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capillary technologies secures $20m from existing investors warburg pincus & sequoia capital, technology news, ettech

capillary technologies, a cloud-based software solutions company, has raised around $20 million, over the past year, from existing investors warburg pincus and sequoia capital and others. the company plans to use these funds to strengthen its new product development, powered by artificial intelligence.the company also plans to invest into the consumer goods vertical. the round also saw a secondary sale of around $2.5 million to us-based lime rock partners.“we are not burning a lot of money. you will only see smaller and smaller rounds as we move closer to profitability. in this case, we felt it will make sense to do internal. there is a small secondary of around $ 2.5 million. this has gone mostly to employees and early angels, who have been bought out,” said aneesh reddy, ceo, capilla...





reliance is buying 5% stake in eros international for $48.75m, technology news, ettech

reliance industries is acquiring 5% stake in film entertainment company eros international for $48.75 million, as video content becomes a key driver to drive data consumption for its telecom venture reliance jio.as per the deal, reliance subsidiary reliance industrial investments and holdings is buying 3.25 million shares at $15 per share, an 18% premium to the last closing price. the deal is expected to close in the next three months.reliance is also partnering with eros's indian subsidiary eros international media to set up a rs 1,000 crore ($150 million) fund that will jointly produce and acquire indian films and digital originals across all languages.eros group ceo & md jyoti deshpande moving to rilwhat's particularly interesting is that eros group ceo and md jyoti deshpande is also ...





telco-promoted payments banks need to do fresh kyc of its user base in india, technology news, ettech

telecom companies, who have a payments bank licence, would need to do the kyc formalities of its customer base independently since kyc done by them for their telecom user base will not be valid under rbi guidelines. in an internal note that was circulated among payment banks by the banking regulator it said since telcos are not ‘regulated entities’, kyc done by them will not be accepted, and for these banks to open a bank account there will be a need for further kyc of their customers which will be in tandem with the anti money laundering (pml) laws of the land. this could be a big positive for the non-telecom payment banks like paytm or fino, who have been doing kyc formalities of their customers from scratch and thereby they could get a head start in the business. industry sources sa...





digital wallets staring at a major crisis with india's strict kyc rules, technology news, ettech

digital wallet companies may be staring at the end of the road as the reserve bank of india's february-end deadline approaches for them to meet full know-your-customer norms for all their users. the total number of customers who have submitted their kyc details is in 'low single-digit' percentage, according to industry executives."if these norms are implemented in full force, the entire industry, which handled around 12,000-crore worth of transactions in december, will be facing a major crisis," said the chief executive of a payments company, speaking on condition of anonymity since his firm is in talks with rbi to relax the requirements. rbi in october introduced tougher kyc norms for digital wallets, or prepaid payments instruments, making the revised guidelines mandatory for even s...





udaan lands $50m in series-b funding from lightspeed & yuri milner's apoletto, technology news, ettech

business-to-business (b2b) e-commerce platform udaan has raised $50 million in series-b financing led by lightspeed venture partners, lightspeed india and dst global founder yuri milner's personal investment vehicle apoletto, making it one of the biggest funding rounds at an early stage in the indian startup ecosystem. ravi mhatre from lightspeed venture partners and bejul somaia from lightspeed india have been involved in the transaction with the latter also being part udaan's board. the company will use the newly-infused funds to expand their team, ramp up technological infrastructure, expand their offerings and extend their footprint. udaan was founded in 2016 by former flipkart executives vaibhav gupta, amod malviya and sujeet kumar."b2b e-commerce is a big market opportunity with 5...





next-gen tech giants from china spread wings in india, technology news, ettech

a young trio of chinese internet companies that is challenging the order of baidu, alibaba, and tencent in its home country is spreading wings in india as well, promising to bring advanced technology chops to domestic startups. news app toutiao, group-buying service meituan dianping and ride-hailing service didi chuxing already have significant investments in india. the tmd trio—widely considered the new bat—is now looking to expand in india this year through partnerships and investments, according to investors and analysts familiar with the chinese companies’ plans.“the newer breed of chinese giants sees india as the ‘next china’, a not-to-be-missed massive consumer opportunity,” said sanjay nath, managing partner at blume ventures.“but they likely realise india is ‘not?...





what’s ailing indian angel investors? maturity to be good mentors, feels ian chief padmaja ruparel, technology news, ettech

after creating and exiting high-growth startups, many entrepreneurs have donned a new hat — that of angel investors. but for many, the transition from being in the driver’s seat to a passive investor-director in the company is challenging, says padmaja ruparel, president, indian angel network (ian).“most investor-directors in india, especially in the angel eco-system, have just finished with one cycle of entrepreneurship — building a company and exiting — which means they are used to being the captain, not a coach,” said ruparel, who herself is an angel investor. “it is a difficult crossover. to move from a focused way of directing to coming into a situation where you’re actually moving into a mentor mode; we haven’t reached that maturity.”conflict of interestsharing an...





ronnie screwvala plans to set up e-sports federation, technology news, ettech

screwvala had earlier set up futuristic sports business company usports.serial entrepreneur and former utv head ronnie screwvala is in the process of setting up india’s official e-sports federation that will send indian teams for world majors.screwvala had earlier set up futuristic sports business company usports, which has launched india’s first e-sports league ucypher.recently, screwvala and usports ceo supratik sen met the minister of state for youth affairs and sports rajyavardhan singh rathore to seek the government’s endorsement for the federation, which will aim to create a single internationally and nationally recognised body for india and shape the future of competitive gaming.“we feel that our players need to play in the international tournaments, representing india,” s...





startups find innovative ways to make new joinees feel at home, technology news, ettech

a rising number of new-age companies are experimenting with their initiation activities for new employees and are making a conscious effort to bring in a fun element to what would otherwise be a humdrum process-oriented day.a software professional who recently joined consumer lending startup moneytap as a senior android developer was taken aback when asked to recount the most embarrassing incident from his life at an all-hands meeting during his first week at work.he told them about the time when as a newly married man, he had to introduce his wife to a friend and realised her name had just slipped his mind.recounting embarrassing stories helps employees let their guard down, said anuj kacker, co-founder of bengaluru-based moneytap. “we've found that this is a great way to also break th...





sashank rishyasringa, technology news, ettech

by sashank rishyasringa, capital floatafter returning from stanford university, having completed my management degree, i was looking at various business opportunities across e-commerce, digital lending, transportation and others.but one thing that i consistently got as a feedback from bankers and prospective investors was that there was no way two stanford graduates would be able to crack an online first lending business in india.the usual sense that we got was them going like ‘tumse na ho payega’ (you would not be able to do it). i was also told that the msme sector is a sector and mostly carry business offline, hence collecting data from these entities for an online-only lending would be a huge challenge.such negativity made me up this business more as a challenge to prove others wro...





adobe ceo shantanu narayen, technology news, ettech

hyderabad-born shantanu narayen, chairman, adobe, is one of the most famous indian executives to lead us technology giants along with sundar pichai of google and satya nadella of microsoft.despite all the noise about the us shutting its doors to overseas talent, narayen tells et's surabhi agarwal that america is an incredible country for embracing talent and innovation.he also said that india has made some of the biggest investments in technology in projects such as aadhaar and the next phase of global product innovation is an opportunity for india to take the lead. edited excerpts:almost one-third of adobe's workforce is already here. how do you see india's role in the future?there isn't an aspect of r&d that we do where we don't look at harnessing the talent of india. on the busines...





walmart's flipkart investment negotiations include a plan to open retail stores, technology news, ettech

walmart's investment negotiations with flipkart include a proposal to open a chain of retail stores in india, according to an investment banker familiar with the developments, which could finally allow the companies to realise their long-harboured ambitions.the us-based retail giant is negotiating to buy more than a 30% stake in india's largest online marketplace as it seeks to open another global front in its battle against amazon.walmart, however, is likely to get only a 20% stake because of objections from flipkart's newest investor softbank, which holds a 20.8% stake in the indian company, according to other people privy to the negotiations."flipkart has been trying to foray into offline stores for a long time and has been looking for the right partner," the investment banker said...





zo rooms drags oyo rooms to court for "data theft", technology news, ettech

tiger global-backed online hospitality aggregator zo rooms has dragged softbank-funded oyo rooms to a gurugram court, alleging that the latter stole its data while conducting due diligence of zo as part of a failed acquisition of zo rooms by oyo.zostel hospitality, the parent company of zo rooms, has alleged that oyo has acquired data of employees, assets, hotel properties under the pretext of accelerating the process of acquisition and is now refusing to pay the dues for the business acquired."...in the garb of obtaining certain confidential information, (oyo) has in fact acquired the entire business of the petitioner (zo rooms) and is now refusing to pay the dues owed to the petitioner," according to the petition. et has reviewed a copy of the petition.despite the transfer of the zo ro...





samsung india sets sales goal of over $10 billion this year, technology news, ettech

while smartphones will continue to be the largest sales contributor, accounting for 60% of the sales, the balance 40% will be generated from consumer electronics driven by premium products. samsung india is targeting sales of more than $10 billion (about rs 64,000 crore) this calendar year after having recorded nearly $9 billion in 2017, senior company executives told business partners during a recent global meet.sales will be driven by smartphones, premium television and appliances like refrigerators and washing machines, which will be the focus areas of the company this year, said three senior industry executives who were present in the annual strategy meet — samsung forum — held last week in rome.“samsung india’s pace of growth had slowed down in 2017 which was attributed to dem...





here's why insurance cos are now relying on ethical hackers & cyber security cos, technology news, ettech

with the rise in cybersecurity attacks in the last few years, companies from across sectors like manufacturing, auto, it, bfsi and other government bodies are now pouring millions into buying cyber insurances. however, in india only a handful of companies have started selling the product including bajaj allianze, marsh among others.for the uninitiated, cyber insurance is an emerging insurance product which protects businesses and individual users from internet-based risks like ransomwares, cyber frauds, phishing attacks etc. cyberattacks targeting businesses nearly doubled in the past year, from 82,000 in 2016 to 159,700 in 2017, according to online trust alliance (ota), an internet society initiative.“there has been an uptick on cyber-insurance purchases in the last 18 months,” says a...





india's top angel networks in talks with dipp to secure legal status for angel groups, technology news, ettech

the proposed structures will exempt the investments made by these investors from angel tax and section 42 of the companies act.the country’s top angel networks are in active consultations with the department of industrial policy and promotion (dipp) on giving formal recognition to angel groups.“the dipp is very receptive to the idea of giving legal recognition to angel groups and is looking at finding ways to resolve the issue,” said a person closely aware of the developments.as per industry insiders, there are two suggested ways to certify or give a legal structure to angel networks which channel a large number of angel deals.one of them is the ‘angel fund’ structure wherein angel networks would be recognised by the securities and exchange board of india (sebi) with their member...





old businesses tap startups for new ideas, technology news, ettech

though corporates provide funding, they are clear that startups are outside the main circle.a gleaming blue-and-white bus may not have been the first vehicle to grab attention at the auto expo 2018 last week but it was what was under the hood — and the collaboration behind it — that made it interesting.seventy-year-old truck maker ashok leyland has partnered with the upcoming sun mobility to build circuit-s, an electric bus with a battery that can be swapped in four minutes — which means the vehicle will not only be cheaper but also on the road without wasting time on recharges. while ashok leyland built the bus, sun crafted the swappable battery that could make electric buses commercially viable.strategic partnerships like these between legacy businesses and startups, which marry ex...





here's why insurance cos are now relying on ethical hackers & cyber security cos, technology news, ettech

with the rise in cybersecurity attacks in the last few years, companies from across sectors like manufacturing, auto, it, bfsi and other government bodies are now pouring millions into buying cyber insurances. however, in india only a handful of companies have started selling the product including bajaj allianze, marsh among others.for the uninitiated, cyber insurance is an emerging insurance product which protects businesses and individual users from internet-based risks like ransomwares, cyber frauds, phishing attacks etc. cyberattacks targeting businesses nearly doubled in the past year, from 82,000 in 2016 to 159,700 in 2017, according to online trust alliance (ota), an internet society initiative.“there has been an uptick on cyber-insurance purchases in the last 18 months,” says a...





let’s talk about indian startup world's sepoy syndrome, technology news, ettech

by anand lunia, india quotientvijay shekhar sharma, the outspoken and charismatic ceo of paytm, minced no words in alleging special treatment to whatsapp for its upi-linked payments feature. but social media began writing obituaries on paytm.it was like past cricket captains rejoicing indian cricket captain virat kohli's loss to south africa in the test series. except you won't see them do that.when india's competition commission recently fined google for abusing its dominant position, most of the ecosystem kept mum. nobody would go on record against the big daddy. there was ambivalence about facebook's free basics programme for the 'poor' masses of india. microsoft and google can charge your credit card without two-factor authentication, a privilege not available to startups in indi...





amazon becomes first foreign e-commerce firm to debut food retail venture in india, technology news, ettech

amazon has rolled out its own food retailing business in india with a pilot in pune, becoming the first foreign e-commerce firm to stock and sell food items directly to consumers.“amazon is now a vendor on amazon.in and is currently operating in pune,” said a person familiar with the development. the products are sold by amazon retail india pvt. ltd.another person said it will take “at least a quarter” for the e-commerce major to roll out its food retailing business nationwide.amazon had last year secured the government’s permission to invest $500 million in a wholly-owned venture to retail locally produced and packaged food products through offline and online channels. it is the only global entity to have applied for the food-only retailing business, an area where the government...