China’s Ant Financial Becomes World Highest Valued Startup & Other News That You Need To Know

135

Listed below are some of the major news of the startup sector, take a look to stay updated:

At $150 Bn valuation Ant Financial raises $10Bn, becomes world highest valued startup

Ant Financial, the payment affiliate of Chinese e-commerce giant Alibaba has closed its latest funding round having raised $10 billion from a clutch of global and local investors.

As per media reports, the latest funding at $150 billion valuations will make the Ant Financial the world’s highest-valued private tech company, surpassing Uber which is valued around $70 billion.

However, Ant Financial is yet to make any official announcement on the deal.

The Hangzhou-based firm valuation witnessed a 2.5X jump when it had raised $4.5 billion in April 2016 what was the world’s largest single private funding round for an Internet company. During the last round, the operator of China’s biggest payment platform was valued at $60 billion.

Grab launches its food delivery service, GrabFood, in Singapore

The Singapore-based ridesharing company Grab has launched its own food delivery business, GrabFood.

The service is in beta right now and available in Singapore. Grab has partnered with thousands of merchant-partners and will serve local and international cuisine.

In March, Uber sold its Southeast Asia business to Grab. Part of this deal was UberEats, Uber’s food delivery platform which Grab used to build GrabFood. The service has first been made available to Singapore and then it will be launched in Indonesia, Philippines, Vietnam, and Thailand.


 RELATED ARTICLES


Uber promotes India head Amit Jain as APAC Regional GM

US-based cab aggregator Uber Monday said it has elevated its India head Amit Jain as Regional General Manager for the Asia Pacific region. With this elevation, Jain will be responsible for the APAC region, which includes Australia, New Zealand, and North Asia, in addition to India and South Asia.

Jain had joined Uber India in May 2015 from rent.com and said that he was really excited about the recent development.

N/Core tech picks up eight nonprofit startups to incubate

Non-profit startup incubator N/Core announced its first cohort of eight early-stage startups selected for its six-month incubation programme.

N/Core tech is a technology-focused incubator done in partnership with Cisco.

The eight finalists were picked from a pool of 713 applications worldwide with an acceptance rate of 1%. Each selected non-profit will be receiving an innovation grant of Rs 10 lakh. In addition to the innovation grant, the non-profits will have access to a set of mentors and technology experts from Cisco and N/Core partners. 


Today’s Take Away:

Having the courage to dream is very essential for entrepreneurial success. Unless one dreams to make a huge success and act upon it, it is never going to happen.

Tony Hsieh, an American internet entrepreneur and venture capitalist says,

“Whatever you’re thinking, think bigger.”