Deals RoundUp: Amazon, Junglee.com, Uber, Didi Chuxing, Edugild, CUP, uberPOOL, Line, Indian Government, Micromax India, RBI, Flipkart & More
Healthcare-focused venture capital fund Quadria has raised a new fund of $10 million under the name HealthQuad targeted at investing in early stage healthcare companies in India.
Photo Credit : timdenning.net,
Amazon Takes on Quikr & Olx, Launches Junglee.com For Second-Hand Goods
Now you can sell your used goods on Amazon. Junglee, a subsidiary of the Seattle-based eCommerce firm, has kickstarted a pilot which allows an individual sell second-hand goods across different categories like mobile phones, tablets, pre-owned watches, books, among other such items. Currently available in Bengaluru, the service is expected to expand to other metros depending on the success of the initiative.
Uber Hopes To Beat China Market Leader Didi Chuxing by 2017
Ride-hailing app Uber expects to continue on a "rapid growth" path in China, hoping to surpass market leader Didi Chuxing in 2017, Uber China's head of strategy said on Friday.
The company has been in fierce competition with Didi Chuxing, which is backed by internet giants Alibaba Group Holding Ltd and Tencent Holdings Ltd, across China. Uber's market share in China has grown to about 30% now from 1% in 2015.
Edugild Signs MoU With CUP To Jointly Support the Development of An Edtech Startup Ecosystem
Edugild, Indian edtech startup accelerator has signed a collaborative Memorandum of Understanding with Cambridge University Press (CUP) India to jointly support the development of an edtech startup ecosystem in the country. The MoU will enable Edugild and CUP to bring in key stakeholders on a single platform. These would be the startups, mentors, early stage investors, publishing houses and other partners.
Rishi Kapal, CEO, Edugild said, "Edtech is core to Edugild, with MIT PUNE being the core founding and knowledge partner. It is our belief that Edugild and CUP joining hands to strengthen this ecosystem is with the right meeting of minds and critical for a successful amalgamation of technology and industry expertise. I believe it is critical for us to nurture this ecosystem."
Uber Expands uberPOOL to 3 More Indian Cities
US-based cab aggregator Uber is planning to expand its carpooling service to three more Indian cities - Hyderabad, Kolkata and Mumbai on June 5. The service, which was launched in India about six months back, is currently available in Delhi and Bengaluru.
This service “uberPOOL enables people going the same way at the same time to share their journey - bringing carpooling at the tap of a button. More people in fewer cars means cheaper rides for passengers and less congestion over time,” Uber India President Amit Jain told PTI.
Since the launch of uberPOOL in Delhi and Bengaluru, 25 per cent of all trips in the two cities are now on uberPOOL, he added.
Line Plans An Initial Public Offering in Tokyo in July
Japanese mobile-messaging app, Line is is planning an initial public offering in Tokyo in July, according to people familiar with the matter.
Line is also considering a dual listing in New York, and Nomura Securities and Morgan Stanley are among the lead managers for the IPO, the people said.
The IPO is expected to value Line at more than $5 billion, and the company is expected to raise $2 billion to $3 billion, the people said. But that valuation is well below what it could have reached when Line first began considering an IPO in 2014, reflecting the difficulty the company faces in expanding its user base and cracking new markets, they said.
Government is in the Process of Finalising Guidelines for Matrimonial Websites
Indian Government is in the process of finalising guidelines for matrimonial websites to ensure that they are not used by those not intent on marriage. The government will make it mandatory for websites to keep IP address records as well as make those looking for a match upload documents proving their identity.
An unidentified government official added that users of these sites have to verify that they intend to use it as a matrimonial service, the official said. Websites should say whether they are dating or matrimonial websites. Also, users will be forbidden from posting “objectionable photos” on such sites, the official added. The guidelines are yet to be available in the public domain.
Micromax Plans to Enter Chinese Market by Next Year
Micromax, Indian handset maker, is looking to enter China next year to derive volume growth in the world's largest phone market in a bid to be counted among the top five in the world by 2020. The company may raise cash through a public listing or strategic partnership within the next two years.
Sources aware of internal plans say that the company may start with a single model, which may be rolled out in partnership with a Chinese eCommerce major. It would have a different product portfolio for the China market while it may also consider local partners for having a different operating system.
Reserve Bank of India Appoints Nandkumar Sarvade as Head of Its IT Subsidiary
The Reserve Bank of India has appointed Nandkumar Sarvade, retired IPS officer and an expert in bank fraud and terrorism cases, as head of its recently created IT arm that is tasked to look at its cyber security issues.
Sarvade is currently chief executive of Data Security Council of India, the premier industry body on data security setup by Nasscom.
RBI, in its notification, said, "The IT subsidiary would focus on IT and cyber security related issues of the financial sector and assist in IT systems audit of RBI and its regulated entities; advise and manage internal or system wise IT projects."
Nest Co-founder and CEO Tony Fadell Steps Down
The CEO of Google's home automation company, Nest, is leaving. Tony Fadell made the announcement in a blog post, saying he will remain as an advisor to Alphabet and CEO Larry Page. Marwan Fawaz, a former exec with Adelphia, Charter and Motorola Mobility and chairman of CableLabs, will step in as the new CEO.
BCCL's Brand Capital Plans to Pick Small Stake in Flipkart
BCCL’s Brand Capital (Bennett, Coleman and Company Ltd) is in talks with Flipkart to pick a small stake in the eCommerce firm. BCCL has initiated discussions with Flipkart over a Rs 500 crore deal to pick an undisclosed stake in the company through its ad-for-equity investment arm Brand Capital. If the negotiations go through, Flipkart will issue shares to BCCL on a part-cash and part-advertisement deal wherein the e-commerce major will receive free advertisements and promotions on BCCL’s various media properties including the country’s largest English daily by readership The Times of India, The Economic Times and news channels Times Now and ET Now, for years.
India Overtakes the US as Internet’s Second Biggest User - Meeker
India has overtaken the United States in terms of Internet usage and now stands next only to China after witnessing a phenomenal 40% year-on-year growth. On the other hand, global Internet user base is shrinking.
With 277 million Internet users in 2015, India is the only big country to have registered an increase in the number of Internet users, the Mary Meeker’s 2016 Internet Trends report released on Wednesday night says.
“From 33 per cent in 2014 to 40 per cent in 2015, the country has witnessed nearly 40 per cent year-on-year increase in those taking to the medium,” the report by Mary Meeker of Kleiner Perkins Caufield & Byers, an investment firm, said.
GoGo Truck Gets $74k Seed Funding from Madurai Based Angel Investor
Chennai-based Fruges Ventures Pvt. Ltd, which runs mini-truck aggregator GoGo Truck, has raised seed funding from a Madurai-based angel investor.
The online marketplace, which focuses on intra-city transport, has raised Rs 50 lakh (around $74,400). The startup will be using the funds to consolidate its operations in the Chennai market and expand its services to Hyderabad. A part of the funds will be used for marketing initiatives and brand-building activities.
Naspers Invests $60M in Udemy to Expand Global Reach
Udemy, a global marketplace for learning and teaching online, has announced a strategic investment of $60 million from Naspers through its Naspers Ventures division. Larry Illg, CEO of Naspers Ventures, is joining Udemy’s Board of Directors.
Udemy plans to use the new capital to continue its strong international momentum, including growing its localized course content library and product offerings to meet the global demand for online learning. The investment is a follow-on to Udemy’s $65 million Series D round of financing from June of 2015.
SEBI Plans to Relax Startup Listing Norms by Next Month
Sebi plans to make startup listing platforms more attractive by relaxing the norms by next month. This is to help startups tap this avenue for raising funds as also to give existing local and foreign investors an easier exit opportunity.
The platform is aimed at providing easier exit options for angel investors, domestic and foreign venture capital funds and private equity players, who have invested in over 3,000 startups, including in new technology space, in India.
Snapchat Buys 3D Photo App Maker Seene
Snapchat has acquired 3D photo app maker Seene (also known as Obvious Engineering) a couple of months ago. Snapchat could use Seene’s format for a brand new category of selfie lenses, a new 3D photo format, and potentially for future virtual reality projects, as per TechCrunch report.
Glassdoor Raises $40M at a Valuation of Around $1B
Glassdoor which helps people look for jobs and research companies that interest them based on feedback from others — has raised another $40 million in funding, a Series H round that values the company at around $1 billion and co-founder and CEO Robert Hohman describes as “opportunistic.”
SAP India Announces Startup Accelerator-II in Collaboration With CIIE
SAP India has announced the second edition of its Startup Accelerator Programme in collaboration with the Centre for Innovation, Incubation and Entrepreneurship (SAP-CIIE) at IIM-Ahmedabad, to mentor and build capacities of 30 startups by 2017.
The programme aims at identifying investable regional startups, catalysing participation of regional stakeholders, including domain experts, angels and academics, to foster regional entrepreneurship ecosystem, a CIIE spokesperson said here.
Online Doctor Consultation Platform iCliniq Raises Angel Round of Funding
Bangalore- and Coimbatore-based Orane Healthcare India Pvt. Ltd that operates online doctor consultation platform iCliniq has raised an undisclosed amount in angel funding from Erode-based laparoscopic surgeon MadhanKumar Madathupalayam. As part of the transaction, Madathupalayam, who was earlier associated with the venture in a consulting capacity, will join the board of icliniq.
The funds will be used for product development and augmenting the firm’s technology backbone.
US Based Romulus Capital Invests $2M in Vyome Biosciences
US-based Romulus Capital, which recently closed its $75 million third fund, has maiden its investment from the latest fund in Delhi-based healthcare startup Vyome Biosciences Pvt Ltd. Romulus has invested $2 million as part of the larger series-C round of Vyome, which has earlier raised around $11 million from investors like Kalaari Capital, Sabre partners, Aarin Capital and Navam Capital. This investment marks Romulus’ first investment in an Indian firm.
HealthQuad Closes $10M Maiden Fund to Invest in Healthcare Startups
Healthcare-focused venture capital fund Quadria has raised a new fund of $10 million under the name HealthQuad targeted at investing in early stage healthcare companies in India. As per the report, the fund has already raised $6 million in its first close and expects to make the final close in the next three months. It aims to invest in a total of eight to 10 companies in the next 12-18 months. The investment in startups will range from Rs 1 crore to Rs 15 crore ($150,000 to $2.2 million), across healthcare delivery services, life sciences, devices and medical technology, and health IT.
Shuttl Cuts Routes, Lays Off Staff as Part of Consolidation
Gurgaon-based venture-backed bus-aggregation service provider Shuttl has pulled back from certain routes in Delhi-NCR region and laid off employees, as part of a consolidation drive, sources privy to the development told DEALSTREETASIA. The move was confirmed by Shuttl in an emailed response to queries sent by DEALSTREETASIA. However, it said that the company was on track to expand into new cities.
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