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Tech Groups Softbank and Foxconn to Deepen Ties With Joint Venture

26Feb By reutersNo Comments

BUSINESS

Tech Groups Softbank and Foxconn to Deepen Ties With Joint Venture

Japan's Softbank Group and Taiwan's Foxconn will soon begin operating a joint venture that deepens ties between two of Asia's biggest technology companies, they said on Friday. The move will give Foxconn, formally known as Hon Hai Precision Industry Co, a 54.5 percent stake in one of Softbank's existing subsidiaries for $600 million and comes as both groups step up investments in the technology sector and consider expansion in the United States. Under the arrangement, a subsidiary of Foxconn will buy new shares in Softbank Group Capital Apac Pte Ltd for a controlling stake, transforming what had been a wholly-owned Softbank unit into a joint venture, the companies said. The deal is expected to take effect on March 1, reducing Softbank's holding to 45.5 percent. The joint ventur...

Canadian Pension Fund Manager Eyes Logistics Investment in India

25Feb By NitishNo Comments

FUNDING

Canadian Pension Fund Manager Eyes Logistics Investment in India

The real estate arm of Canada's second-largest pension fund manager is looking at India's logistics sector following the announcement this week of its first investment in the country for more than six years, President Daniel Fournier said on Friday. Ivanhoe Cambridge, the real estate unit of Caisse de depot et placement du Quebec, announced a USD 250 million residential investment in India on Thursday, the first in the country since Fournier was put in charge of the division in 2010. "We're starting with multi-residential opportunities, so let's see where it takes us," Fournier said in an interview on the sidelines of a media conference at the Caisse in Montreal. "Logistics ... could be the next one." India's real estate logistics sector, which includes warehouses, distribution...

22Feb By reutersNo Comments

FUNDING

Bicycle Sharing Startup Mobike Gets Funding From Temasek, Others

Chinese bicycle-sharing startup Mobike said on Monday it has raised funding in a new round led by Singapore state investor Temasek Holdings [TEM.UL] and hedge fund Hillhouse Capital, bringing its total new funding in 2017 to more than $300 million. The Shanghai-founded startup said last month it raised $215 million from a range of investors including Tencent Holdings Ltd, Warburg Pincus LLC and Chinese travel firm Ctrip.com International Ltd. Mobike also announced an undisclosed investment from Foxconn last month, in a bid to double the number of bikes it produced last year to 10 million in 2017. A spokesman for the startup declined to confirm the amount of the most recent investment. Mobike has not shared its valuation. Mobike allows users to find, ride and pay for company bic...

Alibaba Invests in $200 Million in South Korea’s Messaging Giant Kakao Pay

21Feb By NitishNo Comments

FUNDING

Alibaba Invests in $200 Million in South Korea’s Messaging Giant Kakao Pay

Alibaba's payment affiliate Ant Financial will invest USD 200 million in a unit of South Korean messaging giant Kakao, the companies said today, the Chinese firm's latest step to expand its global reach. The investment in Kakao Pay comes less than a month after Ant bought US-based payments operator MoneyGram for around USD 880 million and struck a partnership deal with Thailand's Ascend Money in November. Ant is behind Alipay, which accounts for 80 [ercent of electronic payments in China where it is used for e-commerce at Alibaba online venues and a large number of mobile applications. Ant is also involved in investment services and online banking. "South Korea is an important market for Ant Financial in its global expansion," said Douglas Feagin, president of Ant Financial Intern...

Indian Government Made No Provision to Allocate Funds to Startups Under Startup India Initiative

14Feb By AnkitaNo Comments

INDIA, News

Indian Government Made No Provision to Allocate Funds to Startups Under Startup India Initiative

The government has made no provision for its ambitious India Aspiration Fund, part of StartUp India initiative, for the next financial year and has reduced the allocation to Rs 100 crore from Rs 600 crore made earlier for the current fiscal. In order to provide support to startups through Fund of Fund operations, IAF, with a corpus of Rs 2,000 crore, was launched by Finance Minister Arun Jaitley in August 2015 to enhance the equity availability to MSMEs. LIC was also made partner and co-investor in the India Aspiration Fund managed by SIDBI. As per the Budget 2017-18 document, the government had made allocation of Rs 500 crore for 2015-16 when the fund was launched. In the following year, a provision of Rs 600 crore was made but reduced significantly to Rs 100 crore as per the ...

14Feb By AdityaNo Comments

FUNDING

Delhi-NCR Based Startup Cloud1 Enterprises Raises Funding From JLL India

Property consultant JLL India's arm has invested an undisclosed amount in the NCR-based Cloud1 Enterprises, a technology platform for bringing efficiency in employee transportation. In October last year, JLL India had launched a real estate technology investment vertical and made first investment into Foyr.com. This structured vertical makes proprietary investments into early-stage technology companies with the potential to disrupt the real estate business. JLL India today announced its investment in Cloud1 Enterprises, which it said is "an end-to-end cloud based platform that enables corporates to deploy telematics technologies to bring efficiency to employee transportation." "Estimated at USD 2 billion in India alone, the employee transportation sector is currently highly fragme...

13Feb By PriyankaNo Comments

FUNDING

SigTuple Raises $5.8 Million in Series A funding From Sachin & Binny Bansal

SigTuple, a bangalore-based healthtech startup has raised USD 5.8 million in Series A funding led by Accel Partners Sachin Bansal, Binny Bansal and Amit Singhal & Others. The company provides a data driven, machine-learned, cloud-based solution to improve the accuracy and efficiency in disease diagnosis. To gain insights from data the company have a machine learning platform called Kurma. Founded by three IITians Rohit, Apurv and Tathagato, SigTuple plans to revolutionise global healthcare space through data driven intelligence. The startup also raised USD 740,000 in October 2015 from Sachin Bansal, Binny Bansal, Accel Partners, Ashok Bareja, Dr. Nirupa Bareja and Debanjan Mukherjee. “Our goal is to develop intelligent, scalable and affordable disease screening solutions which...

Axilor Ventures Plans to Accelerate Investments in Early Stage Startups

11Feb By NitishNo Comments

News

Axilor Ventures Plans to Accelerate Investments in Early Stage Startups

Axilor Ventures today announced that it plans to accelerate its investments in early stage startups. It is looking to double the intake of startups for its 100-day accelerator program, the applications for which are currently open. In the last two years since inception Axilor has supported 30 startups through its accelerator program and invested in over 20 startups through its investment programs. Axilor’s fast growing portfolio now includes startups in AI, Enterprise, Fintech, Consumer Internet and Healthtech. Talking about the outlook for startups, Kris Gopalakrishnan, Chairman of Axilor Ventures said, "We are getting ready for the second wave of startups. A fast growing base of online consumers, an enabling public digital infrastructure, growing pool of founders with prior startup e...

Indian PM Modi Led Cabinet Approved 2351 Crore For Digital Saksharta Abhiyan

10Feb By PriyankaNo Comments

INDIA, News

Indian PM Modi Led Cabinet Approved 2351 Crore For Digital Saksharta Abhiyan

The Cabinet today approved 'Pradhan Mantri Gramin Digital Saksharta Abhiyan' with an outlay of Rs 2,351.38 crore to make 6 crore rural households digitally literate by March 2019. "The Union Cabinet chaired by Prime Minister Narendra Modi has approved 'Pradhan Mantri Gramin Digital Saksharta Abhiyan' (PMGDISHA) to make 6 crore rural households digitally literate. The outlay for this project is Rs 2,351.38 crore to usher in digital literacy in rural India by March 2019," an official statement said. This is in line with the announcement made by the Finance Minister in the Union Budget 2017, it added. "PMGDISHA is expected to be one of the largest digital literacy programmes in the world," the statement said. Under the scheme, 25 lakh candidates will be trained in the fiscal year ...

9Feb By AnkitaNo Comments

FUNDING

MobiKwik Looking To Raise Fresh Funding in 3 Months

Digital payments firm MobiKwik today said it is looking at raising fresh funding in three months as it revs up expansion to compete head-on with rivals like Paytm. The company, which has raised over USD 85 million in funding so far, also expects to break-even by middle of next year. "We are looking at raising a decent amount of fund. While we are well-capitalised at this time, fresh funding will help us expand our customer base of merchants and consumers. We have grown at a massive pace in the weeks after demonetisation and the funds will help us strengthen our operations and expand," MobiKwik founder and CEO Bipin Preet Singh told PIXR8. He, however, declined to comment on the amount being raised as the discussions are still on. "We are talking to both new and existing investors....

99perhour.com Raises $300,000 From Angel Investor Mr. V. Aanand R.

8Feb By AdityaNo Comments

FUNDING

99perhour.com Raises $300,000 From Angel Investor Mr. V. Aanand R.

On-demand services 99perhour.com has raised a seed fund of $300,000 from angel investor Mr. V. Aanand R. of Virginia State (USA). The fund will be utilised to expand service categories from the present 18 to 100 across - utility, professional and personnel services. Hourly paid services is a new concept in India and the firm is happy that within a short span they have completed 20000 orders in Hyderabad alone with 98% positive feedback. With such accomplishment, 99PerHour foresees a huge potential for their model across the globe. Presently, the company 99PerHour Services (India) Pvt. Ltd. is building its vendor database in Singapore, Virginia State (U.S) and Santiago simultaneously which will help them begin their operations soon. 99PerHour delivers top-quality on-demand services...

7Feb By PriyankaNo Comments

FUNDING

Online Travel Portal TravelTriangle Raises $10 Million Funding

Online travel firm TravelTriangle has raised USD 10 million (over Rs 67 crore) in series B funding led by Singapore-based VC firm RB Investments. The company's existing investors SAIF Partners and Silicon Valley venture fund Bessemer Venture Partners also participated in the funding round, TravelTriangle said in a statement. Commenting on the development, TravelTriangle Co-Founder and CEO Sankalp Agarwal said: "We have grown faster than OTAs in the leisure segment and now fast approaching their scale. With the association with RB Investments in this round we will achieve our vision faster". The current round of fund infusion will be utilised for providing better value to customers and ramping up team, the company said. "We see TravelTriangle marketplace as the key beneficiar...