12 Nov 2019

Startup NEWS, Nov 12, 2019

1. Paytm plans to invest Rs 500 crore in tech startups

  • The company said it expects to employ technology across the growing internet to become the dominant player in AI.
  • The company typically invests Rs 200-250 crore every year in intellectual properties or companies building complementary technologies such as Insider, Nearbuy, Loginext, Ticket New, Hungerbox, Night stay, QRQL, and RecruiterGrid.

Source: ET

2. PayNearby launches own micro ATMs at retail shops

  • The Confederation of the ATM Industry (CATMi) has announced its plans to shut down nearly 50 percent of ATMs due to the high maintenance cost of software and equipment upgrades.
  • PayNearby said it has commenced a nationwide launch under its retail network of more than 7.5 lakh retail touch-points across the country.

Source: ET

3. Snapdeal in talks for $100m at valuation of $800m-1.2bn

  • The new round is expected to benchmark a new valuation for Snapdeal besides testing if its founders can win investor trust for the business after seeing a significant value erosion, said the first source mentioned earlier.
  • Snapdeal had last raised a large round of fresh capital in February 2016, which valued the company at about $6.5 billion.

Source: ET

4. Indian SaaS startups need to turn inwards to move forward

  • The time may have come for India to follow a similar curve for the adoption of SaaS. Three big enabling factors are in place today — electricity, broadband and payment infrastructure.
  • Localization needs in terms of language, regulations, business norms, mobile-first usage, are not trivial, and most global SaaS companies do not have the muscle power of Facebook and Google to set up India teams.

Source: ET

5. WeWork begins the search for a new CEO: Sources

  • SoftBank last month spent around $10 billion to take control of WeWork, rescuing the company from potential bankruptcy after it failed to complete an initial public offering, which also led to Neumann’s departure.
  • Since taking control of WeWork, SoftBank has already installed its chief operating officer, Marcelo Claure, as the executive chairman of WeWork parent The We Company.

Source: ET

 

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