#Marketwire is your quick summary of notable market movements in the technology industry. The firms covered in this segment include Snapdeal, GoJaVAS, SIDBI, Nasscom, iSprit, Mahindra, Bristlecone, SAP, ISB and Ola.
Snapdeal Planning to Fully Acquire eCommerce Logistics Firm GoJaVAS
In order to bolster its logistics supply chain, Snapdeal is planning to acquire eCommerce logistics firm GoJaVAS in which it presently holds 42%. While there hasn’t been any official announcement, GoJaVAS COO Vijay Ghadge has already joined the eCommerce marketplace’s in-house logistics firm Vulcan Express at the same designation.
GoJaVAS was founded by Vijay as the logistics arm of Rocket Internet backed Jabong, and was spun off into an independent entity in 2013. Snapdeal & Jabong continue to be the biggest clients of the logistics firm till date. Read More
SIDBI Selects 8 Venture Funds to Invest $63M in Startups
In accordance to the Startup India Action Plan, SIDBI has selected 8 venture funds to invest in startups which it will support with a corpus amount of $63 million (Rs 428 crore). The focus is on funds that are focused on different segments of technology innovation, including – Internet of Things (IoT), artificial intelligence, healthcare, consumer media, fintech, data analytics, cyber security, digital media, machine learning, and agri-related businesses.
SIDBI has already sanctioned $25 million to 6 such funds including – GVFL, Kae Capital, Orios Venture Partners, Ideaspring Capital, Parampara Early Stage Opportunities Fund, and the IFCI Venture Capital Fund’s funds. Read More
Government Certifies 20 Companies As Incubators Under Startup India
Under the Startup India initiative, only government-run 278 incubators are allowed to certify and recommend startups at present. The government has now certified 20 private bodies including Nasscom & iSprit, with the incubator status.
In the absence of sufficient certified incubators to assist startups, the Government is reviewing applications from such private companies to grant them the status. Read More
Mahindra’s Supply Chain Firm Bristlecone Looking to Acquire Indian Startups
Mahindra Group’s supply chain firm, Bristlecone, is looking to acquire startups in India. As a part of its growth strategy the company is actively scouting for ventures in the areas of Internet of Things and Analytics.
“We have looked at four or five companies this year and we may take steps by the end of this financial year. We’ve even looked at two Indian startups. They are in a very early stage but we will keep an eye on them, especially the leadership,” says Bristlecone’s CEO Irfan Khan. Read More
SAP and ISB Join Hands to Launch Programme for Social Ventures
SAP and the Indian School of Business (ISB) have entered into a partnership to boost early stage social enterprises. The “ISB-SAP Social Enterprise Jumpstart” will select 5 social enterprise startups and provide them with an acceleration programme.
The 5 selected startups will undergo a 4 month long programme where they will be provided with mentorship, training and access to the network. Read More
Ola Reverts Focus Back on its Loyalty Programme to Retain Users
Ola is now again focussing on its loyalty programme Ola Select, which was launched in August 2015. The subscription based programme will cost Rs.549.
The subscribers will get features like – not facing surge pricing or ride cancellation charges, getting access to the highest rated drivers and free Wi-Fi etc. Read More
Image Credit: CNBC