#Marketwire is your quick summary of notable market movements in the technology industry. The organisations covered in this segment include World Bank, International Finance Corp, Ola, Softbank, General Motors, DIPP, BharatMatrimony, OnePlus & Intex
World Bank’s International Finance Corp Looking to Invest in Early Stage Indian Startups
World Bank’s private sector investment arm – International Finance Corp – is looking for early stage investment opportunities in India. The entity has mostly participated in growth stage deals, Series B and beyond, till date. Its focus areas have been consumer internet, healthcare, education and clean-tech, with ticket size ranging between $5 million-$25 million.
It now wants to increase its portfolio aggresively, and is hence scouting for startups in early stages. In 2016, it participated in a $150 million funding round in Big Basket, and led a Rs 400 crore investment round in Lenskart. Read More
Ola Looking to Raise $500M from Softbank & Others
Amidst the battle with Uber, Ola is seeking to raise around $500 million in investment. The cab aggregation company has reportedly held talks with its existing investor Softbank and General Motors to invest in a new round. SoftBank might lead the round once the terms of the deal have been finalised.
Ola, which was founded by Bhavesh Aggarwal and Ankit Bhati in 2010, has raised $1.2 billion till date. Uber has invested almost the same sum in its Indian entity, but has become more bullish about India ever since it sold off its Chinese entity to Didi Chuxing. Read More
DIPP to Launch Corpus of Rs 2000 Cr for Collateral Free Loans for Startups
The Government of India had created a special Rs 10,000 crore worth fund of funds for Indian startups in June 2016, out of which only Rs.1100 crore has been disbursed till date. According to Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek, the Government intends to increase the corpus size to Rs 50,000 crore, and DIPP is fast-tracking the process of fund disbursement to startups.
As a part of the process, DIPP is also soon launching a corpus of Rs 2000 crore, which would provide collateral-free loans to startups. Read More
BharatMatrimony Plans to Raise Rs 550Cr Through IPO in November
Murugavel Janakiraman, CEO, Matrimony.com Pvt Ltd, confirms that the online matrimonial portal group is set to get listed in November 2016. Besides company’s flagship portal BharatMatrimony, it also operates a number of other such websites. It is targeting to raise Rs 550 crore through the IPO, and give its investors, including Bessemer Venture Partners, an exit. The firm was founded in 1997 by Murugavel. Read More
OnePlus Launches its own eCommerce portal in India
OnePlus has shed its Amazon-exclusive model in India, and has launched its own e-store oneplusstore.in. The portal will sell OnePlus smartphones and smartphone accessories. Its China-based competitors in India, Xiaomi and LeEco, also have their India specific online stores. Read More
Intex Launches eCommerce Marketplace WishnBuy
Mobile and gadgets maker Intex Technologies has opened up its own marketplace for electronic goods – WishNBuy. It will be retailing products from over 100 brands across categories. It expects to hit 500,000 registered users and 2 million visitors by this year end. Read More