Listed below are some of the major news of the startup sector, take a look to stay updated:
Xiaomi in advanced talks to pick up stakes in ZestMoney
Chinese smartphone and electronics brand Xiaomi is in advanced talks to pick up a stake in financial technology startup ZestMoney, according to two sources familiar with the matter.It is already in partnership with ZestMoney for offering EMI-loans for products on its online portal Mi.com.
Those close to the development claim ZestMoney might raise a total round of about $20 million and the round will also see participation from the startup’s existing investors like payments company PayU.
Pollution control device maker Chakr Innovation receives funding
Chakr Innovation, a startup making pollution has raised undisclosed funds in a pre-Series-A round from IDFC-Parampara Fund and Globevestor Funds.
The Delhi-based startup, will use the funds from the early-stage venture firms to expand production and for research & development of new products.
Started by Arpit Dhupar, Kushagra Srivastava and Prateek Sachan in 2016, the startup has developed a retrofit device called Chakr Shield. This shield fits in the exhaust pipe of a diesel generator and captures 70-90 percent of the particulate matter, ranging from PM 1 and PM 2.5 to PM 10.
Mukesh Ambani to acquire edtech startup Embibe for 100 crore
Just within a month of consolidating Saavn with Jio Music, Ambani now intends to acquire online education portal Embibe. He would be picking up stake in the Mumbai-based company via his family office.
The Reliance Family Office is investing about Rs 100 crore for the complete buyout of Embibe, according to media reports.The potential investment will mark the complete exit for promoters as well as current investors. The Aditi Awasthi-led company had Kalaari Capital and Lightbox Ventures as investors
Govt plans on using blockchain to deal with the problems of fake drugs
IndiaChain, a blockchain-based solution for awarding digital certification of educational degrees might now be used by the government for curbing usages and sales of fake drugs.
The government intends to complete a ‘proof of concept’ (PoC) solution by the end of 2018. The solution is expected to roll out at the beginning of the next year.
India has been fighting fake drug menace for decades. Currently, industry estimates highlight that about 20 percent medicine in the market is spurious or being sold out without any clinical efficacy.
Blockchain can surely be used to have a full proof solution to the growing problem of fake drugs and substandard medicines.
Today’s Take Away:
Making a business successful is a big task and involves a lot of courage as well as patience. Success does not come easy. Especially when we have decided to walk on a path that is fraught with competition. However, it is important that we learn from our competitors and not treat them with spite. But learning from the competitors does not mean that they have to be blindly copied.
Jack Ma, Founder of Alibaba Group has rightfully said,
“You should learn from your competitor, but never copy. Copy and you die.”
