17 Feb 2020

Startup NEWS, Feb 17, 2020

1. Indian Startups Can List In Overseas Markets Soon, Confirms Ministry

  • Soon, Indian startups will be able to list directly in India and overseas markets, confirmed Atanu Chakraborty, secretary at the department of economic affairs (DAE) in the finance ministry.
  • Speaking at an interactive session on ‘Budget and Beyond’ at NITI Aayog, Chakraborty reportedly said, “Lots of companies do want to list both in India and abroad at the same time. We welcome the suggestion that could make the process more seamless.”
  • The session was attended by professionals from asset management, wealth advisory, tax consultancy and other related industries, including Softbank India head Manoj Kohli was also present in the session.

2. Zodius leads $19 million funding round in Onsitego

  • Zodius Growth Fund has led a $19 million (Rs 136 crore) funding round in Mumbai-based Onsitego, which provides extended warranty and device protection services to consumer durables.
  • In its maiden deal from the new fund, Zodius has put in about $15 million in the startup. Accel India, an existing backer of Onsitego, has also participated in this latest financing round, with Accel US too joining the company’s cap table.
  • Founded by IIM-Bangalore alumnus Kunal Mahipal in 2010, Onsitego had previously raised $2 million in financing in 2015. The company will now use the proceeds to primarily expand its extended warranty product, to annual maintenance contracts and reach out to consumers directly.

3. Onsitego Bags $19 Mn From Zodius, Accel

  • Mumbai-based extended warranty and device protection services provider, Onsitego, has raised $19 Mn (INR 136 Cr) in a Series B funding round led by Zodius Growth Fund. Onsitego’s existing investor Accel India has also participated in the funding round, along with Accel US.
  • The digital services focused investment fund, Zodius, has invested close to $15 Mn in Onsitego. This is the firm’s first investment through its new $200 Mn Fund III. Zodius fund has closed two funds so far — Zodius Technology Fund and Zodius Technology Opportunities Fund. They have a cumulative corpus of $140 Mn, with investments in companies across several sectors — retail, healthcare, education, logistics, software, services and financial services.
  • With an average ticket size of $15 to $25 Mn, Zodius’s portfolio includes cybersecurity startup Cyfirma, online grocery delivery platform BigBasket, cloud kitchen network FreshMenu, lingerie brand Zivame and online furniture and home products marketplace Pepperfry. The investment firm has also got a partial exit from BigBasket.

4. Telangana Aims To Be India’s Blockchain Capital With New Incubators

  • After setting up its blockchain policy and a blockchain district, the Telangana government is now looking to become the “blockchain capital of the world”. For this, the Telangana government has decided to set up India’s first blockchain incubator to provide support for startups working in the domain.
  • The project is called T-Block Accelerator and has been set up in partnership with the International Institute of Information Technology (IIIT)-Hyderabad and the Indian School of Business (ISB). Tech Mahindra, Microsoft and IBC Media are also collaborating on the T-Block Accelerator.
  • Jayesh Ranjan, principal secretary of ITE&C department, said, “We have more than a dozen blockchain-led use cases running in our government departments. While we are providing the required support to the startups by using their solutions in our government projects, scaling up is still a challenge. Running an accelerator of this nature is very important in this context.”

5. Facebook Releases An Experimental Pinterest-like App

  • It is easy to lose track of time while surfing and scrolling Pinterest, as it offers diverse content aimed at hobbyists and enthusiasts. Now, it seems like Facebook wants to get in on it through its new experimental app, Hobbi.
  • Developed by the social media giant’s New Product Experimentation (NPE) team, the app is available on the Apple App Store. As the name of the team behind the app might suggest, Hobbi is another experimental project by the NPE team initiative that was introduced last year by Facebook. The team is focused on developing new products and experiences on a smaller scale that might work. If not, they’ll be shut down.
About Philomathes Jigyasu

Philomathes (pronounced as fillo-MAY-thus) is a fictional character at VAYUZ (https://www.vayuz.com), who is on a never ending journey called “LEARNING”. In a way, Philomathes embodies VAYUZ - Way of life, which is if you are not learning then you are not breathing. The word Philomathes, comes from the Greek roots philo and philein meaning "to love" and the Greek roots mathos (MAH-thos) and mathesis (muh-THAYSIS) meaning “learning”. Philomathes through his Blogs and Vlogs (Video Blogs) will share his experience, learnings and thoughts. In his tryst to learn and understand, he would also seek answers to questions. So if you would like to join him in this incredible journey called “ life” then feel free to write to him on philomathes.jigyasu@vayuz.com. Always remember, knowledge is all around us, we just need to keep our guards down and senses on.

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