Young startups fish for talent in big tech poolStriking a balance in team dynamics is, however, not easy, founders say. Vivekananda Hallekere, CEO at Bounce, said defining the skillset for his early-stage team (zero to one) to work with his growth stage team (one to ten) was a key challenge as the company scaled up.
Season Two Ventures looks to raise $100 millionSeason Two Ventures will make about 30 investments from this fund, starting with an initial cheque size of $500,000 to $1 million, and invest about $1 million in additional capital later on, to scale up the ventures.
Flipkart parent infuses Rs 2,839 crore in wholesale armThis is the third such fund infusion into the unit this year, taking the total investment to Rs 5,701 crore. The investment comes at a time when the ecommerce giant is preparing for its last sale of the season — Big Shopping Days.
Accel raises $550 million sixth India fundOne of the most prominent VC firms in Silicon Valley, Accel said it will continue to scout for early-stage deals across consumer internet, enterprise, financial services, healthcare, and Software as a Services (SaaS) startups. The Bengaluru-based Accel India’s $450 million fund saw 70% of its investments in the range of $2 million or less.
Ola moves financial unit out of parent ANI TechnologiesOla aims to raise capital separately for the independent entity and will pit it directly against larger rivals like Paytm, Google Pay, PhonePe. Short-term credit, mobile wallet, insurance and utility bill payments are some of the services housed under Ola Money.
Swiggy will invest another Rs 75 crore to expand its cloud kitchensCloud kitchens are delivery-only properties that help restaurants reduce their real estate and labour costs while keeping the window of expanding brands and offerings rapidly. Swiggy claims to have created 8,000 jobs through Access and looks to add 7,000 more in the next 6 months.
First close for Fireside’s $100 million fund In its first fund, which closed at about $50 million, Fireside Ventures took ownership of about 10% on average with a half-million-dollar cheque size, while the second fund will put in more money for a larger chunk of the firm, said founder Kanwaljit Singh.
Ola driving to colleges for hiringThe class of 2019 is likely to be awash with job offers from startups including Ola, Amazon, Flipkart, Meesho, and Bounce, with companies looking to rope in students adept at dealing with a fast-paced, agile environment.
Flipkart and Amazon clock Rs 31,000 crore in festive salesThe average order value for Flipkart stood at Rs 1,976 versus Rs 1,461 on Amazon, indicating that customers bought higher-value items from the Walmart-owned marketplace. Flipkart led with 64% share of the combined gross sales while Amazon continued to fare higher in net promoter score (NPS). NPS measures the loyalty of customers to a company.
Ola Electric gets former president of Hyundai, India on boardIndia has been actively pushing for a shift to electric vehicles in its pursuit to bring down oil imports and curb pollution. The intent is to electrify all new vehicles by 2030 and the government is asking auto manufacturers to draw up plans for that, in line with its commitment to the Paris Climate Change Treaty.
Real reason why Uber moved in: To simplify tax math Earlier this month, Uber restructured and moved its entire India business – which partially operated from Netherlands under Uber BV – to the India-domiciled Uber India Systems. This is Uber’s first such restructuring since 2014.
Ola Foods has plans for its Khichdi ExperimentThe company plans to scale up these brands from six cities to tier 2 cities in the next year. Barring Khichdi Experiment, other brands include its rice bowl brand Lovemade, North Indian food brand Grandma’s Kitchen and dessert brand FLRT.