Startup news – 12th November 2017
Startup updates for the day:
- US-based venture capital firm Accel Partners is set to invest $15 million (about Rs 100 crore) in Sachin Tendulkar-backed celebrity fashion firm Universal Sportsbiz Pvt. Ltd (USPL).
- Japanese technology conglomerate SoftBank has reached a deal with Uber to invest billions in the ride-hailing giant.
- Nearbuy (formerly Groupon India), and Bengaluru-based Little backed by SAIF Partners and Singapore’s GIC — are being acquired by the Vijay Shekhar Sharma-led Paytm in a distress sale, reported ET.
- Tencent’s legal head Brent Irvin has joined the board of investee firm and cab-hailing platform Ola as director, reported VCCircle.
- Bengaluru-based e-commerce solutions and consultancy firm Ace Turtle Services Pvt Ltd has appointed former Infosys executive Kapil Bhatia as chief technology officer.
- The government has proposed a subsidy of Rs 3,600 crore to private telcos such as Bharti Airtel, Vodafone India, Idea Cellular and Reliance Jio through viability gap funding, for setting up Wi-Fi in rural areas as part of the second phase of the BharatNet project, set for a launch Monday.
- Swiss-based Indian agriculture sector-focused accelerator fund Pioneering Ventures plans to deploy Rs 5,000 crore in the agriculture and food supply chain space in the country over the next five years.
- Sir Terry Matthews (Welsh-Canadian business magnate, serial high-tech entrepreneur & Chairman of Canada-based investment management firm Wesley Clover International) has launched $10M ‘Alacrity India Startup Fund’ in collaboration with Pune-based Ideas to Impacts, to make investment in B2B SaaS startups.
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