A compilation of important news from the startup world:
Japan’s Softbank has revealed some exciting details on India’s hottest startups
Japan’s Softbank Group announced its earnings for fiscal 2016 on May 10, throwing some light on the otherwise secretive Indian startups.One of the most active investors in India, Softbank owns stakes in e-commerce major Snapdeal, ride-hailing app Ola, hotels booking app OYO Rooms, groceries delivery startup Grofers, real estate portal Housing, and mobile advertising firm InMobi, among others. In a post-earnings presentation, Softbank Group chief executive Masayoshi Son shared information about some of the biggest startups in his firm’s portfolio. “India is going to make dramatical growth in 10-15 years,” Son said, announcing the group’s earnings. “Ten to 15 years ago, I was saying India will be the next China, but people questioned what I was saying. But you have all seen what has happened.”
Chauffeur provider app DriversKart buys smaller rival Driven
Chennai-based on-demand chauffeur provider DriversKart said on Wednesday it has acquired smaller rival Driven to strengthen its network, in the second takeover deal in the nascent but expanding segment. When contacted, a DriversKart spokesperson declined to reveal the value of the cash-and-stock deal. After the acquisition, DriversKart claims to be the market leader in India’s on-demand driver services segment. “Driven has a very strong team and good presence in the Mumbai consumer market and there is immediate value in this deal for DriversKart,” Vinit Srivastava, co-founder and CEO of DriversKart, said in a statement.
Founder’s Diary: Startups dealing with funding crunch
The Indian startup ecosystem is on a high driven by factors such as availability of funding, evolving technology space and a thriving domestic market. In fact, India today has become one of the largest bases for startups in the world after the United States, the United Kingdom, and China. All these facts reflect a healthy growth on the investment front in the Indian startup space. Going by the Nasscom reports of 2015, it is predicted that by 2020 there will be 11,500 firms from 3,100 startups in 2014. Investment momentum in startups has increased rapidly over the last five years with investment values increasing at a compound annual growth rate (CAGR) of more than 75% between 2011 and 2015 while investment volumes have increased at a CAGR of over 80% in the same period.
Five Indian startups that are so ridiculous they really shouldn’t exist
Apart from the fact that most of the existing start-ups are just copies of some other startup and very rarely have any distinguishing factor, there is also a fraction of start-ups that are just plain ridiculous and if I had my way, (which I don’t) they wouldn’t exist. We can’t afford to be this lazy, seriously. And, hence, here’s presenting to you a list (are you surprised?) of five startups that are basically ridiculous ideas.
Quikr buys on-demand beauty services startup Salosa
Online classifieds firm Quikr said on Tuesday it has acquired on-demand beauty services platform Salosa for an undisclosed amount, as it seeks to expand its home services vertical. The acquisition is part of Quikr’s plan to augment its home services vertical, for which it has committed to invest Rs 250 crore. The will help Salosa—which has been a partner of QuikrServices—strengthen its beauty services offerings. The investment also aligns with Quikr’s strategy to scale faster and deeper into key categories under its QuikrServices vertical. Launched in November last year,