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Category: Start-up (page 2 of 27)

After fresh funding Postman becomes most valued SaaS startup at $5.5 bn

Raising $225mn in a funding round, Application Programming Interface platform Postman has become the most valued software-as-a-service (SaaS) startup in India at a $5.6 bn valuation. The firm overtook BrowserStack which was valued at $4 bn in June. Valued at $2bn a year ago, it raised $150mn from Insight Partners, among others. The Bengaluru-based company plans to use the fresh funds to expand its team.

Source: Businessinsider

VerSe Innovation to expand Josh, Dailyhunt globally after raising $450mn

The parent firm of popular news aggregator Dailyhunt and short video app Josh, VerSe Innovation, announced that it has raised $450 mn. The announcement came just five months after it had raised $200 mn, as it looks to expand globally. According to a person familiar with the matter, VerSe Innovation’s valuation,  after the new round of funding, is around $3 bn. The startup also plans to invest in AI/ML to offer users a personalised experience.

UpGrad becomes a unicorn start-up

The Unicorn club had one more addition, as UpGrad became the third EdTech start-up to join it. Its valuation has doubled within the last 60 days since it raised its first funding. It is a promoter-funded entity with founders still having 70% stakes in the company. While this round is the first external equity capital raised by the company, more are sure to come.

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53,000 startups benefitted from govt’s recognition

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.

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Huawei to invest $100 mn in Asia-Pacific start-up ecosystem

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.

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Marvell to acquire start-up chip firm Innovium for $1.1 bn

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.

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Microsoft in talks to acquire a stake in India’s Oyo

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.

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Khosla Ventures leads $5mn seed funding of healthcare membership firm Even

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.

Tamil Nadu Govt gives grant to Atsuya Technologies

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.

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