TECHNOLOGY

SoftBank, Foxconn form joint venture to expand investments

February 24, 2017 | TEAM VCC

Japan's SoftBank Group Corp and Taiwan's Foxconn have agreed to form a joint venture, as the two large Asian technology companies expand their ties.

911—The number that spooked Snapdeal

February 24, 2017 | Dearton Thomas Hector

On Wednesday, Snapdeal founders Kunal Bahl and Rohit Bansal said they will not take salaries for an undisclosed period as the company struggles to survive. Well, that makes financial and ethical sense.

Clean-tech startup igrenEnergi raises funding from Japanese investors

February 24, 2017 | Varun Arora

igrenEnergi Inc, a US-based solar energy startup incubated at the Indian Institute of Technology-Bombay, has raised an undisclosed amount of funding from Japan’s BroadBand Tower Inc and GiTV.

B2B online marketplace Tolexo to lay off 300

February 24, 2017 | Disha Sharma

Online business goods marketplace Tolexo Online Pvt. Ltd will lay off 300 employees, or 85% of its workforce, according to a report by Business Standard.

Exclusive: Mobile ad platform Oglas raises angel funding

February 24, 2017 | Disha Sharma

Noida-based mobile advertising startup Oglas has raised angel funding from two people, co-founder and chief executive Sunny Agarwal told VCCircle/Techcircle.

Snapdeal sellers knock govt’s doors as e-tailer struggles

February 24, 2017 | Disha Sharma

A group of sellers on online marketplace Snapdeal has approached commerce minister Nirmala Sitharaman to protect their interests as the company’s troubles mount.

Nexus- and Matrix-backed Stayzilla shuts down, may return with a pivot

February 24, 2017 | TEAM VCC

Online homestay aggregator Stayzilla, run by Inasra Technologies Pvt. Ltd, has halted its operations and will “reboot with a different business model,” co-founder and CEO Yogendra Vasupal has said.

Get My Parking raises $1.1 mn from IAN, others

February 23, 2017 | Binu Paul

Cloud-based mobile parking technology startup Get My Parking has raised $1.1 million (Rs 7.35 crore) in pre-Series A funding from Indian Angel Network (IAN), venture firm Beenext, The Chennai Angels, and Hero Corporate Services chairman Sunil Munjal.

What’s inside Aadhaar-linked Skype Lite?

February 23, 2017 | Disha Sharma

Skype Lite, the 13MB video-calling app that works flawlessly even on a slow network, could well be the answer to the woes of scores of mobile users struggling with call drops and barely-workable data speeds in India.

Snapdeal layoffs: In the works for months, but kept out of employees' sight

February 23, 2017 | Varun Arora & Disha Sharma

For employees of India's third-largest e-commerce firm Snapdeal, the last couple of weeks have been stressful, to put it mildly.

Ola, Uber drivers begin indefinite strike in Bengaluru; services paralysed

February 23, 2017 | Binu Paul

Nearly 90% of the one lakh cab drivers associated with taxi-hailing companies Ola and Uber are taking part in an indefinite strike in Bengaluru, bringing the app-based taxi services to a grinding halt in the city.

MobiKwik to invest $45 mn on merchant, user acquisition

February 23, 2017 | Arti Singh

Digital wallet MobiKwik, run by One Mobikwik Systems Pvt. Ltd, will invest Rs 300 crore (about $45 million) this year on acquiring merchants and users, as it looks to increase its share in the highly competitive payments market.  

Swedish investor Kinnevik to sell half its stake in Rocket Internet

February 23, 2017 | Deepti Chaudhary

Swedish investment firm Kinnevik AB is selling nearly half of its 13% stake in German Internet conglomerate and incubator Rocket Internet SE.

Exclusive: Meat ordering startup Licious raising Series B funding

February 23, 2017 | Debjyoti Roy & Ranjani Raghavan

Online meat and fish ordering platform Licious, which is operated by Bengaluru-based Delightful Gourmet Pvt. Ltd, is in an advanced stage of talks to raise its Series B round of funding from one of its existing investors, a person privy to the development told VCCircle.

Curated marketplace TheBagTalk aspires to be the BuzzFeed of bags

February 23, 2017 | Deepti Chaudhary

Looking for a carry-on bag that strikes a fine balance between design and functionality? What if we told you there is one that turns into a kick scooter to help you manoeuvre large airports!

Fin-tech sees sharp funding slowdown, but there's a silver lining: KPMG

February 22, 2017 | Arti Singh

Venture capital (VC) investments in India's fin-tech sector nosedived to a mere $216 million in 2016, a far cry from the previous year's $1.6 billion, according to KPMG International’s quarterly report on global fin-tech investment that was released Wednesday.

Snapdeal to lay off 600; founders forego salary

February 22, 2017 | Dearton Thomas Hector

Jasper Infotech Pvt. Ltd, which runs Snapdeal, has decided to lay off 500-600 employees across the e-commerce marketplace and its subsidiaries, mobile wallet Freecharge and logistics wing Vulcan Express, a person aware of the development told Techcircle.

Exclusive: Dating app Vee pivots again – this time to woo SMEs

February 22, 2017 | Disha Sharma

Lightspeed Venture Partners-backed GetVee Technologies Pvt. Ltd, which operated dating app Vee, has pivoted its model for the second time to become an e-commerce enabler for small and medium enterprises (SMEs), its founder Nitin Gupta told Techcircle.

Exclusive: eBay India’s head of product development Ramkumar Narayanan quits

February 22, 2017 | Binu Paul

Ramkumar Narayanan, general manager and global head of monetisation products at eBay Marketplaces in India, has resigned from the firm. He was primarily responsible for generating revenues for eBay.

Narayanan has confirmed the development to Techcircle.

Why FbStart is worth a look for startups looking to jump-start their journey

February 22, 2017 | Disha Sharma

Ask the startup folks, and they will tell you how tricky the first couple of years are—challenges are aplenty, capital is scarce, firefighting is perpetual and chaos is the order of the day.

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