Startup News – 11th October 2017
Startup news for the day:
- Olacabs today, announced its latest round of funding of $1.1 billion led by Tencent Holdings Limited. Ola’s existing investor SoftBank, in addition to other new US-based financial investors have also participated in this round.
- Online table reservation startup EazyDiner has raised Rs.30 crore in a fresh round of funding led by its existing backers Deepak Shahdadpuri-led DSG Consumer Partners and Saama Capital, with two new investors also coming on board.
- Online community and marketplace for home decor and home improvement Houzz has partnered with Times Bridge, the investments arm of The Times Group, to help homeowners and home professionals across the country discover the platform.
- InterGlobe Aviation, which runs budget carrier IndiGo, is in advanced stages of discussion to raise about $1.2-billion (₹7,800 crore) overseas funding to procure ATR aircraft.
- SoftBank leads $93 million investment in AI startup Petuum, Inc. that simplifies the process for companies to use machine learning or deep learning applications at scale.
- Business software maker Zoho will set up a major development centre in Tirupati, information technology minister of Andhra Pradesh Nara Lokesh said on Tuesday.
- Car rental service Zoomcar is set to start a bicycle sharing business, taking a cue from the success of Chinese startups in the space.
- Zoomcar today announced the launch of PEDL, India’s first technology enabled cycle sharing service. Zoomcar has forayed in this new segment with an aim to provide individuals a convenient, affordable, and environmentally friendly cycle sharing service for short trips around the city.
- Facebook India MD Umang Bedi resigns and will leave the company by the end of the year. Sandeep Bhushan has been named as the interim managing director for Facebook India.
- Flipkart has invested $460 Mn (INR 3000 Cr) in its logistics arm Ekart
- Tech Mahindra, Saudi Telecom Company Alliance to build and rollout cutting-edge digitalization solutions, built around the Cloud, IoT and delivered across a variety of interfaces, and covering a broad spectrum of future Smart City and industry specific needs in the public and private sector covering sectors such as Health, Oil & Gas and Transportation among others.
- Alibaba.com announced it will invest more than $15 billion over the next three years in a global research and development program. As part of the program, Alibaba will set up research labs in China, the United States, Russia, Israel and Singapore. The labs will conduct research in areas such as data intelligence, Internet of Things, financial technology, quantum computing and human-machine interaction.
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