Listed below are some of the major news of the startup sector, take a look to stay updated:
Traders body CAIT threatens pan India protest against Walmart-Flipkart deal
Heightening the protest against the Flipkart-Walmart deal, Confederation of All India Traders (CAIT) has threatened to go for a nationwide protest against the US-based retail giant.
Other bodies like that of AIOVA, RSS-affiliate Swadeshi Jagran Manch (SJM), have been reiterating their dissent over the deal. India’s online traders’ bodies opine that this deal could promote predatory pricing in the absence of an e-commerce policy in the country.
They argue that the merger might result in massive job losses in the retail industry. They opine that the deal would be transgressing the FDI policy of the country.
The top executives of Walmart India and Flipkart have met with CCI member Sudhir Mittal to explain their activities in India after the $16 Bn Walmart-Flipkart merger. They have assured that there would not raise any competition issues.
Ather Energy launches smart electric scooters ‘340’ and ‘450’
Although behind time by over a year, the wait for the much-anticipated launch of Ather Energy‘s 340 smart electric scooters is finally over.
Now available for pre-orders in Bangalore, Ather 340 is priced at Rs 1,09,750, and the 450 variant at Rs 1,24,750. This includes a free year-long subscription of Ather One, which essentially takes care of maintenance, roadside assistance as well as unlimited charging at public points. The startup will open pre-orders for more cities in its next phase, possibly starting from Pune and Chennai.
Following 42 patent applications, 122 design registrations, and 55 prototypes, the commercial production of both the scooters will begin in July this year.
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IKEA to launch its first superstore in Hyderabad
After announcing its plan for India six years ago, Swedish retail giant IKEA is now all geared up to launch its first store in Hyderabad by next month. Patrik Antoni, IKEA’s deputy country manager in India, in an interview to Quartz said that the firm is entering the Indian market in totality, not just as a store.
It will launch the store with 7,500-8000 products, which will be available at all prices and dimensions to cater to people’s needs.
CredAble raises Rs 100 crore from Alpha Capital
Supply chain financing firm CredAble has raised Rs 100 crore in Series A funding from private equity firm Alpha Capital. Set up in 2017, CredAble provides supply chain financing to vendors of large corporates.
Nirav Choksi, founder, CredAble said that the funds raised would be deployed towards scaling up operations and technology, as well as onward lending. It aims to expand its loan book to Rs 500 crore by FY19.
Today’s Take Away:
Everyone just looks at the success that looms large at the end of the day. But no one understands that success is just the result of sheer hard work.
As American entrepreneur, Christopher Isaac Stone says,
“Timing, perseverance, and ten years of trying will eventually make you look like an overnight success.”