Backstage With Millionaires
This week in Indian Startup News, SpaceX wants to bring Starlink to India, PUBG plans a comeback in India, Indian traders register sales worth Rs 72,000 crore during the festive season, Khatabook and Dukaan resolve issue out of court, Flipkart acquires Scapic and Reliance Retail acquires Urban Ladder.
In funding news, MindTickle raises $100 million and Turtlemint raises $30 million.
00:00 Introduction
00:34 SpaceX wants to bring Starlink to India
03:09 PUBG plans a comeback in India
05:11 Indian traders register sales worth Rs 72,000 crore during festive season
07:50 Khatabook and Dukaan resolve issue out of court
08:38 Flipkart acquires Scapic
09:20 Reliance Retail acquires Urban Ladder
10:00 MindTickle raises $100 million
11:00 Turtlemint raises $30 million
SpaceX wants to bring Starlink to India: Spacex is planning to bring its satellite internet using Starlink to India. In a Twitter message, Elon had said that they expect Starlink to be in India by 2021. However, getting approvals from TRAI might not be the only challenge SpaceX has to face in India. Earlier this year, Airtel had acquired a minority stake in OneWeb, which is UK-based spacetech company looking to provide satellite-based internet as well. With that Airtel is looking to challenge SpaceX’s Starlink in India. And then we also have Reliance Jio, which is building a made in India 5G infrastructure. Since they are looking to target that same market in remote areas, they are counting on their made in India initiative to get an edge from both SpaceX and Airtel’s OneWeb.
PUBG plans a comeback in India: PUBG has surprised its fans in India after it announced that it is planning to launch PUBG Mobile India, which is going to be an entirely different game made specifically for the Indian market. PUBG Corporation will also be creating an Indian subsidiary which will control the game. One of the major issues with the earlier game was the vulnerability of user data. They will be using Microsoft Azure servers in India to ensure that user data stays inside India. Furthermore, PUBG Corporation will be investing $100 million in India and they are also planning to open an office in India and to employ more than 100 people.
https://www.livemint.com/technology/tech-news/pubg-mobile-re-launch-what-will-be-different-in-the-new-indian-version-11605198481352.html
Indian traders register sales worth Rs 72,000 crore during festive season: The Confederation of All India Traders (CAIT), which claims to represents millions of traders, has said that its members registered sales worth Rs 72,000 crore during the one-month festive season. This is a 10.8% growth over previous year’s Diwali sales.
https://in.reuters.com/article/india-economy-salesfigures/indias-top-retail-trade-body-says-diwali-sales-up-10-8-in-2020-idUSL4N2I108V
Khatabook and Dukaan resolve issue out of court: The legal dispute between Khatabook and Dukaan comes to an amicable end as the two decide to settle their dispute outside of court. As part of the settlement, Khatabook will get nominal equity in Growthpond’s Dukaan app. And the app is expected to be back on Play Store within a week.
https://entrackr.com/2020/11/khatabook-and-dukaan-resolve-issues-out-of-court/
Flipkart acquires Scapic: Flipkart has acquired Augmented Reality (AR) startup Scapic for an undisclosed amount as it looks to create a more immersive shopping experience for its customers.
https://storiesflistgv2.blob.core.windows.net/stories/2020/11/201117-Flipkart-Group-Acquires-Augmented-Reality-Company-Scapic-to-enhance-user-experience-Rev_final.pdf
Reliance Retail acquires Urban Ladder: Reliance Retail has acquired 96% stake in online furniture retail startup Urban Ladder for Rs 182 crore. The retail giant is also planning to invest another Rs 75 crore in Urban Ladder by December 2023.
https://www.livemint.com/companies/news/reliance-retail-arm-buys-urban-ladder-11605485945212.html
MindTickle raises $100 million: MindTickle has raised $100 million from Softbank’s Vision Fund 2, Norwest Venture Partners, Accel, Canaan Partners, NEA, NewView Capital and Qualcomm Ventures.
https://techcrunch.com/2020/11/15/sales-readiness-platform-mindtickle-raises-100-million-led-by-softbank-vision-fund-2/
Turtlemint raises $30 million: Turtlemint has raised $30 million from GGV Capital, American Family Ventures, MassMutual Ventures, SIG, Blume Ventures, Sequoia Capital India, Nexus Venture Partners, Dream Incubator and Trifecta Capital.
https://techcrunch.com/2020/11/17/india-insurance-startup-turtlemint-raises-30-million/
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