#Marketwire is your dose of notable developments in the technology ecosystem. This segment includes updates from Snapdeal, Freecharge, 50K Ventures, Kotak Mahindra Bank and BigBasket
Snapdeal Looking to Sell Minority Stake in Freecharge
eCommerce marketplace Snapdeal, which had acquired Freecharge in April 2015, is now looking to sell a minority stake at a valuation of close to $1.2 billion. The company is reportedly in advanced discussion with Taiwanese firm Foxconn to sell upto 26% stake in Freecharge.
Snapdeal had acquired the mobile technology company in a cash and stock deal worth $400-$450 million. The firm had last raised $200 million in funding at a valuation of $6.5 billion in February 2016. Read More
50K Ventures Launches Go-to-Market Accelerator Program
Early stage venture fund 50K Ventures has launched a go-to-market accelerator program. The new accelerator will take only 3 startups per batch for a 4 month long acceleration program.
Startups with an MVP or some early traction can apply for the program. They will be provided with mentorship on go-to market strategy, execution, business development and enterprise customer engagement. Read More
Kotak Mahindra Bank Opens ‘Innovation Lab’ in Bangalore
Kotak Mahindra Bank has started an ‘Innovation Lab’ in Bangalore to partner and work in synergy with strategic startups. “We started an ‘Innovation Lab’ recently which is right now a dedicated space from where we are partnering with startups in the fintech space to test concepts and launch them into commercial products,” Kotak Bank’s Chief Digital Officer Deepak Sharma told PTI.
The private sector lender is also open to investing in startups, but hasn’t given any further details on the same. Read More
BigBasket Enters into B2B Selling
Online grocery retailer BigBasket has now entered into the space of B2B selling, as it is now supplying goods to kirana stores, hotels and restaurants. “We are looking at the big volumes’ play in the B2B segment while on the main grocery business private brands are getting the highest focus.” says BigBasket’s co-founder and CEO Hari Menon. Read More