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Exclusive: Bike rental startup ONN Bikes gets seed funding

Mumbai-based bike rental startup ONN Bikes has secured an undisclosed amount of seed funding from Grace Capital Ventures and four other individual investors. The startup, operated by Motorcruizer Technologies India Pvt. Ltd., will use the funds to set up hub stations in Bengaluru and Hyderabad, Nami...

5 December, 2016 |More »

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Online hypermarket operator urDoorstep bags $1.4 mn

Raising its second bridge round in six months, Bengaluru-based online hypermarket operator urDoorstep Eretail Pvt. Ltd has secured $1.4 million (Rs 10 crore) in funding. While Rs 5 crore was raised as debt from Lakshmi Vilas Bank, an equal amount was invested by an unnamed high net-worth individual....

5 December, 2016 |More »

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Govt to incentivise district administration to boost cashless payments

The government of India has introduced a series of measures to provide incentives to the district administration in order to boost cashless payments across districts, talukas, and panchayats. This comes at a time when there is a cash crunch after Prime Minister Narendra Modi abolished Rs 500 and Rs ...

5 December, 2016 |More »

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Paytm to merge wallet business with payments bank

One97 Communications Ltd, the owner of digital wallet Paytm, said on Monday it will merge its wallet business with its upcoming payments bank to comply with Reserve Bank of India’s directions. The digital wallet will be transferred after the company gets necessary regulatory approval to start Payt...

5 December, 2016 |More »

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Flipkart is already a leader and does not need a turnaround: Kalyan Krishnamurthy

Former Tiger Global executive Kalyan Krishnamurthy, who heads the key portfolios of retail, business development, advertising and products at Indian ecommerce firm Flipkart said he moved to the ecommerce major to stay the course rather than returning to the investment company. He said he has no imme...

5 December, 2016 |More »

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BigBasket sees 300% growth in revenues; eyes Rs 2,000 cr turnover this fiscal

Online grocer BigBasket.com claims to have seen a 300% growth in revenues in the last one year and expects to cross the Rs 2,000 crore milestone in turnover by the end of this fiscal, according to a PTI report on Sunday. “In the past year alone, we have seen over a 300% growth and continue [&helli...

5 December, 2016 |More »

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WhatsApp to withdraw support from millions of devices by year-end

Facebook-owned WhatsApp recently announced in a blogpost that the messaging platform would no longer be functional on older devices and operating systems as early as the end of this year. The announcement comes after WhatsApp earlier this year said that it would pull out of providing support for old...

5 December, 2016 |More »

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Info Edge invests $147K more in contacts management startup Diro Labs

Hiring portal Naukri.com’s parent Info Edge (India) Ltd has invested an additional Rs 1 crore (roughly $147,000) in contacts management startup Diro Labs, the company said in a stock exchange filing. Earlier this year, Info Edge had invested Rs 3 crore ($450,000) in the company. With the new inves...

5 December, 2016 |More »

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Weekly startup funding roundup in charts

As many as 23 startups raised angel/seed and venture capital last week, according to VCCEdge, the data research arm of News Corp VCCircle. The biggest deal involved Gurgaon-based specialised diagnostics services company Core Diagnostics raising $12 milllon in a Series B round of funding from private...

5 December, 2016 |More »

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Exclusive: Food-tech startup Mr. Hot Foods gets seed funding

Food delivery startup Mr. Hot Foods Pvt. Ltd has raised an undisclosed amount of seed funding from angel investor Pawan Raj Kumar through the IvyCamp platform, a top company executive told Techcircle. Co-founder Pankaj Sharma said that Kumar’s addition as a mentor has helped the startup understand...

5 December, 2016 |More »

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Softbank-backed Grofers tweaks biz model to take on BigBasket

For on-demand online grocery delivery service provider Grofers, 2016 has been a year of change. The Gurgaon-headquartered startup not only scrapped its app-only model and launched a website; it has also quietly revamped its business strategy and operation processes. Grofers, which earlier operated o...

5 December, 2016 |More »

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Exclusive: Badiyajobs on expansion spree after raising funds from IIT-Madras alumni

New Delhi-based APN Recruitment Solutions Pvt Ltd, the company that runs and operates Badiyajobs.com, is planning to expand its footprint into new territories and hire aggressively after raising $100K in funding from IIT-Madras alumni in April. The company has been working towards scaling up operat...

2 December, 2016 |More »

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Logistics app TYGR raises $3 mn pre-Series A funding from Franchise India

Kolkata-based Savetur Digital Pvt Ltd, which runs logistics app TYGR, has secured a pre-Series A round of funding worth $3 million (around Rs 20.4 crore) from Franchise India, it said in a statement. The app was launched by Dipanjan Purkayastha, an alumnus of SP Jain School Management and Aditya Pod...

2 December, 2016 |More »

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Quikr’s FY16 loss widens; other income props up revenue

Online classifieds site Quikr India Pvt. Ltd posted a wider loss for the year through March 2016, but the pace of increase slowed sharply as it controlled its expenses after expanding at a breakneck pace in previous years. Net loss for 2015-16 expanded to Rs 534 crore from Rs 446 crore the year befo...

2 December, 2016 |More »

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How SoftBank’s local portfolio firms have fared as chairman Son visits India

Not many investors can boast of a portfolio which is more than half full of unicorns. Japanese telecom and Internet conglomerate SoftBank Group Corp happens to be one such investor in India. Of its seven portfolio firms, four – Hike, Ola, Snapdeal and InMobi – are unicorns, meaning each startup ...

2 December, 2016 |More »

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