Category — Information Technology
B Capital Group, the venture capital firm started by Facebook co-founder Eduardo Saverin and Silicon Valley investor Raj Ganguly, has raised $143.6 million that it plans to invest in India and Southeast Asia. The firm, which has offices in San Francisco, Los Angeles and Singapore, backs “brash entrepreneurs building the next generation of groundbreaking technology companies,” according to the firm’s Website.
This is the first close of the VC fund, according to B Capital’s filings with the U.S. Securities and Exchange Commission, and accounts for 60 percent of its target money. The move to focus on India comes at a time when the Indian startup ecosystem is in the midst of a constrained funding scenario.
India represents a vast market potential and the Indian economy is projected to grow faster than the U.S. economy, highlighting the opportunities in the South Asian nation, reports VC Circle.
Saverin and Ganguly said that business models including the consumer to consumer, flash sales and online retail had entered a more advanced phase. Higher valuations of e-commerce firms, multiple funding rounds and emergence of Unicorns–or firms with a valuation of $1 billion and higher–such as Flipkart, Ola, Snapdeal and Shopclues were part of a larger trend emerging in Asian markets.
“The rapid rise and adoption of e-commerce means existing infrastructure and processes will require an upgrade,” the post said.
It also said technologies that power business processes such as Big Data, artificial intelligence, robotics, blockchain, and augmented reality or virtual reality will also undergo an innovation across the value chain in India and will not just be concentrated around e-commerce.
May 23, 2016 No Comments
Ravi Shankar Prasad, India’s minister for communications and information technology, stated that the number of Internet users in India is likely to cross 500 million this year. “India is sitting on the cusp of a big digital revolution. There are one billion mobile subscribers in India, especially people at grass-root levels using technology to transform their lives,” he added.
May 23, 2016 No Comments
Royal Philips, based in Netherlands, is looking to invest globally in venture efforts to support healthcare technology startups. Its latest could be slated for India, the company’s Jeroen Tas, CEO of Philips Health Informatics, Solutions and Services, told The Economic Times.
Tas did not share specific details of the proposed new venture fund, but said it would be along similar lines of the fund the company set up in Israel. In July last year, Philips and Israel-based pharma company Teva jointly set up a $30-million venture fund to invest in medical devices and healthcare technology startups in Israel over eight years
Tas added that he will be attending pitching sessions from Indian startups on his next visit to India.
May 22, 2016 No Comments
Practo Technologies Pvt. Ltd, India’s largest doctor discovery portal, has partnered with microblogging platform Twitter to enable users get their healthcare queries answered in real time by doctors.
The service has been launched in three countries—India, the Philippines and Singapore—and will be gradually rolled out in other locations reports Live Mint.
Since last year, Practo has launched additional services such as doctor consultation and medicine delivery, emphasizing on content with health feeds, and even entering the beauty and wellness segment.
“Twitter’s real-time, public and conversational capabilities helps people connect with things that matter, big and small. Our customer service partnerships are designed to improve user experience and access to daily utility such as real-time train schedules, pollution data, and customer care from brands. We are excited about our partnership with Practo,” said Ravichandran Bhaskaran, head of businesRavis development, India and South Asia, Twitter.
May 22, 2016 No Comments
Moneycontrol reports that California-based Autodesk has signed a memorandum of understanding with the government of the western state of Maharashtra by which beginning May 5, 2016 Fusion 360, Autodesk’s cloud-based software tool for Computer Aided Design (CAD) and Computer Aided Manufacturing (CAM) will be made available for free to Micro, Small, and Medium Enterprises registered with the Department of Industries in the state, if they have an annual turnover less than $0.16 million. For those companies that exceed this amount, the software tools will be available for $30 plus taxes, with a two year validity.
Commenting on the initiative, the Chief Minister of Maharashtra, Devendra Fadnavis said, “This partnership between the Government of Maharashtra and Autodesk will create a potential for Maharashtra’s Micro, Small, and Medium Enterprises to become globally competitive and locally productive.”
Autodesk will help the enterprises that derive greater business success by using Fusion 360 to showcase their work at national and international platforms. Additionally, it will train 8000 franchisees in the state on the optimum usage of the Fusion 360 design platform.
May 12, 2016 No Comments