Friday, March 29

Author: Priyanka

Agri Startup Gobasco Raises Funds From Matrix Partners
FUNDING

Agri Startup Gobasco Raises Funds From Matrix Partners

Agriculture supply chain tech startup Gobasco has raised an undisclosed amount of funding from Matrix Partners India. Co-founded by Vedant and Abhishek in early 2017, the startup aims to solve complex supply chain optimisation problems, by combining large scale data integration with proprietary technologies. The details about the funding round were not disclosed but Gobasco will be using the funds for scaling up and building a full stack commerce platform that yields higher operational efficiency. "The goal is to use artificial intelligence and big data to optimise the agri-supply-chain across India," said Abhishek Sharma, cofounder of Gobasco.  The startup is based in Lucknow and NCR and has till now served 5,000 farmers till date. Also Read Bitcoin Shoots off the Roof, ...
India Jumps 30 Places Up, In Top 100 World Bank’s Ease Of Doing Business Rankings
INDIA, News

India Jumps 30 Places Up, In Top 100 World Bank’s Ease Of Doing Business Rankings

India has jumped 30 places up massively and made its place at 100 in the World Bank's ease of Doing Business. India has secured its place in the Top 100 list for the first time, driven by reforms in access to credit, power supplies and protection of minority investors. Doing Business in India has become much easier now as per the report over the past one year. The list shows 190 countries which is an influential barometer of competitiveness among countries that likely also helps businesses make investment decisions. “India’s performance is not based on efforts of just one year but consistent efforts made over the last three years to continuously improve the regulatory environment of doing business,” Annette Dixon, vice president South Asia, told a press conference. India is the only l...
EdGE Networks Raises $4.5M, Plans To Strengthen Tech
FUNDING

EdGE Networks Raises $4.5M, Plans To Strengthen Tech

HR technical solutions provider company- EdGE Networks has recently raised $4.5 million in a Series A round of funding from Kalaari Capital, with Ventureast as a co-investor. The company said it will use the Series A capital to strengthen its core product offerings for workforce optimisation and talent acquisition. Geographical and vertical expansion are two areas that the company will pursue across the next phase of growth, EdGE Networks said in a statement. “AI-driven solutions are fast taking main-stage in solving real problems faced by enterprises and opening up opportunities for step changes in business processes and cost innovations. EdGE Networks is at the forefront of AI-led HR innovation and we are excited to partner with them on their journey.” said Sumit Jain, Partner at ...
Twitter Overstated Its Monthly Users Figures For 3 Years
USA

Twitter Overstated Its Monthly Users Figures For 3 Years

Twitter said on Thursday that it overstated its monthly user numbers since 2014 after accidentally including third-party application's data in its count. The revelation came when the company reported that its net loss had slowed in the third quarter and that the number of daily active users had risen by 14 per cent. The disclosure, however, could further damage Twitter's reputation as the company criticizes Russia's role in its efforts to interfere in the presidential election and complains about what critics have called scattershot efforts to prevent abuse and harassment on its platform, and skepticism among some investors, who are concerned that global growth in users is falling. At least initially investors were not particularly worried about the excessive number of users. Twit...
Cold Pressed Juice Startup RAW Pressery Bags $6 Mn
FUNDING

Cold Pressed Juice Startup RAW Pressery Bags $6 Mn

Mumbai based RAW Pressery, run by Rakyan Beverages Pvt Ltd that provides cold pressed juices, has raised $6 million funding from its existing investors. The round saw participation from VC Firms-  DSG Consumer Partners, Sequoia Capital and Saama Capital. The four year old startup had earlier raised $4.5 million in a Series B round from Saama Capital, DSG Consumer Partners and Sequoia Capital. RAW Pressery will be utilising its funds to boost its monthly production capacity to 5.5-6 lakh litres from 3.5 lakh litres. A small part of the proceeds will be used to ramp up the company’s cold chain logistics infrastructure and for marketing campaigns as per the source Mint. Also Recommended Apple Hit With Trademark Lawsuit Over iPhone X "Animoji" Feature     The comp...
Paytm Crossed Rs 10,000 Cr Transactions This Diwali Season
News

Paytm Crossed Rs 10,000 Cr Transactions This Diwali Season

Paytm on Monday said that transactions on its platform crossed $1.6 billion during the Diwali season, which was three-and-half times more than it did last year. Volumes during the month-long period ended 20 October were driven by the food and transportation categories, while increase in payments at mom-and-pop stores through the Paytm app also contributed to the surge, the company said in a statement as per the source Mint. “Mobile payments have become mainstream over the last few quarters. Owing to the convenience and security, people prefer Paytm to card and other modes of payments,” Paytm chief operating officer Kiran Vasireddy said in the statement. According to the data from RBI the net transactions in the month of August touched Rs 45,710 crore through Debit and Credit cards, Rs...
Money-Lending App CASHe Raises Rs 20 Cr Debt Funding
News

Money-Lending App CASHe Raises Rs 20 Cr Debt Funding

Aeries Financial Pvt Ltd owned CASHe has raised around Rs 20 Crore debt funding from IFMR Capital, as per the financial daily report. Mumbai based CASHe is one year old and plans to utilise fresh funds in accelerating its growth and build a loan book of subsidiary Bhanix Finance and Investment Ltd. The company had raised Rs 25 crore ($3.8 million) in series-A funding in April this year from former Blackstone PE head Mathew Cyriac and other investors. “The partnership aligns with our approach of taking exposure to high quality originators at an early stage to give them access to investors through structured product solutions,” said Kshama Fernandes, CEO, IFMR Capital. The startup disburses small amount, short-term loans to young and salaried professionals using an algorithm that det...
Flipkart To Launch Its Loyalty Programme ‘Flipkart First’ To Take On Amazon Prime
News

Flipkart To Launch Its Loyalty Programme ‘Flipkart First’ To Take On Amazon Prime

India's Ecommerce Unicorn Flipkart is planning to relaunch its loyalty programme to compete with Amazon Prime that has become a key differentiator for the American internet giant. The online retailer is in talks with online travel portal MakeMyTrip and event and tickets booking platform BookMyShow and cab aggregator Ola to provide its consumers more value-added services through Flipkart First. Earlier when Flipkart launched its loyalty programme- Flipkart First, but later didn't worked much to make it work; and the service fizzled out. Also Read: Amazon Infuses $250 Mn In Indian Amazon Seller Services   Flipkart In Talks To Acquire Stake In BookMyShow   Flipkart, which has so far raised nearly $3 billion in two separate tranches this year, also plans to leve...
Amazon Infuses $250 Mn In Indian Amazon Seller Services
FUNDING

Amazon Infuses $250 Mn In Indian Amazon Seller Services

Amazon.com has infused another amount of $250 million in its Indian based seller operations arm Amazon Seller Services Pvt. Ltd, as per the filings with Registrar of Companies. Singapore-based group entity Amazon Corporate Holdings and Mauritius-based group entity Amazon.com.incs Limited infused this amount in seller's arm. The investment was secured on September 15 this year by allocating 162 crore equity shares with face value of Rs 10 apiece, as per the source VCCircle. The funding comes in the midst of Amazon’s third leg of its festive season sales. RELATED Amazon Studios Chief Roy Price Suspended Following Harassment Allegation While announcing Amazon’s first-quarter results in April, Bezos deemed India as one of the company’s fastest-growing markets. In 2014, the ...
Artificial Intelligence Startup ParallelDots Raises $1.4 Mn Funding
FUNDING

Artificial Intelligence Startup ParallelDots Raises $1.4 Mn Funding

Artificial Intelligence and deep learning startup ParallelDots has recently raised $1.4 million (around Rs 9.1 crore) in a fresh round of funding from its existing investor Multipoint Capital LLC. Delaware, US and Gurgaon, India based AI startup was founded in January, 2014 by Angam Parashar along with Ankit Narayan Singh and Muktabh Mayank and incubated at TLabs, a startup incubator managed by Times Internet. The newly infused capital will be use by the startup to increase the headcount of its technology team, as well as to support its expanding global footprint. The money will also be spent on general operational expenses. ALSO READ Google Uncovered Russia-Backed Ads on YouTube, Gmail : Source     ParallelDots earlier raised a funding of $600K from Multipoint...
Virtual and Augmented Reality Startup GridRaster Bags $2 Mn Seed Funding
FUNDING

Virtual and Augmented Reality Startup GridRaster Bags $2 Mn Seed Funding

Palo Alto, California and Bengaluru based startup GridRaster, bagged a seed funding of $2 million from a clutch of investors including Exfinity Ventures, Lumia Capital, Pipeline Capital, NexStar Partners, Unshackled Ventures and Explorer Group. The startup works on enabling high-end virtual and augmented reality experiences on mobile devices, using multiple stack approach. The company plans to utilize the fund in the development of their product and its marketing. The USP of the startup is its ability to host high-quality graphics, around 10 times better, the startup claims. GridRaster claims it solves this problem by hosting the underlying infrastructure on the cloud and managing loads across servers independently. This helps to optimize VR/AR content within the available bandwid...
Home Decor Startup MyGubbi Raises $2.7 Mn Pre-Series A Funding
FUNDING

Home Decor Startup MyGubbi Raises $2.7 Mn Pre-Series A Funding

Customized home interiors decor startup MyGubbi has raised $2.7 million pre-series A funding led by the family office of Firoze Irani; Vipul Parekh(co-founder BigBasket), Ananda Kallugadde(co-founder of NeoBytes) and Rajesh K Murthy(President Infosys), among others. Founded by Umesh Sangurmath and Ravi Rao in 2015, MyGubbi (Kannad for 'My Sparrow'), the startup aims on the interior design and furnishing solutions; allowing its customers to design their dream homes. The company earlier raised a funding of around $2.5 million by Vipul Parekh and others. ALSO READ   20 Years Old AOL Instant Messenger To Sign Off   The funds raised will be utilized to grow the business. "We would look at going deeper into existing markets, as well as strengthen our backend. We are a...