Former Yahoo CEO Launches Tech Startup Incubator, Bezos-backed Grail to Raise $1B, Tencent to Invest $100M in Dream11 & More
Walmart may retain the management team of Flipkart, including CEO Kalyan Krishnamurthy if the proposed deal of the e-commerce firm goes through.
Below is a list of deals that happened in the Startup Ecosystem (Indian/Globally) today. Read a brief description about all of them:
1. Former Yahoo Chief Executive Officer Marissa Mayer is starting a technology business incubator, Lumi Labs that will focus on consumer media and artificial intelligence, reported ET. Mayer launched this venture with longtime colleague Enrique Munoz Torres in Palo Alto, California, in the office where she began her career at Google.
2. Grail Inc., the cancer-detection startup, is seeking to raise about $1 billion to boost growth ahead of its planned initial public offering in Hong Kong. The company which is backed by the world’s two richest men, Microsoft Corp. co-founder Bill Gates and the personal venture fund of Amazon.com Inc. founder Jeff Bezos, is planning an initial public offering in Hong Kong this year, as reported by ET.
3. Hyderabad-headquartered fund that invests in early and growth-stage enterprises, Caspian is looking to raise Rs 600 crore of funds to invest in startups through novel debt instruments. Caspian, which has set up four impact funds include Bellwether Microfinance Fund, India Financial Inclusion Fund, Caspian Impact Investments and Caspian SME Impact Fund to invest in startups in social and environmental fields, is aiming to help startup founders in need of short-term funds and hesitating to part with equity, according to a report published by ET.
4. Tencent Holdings, the world’s fifth-largest internet company, is in advanced stages of negotiations to invest an estimated $100 million (Rs 656.63 crore) in Mumbai-headquartered online fantasy sports platform Dream11, at a pre-money valuation of $400-$450 million, reported ET. If successful, this will be the second major deal closed by Tencent in India, after it agreed to lead a $115-million investment in music streaming service Gaana in February.
5. FundTonic Group today made an announcement for its recent round of funding (for an undisclosed amount) from Yesss Capital, Germany and other Investors. Fund Tonic is an angel network with over 700 angel Investors and a leading co-working player with operations in Mumbai, Pune and Bangalore. Led by co-founders – Akshit Gupta and Bhavin Parikh, FundTonic Group is the only startup ecosystem player in the country that operates a seed fund, angel network, incubation centers, co-working spaces and entrepreneurship development programs under one roof.
6. Walmart which is eyeing about 55 percent stake in Indian eCommerce major Flipkart through a mix of primary and secondary stake sale, may retain the management team of Flipkart, including CEO Kalyan Krishnamurthy if the proposed deal of the e-commerce firm goes through, reported LiveMint. Walmart has also expressed interest in giving a bigger role to Flipkart executive chairman Sachin Bansal and wants him to be more involved in the running of the company.
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