#WEXTSaturday – Initiative by WEXT.in Community in which WEXT.in will cover all Indian Startup News, Funding Alerts, Acquisition Deal Alerts.
The starting week of June 2020 has begun with a higher increase in daily Covid19 cases in the nation. Amid the hard situation, there is much more relaxed in the lockdown. The Government of India has now come up with the directives of Unlock 1.0 where most of the businesses are planned to open in different phases of June. Companies and Industries which had set plan B for their operations to fight with the COVID19 crisis and now trying their best to stable back in a normal condition. With full precautions and safety, most of the businesses and startups are now fully functioning to cover their losses due to COVID19.
For the investors, nothing has changed in a negative aspect. In fact, the pandemic time of coronavirus has been seen as the most preferable time period to invest in companies. This is the reason why some renowned names have made and are making huge investments, acquiring funds and ownership in other sectors. A lot of funding alerts, startup news or acquisition alerts are again waiting this week to be read by you.
Without wasting a single second, we begin with the latest startup news & happenings in the startup and business industry for this week. Let’s begin!
Tech giant Microsoft India is reportedly offering financial and technical support to two Covi19 solutions which have been developed by IIT Delhi. Microsoft is offering support in the form of infrastructure and resources. Both Microsoft and IIT Delhi have teamed up to combat the difficult time.
Indian tech consulting and business process service giant, Wipro Limited, has appointed Thierry Delaporte as company’s new CEO and MD. Thierry Delaporte is a Non-Indian, who will be based in Paris, France. The new appointment will take effect from 6 July 2020.
Ravi Shankar Prasad, who is the Union Minister of Electronics and IT, Law and Justice, and Communications has launched a special AI portal to serve as a knowledge hub to schools and industries. The new initiative will promote AI in the nation and provide knowledge of AI-related developments of India.
Social media giant Facebook floats a new US-based entity, Jaadhu Holdings LLC for acquiring the 9.99% stake in Mukesh Ambani’s Reliance Jio platforms.
ITC Hotels, which is ITC Ltd.’s hospitality segment, has joined hands with online food delivery partner Swiggy in order to deliver food items directly at customers’ doorsteps. The partnership amid the Covid19 pandemic will allow the customers of ITC hotels to enjoy their favorite delicacies with no-contact delivery.
The Chinese smartphone maker Oppo and Hyderabad based T-Hub have joined hands to help some selected startups in scale-up opportunities for AI, battery, 5G, camera and image processing, system performance, and gaming. Both the tech giants will provide tech mentorship to this startup, by which they can access new markets.
Merchant payment and lending network giant in India, BharatPe, has worked in strengthening its leadership team by appointing Ankur Jain as its new Chief Product Officer. Ankur Jain is BharatPe’s fifth Chief Officer of Products. He has worked with some renowned names including Walmart Labs and Kosmix.
Uber has partnered with Delhi, Hyderabad, and Bangalore Airport to set up a sanitization hub in order to disinfect the cars before every single trip.
India’s multi-billionaire Mukesh Ambani’s Reliance Industries has launched its first trial version of its own AI chatbot to assist the shareholders with answers on its Rs.53, 125 crore rights issue. RIL has leaned on Facebook’s Whatsapp, its new partner in business to roll out the first version of the chatbot, which has been developed by Jio Haptik Technologies.
Due to the imposed restrictions in the nation amid coronavirus pandemic, Guruji, which is a Pune based startup, has planned to launch an online funeral management service. This new service will be a part of its ‘Moksha Seva Service’. The company already serves its customers with the services of priests and other prayer material ceremony.
Tech giant Microsoft has reportedly launched its new ‘Microsoft for Agritech Startups’ program to drive transformation in agriculture. The program will accelerate the growth of Agritech startups in India by helping them build industry-specific solutions and making them accessible to marketing resources and deep technology.
The US cloud-based software company Salesforce has grabbed Velocity at a deal of $1.33 Bn. Salesforce co-CEO Keith Block has also resigned after the acquisition deal. As per some sources, Salesforce was targeting the startup Velocity for a very long time.
Gojek has got funding from Facebook, PayPal, and many other investors. The invested funds will help Gojek in boosting Southeast Asia’s digital economy in today’s’ time. Gojek has planned to support the financial services boost in the Southeast region of Asia.
According to an announcement of the Finance Ministry of India, the public sector banks (PSBs) have expended an amount of Rs. 3, 892.78 crores for clearing the pending dues of the MSMEs. The complete process was done under the Government announced Rs. 3 lac crore ECLGS scheme.
E-commerce giant Amazon is reportedly in talks for buying a 5% stake in Bharti Airtel, which is worth $2 Bn. If the investment goes as per the plans, Amazon will successfully acquire a 5% stake in the current market value of India’s third-largest telecom company. This will also make Bharti Airtel compete directly with Reliance Jio.
The renowned online doctor consultation platform DocsApp successfully acquires MediBuddy. MediBuddy is a company that works as a cashless digital healthcare platform. The amount of the acquisition has not been disclosed, but as per the sources, it was an in-cash and stock deal between both the parties. The founders of DocsApp have taken charge of MediBuddy as CTO and CEO.
Mubadala Investment company which is based on Abu Dhabi is all set to invest $1.2 Bn (approx. Rs.9, 093.60 crores) in order to acquire a 1.85% stake in Reliance Jio platforms. For Reliance Jio, this will be the sixth-largest investment within a short span of time. The present enterprise value of Jio is Rs.5.16 lacs crore and its equity value is Rs.4.91 lacs crore.
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