Indian Startup News

Indian Startup news: August 8, 2017

August 28, 2017
Startup Talky

Amazon has already planned the Diwali gift

The leading e-commerce website, Amazon has already decided their Diwali scheme in which they will introduce food retailing market in the India. This scheme of Amazon will hit around the Diwali season. According to the retail market experts, this will blow out their competitors Big Bazaar, Flipkart etc. Wall Street is betting that Amazon.com Inc.’s push into groceries will be very bad news for the packaged-food industry.

Curefit to hire Hrithik Roshan for Rs. 100 crores

Health and wellness startup CureFit have signed actor Hrithik Roshan as the brand ambassador for five years at Rs100 crore, said a report in The Economic Times. This is the biggest deal ever any Indian Startup made with high paying star. The company plans to introduce HRX workout plan across all CureFit-run Cult fitness centers and soon-to-be launched a mobile app, which is expected to rake in Rs250 crore annual business in the next couple of years.

Godrej Interio to launch E-commerce website for furniture sale

Godrej Interio is the furniture selling unit of the Godrej group. With the enhancement on the e-commerce sector in India, Godrej Interio is planning to invest about $62.6 Mn to facilitate online retail over next three years. The investment will allow Godrej Interio to enhance its production capacity. Godrej Interio Chief Operating Officer Anil Mathur confirmed the news. The Godrej Interio has 52 company stores already running in different parts of the nation.

SEBI scowled to the Angel Network

Angel networks which serve as the vital link between startups scrounging for funds and faceless investors, has received a warning from the financial regulating authorities. Securities & Exchange Board of India has shot off notices to at least half a dozen angel firms in the past one-and-a-half months, asking them to spell out details of their fund-raising business and explain whether they operate within the contours of the securities market law.

DIPP recognized new 2200 ventures

Department of Industrial Policy and Promotion has stamped around 2196 new ventures under the Startup India. The department has eased out the patent filing and registration process for the new startups. Government data shows that there has been a spurt of growth in start-up registration from May 2017. Over 800 start-ups have been recognized by the DIPP in the last two months alone.

Truxapp raised $3.1 million dollars in A series premium funding

Delhi based Startup Tuxapp, which is co-founded by Manmohan Agarwal, owner of Yebhi.com, has raised $3.1 million dollars from the A series premium funding from the tight pockets of investors. The investors participated in the funding are Videocon Industries’ chairman Venugopal Dhoot; Ajay Bhatia, managing director of UAE-based Bhatia Brothers LLC; Tarun Khandelwal, managing director of Add-Advisory Partners; family of Ganpat Singhvi, group advisor and director of UAE-based Al Nasser Holdings LLC; Mandhian family which has investments in real estate.

Rubique hired two payment industry veterans

Rubique the ultimate destination of the Financial aid for the small entities has hired two veterans of the payment industry Suresh Sethi and Alexia Yannopoulos. Whereas Sethi has 27 years experience in the financial sector such as Citi group, Yes Bank, and Vodafone. Prior to Apis, Yannapoulos was a vice president at Anthemis, one of the leading VC investors and corporate advisors in financial technology. Previously she also worked at Deutsche Bank with the Financial Institutions team.

Guiddoo Launches first Entrepreneur in Residence Program of India

Guiddoo the in traveling destination platform has introduced India’s first Entrepreneur in Residence program aka EIR. The program was introduced to aid the for entrepreneurs in the technology industry to provide them financial aid and guidance that they required to establish themselves. The expert team of the Guiddoo will nourish the entrepreneurs and provide them guidance.

Flipkart appointed Anil Goteti eBay chief

Flipkart has finally made a decision of appointing their marketplace head, Anil Goteti as the chief of the eBay. So, now Anil will lead the team of eBay India, which has been acquired by the home grown e-commerce website Flipkart for $1.4 billion fund raising round. The decision has been pending for very long but finally, Flipkart announced the chief of India eBay, after lots of speculations.

Google fires their engineer

Google has fired James Damore, the software engineer who wrote a 10-page controversial anti-diversity memo that went viral inside the company. The memo questioned Google’s diversity efforts and put a question mark on the Google policy of not appointing women to the higher positions, especially technical positions in the company.  Google CEO Sundar Pichai said the memo violated company’s code of conduct by “advancing harmful gender stereotypes.”

 

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