24th November 2017 | Daily Business News
#Indian Startup News
Talking a step ahead in its attempt to disrupt the financials services domain, Flipkart may soon start selling insurance products on its financial marketplace. As mentioned in company’s recent RoC filing, “The company intends to venture into the new line of business viz. solicitation and servicing of insurance policies by acting as a Corporate Agent.
2. Billdesk Backed Cryptocurrency Exchange Coinome Launches In India
Cryptocurrencies’ acceptance is getting wider. While the largest US-based derivative exchange CME Group has announced plans to launch Bitcoin futures, one of the leading Indian payment gateways Billdesk-owned Hatio Innovations has recently launched a cryptocurrency exchange Coinome in India. Coinome currently offers the trading of Bitcoin and Bitcoin Cash.
Unilever Ventures, the PE vertical of Unilever and Amazon Internet Services Pvt. Ltd. (AISPL), has invested $10 Mn (INR 65 Cr) into IDG Venture India Fund. The raised funds will be used by IDG Ventures India Fund to invest in consumer-technology, innovation, and digital startups.
Minister of State for Civil Aviation, Jayant Sinha, has announced that the government is looking to put into effect the concept of ‘digital sky” for smooth, uninterrupted operations of drones.
The Indian arm of social media giant Facebook has announced the launch of a new initiative, wherein it will be setting up an online startup hub to assist entrepreneurs in starting up and scaling their businesses.
Ministry of Electronics and Information Technology (MeitY), in line with PM Narendra Modi’s Digital India initiative, has launched the egovernance mobile app UMANG – Unified Mobile Application for New-Age Governance. The initiative to launch UMANG app was announced last year by the PMO to address this issue of multiplicity and is being hailed as the changemaker app.
Despite controversies and setbacks, global cab aggregator Uber remains focussed on bolstering its presence in India. As stated by Uber’s VP Product Daniel Graf, the company will continue investing in its Indian arm, strengthening its engineering team and developing country-specific innovation in the months and years to come.
Online classifieds portal Quikr is testing waters in the hyperlocal fulfilment domain. The company has recently floated a pilot on a very small scale in select areas of North Bengaluru. As part of the pilot, current employees and existing users in these areas can order virtually anything on QuikrEasy to deliver at their doorstep.
India’s largest public-sector bank SBI has announced plans to launch an omni-digital platform called YONO, which stands for ‘You Only Need One’. As its name suggests, the platform is envisioned as a one-stop solution for all of the customer’s needs related to banking and lifestyle products/services.
#11. VLCC eyes acquisitions to add muscle to its ayurveda portfolio
Wellness firm VLCC Health Care Ltd, which is an established player in the slimming and beauty services space, is planning to aggressively ramp up its ayurvedic products portfolio
#12. Cab-hailing firm Ola is likely to shrink its loss sharply this fiscal year and earn a net profit of as much as Rs 5,996 crore ($930 million) in the year through March 2021, its fair valuation adviser has projected.