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6-11-2017 To 11-11-2017

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With highs and lows, investments and major redesigns, the second week of November was filled with both good and bad news updates. Flipkart’s valuation was marked down and Ola will be seen collaborating with Microsoft! If you’ve missed the major news of this week, here’s our weekly wrap up!

1. MUTUAL FUND INVESTOR VALIC MARKS DOWN FLIPKART’S VALUATION
Mutual investor fund based in USA, Valic Co, marked down the valuation of India’s biggest ecommerce company Flipkart to $ 7.9 billion from $ 11 billion. Critics claim this move signifies some of the smaller investors of Flipkart are still divided over its previous valuation. However, the markdown comes as a surprise because Flipkart recently raised $ 3 billion from SoftBank, Tencent Holdings, Microsoft and eBay. Despite the continuous influx of money, Flipkart’s valuation has been decreased thrice before by Morgan Stanley, Fidelity Investments and mutual fund investor T. Rowe Price.

2. HDFC LAUNCHES SMARTUP ZONE IN BENGALURU
One of India’s largest private sector lender banks, HDFC Bank, is launching an investment fund, SmartUp Zone, to support early stage ventures. The fund will have a corpus of about $ 25 million to $30 million and will also provide legal services to the selected startups. The bank is looking to tackle specific pain points of the startup community and harness the potential of the startups and fintech ecosystem using a multi prolonged approach. Through the fund, HDFC Bank aims to invest in about 65 startups across 30 cities in India.

3. PAYTM TO INVEST RS. 5000 CRORES IN PAYMENTS UNIT
India’s largest digital payments platform, Paytm, will be investing close to Rs. 5000 crores in its payments arm over the course of the next three years. Established in 2010, Paytm has already more than Rs. 5,000 crores in its mobile payments sector till date. Founder of Paytm, Vijay Shekhar Sharma, in a recent interview said the company will continue to be the largest investor in digital payments in the country. One97 Communications, Paytm’s parent company, recently posted a record revenue of $ 126 million for the fiscal year 2016 – 2017 and a net worth of Rs. 2,376 crores.

4. OLA AND MICROSOFT TO LAUNCH CONNECTED VEHICLE PLATFORM
On a small visit to India, Microsoft CEO Satya Nadella announced the technology giant will be collaborating with homegrown taxi hailing startup Ola. The partnership will allow Ola to leverage Microsoft’s cloud, artificial intelligence and productivity tools to help car manufacturers integrate the platform with vehicle systems, enhance rider experience and for predictive maintenance of the cars. At the India Today Conclave Next 2017, Ola’s founder Bhavish Agarwal along with Nadella outlined the broad contours of the alliance. The platform will be designed to continuously collect, analyze and learn from high volumes of data and user behavior along with enhancing the safety and security features and driver assistance services.

5. INDIAN GOVERNMENT PUSHES FOR ELECTRIC VEHICLES
In an attempt to encourage electric vehicles in India, the Indian Government is working on creating a policy that would facilitate and expedite electric vehicle (EV) manufacturing. The Indian Government held talks with both local and foreign companies in an attempt to raise investments to turn India into a manufacturing hub. The government has doubled down its efforts to increase the EV ecosystem in India and make the country a truly electric vehicle nation by 2018. In recent years, there has been a 37.5 % rise in the sale of EVs in India.

6. SNAPCHAT TO BE REDESIGNED POST Q3 REPORTS
Image sharing social media app, Snapchat, will soon undergo a major redesign in an attempt to reach a broader audience. Snap Inc., Snapchat’s parent company earned just over $ 207.9 million in revenue with a loss of $ 0.14 per share in the latest quarter. This California based firm’s earnings dropped by 20% in after hours trading, closing at $ 15.12 and lost $ 443 million while their capital expenditures also rose up to $ 25.9 million. The company plans to integrate premium video and search based content in a manner similar to the social media giant Facebook to open the app to a huge audience of new users. According to Snapchat’s founder, Evan Spiegel, the app is exploring new ways of surfacing its content in a personalized and more relevant way, while still maintaining the exploratory nature of the service.

7. SAMSUNG TROLLS APPLE IN LATEST ADVERTISEMENT
In an advertisement worthy of awards, Korean technology giant Samsung trolled its fiercest rival Apple for always being a step behind the company. Samsung took the viewers on a trip down memory lane beginning in 2007 with the first generation iPhone and criticizing all the major iPhones released since then. The advertisement mocked Apple’s phone running out of storage, not being waterproof, not having a stylus or a headphone jack and the lack of a wireless charging support. At the same time, the ad portrayed Samsung always leading the tech world. This is not the first time Samsung took a dig at Apple and the rivalry between both the technology giants dates back decades.

8. RAJASTHAN GOVERNMENT LAUNCHES STARTUP PROGRAMME ISTART
A dedicated platform for startups called iStart was launched by the Rajasthan Government in a bid to facilitate entrepreneurship and job creation. Managed by Applyifi, iStart will include three major components namely QRate, Challenge For Change and Rajasthan Stack.The programs will be structured with very clear and measurable deliverables to ensure that more startups can succeed. Based on an “access improve access” model, startups will undergo customized group skill building and mentoring programmes and will be provided with a detailed assessment report and Applyifi scorecard to help them strengthen their venture in areas that need improvement.

9. TRIPADVISOR TO GIVE BADGES TO HOTELS WITH ABUSIVE HISTORY
The travel review website, TripAdvisor will now be placing badges against hotels and restaurants that have been identified to be unsafe for women. This move comes after the company faced harsh criticism for deleting a review which highlighted the maltreatment a tourist faced in a Mexican resort. TripAdvisor, which claims around 455 million people use their portal, apologized for deleting the comment saying it was deleted under an older policy that allowed only “family friendly language” on the site.

10. ALIBABA SEEKS GOVERNMENT APPROVAL TO INVEST IN BIGBASKET
The China based ecommerce website, Alibaba.com is seeking the permission of Competition Commission of India (CCI,) to buy stake in the online grocery startup, BigBasket. Alibaba Group Holding’s subsidiary Alibaba.com Singapore ECommerce Pvt., Ltd., will infuse the funds in Supermarket Grocery Supplies Pvt., Ltd., which owns BigBasket. At present, the Indian Internet food retail industry is on track to hit $1 billion in 2017 and may even be valued at $ 1.2 trillion by 2020 and the online grocery market currently accounts for 48% of India’s total retail consumption. This investment by Alibaba will help BigBasket keep the big companies like Flipkart and Amazon at bay.

11. FLIPKART TO LAUNCH ITS OWN SMARTPHONE – CAPTURE+
India’s largest ecommerce platform, Flipkart is all set to launch its own smartphone Capture+ this month. Armed with a dual camera and a Qualcomm SD625 octa core processor, Capture+ will be available for sale from November 15, 2017. The phone also packs a 4GB RAM and runs on stock Android Nougat with support for turbocharging its 3,500mAh battery. Currently, Flipkart owns 70% market share of the online smartphones market in India and is the exclusive launch partner of smartphone brands such as Xiaomi, Samsung, Vivo and Oppo. Priced at Rs. 10,999 for the 32 GB model and at Rs. 12,999 for the 64 GB model, the phone will be launched under Flipkart’s ‘Made In India’ private label arm ‘Billion.’

12. ALIBABA RECORDS $16 BILLION SINGLES DAY SALE
China’s biggest ecommerce firm Alibaba launched the ninth edition of its annual Single’s Day sale on 11 November 2017. Surprising people world over, Alibaba’s sales hit a record $ 16 billion by mid morning on Saturday trumping the sale of Black Friday and the Cyber Monday sales combined. Within two hours of the launch, the company generated nearly $ 11.9 billion worth of total Gross Merchandise Volume (GMV) and processed closed to 256,000 payment transactions per second. According to a few sources, Alibaba’s 11.11 Global Shopping Festival can even touch the $ 20 billion mark.

13. OLA TO STOP SURGE PRICES DURING THE ODD EVEN RULE IN DELHI
The Delhi Government recently announced plans to restart the odd even car policy in the capital in an attempt to reduce pollution. Taxi aggregator Ola, in consolidation with the government’s decision, announced there will be no surge prices once this rule has been implemented in Delhi. The company also added the base price will also be slashed to Rs. 35 to further help the citizens of the city. According to media reports, the government is also in talks with Uber for the implementation of a similar scheme. The Government is working hard to ensure there is a combined agreement with both Ola and Uber on this issue.

That’s all for this week! Subscribe to our portal to never miss updates from the startup world! If your startup has an exciting announcement coming up, you can even write to us at [email protected]. Catch up with the highlights of the week with our The News This Week section.

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Zomato CEO Deepinder Goyal Launches New Health Tech Venture ‘Continue’ for Wellness Tracking!

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Deepinder Goyal, co-founder and CEO of Zomato, has entered the health tech space with a new venture called Continue, focusing on wellness tracking and mental health. According to a report by Moneycontrol, the startup, still in stealth mode, aims to become “The Ultimate Health Tracker,” though detailed information is yet to be disclosed.

Background of Continue

Continue was incorporated in April 2023 under the name Upslope Advisors Pvt Ltd. Filings with the Ministry of Corporate Affairs list Goyal as the Director, with two Zomato employees—Akriti Mehta and Simrandeep Singh—serving as Additional Directors. This new venture reflects Goyal’s deepening interest in promoting longevity and human wellness, particularly through mental health solutions.

Vision and Features

While the platform’s exact features remain under wraps, it is expected to offer tools for:

  • Nutrition Tracking: Helping users monitor their dietary habits and nutritional intake.
  • Sleep Monitoring: Providing insights into sleep patterns and quality.
  • Preventive Healthcare: Encouraging proactive health measures to prevent illness.

There are indications that Continue may evolve into a comprehensive wellness platform addressing both mental and physical health needs.

Goyal’s Previous Involvement in Health Tech

Goyal’s interest in health tech is not new. He has previously invested in Ultrahuman, a wearable tech startup that enables users to monitor key health metrics such as sleep and heart rate. His personal fitness journey aligns with his growing involvement in wellness—Goyal has publicly shared that he lost 15 kilograms over the past four years by prioritizing his health alongside professional commitments.

Investment Background

Goyal first invested in Ultrahuman in 2021, increasing his stake over time. He is recognized as one of the most prominent angel investors in the company, holding more than 8% of its shares. Ultrahuman offers products like the Ultrahuman Ring, which tracks various health metrics, reinforcing Goyal’s commitment to integrating technology with personal wellness.

Clarification on Zomato’s Focus

Despite Goyal’s focus on Continue, Zomato clarified that this new venture is his personal project and unrelated to the company’s core operations. Zomato will remain focused on its four key business segments:

  • Food Delivery
  • Blinkit (grocery delivery)
  • Hyperpure (restaurant supplies)
  • Events Management

This distinction emphasizes that while Goyal is exploring new opportunities in health tech, Zomato’s primary business activities will not be affected.

Potential Impact of Continue

With Continue, Goyal is poised to make a significant mark in the health tech space, building on his expertise and passion for wellness. The venture could play a crucial role in addressing growing concerns about mental health and overall well-being, especially as more individuals seek holistic solutions for their health needs.

Market Context

The launch of Continue comes at a time when there is increasing consumer interest in health tracking technologies. According to recent reports, India’s digital healthcare industry is expected to grow tenfold from $2.7 billion in 2022 to $37 billion by 2030. This growth indicates a robust market opportunity for ventures like Continue that aim to integrate wellness into everyday life.

Conclusion

Deepinder Goyal’s launch of Continue signifies an exciting development in the intersection of technology and health. As he leverages his experience from Zomato and his personal journey toward better health, Continue has the potential to become a vital player in the wellness sector.

By focusing on innovative solutions for nutrition, sleep, and preventive care, Goyal aims to contribute significantly to improving individual well-being while fostering a culture of health consciousness among users. As details about Continue emerge, it will be interesting to see how this venture shapes the future of health tech in India.

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Eutelsat Launches First Satellites with SpaceX Following Merger with OneWeb!

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Satellite operator Eutelsat successfully launched 20 satellites for its communications network on Sunday, October 20, marking the company’s first deployment since its merger with Britain’s OneWeb in September 2023. The launch utilized a SpaceX Falcon 9 rocket, which lifted off from California’s Vandenberg Space Force Base at 5:13 GMT.

Background of the Merger

As the world’s third-largest satellite operator by revenue, Paris-based Eutelsat now oversees more than 600 low-earth orbit (LEO) satellites, supporting a wide range of broadcasters, telecom providers, and radio stations. The merger with OneWeb was completed after gaining approval from Eutelsat’s shareholders in September 2023, creating a powerful entity capable of offering integrated geostationary (GEO) and LEO satellite services.

Statements from Leadership

“This is the first OneWeb satellite launch since our merger, and we plan to launch more over the next few years,” said Eva Berneke, CEO of Eutelsat. “We aim to integrate further into the telecom ecosystem. While satellites represent a smaller niche, they play a vital role in the broader connectivity landscape where telcos dominate.”

Strategic Market Expansion and India Focus

With a $4 billion order backlog, Eutelsat is positioning itself to capitalize on emerging markets like India and Saudi Arabia. India’s satellite services market is projected to grow at an annual rate of 36%, reaching $1.9 billion by 2030. However, regulatory delays have hindered international players, including Eutelsat and Elon Musk’s Starlink, from entering the Indian market.

“We have orders awaiting clearance in India,” Berneke noted. “Once the market opens, we’ll begin construction immediately.”

Potential Challenges

The regulatory landscape in India poses challenges for foreign companies looking to establish a foothold. The Indian government has strict guidelines regarding satellite operations, which can delay entry for companies like Eutelsat.

In-Flight Connectivity Plans

Eutelsat is also exploring new partnerships with aviation companies to offer in-flight connectivity, including onboard internet services. The company anticipates that these initiatives, along with market expansions, will contribute to revenue growth starting next year.

Importance of In-Flight Connectivity

The demand for reliable in-flight internet services has surged as airlines and passengers increasingly expect connectivity during flights. By tapping into this market, Eutelsat aims to diversify its revenue streams and enhance its service offerings.

Conclusion

This successful satellite launch represents a significant milestone for Eutelsat as it strengthens its position in the rapidly evolving global satellite communications market. The merger with OneWeb not only enhances Eutelsat’s capabilities but also positions it strategically to meet growing demands for connectivity across various sectors.

As Eutelsat navigates regulatory challenges and expands its service offerings, it will be crucial for the company to leverage its combined resources effectively. The focus on emerging markets and new technologies could pave the way for substantial growth in the coming years, making Eutelsat a key player in the future of satellite communications.

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Elon Musk’s X Redefines Account Blocking: What It Means for Users!

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Elon Musk’s social media platform, X, is set to redefine the meaning of blocking accounts, sparking discussions among its billions of users. In a notable shift, blocked accounts will now have the ability to view the posts of the users who blocked them, although they will still be unable to interact with those posts.

Changes to the Blocking Feature

This change is currently being communicated to users through a message appearing on their feeds, stating:

“If your posts are set to public, accounts you have blocked will be able to view them, but they will not be able to engage.”

The transformation stems from Musk’s earlier comments expressing his desire to eliminate the traditional blocking mechanism in favor of a more nuanced approach, akin to muting accounts. Historically, blocking someone on Twitter (now X) meant that users could not see each other’s profiles or posts. However, the new policy allows blocked accounts to access the content of the users who have barred them, fundamentally altering the function of the blocking feature.

Rationale Behind the Change

Musk has long criticized the concept of blocking as a hindrance to open dialogue and information flow on the platform. He believes that allowing blocked users to view public content promotes transparency and accountability. The engineering team at X has stated that this move aims to create an environment where users can be aware of discussions happening around them, even from those who have blocked them.

User Reactions and Backlash

This development has not been well-received by many users, who are frustrated with the idea of blocked accounts being able to view their public posts. Critics question the rationale behind this change and express concerns about the implications for privacy and user experience.

Public reaction has been overwhelmingly negative. Many users have taken to the platform to criticize the engineering team and Musk for the decision. Some comments include:

  • “That’s not blocking. It’s supporting stalking,” one comment with over thirty thousand likes stated.
  • “So now the Block feature is essentially useless. X keeps bringing its best ideas. I hope this violates the terms of service for the App Store,” another user remarked.

Safety Concerns

Critics also express concerns about potential misuse of the new policy. Users worry that it may embolden stalkers and harassers, allowing them to continue monitoring their targets even after being blocked. Intelligence and defense experts have voiced apprehensions about how this policy could compromise personal safety and create new risks for vulnerable users.

Broader Context of Changes on X

Since Musk’s acquisition of the platform, X has undergone significant transformations, with a clear emphasis on monetization through features like post editing and paid verification badges. These shifts, coupled with changes like the new blocking policy, have led to a decrease in advertising interest, raising concerns about the long-term viability of businesses on the platform as user dissatisfaction continues to grow.

Competitive Landscape

As user dissatisfaction mounts, some individuals are exploring alternative platforms like Bluesky, which has seen a surge in sign-ups amid criticism of X’s policies. The ongoing changes reflect a broader trend in social media where user experience and safety are increasingly scrutinized.

Conclusion

The redefinition of account blocking on Elon Musk’s X marks a significant shift in how users interact with one another on social media. While Musk’s vision aims at promoting transparency and open dialogue, it raises critical questions about privacy and safety for users.

As this new policy rolls out, it remains crucial for X to address user concerns effectively while balancing its goals for innovation and engagement. The outcome will likely shape not only user experience on X but also influence broader discussions about accountability and safety in social media platforms moving forward.

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