Business, News

Marketwire – RBI Permits Startups to Raise Upto $3M in ECBs Annually & More

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Marketwire is your quick summary of notable market movements in the technology industry. The firms covered in this segment include RBI, Nasscom, Alibaba, Snapdeal, Opinio, Amazon, Snap Inc and Twitter

RBI Permits Startups to Raise Upto $3M in ECBs Annually

In order to encourage entrepreneurship & job creation in the country, Reserve Bank of India, has announced that startups can raise external commercial borrowings (ECBs) of up to $3 million in a financial year. ECB refers to commercial loans availed from non-resident lenders. Besides loan, borrowing can also be in the form of non-convertible, optionally convertible or partially convertible preference shares with the minimum average maturity period will be 3 years. Read More

India to Have 10,500 Startups by 2020: Nasscom

According to the report “Indian Startup Ecosystem Maturing – 2016” report by Nasscom-ZINNOV, India will have 10,500 startups in another 4 years. It estimates that at present there are 4700 startup firms in the country. The report also states that the amount of investment in startups has fallen by 25% in 2016 from the previous year. At the same time, the number of startups raising funds has grown from 600 in 2015 to 650 in 2016. Read More

Alibaba Launches “Global E-commerce Talents” (GET) programme in India

As Alibaba gears up for its official India entry next year, it has launched a “Global E-commerce Talents” (GET) programme in India. The programme aims to provide training around the eCommerce ecosystem to students, small business professionals and entrepreneurs. It has partnered with Centre of Ecommerce Excellence, Indian Institute of Ecommerce, First EduIndia Limited and Unified Growth Foundation to launch the programme. Read More

Snapdeal Goes Co-Working Way to Cut Costs

In order to save up on its operating expenses, eCommerce player Snapdeal has vacated its 200-seat capacity office in Mumbai’s Malad area, and moved the team to a co-working space instead. This is an interesting move considering co-working spaces are coming up more of a hub for small startups. The shift in working space will save the firm almost 10% of its current expenses at the centre. Read More

Hyperlocal Delivery Startup Opinio Halts Operations

Bangalore-based hyper local delivery startup Opinio, has suspended its operations across country. Since the company was unable to sustain its operational costs, it’s now looking to pivot. It was founded by Mayank Kumar and Lokesh Jangid in June 2015. The company had raised over $8.3 million till date. Read More

Amazon to Launch Launchpad for Startups in India

Amazon is reportedly going to unveil its launchpad program for startups in India in a couple of months. Amazon Launchpad is a marketplace for startups to showcase and sell their products. It will be working with not only startups, but also other early stage companies particularly in the FMCG sector. Read More

Snapchat Looking to Raise $4B in 2017 IPO

Ephemeral messaging app firm Snap Inc. (formerly Snapchat), is planning to raise $4 billion at a valuation of $25 billion to $35 billion, when it goes public next year. The target valuation is substantially higher than the $18 billion worth it had attained when it last raised investment in May 2016. The firm claims to have hit $150 million daily active users, and expects to generate $1 billion in revenue in 2017. Read More

Twitter is Shutting Vine Down

Twitter has decided to pull the plug on the short video app it had acquired in late 2012. The management isn’t pleased with Vine’s performance, especially since its co-founders quit. The product would be gradually shut down over the next few months. However users can still access their content through its website. Read More

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