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SoftBank Group writes down INR.3,700 Crore in Ola, Snapdeal investments

softbank

Tokyo Based Softbank group’s has cut the value of both Ola (ANI Technologies) and Snapdeal  (Jasper Infotech) by $550 million. Earlier SoftBank invested a US $627 million in Snapdeal and US $210 million in Ola in October 2014. It has also made follow-on investments in both firms.

A write down is a fall in the projected value of an asset, that also at a time when both startups are looking for fresh rounds of Investments to fuel their growth amid tough competition from rivals Uber and Flipkart respectively.

SoftBank Group in its recent report confirmed a loss of huge ¥58.1 billion from financial functions for the last six-month period winding up to 30 September 2016 instead of a profit of whooping ¥112.6 billion in the  last year  period.softbank

“Loss or Profit  from financial functions at (fair value through profit or loss) FVTPL includes mainly fluctuations in fair value of ideal stock investment including embedded byproducts, such as OLA (ANI Technologies Pvt. Ltd) and Snapdeal (Jasper Infotech Private Limited) in India, labelled as financial assets at fair value through profit or loss.” Shared by the Japan-based company in its half year supervisory filing.

While seeking clarification and comment by an email, the SoftBank spokesperson refrained from responding. As only these two startups names have been shared, it is possible that they are responsible for the most or accounted for complete chunk of the write-down.

SoftBank Groups has financed more than USD $2 billion in India so far and the bulk of its funds, around USD $1.3 billion, has been installed in Snapdeal and Ola. Tokyo’s SoftBank also has invested in Oyo (hotel booking platform), Housing.com (real estate classifieds player) and Grofers (grocery delivery app).

Posting a profit of 528.6 billion yen ($5.1 billion), advanced by a advantageous exchange rate, as well as by strong setups in home market Japan,  Declared during second quarter result by SoftBank Goup on Monday

Ola is considering raising fresh fund of US $300-500 million from other investor It was recently reported. So far Ola has raised up US $1.23 billion in nearly eight rounds from almost 20 funders, including, Matrix Partners, Accel Partners, Softbank and several individual investors. The Startup is in discussions with most of the VC firms that have provided funds in the company so far.

Previously, this year Bengaluru based company witnessed its estimation value scaling down from US $15 billion to around US $9 billion when five investors (Valic, Vanguard, Morgan Stanley, T Rowe Price, and Fidelity) informed write downs of their funds in the Flipkart.

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Startup News

11 Indian Bike Rental Start-Ups for Daily Commute, Road Trips and Long Drives

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60% of the 1.21 population of India live in the metros. Going biking for long drives, romantic dates, road-trips or long drives are now possible for those who love the feel of fresh air while on the move. Renting bikes have become affordable and cheap and there are several start-ups that are coming up with new ideas which can help you in renting bikes even for longs trips across India.

Cars could not be as affordable but bikes or two-wheelers can be driven by most and are more manageable in traffic prone areas which most cities are pestered with. Some of the bike rental start-ups which will help you in your needs for a two-wheeler are as below:

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  1. ZipHop – Available in Goa, Bangalore and Mumbai ZipHop also provides their customers with breakdown services besides delivery and pick-up of the bikes.
  2. Snapbikes – Snapbikes services are available in Pune, Delhi, Goa, Hyderabad and Kolkata. They have also branched out hill stations like Dharamsala, Manali, Mount Abu and Nainital. It is also one of the rental services that are recognized by the Indian government.
  3. Wheelstreet – They provide services in Noida, Bangalore, Delhi and Gurgaon. Wheelstreet is a product from Bashar technologies Pvt. Ltd.
  4. Rent a Bike – Their services are spread throughout Goa including Vasco da Gama, Baga, Arpora, Mapusa, Panjim, Colva, Candolim and Anjuna etc.
  5. Royal Brothers – They started their services from Bengaluru and have now reached Belgaum, Mysore, Mangalore, Manipal and Udupi.
  6. RentOnGo – RentOnGo operate in Mysore, Bangalore, Pune and Hyderabad. They have a downloadable app and you can get bikes like Triumph, Harley Davidson and KTM Duke.
  7. Roadpanda – You can reserve bikes online in Bangalore at Roadpanda which is a self-funded venture.
  8. Wicked Ride – First bike rental services to provide a Harley Davidson for rent. There are many cities where they provide services including Bangalore, Delhi, Manipal, Udaipur, Jaipur, Hyderabad, Hospet, Jaisalmer etc.
  9. Rentrip – There are different long and short routes you can rent bikes for such as Delhi to Udaipur, Mumbai to Goa etc.
  10. Rent Set Go – With over 3000 bikes of different models the venture offers services in cities like Delhi, Mumbai, Kolkata, Pune, Amritsar, Shimla, Manali and many more.
  11. Drive on Rent – From metro cities to Tier II and Tier III cities. Drive on Rent lets you rent bikes to travel all over India.
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Startup FundingStartup News

OIL India to Fund 50 Crores in New Projects Related to Oil and Gas Sector

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There is a 50 crore fund set aside for the “out of box” ideas for the start-up companies related to oil and gas sectors specifically in the Northeast, by OIL India.

Utpal Bora, the major chairman and managing director of the oil exploration company publicized in a press conference that this initiative was taken keeping in mind the ‘Start-up India’ initiative taken by the Central government.

Bora also said that the OIL start-up fund is meant to inspire the budding entrepreneurs and institutions to come up with new and creative ideas which could profit the oil and gas sector which plays an important role in the economic growth of the country.

Oil-to-fund-50-crores-in-new-projects-related-to-oil-and-gas-sector-compressed

The idea was to fashion an ecosystem which was favorable for the development of start-ups in the oil and gas segment, which has enormous possibilities of ideas that are technology enabled.

Bora added that the present sector of oil and gas faces several dire situations and fresh ideas and inventions are needed to suppress these challenges. OIL will be making alliances with institutes in the Northeast such as IIT Guwahati so that this initiative can be taken ahead, whereas the institutes will expedite ‘idea incubation’ to carry out various studies and experiments.

The company also has plans to build a website exclusively for this Start-up initiative taken by them, to invite applications with new project ideas besides sending invites in the region in the form of newspaper ads where students coming for technical institutions and universities will be given special attention.

These applications or project ideas received will be weighed and scrutinized by a special screening committee which would comprise of specialists within OIL and from outside as well, said Bora. He also added that the known areas of thrust had environmental issues, enhanced oil recovery, ageing pipelines, gas flaring in remote areas and renewable.

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Startup FundingStartup News

Studies Show Investors Hesitate to Invest in Start-Ups

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Investors are now becoming thoughtful before making an investment in the start-ups.

Professor of Department of Management Studies, Indian Institute of Technology- Madras, Thillai Rajan says that there are only around 8.3% new ventures that successfully get funded because of insufficient funds and he released the India Venture Capital and Private Equity Report 2016, bearing title ‘Inspiration and Momentum for the Gladiators’ at TiECON 2016.

According to their reports, Rajan said, only one from the 875 start-ups that are started can manage to get atleast four rounds of funding.

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There are 6% start-ups that take up incubation or accelerator programme and around in the 875, 75 manage to get the first funding, 15 make it to the second round and 5 drag to the third round of funding.

Rajan, who was a co-author in the study, said that start-ups between 2005 and 2015 was estimated to Rs 1, 11,700 crore. There was a 42% annual growth rate with more than 10,000 start-ups being funded.

Angel Funding

Between 2008 and 2015 there has been an annual average growth of 124% in the country shown by Angel deals. Angel deals have helped in increasing the annual growth rate of 205% in the estimated amount invested from 2008 to 2015. There has also been an increase in the investors of Angel deals which has risen to 107% annually on an average.

Rajan, also pointed out in the steady decrease in the average age of the start-up when angel investment started funding in 2008 which was 4.77 to 0.54 years in 2015. When the start-ups received funding from angel their age was the highest at Chennai when compared to other big cities.

Senior Charter Member of TiE Chenna and Vice Chairman of Cognizant, Lakshmi Narayanan said that investment got from an angel by a start-up has gone up, in 2009 the amount funded was Rs.10.63 million which has gone up to Rs. 46.76 million in 2015. An average angel investor now invests Rs. 16.95 million which was Rs.2.15 million in 2009.

About two-thirds of angel’s funding goes to six tier 1 cities which is around Rs. 661.29 billion, tier 2 cities got 306 billion while tier 3 cities were funded with Rs. 19.74 billion.

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Startup News

Service Clubs of Bangalore in the Start-up Generation

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The Rotary Club of Bangalore on 20 Lavelle Road has been around for the past 82 years. President Ranga Rao has been a member of the club since he was 42 and was also part of the Roundtable, a sister group where you need to be of a specific age to become its member.

The Rotary Club has decided to work with schools this year and their focus would be on the government schools that lack proper toilets or whose buildings have crumbled down or any other problems such as these. The Club will then take over the schools and build 6 classrooms, construct separate toilets for both boys and girls, dig a borewell for drinking water, make playground, setup a waste disposal unit etc. They are targeting ‘100 happy schools’ in the rural areas of Karnataka.

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Service in India

Rao says that funding a school building is easy as there are several contacts that they bring. He adds in saying that their presence on the site was not compulsory, they help by facilitating the work and have the work completed in the most efficient way at the best possible rates.

Since the group concentrates on connecting to the elite class, Rao is asked on how he replies to the allegations of snootiness. He laughingly replies that they are a service club and not Bangalore Club.

Vicissitudes

Board Director at Toolbox India, Vijaya Balaji says that building accountability for organizations that are volunteer driven is not easy. She adds that being on the field always is not a must and they have other priorities such as job, family, friends and then the Rotary. However, whenever the members have time they along with their family members visit the site where the construction work for the schools is going on. Also if a member cannot spare the time to come to the site they give money, but stay connected to the cause in some way.

The Lions

CEO of Udani Opticians, Sanjay Udani was eager to do something for the community and joined the youth section of Lions Club – the Leos in 1978 and then in 1989 became a part of the Lions. He remembers his first project where they built a school of three classrooms for Rs. 80,000 and Udani had helped in whitewashing the building himself. He adds although the members of the Lions have gone down by half their enthusiasm to work towards the community remain the same. The club is involved especially in causes to fight blindness after Helen Keller requested the Lions to help the world get rid of blindness.

They are now aiming to start a programme ‘Early Act’ where they intend on attracting the younger demographic who will work under the guidance of Rotary members.

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Startup News

8 Startups Are Banned From Campus Recruitment : IIT Kharagpur

iit kharagpur

Kharagpur : Online Food order portal Zomato and investment firm GPSK are among eight blacklisted startup companies which are now barred from approaching for placements from IIT Kharagpur, as they have defaulted on offers extended to students at the  premium institute’s last year placement. Not taking this matter lightly and leaving as it is. IIT Kharagpur has decided from now on to screen and cross check all startup’s credibility before they are permitted to sit for the campus recruitment process. The Core panel, ‘’All-IIT Placement Committee for campus‘’ recruitment across all the Indian Institute of Technology (IIT) in the country has banned 31 startup companies in total and banned them from recruiting students for a year after a flurry of complaints against the firms

According to an official at the premium institute, 15 students were affected last year after the startups that conducted the recruitment process and then cancelled their offers without proper ground, have been blacklisted. So far only ten startups have fulfilled the mandatory eligibility norms laid by IIT Kharagpur this year.

IIT Kharagpur
IIT Kharagpur

IIT Delhi followed this by inviting NowFloats Technologies recently. It was also stated that IIT Madras, Kharagpur, and Guwahati were also closely following the development, while IIT Roorkee and IIT Kanpur were not to left behind, After the public announcement of the ban on start-ups on August 25, it is vague as to why these IITs are inflexible on going back to these companies, which have affected the IIt students brutally. The All-IIT Placement Committee (AIPC) further declined to comment on this matter. Some time back the AIPC had withdrew the ban on Crayon Data. This annul was only applied on the company’s Delhi and Singapore branches.

IIT-Kharagpur Debasis Deb said, the final recruitment round begins in Fall December, among the several startups who had approached them but they have handpicked only few who are suitable and fit their new criteria. Decent pay packages alone are not the sole criteria for their entry anymore. They have to maintain and ensure a a relationship on long term basis with the institute, and assurance to secure the positions to those whom they have extended their offer letters as they value the presence of their alumni in the startup firms which are coming for the placement rounds. During recruitment process, Students are also wary of joining the startups with low credentials in the market.

Kaustubha Mohanty (Coordinator of the All-IIT Placement Committee) shared, they wanted to send a “tough message” to the companies who visit to recruit their students at IIT and then “dishonour their commitment”. According to a high level member of the recruitment and placement cell  from IIT-Bombay, they may issue another list of startups who will be disqualified from hiring from the premium institutes for more than a year or even permanently if need arises . “We will hold dialogues with the concerned team and the employment in-charge. But we are not completely sure at this phase,” the official added.

Mohanty ( who is also a professor at IIT Guwahati) Added, Startups that seeks to conduct recruitment rounds in IIT campus after the ban period of one year will have to first write to the convener of AIPC and explains why they couldn’t keep up their commitments even after handing out placement letters. Post this, they will be instructed to give a proper presentation and discussion with committee members

Complete List of Startups Banned by IIT so far:

  1. Zomato
  2. Zettata
  3. NowFloats
  4. ConsultLane
  5. Zimply
  6. PepperTap
  7. Portea Medical
  8. Babajob
  9. GPSK
  10. Hopscotch
  11. SmartTrak Solar Systems Pvt. Ltd.
  12. Crayon Data India Pvt Ltd.
  13. Glow Homes Technologies Pvt Ltd
  14. Tescra Software Pvt Ltd
  15. RockON Technologies
  16. Grofers
  17. Tenova India Pvt Ltd
  18. Verity Knowledge Solutions
  19. ExcellenceTech
  20. Stayzilla
  21. Roadrunnr
  22. LexInnova
  23. LeGarde Burnett Group;
  24. Johnson Electric, Japan
  25. Mera Hunar
  26. Fundamental Education
  27. CashCare Technology
  28. Holamed
  29. IndusInsight
  30. ClickLabs
  31. Grabhouse
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Startup News

Telemedicine Event at Bengaluru: Launchpad

Telemedicine

Telemedicine continues to play an upsetting part in changing the system the way a patient from a secluded area is offered monitoring amenities. Currently it is becoming an area where start-ups are fashioning the drift with modern technological novelties with the adores of Big Data, mobile health apps, cloud services, Internet of Things, wearable’s, decision support systems, analytics etc.

Launchpad provides an opportunity for all the creative start-ups to present their stratagems, business models and inventions. It is being arranged as a part of 12th International Conference TELEMEDICON 2016, which has been scheduled in Bengaluru, between November 10 and 12, 2016. The start-ups will get wonderful exposure to technocrats, CXO’s, medical fraternity and policy makers widely, at the Launchpad.

Telemedicine-event

The affair has been supported by VC’s like Unitus Seed Fund, which happens to be a seed-stage project investment fund based in Seattle and Bengaluru and capitalizes in start-ups that innovate for the people of India. Another supporter is Axilor Ventures which is a platform that backs-up initial stage entrepreneurs and has been founded by  Kris Gopalakrishnan, Professor Tarun Khanna, S D Shibulal, Ganapathy Venugopal and Srinath Batni and the Founder Institute, world’s leading start-up launch program which offers ambitious and initial stage entrepreneurs with mentor guidance, inspiring procedure and global network required to start a stable company.

Angel Investor and Start-up Mentor, Naveen Lakkur says that Launchpad is a wonderful break-through for the start-ups to get access to global publicity and is the best place to display business services and strategies. It is a great opportunity for entrepreneurs who have trade ideas in digital health, businesses which are ready to be launched in market and those that are looking to expand and grow. Lakkur said that they were looking forward for new and innovative plans that are fascinating, to be shared in the session.

Dr. Siddhi Ghatwal from Teleradiology Solutions said that the past 50 months have seen about 345 deals through sectors with Service delivery and Pharmaceuticals accounting for over 60%. This time has also seen more than $6.78 billion of investment through sectors with Service delivery and Pharmaceuticals accounting for over 70%.”

Further analysing the trends, he added that the 345 deals divide into pre-seed and seed investments 137 investments at Series-A and B stages and 111 at Series-C and beyond. Among the IP led products and tech-led services the investors that invest most are NEA, Samara, TPG Growth, Accel, Eightroad, Sequoia, IFC, Qualcomm and Norwest.

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Startup News

Pujyaseva: How this Startup is Tapping into $30 Billion Puja and Religious Products Market

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In the age of internet and smart phones, age-old customs are also getting a shot in the arm with the help of new technology. We Indians, loves to devote a lot of energy, time, and money in meticulously planning and organising Hawans & Pujas. A start-up based out of Gurgaon wants to streamline this process by availing everything somebody needs for Hindu customs and rituals on a single online marketplace called Pujyaseva.

A recent study confirmed that this particular sector market-size in India is estimated to be more than $35 billion, which confirms that an average Indian shells out an average of INR 2000 (approx. $30) to please the almighty with our devotion and puja and seek their blessings.

Two Brother Vinay and Vishal hails from a traditionally rooted Brahmin family and  have extensive experience in IT and management , founded this startup in September 2015 offering services like;

  • TRADITIONAL VEDIC ASTROLOGY
  • ONLINE PUJA SERVICES
  • PREMIUM PANDIT SERVICE
  • VASTU CONSULTANCY
  • PUJA ARRANGEMENTs

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”A pandit goes through rigorous interview process with our experienced Acharya’s panel from Kashi (Varanasi) before one can be a part of Pujyaseva team to make you feel the difference from your local pandit. No reason to guess why our registered pandits have their client base within as well as outside India.” according to Vinay (Founder of Pujyaseva)

This startup is offering services all over India on a ”One Nation Single Price model” . Pujyaseva caters to the Hindu family’s request with various kinds of puja packages that can include ritual items, arrangements, pandit for the ritual and much more they also provide services for jaap and yagya which requires a proper group of pandits led by Acharya.

Their expertise lies in: Manglik dosh nivaran Puja, Wedding Puja, Akhand Ramayana Puja, Engagement puja, Astrological consultation for health issues, Janam Kundli, Online vaastu consultancy for residential or commercial property, astrological consultation for job and business and Horoscope match making.

The Seed idea to start this distinctive online startup for Hindus was a result of chain of events that occurred during the days of Co-Founder Vinay’s marriage which completely redefined the viewpoint of the complete family about the whole planning and implementation of the marriage ceremony. A lot of misunderstandings did happen at the phase of matching horoscopes, premonitions about wedding, etc. It is only once a meeting with the pandit from Varanasi that he and the additional family members got correct advice and direction in their hunt for the ideal bride. He not only assisted Vinay searching the perfect bride but assisted the family methodically in setting the date and other marriage preparations.

This Ritual Aggregator Pujyaseva actually aims to be single stop platform for all the Hindus religious services and spiritual requirements by covering varied range of facilities. You simply need  to just book their premium service and unwind. Clients would be informed on the different steps of assignment through emails and SMS similar to any other e-commerce portals.

On the other front ”Muhurtmaza” Founded by Sugosh sowale in 2014, currently have 314 pandits on their platform and a target to scale this up to 600 soon. They raised an undisclosed amount of seed fund from HNI Investor (US based).

Onlineprasad.com based out of Bangalore raised an undisclosed amount led by Hyderabad angel in a recent of angel funding which was also attended by the Chennai angels and other angel investors.Online prasad was founded in 2012 by Goonjan mall and has already received seed funding from growthstory.in

Epuja also offers remedy ritual and religious services across 3600 temples in India and has raised $3 Million in VC funding from brand capital.

Update:

Pujyaseva Founders
Pujyaseva Founders

We recently had a conversation with the founders of Pujyaseva. Here is a brief of that:

Have you received any funding? If yes, please provide some details.

No . We are currently running from our job salaries. We are in process and contacting several firms for funding

Can you share some sales data?

We have just started 2 months before. As such the sales is too small to be published.

What are the challenges that you are facing in this market?

Bring the traditional B2B suppliers and service providers such as pandits on the internet to connect with customer on e-com mode
Stock and supply of Puja Samagri ( items)
Open the cash on delivery and partial payment option for  the services.
Background verification checks for B2B

What are your growth forecast for the coming year?

There is no doubt that the religious services sells in India . So we have added a tech-touch on these services. We expect minimum turnover of Rs.3.65 crore in the first working year . Though the revenue is expected to be triple fold during festive and marriage seasons. As the competition in the market is very few and none operates at national level we expect YOY growth of 35%.

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Startup News

Flipkart might serve your next meal!

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Leading E-commerce player Flipkart is reportedly gearing up to give Food Delivery Business Arm a second chance. It is the same vertical where Flipkart’s Hyper Local Service Nearby faced many setbacks and heartburn in 2015 , it had to take a tough call within five months of launching its  app in order to experiment grocery delivery business in Bengaluru and pulled the plug by shutting down Nearby in last week of February 2016.

After a whole year of testing and understanding the reasons behind the earlier failure, Keeping all those unpleasant experience behind it, Flipkart is looking forward to scale up its Food delivery handle and deliver you meal. Flipkart already began running its pilot version in Bengaluru.

Flipkart intends to target nearly thousand orders per day by March 2017, currently it is getting somewhere between 130-190 orders per day. The head of flipkart’s logistic arm Ekart, Saikiran Krishnamurthy says ‘’ Food Delivery is a different ball game’’ he also added that Point to Point delivery system is a challenge where you don’t get economy and less scope to scale that’s why they are not just leveraging the current technology it had built in past for Grocery business Nearby, they aspire to build a new level of technology and intelligence which is completely different and when needed it will be on place. As majority of Online purchases are done on weekends or Fridays and online food orders peaks on Holidays, Flipkart is not alone looking for measures to optimize its operating and logistics cost but considering selling to kiranas and hotels like Big basket.

Are we going to see another Flipkart vs. Amazon, in food delivery business?

On the other front Amazon India which also launched in food delivery business in Bengaluru is currently not just restricted to Grocery and family essentials but regular food meals too, they are confident to deliver at your doorstep in 2 hrs, they are offering 15% off and store offer to attract new users to skip the trip to their local stores.  Amazon has partnered with Big bazaar, Food world, Spar Hypermarket, In & out convenience store, kirana now Reliance fresh to keep their commitment of proper delivery within their working hours of 10 am to 7 pm and for the food deliveries which are peak and get heavy volume order request between 7 PM to 10 PM and might push their food delivery timing further to 11 PM in future.

food delivery business
Food Delivery Business

Meanwhile Big basket who has roped in Shahrukh Khan in August 2015 as brand ambassador for an undisclosed fee is emerging as a front runner in this Grocery delivery section.  Abhinay Choudhari Co-founder of Big Basket who received IIMA’S young alumni achiever’s award in June 2016 for outstanding achievements and has raised $ 150 million (roughly Rs.1000 crore) in funding led by Abraaj group of Dubai in march 2016 to boost its growth chart further after achieving its target of five folds growth in monthly revenue stream in less than 18 months. Immediately after the funding Big Basket invested 90 crores to recruit more farmers for its existing network for private label business which comprises of fruits, vegetable, bread and staples which contributes revenue of 35%. They are also experimenting with many innovating strategies like by signing up for various electric vehicles to cut down its operating cost.

If Big E-commerce players with massive user base are venturing into business to business or business to consumer logistics of Food delivery business now, they will be obviously a major threat to small Food delivery start-ups who are already going through ups and down.

Smaller start- ups mainly focused on food delivery business were facing tough times since their entry as Restaurants are backing out from lean start-ups like runnr and Shadowfax for non-consistent and patchy deliveries accompanied with high commission margin. Few hotel owners confirmed High delivery fees up to 25% of food order price has made it unsustainable and made it the deal breaker. Restaurants also pointed at poorly dressed delivery boys and unacceptable delays of more than 2 hours in food deliveries, recooking and re sending the food and sometimes sending their own staffs were the main reasons for their exit. Restaurant owner also believes the core problem here is that Food delivery start-up fails to deliver the experience which they provide otherwise in their restaurants, Their  online order volumes are scaling up at the cost of walk in crowd hence  Food delivery startup are not adding to their Top line.

McDonald’s also closed their ties with Roadrunnr in west and south India. Food Start-ups initially heavily subsidized the restaurants for past one and half years to gain their trust but later they started raising this single digit commission to double digits commission up to 25% – 30% especially during festivals and public holidays

Runnr which was Roadrunnr earlier started delivering food directly to customers after it acquired Tinyowl in June, Townrush has pulled the plug,Opinio scaled down most of its operations and looking for further measures , Shadowfax is steadly maintaining itself from  decent volume of orders, Spoonfed launched its services in Dubai but shut its operations in Bengaluru. Tasty Khana got acquired by Food panda and who was doing considerably well for itself.

Food panda across 200 cities and network across over 13000 restaurants after tying up with Indian Railway Catering and Tourism Corporation (IRCTC) last year in November for its E-catering service and automating the order flow and increase its efficiency of operation with minimal staff levels is eyeing profit in next three years according to Saurabh Kochar (Food Panda CEO). The company backed by rocket internet has more than 2500 staffs in India alone. MacDonald’s also tied up with Food panda early this year.

In 2014 Online Food order penetration within the Takeout or take away segment was 4% in India compared to 25% – 30% in China but today the scenario and market demand is completely different.  By 2020 Food Delivery Business can grow up to $ 4.5 billion and an annual growth of 137% till then according to Morgan Stanley reports.

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Startup News

Apple acquires its first Start-up in India – Tuplejump

apple

Apple Inc., the maker of iPhone series smartphone and a tech giant from Silicon Valley, bought a Hyderabad-based start-up called Tuplejump that uses artificial intelligence to read and handle big data. It is Apple’s first purchase in the start-up domain in India. Terms of the deal have been kept confidential. Tuplejump was founded by Rohit Rai, Satyaprakash Buddhavarapu, and Deepak Alur.

Rumours have it that Apple is interested in the “FiloDB” – an open-source project that Tuplejump built to efficiently put on machine learning concepts and analytics to massive quantities of complex data right as it is poured in.

Apple is on an acquisition spree with Tuplejump being its third acquisition in the machine-learning realm this year. In August, Apple bought machine-learning start-up Turi for US$200 million. Earlier this year, in January, it bought Emotient for an undisclosed sum. Both of these start-ups are machine-learning based algorithms that incorporate big data to provide better customer-oriented services. Turi deals with Siri personal assistant and related technologies whereas Emotient revolves around artificial intelligence to examine facial expressions to calculate out the emotions. Such acquisitions fuse well with Apple’s purchase of Perceptio in 2015 – Perceptio makes it possible to run artificial intelligence image-classification programs on smartphones without needing too much customer data.

Apple is playing big and long on artificial intelligence usage to collate data from complex data sets to give an impetus to its revenues since iPhones sales are on a declivity. Such manner of inorganic growth is critical as the taste and preferences of clients are always evolving coupled with intense rivalry in the smartphone market for its flagship model – iPhones. Tuplejump happens to be India’s start-up industry’s contribution in this growth story.

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