Latest News from Indian Startup Ecosystem [Funding, Technology, Launch, Collaboration]
Naspers Optimistic on Indian Market
Naspers will continue to allocate a significant amount of funds to Indian ventures operating across food delivery, classifieds and fintech. In recent times India has emerged as a profitable market for the global tech investor in which it had invested around $2 billion till date. Naspers will back considerable Indian companies and have zeroed down its existing portfolio list that includes, food delivery company Swiggy, fintech venture PayU India, classifieds company OLX and India’s largest online travel operator, MakeMyTrip.
Andhra Pradesh government launches App for the farmers
The Andhra Pradesh government has launched e-Rythu (e-farmer in Telugu), a mobile platform, which will enable farmers to sell their produce at reasonable rates. The app which is easily accessible in smartphones is vernacular-based and aims to reach small-scale farmers who can market their products to the right buyers without incurring losses.
Developed by global payments and tech company Mastercard, it’s goal is to digitize the agricultural marketplace by providing a simplified platform for buying, selling and payment options. Chief minister N. Chandrababu Naidu launched the e-Rythu app on Wednesday.
Golden Gate oversubscribed at $100 million
Singapore-based venture capital firm, Golden Gate Ventures oversubscribed at $100 million and announced the close of its third fund for Southeast Asia. The latest round of fund witnessed the participation of existing investors Temasek, Hanwha, Naver, and EE Capital.
The announcement comes right after the fusion of three trends in Southeast Asia first being the rise in the ownership of mobile phones, a huge number of foreign capital looking to invest in the region and lastly rise in skilled entrepreneurs.
Swingvy stands firm in Google’s Demo Day Asia final
Swingvy, an HR tech startup founded by Malaysian Tho Kit Hoong and three co-founders of Korea has successfully positioned itself among the 10 finalists in Google's Demo Day for the first time in Asia, scheduled for 20 September 2018 in Shanghai, China.
The startup aims at empowering office-workers through modern HR automation technology by revolutionizing HR practice from small to medium-sized enterprises in Southeast Asia.
10 finalists have qualified out of the 305 participants for the final stage of Google Demo Day Asia.
PropStory to expand in Bangalore
Gurgaon-based real estate development information provider, PropStory announces to launch and spread across Bengaluru. The real-estate sector in the country is messy and lacks transparency. With the idea to eliminate these problems, two IIT graduates Ashish Mahajan and Bhagwandas Paliwal founded PropStory in the year 2015. With huge population influx each year, the real-estate market in Bengaluru has augmented, making it a convenient time for the startup to tap in. The platform focuses on expanding its base in cities like Noida, Mumbai, Chennai, Hyderabad and Pune.
AutoGrid rakes in $32million in Series D
AI-based energy optimisation firm, AutoGrid, has secured $32 Million in a Series D funding round. The participants of the funding round included-CLP Holdings Group, based in Southeast Asia, Innogy from Germany, Ørstead from Denmark, and Tenaska from the US.
With the conclusion of this round, the company has secured a total of $75 million in funds.
Existing investors- Energy Impact Partners, Envision Ventures, Total Energy Ventures, Clearsky Power & Technology Fund, E.ON, and Foundation Capital also joined in the funding round.
The company is recruiting professionals specializing in AI, big data, and IoT. The AI-driven firm aims to utilize the new capital to speed up the expansion of AutoGrid Flex platform across North America, Europe, and Asia-Pacific.
PropStack among 10 companies selected for Colliers PropTech Accelerator program
Propstack, Indian real estate data analytics firm is among the ten companies to be picked up for the Colliers PropTech Accelerator programme. The batch of 2018 has been chosen based on several criteria which include modus operandi of long-term as well as short-term goals, etc. The real estate services and investment management company, Colliers Proptech, targets to shape technology to help facilitate its business.
Propstack, developed to curb the growing market need for transparency and organized in the real estate domain. Other selected start-ups include Germany’s Basking, Hong Kong-based Booqed, Swedish Raybased and Canada’s Lane.
Recent trends fueling investment in the Indian market
- The 21st century is all about Technologies, including Blockchain Technology which is not only limited to the creation of Bitcoin and has other application too.
- India being a culturally and linguistically diverse nation possesses a massive opportunity in the market for vernacular interface and content.
- Esports has exploded with popularity and is one of the fastest growing industries in the world.
- Social commerce enables a user to browse, compare and purchase products on the social networking page itself rather than going to the company’s website to make the purchase.
- Live-streaming is a way to attract and engage users by enabling them to connect instantly.
- Direct-to-consumer brands are transforming the conventional and established marketing solutions.
Startups incorporating AI-ML in Indian foodtech
Every new startup wants to dominate the industry by leveraging artificial intelligence in one way or another. Foodtech companies are revolutionizing the eating habits of individuals.
- Agrima Infotech- The RecipeBook, an artificial intelligence recipe app, works on an intelligent platform where it scans the food item using the food recognition technology.
- Dishq- Predicts individual food preferences with the help of personalization tech.
- Euphotic Labs- India’s first automated robotic kitchen.
- Gulpie- AL/ML powered Personal Food Assistant.
- Nymble- fully automated kitchen appliances.
- Robot- a robot-themed restaurant in Chennai.
Google backs operating system for feature phones,KaiOS
Kai Technologies has tapped into the world of ”feature phones” instead of smart ones, which has a significant presence in developing nations, like India and China.With a very few resources in hand and a humble space for 10 employees, it has managed to beat Apple iOS in India. Realizing the need to make internet access for millions of people in the country, Google has invested $22million in KaiOS earlier. The search giant has rolled out a new version of Google Assistant and Google Maps dedicated to the interface of JioPhone, a feature phone in India which uses KaiOS, in December 2017.
NITI Aayog - Govt. promises to adopt policy soon
NITI Aayog’s two-day global mobility summit, MOVE ,witnessed 1,200 government representatives, academics, and global auto leaders like Suzuki Motor chairman Osamu Suzuki at New Delhi’s Vigyan Bhawan convention centre. With high expectation on some clarity on the Narendra Modi government’s ambition of implementing FAMEII scheme, the participants of the summit were left with just a promise of the adoption of new policies regarding electric and other alternative fuel vehicles. The government also announced subsiding batteries and not vehicles.