Ola raises Rs 112 Cr from US-based investors, OYO's FY18 revenue jumps 245 pc
Bengaluru-based ride-hailing platform Ola has raised an additional Rs 112 crore as a part of its larger $2 billion fund raise, according to filings with the Registrar of Companies (RoC). Those participating in the funding included J3 Ventures, Tina & Steven Price, and Raymond S Cahnman, Chairman Transmarket Group. Moving ahead, Ola - the second highest valued startup in India with a valuation of $6 billion - will use the funds to build the reach of electric vehicles, expand and grow Foodpanda, and enhance focus on international markets.
How Vedantu’s AI-driven tech offers an alternative to offline classes
Best of both worlds! This seems to be the driving philosophy for edtech startup Vedantu, which has been maximising efforts at personalising the education process while offering tailor-made content to students in an online setup. One may even call this just the right alternative to the offline classes. In tune with this, the startup has even come up with an artificial intelligence-based technology platform, which makes the entire learning and teaching process engaging, effective, and result oriented.
OYO India FY18 revenue records 245 pc jump
In recent filings with the Registrar of Companies (RoC), OYO posted a three-fold rise in revenue. From Rs 120 crore in FY17, OYO marked a whopping 245 percent rise in revenue to Rs 415 crore in FY18. It also showed only a marginal rise in its loss from Rs 355 crore in FY17 to Rs 360 crore in FY18. The Gurugram-based hotel platform has already started expanding its presence to newer segments in a short span of time like Townhouse, and Oyo Home. And as Founder and CEO Ritesh Agarwal adds, the team will continue to explore newer businesses.
Solara Active Pharma all set to raise $30 M from TPG Growth
Active Pharma Ingredients maker Solara Active Pharma is set to raise an investment of Rs 200 crore (approximately $30 million) from private equity firm TPG Growth. Solara plans to deploy the proceeds to support its expansion plans, and the transaction is expected to close in early 2019, subject to shareholder and regulatory approvals. As per media reports, Ankur Thadani, Vice-President of TPG Growth, will join the Solara board of directors as part of the investment.
Elon Musk-led Tesla acquires Maxwell in a $218M all-stock deal
Elon Musk-led Tesla recently announced the acquisition of battery tech company Maxwell Technologies. Valued at a whopping $218 million, the purchase will not only mean a boost to the battery performance of Tesla’s electric vehicles, but also a push to Tesla’s mission of “accelerating the advent of sustainable transport and energy”. It could very well mean a defining edge for Musk’s company over its current competitors in the market, including Audi e-tron SUV, Kia e-Niro, and Hyundai Kona.
India to have more than 100 unicorns over the next 5 years: Binny Bansal
At the ongoing TiEcon Mumbai, which is one of the biggest global technology and entrepreneurship conferences, former Flipkart Co-founder Binny Bansal laid out an ambitious dream for the Indian startup ecosystem. He was speaking to Ranu Vohra, Co-founder of Avendus Capital, charting his ecommerce journey during the event. As the conversation progressed, however, Binny went on to add that India will have more than a 100 unicorns over the next five years.
Samunnati raises debt capital from Symbiotics
Chennai-based Samunnati Financial Intermediation and Services has raised Rs 33 crore debt from Symbiotics on Tuesday by issuing Non-Convertible Debentures (NCDs). With this, Samunnati becomes the first early-stage agri Non-Banking Financial Company (NBFC) to raise five offshore debt investments within seven months. Launched in 2014, the company offers working capital loans to Community Based Organisations (CBO) and receivable finance to Agri-SMEs.