Alibaba to Invest $1B in Lazada; Arianna Huffington Launches Wellness Platform & Karnataka Gov Grants Rs 3.18 Cr to 12 Startups
Goa-based Casino Pride Group has bought a 30% stake in OceanKing Software Solutions LLP, the Mumbai-based company that owns and operates online gaming startup Baadshah Gaming, for an undisclosed amount.
Here is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:
1. Chinese e-commerce company Alibaba Group Holding is investing an additional $1 billion in Southeast Asian online retailer Lazada Group, to raise its stake to 83% and amplifying its focus on the region.
Alibaba's announcement comes at a time when its rivals such as Chinese e-commerce firm JD.com Inc are expanding operations in Southeast Asia and Amazon is eyeing an entry into the region of 600 million people where only a fraction of total retail sales are currently conducted online.
The Chinese e-commerce leader is buying out most other backers in a deal that values the Singapore-based startup at $3.15 billion, Lazada CEO Maximilian Bittner said, with management and Temasek Holdings Pte. remaining as the only other investors. Lazada backers Rocket Internet SE and Investment AB Kinnevik said on Wednesday they were among the sellers. The start-up’s previously disclosed backers also include British supermarket chain Tesco Plc.
Alibaba took control of Lazada last year from Rocket in a $1 billion deal—its largest overseas move to date.
2. Goa-based Casino Pride Group has bought a 30% stake in OceanKing Software Solutions LLP, the Mumbai-based company that owns and operates online gaming startup Baadshah Gaming, for an undisclosed amount.
“The strategic partnership is aimed at boosting the gaming portal’s agenda of venturing into the ‘click and mortar’ business model,” Baadshah Gaming said in a statement.
As part of the deal, the startup will launch its ‘Baadshah Gaming Live’ property at Casino Pride.
3. Huffington Post cofounder Arianna Huffington has launched her new health and wellness platform, Thrive Global, in India in partnership with Times Bridge.
Thrive Global, which focuses on reducing employee burnout and stress, plans to hire a team in India, Huffington told ET. It has already partnered with Bollywood actors, including Priyanka Chopra and Gul Panag, business woman Megha Mittal and cricketer Abhinav Mukund among other professionals for content.
It is also looking for an Indian brand ambassador.
4. Karnataka's department of information technology and biotechnology has announced Rs 3.18 crore in grants to 12 startups in areas such as agriculture, biotechnology, security, communications and robotics.
The enterprises have been selected on the grounds of application of the technology, practicality, feasibility and innovation.
"These 12 startups were chosen because they have the potential to make a difference," said Priyank Kharge, IT & BT minister.
These startups have been a part of the Idea2PoC (Proof of Concept), a scheme being implemented by the Karnataka Startup Cell, under the state's IT department. Each company will receive an initial funding of up to Rs 50 lakh.
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