, and metal keys. Administrators can use the Nexkey app to send smart keys, manage when and how users can access a given space, and remotely unlock doors for guests. Nexkey also offers two unique hardware solutions that can turn any existing doorway into a fully functional smart door. The Nexkey Controller ties any electrified door, fro...

10Oct By PriyankaNo Comments

FUNDING

Grammarly Raises $90M in funding, Valuation Soars over $1 billion

SAN FRANCISCO, Oct. 10, 2019-- Grammarly, the AI-powered digital writing assistant used by more than 20 million people daily raises $90 million in its latest round of funding. Existing investors General Catalyst, IVP led the round with participation from new investors. With this investment, Grammarly will continue to advance its cutting-edge technology to build a full-fledged communication assistant for individuals and businesses. "Communication is a fundamental human need that helps us all connect and thrive," said Brad Hoover, Grammarly CEO. "But effective communication requires talent and time, and it can be very challenging. Grammarly's AI fills this gap by empowering people worldwide both native and non-native English writers, for personal, professional, and academic reaso...

3Oct By PriyankaNo Comments

FUNDING

NoBroker Raises $50 Million Funding from Tiger Global & Others

India based real estate and renting platform NoBroker raises $50 Million from Tiger Global & others. The round saw the participation of existing backer, private equity firm General Atlantic. The startup raised its previous round of capital in June. The total capital raised by NoBroker to $121 million. The deal will double the valuation of the company to about $300-350 million. NoBroker will use the funding to expand across the 20 Indian cities in the next two years. At present the company operates in six cities. Founded in 2014 by IIT and IIM graduates Amit Agarwal, Akhil Gupta & Saurabh Garg, NoBroker is a real estate search portal that connects flat owners and tenants directly with each other. “We are using machine learning and artificial intelligence to make tran...

Twitter Co-founder Invest in an Indian Startup

2Oct By PriyankaNo Comments

FUNDING

Twitter Co-founder Invest in an Indian Startup

In a first major initiative in Kerala, microblogging and social networking platform Twitter’s co-founder Biz Stone said he would invest in a startup mentored by Kerala Startup Mission (KSUM). Announcing this through video conference of a global meet near here, the Twitter’s co-founder and angel investor Biz Stone said he would be investing in the Kochi-based startup Sieve. The occasion was the inaugural ceremony of the second edition of 'Huddle Kerala 2019', one of Asia’s largest congregations on startup ecosystem. The two-day event, organized by the Kerala Startup Mission (KSUM) in association with Internet and Mobile association of India (IAMAI), is being held at nearby Kovalam. Founded by Sanjay Nediyara, a hearing-impaired entrepreneur, Sieve is a complete platform for fre...