Uber launches Uber Lite for India; Myntra opens data sciences centre in Silicon Valley

After a bunch of high profile hires from Silicon Valley failed to yield results, e-commerce giants in India have been lying low for the past couple of years. But it looks like they have now begun looking abroad to set up shop. After Flipkart opening its office in Palo Alto two years ago now it is the turn of Flipkart-owned online fashion marketplace Myntra.

San Francisco-based ride-hailing app Uber announced the launch of a newer version of its app - Uber Lite, specifically made and designed for Indian Android users. With a logo that is different from its quintessential black and white, the Uber Lite app sports a blue-and-white colour scheme.

Kris Gopalakrishnan and SD Shibulal backed Axilor Ventures, a platform for early-stage startups, today announced the launch of Axilor Technology Fund, its new Rs 200-crore seed fund. Stating that this fund will strengthen the pipeline for Pre-Series A and Series-A investments for quality startups, Gopalakrishnan, who is Chairman Axilor Ventures, said, “Our vision is to improve the odds of success of early-stage startups. The launch of the Axilor Technology Fund is an important addition to the platform.”

Paragon Partners, on Tuesday, announced that it has invested Rs 75 crore in eShakti, a women's fashion brand that is based in Chennai. Founded by BG Krishnan, eShakti is one of the few international consumer brands from India that enjoy a leadership position in the US. It also has presence in Australia and Canada.

Mumbai-based startup CredAble on Tuesday announced that it has raised Rs 100 crore in a Series-A round of funding led by Alpha Capital. Founded by Nirav Choksi and Ram Kewalramani in 2017, CredAble combines technology, financing, deep learning and analytics to create innovative financing products. CredAble claims that it has enabled over Rs 108 crore in supply chain financing, which has helped over 9,000 vendors with their working capital requirements.

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