One Internet Announces Launch Of Its New Incubator Centres At Gurgaon And New DelhiOne Internet, a 360 degree startup support incubator cum accelerator platform that enables a quintessential ecosystem of resources to the startups, has announced launch of its new incubator cum accelerator centres at Gurgaon and NSP (New Delhi). This increased capacity will enable additional 500+ startups to benefit from integrated resources offered by the company under one roof-to work in a co-efficient manner. Many more startups will now benefit from the complete ecosystem of resources enabled by One Internet. One internet is.
Uber Raised $3.5B From Saudi Arabia’s Public Investment FundUber said on Wednesday that it had raised $3.5 billion from Saudi Arabia’s Public Investment Fund, the kingdom’s main investment fund, in one of the largest-ever investments into a privately held startup. The money was part of the ride-hailing giant’s most recent financing round and continued to value Uber at $62.5 billion. The investment, which was months in the making, does not cash out any of Uber’s existing investors. Until now, Saudi Arabia has not been known for venture capital investing, though some members of its royal family have made some deals.
Singapore Sovereign Wealth Funds Bought $1B Of Chinese eCommerce Company AlibabaSingapore sovereign wealth funds bought $1 billion of Chinese e-commerce company Alibaba Group Holding Ltd's shares as part of an $8.9 billion sale by Japan's SoftBank Group Corp, Alibaba's biggest shareholder. Singapore's GIC Private, Ltd and Temasek Holdings each purchased $500 million of Alibaba shares at $74.00 apiece through subsidiaries, Alibaba said, offering details of the SoftBank sale announced on Tuesday.Alibaba purchased $2 billion of its own stock at the same price, in a move which would add to earnings
Amplifi Will Soon Be Setting Up A Similar Accelerator In Hong KongAmplifi, an accelerator focussing on startups in the software-as-a-service (SaaS) space, will soon be setting up a similar accelerator in Hong Kong. This will be done in collaboration with a local company, which operates co-working spaces with assistance from a government-supported incubator. Sudarshan Narayan, managing director, Amplifi, told ET the launch of the Hong Kong accelerator would happen in parallel with the other centers planned in India in Mumbai, Pune, Delhi, Hyderabad, Chennai and Kolkata.
RIL To Invest $16M In US Tech StartupReliance Industries Ltd (RIL) has agreed to invest $16 million (Rs. 108 crore) in US tech startup NetraDyne Inc. The company will be making this investment through its subsidiary Reliance Industrial Investments and Holdings (RIIHL) in two different tranches. The first tranche of 50% was invested on May 30 while the next tranche will be invested by May 30, 2017. The investment is done by way of compulsorily convertible preferred shares. On conversion of this investment, RIIHL will hold about 40% stake of the company on fully diluted share capital basis.
Telangana Government May Set Up T-Hub's Outpost In Silicon ValleyTelangana government today said it may set up an outpost of T-Hub, its technological incubator, in Silicon Valley, United States. T-Hub is a unique public/private partnership between the Telangana government, three of country's premier academic institutes (IIIT-H, ISB and NALSAR) and key private sector leaders. According to an official release, state IT Minister KT Rama Rao, who is currently touring the North American country along with some of the senior officials, today addressed a convention of investors and IT professionals.
Google Inc To Raise $218M By Selling Lenevo SharesGoogle Inc is seeking to raise between $218 million and $221 million by selling shares in Chinese personal computer maker Lenovo, according to a deal term sheet seen by the International Financing Review on Wednesday.
Google is offering 371 million Lenovo shares in the range of HK$4.56 to HK$4.62 per share, a discount of up to 4 per cent to the last traded price, the terms showed.
Lenovo recorded a net loss of $128 million for the financial year ended March 31, compared with a net profit of $829 million a year earlier, according to its filing to the Hong Kong bourse on May 26.
LocalOye To Focus More On B2B CustomersLocalOye is recasting its business model to focus more on business-to-business (B2B) customers for better monetisation. LocalOye, run by Mumbai-based Imma Web Pvt Ltd, has been struggling with weak unit economics and high cash burn while dealing with retail customers. LocalOye is now aiming to power the back-end of other B2C home services players across India. Started in 2013, LocalOye offered services in more than 90 categories across home services, education services, beauty services, health and fitness services, event planning services and online consultancy services. It claims to work with more than 4,200 partners across services and has serviced more than 5 lakh customers. The company has operations in Mumbai, Bangalore and Delhi-NCR region.
LinkedIn Plans To Buy India StartupsUS-based social networking company LinkedIn is looking at buying Indian startups, has tweaked its India portal and with its new 800 seater office in Bengaluru, as it seeks to build on its India presence. LinkedIn, opened a new centre in Bengaluru, spread across 250,000 square feet, which has a capacity to seat 800 people. Currently, it has around 400 employees in India across different cities. LinkedIn did not spell out its hiring plans. India is currently the second biggest market for LinkedIn globally, with a user-base of 35 million. “This country is of great strategic importance and we are open for acquisitions that are strategic fits,” said Allen Blue, Co-founder, LinkedIn, a company which he co-founded with Reid Hoffman in 2002.
Amazon Invests An Additional $200M In Its Indian UnitAmazon, Global eCommerce giant, has invested an additional $200 million in its Indian unit this year, according to a report in The Economic Times quoting regulatory filings on May 31. With this latest investment in Amazon Seller Services, the total capital infused by Amazon in its main India unit since early 2015 stands at Rs 8,618 crore ($1.3 billion). The money came in March, a few weeks before India introduced discounting and vendor-related restrictions for online marketplaces, said the report. It was recently reported that Amazon India has almost doubled its authorized capital to Rs.16,000 crore ($2.4 billion), exceeding its initial commitment of $2 billion made in July 2014.
Digital Marketing Company GenY Medium Acquires TailCurrentHyderabad-based digital marketing company, GenY Medium, has acquired a B2B lead generation company, TailCurrent for an undisclosed amount. This acquisition will help GenY strengthen its B2B practice as it adds ‘SEO automation technology’ and ‘B2B lead generation automation’ to its service portfolio. Post acquisition, TailCurrent founder, Giridhar Apparusu, will join GenY Medium as CTO to strengthen specialisation of using technology in Digital Marketing.
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This is Meghna Shukla. She lives in Delhi. She is an engineering graduate and currently pursuing MBA from Jaypee Business School. She has a work experience of 2 years in content development. She loves to read and write.
