Listed below are some of the major news of the startup sector, take a look to stay updated:
One of the co-founders of India’s largest e-commerce firm Flipkart, Binny Bansal is looking to sell his stake and exit the company following Walmart-Flipkart deal.
Sachin Bansal and Binny Bansal are both planning to sell their stake once the deal goes through, but Sachin is still interested in hanging around with the firm they founded 11 years ago.
At present, Bansals reportedly claim to own 5.5 percent each in Flipkart. The upcoming Walmart investment is likely to value the online marketplace to the tune of $20 billion. Hence, both Bansals will make $1.10 billion (or Rs 7344 crore) each.
With back to back sizeable rounds of investment from Tencent and Meituan-Dianping, Swiggy has to accelerate its numbers (growth in the form of numbers of orders, repeat buyers, GMV etc.). The Bengaluru-based company is exploring a service called ‘Dash’ for delivering grocery and medicines to do the same.
The service, which is due to begin in a couple of months, aims to leverage the free time of its 30,000 riders. Between 2 to 6 PM, riders are usually not caught up. Swiggy sees the potential of harnessing its fleet towards Dash.
The decision of delivering grocery comes after raising $100 million Series F round led by Tencent and Meituan-Dianping. Exploring grocery and medicine delivery seems to be inspired by Meituan-Dianping model in China.
POPxo.com, a digital publication targeted at young women, has raised $5.52 million (Rs 37 crore) in funding led by South Korea-based Neoplux Technology Fund and Chinese consumer electronics company Oppo.
The company said that existing investors IDG Ventures India, Kalaari Capital, GREE Ventures (Japan) and Summit Media (Philippines) also participated in the round.
The funds raised would be used to strengthen the firm’s vernacular offering, beginning with Hindi along with continued investment in video and the platform.
PayMe India, a Noida-based online lending platform, has raised $2 million from Singapore-based angel investors. Founded in 2016 by Mahesh Shukla, the former financial analyst at Barclays, and Sandeep Singh, the former executive at Genpact, the company offers short-term and long-term loans to SMEs.
Currently, the company has 43,700 customers and has disbursed around Rs 56 crore in loans. It relies on alternative data and information based on social media and mobile data for credit underwriting.
Entrepreneurship is fraught with problems and pitfalls. One is bound to make mistake and attract criticism of the people around them. But, this is the test of the mettle, which one has to pass with flying colours.
As Robert Herjavec, Croatian-Canadian businessman, investor, and television personality says,
“Tough times never last, tough people always do.”
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