Indian Startup news,technology,innovations for June 9, 2017
eSahai Gets $500,000 in Seed Round Funding
Medical taxi provider and ambulance aggregator eSahai has raised $500,000 in its seed funding round. Hyderabad-based MyInd Medtech Innovations Pvt. Ltd operated company will use the fund to extend its medical taxi fleet and add a number of ambulances onto its platform.It is one of the latest Indian Startup news .The company will also spend a portion of the fund on its technology and marketing platform.
IndusInd Bank Raises $225 Million Loan to Fund MSME
Private sector operated IndusInd Bank has raised $225 million from a US government funding agency to better facilitate its funding for small and medium enterprises. The fund that came from The Overseas Private Investment Corporation (OPIC) will be utilized to fund women entrepreneurs as well as to unbanked domains. The finance agreement of $225 million will primarily support the expansion of bank’s micro, small and medium enterprise (MSME) lending programs across the country.
SoftBank to Acquire Robotics Businesses from Alphabet Inc
To grow its artificial intelligence portfolio, SoftBank is going to acquire two robotics building firms from Google’s parent company Alphabet Inc. Without disclosing any terms of the transaction, a SoftBank spokesperson said that the company would buy Boston Dynamics and Tokyo-based Schaft, which are actively involved in designing and manufacturing robots that simulate human movement.
Yahoo Shareholders Give Thumbs Up to Sell Its Core Business to Verizon
Shareholders in Yahoo Inc approved the sale of company’s pending core internet business to Verizon Communications Inc. The amount fixed for this deal is $4.48 billion and the deal is expected to close in June second week. Yahoo also extended a tender offer to buy back up to $3 billion shares from June 13 to June 16. After this deal, Yahoo will be renamed to Altaba.
Artha India Ventures to Spend INR 200 Crore in Early VC Fund
Leading venture capital, Artha India Ventures is going to float INR 200 crore of its own fund for early stage venture capital investment.It is among one of the latest Indian startup news.The family-run business of former BSE director Ashok Damani is in the final stages of submitting a formal application market regulator Sebi to register Artha Venture Fund. The venture capital will invest in startups across seed, pre-series A and series-A levels of growth.
ZEEL Acquires 49% Stake in India Webportal
Zee Entertainment Enterprises Ltd (ZEEL) is going to acquire the remaining 49 percent equity stake in its subsidiary India Webportal Pvt Ltd $30.7 million. The company also acquired a 12.5 percent equity stake of Tagos Design Innovations for $2.5 million. The acquired platform India Webportal is currently distributing digital media contents to various websites including Cricketcountry.com, Bollywoodlife.com and India.com.
Jindal and FVCCL Collaboratively Incubator for Agritech Startups
Japanese company Future Venture Capital Company Ltd. (FVCCL) and Jindal Stainless Ltd has formed a collaboration to launch an advanced incubation center for Indian Agri tech startups. Announced at the Confederation of Indian Industry (CII) organized “Krisi Unnati” event, the program has already been signed. A total of 5-10 startups will be selected for this incubation program.
Alibaba Founder Roars with $2.8 Billion Net Growth in a Day
After Alibaba Group Holding forecast sales growth; Alibaba Group founder Jack Ma’s total net worth surged $2.8 billion just in a day. With this, the billionaire has climbed a huge $8.5 billion growth this year which took his total net worth count to $41.8 billion. The company forecast 45 to 49% revenue growth in the year ending March. Also, the shares in Alibaba have risen to a 13% record high.
IFC to Invest in AIPL’s Rice and Pulse Mills
The private sector investment arm of the World Bank – International Finance Corporation is all set to invest in Agrocorp’s proposed food grain milling plants.It is also one of the latest Indian startup news.Agrocorp International Pte Ltd is planning to set up two pulse milling plants in India and is looking for a local partner in Bangladesh to build a rice mill there. The two projects will be estimated to cost $47 million total.
Amazon in Final Stage to Invest $500 Million in Food Retail
Amazon is going to invest the proposed $500 million fund in a wholly-owned Indian food retail venture after getting DIPP approval. The proposed amount will be invested over a five year period. DIPP approval will facilitate Amazon to stock locally produced food items and sell them online.