window.addEventListener('DOMContentLoaded', function() {
Connect with us

Funding

Swiggy Acqui-Hires 48East And Team

Published

on

Swiggy Acqui-Hires 48East And Team,Startup Stories,2017 Business Latest Updates,Swiggy AcquiHires 48East Team,Asian Food Startup 48East,Swiggy Business News 2017,Swiggy Acquired Gourmet Food Startup 48East,Swiggy CEO Sriharsha Majety,Foodtech Startup Swiggy,Swiggy Latest Updates


Swiggy, the fastest growing online food ordering platform, has acquired the gourmet food startup 48East. In order to broaden its senior leadership, the company also brought on board the management of 48East. Swiggy, based in Bengaluru, is looking to serve its consumers more efficiently and consequently grow in the market.

Founded by Joseph Cherian and Nabhojit Ghosh in August 2016, 48East provides Asian gourmet food at an affordable price to consumers. Both the founders will be joining Swiggy’s board while Cherian will be the new chief operating officer for Swiggy Access launched last month. Meanwhile, Reckitt Benckiser’s Vishal Bhatia will head the food delivery startup’s new supply business. Currently, 48East operates two kitchens in Bengaluru, in Indiranagar and Marathahalli processing over 100 orders per day.

48East managed to raise $ 250,000 angel funding in August 2016 from Agra based ACPL exports. Recently, the company also raised $ 500,000 in a pre Series A funding round, from the Al Dhaheri family based in the UAE.

Speaking about the acquisition, the Chief Executive Officer of Swiggy, Sriharsha Majety said, “With their deep understanding of the food space and an impressive track record of delivering a great consumer experience, the 48East team will equip Swiggy with additional capabilities. We are excited to work with them towards our vision of changing the way India eats.

In the last three years, Swiggy acquired a delivery fleet of over 20,000 people. In November this year reports also suggested Japanese conglomerate SoftBank was reportedly in talks with the foodtech startup to invest $ 200 million to $ 250 million in exchange for minority shares. The company, according to sources, would be valued between $ 600 million to $ 650 million before the investment. In the last fiscal year, Swiggy reported a massive 6 fold leap in revenue from $ 3.6 million (Rs. 23.6 crores) in the financial year 2016 to $ 20.6 million (Rs. 133 crores.) At present, along with Swiggy, foodtech startups such as Zomato and UberEats are competing for the lucrative restaurant discovery and food delivery industry.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Funding

Carl Pei’s Nothing Invites Retail Investors 

Published

on

Carl Pei’s Nothing Invites Retail Investors,Startup Stories,Carl Pei’s Nothing invites users to invest in the company – $1.5 million worth shares available,Carl Pei wants tech community to invest in his new company build products together,Carl Pei offers $1.5 million worth of shares to general public after a splendid Series A funding in Nothing,Carl Pei offers $1.5 million worth of shares,Carl Pei,OnePlus co-founder Carl Pei,Carl Pei’s Nothing to raise $1.5 million via community funding

Carl Pei said the time came for him to leave OnePlus and focus on other interests, following which he resigned from OnePlus in October 2020.  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 the unveiling of Nothing, Pei’s startup has attracted a lot of attention from Silicon Valley and venture capitalists.  

Carl Pei now seems to be emulating his success formula at OnePlus with his new startup Nothing.  OnePlus is highly customer centric, because as a company they take in inputs from their consumers and adapt them to their products.  Pei seems to be using the same strategy with Nothing, as he invited retail investors to invest in his new startup.  Normally a startup raises Series A funding to begin product development and then goes on to Series B and so on.  For a normal retail investor to invest in a stock, they could only do it at the time of an Initial Public Offering (IPO) at the time of which the company would be valued highly.  However, Carl Pei is letting in investors from the beginning.  

ALSO READ: Alphabet Invests In Carl Pei’s Startup Nothing

This lets the investors be a part of the product development process and makes Nothing more personalised.  Moreover the investors would also act as promoters for the products.  Currently, there are $ 1.5 million worth of shares available.  Users can invest a minimum of € 50 and a maximum of € 20,000.  However, the demand to invest is off the charts and was unexpected as Carl Pei confirmed there was an interest worth of $ 10 million from 8,700 users.

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.  Initial investors of Nothing include the likes of 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.)  Alphabet’s investment arm Google Ventures was the latest investor in Nothing as they invested $ 15 million.

 

Continue Reading

Funding

Startup India Seed Fund To Be Disbursed From April 1st

Published

on

Startup India Seed Fund To Be Disbursed From April 1st, Startup Stories, Startup India, Startup India Seed Fund, Startup India Seed Fund Scheme, SISFS, Boost Startup Ecosystem with SISFS, Startups Funding 2021, Startup Latest News 2021, Startup Ecosystem in India

There is no doubt India has a strong foothold in the startup ecosystem.  India currently ranks third in the world for the number of startups, next only to the United States of America and China.  This was possible due to the Indian Government’s initiatives to develop the startup ecosystem and also due to a strong presence of unicorn startups like PayTM, Zomato, Unacademy and many more.

The Government of India announced it would begin to disburse INR 945 crores seed capital from April 1st, 2021 under the Startup India Seed Fund Scheme in a  bid to boost the startup ecosystem in India.  These funds would be distributed through select incubator partners all over the country.  This scheme will be implemented by the Department for Promotion of Industry and Internal Trade (DPIIT.) 

In a gazette notification, DPIIT announced that Startup India Seed Fund Scheme will provide financial assistance to startups that have been recognised by the DPIIT and incorporated not more than two years ago at the time of application.

ALSO READ: How The Events Industry Is Impacted By The COVID-19 Pandemic

The Startup India Seed Fund Scheme will have a common central application on the Startup India portal for startups on an ongoing basis.  An Experts Advisory Committee (EAC) will be formulated to oversee and monitor the overall execution of the scheme.  The EAC will evaluate and select the incubators for allotment of the seed funds and place measures for the efficient disbursement of funds.

The government also mentioned preference will be given to startups working in the areas of agriculture, education, food processing, healthcare, social impact, waste management, water management, financial inclusion, biotechnology, energy, mobility, defence, space, railways, textiles and oil and gas.

 

Continue Reading

Funding

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

Published

on

CRED’s Kunal Shah Invests In Oneplus Founder Carl Pei's Startup,Startup Stories,CRED founder Kunal Shah backs Carl Pei's upcoming venture in an undisclosed amount of funding,CRED's Kunal Shah invests in OnePlus co-founder Carl Pei's upcoming audio startup,Kunal Shah backs OnePlus co-founder Carl Pei's consumer electronics company,OnePlus co-founder Carl Pei’s startup bags funding from Cred’s Kunal Shah,OnePlus co-founder Carl Pei is launching a new brand on Jan 27 Kunal Shah is investing in it,CRED founder invests in One-Plus co-founder Carl Pei’s new venture,Cred founder Kunal Shah invests in OnePlus co-founder Carl Pei’s new venture,Kunal Shah bets on OnePlus co-founder Carl Pei's new consumer electronics company,Carl Pei’s Next Top Secret Tech Venture Gets The India Touch As CRED’s Kunal Shah Makes Investment,CRED’s Kunal Shah invests in OnePlus co-founder’s new venture

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.  Since the debut of OnePlus One. The smartphone maker earned the moniker ‘flagship killer’ and has grown in leaps and bounds.  Today OnePlus boasts on an impressive product line up apart from its smartphones and is one of the leading electronic brands in the world.  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.

The name of Carl Pei’s new startup will be unveiled on January 27th, 2021 but in the past three months the unnamed startup received almost $ 7 million in seed funding.  The investors include Tony Fadell (Principal at Future Shape & 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) and Josh Buckley (CEO of Product Hunt.)

The latest to invest in Carl Pei’s startup is Indian based CRED founder Kunal Shah who invested an undisclosed amount.  Shah is not new to being an angel investor as he already has a portfolio of investing in almost 80 startups.  “Carl is working on a new consumer electronics company that I am sure will be a disruptor in the tech industry. I am excited to be part of this journey (sic,)” the CRED founder said in a statement.

While Pei’s startup is headquartered in London, more details will be known on January 27th, 2021.

 

Continue Reading
Advertisement

Recent Posts

Advertisement