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Italian fashion designer Brunello Cucinelli, who's friends with world's richest man Jeff Bezos, told The Wall Street Journal that Bezos told him that he makes important decisions at around 10:30 am. "I'll discuss it the day before, sleep on it and in the morning I'll make the decision," Cucinelli quoted Bezos as saying. Bezos visited Cucinelli in Italy in 2019.
short by Pragya Swastik / 03:53 pm on 12 Aug
Edtech startup BYJU'S CEO Byju Raveendran told YourStory that his 6-year-old son played a role in the $300 million deal where BYJU'S acquired WhiteHat Jr, the startup which teaches coding to kids. "I introduced my son to the platform only six weeks back, also like an evaluation thing," Byju said. BYJU'S acquired 18-month-old startup WhiteHat Jr on August 5.
short by Pragya Swastik / 02:33 pm on 13 Aug
ByteDance in talks with Reliance for investment in TikTok's India biz: Reports
short by Krishna Veera Vanamali / on 13 Aug 2020,Thursday
China's ByteDance is in early discussions with Mukesh Ambani's Reliance Industries for investment in TikTok's business in India, according to reports. The two companies are reportedly yet to reach a deal after starting conversations late last month. TikTok's business in India, which was banned in late June, is being valued at over $3 billion, reports added.
short by Krishna Veera Vanamali / 08:55 am on 13 Aug
Scribd acquires presentation-sharing platform SlideShare from LinkedIn
short by Rishabh Bhatnagar / on 13 Aug 2020,Thursday
E-book subscription company Scribd has acquired presentation-sharing platform SlideShare from LinkedIn for an undisclosed amount. "Today, we're excited to add over 40 million presentations to our reading ecosystem," said Scribd. CEO Trip Adler added, "We have a lot of experience with a product like this... we're in a good position to make SlideShare really successful."
short by Rishabh Bhatnagar / 07:23 pm on 13 Aug
Fortnite maker sues Apple, Google after game removed from app stores
short by Rishabh Bhatnagar / on 14 Aug 2020,Friday
Apple and Google's removal of video game Fortnite from their app stores has prompted its maker Epic Games to file antitrust lawsuits against the companies. The game was removed citing violation of the companies' in-app payment rules. Epic took to court "not seeking monetary relief", but to contest several of the tech majors' app stores practices that it considers "anti-competitive".
short by Rishabh Bhatnagar / 10:46 am on 14 Aug
TikTok US staff plan to sue Trump administration over app ban
short by Aishwarya / on 14 Aug 2020,Friday
TikTok's US staff are planning to sue President Donald Trump's administration over his order to ban the app. Mike Godwin, the lawyer representing the employees, said the staff recognise that their jobs and their payment are in danger. TikTok is reportedly working on its own lawsuit that is expected to allege that the order is unconstitutional.
short by Aishwarya / 06:43 pm on 14 Aug
Tesla announced a five-for-one stock split in order to make stock ownership more accessible to individual investors. Each shareholder of record on August 21 will receive a dividend of four additional shares of common stock for each one they own after the close of trading on August 28. Trading will begin on a split-adjusted basis on August 31.
short by Aishwarya / 05:51 pm on 12 Aug
Several US companies, including Apple, Ford and Disney expressed their concerns over the effects of the executive order on WeChat, The Wall Street Journal reported. In a call with the White House, over a dozen firms specified the consequences the ban could have on their own businesses. Other companies that participated in the discussion include Goldman Sachs, Intel and MetLife.
short by Aishwarya / 09:06 pm on 13 Aug
Tesla's lawsuit against us an attempt to malign reputation: Rivian
short by Aishwarya / on 12 Aug 2020,Wednesday
EV startup Rivian has asked a US court to dismiss Tesla's lawsuit against it, saying it was an attempt to malign Rivian's reputation. In July, Tesla had filed the lawsuit accusing Rivian of recruiting its staff and encouraging them to steal confidential information. Rivian said none of the alleged trade secrets have been located at Rivian or its systems.
short by Aishwarya / 07:46 pm on 12 Aug
Facebook, Snap showed interest in buying Tiktok rival Dubsmash: Report
short by Rishabh Bhatnagar / on 13 Aug 2020,Thursday
Facebook and Snapchat parent Snap held talks to buy US-based video-sharing app Dubsmash, according to The Information. "We admire the team but aren't in active talks to acquire," a Snap spokesman said. The report claims that the talks are now off. The deal could have come at a time when Microsoft is negotiating the purchase of TikTok.
short by Rishabh Bhatnagar / 04:34 pm on 13 Aug
Fashion e-commerce platform Fynd has received an investment of ₹20 crore from its holding entity, Reliance Investment Holdings, according to regulatory filings. This is the second tranche infused by Reliance in the Mumbai-based company in the past 12 months. The infusion is reportedly aimed at helping RIL's effort to beef up fashion and accessories verticals of JioMart.
short by Pragya Swastik / 07:16 pm on 12 Aug
MyGate buys back shares worth ₹9.7 crore from three co-founders
short by Rishabh Bhatnagar / on 12 Aug 2020,Wednesday
Security and community management platform MyGate's founders offloaded 34,668 equity shares worth ₹9.7 crore in their startup's share buyback programme. The move came after the Bengaluru-based company raised ₹377.51 crore at a valuation of around $170 million (₹1265 crore). The company claims to have users across 2 million homes in 10,000 societies in India.
short by Rishabh Bhatnagar / 04:37 pm on 12 Aug
Uber CEO Dara Khosrowshahi told MSNBC, Uber will likely suspend services temporarily in California if it's made to classify drivers as employees. "If the court doesn't reconsider...it's hard to believe we'll be able to switch our model to full-time employment quickly," he said. However, he said Uber would later resume services but it would likely be more centred in cities.
short by Aishwarya / 05:23 pm on 13 Aug
Airbnb's revenue in June quarter fell by 67% y-o-y: Report
short by Aishwarya / on 13 Aug 2020,Thursday
Airbnb's revenue for the June quarter fell by 67% year-on-year to $335 million, Bloomberg reported. It recorded an adjusted loss of $400 million compared to $341 million in the previous quarter. However, it plans to file for an IPO later this month. It had earlier planned an IPO in March but it was put on hold due to COVID-19.
short by Aishwarya / 09:15 pm on 13 Aug
Co-working space startup WeWork secures $1.1 bn from SoftBank
short by Aishwarya / on 14 Aug 2020,Friday
Co-working space startup WeWork has secured $1.1 billion in debt financing from SoftBank. The new financing raises WeWork's available cash and unfunded cash commitments to $4.1 billion. WeWork's second-quarter revenue fell to $882 million compared to its revenue of $1.1 billion in the first quarter. Earlier in July, WeWork had said it expected to have positive cash flow in 2021.
short by Aishwarya / 07:25 pm on 14 Aug
Bengaluru-based neo-banking startup Niyo has received about ₹45 crore from its US-based parent-entity NiYO Solutions. After this, Niyo's valuation has reached ₹1,020 crore, Entrackr reported. Last month, Niyo had announced the acquisition of mutual funds investment startup Goalwise. Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo claims to serve over 10 lakh users in India.
short by Aishwarya / 04:50 pm on 14 Aug
Edtech startup Classplus to raise ₹112 cr led by Falcon Edge: Report
short by Rishabh Bhatnagar / on 13 Aug 2020,Thursday
B2B edtech startup Classplus is set to raise around ₹112 crore ($15 million) from Falcon Edge Capital, Entrackr reported. The funding round may reportedly reach ₹150 crore as Classplus is in talks with two other investors as well. Since February this year, the Noida-based startup has raised two investments totalling close to ₹86 crore.
short by Rishabh Bhatnagar / 02:13 pm on 13 Aug
Bengaluru-based online pharmacy Medlife raises ₹173 cr
short by Rishabh Bhatnagar / on 14 Aug 2020,Friday
Bengaluru-based e-pharmacy Medlife has raised ₹173 crore led by Prasid Uno Family Trust. While the family trust invested close to ₹168 crore, the balance was funded by Samena Capital-owned SC Credit Fund. Medlife was founded in 2014 by Tushar Kumar and Prashant Singh and has now diversified to online doctor consultations and lab tests as well.
short by Rishabh Bhatnagar / 03:18 pm on 14 Aug
Startup accelerator Turbostart to invest ₹50 cr across 25 startups
short by Rishabh Bhatnagar / on 14 Aug 2020,Friday
Startup accelerator programme Turbostart announced Cohort II, its second series of funding with a corpus of ₹50 crore. "25 startups can win up to ₹2 crore funding each," the accelerator said. The bi-annual, sector-agnostic programme identifies 25 promising startups pan-India. "Taking into account the current dynamic situation...funding has become even more challenging," CEO Ganesh Raju said.
short by Rishabh Bhatnagar / 03:26 pm on 14 Aug
Cure.fit's cloud kitchen vertical Eat.fit has shut operations in 12 cities including Delhi (NCR), Mumbai and Chennai amid orders falling by 80% due to COVID-19. Eat.fit is now operating in Bengaluru, Hyderabad and Coimbatore only. Cure.fit co-founder Ankit Nagori said, "The overall sentiment around ordering in has gone down in the country."
short by Aishwarya / 09:17 pm on 13 Aug
Helion Ventures Co-founder Dr Ashish Gupta has joined Prime Venture Partners as Partner Emeritus. Gupta will be part of the investment committee at Prime Ventures and will also serve as a mentor and advisor to its overall portfolio. He also co-founded online product discovery platform Junglee in 1996, which was later acquired by Amazon.
short by Aishwarya / 04:32 pm on 12 Aug
Edtech startup ConveGenius acquires learning platform Gray Matters India
short by Rishabh Bhatnagar / on 12 Aug 2020,Wednesday
Social edtech startup ConveGenius has acquired Gray Matters India, a platform that works to bridge gaps in the Indian assessments space. The size of the deal was not disclosed. Both enterprises are backed by the Michael and Susan Dell Foundation. ConveGenius said the move will let it create a learning-based interoperable architecture in line with the National Education Policy.
short by Rishabh Bhatnagar / 04:38 pm on 12 Aug
Foodtech firm HungerBox raises ₹12 cr from Paytm, others
short by Rishabh Bhatnagar / on 12 Aug 2020,Wednesday
Bengaluru-based corporate foodtech startup HungerBox has raised ₹11.97 crore from existing investors including Paytm parent company One97 Communications, Pratithi Investment Trust, Sabre Partners Trust and Singapore-based angel investor Srihari Kumar. With the infusion, the company has raised over ₹134 crore in funding till date. HungerBox was founded by Sandipan Mitra and Uttam Kumar in 2016.
short by Rishabh Bhatnagar / 04:50 pm on 12 Aug
Skyroot India's 1st space startup to test fire upper-stage rocket engine
short by Rishabh Bhatnagar / on 13 Aug 2020,Thursday
Hyderabad-based Skyroot Aerospace became India's first private space startup to successfully test fire an upper-stage rocket engine. They launched a 3D-printed rocket engine named Raman, after Nobel laureate CV Raman. The startup was founded in 2018 by former Indian Space Research Organisation (ISRO) scientists Pawan Kumar Chandana and Naga Bharath Daka.
short by Rishabh Bhatnagar / 05:04 pm on 13 Aug
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