Indian Startup and Business News #StartupDaily

Latest News from Indian Startup Ecosystem [Funding, Technology, Launch, Collaboration]

  1. Sathguru Management Consultants, a Hyderabad-based consulting organisation is reportedly launching a $100 Mn fund. The Food and Agriculture Fund IFAF will invest approximately $8 Mn in 8-12 companies and will take up a minority stake.
  2. Online travel marketplace TravelTriangle has raised $10 Mn Series B funding led by Singapore-based venture capital firm RB Investments. Existing investors SAIF Partners and Bessemer Venture Partners.
  3. Uber is moving fast on introducing ride-sharing on vans and buses in India, with a likely launch of the service within three months, according to two persons in the industry briefed on the matter.
  4. Tata Sons interim chairman Ratan tata has said he would go back to investing in startups this month after handing over the reins of the Tata group to N Chandrasekaran, managing director and chief executive of Tata Consultancy Services (TCS), who will formally take over on 23 February.
  5. InnerHour, an online psychological wellness platform, has raised $450,000 (nearly Rs 3 crore) in its first round of funding from financial advisory firm Batlivala, Karani Securities, investment firm Venture Works and others.
  6. The Ministry of Electronics & Information Technology, Government of India(MeitY) is drafting a policy on mobile wallets and mobile banking to mitigate the risk of cyber fraud. Besides, to instil confidence among those who conduct digital transactions, the government is also considering insurance protection against cyber-crimes.
  7. Snapdeal’s head of corporate development Abhishek Kumar and senior vice president Sandeep Komaravelly have quit the home-grown e-commerce company.
  8. Private lender IDFC Bank has acquired around 5 per cent stake in financial services provider IIFL Holdings Ltd for Rs 503 crore ($74.8 million).
  9. Microfinance firm Ujjivan Financial Services Limited announced its official transformation into Ujjivan Small Finance Bank Ltd on Monday. The Bengaluru-based bank, which was operating in pilot mode at five of its microfinance branches in the city, will extend banking services to all of its existing branches over the next six to eight months.
  10. The state government of Telangana has partnered with private equity firm Cerestra Advisors Ltd to start a life sciences infrastructure fund in the country.
  11. Uber hires NASA expert Mark Moore to manufacture flying cars. Moore is taking on a new role as director of engineering for aviation at the ride-hailing company, working on a flying car initiative known as Uber Elevate.
  12. Swiss food giant Nestlé is looking to partner with Indian startups to appeal to tech-savvy consumers.
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