We bring you the weekly dose of important Indian startup news of the week.
The most talked about Indian startup news of the week was Jack Ma-led ecommerce behemoth receiving the nod from Competition Commission of India(CCI) to the invest in hyperlocal grocery delivery startup Bigbasket. Alibaba will be transferring the funds to Supermarket Grocery Supplies, the parent entity of Bigbasket.
Important Indian Startup Stories Of The Week
Myntra Plans To Set Up Offline Beauty Stores
After opening its first offline store in Bengaluru for Roadster in March 2017 Myntra is now setting up the stage to open offline beauty and wellness stores as well. The Indian startup sells more than 100 beauty and cosmetic brands on its online platform and is now planning to sell all these products via a chain of multi-brand physical stores.
Google To Sell Technology To Andhra Pradesh Government
This was one of the interesting news which roll out in the Indian startup ecosystem. Google’s parent Alphabet Inc’s X research division announced that the Andhra Pradesh state government would buy its newly developed Internet technology which is capable of providing high-speed wireless Internet to millions of people without laying cable. X plans to have a small team based in Andhra Pradesh next year to help roll out the technology.
PhonePe Rolls Out Digital Gold Platform
This is another important Indian startup news of the week. Flipkart-owned digital payments platform PhonePe forged a partnership with SafeGold to launch a digital gold product through which users will now be able to buy and sell certified 24-karat gold via the PhonePe app. Rival Paytm had also unveiled a similar product in April 2017. PhonePe customers will get the opportunity to buy gold worth any amount, even as low as INR 1.