Listed below are some of the major news of the startup sector, take a look to stay updated:
Bizongo raises $22 million from B Capital, IFC
Bizongo, an online business-to-business marketplace for packaging materials run by Smartpaddle Technology Pvt. Ltd has raised $22 million in a series B funding round led by global technology fund, B Capital and IFC, the private-sector investment arm of World Bank.
Existing investors Accel Partners and IDG Ventures also participated in the funding round.
The company provides end-to-end automated, scalable solutions for businesses across segments such as e-commerce, retail, restaurant, and hospitality, fast-moving consumer goods, industrial logistics, food and beverage in a primary, secondary and tertiary packaging.
OpenTap raises Rs 3 crore from HNIs
Alternate finance startup OpenTap raised Rs 3 crore funding from high net-worth individuals (HNI) investors, a statement from the company said. The startup plans to use the funding to strengthen its technology infrastructure and widen the reach of its financial services network across the country.
It has plans to take its valuation to Rs 100 crore and add 40,000 customers by the end of the calendar year 2018. OpenTap was founded in 2015 by former investment bankers Senthil Natarajan, Harish Devarajan and Suresh Venkataramani. The startup focuses on providing short-term credit for blue-collared workers whose monthly income is below Rs 25,000.
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Legal tech startup Wonder.Legal launches in India
Wonder.Legal, an online platform that allows its users to easily create legal documents on-the-fly, has today announced its launch in India after successfully penetrating various markets of the world.
The online service will now allow Indians to create personalized high-quality legal documents in real-time for a fraction of the money charged by Indian law firms.
The company was launched in Europe in 2014 to great reception and growth, leading to swift international expansion.
Xiaomi files for world’s largest IPO since 2014 in Hong Kong
Smartphone maker Xiaomi on 3 May has filed for an initial public offering in Hong Kong. It added that the Chinese company is expected to raise around $10 billion in the initial public offering that could value the business as high as $100 billion.
This could be the world’s biggest IPO since 2014 when Alibaba Group raised $25 billion in the IPO filing.
Xiaomi has become the first company to launch an IPO in the country after Hong Kong Exchanges & Clearing scrapped a ban on weighted-voting rights, which give founders and executives control even with minority ownership.
Today’s Take Away:
People often wonder what makes a great entrepreneur. The answer is simple, it’s sheer practice.
Like, Peter Drucker, management consultant, says,
“Entrepreneurship is neither a science nor an art. It’s a practice.”
