Indian Startup and Business News #StartupDaily

OYO draws $1 billion, heads out for global expansion

India- headquartered OYO hotels has fetched $1 billion from SoftBank, a Japanese conglomerate. 24-year-old Ritesh Agarwal’s solution to the unpleasant surprises in the hotels booked by travelers is a booking app that promises clean and affordable rooms.
Founded in 2013, OYO Hotels has proved competent in the Indian market and aims to be the world’s largest hotel chain by 2023. With a net worth of $4.5 billion, OYO plans to carve out a niche in the overseas market after expanding widely across China.

Facebook to host India Startup Day on Oct 9 in Delhi

Facebook is set to launch its first ever India Startup Day on October 9, 2018, in the capital.
With the fastest flourishing base of developers and third largest startup destination in the world, India has managed to draw the attention of some of the global biggies. The event in Delhi will feature key business, policy leaders and aspiring startups. This initiative aims to weigh up different opportunities and challenges of the new generation of entrepreneurs.
In a bid to explore the thriving startup ecosystem in the country, the online giant is already working on similar initiatives to empower businesses through several programmes.

Licious-online meat and seafood startup sweep $25 million

Gourmet meat delivery startup Licious secured $25 million in a Series C round of funding led by Bertelsmann India Investments, Vertex Ventures Southeast Asia and India along with UCLA. The round witnessed the participation of existing investors - Mayfield India, 3one4 Capital, Sistema Asia Fund and InnoVen Capital. The need for quality, safe and hygienic meat opened new avenues for the duo Vivek Gupta and Abhay Hanjura who founded Licious in the year 2015. With the focus to improve the quality of the meat and not just the delivery service, is what made the venture to stand apart from the other online meat delivery platforms.

World University of Design launches Global, Goals Jam 2.0

The World University of Design in Haryana launched a two-day exclusive Design Thinking workshop – Global Goals Jam 2.0 (GGJ) on September 21 and 22. The workshop was organised with the Digital Society School of University of Applied Sciences, Amsterdam and the United Nations Development Programme (UNDP) teaming up. The event witnessed the participation of 56 innovators which were divided into 10 groups across the country to pitch in their ideas and vision for the future. The workshop focuses on 17 global goals for sustainable development projecting through stories, presentations etc.

Aadhaar Verdict- Its implications on fintech startups

Barring the use of Aadhaar authentication service by the private sector has caused havoc among the fintech players. With the Aadhaar- based authentication process, loan approvals or opening of an account ensued efficiently. But with the latest Supreme Court’s verdict that has struck down several provisions in the Aadhaar Act, the authentication process would take days to accomplish. These delays and discomfort of the consumers might have an adverse impact on the banks and fintech players. With online credit lending platforms and other private companies availing Aadhaar e-KYC to incorporate consumers not being able to access authentication facilities anymore, experts have speculated this verdict to shake up the entire e-KYC space.

Card-less EMI at an instant launched by Amazon Pay

Amazon Pay, a digital payment platform operated by Amazon has launched EMI for its customers in India. Targeting the non-credit card users, the global giant has made an option for its users to avail card-less EMI. This is an invite-only service which calls for the Amazon users to complete a registration process. The user has to furnish their PAN card and KYC details. The selected Amazon buyers will be provided with a credit limit up to Rs.60, 000 at an instant. Once the purchase is made within the credit limit the user can repay the amount by choosing either to instalments or set an auto-repayment which will automatically repay the monthly instalment on the user's behalf. There will be no further transactional charges or processing fee for the purchase.

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