Indian Startups and Business News #StartupDaily

PhonePe upholds RBI’s call on data localization

Flipkart-owned payment company, PhonePe has supported RBI’s circular on data localization. It has asked online giants Google and Facebook needs to clarify their stand on the same. Stating that the move is crucial for the long-term security of the country’s financial service sector, the online payment platform had said that data localization will store data within the country and will bring Facebook and Google under the tax jurisdiction and prevent them from sharing the financial data of the users.

WeWork acquires Utah based software startup Teem.

Wework, a co-working space announced the acquisition of Teem, a SaltLake City based office management startup reportedly, for a $100 million. Founded in 2012, Teem is basically a meeting room booking system incorporating several aspects like visitor management and workplace analytic software.  WeWork chief product officer Shiva Rajaraman asserted that acquiring Teem onboard will help to create efficient workplace experience for enterprises across the globe.
Teem will continue to operate as an independent business line in Salt Lake City.

Amazon India seeks to spread Prime benefits offline.

Amazon India is considering integrating its Prime subscription service with offline benefits that would foster the frequent use of the programme. The company is in a bid to expand its offline base of Prime member and has targeted the small towns in the country. The Shopping initiative Udaan and the Hindi interface have facilitated in achieving the target.

Earlier Amazon has merged its Prime offerings with Whole Foods, a supermarket chain in the US.

MOKA fetches US $24M in Series B.

Indonesia-based a cloud-based point-of-sale (POS) system, MOKA, has raised $24 million in a Series B funding round led by Sequoia India.
The funding round witnessed the participation of new investors like SoftBank Ventures Korea, Singapore-based EDBI, EV Growth, as well as existing investors Mandiri Capital, Convergence, and Fenox. The new capital will be deployed in speeding up the product development and expands its services. MOKA provides retailers with the resources to start, run, and grow their business through its mobile POS, which can be downloaded. Currently, it serves 12,000 businesses.

Mumbai Angels Network backs Frubites

Frubites, a fruit retailer owned and operated by the Pune-based Rev Snack Pvt. Ltd., has raised an undisclosed amount of funds from Mumbai Angels Network. The ready-to-eat snacks producer, Rev was founded by Bharat Kulkarni and Rohit Kulkarni.
Fruibites will use the new capital for branding and expanding its distribution. It also aims to increase product offerings across vegetables, nuts, and fruits and scale up the model. Mumbai Angels Network has more than 300 investors and 120-plus portfolio companies under its wraps.

Startup makes development in food consumed by patients

A Central Food Technological Research Institute (CFTRI) -incubated startup is the first to take a lead to revolutionize the food consumed by the patients in the hospital. It has come up with therapeutic food products for diabetic patients, pregnant women and for other illness as well. With having partnered five hospitals already, the startup aims to expand and deliver the healthy and nutritious food to the hospitalized patients directly. The research startup is backed by Jain Group of Institutions and Mysuru-based Council of Scientific and Industrial Research (CSIR).

NetApp Excellerator announces its third batch

NetApp today announced the launch of its third batch of startups chosen for NetApp Excellerator – the company’s flagship accelerator program.
Exclusively for the purpose of helping startups operating in the data space, the flagship program has selected six startups from over 300 applicants from across the continent. The selection process was rigorous acknowledging various aspects.
The startups selected for the third cohort are CloudOptimo, FirstHive, InstaSafe, Pracktice.ai, Uber Diagnostics and ZScore Technologies.
The selected startups will have access to various resources of the NetApp’s global center of excellence in Bangalore as well as networking opportunities with potential investors, partners and customers.

Intel acquires Netspeed, aims to explore SoC.

Chipmaker, Intel acquired the California-based company Netspeed for an undisclosed amount with the goal of using it to improve its tools for chip designs and specialize features. While Intel hasn’t explored significantly in the SoC world, with the acquisition, it hopes to push itself into this arena.
With its former CEO of Netspeed Systems, Sundari Mitra, becoming the vice president of Intel, there’s a hint that NetSpeed might have rooms for expanding itself within the microprocessor developer firm.

PwC India, FICCI to launch LevelNXT program for Entrepreneurs

According to the Forbes, 90 per cent of the startups fail, either due to no market need or lack of resources of a promising startup. While nothing much can be done for the former, there’s a huge scope of improvisation that can be implemented in case of the latter.
There’s a need for adequate formal mentoring, correct exposure and other resources for nourishing the startup. With this realization, PwC India and FICCI, supported by CNBC-TV18, is coming up with LevelNXT, a program in which industry experts, venture capitalists, private equity players and legal service providers will render assistance to the entrepreneurs.
A formal commencement of LevelNXT will be held on September 17 at Hotel Hyatt Regency, New Delhi.

Star Worldwide backs Shiftkarado in a Rs.5 crore funding round.

ShiftKarado, a packing and moving startup, has raised a funding of Rs.5 crore from Star Worldwide Group, a leading company that provides international relocation and fine art and event logistics market.
The funds will be put in use to upgrade technology and enhance the mobile app and the website using AI/ML and data analytics.
The Gurugram-based logistics startup founded in 2015, has a presence across 15 cities of the country and aims to expand its reach pan-India.

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