Missed Out Startup Essentials Of The Week? Here Is A RoundupA weekly recap for you to keep you up-to-date with startup world.
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Last week was the roller coaster for startup and eCommerce industry. At one end we saw massive funds following in, whereas on the other hand government policy grab the eye balls of the readers. OurStart Up Your Dayrecaps is here to keep you posted every week.
Government Policy
印度政府已允许100%外国Direct Investment (FDI) in online retail consumer businesses that operate as marketplaces, The Department of Industrial Policy and Promotion said in a notice on March 29. Marketplace model means the companies act as a facilitator between buyers and sellers by providing a technology platform, and not really owning them entirely.
傅nds Rolling In:
Picsdream,a marketplace for photography lovers has raised angel funding led by Raman Roy, CMD, Quatrro and Co-founder of Indian Angel Network. Other prominent investors include Ankit Nagori, Ex-CBO Flipkart and Harish Natarajan, Former CEO Bausch & Lomb India. Ankit and Harish have also joined the company's Board of Directors.
A matchmaking app for South Asian expatriates,Dil Milhas raised $2.7 million (around Rs 18 crore) in pre-Series A funding from Nelstone Ventures, Transmedia Capital, Maiden Lane Ventures, CSC Upshot and a bunch of angel investors.
Gurgaon-basedProcess Nine Technologies Private Limitedhas raised an undisclosed amount in a pre-Series A round of funding. Startup offers online translation and transliteration from English to Indian languages via a cloud-based application programming interface (API).
They're Acquiring
Flipkart, eCommerce giant has acquired Bangalore-based mobile payments company PhonePe. It is its third acquisition in the payments solution space.
It's time:
Former vice president and head of the seller business atFlipkart,Manish Maheshwari has joined Mukesh Ambani-owned Network18 Media and Investments Ltd. Maheshwari has been appointed as the CEO of Web18, the mobile and Internet arm of Network18 group.
It's Not a Joke
Indians no more wait forTesla Motors'compact four-door sedan Model 3 as Tesla said the car is open for pre-ordering from India too in a glitzy ceremony in California on Thursday.
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