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Alphabet Invests In Carl Pei’s Startup Nothing

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Alphabet Invests In Carl Pei’s Startup Nothing,Startup Stories,Carl Pei's Nothing lands $15 million from Alphabet's VC arm,Google parent invests $15 million in Nothing,OnePlus co-founder Carl Pei's Nothing raises USD 15 million in Alphabet-led funding,Alphabet's VC arm backs OnePlus co-founder Carl Pei's Nothing company,Alphabet’s GV invests in Carl Pei’s fledging Nothing hardware brand,Carl Pei’s Nothing raises $15 million from Alphabet’s GV,OnePlus co-founder Carl Pei's start-up raises $15 mn from Alphabet's GV


Carl Pei is one of the most well known names in the startup circles considering he gave the world one its best smartphone brands OnePlus.  Pei shared a vision with his OnePlus co founder Pete Lau, to develop a ‘flagship killer’ mobile phone which could compete with the likes of iPhones and Samsung smartphones but, at the same time having a much lesser price point.  Much of OnePlus’s current popularity is credited to Pei but in October 2020, Carl Pei said the time came for him to leave OnePlus and focus on other interests.

Since then, Pei had been working on his new startup in the audio hardware sector.  Carl Pei unveiled the name of his startup which is now called as Nothing, on January 27th, 2021.  Since then, Nothing has been attracting a lot of investors and the latest to invest in the startup is Alphabet.  In a series round conducted by the investment arm of Alphabet, Google Ventures (GV,) Nothing raised $ 15 million.  The fundraising takes the total amount of financing Nothing raised to over $ 22 million.

Other investors include Tony Fadell (Principal at Future Shape and the Inventor of the iPod,) Casey Neistat (YouTuber,) Kevin Lin (Co founder of Twitch,) Steve Huffman (CEO of Reddit,) Liam Casey (Founder and CEO, PCH,) Paddy Cosgrave (Founder of Web Summit,) Kunal Shah (CEO of CRED) and Josh Buckley (CEO of Product Hunt.)

ALSO READ: CRED’s Kunal Shah Invests In One Plus Founder Carl Pei’s Startup

Nothing’s first wireless earphones will be unveiled in the summer of 2021.  Nothing aims to build an ecosystem of listening devices which talk to each other.  Pei said “We are building an ecosystem of smart devices.  We will start with simpler products, wireless earbuds.  We are going to have multiple products throughout the year, not just audio products, and eventually we want to build it so these devices talk to each other (sic.)”  Pei was a huge part of OnePlus product expansion from just a smartphone to smart televisions, android watch and hearing devices.  OnPlus managed to build an ecosystem with their devices and Carl Pei would be hoping to recreate a similar ecosystem with his audio hardware.  We should not be surprised it Nothing launches a home voice assistant propelled by AI and machine learning similar to Amazon Echo or Google Home.

 

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Elon Musk Tweets About Bitcoin Bull Run And Loses $ 15 Billion 

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Elon Musk Tweets About Bitcoin Bull Run And Loses $ 15 Billion 

Since the last one year, Bitcoin, a crypto currency has constantly been in the news for its unprecedented bull run.  A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography.  This is done in order to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.  Cryptocurrency does not exist in paper or physical form and is not issued by a central authority like banks, which is why it is fast gaining popularity among the masses.  

Bitcoin was in a bull run when news about Elon Musk owned Tesla invested $ 1.5 billion in Bitcoin and also said it would begin accepting payments for its vehicles in Bitcoin.  Tesla’s latest investment saw Bitcoin surging ahead to an all time high value of $ 47,000 per coin on the very day of the investment.  Since the day of Tesla’s investment, Bitcoin crossed the $ 50,000 mark.  

However, just two weeks since the Tesla investment, Elon Musk tweeted about how the prices of Bitcoin and another crypto currency Ethereum seemed high.  Since then Bitcoin prices have begun to fall and Tesla Inc. shares slid 8.6 % on February 23rd, wiping $ 15.2 billion from Elon Musk’s net worth.  Following the reduction is his net worth, Elon Musk dropped to second place on the Bloomberg Billionaires Index of the world’s 500 richest people with a net worth $ 183.4 billion.  Amazon founder Jeff Bezos overtook Musk to take the title of the world’s richest man.

Bitcoin is the first cryptocurrency to be created and is the oldest among the tens of other currencies which exist currently.  Bitcoin is also the preferred choice of cryptocurrency for retail investors and its popularity is drawing multiple venture capitalists and entrepreneurs to invest in the cryptocurrency.  However, crypto currency enthusiasts are hopeful the bearish outlook is only temporary and Bitcoin would bounce back.

 

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Daily Basket Creates BBisabully Over Being Sued By Big Basket Over Usage Of Basket

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Daily Basket Creates BBisabully Over Being Sued By Big Basket Over Usage Of Basket,Startup Stories,Ahead Of Tata Deal BigBasket Sues Daily Basket For Trademark Infringement,BigBasket slaps notice on Daily Basket for using Basket in its name,BigBasket sues a bootstrapped startup for using the word basket in its name,BigBasket a bully for sending legal notice over the use of the word basket,Big Basket,Big Basket Latest News

Big Basket is India’s first online shopping platform which revolutionised the way people bought groceries.  It is easy to spot Big Basket’s vehicles and delivery agents all dressed in bright green colours.  The ability to order quality vegetables and groceries and have them delivered at the doorstep was one of the main reasons why it shot to fame.  Since then online grocery shopping has become commonplace with the arrival of Dunzo, Amazon, Flipkart and many other small scale businesses.  

Big Basket found itself in a bit of news which it would have liked to avoid.  News about a small two man bootstrapped startup named Daily Basket being sent a cease and desist order by Big Basket began doing the rounds on social media platforms.  The whole issue began when Big Basket said Daily Basket was copying their app, user interface and their name.  Big Basket claimed they came across a filing named Daily Basket when checking the trademark registry and felt it was a combination of the registered trademarks bigbasket and bbdaily.  

The bootstrapped startup Daily Basket has no means to mount a legal battle against the six year old unicorn Big Basket.  So, Ramesh Vel, one of the founders of Daily Basket, began a website named BBisabully to call out Big Basket’ bullying.  The website gives a brief overview of Daily Basket which says they are an online grocery delivery platform based only in Coimbatore.  The Big Basket notice contains the following points according to Daily Basket:

  • Stop using the domain name dailybasket.com.
  • Discontinue the mobile apps.
  • Stop all the operations immediately.
  • Transfer our domain name dailybasket.com (Which is premium btw, and costs a little fortune) to them immediately with free of cost.
  • Pay their legal team of 2 lakh rupees to cover the legal notice.
  • Do not use a similar domain containing “basket” as a prominent feature ever again.

ALSO READ: Big Basket Founding Story And Its Recipe For Success

The website BBisabully also lists out reasons and visual evidence as to why Daily Basket is completely different from Big Basket and how the former is not copying the latter.  There are many brands in the market which have the word ‘basket’ in their names like Milk Basket and Nature’s Basket by Godrej.  If going by the logic of Big Basket that Daily Basket copied their name, then Nature’s Basket predates Big Basket by six years meaning Nature’s Basket could unleash the same claims on Big Basket.

 

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Bike Rental Startup Bounce Goes For A Second Round Of Layoffs Amidst Operations Scale Down

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Bike Rental Startup Bounce Goes For A Second Round Of Layoffs Amidst Operations Scale Down,Bounce Lays Off 200 More Employees As Demand Stays Low,Startup Stories,Bounce,Bike Rental Startup,Bike Rental Startup Bounce,layoffs in indian startups,Scooter Rental Startup Bounce Lays Off 120 Employees Amid Coronavirus Scare,Exclusive: Bounce lays off 120 employees to conserve capital

Bounce is a bike rental startup which was quite the rage amongst the IT industry crowd as their bike rentals made daily office commute quite easy.  Owning a four wheeler in a metropolitan city is quite a bread ache owning to endless traffic snarls.  This was where Bounce fit in perfectly as it offered a faster and hassle free commute.  All a person had to do was open the Bounce app, book the nearest available bike and drop it off at their desired location.  The app was easy to use, bikes were in great condition and the prices were extremely affordable and attractive.

However, Bounce was affected due to the COVID-19 pandemic both directly and indirectly.  When the COVID-19 pandemic arrived on the Indian shores, the Central Government announced a strict nationwide lockdown which was extended till almost 6 months.  The lockdown meant the public were working from home as offices were closed.  This meant there were no commuters and meant there were no takers for Bounce.  As demand continued to plummet, Bounce laid off 130 workers from its 600 strong workforce in June 2020.  The total number of daily rides after the lifting of the lockwon is around 20,000, compared to around 130,000-140,000 a day prior to the lockdown in March 2020.

ALSO READ: Bounce – How The Bike Rental Startup Is Changing The Way We Commute

As the lockdown was lifted, Bounce hoped to see its demand increase but with multiple companies realising the higher productivity levels of remote work are not in a hurry to recall their employees to offices anytime soon.  Therefore demand levels continued to be low and this meant a second round of layoffs at Bounce.  In the most recent layoffs, around 200 employees have been laid off along with receiving a severance package of three months salary and medical insurance for one year.

According to a popular news daily, Bounce is working with the employees who were laid off to forward their resumes and get them placed in other organisations.   Moreover, with the failing demand Bounce had sold off all their petrol bikes and shuttered their operations in all major cities except Bengaluru.  Bounce is now planning to launch a fleet of electric vehicles  as the operating costs are cheaper compared to fuel based vehicles.  This includes an electric scooter developed in house which will become available on their platform.  A top executive at Bounce said the company still has around $ 70 million in cash from its previous fundraise and would utilise that capital to grow the EV business.

 

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