STARTUP DIGEST: Top startup stories of the day
Check out all the interesting happenings in the startup ecosystem across the world.
The top startup stories of the day:
1.Funding of the day
Jumbotail raises $11 million in Series B2 round led by Heron Rock
Jumbotail, a B2B marketplace for food and grocery products, on Monday said it had closed $ 11 million (about Rs 81.2 crore) funding round led by Heron Rock. The series B2 round also saw participation from Jumbofund, Nexus Venture Partners, Siddhi Capital, Reaction Fund, Pimpernel Holdings and a group of HNIs as well as industry leaders,
Jumbotail will use the funds to scale its core B2B marketplace to new geographies across India, expand its network of J24 stores, grow its private label product portfolio and to extend its Go-To-Market services to more FMCG brands seeking entry into Kirana stores and standalone supermarkets across the country.
BASIC Home Loan gets seed funding
Gurgaon-based home loans automating platform BASIC Home Loan has raised $500,000 in a seed round from Picus Capital, a Germany based early-stage technology investment firm.
In its first month of operations, BASIC Home Loan has sourced $6 million loans for Indian borrowers and sanctioned $3 million so far. It aims to cross $60 million loan disbursals in the first year of operations. Currently, it is setting up distribution and sourcing applications for lenders but wants to create its book for affordable housing loans, in the long run.
2. SC dismisses CCI appeal for removal of stay on probe against Amazon, Flipkart
The Supreme Court has refused to entertain Competition Commission of India’s plea seeking to remove the stay imposed by Karnataka High Court on its probe against e-tailers Amazon and Flipkart.
The apex court has sent the issue back to the Karnataka High Court and directed it to decide on the issue within six weeks, as per CNBC-TV18. The SC in its statement questioned the delay in filing of the appeal by the CCI.
The Karnataka HC had on February 14 stayed CCI’s probe into Amazon and Flipkart over alleged anti-competitive practices – which the watchdog appealed in the SC via a Special Leave Petition on September 21.
The investigation was launched on January 13 after CCI said there was “prima facie case” based on a complaint by the Delhi Vyapar Mahasangh under Section 3 of the Competition Act.
3. Google Pay unavailable for download on Apple App Store
Google Pay has been pulled from the Apple App Store yet again. After being briefly unavailable for download in August, Google Pay is no longer listed on Apple App Store. When searched for “Google Pay” or “Google Pay India”, the search result shows a list of competitor apps such as PhonePe, Paytm, and BHIM UPI.
Google Pay has been causing some issues for certain users who are reporting failed transactions. At the time of writing this, the payments app was not available for download on the Apple App Store. On the Google Play Store, however, the app can be downloaded and installed.
The app continues to be listed in the “Recently Updated” section of the Apple App Store. However, when you tap on it, a window with the message “Cannot Connect to App Store” pops up.
Users who already have Google Pay installed on their iOS devices can continue to use the app for making payments. However, some users, as Google mentioned, might experience transaction failures.
4. Amazon says interim stay on Future-RIL deal by Singapore arbitrator; Future says order should be tested under Indian law
Amazon on Sunday said that it had been granted relief by an emergency arbitrator in Singapore to get an interim stay on Future Group’s deal with Reliance Retail, in which Reliance has sought to purchase Future’s retail assets.
Amazon had sought emergency arbitration to seek a stay on the deal until the arbitration process is complete, sources told CNBC-TV18.
In a statement, Amazon said: “We welcome the award of the Emergency Arbitrator. We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process.”
Reliance Retail said that the company was informed of an interim order passed by the Emergency Arbitrator in the arbitration proceedings invoked by Amazon under a shareholders’ agreement with the promoters of Future Group.
5. ByteDance in early talks to list Chinese short video app Douyin in Hong Kong: sources
TikTok-owner ByteDance is in discussions internally and with investment banks to list its Chinese short video app Douyin in Hong Kong, according to two people familiar with the situation.ByteDance has discussed the potential scenario internally, and its representatives have met several investment banks in recent weeks to talk about such a possibility for Douyin, one of the people said, adding that the talks are very preliminary.
TikTok is not available in China, and Douyin is TikTok’s Chinese counterpart.
Investment banks have been doing research and analysis about a standalone IPO for Douyin, according to the second person.
6. Ant Group to raise up to $34.4 billion in the world’s biggest public offering: Reuters
Ant Group has set terms for its dual-listing where the Chinese financial technology giant aims to raise up to $34.4 billion in the world’s largest market debut, as investors scramble for a piece of the fast-growing company.
Ant, backed by e-commerce group Alibaba, is aiming to raise about $17.2 billion in Shanghai and roughly the same amount in Hong Kong this week, Ant said in filings to the stock exchanges.
Ant set the price tag for the Shanghai leg of its dual-listing at 68.8 yuan ($10.27) per share, while the price was set at HK$80 ($10.32) per share for the Hong Kong tranche, the exchange filings showed.