Business, News

#Marketwire: Alibaba Launches Smart Car for Masses; Practo in Talks to Raise $50-60M & More

Alibaba-internet-car#Marketwire is your quick summary of notable market movements in the technology industry. The firms covered in this segment include Alibaba, Startup India Hub, Hax, Treebo, Practo, Paytm, Nazara, DIPP, InnoVen Capital and BlaBlaCar.

Alibaba Launches Its First Smart Car for the Masses

Chinese eCommerce giant Alibaba has launched its first internet connected car. Alibaba and China’s largest automaker SAIC Motor Corp has jointly developed this car equipped with YunOS operating system, which can link up with smartphones. The car is available for pre-order on Tmall, and is priced upwards of RMB 148,800 ($22,300) Read More

Over 12K Queries Resolved by Startup India Hub in Past 3 Months

The Startup India Hub has resolved more than 12,000 queries received from startups through email, telephone and twitter since it began operating from April this year, said Union Commerce Ministry in status report. “Startup India Hub would soon be launching an interactive online learning and development module to educate startups and aspiring entrepreneurs, through various stages of their entrepreneurial journey”, the report said. Read More

China’s Hax Accelerator Interested to Invest in Indian Hardware Startups

China based Hax, a startup accelerator focussed on hardware startups in looking to invest in Indian hardware startups. Benjamin Joffe, general partner at Hax Accelerator said that the platform is planning to invest around $100K each in Indian startups in hardware space. Read More

Budget Hotel Startup Treebo Hotels is Trying to Raise $25M in Bridge Round

Budget hotel room booking platform Treebo Hotels is in discussions with Bertelsmann India Investments to raise an investment of $25 million. The company was earlier planning to raise $40 million but has reportedly decided to close a bridge round first. Treebo’s existing investors, SAIF Partners and Matrix Partners will also participate in this round. Read More

Practo in Talks to Raise $50-60M in Funding At a Post Money Valuation of $600M

Shashank ND founded health tech startup Practo is in talks to raise an investment round of $50-60 million, that can grow the company’s valuation to $600 million. The company is in advanced discussions with New York-based investment firm Thrive Capital, Russia’s ru-N Holdings and China-based Tencent. Read More

Paytm Establishes Alliances With Major Retail Chains in India

Paytm has entered into strategic alliances with leading retail chains across the country. Some of these chains include Spencer’s Retail, Heritage Fresh, More, WH Smith, Kendriya Bhandar, V2 Retail, Value Plus, Pai International (Pai Mobile)  among others. The company aims to promote cashless transactions in tier II & tier III cities along with urban areas. Read More

Mobile Gaming Startup Nazara Games Recorded $32M in Revenue in FY15-16

India based mobile gaming company Nazara Games reported $32 million (Rs.220 crores) in revenue in financial year 2015-16. A major chunk of the revenue came from the Indian market itself. Nitish Mittersain, Founder, Nazara Technologies attributes its growing revenues to the rise in smartphone and Internet penetration in the country. Read More

DIPP To Organise ‘Startup Fest’ in Hyderabad in September

Department of Industrial Policy and Promotion is organising a ‘Startup Fest’ to promote innovation in the country. The festival aims at providing national and international visibility to the startup entrepreneurs. Read More

Temasek Owned InnoVen Capital Closed Deals Worth $12M in Q1 in India

Temasek owned InnoVen Capital has made deals worth $12 million (Rs.82 crores) in Q1 FY16-17. The deals include a mix of debt financing, loans and investments in Indian startups. The company is further looking to disburse loans of about $60-70 million in India by the end of the current fiscal. Read More

Ridesharing Firm BlaBlaCar Introduces Member Verification

In an attempt to make app-led carpooling a more safer experience, ridesharing platform BlaBlaCar is introducing government ID verification for its members. On Wednesday the company announced that it has clocked 3 million seat bookings on its platform in India. “India is the first country where we have begun verification of government ID documents, such as the Aadhar card,” says Raghav Gupta, India country manager for BlaBlaCar. Read More

Image Source: IBNLive

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