We bring you the weekly dose of important Indian startup news of the week.
Once again newsmakers in the Indian startup ecosystem were ecommerce behemoths Flipkart and Amazon. Flipkart took a strategic step and piloted its online groceries category in Bengaluru and announced to launch its own Smartphone Billion Capture+, under its Made For India private label brand Billion. The Smartphone will be on sale from November 15, 2017.
On the other hand, Amazon finally shut down its online product discovery platform, Junglee. Junglee’s services will be redirected to Amazon’s Local Find. Further, in a media interview recently, Amazon Worldwide Consumer CEO Jeff Wilke also commented that India is the fastest growing market and they will continue investing aggressively even if it will take time to mature.
It was also reported that Amazon will soon rollout audiobook service Audible in India. The service will allow users to listen to their favourite books on the go. According to some sources, the platform is undergoing beta testing to make it more suitable for Indian customers.
Important Indian Startup News Stories Of The Week
RBI Reaffirms Its Hostility Towards Bitcoins And Cryptocurrency
Responding to an audience query at a banking event on November 6, 2017, S Ganesh Kumar, Executive Director of RBI stated that one cannot use Bitcoins for any payments and settlements, in the country, though the technology (Blockchain) underlying cryptocurrencies will not end. In his statement, while Ganesh didn’t deny the importance of the technology underlying Bitcoins i.e. blockchain, he did put a question mark on Bitcoin as a mean to digital transactions.