Homestartup News

STARTUP DIGEST: Here’re today’s startup updates

STARTUP DIGEST: Here’re today’s startup updates

STARTUP DIGEST: Here’re today’s startup updates
Profile image

By Palak Agarwal  Aug 12, 2020 9:41 PM IST (Updated)

There were many developments in startup space through the day on Wednesday, which include Unacademy eyes IPL title sponsorship rights, Indian craft brewer Bira in talks with foreign beer makers over possible stake sale, Fintech startup CityCash raises $1 millin from Orios Venture Partners, Scribd acquires LinkedIn's presentation service SlideShare.

There were many developments in startup space through the day on Wednesday, which include Unacademy eyes IPL title sponsorship rights, Indian craft brewer Bira in talks with foreign beer makers over possible stake sale, Fintech startup CityCash raises $1 millin from Orios Venture Partners, Scribd acquires LinkedIn's presentation service SlideShare. Here’s a closer look at today’s startups news and everything you need to know:

Recommended Articles

View All

1. Unacademy eyes IPL title sponsorship rights; to submit bid to replace Vivo
Education technology company Unacademy, which is already one of IPL's sponsors, is eyeing the league's title sponsorship rights now and is set to submit its bid to replace Chinese mobile phone company Vivo this season.
A BCCI official confirmed that Unacademy has picked up the bid papers but refrained from making any comments beyond that.
Vivo, which annually paid Rs 440 crore, dropped out as title sponsor this year due to the Sino-India border stand-off. The BCCI is now looking at a lesser value -- between Rs 300 to 350 crore -- for a period of four months and 13 days.
The official said Unacademy is a part of IPL's central sponsorship pool with other companies like Dream11 and Paytm.
2. Indian craft brewer Bira in talks with foreign beer makers over possible stake sale
India's B9 Beverages, maker of popular craft beer Bira, is in talks with international brewers and investors to sell a stake of up to 20 percent in the company, its chief executive told Reuters on August 11.
"We've been looking for a combination: (an) international beer company as a strategic investor and a separate financial partner," CEO Ankur Jain said, adding that the company was in the "intermediate stage" of raising funds.
Data provider PitchBook estimates New Delhi-based Bira was valued at $210 million in 2018. US-based Sequoia Capital holds a roughly 45 percent stake in the company, while CEO Jain and his family own around 30 percent.
3. Fintech startup CityCash raises $1 millin from Orios Venture Partners
Public-transit focussed payments startup CityCash has raised $1 million as a part of its seed round from early stage venture capital firm Orios Venture Partners.
The new funds will be used for expanding market access, building out the merchant acceptance ecosystem, development of its technology to deploy Open loop National Common Mobility Cards (NCMC) and digital ticketing solutions.
4. Scribd acquires LinkedIn's presentation service SlideShare
Microsoft LinkedIn has announced that it is selling its presentation-sharing service SlideShare to Scribd. The terms of the deal remain undisclosed.
"We’re excited to announce that SlideShare and Scribd have now come together to offer millions of users around the world great content to fuel their curiosity and learning," LinkedIn announced via a blog post.
SlideShare was launched in 2006 and has been a part of LinkedIn since 2012. Its services include allowing users to upload and share presentations, infographics, documents, etc.
Scribd, on the other hand, offers over a million professionally published ebooks, audiobooks, podcasts, sheet music, and magazines, alongside over 100 million documents uploaded by the community. These documents include information and educational resources like study guides, business templates, academic papers, public court filings, etc.
“Our acquisition of SlideShare is a major step towards creating the world's largest digital library,” Scribd CEO and co-founder Trip Adler said in a statement.
5. Facebook to engage external auditors to validate its content review report
Social media giant Facebook has said it will engage with external auditors to conduct an independent audit of its metrics and validate the numbers published in its Community Standards Enforcement Report.
Facebook Technical Program Manager, Integrity, Vishwanath Sarang said over the past year, the company has been working with auditors internally to assess how the metrics it reports can be audited most effectively.
“This week, we are issuing a Request For Proposal (RFP) to external auditors to conduct an independent audit of these metrics. We hope to conduct this audit starting in 2021 and have the auditors publish their assessments once completed,” he said in a blogpost.
The company said it took down 7 million pieces of harmful misinformation around covid-19 between April and June.
6. Big Tech joins law suit against H-1B Visa ban
American technical giants including Microsoft, Amazon, Facebook, Twitter, Apple, Netflix filed an amicus brief in a California court against the U President Donald Trump's Temporary ban on H-1B and other visas.
The companies in their submission called Trump's ban “fundamentally un-American”, which could result in “irreparable damage” to th world's most powerful economy. Google, Bloomberg and Spotify collectively filed a separate request to support the lawsuit.
In other news, Food tech company Hunger Box has raised $1.7 million in bridge funding from One97, Sabre Partners and other existing investors.
Additionally, early stage VC Prime Venture Partners has roped in in Ashish Gupta as Partner Emeritus. A serial entrepreneur, angel investor and VC, Ashish co-founded Helion Ventures in 2005 and is one of the co founders of Junglee.com. He is expected to take on a key role on the Investment Committee and Portfolio Management verticals at Prime Venture Partners.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Most Read

Market Movers

View All
Top GainersTop Losers
CurrencyCommodities
CompanyPriceChng%Chng