Flipkart mafia keeps the entrepreneurial culture strong; Entropik Tech raises $1.1 M
The pecking order among the multi-billion dollar Indian IT services companies has changed, with HCL Technologies becoming the third largest company, overtaking rival Wipro at the end of the first quarter results of FY19. All this while, Wipro was the third largest Indian IT services exporter followed by HCL Technologies.
Flipkart is well known for its entrepreneurial culture. Like eBay and Amazon have sprouted amazing talent, who went on to build great enterprises, Flipkart has also seen quite a few employees turn successful entrepreneurs. There are a few who have stayed away from the big bucks, and have managed to build sustainable businesses after their stint at Flipkart.
One97 Communications Limited, which owns payments major Paytm, is building a dedicated campus in Sector 137 Noida Expressway, Uttar Pradesh, to keep pace with its growth. The dedicated campus would serve as the hub for the company to grow its operations while creating thousands of new jobs. The company estimates the new campus will house more than 15,000 employees. Spread across 10 acres of land, Paytm's headquarters would be the hub for its increased scale of operation.
Japanese internet conglomerate SoftBank confirmed partnering with Indian financial services company Paytm to start a payments service. Yahoo Japan Corporation will also be a part of the joint venture. The joint venture will be called PayPay Corporation. The venture aims to launch PayPay smartphone payments service using barcodes (QR codes) in fall 2018, and will leverage Paytm’s payment technology for the same.
Bengaluru-based emotion-recognition artificial intelligence startup Entropik Tech announced it has raised $1.1 million in its pre-Series A round, led by BIF (Bharat Innovation Fund) and participated by IDFC-Parampara Capital, Arthavida Ventures and Jitendra Gupta (MD, PayU) and other existing investors.