COVID19 is proceeding towards its peak point with more than 10,000 cases every day overall the nation. Still, the business and startup industry is fighting with this pandemic situation and trying to survive at its best. While most of the businesses have opened in the phase of Unlock 1.0, companies are operating with strategies to recover its losses and make some revenues in the second half period of 2020. Lots of businesses are acquiring other startups in order to expand their operations. Funding Alert – Many businesses are attracting funds from its existing as well as new investors.
Overall, the businesses and industries are gathering a lot of funds, initiating new strategies and ideas to work, expanding its reach, and doing all the necessities which can boost their revenue in a short time. Most of the companies are utilizing the pandemic time of Covid19 and lockdown, to step into online business models in order to reach new and extended customers. A lot of buzzes are happening in the business sector, which you should not miss.
Related Article: Impact of COVID19 on IT Industry
Here we present some hot updates and not-to-be-missed happenings in the startup and business industry for this week. Let’s start!
Reliance Industries Ltd. has stated in an announcement that its existing investor, Silver Lake, which is a private equity firm has pumped an additional investment amount of Rs.4, 546.80 crores with its co-investors. With this investment, Silver Lake has raised its present stake in Reliance Jio platforms to 2.08%. RIL now grabs a total of 7 investments in Jio within just 6 weeks.
Funding Alert – Bangalore based furniture rental platform, RentoMojo is getting funding from Hack VC, GMO and Gautam Dalmia in its series C funding round.
By looking into last year’s progress of the financial growth of WeWork India, WeWork has invested a fund of $100Mn into the India unit. With this investment, WeWork is focusing on the sustainable growth of WeWork India in the market for the next 3 years.
Funding Alert – Jiffy.ai, which is the brand name of Paanini, gets $18Mn funding from Nexus Venture Partners for its customer base expansion and product development and roadmap enhancement.
Funding Alert – The investment arm of IT major Wipro for the corporate sector, Wipro Ventures has invested $150Mn in CloudKnox Security, a Cybersecurity firm, in order to strengthen its strategic partnership.
IT giants Wipro and IBM enter into a partnership collaboration in order to assist the startups and developers with its Hybrid Cloud Services. The co-innovation center has been named Wipro IBM Novus Lounge which is located in Bangalore. It offers artificial intelligence, machine learning, IoT, and clouding solutions to startups and enterprises.
Funding Alert – Intercity bus travel standardization startup, Yolobus, has got fresh funding of $3.3 Mn from Nexus Venture Partners and India Quotient in its Series A funding round.
Tech giant Microsoft has now partnered with Udacity for awarding scholarships to the new machine learning program in Microsoft Azure. This scholarship is representing the few Udacity from Microsoft for delivering training for Azure cloud services.
Funding Alert – Postman, the API development platform successfully raises $150 Mn in its new funding round led by Insight Partners, bringing the total valuation of the company to $2 Bn.
Indian government rolled out the Arogya Setu app for the Jio feature phone in the month of May 2020. Within just one month’s time period, the total downloads of the app have crossed 30 million in the 4G enabled feature phones by Jio. Apart from Jio phones, Arogya Setu has been downloaded over 100 million times from Google Play Store.
Startup News: IIT Guwahati students develop a new mobile application, ‘Flyzy’, in order to initiate seamless and contactless air travel experience to air passengers during and after the Covid19 pandemic.
US-based private equity group TPG Capital is in talks to for the past few weeks to invest the fresh amount of $1Bn to $1.2Bn in Reliance Jio platforms. If the investment is done, this will be the 7th largest funding Reliance Jio. TPG Capital is an existing investor for some renowned brands including Airbnb, Livspace, BookMyShow, Uber, and Lenskart.
Funding Alerts: Ula, which is a marketplace for small-retailers based in Indonesia, has successfully raised $10.5 Mn from the investor’s Lightspeed India and Sequoia India.
The Indian government’s ‘Centre for Augmenting WAR along with COVID19 Health Crisis (CAWACH), has shortlisted a total of 52 startups for the functioning of the initiative. These startups get fresh funding from the government of around Rs.50 lac to Rs.2 crore in order to develop healthcare solutions in the nation to tackle the coronavirus pandemic.
Funding Alert – WayCool Foods and Products, which is a Chennai based Agritech startup secures $5.5Mn in IndusInd Bank’s debt financing which has been guaranteed by US International Development Finance.
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