Uber Partners With Paytm to offer semi closed wallet
Uber this week announced that has tied up with Paytm to offer a semi-closed wallet which will work through the mobile app. This step will help Uber to comply with rule of two-step verification declared mandatory by RBI. Under the new mechanism, the two-factor authentication will have to be done only at the time of loading or recharging the virtual wallet accounts, and not after each ride and the fare will be auto-debited from the wallets.
Flipkart Announces New Additions to Its Leadership Team
Flipkart this week announced major additions to its team. This include Ravi Vasudev as a new vice president- Fashion (Retail); Parameswaran Balakrishnan as Vice President- HR for supply chain and Aditya Agarwal as an independent board member in Board of Directors. Ravi Vasudev had worked with global brands and companies and has 15 years of experience in fashion and retail industry, while, Aditya Agarwal had worked as a Director- Product Engineering Facebook and Vice President- Engineering at Dropbox, whereas Parameswaran holds over two decades of experience working with large organisations like Toyota and Tata Motors.
Kerala gets a new Business Incubator
A new Tech Business Incubator was launched in the Kerala state by the Kerala State Industrial Development Corporation (KSIDC) at KINFRA Park. The 5,000-sqft incubator, set up at the Geo Info Centre, can accommodate 30-40 startups and will be focused on the electronic and IT startup ventures. Datafactors Software (P) Ltd, Tuttifrutti Interactive, 3Q Mentors and Grabmy Grocery, as well as individual promoters, will be setting up startup ventures at the centre. The KSIDC also plans to open business incubation centres in Angamaly, Kozhikode, and Kannur.
HomeShop18 scraps its proposed $75M IPO on NYSE plans
Seven months after filing for a $75 Mn public issue on the NYSE, HomeShop18 this week scrapped its proposed public issue. The development comes a few months after Network18 was acquired by cash-rich Reliance Industries. In a filing with the US Securities and Exchange Commission, HomeShop18 said it was not proceeding with this offering but evaluating other means of fund-raising instruments.
Switch Idea Takes First Global Step By Launching In Amsterdam
Mumbai based internship startup connecting students to potential employers in the country, Switch Idea has taken its first step towards international expansion by launching in Amsterdam. Students and employers in Amsterdam now have a platform where they can easily connect with each other for their internship and entry level job offerings. They are currently promoting their platform to the students of Utrecht University. Internship opportunities from companies like Bombardier, Nike, Palo Alto Networks, Vodafone, Philips, Netapps, Travelbirds are now available for students studying in the Netherlands.
11 Startups Raised More than INR 80 Cr. this week
This week in total, more than INR 80 Cr. was raised by 11 startups (based on the startups that disclosed their funding amount) and four acquisitions took place.