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Category: Start-up (page 1 of 18)

Citrix to acquire Wrike to beef up digital work platform

Citrix has announced it would acquire Wrike, a SaaS-based work management platform from Vista Equity Partners for $2.25 bn. Wrike caters to 18,000 customers across the world, offering companies to better manage and complete work at scale. The San Jose-headquartered company is expected to have 30% stand-alone growth to between $180 mn and $190 mn in unaudited ARR1. Its rivals are Asana, Trello, and Slack Technologies.

Google backs Indian courier startup Dunzo in $40 million fundraising

Dunzo has raised $40 mn from existing investor Google and others. Dunzo and food-delivery apps Zomato and Swiggy recorded a fresh surge in popularity during the pandemic. Lightbox, Evolvence, Hana Financial Investment, LGT Lightstone Aspada and Alteria also participated in the fundraising round. Dunzo allows users to order groceries and other items from nearby stores as well as run pick-up and drop errands within the eight cities.

Salesforce makes its first India investment in HR tech platform Darwinbox

Salesforce has chipped in $15 mn into HR tech platform Darwinbox. The round saw participation from Sequoia Capital, Lightspeed India, Endiya Partners and 3one4 Capital. The company, including the latest round, has raised $35 mn. Darwinbox, the third-largest HR cloud provider after SAP and Oracle in India, wants to become the leader in the next two years. The platform services 500 firms globally, touching 1 mn employees in 60 countries.

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Quick Heal invests $2mn in Israel based cybersecurity startup

Quick Heal Technologies has invested $2 mn in L7 Defense, an Israel-based cybersecurity startup which specialises in API Security and NG-WAF. It is the third investment of the Pune based cybersecurity firm in the last 18 months. Last year, Quick Heal had invested $300,000 in L7 which had helped it to acquire clients in financial, telecom, IT industries across the US and Europe. Quick Heal had also invested in Singapore- based Ray Pte Ltd.

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Bharti’s OneWeb gets funding from Softbank, Hughes

Bharti Group-backed UK based OneWeb had received $1.4bn funding from SoftBank Group and Hughes Network to help it launch a first-gen 648 satellites fleet, by the end of 2022. In Dec 2020, it launched 36 new satellites, built at its Airbus plant, bringing its total fleet to 110 satellites, all fully-functioning and benefiting from ITU spectrum priority. OneWeb put forward its proposals to the IN-SPACe to open up space business along with AWS and 22 other firms in India.

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Byju’s acquires Aakash Educational Services for $1 bn

India’s biggest online-education startup Byju’s had signed a deal to acquire brick and mortar test prep leader Aakash Educational Services for $1 billion. Blackstone Group-backed Aakash Educational Services ran Aakash Institute would swap a portion of its 37.5% equity in Aakash for Byju’s stake. Byju’s, which is valued at $12 bn, had been on a fund-raising spree as the pandemic demanded its online lessons.

RedHat to acquire container security startup StackRox

RedHat is acquiring container security startup StackRox for an undisclosed amount. The acquisition fits nicely with RedHat OpenShift, its container platform, but the company says it will continue to support StackRox usage on other platforms including AWS, Azure and Google Cloud Platform. This approach is consistent with IBM’s strategy of supporting multi-cloud, hybrid environments. StackRox was founded in 2014 and raised over $65 mn.

PhonePe loss 4x over earning in FY20

PhonePe reported a 74% rise in yearly revenue to Rs 147.21 cr in the FY ended March 2020, from Rs 245.8 cr a year earlier. Its total loss narrowed 7% to Rs 1,772.93 cr, YoY. The business unit’s total expenses were up 2% to Rs 2,202.91 cr.  Advertising and promotional charges, its largest expenditure, dropped 22% to Rs 1,016,64 cr. Employee costs, another big cost centre, were cut 10% to Rs 478.92 cr.

Click here to read the full story launched Housing Edge, a rental and allied services platform launched Housing Edge to digitise rental and allied services for landlords and tenants. The services include payment, rental agreements, verification, packing, moving, interiors and home services that could be performed online via the portal. The company planned to expand the reach of services across the country by introducing certain features like ‘Pay Rent’ and tying up with brands like Urban Company, RentoMojo, Livspace, HappyLocate and AuthBridge.