Startup news and updates: daily roundup (Jan 28, 2021)
At TiECon Delhi-NCR, Byju Raveendran, Founder-CEO of BYJU'S, spoke about edtech in a post-COVID-19 world and how his company plans to define the online schools of tomorrow.
In a conversation with Kalyan Krishnamurthy, Group CEO of Flipkart, on the sidelines of the Resurgence TiEcon Delhi-NCR event, Satya Nadella, CEO of Microsoft, said, "Technology has become core to how we think about business productivity — right from hiring to scaling."
Social media giant Facebook's monthly user base grew 12 percent to 2.8 billion. It ended 2020 with 58,604 employees, a 30 percent increase from a year earlier. But the company predicted uncertainty for 2021 and said its revenue in the latter half of the year could face significant pressure.
Reliance Jio and HDFC Bank feature among the world's 'Top 25 Strongest Brands,' with Jio making it to the coveted top five. Moreover, the venerable Tata Group continued to be India's most valuable brand, as per Brand Finance.
British multinational consumer goods company Reckitt Benckiser has led a Rs 45 crore funding round in Visage Lines Personal Care Pvt. Ltd., the owner company of the brand Bombay Shaving Company. The investment will support the company’s plans to scale its operations and provide access to RB’s global scale, expertise, and mentorship.
Apple touched a new high with its latest quarterly results as it posted all-time record revenue of $111.4 billion, up 21 percent year over year, and quarterly earnings per diluted share of $1.68, up 35 percent. International sales accounted for 64 percent of the quarter’s revenue.
Alternate debt assets platform GrowFix has raised $2 million seed funding led by Zerodha's fund - Rainmatter Capital with participation from Better Capital. The funding will be used to develop technology to underwrite risks, educate investors about new-generation debt assets.
E-sports and mobile gaming platform Mobile Premier League (MPL) on Wednesday said it has raised $500,000 (about Rs 3.65 crore) from existing employees as part of its Employee Investment Plan. The Employee Investment Plan, which was announced in December 2020, was open to all employees of MPL.
LottieFiles, a community platform for designers and developers who create motion graphics, has raised Series A funding of $9 million led by M12, Microsoft's Venture Fund, with participation from existing investor 500 Startups.
TikTok competitor Chingari is open to hiring employees who lost their jobs after ByteDance announced it is wrapping up India ops in the wake of the permanent ban on Chinese apps.
Chiratae Ventures on Thursday announced the appointment of Andreas Hettich to its global advisory board. Andreas is the Chair of the Hettich Group Advisory Board — a leading manufacturer of furniture fittings with annual revenue of €1.1 billion.
At the TiEcon Delhi-NCR 2021 virtual event held on Wednesday, the founders of Lenskart, Clovia, and boAT discussed the future and viability of omnichannel sales, which involves both online and offline retail.
American actor and producer Robert Downey Jr announced the launch of his venture fund Footprint Coalition Ventures at the WEF's Digital Davos event. The media and investment group aims to combine high impact media with early-stage and opportunistic growth stage investments.
The space department and defence ministry are learnt to have agreed to vacate spectrum valued at around Rs 61,000 crore for 5G services, according to official sources. This was the first set of radiowaves identified by the government for enabling 5G services in the country.
Leading fashion company Aditya Birla Fashion and Retail Ltd. (ABFRL) announced on Wednesday that it has got into a strategic partnership with designer brand Sabyasachi Couture. Additionally, the company has signed an agreement to acquire 51 percent stake in Sabyasachi brand.
Biomedical molecular data firm Elucidata on Thursday said it has raised $5 million (around Rs 36 crore) in a funding round led by IvyCap Ventures. The pre-Series A funding round also saw participation from Hyperplane Venture Capital and a few angel investors, Elucidata said in a statement.
Ula, an Indonesia-based marketplace app that uses technology to modernise distribution and credit for small retailers, has raised $20 million in a Series A funding round led by Quona Capital and B Capital Group.
Edited by Megha Reddy