Listed below are some of the major news of the startup sector, take a look to stay updated:
After Dubai, Oyo kicks-off operations in China
SoftBank-backed hotel brand Oyo has launched operations in China. This is the fourth overseas market for the company. Last month, it entered Dubai while the company has a presence in Malaysia and Nepal.
Currently, it’s showing seven properties in the largest city of Guangdong Province – Shenzhen. Like India, Oyo offerings in China is affordable and one can book single day accommodation under Rs 1,000 (99 RMB). However, the company has plans to hunt for properties in cities like Beijing and Shanghai.
The Ritesh Agarwal-led company has partnered China Lodging Group to enter the Chinese market.
Droom raises $30 million funding
Droom, an online automobile store announced a $30 million Series-D investment jointly led by Toyota Tsusho Corporation, a unit of Japan’s automobile major Toyota Group, and existing investor Digital Garage.
Tokyo-headquartered Toyota Tsusho Corporation is engaged in trading automobile raw materials, along with their manufacturing, logistics, and sales.
Droom was launched in 2014 by Sandeep Sethi, a co-founder of e-commerce firm ShopClues. The firm is registered in Singapore as Droom Pte Ltd.
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Edutech startup Neo-Stencil acquires TestCafe
M&S Partners-backed NeoStencil, an ed-tech startup, has acquired TestCafe, an analytics-based test practice portal. The deal size is not disclosed.
Neo-Stencil was founded in 2014 by Love Beejal and Kush Beejal. While Love Beejal is a medical professional and a graduate from AIIMS and IIMA, Kush is an alumnus of IITB and IIMC and has worked with reputed companies such as GATX, NCDEX, and Jaypee Capital.
Fintech startup Open raises funding
Fintech startup Open, which offers a digital banking service for small businesses in collaboration with banks, has raised a pre-series A funding round led by Unicorn India Ventures and Recruit Co. Ltd, a subsidiary of the Recruit Group of Japan. The company did not disclose the deal size, but sources close to the fundraising round claimed that it was about $2 million.
The company provides banking solutions to small business in partnership with seven banks, which include current account, payment collections and reconciliation of transactions.
The startup intends to use the new funds to launch new products around expense management and joint products on SME lending with banks and NBFCs, pointed out CEO Anish Achuthan.
Today’s Take Away:
Decision-making is an important part of any entrepreneurial venture. One mistake and it might cost a lot. Often, we don’t understand when and how to take the right decision and this makes us over-cautious.
Micah Baldwin, co-founder, Graphic.Ly has said something very true:
“Don’t take forever to make a decision, but don’t make it too fast.”