Listed below are some of the major news of the startup sector, take a look to stay updated:
Ola leads $7 million round in bike-sharing startup Vogo
Ola is leading a $5-7 million round of funding in bike sharing startup, Vogo, along with venture capital investors Stellaris Venture Partners and Matrix Partners India, sources close to the development clarified.
Vogo, founded in 2015, operates a scooter-sharing network which allows users to pick up the vehicle from designated pickup points throughout the city and drop them at any other designated point at the end of the ride.
Vogo is to benefit from Ola’s expertise and data analytics to understand demand patterns across cities. The startup will also gain from a potential distribution through Ola’s platform in the future.
FMCG major Marico to invest in health startup Revofit
FMCG major Marico on 17 April said it will acquire up to 22.5% stake in Revolutionary Fitness, which owns health and fitness app Revofit.
The move should help Marico get a stronger foothold in the digital space, especially at a time when it is looking to expand its footprint in the nutraceuticals and wellness space with brands such as Saffola.
The company has also launched Saffola Active Slimming Nutri-Shake, a meal replacement health drink and has a significant market share in oats.
Revofit helps urban, health conscious, working professionals build healthy habits and enables easy access to all health needs.
Logistics startup Lynk raises $3 million in funding
Chennai-based logistics startup Lynk has raised $3 Mn in funding from the existing investor Ramco Group. The promoters – P.R. Venketrama Raja (Chairman – Ramco Systems) and his son Abinav Raja -the Co-founder of Lynk, also participated in the funding round.
Founded by Abinav Raja and Shekhar Bhende, Lynk Logistics is a technology platform for intra-city logistics that connects shipper with transporter through their app. Using technology, the web, and app-based online logistics Lynk offers a simplified way of truck hiring while tracking and moving moves goods from one location to another.
Indo-Swiss partnership formed to promote international startups in India
Anthill Ventures, an early growth stage venture capital and scaling platform for startups, has partnered with swissnex India to connect Switzerland and India in the fields of education, research, and innovation. The partnership will aim to build closer links between the Indian market and the Swiss startup, education and innovation ecosystem.
An initiative of the Swiss Government, swissnex India, Consulate General of Switzerland, has been on the forefront of enabling Swiss startups to enter India, through startup advisory, and market access for the past five years. While swissnex will continue to identify and mentor the Swiss startups for Indian market entry, Anthill will partner with swissnex to selectively speed scale these startups in the Indian market.
Today’s Take Away:
We all dream of earning a lot of money and living our lives in luxury. We often look at the luxurious lives of successful entrepreneurs and hope if we could live like them. But, what we often forget that success did not come easy to them and that money was not the only thing they dreamt of making when they started on their journey. Having a vision for one’s venture and to see that it impacts lives and makes a difference is very crucial. Like Henry Ford, founder of Ford Motor Company rightly said,
“A business that makes nothing but money is a poor business.”
