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LinkedIn Launches #MadeInIndia LinkedIn Lite in Over 60 Countries, Naspers Looks To Exit B2B Travel Portal TBO & More

India-born social network, STICHIO, got selected by Facebook to get incubated in its coveted FBStart program.

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Here is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:

1. KKR-backed Avendus Capital, the non-banking finance company, has formally launched Rs 500-crore debt fund. The company is aiming to announce its first close by the end of August.

The Rs 250-crore Avendus Structured Credit Fund-I, which will also have a green shoe option of Rs 250 crore, will invest along side the NBFC, and will primarily target opportunities spread across industrials and healthcare sectors, and in the broader consumption theme, as reported by ET.

2. Professional networking site, LinkedIn has announced the launch of its 'made in India' product LinkedIn Lite mobile web and Android app in more than 60 countries including South Africa, Philippines and Nigeria.

This launch comes a fortnight after LinkedIn debuted a native LinkedIn Lite app to Android users in India. The app is a lighter version of LinkedIn’s flagship app, is designed for markets where bandwidth is a challenge such as small towns in developing countries like India, Pakistan, Bangladesh and Nigeria. 

LinkedIn Lite was first launched during LinkedIn CEO Jeff Weiner's visit to Bengaluru in September last year and is entirely developed by the company's Bengaluru R&D unit.

3. Japanese technology conglomerate, SoftBank Group has invested $250 million in Kabbage, a US online lender for small businesses. Kabbage which currently operates in North America and Europe, plans to launch in Asia within the next 18 months.

With this funding, Kabbage has raised a total funding of nearly $500 million so far. The Atlanta-based startup plans to use the funds raised to add lending products and other types of financial services.

4. South Africa-based Internet and media group Naspers is looking to exit its five-year old investment in B2B travel platform Travel Boutique Online (TBO).

Naspers is said to have approached online travel services providers MakeMyTrip and Yatra, as well as financial investors for a stake sale. Naspers is seeking a valuation of $47 Mn (INR 300 Cr) for TBO. It holds 52% of TBO’s parent, Tek Travels, through a Mauritius-based unit MIH Group. It had acquired the stake in Travel Boutique Online in April 2012.

5. India-born social network, STICHIO, got selected by Facebook to get incubated in its coveted FBStart program. As a part of this program, STICHIO would receive benefits worth $40K and avail opportunity to work with Facebook’s product and technology team in the US. Founded in 2016 by Vivek Aalok, Swagatika Das, Ashish Chawla and Rajan Bhuyan, STICHIO a first-of-its-kind social network that offers you a large assortment of readily available ideas in the form of DARES or challenges. These challenges can range from fun, talent, fitness and puzzles to totally outrageous ones.

6. Gourmet meat startup Licious, run by Delightful Gourmet Pvt. Ltd. has appointed former associate vice-president of Snapdeal as head of operations, reported DealStreetAsia. Vineet Khanna will join the Bengaluru-based startup as its head of operations from September, the person familiar with the matter said, on the condition of anonymity.

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Startup Updates linkedin LinkedIn Lite softbank naspers

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