Listed below are some of the major news in the startup sector, have a look to stay updated:
US-based online retailer Amazon.com Inc. may try to acquire homegrown e-commerce major Flipkart Ltd, as reported by Mint.
Flipkart is already in advanced discussions with retail giant Walmart for selling a majority stake, and that deal – which could value it at $21 billion – is more likely to go through.This deal, if finalized, would make Walmart a stiff competition to Amazon.com Inc.Sources that have chosen to remain anonymous have claimed that the Bentonville, Arkansas-based retail giant intends to buy about a third of Flipkart Online Services Pvt, in part by purchasing stakes from Tiger Global Management and SoftBank Group Corp.
Email queries to Flipkart and Amazon for comments on the development did not elicit an immediate response.
Premium trade body and chamber of commerce, NASSCOM announced that six of its incubated startups have been selected for the 2018 batch of Israel’s MassChallenge accelerator.
Intello Labs Pvt. Ltd., Olivewear Pvt. Ltd., OCEO WATER, S&I Engineering Solutions Pvt. Ltd., Streamingo, and Ziroh Labs, will be representing India in Jerusalem, this April.
Hailing from a variety of industries, including cybersecurity, aerospace, enterprise software, Internet of Things (IoT), healthcare and agriculture, the finalists will now participate in MassChallenge’s four-month, award-winning accelerator program.
Business loans platform Namaste Credit on 3 April raised series A investment of $3.8 million from Nexus Venture Partners. Sunstone Capital was the sole advisor to the deal.
Owned by Delhi-based Opendoors Fintech Pvt Ltd, Namaste Credit is a digital platform which serves as a marketplace for borrowers and lenders. It focuses exclusively on small and medium enterprise (SME) customers.
Namaste Credit was incorporated in 2014 by former executives at Moody’s Lucas Bianchi and Gaurav Anand, and Krishnan Parameswaran, who was earlier with General Electric.
The company will use the funds raised to grow its geographic footprint, invest in technology, data analytics and towards increasing partnerships both with lenders and on the supply side.
It’s good news for Chennai-based fintech startups as the government will now provide aid and incubation to them, according to media reports. The incubator would be named Centre of Excellence for Financial Technology. It would be the first of its kind in the country. The facility, which is expected to launch before the end of this year, will be housed within the Software Technology Parks of India (STPI), said Sanjay Tyagi, director, STPI, Ministry of Electronics & Information Technology.
Funds up to ₹20 crore have been set aside for the facility’s infrastructure and ecosystem by the Centre, while the state government and private investors will fund an additional Rs 23 crore. Startups would receive funding from venture capitalists and private equity funds who would be a part of the governing council of the CoE.
Risks are an inevitable part of a success story. One cannot avoid them, nor can they avoid mistakes and failures. But, those who strive forward in spite of the fear of the unknown, become successful.
Arianna Huffington, Co-Founder, Huffington Post rightly says,
“You have to do what you dream of doing even while you are afraid.”
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