Author: Girish Shetti

Here are the top trending news from the world of technology   1) Pentagon dumps Microsoft’s cloud contract worth $10 Bn Pentagon has announced it is cancelling $10 Bn cloud computing contract awarded to Microsoft in 2019. Pentagon now plans to divide the contract between Microsoft and Amazon. The contract has been wrangled in controversies, especially after amazon sued Pentagon alleging that its decision to award contract to Microsoft was borne out of biased attitude. 2) TikTok faces outage      The world’s most popular video sharing app, TikTok, reportedly faced outage issues on early Wednesday morning. TikTok users across…

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Fintech major Pine Labs announced on Tuesday that it has added an additional $315 Mn in the ongoing funding round. Subsequently, the unicorn fintech major has closed the ongoing funding round at $600 Mn. The latest funding tranche, like its previous funding round, was funded by scores of crossover and international investors. Fidelity management, Black Rock and Tee Line were some of the prominent cross-over investors to participate in the latest funding tranche. Pine Labs has kept mum on the post-funding valuation but the startup’s current valuation is believed to be hovering around $3.5 Bn. The latest funding tranche, unlike…

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Didi_Chuxing

Here are the top trending news from the world of technology 1) China blocks Didi Chuxing app China’s cyberspace regulator has ordered a blanket ban against Didi Chuxing app. This means that Chinese netizens can no longer download Didi Chuxing app from the app store until further notice. This development has come days after Didi Chuxing’s successful IPO at NYSE.  The ongoing buzz in China suggests that the country’s communist regime is getting increasingly wary about the growing domination of technology companies. The Xi Jinping administration wants to gain iron control over China’s big tech companies, reports claim. 2) Facebook…

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Subscription-based online furniture rental startup Furlenco announced on Sunday that it has raised $140 Mn in Series D round. The bifurcation between debt and equity funding is still not known. However, the latest round reasserts the Bengaluru based startup’s fixation with debt funding. It must be noted that Furlenco has been raising debt funding at regular interval. Its last debt funding round was as early as January 2021. Although the startup has maintained silence over its valuation, it certainly commands the highest valuation in the online furniture subscription space. More than its nearest rival Rentmojo, which was valued around $100…

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Logistic startup Freight Tiger has raised 11 Cr in a series B2 round led by existing investor Lightspeed Venture. Moonstone Investments and existing investors Pawan Munjal Family Trust and Astarc Ventures also participated in the series B2 round. According to regulatory filings, Lightspeed Venture contributed INR 6.5 Cr and has been allotted 19,468 convertible preference shares. Pawan Munjal Family Trust, which is owned by Hero Honda MD Pawan Munjal, is the seconding largest contributor in the funding tranche. Pawan Munjal Family Trust contributed 2.49 Cr and has been allotted 7454 shares. It must be duly noted that Freight Tiger had…

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Here are the top trending news from the world of technology  1) Richard Branson may beat Jeff Bezos in the Space Race Two billionaires are locked in a ferocious battle in the final leg of their ambitious quest to reach to the space. Until today, it appeared that Amazon’s Jeff Bezos will become the first billionaire and non-astronaut human being to reach space. However, Virgin Galactic on Thursday came out with the surprising announcement that its owner Richard Branson is all set onboard Virgin Galactic spacecraft on July 11. This is almost 9 days earlier to Jeff Bezos’ scheduled space…

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Winzo on Friday announced that it has raised $65 Mn in a series C round led by Griffin Gaming Partners. Griffin Gaming Partners is a California based VC firm that is solely focused on investing in the gaming industry. International VC firms and existing investors Makers Fund and Courtside Ventures were among other investors in the funding round. According to the regulatory filings, Griffin Gaming Partners has invested INR 147 Cr while Makers Fund has contributed INR 30 Cr in the Series C round. Griffin will get a seat in Winzo’s board of directors team following this round. With the…

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New-age organic food startup Gourmet Garden announced on Thursday that it has raised $3 Mn from new and existing investors. Beyond Next Ventures and M Venture Partners have led the round while existing investors Incubate India & Whiteboard Capital among others also participated in the round. It must be noted that Gourmet Garden had raised undisclosed amount of funding in October 2020 as part of the pre-series A round. The company hasn’t shed light on whether the latest fund infusion is part of the Pre-series A or Series A round. The startup has also kept silent on the valuation it…

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Facebook is serious for its video creators

Here are the top trending news from the world of technology 1) Facebook Unveils Substack Rival Product In highly expected news, Facebook on Wednesday unveiled its newsletter product called Bulletin. The launch marks Facebook’s foray into the newsletter subscription space where Substack is the undisputed leader. The social media said that in the initial months it won’t take any cut from writers’ revenue. The newsletter subscription space has been witnessing lot of action, with Twitter recently acquiring Revue. 2) China’s ride-hailing giant Didi Chuxing has just raised $4 Bn Didi Chuxing’s parent company Xiaoju Kuaizhi has raised $4Bn in…

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The millennial-focused fintech startup Slice announced on Monday that it has raised $20 Mn in equity funding from existing investors Gunosy & Blume Ventures. This investment is part of its ongoing series A round. Although the Bengaluru based startup has kept silence on its valuation, its valuation may have seen a sizable jump during the latest funding infusion. The fresh fund infusion will also make Japanese investment firm Gunosy one of the largest stakeholder in Slice. Gunosy is one of the earliest backers of the Bengaluru based startup and had also pumped debt funding last year. Slice had earned an…

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Here are the top trending news from the world of technology 1 Amazon Forays into encrypted messaging Biz Amazon’s cloud business unit AWS announced on Friday that it is acquiring encrypted messaging app Wickr. The financial details of the deal were not announced. The company said in its official statement that Wickr will be integrated into AWS’s business. 2 Musk and Dorsey to soon discuss about Bitcoin at upcoming event Elon Musk and Jack Dorsey have agreed to discuss and talk to each other about bitcoin at an upcoming event that will solely focuses on cryptocurrency. The event has been…

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Epharmacy startup PhramEasy made a surprising announcement on Friday that it is acquiring a controlling stake in Thyrocare Diagnostic Technologies Ltd for INR 4,546 Cr. The controlling stake amounts to nearly 66.1% stake at per share valuation of Rs 1,300. It is probably for the first time that an emerging startup, which is barely few years old, is buying a highly successful listed company. This, in a way, will be again perceived as an apparent sign that Indian startup is indeed reaching a maturity level. This news comes close on the heels of BharatPe joining hands with Centrum to rescue…

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