Indian Startup News from 27 June to 03 July 2020

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#WEXTSaturday – Initiative by WEXT.in Ventures in which WEXT.in will cover all Indian Startup News, Funding Alerts, Acquisition Deal Alerts.

Businesses in the nation are again proceeding towards a very hard time as the COVID 19 is now attaining a peak point. With more than 18k cases per day in the nation, the situation is now moving towards a worse condition. Most of the states are again planning to impose certain restrictions which can surely affect most of the startup and companies across the nation. But, logically to save lives amid coronavirus pandemic, restrictions are a must. Therefore, businesses in India are now into the phase where they might be preparing for some upcoming challenges in their operations.

Till now, we have seen many funding alerts and acquisition alerts for various new startups and well-established businesses. This shows that the Indian corporate sector is witnessing a positive outlook for most of the investors and companies in the coming time. Startups and businesses are collecting funds and in the same way, investors are investing huge funds in the businesses in regards to get a good stake once the challenging time is over. This week there were vast happenings in the business industries ranging from funding to acquisitions and collaboration?

Now we present you the latest startup news for this week, which can escalate your excitement level, even if you are not a fan of business news.

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We have listed the new funding alerts, acquisitions alerts or investment alerts, and much more for this week. Below are the acquisition alerts, investment alerts, or funding alerts which has occurred. Let’s begin!

Reliance Jio may acquire e-pharmacy business Netmeds to start its acquisition spree of B2C verticals

Reliance Jio is all set to start its acquisition spree and gain a top spot in B2C verticals, starting with Netmeds. According to sources, Jio may acquire Netmeds for $150 Mn after its successful acquisition of startups such as Saavn, Haptik, and Embibe.

PhonePe successfully partners with ICICI Bank on UPI multi-bank model for their users

Phone, which is owned by the Indian E-commerce giant Flipkart has partnered with ICICI on the UPI multi-bank model. The users can now create and use multiple UPI IDs of @ybl and @ibl on the app. @ybl is Yes Bank’s handle and @ibl is ICICI Bank’s handle.

Hindustan Unilever (HU) acquires renowned female hygiene brand from Glenmark, VWash

Hindustan Unilever (HU), which is the leading FMCG player of the nation, has now successfully acquired Glenmark’s VWash, the renowned female intimate hygiene wash brand. The amount of the acquisition has not been disclosed. Both companies have entered an agreement of sale for the next few months.

BYJU’S launches a personalized online tutoring program for students, named as BYJU’s Classes

India’s leading Edtech startup, BYJU’S has now launched a personalized online tutoring program for the students named BYJU’S Classes. This will be basically an after school tuition classes for the students scheduled from teachers across India for one-on-one guidance from experienced subject mentors.

India’s first Covid19 vaccine candidate, COVAXIN, by Bharat Biotech, gets DCGI approval for human trials

India’s first Covid19 vaccine candidate, COVAXIN, developed by Hyderabad based Bharat Biotech, has now got approval for human trials by the Drug Controller General of India (DCGI). The clinical trials will be done in two phases, Phase I and Phase II, to begin in July 2020.

Microsoft collaborates with Accenture to host the third edition of Accenture’s startup challenge in India

Microsoft collaborates with the leading global professional service provider Accenture to host the third edition of Accenture Ventures Startup Challenge in India. The ‘100X100X100’ program of Microsoft is involved with Accenture to recognize startups in the even to be held on 11 August 2020 in a virtual format.

Facebook co-founder Eduardo Saverin’s B Capital closes its second fund at $820 Mn (INR 6,192 Cr)

B Capital, which is an investment firm started by Facebook co-founder Eduardo Saverin, has closed its second fund at $820 Mn (INR 6,192 Cr). These funds will be utilized for the company’s future investments in growth-stage startups. B Capital generally invests in B2B and B2C startup companies.

Food aggregator Swiggy now launches its own digital wallet ‘Swiggy Money’ partnered with ICICI Bank

Leading food aggregator of India, Swiggy has launched its own digital wallet ‘Swiggy Money’ in a partnership with ICICI Bank. Swiggy Money will be helpful in allowing the users of Swiggy to enable a ‘single-click checkout’ experience for food orders on the app.

Flipkart on its way to pilot a new social commerce platform named as 2GudSocial for a small town and lower-income group consumers

2Gud was launched by Flipkart in the year 2018 as a refurbished goods platform, after ending its partnership with eBay. Now, Flipkart is in talks to pilot a new social commerce platform specially targeted to consumers from small towns and lower-income groups named as 2GudSocial.

Carlyle Group to invest $235 Mn to acquire a 25% stake in Nxtra Data, Bharti Airtel’s data center at $1.2 Valuation

Washington based Carlyle Group is in talks to invest $235 Mn (INR 1774 Cr) to attain a 25% stake in Nxtra Data, which is Bharti Airtel’s data center at a post-money valuation of $1.2 Bn. Carlyle has already invested more than $2.5 Bn in Nxtra Datacenters as of 31 March 2020.

World Bank to provide financial support of $750 Mn to 15 crore Indian MSMEs impacted by Covid19

The World Bank is now providing funding of $750 Mn for supporting the Indian Government’s initiative to protect the Indian MSME sector, which has been impacted by Covid19. The fund provided by the World Bank will be helpful in providing liquidity access for these small businesses.

Intel Capital to invest $253 Mn (INR 1,894.50 Cr) in Reliance Jio Platforms for a 0.39% equity stake

Intel Capital, which is the investment arm of Intel, is ready to invest $253 Mn (INR 1,894.50 Cr) in Reliance Jio platforms for an equity stake of 0.39% on a fully diluted basis. Intel Capital is now the 12th company to join the list of investors in the Jio platform.

That’s all for this week!

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