09 Nov 2019

Startup NEWS, Nov 9, 2019

1. Fret no more. Flying taxis may soon help you beat traffic congestion

  • German developer Lilium has announced that their prototype flying taxi has achieved speeds in excess of 100 km/h. This has given the startup confidence to expand its production capacity ahead of the planned commercial launch in 2025.
  • Uber Technologies and NASA are working together to study urban manned aircraft following a partnership last year that focused on unmanned drones.

Source: ET

2. AFI, IIITH, IITH, and T-Hub collaborate to build a social impact ecosystem for technology startups

  • The alliance is designed to address the critical challenges faced by social entrepreneurs with a special focus on the business model, market discovery, go-to-market strategy, scale-up strategy, right technology application and securing funds.
  • The not-for-profit collaboration aims at delivering strategic scaling support to 5000 social impact startups over five years.

Source: ET

3. With discounts galore and Taylor Swift, Alibaba eyes another record Singles’ Day

  • Alibaba saw sales worth $30 billion on its platforms on Singles’ Day last year, dwarfing $7.9 billion U.S. online sales for Cyber Monday.
  • Taylor Swift, whose latest album “Lover” has broken records in China, will headline this year’s opening gala alongside local celebrities like Jackson Yee.

Source: ET

4. IAN makes the final close of the maiden fund at Rs 375 crore

  • The sector-agnostic fund, which had an initial target corpus of about ₹325 crores, counts as SIDBI, IIFL, Yes Bank, Max Group, Gray Matters Capital and Hyundai among its limited partners.
  • Former Infosys CEO Kris Gopalakrishnan, industrialist Sunil Munjal and Sequoia Capital MD Rajan Anandan, among others, have also backed the fund in their personal capacities.

Source: ET

5. War on bad loans begins to pay for fintech lenders

  • The tough financial conditions have meant that startups are using technology innovatively to reduce the cost of operations.This year has been stressful for non-banking finance companies (NBFCs), with a liquidity squeeze affecting the broader financial services sector.
  • Mounting losses force new-age lending companies to trim bad loans via tech, varied portfolio.

Source: ET

 

 

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