Funding Startups in India - An update, March 09
March 09, 2019
1. Ola has raised an additional Rs 112 crore from a bunch of US-based investors as part of its ongoing Series-J round which values the company at $5.7 billion.
2. Business messaging service Slack has confidentially applied with the U.S. Securities and Exchange Commission to list shares publicly.
3. Tesla has agreed to buy energy storage company Maxwell Technologies for $218 million in an all-stock deal.
4. Google has deleted 29 malicious "beauty camera" apps that were sharing pornographic content and forwarding users, particularly in India, to phishing websites to steal their information.
5. Ousted Flipkart founder Binny Bansal is now focused on xto10x Technologies, a startup he co-founded with former colleague Saikiran Krishnamurthy. It’s aimed at helping entrepreneurs navigate the often-tricky Indian startup scene.
6. TPG Growth will invest $30 million in Solara Active Pharma, a manufacturer of active pharmaceutical ingredients (API).
7. Rental and seller of refurbished home appliances and furniture, Guarented, has raised an undisclosed amount in its ongoing Pre-series A funding round from Mumbai Angels Network.
8. Germany-based automotive components manufacturer Schaeffler Group is reportedly planning set up a local electric vehicles engineering unit in India.
9. AI-driven logistics platform, fleetx.io, has raised Pre-Series A funding from India Quotient and LetsVenture’s Angel Fund, with participation from angel investors.
10. The Unified Payment Interface (UPI) registered 672 million transactions amounting to Rs 1,09,932.43 crores in Jan; and the government promoted BHIM processed 13.98 million transactions amounting to Rs 6,202.51.
11. Myntra launches clothing rental service called 'Myntra X Flyrobe' with Mumbai-based online fashion rental platform – Flyrobe in four cities – Delhi (NCR), Hyderabad, Mumbai, and Bengaluru.
12. The US-based brokerage firm Morgan Stanley has indicated that Walmart may exit Flipkart if the US retail giant does not see a long-term path to profitability.
13. Google's parent Alphabet logs $39.3B in revenue on Google ad business
14. A total of 15,632 startups have been recognized to date by the Department of Industrial Policy and Promotion (DIPP) since the launch of Startup India initiative in January 2016.
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