Foxconn to Invest $5B in India, Ronnie Screwvala to Infuse Rs 100 Cr in UpGrad's B2B Segment & Capsula.Studio to Launch a Startup Accelerator
Media mogul Ronnie Screwvala plans to infuse Rs 100 crore in the B2B segment of his online education startup UpGrad in the coming months
Here is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:
1. Capsula.Studio at Tel Aviv University has partnered with Pinnacle Industries, a commercial vehicles seating and interiors company, to launch a startup accelerator, Pinnacle Capsula.Studio in Pune.
The Studio has been conceived as a not-for-profit entity which will allow novel ideas rapidly gain market traction. The facility will be located at The BHAU Institute which is a part of the College of Engineering, Pune and will act as a bridge between Indian and Israeli entrepreneurs.
Sudhir Mehta, CMD, Pinnacle Industries, said, "Incubators and accelerators continue to play an important role in the growth of the Indian startup ecosystem. Pinnacle Capsula will mentor and foster such talent and ideas focused on IP creation and provide them with the right guidance, opportunities and approach.”
2. Foxconn, the world's largest contract manufacturer for electronics, is planning to invest up to $5 billion (around Rs 32,000 crore) in India to make a manufacturing hub for export to key markets across Europe and the US.
“India is already high on our priority list, and we now plan to step up investments and business here by opening new factories and expanding the manufacturing footprint,“ A top official at the Taiwanese company told TOI.
3. Media mogul Ronnie Screwvala plans to infuse Rs 100 crore in the B2B segment of his online education startup UpGrad in the coming months and another Rs 100 crore during the next year for its international business.
As reported by ET, Screwvala had committed an additional Rs 300 crore of capital for UpGrad, a startup seeded within his venture capital firm Unilazer Ventures.
“We have already used about a third of the allocated amount of Rs 300 crore towards B2C. This is the year we will also spend on B2B and in the next year we would spend on expansion to international markets,“ said Screwvala.
Around The World