Listed below are some of the major news in the startup sector, take a look to stay updated:
BigBasket to sell cosmetics, fresh meat on its platform
India’s largest online groceries startup BigBasket, which raised $300 million from Alibaba Group Holding Ltd earlier this year, will soon start selling branded beauty products and fresh meat on its platform, challenging established brands such as online beauty and cosmetics start-up Nykaa and gourmet meat start-ups Licious and Zappfresh.
BigBasket already has private brands such as Fresho for vegetables and idli and dosa batter and Royal and Popular for staples. BigBasket has also launched Tasties, a private label for snacks.
Logistics optimisation platform Locus raises $4M funding
Logistics optimisation platform, Locus, has raised $4 million (approx Rs 27 crore) in a pre-Series B round of funding from Rocketship.VC, Recruit Strategic Partners, pi Ventures and Hemendra Kothari of DSP Group, with participation from previous investors Blume Ventures, Exfinity Venture Partners, BeeNext and growX ventures.
The funds will be used to continue to build IP and for global expansion. Locus optimises logistics operations for enterprises, across sectors, to improve efficiencies resulting in higher profitability.
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Karnataka slaps notice to Ola, Uber for violation of rules
The transport department in Karnataka has issued a notice to mobile application-based transport aggregators Ola and Uber for charging time-based fare in violation of rules.
While the revised tariff structure for taxis, which came into effect in January, prohibits cab companies from charging on the basis of time, the aggregators continue to levy an average of Rs 1 per minute.
The department said the notices were sent in consonance with Rule 11(a) of the Karnataka On-demand Transportation Technology Aggregators Rules, 2016, which allows the licensing authority to suspend or cancel the license if the licensee fails to comply with any of the requirements or conditions of these rules.
Facebook gave Apple, Microsoft, 58 others access to user data: Report
Facebook Inc. has formed data-sharing partnerships with 60 device makers, including Apple Inc. and Microsoft Corp., giving them access to information of users and even their friends, a New York Times report has claimed.
The revelation comes weeks after the Facebook data scandal where personal data of up to 87 million users were improperly shared.
The social media giant has entered into data-sharing partnerships with at least 60 device makers—including Apple, Amazon, BlackBerry, Microsoft, and Samsung—over the last decade, starting before Facebook apps were widely available on smartphones.
The deals allowed Facebook to expand its reach and let device makers offer customers popular features of the social network, such as messaging, “like” buttons and address books.
Today’s Take Away:
Innovation is the crux of success. Unless one has an innovative idea it is difficult to be disruptive in the startup ecosystem.
Satya Nadella, CEO, Microsoft says,
“Our industry does not respect tradition, it only respects innovation.”
