The department for the promotion of industry and internal trade’s startup recognition project has benefited 52,732 startups. ‘Startup India’ is India’s flagship project aimed at creating a robust ecosystem for the country’s innovation and businesses. Som Parkash, Minister of State for Commerce and Industry, stated in a written reply to the Lok Sabha that the Startup India Seed Fund Scheme has so far sanctioned Rs 30 cr to nine incubators.
Huawei will invest $100 mn in the AP start-up ecosystem in the next three years. After the Covid-19 situation in India improves, the company hopes to expand the Spark Program to India. Huawei also announced that this program would concentrate its efforts on the development of four additional startup hubs in Indonesia, the Philippines, Sri Lanka, and Vietnam, with the overall goal of recruiting 1,000 startups and transforming 100 of them into scaleups.
Marvell Technology has agreed to buy start-up chip firm Innovium for $1.1 bn in stock, boosting its share of networking chips sold to huge cloud computing companies. Broadcom, Marvell’s competitor, presently leads the market for switch chips. With its $10 bn purchase of Inphi last year, Marvell took a step toward entering that market. The Innovium chip, which competes directly with Broadcom, is found at the heart of the switches.
Indian hotel chain business Oyo is getting close to finding a new investor in the tech giant Microsoft. Oyo has been valued at $9bn and Microsoft is in the final stages of the negotiations. The deal could also see Oyo shifting to use Microsoft cloud services. The pandemic has brought Oyo’s evaluation by 60% and put them in debt of $660mn. The growth has been slowed and thousands of employees had to be removed.
Khosla Ventures led the fresh seed funding of $5mn for Even, a healthcare membership company. Even is aiming to provide healthcare facilities that insurances don’t cover in India and plans for commercial launch in Q4 2021. 5000 people have been waitlisted for the $200 membership which will cover unlimited consultations with primary care doctors, diagnostics, and scans. They are currently partnered up with 100 hospitals.
IoT-based startup Atsuya Technologies has been given a grant by the Tamil Nadu government under its Guidance-ATEA Digital Accelerator Program. Rs 60.4 lakh was given as a grant amount to the start-up. Out of the total of 75 applicants, 5 start-ups were given a total of Rs 3.5 cr. Atsuya Chief executive Rahul Ganapathy said the company aims to bring Tamil Nadu to the forefront in achieving sustainable development goals.
Lenskart has closed its latest round of funding with $220 mn at a valuation of $2.5bn. The eyewear retailer will use fresh funds to expand into Southeast Asia and the Middle East. The largest investor in Lenskart is SoftBank with a 20% stake. Lenskart is aiming to be the top eyewear retailer in Singapore in the next 12-18 months. The company plans to raise a total of $315 mn of funding before going public.
Online learning platform Simplilearn’s majority shares will now be held by Blackstone Private Equity. This will be their first private equity investment in Asia in a consumer technology company. Simplilearn is entering this strategic partnership with the aim to develop partnerships with businesses and universities around the world. With the rise in demand for digitisation, Simplilearn sees this as an opportunity to take the next big step.
Logistics firm Shiprocket has raised $41.3 million ( ₹305 crore) in series D funding from Paypal, Info Edge Venture, and Temasek Holdings. The funds will be utilised for product expansion, R&D and talent acquisition. Shiprocket’s offerings has included using machine learning algorithms to accurately predict delivery dates. These algorithms will also help merchants seamlessly choose across various courier partners etc.