Netflix will roll out a lower-priced subscription plan in India


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Netflix said on Wednesday that it will roll out a cheaper subscription plan in India, one of the last great growth markets for global companies, as the streaming giant scrambles to find ways to accelerate its slowing growth worldwide.

The company added 2.7 million new subscribers in the quarter that ended in June this year, it said today, far fewer than the 5 million figure it had forecasted earlier this year.

The company said lowering its subscription plan, which starts at $9 in the U.S., would help it reach more users in India and expand its overall subscriber base. According to third-party research firms, Netflix has fewer than 2 million subscribers in India.

Netflix started to test a lower-priced subscription plan in India and some other markets in Asia late last year. The plan restricts the usage of the service to one mobile device and offers

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Ebix to acquire Indian travel company Yatra for $337.8M


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Atlanta-based software firm Ebix said today it is acquiring online travel booking company Yatra through a merger deal at an enterprise value of $337.8 million as they look to strengthen their position in India and footprints worldwide. Once the acquisition has completed, Yatra will become part of Ebix’s EbixCash travel portfolio — which also includes Via and Mercury — and will continue to serve customers under the Yatra brand, the two companies said.

Yatra, which went public in 2016 following a reverse-merger with a listed company, Terrapin 3 Acquisition Corporation, counts Reliance Industries-owned Network18 and Reliance Capital, Macquarie Group and Rotation Capital among its shareholders. Yatra posted a revenue of $31.7 million in Q4 2018. It had about 800 corporate clients as of earlier this year.

The combined entity will leverage Yatra’s large and loyal existing customer base, comprehensive service offering and multi-channel platform to take advantage of the dynamic and growing

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India’s 30-year-old MyMoneyMantra raises $15M to scale its financial services marketplace


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MyMoneyMantra, a 30-year-old New Delhi-based firm that operates a marketplace of financial services, has raised $15 million in its maiden funding round from an external source to expand its offerings and reach in the nation.

Dutch investment firm IFSD BV and private equity firm Vaalon Capital funded the $15 million round in MyMoneyMantra, the Indian firm said on Wednesday. A person familiar with the matter said the round valued MyMoneyMantra at about $50 million.

The company’s founder Raj Khosla said MyMoneyMantra, which employs about 2,500 employees and serves over 4 million customers across 50 cities, will use the capital to explore ways to capture a larger share of the market.

Khosla said the firm would work closely with Vaalon Capital’s team to expand its offerings and deepen its ties with banks and insurance companies. In the financial year that ended in March, MyMoneyMantra generated a revenue of $19.6

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India’s 30-year-old MyMoneyMantra raises $15M to scale its financial services marketplace


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




MyMoneyMantra, a 30-year-old New Delhi-based firm that operates a marketplace of financial services, has raised $15 million in its maiden funding round from an external source to expand its offerings and reach in the nation.

Dutch investment firm IFSD BV and private equity firm Vaalon Capital funded the $15 million round in MyMoneyMantra, the Indian firm said on Wednesday. A person familiar with the matter said the round valued MyMoneyMantra at about $50 million.

The company’s founder Raj Khosla said MyMoneyMantra, which employs about 2,500 employees and serves over 4 million customers across 50 cities, will use the capital to explore ways to capture a larger share of the market.

Khosla said the firm would work closely with Vaalon Capital’s team to expand its offerings and deepen its ties with banks and insurance companies. In the financial year that ended in March, MyMoneyMantra generated a revenue of $19.6

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Contract management startup Icertis becomes unicorn with $115M new round


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Icertis, a Washington-headquartered startup that develops cloud-based software to help large companies manage contracts, has raised $115 million at more than a billion dollar valuation to become the latest SaaS unicorn as it looks to further expand its footprints across the globe.

The Series E round for the 10-year-old firm was led by Greycroft and PremjiInvest, and saw participation from existing investors B Capital Group, Cross Creek Advisors, Eight Roads, Ignition Partners, Meritech Capital Partners, and PSP Growth. The startup, which also has offices in Seattle, Pune, Singapore, London, Paris, Sydney, has raised $211 million to date.

Icertis said it would use the fresh capital to expand its technology platform to address wider use cases. It said it would also expand its blockchain framework that integrates with enterprise contract management platforms to solve challenges such as transparency in supply chain and certification compliance. Its revenue are at about $100

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India’s budget hotel startup Oyo enters co-working business with $30 million Innov8 acquisition


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India’s Oyo has expanded its hotel chain business to over 80 countries and entered co-living spaces segment in recent years. The firm, which has raised about $1 billion in the last two quarters from several big names including Airbnb, has now identified a new business to target: co-working spaces.

The Gurgaon-headquartered firm on Tuesday announced Oyo Workspaces that is already operational across 10 cities in India with over 20 centres. It already has the capacity to serve more than 15,000 people.

At a press conference in New Delhi, Rohit Kapoor, CEO of New Real Estate Businesses, said Oyo plans to have 50 Oyo Workspaces centres by the end of the year and aims to make it the largest co-working business in Asia by the end of next year.

As part of the announcement, Oyo confirmed that it has acquired Innov8, a co-working startup with over 200 employees and 16

IMG 20190716 115738

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Google Maps now shows users discounts from nearby restaurants in India


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Google said today that it has started to display discounts from restaurants in its Maps app in India as the Mountain View giant works to expand its ever growing reach and relevance in one of its key overseas markets.

The company today rolled out an update to add three new features to Google Maps app in India. Users can now see a new ‘offers’ option in the ‘explore tab’ that will display promotional offers from local restaurants. Google said it has partnered with EazyDiner, a table reservation platform, to display offers from over 4,000 restaurants. The feature is live in 11 metro cities in India.

Restaurant offers are just the beginning, as the company plans to ink deals with more partners and expand to more categories in future, it said. Users can also book a table to a restaurant directly from the Maps app. Google did not reveal the financial

google maps

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Google Maps now shows users discounts from nearby restaurants in India


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




Google said today that it has started to display discounts from restaurants in its Maps app in India as the Mountain View giant works to expand its ever growing reach and relevance in one of its key overseas markets.

The company today rolled out an update to add three new features to Google Maps app in India. Users can now see a new ‘offers’ option in the ‘explore tab’ that will display promotional offers from local restaurants. Google said it has partnered with EazyDiner, a table reservation platform, to display offers from over 4,000 restaurants. The feature is live in 11 metro cities in India.

Restaurant offers are just the beginning, as the company plans to ink deals with more partners and expand to more categories in future, it said. Users can also book a table to a restaurant directly from the Maps app. Google did not reveal the financial

google maps

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India’s Rivigo raises $65M to expand its freight and logistics platform


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Rivigo, a tech startup in India that wants to build a more reliable and safer logistics network, has raised $65 million as major investors continue to place big bet on opportunities in overhauling trucking system in the country.

The Series E round, which has not closed, for the five-year-old startup was led by existing investors Warburg Pincus and SAIF Partners.  The startup, which has raised more than $280 million to date, said it aims to be profitable by March next year.

Rivigo operates a tech platform that tracks and manages shipments and ensures that drivers are available at all times and trucks are as fully loaded as possible. The platform also automatically rotates drivers so that they can get enough rest and see their family while the trucks keep moving. Drivers use an app to navigate maps and accept assignments.

“Relay trucking is now very well established where

Continue reading “India’s Rivigo raises $65M to expand its freight and logistics platform”

India’s Rivigo raises $65M to expand its freight and logistics platform


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




Rivigo, a tech startup in India that wants to build a more reliable and safer logistics network, has raised $65 million as major investors continue to place big bet on opportunities in overhauling trucking system in the country.

The Series E round, which has not closed, for the five-year-old startup was led by existing investors Warburg Pincus and SAIF Partners.  The startup, which has raised more than $280 million to date, said it aims to be profitable by March next year.

Rivigo operates a tech platform that tracks and manages shipments and ensures that drivers are available at all times and trucks are as fully loaded as possible. The platform also automatically rotates drivers so that they can get enough rest and see their family while the trucks keep moving. Drivers use an app to navigate maps and accept assignments.

“Relay trucking is now very well established where

Continue reading “India’s Rivigo raises $65M to expand its freight and logistics platform”

Apple opens app design and development accelerator in China


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Apple has opened a design and development accelerator in Shanghai — its first for China — to help local developers create better apps as the iPhone maker looks to scale its services business in one of its key overseas markets.

At the accelerator, Apple has begun to hold regular lectures, seminars and networking sessions for developers, the company said this week. It is similar to an accelerator it opened in Bangalore about two years ago. In India, where Apple has about half a million app developers, the accelerator program has proven crucially useful, more than three dozen developers who have enrolled for the program have told TechCrunch over the years. Participation in the accelerator is free of cost.

Apple said more than 2.5 million developers from greater China, which includes Taiwan and Hong Kong, actively build apps for its platform. These developers have earned more than $29 billion through

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A91 Partners, a new VC fund from former Sequoia Capital India execs, closes $351M maiden fund


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India’s growing number of startups now have one additional VC fund that will listen to their business ideas. A91 Partners, a new VC fund founded by former partners at Sequoia Capital India, has closed their maiden fund at $351 million.

A91 Partners will focus on high growth startups in consumer, technology, financial services, and healthcare sectors in India, Abhay Pandey, a partner at A91 told TechCrunch in an interview.

A91, whose maiden fund is one of the largest for any VC funds in India, will focus on early as well mid-stage startups that are looking to raise between $10 million and $30 million, Pandey said. Earlier this year, it invested about $14.2 million in Sugar, a cosmetics brand.

“In our experience, some companies get to this stage after having raised capital and some bootstrap their way into that position,” he added. Other than him, V.T. Bharadwaj, Gautam Mago,

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Samsung backs Indus OS, three other startups in first investments for its VC arm in India


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Samsung Venture, the investment arm of the South Korean technology giant, has invested $8.5 million in Indus OS and three other Indian startups as the company’s VC fund begins its journey in the country.

Indus OS is a popular Android fork that has built a suite of localized applications focused on serving the masses in India. Samsung and Venturest funded the four-year-old startup’s $5.75 million Series B round.

Several smartphone vendors, including homegrown firms such as Micromax, Gioness, Intex, and Karbonn are customers of Indus OS, integrating many of its features into their handsets. Earlier this year, Samsung partnered with Indus OS to revamp its Galaxy App Store.

Rakesh Deshmukh, co-founder and CEO of Indus OS, told TechCrunch in an interview that the startup will use the fresh capital to develop more local solutions and build a software development kit for developers that will enable them to make

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India’s Byju’s raises $150 million to expand globally


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Byju’s, India’s most valuable edtech startup, has received new $150 million as it races to expand the reach of its learning app in the country and some international markets.

The unnamed ongoing financing round was led by Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, and included participation from Owl Ventures, a leading investor in education tech startups. This is Owl Venture’s first investment in an Indian startup.

The 11-year-old startup, which has raised about $925 million to date and was valued at nearly $4 billion in December last year, said it would use the fresh capital to aggressively explore and expand in international markets. The startup has previously said it plans to enter the U.S. and UK, Australia, and New Zealand.

It acquired Osmo, a U.S.-based learning startup that is popular among kids aged between five and 12 for $120

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India’s NiYO ‘neo-bank’ raises $35 million to digitize payroll and employee benefits


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NiYo Solutions, a Bangalore-based ‘neo-bank’ that helps salaried employees access company benefits and other financial services, has raised $35 million in a new round to expand its business in the nation and explore international markets for some of its products.

The four-year-old startup, which serves small and medium businesses and other salaried employees across India, raised its Series B from Horizons Ventures, Tencent and existing investor JS Capital. It has raised $49.2 million to date, with its $13.2 million Series A closing in January last year.

NiYO Solutions serves as a ‘neo-bank’ that relies on traditional financial institutions (Yes Bank and DCB banks, in its case) and offers additional features such as lending and insurance to customers. Blue collared salaried employees in India continue to struggle to avail many crucial financial services that have been typically reserved for privileged segment by the banks. With Bharat Payroll Solution and

Continue reading “India’s NiYO ‘neo-bank’ raises $35 million to digitize payroll and employee benefits”

India’s NiYO ‘neo-bank’ raises $35 million to digitize payroll and employee benefits


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




NiYo Solutions, a Bangalore-based ‘neo-bank’ that helps salaried employees access company benefits and other financial services, has raised $35 million in a new round to expand its business in the nation and explore international markets for some of its products.

The four-year-old startup, which serves small and medium businesses and other salaried employees across India, raised its Series B from Horizons Ventures, Tencent and existing investor JS Capital. It has raised $49.2 million to date, with its $13.2 million Series A closing in January last year.

NiYO Solutions serves as a ‘neo-bank’ that relies on traditional financial institutions (Yes Bank and DCB banks, in its case) and offers additional features such as lending and insurance to customers. Blue collared salaried employees in India continue to struggle to avail many crucial financial services that have been typically reserved for privileged segment by the banks. With Bharat Payroll Solution and

Continue reading “India’s NiYO ‘neo-bank’ raises $35 million to digitize payroll and employee benefits”

India’s Android antitrust case against Google may have some holes


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India ordered an investigation into Google’s alleged abuse of Android’s dominance in the country to hurt local rivals in April. A document made public by the local antitrust watchdog has now further revealed the nature of the allegations and identified the people who filed the complaint.

Umar Javeed, Sukarma Thapar, two associates at Competition Commission of India — and Aaqib Javeed, brother of Umar who interned at the watchdog last year, filed the complaint, the document revealed. The revelation puts an end to months-long interest from industry executives, many of whom wondered if a major corporation was behind it.

The allegations

The case, filed against Google’s global unit and Indian arm on April 16 this year, makes several allegations including the possibility that Google used Android’s dominant position in India to hurt local companies. The accusation is that Google requires handset and tablet vendors to pre-install its own applications or services if

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A 23-year-old B2B company has shown how keen India is for tech IPOs


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Away from the limelight of the press and the frenzy of fundraising, a tech startup in India has achieved a feat that few of its peers have managed: going public.

IndiaMART, the country’s largest online platform for selling products directly to businesses, raised nearly $70 million in a rare tech IPO for India this week.

The milestone for the 23-year-old firm is so uncommon for India’s otherwise burgeoning startup ecosystem that, beyond being over-subscribed 36 times, pent up demand for IndiaMART’s stock saw its share price pop 40% on its first day of trading on National Stock Exchange on Thursday — a momentum that it sustained on Friday.

The stock ended Friday at Rs 1326 ($19.3), compared to its issue price of Rs 973 ($14.2).

IndiaMART is the first business-to-business e-commerce firm to go public in India. Its IPO also marks the first listing for a firm following

GettyImages 519406304
🙏🏼
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Reliance Jio partners with Facebook to launch literacy program for first time internet users in India


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Mukesh Ambani, India’s richest man, has enabled tens of millions of people — if not more — to come online for the first time with his disruptive telecom network. He has changed how many Indians, once thrifty about each megabyte they spent browsing the internet, consume mobile data today.

But many of these first time internet users are increasingly struggling with grasping the nuances of the internet — often ending up trusting everything they see online and, in extreme cases, causing major chaos in the nation. Ambani now wants to help these people understand the ins and outs of the digital world.

His telecom network Reliance Jio announced today a literacy program called ‘Digital Udaan’ for first time internet users in India. The two-and-a-half-year-old telecom network, which has amassed more than 300 million subscribers, said it has partnered with Facebook to create “the largest ever digital literacy program” that

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Samsung shuts down its AI-powered Mall shopping app in India


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Samsung has quietly discontinued an app that it built specifically for India, one of its largest markets and where it houses a humongous research and development team. The AI-powered Android app, called Samsung Mall, was positioned to help users identify objects around them and locate it on shopping sites to make the purchase.

The company has shut down the app a year and a half after its launch. Samsung Mall was exclusively available for select company handsets and was launched alongside the Galaxy On7 Prime smartphone. News blog TizenHelp was first to report about the development.

At the time of the launch, Samsung said Mall app will complement Bixby, the company’s virtual assistant. Bixby already offers a functionality that allows users to identify objects through photos. But it does not let users make the purchase.

“The first insight while developing Samsung Mall was that consumers may be looking to find

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