Hyderabad Based Palred Tech Raises Rs 22 Cr from Florintree, OthersHyderabad-based Palred Technologies that owns and operates LatestOne. com, a vertically integrated ecommerce company, has raised about Rs 22 crore in the latest round led by Florintree Advisors, controlled by Mathew Cyriac, former co-head of Blackstone’s private equity business in India, and his college mate Chidambaram Palaniappan. The funds would be used for the general expansion of the ecommerce platform, its chairman Palem Shrikanth Reddy
said.
“The funds would be used for additional fulfillment centres, brand building and inventory. We also need to invest more on creating our B2B ecommerce channel as it provides great potential for this niche vertical,” Reddy said.
Facebook’s FbStart Selects Instalocate for Its ProgramFacebook’s FbStart which is a developer-focused program and caters to early stage, mobile-focused startups,
has selected Instalocate for its program which was founded by duo Pallavi Jain and Ankur Jain.
So far, more than 20 companies have been selected by Facebook including Healofy, Touchkin, Flicksup, Blood n Care and others.
Under the program, Instalocate will receive up to $40,000 from Facebook and its 30 partners, including Amazon, UserTesting, Dropbox and MailChimp. Along with it, it will have access to more than 25 services, including open source tools like React Native, FB Login, Account Kit and App Analytics.
Intel to Acquire Mobileye for $14-$15BU.S. chip giant Intel has agreed to buy Israeli technology firm Mobileye for $14-$15 billion, reported
ET.
The companies will announce the acquisition, later on Monday. Mobileye is a leading supplier of collision-avoidance car sensor systems.
The two companies are already collaborating with BMW on a project to put a fleet of around 40 self-driving test vehicles on the road in the second half of this year.
Actor and Fitness Evangelist Milind Soman to Invest Rs 40 Cr in Women’s Active Wear Startup DeiveeActor and fitness evangelist Milind Soman, along with co-founder Darshan M and Telugu film star Allu Sirish,
are planning to invest up to Rs 40 crore over the next two years in their women’s active wear startup Deivee, which created the performance kurti. The brand is expected to grow from a $2.5-billion company to a $4 billion one by 2020, with the Asia Pacific region contributing up to a quarter of its revenue. Currently, the company expects China to be a big driver in the region with goals of setting up over 40 locations there. The company, which targets Indian womencentric fitnesswear clothing, has already made a series of styles in yoga wear, besides the performance kurti, with swim-wear and other categoryspecific fitness clothing in the pipeline.
Karnataka Govt Launches $1.5M Fund for Women EntrepreneursKarnataka government announced a $1.5 million (Rs 10 crore) Idea2POC (idea to proof of concept) fund on International Women’s Day for women entrepreneurs.
Priyank Kharge, the state minister for IT (information technology), BT (biotechnology) and tourism, who launched the scheme said that his department will provide Rs 50 lakhs to any woman innovator who is looking for funds for proof of concept validation, certification, and for costs in manufacturing pilot devices.
“I am happy to note that the confederation of women entrepreneurs is promoting the cause of women empowerment by inculcating a culture of entrepreneurship among women and facilitating in shaping their ideas into workable models of business. Women empowerment means building their confidence level to face the world and to achieve their targets,” Kharge
said in a statement.
Realty Consultancy Coldwell Acquires Property Portal Favista in an All-Stock DealReal estate consultancy firm Coldwell Banker India Pvt Ltd has
acquired property search site Favista.com in an all-stock deal.
Favista’s assets, IP and employees will become part of Coldwell. The realty broking firm’s brokerage arm will also be absorbed by the company. However, Favista.com will continue to function as a standalone portal.
Founded by Anupam Sinha, Manish Sinha and Vishal Bhargava, Favista was incubated by Veddis Ventures in 2011. Coldwell Banker India is the master franchisee of the US-based Coldwell Banker Real Estate LLC. However, the Indian firm is not owned by the US company.
