#Marketwire is your quick summary of notable market movements in the technology industry. The firms covered in this segment include JetSynthesys, SV.CO, Bite Club and Zouk Loans.
JetSynthesys Launches Co-Working Space Garage in Mumbai
Technology firm JetSynthesys Ltd today announced the launch of ‘Garage’, a co-working space for startups in Mumbai. It has been launched by the accelerator division of the company called Jetlabs.
Having a seating capacity of 170 seats, the space will also provide mentoring and networking facilities to the entrepreneurs & the startups it will be housing. JetSynthesis is backed by Infosys Co-Founder Kris Gopalakrishnan, and has already invested $3 million in the space. Read More
Bite Club Temporarily Halts Operations
Gurgaon-based food delivery startup Bite Club has paused its operations. Company’s CEO Prateek Agarwal says that this is temporary as the team is working on a new strategy.
Founded in November 2014 by Prateek Agarwal, Aushim Krishan and Siddharth Sharma, the company works on a chef-aggregation model. It had secured $500,000 in seed funding from Powai Lake Ventures and a few angel investors in March 2015, and an undisclosed amount in Pre-Series A from GrowX Ventures in December 2015. Read More
Kerala Launches Online Incubator For Student Startups
Kerala State Government has launched an online incubator for student startups – SV.CO. The platform will provide free training & mentoring on entrepreneurship to students.
“The State government’s allocation for startups at Rs. 300 crore is the highest to date and higher than that of the Department of Science and Technology,” Chief Minister Vijayan said. Further, the State will invest Rs.2 lakhs in 1,000 startups for converting ideas to prototypes. Read More
Online Lending Portal Zouk Loans Pivots to Zouk Tech
Delhi-based lending portal for SMEs Zouk Loans has shut down its online lending platform. The company would now be focussing on building softwares for financial firms.
Company’s Co-Founder & CEO, Ash Narain says that the credit ecosystem in India is mostly offline and cannot be automated in its present form. The company was founded in August 2015, and will build workflow automation tools for financial services firms under brand name Zouk Tech. Read More