Startup Ecosystem has changed the outlook on business and enterprises, and has impacted our economy, budgets, and a lot more. Here we bring you fresh news on startups their operations, budgets, and all the new technology they bring forth. This week's startup headlines include Pepperfry's revenue growth along with Zomato's collaboration with MoHUA and Ixigo's acquisition of Confirmtkt. In the Fintech domain, while PayPal is shutting down business in India, PhonePe has launched a Stock Option Plan for its 2200 employees.
PayPal to shut Domestic Payment Business in India
5 Feb, 2021. PayPal, the online payments solution has announced that it will close down business in India beginning from April 1, and will prioritize international sales for Indian businesses. PayPal is a payments service, that enables users to make online payments on applications for booking tickets and other amenities. Since April however, PayPal will no longer allow domestic transaction services.
Zomato collaborates with MoHUA onboarding 300 street vendors
5 Feb, 2021. In an endeavor to create a more sustainable fast food delivery ecosystem for street vendors, Zomato has signed an agreement with the Ministry of Housing and Urban Affairs to onboard 300 street vendors. The onboarding encompasses 6 major cities including Bhopal, Raipur, Patna, Vadodara, Nagpur, and Ludhiana. While this venture is currently in its first phase, it could expand owing to the popularity of street food and could create better earning opportunities for street vendors.
Newton School Raises Funds in Series A Funding by RTP Global
With its learner base growing exponentially since the fourth quarter of the previous year, the Bengaluru based skill development startup Newton School has raised $5 million in Series A funding lead by RTP Global. Newton School is more focused on graduates and working professionals who aim for top tier companies. With over 700 enrolled students, Newton School has partnered with Zomato, Unacademy, Motorola, and other companies and also made it to the Inc42 30 Startups of 2020, owing to its growth. The funds are to be used to expand the user base further in 2021.
PhonePe allocates Stock Options Worth $200 million to its Employees
5 Feb, 2021. Fintech enterprise PhonePe has recently allotted $200 million worth of stock options among its 2200 employees. Flipkart announced its partial spin-off of PhonePe, a month after which PhonePe announced the Stock Option Plan. The Stock Option Plan is aimed at the company's core value, that is, long term focus and organization-first thinking. The company aims to develop an internal culture and remove internal competition, and through this initiative, it seeks to remove variable pay based on individual performance.
Pepperfry Revenue Grows by 26% Trimming Advertising Costs
5 Feb, 2021. Pepperfry has witnessed a boost in revenue by 26% amounting to over INR 260 crores for the financial year 2020 owing to the reduced advertising costs and more focus on an omnichannel. The biggest expenditure that the company faced was that of Employee Benefit, and while the previous year its losses increased by 72%, Pepperfry managed to lower them to 33% the following year. While the operations revenue comprises mostly of the commission from suppliers, the company also has 10 private label brands including Woodsworth, Mintwud and others.
Ixigo Acquires Train Booking Platform Confirmtkt
5 Feb, 2021. The Gurugram based travel E-commerce platform Ixigo announced its acquisition of Confirmtkt for an undisclosed amount of cash and stocks. The deal dictates that Ixigo founders will now be the Confirmtkt board members, while the current investors will exit and the companies will still function independently. Since both Ixigo and Confirmtkt are online train reservation platforms, this acquisition will enhance the customers' experience a great deal with the combined resources of both corporations.
Internet Startup i2e1 (Information to Everyone) Seeks to Make Internet Extremely Affordable
8 Feb, 2021. With an aim to digitize India, the Delhi based Internet Startup i2e1 endeavors to reduce the cost of internet such that it becomes accessible even at tea stalls. When established in 2015, the startup founders worked on user analytics and advertising solutions, and helped retailers offer free WiFi to customers along with integrated promotional offers. In the later years, it came up with yet another way of providing low cost internet services through the current public WiFi solution after TRAI initiated PM-WANI concept in 2016, and the previous month, i2e1 launched its first public data office.