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Streaming platform Quibi shutting down 6 months after launch
short by Pragya Swastik / on 22 Oct 2020,Thursday
US-based mobile-focused streaming platform Quibi is shutting down just over six months after launch following lower-than-expected viewership and downloads. Led by Founder Jeffrey Katzenberg and CEO Meg Whitman, it offers shows in 5-minute to 10-minute 'chapters'. It raised $1.75 billion in pre-launch funding from major Hollywood film studios including Walt Disney.
short by Pragya Swastik / 08:30 am on 22 Oct
Amazon refused to appear before Parliamentary panel on Oct 28: Lekhi
short by Nandini Sinha / on 23 Oct 2020,Friday
Amazon has refused to appear before the Joint Parliamentary Committee on the Data Protection Bill on October 28, PTI quoted panel chairperson and BJP MP Meenakshi Lekhi as saying. "If no one on behalf of the e-commerce company appears before the panel it amounts to breach of privilege," she said. The panel has summoned officials of Twitter on October 28.
short by Nandini Sinha / 02:56 pm on 23 Oct
Snapchat co-founders get $2.7 billion richer in just 2 hours
short by Krishna Veera Vanamali / on 21 Oct 2020,Wednesday
Snapchat Co-Founders Evan Spiegel and Bobby Murphy got richer by $2.7 billion in just 2 hours on Tuesday after the app's parent Snap reported better-than-expected results. Snap rose up to 25% in extended trading. This lifted the fortunes of Spiegel and Murphy by $1.3 billion and $1.4 billion, respectively, taking them to $6.9 billion and $7.2 billion, according to Bloomberg.
short by Krishna Veera Vanamali / 05:07 pm on 21 Oct
Chinese used car trading platform Renrenche, valued at $1.4 billion in 2018, could now sell for just over $1,000, Bloomberg reported. Backed by Goldman Sachs and Tencent, Renrenche reportedly plans to sell its major assets to Chinese classified advertisements website 58.Com Inc for $1,290. A Renrenche representative called the details inaccurate but didn't specify what exactly was inaccurate.
short by Pragya Swastik / 06:20 pm on 21 Oct
Maharashtra invites Tesla, holds video call with its executives
short by Krishna Veera Vanamali / on 23 Oct 2020,Friday
Maharashtra has invited US electric-car maker Tesla, weeks after its Chief Executive Officer Elon Musk suggested entering India next year. In a tweet on Thursday, state Tourism and Environment Minister Aaditya Thackeray said he and Industries Minister Subhash Desai held a video call with Tesla executives earlier in the day to invite them to the state.
short by Krishna Veera Vanamali / 11:22 am on 23 Oct
Flipkart to buy 7.8% stake in Pantaloons parent company for ₹1,500 crore
short by Krishna Veera Vanamali / on 23 Oct 2020,Friday
Walmart's Flipkart has agreed to buy a 7.8% stake in Aditya Birla Fashion and Retail, which operates over 3,000 stores including the Pantaloons brand, for ₹1,500 crore. Flipkart will also sell and distribute various Aditya Birla Fashion's brands. "This partnership is an emphatic endorsement of the growth potential of India," Aditya Birla Group Chairman Kumar Mangalam Birla said.
short by Krishna Veera Vanamali / 01:11 pm on 23 Oct
Google will hold a virtual meeting with Indian startup founders and app developers on October 21 to address their concerns over its Play Store policies, CNBC-TV18 reported. Google had received backlash from most Indian startup founders after it announced a 30% fee on in-app purchases of digital goods, post which the implementation of the policy was deferred to April 2022.
short by Hiral Goyal / 06:37 pm on 20 Oct
Microsoft has partnered with Elon Musk-led SpaceX to connect SpaceX's Starlink satellite broadband to Microsoft's new Azure Modular Datacenter (MDC). The MDC is essentially an on-demand container-based datacenter unit that can be deployed in remote locations. Microsoft will also join SpaceX in building a satellite for the US military.
short by Hiral Goyal / 09:39 pm on 20 Oct
Amazon has issued a statement saying the company's inability to appear before the Joint Parliamentary Committee (JPC) may have been misconstrued and led to a misunderstanding. "We have utmost respect and regard for the important work being done by the JPC," Amazon added. BJP MP Meenakshi Lekhi earlier said that coercive action could be taken if Amazon failed to appear.
short by Hiral Goyal / 10:04 pm on 23 Oct
RBI bars payment firms from issuing new proprietary QR codes
short by Hiral Goyal / on 23 Oct 2020,Friday
Under the new guidelines issued by the Reserve Bank of India, it has barred payment system operators from issuing new proprietary Quick Response (QR) codes for payment transactions. It has also asked them to switch to at least one interoperable QR code by March 31, 2022. The measures are aimed at providing better user convenience due to interoperability, RBI said.
short by Hiral Goyal / 03:37 pm on 23 Oct
WeWork Co-founder 'violated' $185M consulting deal: WeWork Chairman
short by Hiral Goyal / on 20 Oct 2020,Tuesday
WeWork Co-founder and former CEO Adam Neumann's $185-million consulting deal is "no longer in effect" as he might have "violated" parts of the agreement, WeWork's Executive Chairman Marcelo Claure told The Wall Street Journal. As part of Neumann's exit package, SoftBank had agreed to buy $1 billion in stock, refinance a $500 million debt, and pay $185 million for consulting.
short by Hiral Goyal / 06:12 pm on 20 Oct
Tesla sets revenue record in Q3 at $8.8 billion
short by Rishabh Bhatnagar / on 22 Oct 2020,Thursday
Elon Musk's Tesla on Wednesday reported its fifth consecutive profit, at $331 million in the September quarter (Q3), on a record revenue of $8.8 billion. Apart from automobile sales, the company also generated $397 million from selling regulatory pollution credits. It reaffirmed its target of completing 5,00,000 deliveries this year, but Musk added that it has become difficult.
short by Rishabh Bhatnagar / 11:16 am on 22 Oct
Audio-sharing app Pocket FM raises ₹41 cr from Tencent, Times Group
short by Rishabh Bhatnagar / on 21 Oct 2020,Wednesday
Regional audiobooks and podcasts platform Pocket FM has raised ₹41 crore in Series A funding from Tencent, Times Group and Lightspeed India. The Bengaluru-based platform had also raised ₹4.61 crore in seed capital from Lightspeed and Times Group in December 2018. Its valuation has jumped 6.3 times, from ₹18.5 crore to ₹116 crore, reported Entrackr.
short by Rishabh Bhatnagar / 01:14 pm on 21 Oct
After merger with India’s Voonik, Bangladesh’s ShopUp raises $22.5 mn
short by Rishabh Bhatnagar / on 21 Oct 2020,Wednesday
Bangladesh-based ShopUp has raised the country's largest Series A funding at $22.5 million co-led by Sequoia Capital India and Flourish Ventures. VEON Ventures, Speedinvest and Lonsdale Capital Partners also participated in the round. The B2B commerce platform acquired Bengaluru-based Voonik earlier this year in February and opened an office to hire local Indian tech talent.
short by Rishabh Bhatnagar / 10:52 am on 21 Oct
Tesla is recalling around 30,000 imported Model S and Model X vehicles in China due to suspension problems. The State Administration for Market Regulation (SAMR) in China said there are two different suspension defects, with some recalled vehicles potentially having both of them. The recall will not affect vehicles produced in the Shanghai facility which started operating earlier this year.
short by Hiral Goyal / 10:40 pm on 23 Oct
Ex-Paytm executives to launch kids-focused fintech startup Junio
short by Rishabh Bhatnagar / on 20 Oct 2020,Tuesday
Former Paytm Senior Vice President Shankar Nath and executive Ankit Gera have co-founded kids-focused fintech startup Junio. The initial launch product would be a debit card for children, which can be controlled by parents through an app. The product will be launched in a few weeks and the duo doesn't intend to raise funds for Junio soon, reported Entrackr.
short by Rishabh Bhatnagar / 12:50 pm on 20 Oct
Bengaluru-based e-sports platform GoodGamer raises $2.5 mn
short by Rishabh Bhatnagar / on 20 Oct 2020,Tuesday
Bengaluru-based daily fantasy sports and e-sports gaming app GoodGamer has raised $2.5 million in seed funding from an undisclosed group of investors. The app is owned by Canada-based GoodGamer Corp, and was launched in India in last month. The funds will be deployed for user acquisition and scale, said the platform.
short by Rishabh Bhatnagar / 01:31 pm on 20 Oct
Digital KYC platform Signzy raises $5.4 mn from Mastercard, Arkam
short by Rishabh Bhatnagar / on 22 Oct 2020,Thursday
Bengaluru-based AI-focused fintech startup Signzy has raised $5.4 million in fresh funding from Arkam Ventures and Mastercard. Existing investors Kalaari Capital and Stellaris Venture Partners also participated in the current round. Founded in 2015 by Ankur Pandey, Ankit Ratan and Arpit Ratan, Signzy helps firms automate risk and compliance processes such as Know Your Customer (KYC).
short by Rishabh Bhatnagar / 09:39 am on 22 Oct
Taxmantra launches $100 mn fund to invest in Indian, Asian tech startups
short by Rishabh Bhatnagar / on 21 Oct 2020,Wednesday
Kolkata-based global tax and law firm Taxmantra has launched a $100 million fund to invest in tech startups in India and Southeast Asia in the next 18 months through its new investment arm ProfitBoard Ventures. Several global investors have committed to the fund. "Our 3-year goal is to nurture 100+ startups from India, Southeast Asia," said Alok Patnia, Managing Partner.
short by Rishabh Bhatnagar / 10:23 am on 21 Oct
China's DiDi considers 2021 Hong Kong IPO at $60 bn: Report
short by Hiral Goyal / on 20 Oct 2020,Tuesday
Chinese ride-hailing platform Didi Chuxing is considering an initial public offering (IPO) in Hong Kong by early 2021 that could value the startup at $60 billion, sources told Reuters. It is also considering a new fundraising round ahead of the IPO to boost its valuation, the sources added. Founded in 2012, DiDi is backed by SoftBank, Tencent and Alibaba.
short by Hiral Goyal / 05:57 pm on 20 Oct
Tesla is a chain of over a dozen startups: Elon Musk
short by Rishabh Bhatnagar / on 22 Oct 2020,Thursday
Tesla CEO Elon Musk said his vehicle company should be thought of as a chain of "roughly a dozen technology startups, many of which have little to no correlation with traditional automotive companies". He said that he sees every "major product line" and "big new plant" as startups. He added that there are no plans to spin out any business.
short by Rishabh Bhatnagar / 12:40 pm on 22 Oct
Sales intelligence platform Slintel raises $4.2 mn from Accel, Sequoia
short by Rishabh Bhatnagar / on 21 Oct 2020,Wednesday
Bengaluru and Mountain View-based sales improvement and intelligence platform Slintel has raised $4.2 million led by Accel. Sequoia Capital India and existing investor Stellaris Venture Partners also participated. Founded in 2016 by Deepak Anchala, Rahul Bhattacharya and Ranjana TN, Slintel offers sales insights to firms, focusing largely on US where it generates about 80% of its revenue.
short by Rishabh Bhatnagar / 02:51 pm on 21 Oct
Ex-Tesla CIO Jay Vijayan's Tekion turns unicorn after $150 mn funding
short by Rishabh Bhatnagar / on 22 Oct 2020,Thursday
Former Tesla Chief Information Officer Jay Vijayan's automotive retail tech company Tekion has raised $150 million in fresh funding at a valuation of over $1 billion, making it a unicorn. Founded in 2016 by Chennai-born Vijayan, US-based Tekion has been backed by General Motors, BMW i Ventures and Exor, the holding company of Fiat Chrysler and Ferrari.
short by Rishabh Bhatnagar / 10:34 am on 22 Oct
Uber's drivers in California, US have filed a lawsuit alleging the company is unlawfully coercing them to vote for and support the ballot measure Proposition 22. "This case is about Uber trampling the political freedom of its drivers," an attorney who filed the lawsuit said. Meanwhile, Uber has threatened to leave the California state and reduce its driver base.
short by Hiral Goyal / 06:34 pm on 23 Oct
Edtech firm AhaGuru raises funding from Anand Mahindra's family office
short by Rishabh Bhatnagar / on 22 Oct 2020,Thursday
Chennai-based edtech startup AhaGuru has raised undisclosed Series A funding led by an investment firm that is managed by Anand Mahindra’s family office. Founded in 2012 by Gomathi S and Balaji Sampath, AhaGuru offers a mentored learning programme and live virtual online classes. Anand Mahindra has invested in social media startup Hapramp and car rental service Zoomcar, among others.
short by Rishabh Bhatnagar / 01:04 pm on 22 Oct
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