Roundup of news and ideas from the world of startups – Week ending 19th Aug 2018
News you can use
How This Google-Backed Startup Cracked The Code To Hyper Convenience In India – Hyper-convenience startups in India have not witnessed much success – most of them have either folded or completely changed their strategies to suit the complex market needs. But one startup managed to do what others couldn’t, so much so that it caught the fancy of Google. Bengaluru-based Dunzo is the panacea for the urban Indian, who is pressed for time to run errands.
Submit your application to TechCrunch Startup Battlefield Africa 2018 – If there’s one thing we learned hosting last year’s Startup Battlefield in Kenya, it’s that the tech startup scene across Africa is both impressive and growing rapidly. More than 300 tech hubs connect and mentor entrepreneurs across the continent — making it an exciting time and place to be a startup. And we can’t wait to see even more of Sub-Saharan Africa’s best innovators, makers and technical entrepreneurs compete in TechCrunch Startup Battlefield Africa 2018 in Lagos, Nigeria on December 11. If you haven’t applied yet, what the heck are you waiting for? Submit your application right here and launch your early-stage startup to the world.
Playboy sues blockchain startup for screwing its cryptocurrency porno payment plan – Its been stiffed on a deal to pay users for watching adult content. Playboy Enterprises, the company behind seminal softcore pornography magazine Playboy, is suing a blockchain startup for fraud and breach of contract after it, uh, failed to deliver. The LA Times reports that a lawsuit has been filed in the Los Angeles County Superior Court. It alleges that Global Blockchain Technologies (BLOC) failed to fulfil pretty much every requirement of a deal to integrate cryptocurrency Vice Industry Token (VIT) with Playboy’s online pornography platform.
Corporate M&A
Facebook acquires startup Vidpresso to enhance Interactive Live Video – Social media giant Facebook has aqui-hired the team behind the startup Vidpresso. Founder of Vidpresso, Randall Bennett confirmed this in a medium blog post. It’s not clear if Facebook will eventually cut off access to Vidpresso’s technology, but the team said in their announcement that joining the social network will allow them to offer their tools to more people than just their A-list publishing partners. Terms of the deal are not available.
Paytm acquires Bengaluru’s savings management startup Balance Technology – The acquisition will help One97 Communications, which operates the Paytm brand, in further enhancing its user and merchant interfaces. Digital payments major Paytm on Thursday said it had acquired Bengaluru-based savings management start-up, Balance Technology for an undisclosed amount.
The acquisition will help One97 Communications, which operates the Paytm brand, in further enhancing its user and merchant interfaces, Paytm said in a statement. While Paytm declined to comment on the deal size, the transaction is expected to be about $2 million, according to industry sources.
Startup shut and failed last week
Israeli medical intelligence startup Treato shuts down – The Israeli startup, Treato recently filed for liquidation at the Tel Aviv District Court. Launched in 2011, Treato operated a platform designed to gather and analyze user-generated health-related information and offer insights on medical conditions and medication.
Chinese bike-sharing firm on the verge of shutdown fires India staff – The Chinese bike rental company Ofo has shut down its operations in India and fired most of its 30 employees in India. The Alibaba-backed startup had launched operations in India in January 2018. Ofo, which offers station-free bikes operated via an app, claimed to have completed 1.1 million rides within four months in India.