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Masayoshi Son, Tech Visionary or Robber Baron?

23Dec By Press Trust of IndiaNo Comments

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Masayoshi Son, Tech Visionary or Robber Baron?

This is the year that brought a $100 billion venture capitalist to his knees. In January, SoftBank Group Corp.’s Masayoshi Son was riding high, writing billion dollar checks to unicorns from office sharing startup WeWork to autonomous-delivery vehicle designer Nuro. But as 2019 winds down, the Japanese dealmaker is straining to finance a $9.5 billion bailout package for Adam Neumann’s troubled startup, whose valuation has evaporated from $47 billion to $8 billion or even zero, depending whom you ask. SoftBank’s bad year goes well beyond WeWork Investors are starting to get the feeling that whatever Son brings to the public is troubled. And you don’t need to look far for proof, Shares of Uber Technologies Inc. and Slack Technologies Inc., both backed by the Vision Fund, tumbled ...

Dubai-based VC firm BECO Capital Raises $10 Million from IFC

5Nov By Gauri SinghNo Comments

FUNDING

Dubai-based VC firm BECO Capital Raises $10 Million from IFC

Dubai based venture capital firm BECO Capital has reportedly raised an amount of $10 million for its second fund from the popular International Finance Corporation (IFC) which is a member of World Bank Group. This investment is basically a part of an effort to support technology start-ups and drive innovation across the Middle East and North Africa. According to the reports, this particular fund is being anticipated to reach up to $100 million. If BECO does close the fund with $100, it would be one of the largest in the region. “Our vision at BECO is to improve the region through technology entrepreneurship and innovation,” said Dany Farha, the Managing Partner of BECO Capital. “With IFC as a partner, we will have the firepower to continue fueling and igniting liftoff for MENA’s disrup...

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...

Global IT firm Ericsson Willing to Mentor Startups in India

1Dec By AdityaNo Comments

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Global IT firm Ericsson Willing to Mentor Startups in India

Global IT firm Ericsson today said it is willing to extend helping hand to mentor start-ups in India. "The start-up economy in India is booming. In the next couple of years, it will be huge," Ericsson India Global Services managing director Amitabh Ray told Pixr8 on the sidelines of Infocom ICT seminar here. He said Ericsson is studying how the start-up ecosystem is being built in India. "We want to see how the start-ups are doing and what kind of disruptions can it bring. If we find that any start-up needs mentoring, we can think of it," Ray said. When pointed out 99 per cent of the start-ups were failing, he added VCs hire people who were expert in killing companies which do not have a future in order to stop the drainage of resources. To a query, he said Ericsson does not ha...

Healthtech Startup Idea Bubbles Raises INR 4.5 Crores Led by the IvyCamp Platform

24Nov By NitishNo Comments

FUNDING

Healthtech Startup Idea Bubbles Raises INR 4.5 Crores Led by the IvyCamp Platform

Healthtech startup Idea Bubbles has raised a Pre-Series A round of INR 4.5 Cr led by the IvyCamp platform. Idea Bubbles was founded in 2014 by IIT Delhi-IIM Calcutta alumnus and serial entrepreneur Gururaj Potnis. It has developed ‘Eureka Forbes Good Health’ (EFGH) platform that enables doctors to offer patients tele-consultation services underpinned with several offerings such as digitized medical records. Idea Bubbles has over 12,000 patients and 600 doctors on its roster and has completed 1,000 transactions. This fund raise was facilitated by IvyCamp, a Unified Innovation and Entrepreneurship Platform, that leverages the Global Alumni Networks to help entrepreneurs become successful. Eureka Forbes was one of the key investors which participated in this round facilitated by IvyCamp...

Big Basket Seeks Govt’s Approval For Rs 100 Crore FDI

25Oct By Press Trust of IndiaNo Comments

FUNDING

Big Basket Seeks Govt’s Approval For Rs 100 Crore FDI

Online grocery store Big Basket has sought government's approval to infuse Rs 100 crore foreign direct investment to further expand its business. The company, which sells fruits, vegetables and other food products online, plans to use the funds to strengthen back end infrastructure, increasing collection centers and processing units, sources said. According to a company official, foreign investment of Rs 100 crore is sought to be put in by existing investors, including an overseas venture capital fund. As per the current policy, 100 per cent foreign direct investment is allowed in trading of food products, including through e-commerce. But the proposals require approval from the Foreign Investment Promotion Board (FIPB), under the Finance Ministry. The government is making effo...

Silicon Valley Founding Father Tom Perkins Dies at 84

10Jun By reutersNo Comments

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Silicon Valley Founding Father Tom Perkins Dies at 84

Thomas Perkins, one of the founding fathers of Silicon Valley, died on Tuesday at age 84 at his home in Belvedere, California, according to the Marin County coroner's office. As co-founder of the venture capital firm Kleiner Perkins Caufield and Byers, Perkins played a major role in the formative years of the computer and biotech industries. The firm that bears his name went on to fund some of the biggest names of the internet era, including Google and Amazon. Perkins helped start Kleiner Perkins in 1972 with Eugene Kleiner after working as the first general manager of Hewlett Packard Co's computer division and later starting University Laboratories, a laser company that used Perkins' own optical inventions. "He was there at the start of the biotech industry and the computer revol...

2Feb By AnkitaNo Comments

FUNDING

Sequoia raised Largest VC Fund Approx $920 Million to Invest in Indian Startups

Sequoia Capital, Silicon Valley's top-tier VC fund closed fresh $920 million fund. Funds will largely invests in Indian startups. The fresh funds takes Sequoia's total investment assets to more than $3 billion in India. This is the biggest raise by any VC fund for India-specific investments, cementing Sequoia's leadership position in the domestic early-to-growth stage investing space. TOI had reported on September 8 last year about Sequoia Capital, a backer of companies like Just Dial, Freecharge, Zomato, Oyo Rooms, among others, being on the road to raise its fifth India fund. At the time, Sequoia was looking to shore up $800 million. Sequoia, which had backed tech giants like Google and Apple in their very early stages, will see the new fund invest in Indian and south-east Asian...