Listed below are some of the major news of the startup sector, take a look to stay updated:
Tala launches its engineering hub in India
California, US-based Tala, which is named in one of the fastest growing Fintech startups in the world by Forbes, announced the launch of its first engineering hub in Bangalore, India in order to broaden access to credit and financial services.
Tala plans to build India as the hub for its Asian operations, and the Bangalore team will play an integral role in executing Tala’s vision for the market in the region.
Founded in 2012 by an Indian-origin entrepreneur Shivani Siroya, Tala is an innovative, fast-paced mobile technology and data science startup, that provides a credit scoring and reporting platform to financial services institutions in emerging countries.
Drip Capital raises $15 million from Accel, Sequoia, Wing VC
Fintech startup Drip Capital, which provides working capital finance to small and medium enterprises (SMEs) engaged in cross-border trade in emerging markets, has raised $15 million in a Series A round from venture capital firm Accel Partners, Sequoia India and Wing VC, a Silicon Valley-based venture fund.
The round also saw the participation of its existing investors, including US seed accelerator Y-Combinator, among others. Drip Capital had raised $5-million in seed money in 2015, besides securing an undisclosed amount in debt capital from Silicon Valley Bank, a subsidiary of the California-based SVB Financial.
With the recent funding, the California-based fintech startup plans to scale up operations in India and replicate the model in other geographies.
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Online bike rental platform Wicked Ride raises funds
Online two-wheeler rental service platform Wicked Ride has raised Rs 61.67 crore (around $9.1 million at current exchange rates) in a fresh funding round from Sequoia Capital and Accel Partners.
According to the company’s filing with the Ministry of Corporate Affairs (MCA), the latest round also saw participation from the likes of Raghunandan Gangappa – the co-founder of ride-hailing firm TaxiForSure.
Started in 2014, Wicked Ride (also known as Metro Bikes), serves in 10 locations, as mentioned on their website, which includes Bengaluru, Mysore, Jaipur, Manipal, Ahmedabad, Gokarna and New Zealand.
Accenture Ventures, Consulate General of Israel & NASSCOM launch “Scalerator” Program
With support from Accenture Ventures’ Open Innovation initiative, Scalerator will identify growth-stage Israeli startups with deep expertise in emerging technologies — particularly cybersecurity, cloud computing, artificial intelligence, automation, the Internet of Things, blockchain and extended reality – and connect them with India’s startup community through NASSCOM’s 10,000 Startups initiative.
Today’s Take Away: Young entrepreneurs should always be encouraged to follow their dreams. Fear of criticism should never hold them back for anything.
Famous Indian entrepreneur and an institution in himself, Dhirubhai Ambani once said, “The success of the young entrepreneur will be the key to India’s transformation in the new millennium.”
