Indian Startup World news for May 2018

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Here is all you need to know about the Indian Startup World news for May 2018.

Indian Startup World news for May 2018

  • Walmart India is planning to scale up its Kirana store programme called ‘Mera Kirana’ that helps small family-owned grocery stores modernize and now wants to make it part of its mainstream business.
  • The merger of Bharat Financial and IndusInd Bank has received no objection from BSE and NSE.
  • NirogStreet, a healthcare startup, creating a community of Ayurveda doctors has raised a seed funding of $300,000 from Spiral Ventures, the early stage Japanese venture fund and others. Funds will be used to further building the community platform and launching online consultation portal.
  • Amazon has launched an e-commerce store, Weavesmart, for handlooms in India and work as an e-marketing partner for Ministry of Textiles for promoting Indian handlooms.
  • Japanese casual clothing retailer, Uniqlo, is set to open its first Indian store in Delhi in fall 2019. It has already created its Indian subsidiary, Uniqlo India Pvt. Ltd, earlier this month. Uniqlo is known for high quality, affordable everyday wear items like T-shirts, jeans, etc.

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  • Avaamo, an AI startup, has raised around Rs.95 Crore in serial A round of funding. The funds may be used for expanding the firm’s sales and marketing.
  • The Industrial and Commercial Bank of China, a top state-run Bank, has launched China’s first India dedicated publicly offered investment fund. The move is being considered significant to boost investments in India.
  • Centre for innovation, incubation and entrepreneurship of IIM Ahmedabad has launched a $25 million ‘Bharat Inclusion Initiative’ to mentor and invest in start-ups in the early stage and seed segment over the next three-four years. The fund will invest in areas like livelihood, education, financial inclusion, health and agriculture.
  • Discom in MP sets up a virtual office app called “smart bijlee” which will allow the users to make payments, submit complaints and apply for a new connection, online.
  • China has begun large-scale mining operations in Lhunzecounty, close to Arunachal Pradesh. A huge trove of precious minerals has been found in the region, which is valued at $60 billion.
  • JPMorgan sells AIRRO to RohatynGroup and exits infrastructure investment space in India.
  • Ather Energy Pvt. Ltd, a start-up electric scooter maker, expects to have 60 charging points in the city by year-end. A source said that that the charging points will be installed at cafés, malls, gyms and tech parks. It is backed by India’s largest two-wheeler maker Hero MotoCorp Ltd and Tiger Global Management.
  • Kunal Shah, the co-founder of FreeCharge, has raised $30 million for his upcoming venture from a clutch of investors led by Sequoia Capital. He is planning to start an incubator which would help start-ups in consumer space.
  • Trai has launched a web portal to provide network coverage details of all operators. This will allow consumers to make a more informed decision while selecting the service provider.
  • Wipro Infrastructure Engineering, a division of Wipro Enterprises, has set up a new business division, called automation solutions, to boost the productivity of manufacturing companies in India, Africa and the Middle East by making up industrial robots in their facilities.
  • NIC’s Bhubaneswar unit launches new data centre and is set to hire 800 people in the next 1 year.
  • CAIT and AIOVA, two trader bodies, have complained that the merger of Walmart and Flipkart will lead to unfair trade practices like predatory pricing, deep discounts, etc.

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