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Startup News Of The Week: 24-30 June 2018

| Published on July 2, 2018

1. Xiaomi IPO raises $4.7 billion

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Xiaomi has raised $4.7 billion from its Initial Public Offering (IPO), valuing at about $54 billion. This stock sale has made 3 new billionaires from the eight Co-founders, of whom two are already billionaires.

2. Infibeam looking to raise Rs 2,000 crore to set up payments bank

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E-commerce giant Infibeam is planning to raise Rs 2,000 crore to expand its business and set up payments bank. Stockholders have also approved renaming of company from ‘Infibeam Incorporation Limited’ to ‘Infibeam Avenues Limited’, as per a regulatory filing.

3. Kroger to launch driverless delivery

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US’ largest supermarket chain Kroger is in association with Nuro is looking to launch a fully driverless delivery service. Initially, Nuro will use a fleet of self-driving test vehicles with human safety drivers to make deliveries.

4. Haryana-based Cashify raises $12 million

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Founded in 2009, online used-phone selling startup Cashify has succesfully raised $12 million led by China’s CDH Investments and Morningside Ventures. Existing investors, including Shunwei Capital, Bessemer Venture, and Trifecta Capital also participated in the round.

5. Roposo posts Rs 30.96 crore loss in FY17

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Tiger Global Management-backed e-commerce platform Roposo has posted a loss of Rs 30.96 crore in financial year 2016-17, compared to Rs 40.24 crore in the previous year.

6. Dating app TrulyMadly posts Rs 7crore revenue in FY17

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Delhi-based dating app TrulyMadly has posted a revenue of Rs 7.2 crore for the financial year 2017, compared to Rs 6.93 crore in the previous year. The losses have reduced to Rs 13 lakh for the same period from Rs 27.28 lakh in 2016.

7. Delivery startup WOW Express raises Rs 30 crore

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Founded in 2014, Mumbai-based logistics startup WOW Express has raised Rs 30 crore led by Tamarind Family Private Trust of the Mansukhani family. WOW Express does e-commerce delivery of populat sites including Amazon, Nykaa, Myntra and Rediff.

8. Education startup Edureka raises $2 million

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Bengaluru-based Edureka has raised $2 million in its 1stround of funding led by Leo Capital India. Founded in 2011, Edureka is a global training platform in technologies such as big data, cloud computing, AI and blockchain.

9. Delhivery to become billion-dollar startup with $350 millionn IPO

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Launched in 2011, logistics startup Delhivery is looking to raise $350 million in its Initial Public Offering (IPO) valued at $650 million. After this, the startup is aiming for a valuation of up to $2.8 billion through the share sales. Delhivery currently offers services in over 1200 Indian cities.

10. Reliance to enter e-commerce business by end of 2018

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Mukesh Ambani’s led Reliance is looking to launch its e-commerce business by the end of 2018 through an app meant for local retailers and stores. The app is being tested in pilot mode with about 5,000 merchants across Mumbai and Ahmedabad.

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