Listed below are some of the major news of the startup sector, take a look to stay updated:
Defunct homestay aggregator Stayzilla up for grabs
Started in 2006 by Yogendra Vasupal, Sachit Sanghi, and Rupal Yogendra, Stayzilla – backed by marquee investors Matrix Partners and Nexus Ventures Partners – folded up in February 2017. An ugly spat followed between its founder Vasupal and vendor, JigSaw Solutions, an advertisement agency, over unpaid dues of Rs 1.7 crore for which Jigsaw initiated criminal proceedings.
The vendor then dragged Stayzilla, to the NCLT seeking its liquidation. After multiple legal wrangles, the RP has now started the process to find a bidder.
Vasupal now said that he will start reaching out to investors and other potential bidders to bid for the asset aggressively.
Karthigeyan Srinivasan – the RP – has specified that the bidder should have a minimum net worth of Rs 50 crore and have the ability to infuse cash of Rs 20 crore. The EoIs were expected to be on May 16.
ePayLater, IDFC Bank partner to introduce UPI-based digital credit in India
Digital credit solutions provider ePayLater has partnered with IDFC Bank to introduce instant digital credit in India.
The service will be available to all individuals transacting online and offline using BHIM UPI, a real-time payment system developed by National Payments Corporation of India.
This ‘Buy Now, Pay Later’ credit facility eliminates the hassles of a long application process and works like a credit card.
Individuals, merchants, and small businesses can avail this real-time credit for their purchases using BHIM UPI.
The users can avail credit and transact with a 14-day interest-free period from the purchase date to pay outstanding bills.
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Mumbai based startup ION Energy unveils first product UDYR
Mumbai based ION Energy has come out of stealth mode and unveiled its first product UDYR, a portable battery for electric scooters.
UDYR is an intelligent, modular, and portable 48-volt lithium-ion battery. The battery is natively compatible with most two-wheelers and three-wheelers, allowing OEMs to use UDYR to accelerate their speed to market.
ION Energy had recently acquired Freemens SAS, a France based battery management company, in a cash and equity transaction. As part of the transaction, the entire Freemen’s engineering and sales team had joined ION.
Jabra launches its e-commerce portal
GN Audio’s flagship brand Jabra has announced the launch of its e-commerce portal. The company also signed a strategic partnership with Innova Telecom Pvt. Ltd (Innova) by forming a Joint venture in India called Jabra Connect India Private Limited.
The products of e-commerce portal in India will be shipped by Jabra Connect and would include the complete portfolio of its products including Enterprise and Consumer products.
Jabra has also acquired an additional 46% off Innova bringing their share to 51%.
Today’s Take Away:
The journey of an entrepreneur is fraught with difficulties and challenges. Failures are sure to come but the trick is to have patience and faith in one’s ideas.
As Paul Graham, co-founder of Y Combinator, says,
“Bad shit is coming. It always is in a startup. The odds of getting from launch to liquidity without some kind of disaster happening are one in a thousand. So don’t get demoralized.”
