Softbank to pump $2.5 billion into Flipkart
Softbank, the world’s largest financial firm is going to invest huge chunk into the India’s biggest start-up Flipkart. Softbank will go to invest a huge sum of $2.5 billion to the emerging e-commerce website of the India. This is quite interesting investment after the cancellation of Snapdeal for the Flipkart. The Japanese investor — best known for backing China’s Alibaba — is now the biggest investor in India’s largest online retail company that is battling US’ Amazon in one of the world’s most competitive markets for e-commerce.
Android Founder Raised $300 million for new phone startup
Android inventor Andy Rubin has raised $300 million in funding for his new hardware startup Essential Products. The new round was led by Access Technology Ventures, with Tencent, Foxconn, and Amazon also participating in the funding, among others. Altogether, Essential has now raised $330 million. Rubin has showcased his phone in May and the new premium Android phone will hit the US market this week. He has already talked with the Sprint to sell the phone through the carrier. He will also sell the phone through other sources like Amazon echo.
Amazon to hire 1000 technical and web developers from India
Amazon brought great news for the Indian technology and web developers, as they offer 1000 jobs. Amazon wants to increase the search area and develop more its Amazon.com, Amazon.in, the devices business, and the cloud-computing position, Amazon Web Services (AWS). Amazon website showed 1232 open positions on its India career page on Thursday. Amazon India is the second largest workforce center for Amazon after the US with an estimated staff of around 50,000 people.
Musical.ly social media app is now soon available in India
Musical.ly the social media app which allows users to create comical videos and share it on the social media is now soon going to launch in India. Musical.ly will be introduced to the Indian music lovers any time soon in this month. The company says it has over 240 million registered users globally, who share more than 15 million new “musical.lys” each day. Several popular names including Lada Gaga use Musical. ly.
Five Star Business Finance roped $50 million
Sequoia Capital India and US-based Norwest Venture Partners have led a $50 million (Rs333 crore) equity investment in Chennai-based lending firm Five Star Business Finance, the non-banking financial company. Sequoia and Norwest both invested Rs135 crore each for a 10% stake (each), said K. Rangarajan, chief operating officer at Five Star Business Finance. A small part of their investment went into buying shares from the promoter group.Five Star Business Finance offers small-ticket business loans and home loans to retail customers.
PTC & KPIT established Center of Excellence
The technology oriented PTC and KPIT established the Center of Excellence in their Pune based technology hub. In the inaugural ceremony, more focus is given to the customer’s engagement toward the Industrial Internet of Things (IIoT) with solutions built on PTC technologies. Demonstrations at the launch included Intelli-asset TM and solutions for smart cities, smart campus, and digital journeys. Customers who attended the launch event were given demonstrations on how to improve processes and service by integrating the product.
Bayir Group Closes New Round of B Series Funding
Bayir Group, the parent company of the newly launched North American division Bayir, Inc., recently announced two rounds of B Series Funding, totaling $2.45 million to be allocated for the future expansion of the business. Bayir Group anticipates an additional $1.42 million in funding in the near future for capital growth. Rajesh Srivastava, Chairman and Managing Director of Rabo Equity ( a subsidiary of Rabobank) has high hope from the investment.