23 January 2018 | Daily Business Digest
#Indian Business News
#TopNews: Paytm Valuation To Touch $10 Bn After Secondary Share Sale
Paytm is likely to be valued at about $10 Bn after some existing and former employees sell a part of their shares to new investors.
#1. Travel App RailYatri Acqui-Hires YatraChef To Boost Up Last Mile Commerce
Taking a step ahead for customer’s convenience, Noida-based long distance travel app, RailYatri has acqui-hired Kochi-based food delivery technology startup, YatraChef. With this, YatraChef will manage the pan-India supply side of RailYatri’s in-transit delivery services. RailYatri, founded in 2011 by Kapil Raizada, Manish Rathi and Sachin Saxena, received venture funding of unknown amount in October
#2. Edtech Startup AEON Learning Raises $3.2 Mn Funding From Ranjan Pai’s MEMG LLP
Edtech startup, AEON Learning has raised $3.2 Mn in a Series B funding round from MEMG Family Office LLP, a fund set up by Dr. Ranjan Pai, chairman of the Manipal Education and Medical Group. The edtech startup plans to use the latest investments towards growing business from its university partnerships, and skill programmes.
#3. VC Firm Nexus Venture Partners To Raise Fifth Fund Of Upto $400 Mn
Homegrown VC firm, Nexus Venture Partners, is expected to raise its fifth fund targeting a corpus of $350Mn-$400 Mn. An ET reported cited three people close to the development, who said that the VC firm will increase the share of investments in US based software companies.
#4. FinTech Startup OptaCredit Secures $4 Mn Credit Line From DMI Finance
OptaCredit, the alternative-lending fintech startup, announced that it has secured an initial $4 Mn credit line from DMI Finance. The credit facility will be directly imbibed in aiding the company’s present financial offerings in aiding salaried customers across India to get access to timely and transformational credit. The Chennai-based fintech startup was founded by S.Kumar.
#5. Goomo Acquires B2B Car Rental Marketplace WagonBee To Strengthen Its Traveltech Offerings
In order to expand its B2B product portfolio, Mumbai-headquartered traveltech startup Goomo has acquired a B2B vehicle rental marketplace WagonBee. Founded by Navneet Misra and Vikash Singh in 2016, Noida-based WagonBee is currently present in over 40 cities across India with nearly 8,000 itineraries and connections.
#6. Foodtech Startup HungerBox Raises $2.5 Mn Funding From Lionrock Capital And Kris Gopalakrishnan
Growth Story-promoted B2B foodtech company, HungerBox has begun the new year on a favourable note by closing a Pre-Series A funding of worth $2.5 Mn led by Lionrock Capital and Kris Gopalakrishnan, Co-Founder, Infosys. Sandipan Mitra, CEO and Co-Founder HungerBox said, “HungerBox’s business has scaled tremendously over the last 15 months with nearly 7 Mn orders
#7. Ride Hailing Firm Uber Says It’s 100% Committed To India
Stating that its 100% committed to India, ride-hailing firm Uber has dismissed report of its exit from the Indian market as “baseless speculation”. An Uber spokesperson told ET, “Our business in India is stronger than ever and we are 100% committed to serving our riders and driver partners in India.”
#8. Patiala Court Restrains Ecommerce Behemoth Flipkart From Using MarQ Label
Ecommerce major Flipkart may not be able to use its private label MarQ, marked for its large appliances category. Patiala Court, New Delhi has restrained Flipkart from using the name MarQ after Delhi-based large appliance manufacturer Marc Enterprises approached the Court alleging that it is the violation of the company’s trademark Marc, as MarQ sounds similiar
#9. Income Tax Department Asks Ecommerce Giant Flipkart To Reclassify Discounts As Capital Expenditure
Ecommerce player Flipkart has lost an appeal against the Income Tax (IT) department over the reclassification of marketing expenditure and discounts as capital expenditure, which involves substantial tax liabilities.
#10. AI Based HRTech Startup Skillate Raises Funding
AI-based HRTech startup Skillate has raised an undisclosed amount of funding from Incubate Fund India, and Industry expert and Director of Zyoin, Anuj Agrawal, says co-founder Anand Baranwal. The newly raised funding will be used to accelerate product development, expand its team and bolster marketing initiatives to ramp up its customer base in India
#Tech News
👉🏿HomePod settings interface, volume controls, more shown off in new images from internal testers
👉🏿Microsoft unveils cheap laptops and more tools for education
👉🏿Nike and PlayStation unite on these limited edition sneakers
👉🏿You can now replace your Nexus 5X with a Moto X4 Android One on Project Fi
👉🏿Malala and Apple launch partnership to get at least 100,000 underprivileged girls into school
👉🏿Hackers steal $1.5 million a month from cryptocurrency funds
👉🏿SpaceX’s three-core Falcon Heavy rocket launch deferred due to US govt shutdown
👉🏿Vivo’s in-screen fingerprint reader phone launches this week
👉🏿You will soon be able to buy audiobooks on Google Play
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