Roundup of news and ideas from the world of startups – Week ending 23rd Sept 2018
News you can use
Microsoft modifies approach and support programme for start-ups – Microsoft has modified its approach and support for startups. It has replaced the earlier startup accelerator programme with Microsoft ScaleUp, through which it will also look to grow its cloud platform, Microsoft Azure. The company will now only work with B2B Series A funded companies generating around $600,000 to $1 million in revenues annually but would also consider the technology a startup has developed. This is different from the earlier approach where Microsoft worked with startups who were still in a ‘pre-seeding’ stage in both B2B and B2C categories.
Corporate M&A
Flipkart acquires Israel-based start-up Upstream Commerce – This is Flipkart’s second acquisition in as many months, after the Walmart-controlled e-commerce firm acquired Indian artificial intelligence start-up Liv.ai in August. Flipkart has acquired an Israel-based analytics start-up called Upstream Commerce, as India’s largest online retailer looks to support its massive seller base with services such as real-time pricing and information on product assortment. This is Flipkart’s second acquisition in as many months, after the Walmart-controlled e-commerce firm acquired Indian artificial intelligence start-up Liv.ai in August. The latest buyout will also enable Flipkart to have an outpost in Israel, which is widely regarded as one of the world’s foremost start-up ecosystems. The terms of the latest deal were not disclosed.
Uber to acquire Europe’s Deliveroo?! Maybe! Uber is in early talks to acquire food-delivery startup Deliveroo for several billion dollars, according to anonymous sources. No exact price was given. Bloomberg reports that a bid for the startup, last-valued at more than $2 billion, would mark a major attempt by the ride-hailing startup Uber to dominate the food-delivery business in Europe. According to people with direct knowledge of Deliveroo’s plans, any offer made would need to be above the latest valuation. The anonymous sources mention that the talks could fall apart as Deliveroo and its investors are reluctant to “relinquish” their “independence.”
Failed Startups
Bitcoin exchange, Zebpay shuts but promises to keep its wallet functional for users – The Reserve Bank of India (RBI) had released a statement in April directing all regulated entities, including banks, e-wallets, and payment gateway providers, to stop dealing with individuals and businesses in the partially banned crypto-currencies. Following this, Zebpay had asked its users to withdraw money before the deadline following RBI mandate.
