SoS Digest/ 05-02-17 to 12-02-17

Startup news
  1. Myntra Strengthens Leadership Team, Gunjan Soni Hired Jabong CMO

Myntra today announced that it has witnessed a 100% yoy growth in the month of January with the highest ever revenues of over Rs 850 crores in a particular month. Its extensive selection, unique brand partnerships and the recent acquisition of Jabong have helped establish the company as the industry leader across technology, fashion and performance. To continue to drive this growth, Myntra has strengthened its leadership team.


  1. Snapdeal, Ola 2016 Losses Made SoftBank Lose $350 Million

It is no longer a secret that the year 2016 was an abysmal one for Indian startups; Funding dried up, valuations dropped, and if this all wasn’t enough, the Indian government surprised them towards the end by springing the demonetisation challenge on them. This downslide in the Indian startup scene has proved to be a major bummer for Japan’s SoftBank. According to recently released data, the Japanese telecom and internet giant has registered a whopping $350 million in losses from its investments in two of the most famous startups in India — Snapdeal and Ola — for the nine months period that ended December 31 last year.

The data made publicly available reveals that as of December 2016, SoftBank has lost 39,281 million Japanese yen ($350 million) in losses as against the 108,426 million Japanese yen ($968 million) profit it made in the comparable last year. Jasper Infotech Private Limited and ANI Technologies are the holding companies of Snapdeal and Ola respectively.


  1. iFuture Robotics cuts manpower needs of warehouses with its mobile robots

Have you wondered why something said by a person makes such a deep impact on our minds? It’s got to do with the way our brains are wired: they ‘find’ what they inherently want or like and make it their own. In other words, we internalise what we like as a person. Rajesh Manpat’s story is also something like this.

When 32-year-old Rajesh heard Infosys founder Narayana Murthy say, “No earth shattering idea has been born out of India for the last 60 years,” it made a great impact on his mind. That’s because deep down he was an innovator and in Murthy’s words he found a challenge as well as inspiration. Rajesh had always been passionate about technological innovation. Having been in the automation industry since 2009, Rajesh had developed several inspection automation solutions. But as a subliminal response to Murthy’s words, he went ahead and built Ark Robot.


  1. Flipkart, Amazon, Snapdeal worried about this clause in GST; fear loss of 1.8 lakh jobs

Online retailers Flipkart, Snapdeal and Amazon came together on Thursday to raise concerns about the tax collection at source (TCS) clause under draft model GST law, saying it could result in a capital lock-down for sellers and discourage them from selling online.


  1. GoBumpr Raises $300k In Funding From The Chennai Angels, Keiretsu Forum

Chennai-based Automobile Services platform, GoBumpr, has raised $300k in funding led by The Chennai Angels. Digitizing Auto services from the Auto-hub of India, (run by Northerly Automotive Solutions Private Limited) is an end-to-end pitstop for car and bike owners to find, book & pay for automobile services at a click of the button. The investment round was led by Mr. Mahalingam K (Partner, TSM Group) who owns and operates South India’s oldest and largest used cars business. GoBumpr raised a round of funding from Keiretsu Forum Chennai Chapter six months back.


  1. Team R2 Robotronics Is Set To Capture The Drones Market With DROSNAS

R2 Robotronics is a platform independent, application independent, cloud powered enterprise drone swarm management platform. In short, it is the Android to one’s drone. It lets one use one’s drone with any sensor one wishes, in any mode one likes, without any limitations on the range of operation, ability of the pilot.


  1. India’s first ‘startup district’ may set up shop in Mangalore

The government is set to create the country’s first “startup district” replete with incubation centres and tinkering labs for schools as part of efforts to devise innovation solutions in agriculture, health and education, according to a report in The Times of India. Incubators give startups space to operate, and mentoring so that they can scale up their business.  Commerce Minister Nirmal Sitharaman is reportedly pitching for the cluster to be developed in Mangalore. The minister is a Rajya Sabha MP from Karnataka.

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  1. How A Woman Entrepeneur Is Helping Teachers Come Together Through Social Media

As a teacher, it is a challenge to find time to develop resources and create time for discussing topics with fellow teachers. The onus of effective delivery of lesson lies on the teacher and it is a teacher that makes the subject interesting and enjoyable for the students.  With this thought, Rakhee Chhabria, a teacher, trainer and curriculum developer thought of devising a platform where teachers could learn, collaborate, and grow together. That is when she created Teachers Help Teachers (THT) forum on Facebook with close to 5000 teacher members in it.


— Team SoS


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