Bangalore-headquartered Razorpay, one of the handful of Indian fintech startups that has demonstrated accelerated growth in recent years, has joined the coveted unicorn club after raising $100 million in a new financing round, the payments processing startup said on Monday.
The new financing round, a Series D, was co-led by Singapore’s sovereign wealth fund GIC and Sequoia India, the six-year-old Indian startup said. The new round valued the startup at “a little more than $1 billion,” co-founder and chief executive Harshil Mathur told TechCrunch in an interview.
Existing investors Ribbit Capital, Tiger Global, Y Combinator, and Matrix Partners also participated in the round, which brings Razorpay’s total to-date raise to $206.5 million.
Razorpay accepts, processes, and disburses money online for small businesses and enterprises. In recent years, the startup has expanded its offerings to provide loans to businesses and also launched a neo-banking platform to issue corporate credit cards, among
BENGALURU (Reuters) – Amazon.com Inc AMZN.O has invested 7 billion rupees ($95.51 million) in its Indian payments unit, ahead of the festive season, data from business intelligence firm Tofler showed.
Amazon will begin its festive season sales on Oct. 17, and has been trying to encourage payments through Amazon Pay with cashbacks and other rewards.
Both Amazon and Flipkart offer deep discounts on everything from clothes, smartphones to home appliances ahead of key Hindu festivals Dussehra and Diwali.
In July, Jeff Bezos-led Amazon.com had invested 23.10 billion rupees in Amazon Seller Services and early this year announced a $1 billion investment to bring more than 10 million small businesses online in India by 2025.
Amazon, billionaire Mukesh Ambani-led Reliance Industries RELI.NS and Walmart Inc’s WMT.N Flipkart are in a
The test, called FELUDA—an acronym for FNCAS9 Editor-Limited Uniform Detection Assay—was named after a popular Indian fictional detective. It intends to “address the urgent need for accurate mass testing,” according to a statement from TATA Sons, which manufactured the test.
The kit could be manufactured for self-testing in the future, according to Agarwal, but the prototype being developed currently is only intended for testing in labs.
The FELUDA test follows a similar rapid test kit developed in the US this spring. Both tests use a gene-editing technology called CRISPR to detect the virus in a patient’s RNA. The US Food and Drug
A team of scientists in India has developed an inexpensive paper-based test for coronavirus that could give fast results similar to a pregnancy test.
The test, named after a famous Indian fictional detective, is based on a gene-editing technology called Crispr. Scientists estimate that the kit – called Feluda – would return results in under an hour and cost 500 rupees (about $6.75; £5.25).
Feluda will be made by a leading Indian conglomerate, Tata, and could be the world’s first paper-based Covid-19 test available in the market.
“This is a simple, precise, reliable, scalable and frugal test,” Professor K Vijay Raghavan, principal scientific adviser to the Indian government, told the BBC.
Researchers at the Delhi-based Institute of Genomics and Integrative Biology (IGIB), where Feluda was developed, as well as private labs, tried out the test on samples from
Inshorts, which operates a popular news aggregator app in India, has raised $35 million in a new financing round led by Lee Fixel’s Addition as the Indian startup looks to scale its adjacent, social network platform.
For Fixel, who wrote several high-profile checks to Indian firms while running Tiger Global, InShorts is the first Indian startup he is backing from his new VC firm. Fixel, who also invested in InShorts when he was at Tiger Global, has backed about six startups through Addition including New York Area-headquartered Odeko, which offers ordering and supply chain tools to cafes, Synk, which develops tools used to identify vulnerabilities, and dLocal, which operates a cross-border payment processor to connect global merchants to emerging markets.
SIG Global and Tanglin Venture Partners, also participated in Inshorts’ new round, which values the startup at about $125 million, a person familiar with the matter told TechCrunch.
Facebook India’s chief has lodged a petition with India’s top court challenging a summons to appear before a panel probing allegations the social media giant failed to take action against hate speech.
Ajit Mohan, Facebook India’s managing director, was summoned to appear before a Delhi legislative panel on Wednesday after failing to front the committee last week.
The social network has been embroiled in a huge row in India after the Wall Street Journal reported in August that the company failed to take down anti-Muslim comments by a politician from the ruling party to protect its business interests.
The panel — headed by an Aam Aadmi Party lawmaker, which governs the Indian capital — is also probing Facebook’s “alleged role and complicity” in the sectarian Delhi riots in February which killed over 50 people, most of them minority Muslims.
In his petition to the Supreme Court, obtained by AFP, Mohan
NEW DELHI :
Chinese smartphone company Realme is targeting 20-25% share of smartphone sales in India during the festive season with its expansive lineup of products, a top company official said.
The company, which competes aggressively against players like Xiaomi and Samsung in the Indian market, said India will continue to be a critical growth driver for Realme and will be a “top priority” globally.
“Smartphones have become the focal point to stay connected in the era of social distancing and remote working. Many consumers make their purchases towards the festive season as you get good deals on electronics… the market has started to warm up for the upcoming festive season,” Realme India Chief Executive Officer Madhav Sheth told PTI.
He added that versatile products with best-in-segment features across different price points – from entry to mid-range – will stimulate purchasing among different sections of the consumers.