Indian Startup News,technology,innovations for June 6, 2017
Aditya Birla to Launch Own Payments Bank by Year End
Through its newly formed Aditya Birla Financial Services, Aditya Birla Group is planning to launch its very own payments bank service by this year end.This is one of the latest Indian Startup News.Currently, Aditya Birla Nuvo is in talks with Grasim Industries for a merger by September quarter end, and the move will come to effects after this. The Whole-Time Director and Group CFO, Grasim Industries – Sushil Agarwal said that the payments bank license was issued to Idea Cellular and Aditya Birla Nuvo combine before the merger between Grasim and Aditya Birla was proposed.
Pimex Broadcast Takes Over DEN Networks
DEN Networks has exited from the TV commerce business as it entered into a share purchase agreement with Pimex Broadcast Pvt. Ltd for total stake selling in Macro Commerce. Pimex will hold 100% shareholding of Macro. With this, Pimex will now take over all of Macro’s existing liabilities and dues. Previously, Snapdeal exited DEN Networks in March 2017. Both DEN and Snapdeal names will be removed from the TV commerce business branding.
Blume Ventures to Invest $1 Million in Spinny
Spinny which is a pre-owned car platform for buying and selling, has raised $1 million in seed funding from Blume Ventures. It is one of the latest Indian startup News.The funding round was also participated by Hari Balasubramanian and both of FreeCharge co-founders Kunal Shah and Sandeep Tandon. The company said the investment will be used for development in technology platform and opening retail hubs across National Capital Region including Delhi.
Ftcash Raises Funds from 500 Startups
Ftcash – mobile payments startup has raised an undisclosed amount of funds in pre-Series A funding round from 500 Startups – Silicon Valley-based early-stage venture fund and its existing investor IvyCap Ventures. Last year, the Mumbai-based startup had raised $150,000 funding from IvyCap Ventures, California-based Tracxn Labs and Angel investors from Singapore. A company spokesperson said, “we will use this fund to better develop our products in the loan and payments categories”.
SBI to Fund Hungry Foal Under Stand Up India Scheme
Hungry Foal which is a for-profit social venture has raised an undisclosed amount of funding from SBI under the Stand Up India Scheme. Latest update on Indian Startup News.Stand Up India scheme is aimed to facilitate collateral-free bank loans in between $15.5K and $155K to at least one women borrower per bank branch for help setting a greenfield enterprise. Founded by Aarambh Ventures CEO Vivek Kaushik and Japna Rishi Kaushik in 2016, the startup is working to address problems related to malnutrition.
13 Startups to Graduate from Bosch DNA Accelerator Programme
Bosch India’s DNA accelerator programme has given graduation to 13 technology startups. Bosch plans to work collaboratively with these technology startups that operate in areas of mobility, social impact, aerospace, agriculture, and healthcare. one of the updates on Indian Startup News.The Head of Corporate Venture Program, Partner Consumer Products, and Digital Enterprise at Bosch – Manohar Esarapu said: “we will share our industry experience to mentor these startups, and will support them by offering technological inputs”.
Warburg Pincus to Invest $300 Million in Princeton Growth Ventures
Warburg Pincus, the private equity giant has agreed to invest $300 million in Princeton Growth Ventures. Started by Rangu Salgame – former Tata Communications Ltd executive, PGV works to acquire various assets in areas of telecommunications, media and technology infrastructure. The New York-based organization aims to acquire standalone as well as crave-out assets in China, India, the Middle East, Southeast Asia and Latin America.
Personal Assistant App Mihup to Halt Operation
Mihup, an AI-based personal mobile assistant app which is operated by Kolkata-based Mihup Communications Pvt Ltd, has halted all its operation. The reason for this decision is still unclear. Company’s desktop website and mobile app, both have been non-operational for some time, and displaying the message “Working hard to come back soon”.
wayForward Raises $1 Million Angel Funding
wayForward, a mobile platform which offers mental health care solutions and operated by Wayforward Health Pvt. Ltd has raised an angel funding of $1 million. It is also one of the latest Indian Startup News.The funding round participants include technology investment banker Farhan Naqvi, radiologist Harsh Mahajan, senior vice president of M&A and partnerships at Hinduja Global Solutions Inc Sreepathy Viswanathan and wayForward’s co-founder and chief executive Ritvik Singh.
Jeyandran Venugopal to Join Myntra as New Chief Technology Officer
Myntra, the Flipkart-owned online fashion retailer has appointed former Amazon executive Jeyandran Venugopal to its team as new chief technology officer. Jeyandran will replace Ajit Narayanan, who resigned from his post. Jeyandran will be the third CTO of Myntra in less than a year following Shamik Sharma and Ajit Narayanan.