Airbnb to Acquire Trooly; Walmart Buys Bonobos; NITI Aayog to Set Up 1,000 Labs in Schools & More
Walmart is buying online men's clothing retailer Bonobos for $310 million in cash.
Here is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:
1. Securities depository firm Central Depository Services (India) Ltd (CDSL) has raised Rs 154 crore by allotting shares to anchor investors ahead of its initial public offering, which opens on 19 June. In a statement to stock exchanges, the company said that it has allotted a total of 10.3 million shares to 15 anchor investors at Rs149 per share. CDSL has priced its shares in a price band of Rs145-149 per share for the IPO, reported DealStreetAsia.
2. Financial services firm SMC Global Securities Ltd and IM+ Capitals Ltd, part of REPL, have launched their maiden $75 million fund to tap opportunities in India’s real estate market, as reported by DealStreetAsia. The fund expects commitments from domestic and international individual investors, institutional investors, banks and HNIs. The fund will concentrate on investing against under construction residential and commercial units at deep discounts and generate a fixed interest coupon.
3. Bengaluru-based label company Lahari Recording Company has registered a complaint of copyright infringement against Ola’s parent company ANI Technologies. Founders Bhavish Aggarwal and Ankit Bhati are also accused in the complaint, for streaming pirated music via its platform Ola Play.
In May 2017, Tulasiram Naidu, director of Lahari Recording Co, found that Ola was playing audios of popular Telugu movies such as Baahubali, Khaidi No.150, and Kannada movie Sundaranga Jaana, when he took an Ola ride from the airport to his home in Bengaluru.
He said, “They (people running Ola) are IIT boys and educated. They know what they are doing is illegal. I am surprised.” He also claimed his legal team lodged a complaint with the Bengaluru police for copyright violations. “Till date, nobody came to us for licensing the songs,” he further added.
4. To protect its users and hosts from undesirable and fraudulent people, alternative accommodations company Airbnb is buying Trooly, a California-based background-check startup founded by three Indian-origin entrepreneurs in 2014. "We'll continue working together to better facilitate trust between strangers on, off and across the platform - supporting Airbnb's overall strategy to create a world where anyone can belong anywhere," an Airbnb spokesperson said.
The Niti Aayog will set up 1,000 more Atal Tinkering Labs (ATL), meant to foster innovation, in schools across India by the end of this year to take their total number to around 1,500, reported ET.
The aim of ATLs is to "disrupt" the existing education system by fostering the spirit of innovation right from the school level, Niti Aayog's CEO Amitabh Kant said on Friday.
5. Walmart is buying online men's clothing retailer Bonobos for $310 million in cash, showing a sign of the aggressive direction Walmart is taking since buying Jet.com last year. Walmart has since bought clothing seller ModCloth, footwear retailer ShoeBuy.com and outdoor gear seller Moosejaw as it focuses on brands appealing to younger shoppers.
Bonobos, which started out selling pants online, caters to male shoppers looking for help putting together a wardrobe.
6. British luxury-car and aero engine manufacturing business Rolls-Royce is planning to invest in the Indian startups. The company is planning to triple its workforce at the R&D centre in India by the end of this year. The company will also look to invest in startups focussing on areas like artificial intelligence and data analytics.
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