Listed below are some of the major news of the startup sector, take a look to stay updated:
ICICI Bank plans on investing Rs 100 crore in tech startups
ICICI Bank, India’s third-largest bank in terms of assets, has announced that it has set aside Rs 100 crore for investing in upcoming technology startups working in areas such as artificial intelligence (AI) and Robotic Process Automation (RPA), an emerging form of business process automation technology based on the notion of software robots.
According to Madhivanan Balakrishnan, Chief Technology and Digital Officer of ICICI Bank, out of ₹100 crore, the bank has already invested ₹40 crore across six start-up firms and has a steady pipeline of potential investments across lending, digital KYC, artificial intelligence on the mobility side as well.
Intel India, Israel Consulate tie up to drive innovation among startups
Intel India and the Israel Consulate General to South India have entered into a collaboration to drive innovation and technology development by connecting startups and enterprises of both countries.
As a part of the initiative, Intel India will extend Intel India Maker Lab (its in-house hardware/systems-based startups accelerator in India) capabilities to Israeli startups to support the development of products and solutions.
In addition, it will provide mentorship, and connect the Israeli startups to India market requirements and opportunities to test and deploy solutions in the India market.
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Uber CEO plans to reinvest profits from emerging markets like India in tech
Cab-hailing firm Uber will re-invest profits in its products and technology, emerging markets like India and to scale up its Uber Eats and JUMP businesses globally, its chief executive Dara Khosrowshahi said.
In an email to employees, Khosrowshahi said the company’s core business has continued to perform very well and the number of trips on the platform grew 43 percent, while bookings grew 55 percent to $ 11.3 billion compared to last year.
Uber’s net revenue grew 67 percent to $2.5 billion, while it cut losses to half compared to a year ago, he said.
Retail tech solutions provider Mobisy secures $3.5 Mn led by SIDBI VC arm
SaaS-based distribution technology solutions provider for consumer companies, Mobisy has raised $3.5 million led by SIDBI Venture Capital Limited (SVCL). The Bengaluru-based company also saw participation from existing investor Ojas Partners, Triton Investment Advisors along with a few high net worth individuals (HNIs).
The fresh funding will be used for research, development and to power expansion plans through sales and marketing.
Today’s Take Away:
Risk-taking is a significant aspect of being a successful entrepreneur. Without taking the right amount of risks one can never imagine reaching that level which one dreams of.
Tom Preston-Werner, Github co-founder rightly says,
“When I’m old and dying, I plan to look back on my life and say ‘wow, that was an adventure,’ not ‘wow, I sure felt safe.”
