Author: Kanishk Jain

Billionaire Mukesh Ambani’s Reliance Jio Infocomm (RJI), a subsidiary of Reliance Industries Limited, has entered into an agreement with Anil Ambani’s debt-ridden Reliance Communications (RCom) for acquiring assets under four categories namely spectrum, tower, optical fiber network and other wireless assets. According to RCom, the deal constitutes 122.4 MHz of 4G spectrum in the 800/900/1800/2100 MHz bands, over 43,000 towers, 1,78,000 kilometers of fiber and 248 media convergence nodes. The actual details of the transaction were not revealed but it supposedly close in phases between January and March 2018. These assets are strategic in nature and will help in the large-scale launch…

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NITI Aayog brainchild Atal Innovation Mission (AIM) has picked 1,500 more educational institutions across the country for establishing Atal Tinkering Labs (ATLs) programme to promote innovation and entrepreneurship in schools, universities, and industry. According to NITI Aayog, the addition of these schools will inculcate the vision of this mission among young minds. Since its inception in 2016, AIM has selected 2441 schools from India to set up Atal Tinkering Labs. These schools were selected from over 25,000 applications that were received. AIM claims that this expansion will cover around 98% of the smart cities and 93% of the districts. These…

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Lendingkart

Ahmedabad based SME lending platform Lendingkart Finance has raised $3.8 million in debt from State Bank of India (SBI). This loan of $3.8 million (Rs 25 crore) is in the form of credit facility. This means that company can extract the amount over separate channels whenever the need arises. In 2017, two private sector banks, Kotak Mahindra Bank Ltd and Yes Bank Ltd provided financing to Lendingkart as lenders. However, it is the first investment for State Bank of India in relation to a digital lending startup. SBI is one of the largest banks which has played a major role in regulating India’s…

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Paytm

India’s leading digital payments platform Paytm has launched ‘Indian Open Source Project Incubator’ to enable building and development of innovative solutions among technology developers in India. With this endowment, PayTm is hoping to connect all tech enthusiasts including students and professionals from across the country. This incubator programme is a part of  ‘Paytm – Build for India’ and its first batch will run for a period of 6 months from 1st January 2018. The programme will predominantly focus on latest technologies like machine learning, augmented reality, virtual reality and at the same time, it will pave a way for designing solutions around education,…

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Baidu Inc, China’s largest search engine provider is suing its former autonomous driving chief and his mobility startup JingChi Inc. for stealing their technology. According to the lawsuit, there is a dispute between Alphabet Inc. and Uber Technologies Inc. over allegations that their former employee took some of their valued data when he changed his ways. Baidu sued Jing Chi Inc. in the Beijing Intellectual Property Court and said that it wants $7.6 million, legal costs in compensation as well as wants the startup to stop using any supposedly stolen technology. Baidu wants to become China’s leading provider of self-driving…

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Delhi based YourQuote Solutions Pvt. Ltd, a user-generated content and digital community platform has raised $1 million in seed funding led by IDG Ventures India along with the participation of Atul Goel of the Essel City Group, and Axilor Ventures, founded by Infosys co-founders Kris Gopalakrishnan and S D Shibhulal. The newly acquired financing will be used by the company to improve the extent of content available on its platform by reaching more geographies across the country. Their final aim is to increase the number of contributors and readers on their platform. Also, they want to incorporate user-generated video content…

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Virgin Hyperloop One, a startup from Los Angeles backed by Virgin Atlantic’s Richard Branson has raised $50 million from existing investors Russia’s Caspian Venture Capital and Dubai’s DP World. The company which is on the grounds of developing a superfast transportation system has appointed British billionaire Richard Branson as the chairman of its board of directors. The recently acquired funding will be used by the company to develop high-speed, near vacuum train transit. Since its inception, Virgin Hyperloop One has raised $295 million. In October this year, the company rebranded itself as Hyperloop One following an investment from Virgin which paved…

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Ola, the rival of Uber in India has acquired food-delivery startup Foodpanda India Pvt. Ltd from its German parent Delivery Hero AG. Ola, operated by ANI Technologies Pvt. Ltd has infused $200 million in an all-stock deal after which Foodpanda’s India business will be transferred to Ola. The details of the deal were not disclosed, however, ola, which hails around two million rides daily is indeed one of the best buyers. In October, Ola closed a $1.1 billion funding round led by Tencent and SoftBank, after which it has been constantly looking forward to distinguishing itself from Uber’s business in India. With an…

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Springboard, an EdTech startup which provides professional courses along with one-to-one mentoring has raised $9.5 million in Series A funding led by Costanoa Ventures. Blue Fog Capital, Rocketship.vc, Moneta Ventures, Learn Capital and Jyoti Bansal, the founder of Appdynamics also participated in the funding round. The company is also backed by eminent investors like Allen Blue, co-founder of LinkedIn, Naveen Tewari, founder & CEO of InMobi, Facebook’s former VP-Product Greg Badros. Started in 2013 by Parul Gupta and Gautam Tambay, the company has educated over 7,000 students in its intensive three-to-six months courses in data science, UX design, and business analytics. Its user…

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Nara Lokesh, Andhra Pradesh’s Information and Technology Minister confirmed that the state government will collaborate with Alphabet Inc’s moonshot factory X to introduce high-speed internet for millions of people by March 2019. X’s newly developed Free Space Optical Communications (FSOC) technology,  which uses light beams will be used for this purpose which will provide incredibly fast internet without digging trenches or laying any cables along poles. 2,000 boxes which will be around 20 km (12 miles) apart from each other will be set up on post and roofs in densely populated areas around the state. This service will act as a…

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Mumbai-based agri-tech startup Farmlink has raised $3 million from  Switzerland-headquartered Pioneering Ventures and agrochemical firm Syngenta, a global Swiss agribusiness that produces agrochemicals and seeds. This is company’s first institutional round of funding. In 2014, Farmlink was incubated by Pioneering Ventures. With the newly acquired funding, Farmlink is planning to expand its network of collection and service centers across India. The startup will also spend the newly acquired financing in enhancing its technological and analytical capabilities to improve the supply chain from farm to shelf. Currently, the startup operates as an end to end supplier of fresh products like fruits and vegetables.…

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Waymo

Waymo, the very famous autonomous vehicle division of Alphabet, Google’s parent company, has recently launched cars on public roads in the Phoenix metropolitan area with no one behind the wheel (not even a safety driver). Starting very soon, the company is planning to invite regular people for trying their self-driving vehicles. As of now, a Waymo employee will remain in the vehicle, however, instead of being in the front seat, he/she will most likely sit behind the driver’s seat. Also, currently the company has geofenced their vehicle’s reach within a 100 square mile area in the town of Chandler, a suburb of…

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