Listed below are some of the major news of the startup sector, take a look to stay updated:
mfine raises $4.2Mn in its series A round
App-based healthcare service platform mfine has raised $4.2 million in Series A round led by Prime Venture Partners along with Stellaris Venture Partners and healthcare entrepreneur Mayur Abhaya. The Bengaluru based startup intends to use the funds to expand its technology capabilities, expand operations to four metro locations by the end of the year and reach out to more consumers.
Founded by top executives of e-commerce portal Myntra, mfine intends to take healthcare service to the patients through the smartphone by allowing chats as well as video calls with doctors from reputed hospitals of Bengaluru.
FreightBazaar raises funding
FreightBazaar, a unique cloud-based integrated B2B freight collaboration platform that improves reliability and efficiency of freight transportation, has raised an undisclosed amount in Pre-Series A investment through ah! Ventures. Omphalos Ventures India led this round of investment.
FreightBazaar platform addresses the challenges of unorganized and unreliable long-haul transportation by instituting a set of technology-based processes, transparent communication, and automation along with rigorous operational procedures that enable companies to continuously monitor KPIs and improve performance.
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Another top-level exit at Uber as chief product officer quits the firm
Uber Technologies Inc Chief Product Officer Jeff Holden is leaving the ride-hailing company, an Uber spokesman confirmed to Reuters. This would be one of the latest of more than a dozen senior executives to depart since last year.
Holden oversaw Uber Elevate, the company’s flying car operation, which is now headed by Eric Allison. The reason for Holden’s departure is not known.
New Chief Executive Officer Dara Khosrowshahi has been shaking up the company since taking over Last August aiming to improve Uber’s reputation after a string of scandals.
Azim Premji to get huge returns on his Myntra investment after Flipkart Walmart deal
In February 2014, Azim Premji’s investment company, PremjiInvest had invested $50 million in online fashion platform, Myntra. After a few months later, the company was acquired by Flipkart in May 2014 at a valuation of around $300 million.
Now, after the Flipkart-Walmart deal, the exits for Myntra’s investors are taking place as Walmart will acquire all the entities of Flipkart. With this exit, PremjiInvest is likely to make more than $130 million on its $25 million investment in Myntra in early 2014.
Today’s Take Away:
How important is money for the entrepreneurial enterprise that you’ve taken up? Well, it better not be the only reason that you’ve embarked upon this journey. Money is important but so is creating an impact in the society.
As, Tim O’Reilly, O’Reilly Media founder and CEO points out,
“Money is like gasoline during a road trip. You don’t want to run out of gas on your trip, but you’re not doing a tour of gas stations.”
