There is a lot of things happening in the Indian startup ecosystem and it is important for the marketers to stay updated about the happenings of the market. In order to cover the most important news that happened in last few days, we have started this new category called startup news of the week in which we will try to share major fundings, views of entrepreneurs or anything new that can help our audience to get an idea about startup culture in India.
1. Reliance to invest $180 million in ed-tech startup
Reliance Industries, which makes most of its revenue from the refining and petrochemicals business is now looking to enter educational technology sector by investing $180 million (Rs 1,175 crore) in Embibe which is working on the digitalization of education system in India.
2. Automatic roti maker Rotimatic raises $30 million
After achieving a revenue of $20 million within a year of its launch, Rotimatic’s parent company Zimplistic has raised $30 million Series C round from Singapore-based firm Credence Partners and EDBI.
3. Mumbai based startup hiring 60-year-old interns
A startup named Truebil is looking for interns over age 60 after getting inspiration from a movie- ‘The Intern’ in which De Niro plays the character of Ben Whittaker, a 70-year-old intern working for a startup firm. Currently, there is a requirement of 8 interns over 60, with work experience in mid to senior management levels.
4. Tea retail chain Chai Point raises $20 million
Chai Point has raised $20 million in its Series C round led by Paragon Partners. Launched in 2010, Chai Point operates with 100 stores in 8 cities and claims to be India’s largest tea retailer followed by Chaayos.
5. Digital wallets in India have lost 80-90 percent of their users
Due to the KYC authentication process, Indian digital wallet companies have lost 80-90% of their users in a very short time. Also, the cash loads have reduced by 95% and most of the online customers are again shifting to the cash-on-delivery method.
6. Elon musk raises $100 million in Boring Co
To make underground tunnels for its hyperloop transportation project, Boring Co. has been raised with $112.5 million in funding with most of the investment coming from Musk himself. Earlier, he sold Boring Co hats and flamethrowers to raise funds for his revolutionary projects.
7. Shilpa Shetty invests $250K in babycare products startup
Actress Shilpa Shetty Kundra is the latest Indian celebrity to invest her money in a startup. She has supported the Delhi based MamaEarth with $250K which makes baby care products including rash creams, hair shampoo, body wash, massage oil, and sunscreen lotion.
8. Cryptocurrency wallet educating kids about future money
Pigzbe has launched a hardware wallet called Wollo for kids to teach them about the future money. The hardware wallet gets connected with Pigzbe’s app which has games about saving and spending the digital currency.
9. Nykaa raises Rs 75 crore
Online beauty and wellness marketplace Nykaa has raised $11.32 million (Rs 75 crore) in a funding round which was led by existing investors including Sunil Munjal’s family office; Marico’s Mariwala family office; Dalip Patha.
10. IIT-Delhi will help students to convert their thesis into startups
IIT-Delhi is planning to help Doctoral students from India’s best engineering colleges to convert their thesis into startups. After selection, the students will be provided a fixed monthly compensation to start their business operations. ALong with this, seed capital, free mentoring, and accommodation will also be given to the students.
