Below is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:
1. SoftBank is exploring a possible investment ($200M-$400M) in restaurant discovery and food delivery firm Zomato. It has also held early discussions with Swiggy to make an investment of about $250 million. SoftBank wants to pick either Swiggy or Zomato to place its bet in Indian foodtech segment and may finalise a deal by year-end. Read More...
2. Flipkart India, the wholesale arm of the online retailer, has reported a net loss of Rs 244 crore for FY17, down from Rs 544.5 crore during the previous fiscal, showing a 55% drop in losses, according to the company’s regulatory filings with the Ministry of Corporate Affairs (MCA), sourced from datatracking platform Tofler.
3. Infosys today said it has set up India Trade Connect, a blockchain-based trade network in India, in partnership with seven lenders, including Axis Bank, ICICI Bank, IndusInd Bank, RBL Bank, Kotak Mahindra Bank, South Indian Bank and Yes Bank.
4. Freecharge is planning to broaden its services from payments to the complete financial services stack across lending, savings and insurance. The company will utilise the banking offerings of Axis Bank which owns Freecharge for these services and they plan to open it up within the next four months.
5. Mumbai based ION Energy has come out of stealth mode and unveiled its first product UDYR, a portable battery for electric scooters.
6. Facebook is rolling out a series of India-first features to its stories format on its platform in the coming weeks. Among the new features include voice posts, stories archive and the ability to save photos and videos from the Facebook Camera app while avoiding using up space on the user's mobile phone.
7. Fyle Technologies Launches India’s First Expense Management App Exclusively for Employees. Read More...
8. Joining the fight against the Reserve Bank of India’s decision to not allow banks to provide services to cryptocurrency trading platforms, the Internet and Mobile Association of India (IAMAI) has filed a writ petition in the Supreme Court to put a stay on the regulator’s order.
9. Pharmaceutical company Vivimed Labs is acquiring Hungarian contract development and manufacturing firm Soneas for an undisclosed amount.