Listed below are some of the major news of the startup sector, take a look to stay updated:
Flipkart-Walmart deal to be sealed by the end of the week
Walmart is likely to announce its much-anticipated deal to buy a controlling stake in Indian e-commerce player Flipkart before the end of this week, people close to the development said. This is likely to be the US retail giant’s biggest acquisition of a business.
Walmart and Google parent Alphabet Inc will buy up to 75% of Flipkart. This deal would be posing a threat to Amazon in the Indian e-commerce market.
Bentonville, Arkansas-based Walmart will acquire about a 60% stake in Flipkart, while Alphabet will get a roughly 15% stake in the online marketplace for about $3 billion.
Google and NITI Aayog join hands to hone AI skills among startups
Indian government think-tank NITI Aayog has clubbed with search engine behemoth Google to foster growth in India’s nascent artificial intelligence (AI) and machine learning ecosystems.
NITI Aayog in a statement said that Google will train and incubate Indian AI startups in an accelerator programme.
These startups will be mentored and coached by Google and its affiliates to enable them to better leverage AI in their respective business models. Google will also bring its online training courses on AI to students, graduates and engineers to many cities across the country.
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Ola founders invest fresh capital in electric vehicle startup Tork Motorcycles
Co-founders of cab aggregator Ola, Bhavish Aggarwal and Ankit Bhati, have together invested Rs 45 lakh in the Pune-based electric vehicle making startup Tork Motorcycles.
The latest investment by Aggarwal and Bhati is in addition to the undisclosed seed funding they have put in the startup. Bhavish has invested nearly Rs 30 lakh while Bhati contributed about Rs 15 lakh, in lieu of shares.
Tork, which makes electric motorcycles, had raised angel funding led by Ola founders in April 2016 along with other angel investors such as CoCubes co-founder and chief executive officer Harpreet Grover.
The SoftBank-backed ride-hailing company’s investment in Tork is seen as an extension of its ambitious plans of putting together a fleet of electric vehicles.
P2P lending marketplace PaisaDukan raises funding
PaisaDukan.com, a P2P lending marketplace owned by Mumbai based FinTech start-up BigWin Infotech today announced the second round of seed funding and secured USD 225K through angel investment. The company has raised $650K of seed funding last month that takes the company to the total Seed investment of $875K till date.
The current round of funding will help the company progress and enable it to hire experienced key resources and expand their technology workforce.
Today’s Take Away:
One of the biggest fears that entrepreneurs have is that their ideas, their designs will be stolen by their competitors. They do not want their hard work to benefit someone else, especially in this sly fashion.
But, Jeffrey Zeldman, founder, A List Apart, has something interesting to share. He says,
“Don’t worry about people stealing your design work. Worry about the day they stop.”
Zeldman has brought a positive angle to this problem – he feels that an entrepreneur needs to keep making things that are worth emulating. That is the mark of their success.
