10 Sep 2019

Startup NEWS, Sep 10, 2019

1. SoftBank pushes WeWork to postpone its contentious IPO

  • SoftBank has invested a total of about $10.65 billion into the New York-based company, but that has been at a range of valuations.

  • WeWork has lined up a $6 billion credit line that is contingent on it raising at least $3 billion in an IPO, according to its prospectus.

Source: ET

2. Jet Airways bankrupt, Goyals under scanner, scion floats new company

  • Blinc Technologies’ services include online ticketing solutions, cab-sharing app, loyalty points platform and Digi-payment system
  • Nivaan Goyal had, in the last few months of Jet’s operations, closely aided his father in trying to find a new investor for the company.

Source: ET

3. Bike-sharing startup Vogo in talks with Goldman Sachs for $50 million; Bounce gets a commitment of $75 million

  • which are largely solving for short-distance mobility needs of customers in cities, multiple investors that ET spoke to indicate.
  • While Vogo is in talks to raise $50m from Goldman Sachs, rival Bounce is eyeing $75 million.

Source: ET

4. At Rs 3,960 crore, losses mount 165% for Paytm parent One97

  • Paytm’s parent One97 Communications posted Rs 3,959.6 crore in net losses for the fiscal year ending March 31, 2019, against Rs 1,490 crore for the same period in the previous year.
  • While admitting that the roadmap was not ready yet, Sharma said he wanted Paytm to generate more cash before going public.

Source: ET

5. Dell brings in a dedicated online channel for SMBs, startups in India

  • Dell said citing IDC data that it owns 20.5% of the market for SMB for the half-year (H1) period of this calendar year.
  • The company is also opening two offline Solution Centres in Bengaluru and Chennai.

Source: ET

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