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9-10-2017 to 14-10-2017

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Inspirational Stories 2017,Startup News highlights of the week,startup stories,The News This Week,Apple New Payments Service,Microlending Startup KrazyBee Raises Funds From Xiaomi,Wireless Connector Technology,Flipkart Plans Invest In BookMyShow,WhatsApp New Feature To Share Live Locations,Gorakhpur Gets First Co working Space,Animoji Feature in Apple

The second week of October was filled with good news and billion dollar valuations for major startup companies! The Indian startup ecosystem was also getting ready to adapt cryptocurrencies and forge ahead in the world of blockchain businesses.

If you missed the major news of last week, here’s our weekly wrap up

1. 5G TO COME TO INDIA SOON
India is ready to move on from 4G Internet speeds and start working for a faster network. Telecom operators like Vodafone India, Reliance Jio and Idea Cellular will reportedly come together to create the software required to make 5G a possibility. The three telecom operators will introduce Multiple Input Multiple Output (MIMO) technology to enable the 5G network. The MIMO technology will help increase network capacity by at least 4 to 5 times and increase the speed up to 30 Mbps t0 50 Mbps.

2. ANDHRA PRADESH GOVERNMENT FLAGS OFF THE BLOCKCHAIN BUSINESS CONFERENCE

The Andhra Pradesh Government is all set to make Vishakhapatnam the blockchain capital of India. The second leg of the Blockchain Business Conference was held last week to explore blockchain technologies, its applications and how it impacts the financial services industry. The conference also launched two accelerator programs for startups by ICICI Bank and Mahindra Finance. The accelerator programs will mentor and finance 30 startup companies and help them in solving problems. Notably, the AP Government is the first state to use blockchain pilots and the technology in various departments. 

3. OLA RAISES $1.1 BILLION FROM TENCENT, SOFTBANK AND OTHERS

India’s leading taxi aggregator, Ola raised the largest round of funding in their six year history this past week. The company raised $ 1.1 billion from China’s Tencent Holdings and Japan based SoftBank. This funding round by Ola is the third billion dollar round in a series of billion dollar funding rounds in the Indian startup ecosystem this year. Ola may be valued at $ 7 billion post the latest investment round despite a considerable decrease in valuation in the beginning of this year.

4. RESTAURANT DISCOVERY PLATFORM EAZYDINER RAISES $ 4.6 MILLION

Restaurant discovery and reservation startup EazyDiner raised close to $ 4.6 million in a Series B funding round from new and existing investors. Founded by various veterans of the hotel industry, EazyDiner is also backed by Indian cricketer Yuvraj Singh through his venture fund YouWeCan. EazyDiner is an app based platform that allows users to book tables and offers an EazyDeal with every table booking in the form of a free glass of wine or popular desserts in some of the standalone restaurants and 5 star hotels. Along with DSG Consumer Partners and Saama Capital, the company has added Singapore based venture capital firm Beenext and an undisclosed family office from the Middle East to their investor’s list.

5. FACEBOOK UNVEILS NEW CHEAPER PORTABLE VR HEADSET: OCULUS GO

Technology has evolved over time to a point where virtual reality and augmented reality can be interwoven with real life. Making VR affordable, Facebook recently launched their latest device, Oculus Go which will run with the same VR as the Samsung Gear. Priced at $ 199, the new device will pack a high resolution fist switch LCD screen along with a ‘next generation lens’ and wide field of view. This latest device will also have an added spatial audio with the speakers built into the headset along with a 3.5 mm headphone jack for private listening. According to Facebook CEO Mark Zuckerberg, Oculus Go will be “the most accessible VR experience ever.”

6. TIGER GLOBAL INVESTS $ 2 MILLION IN CHAAYOS

Picking up a considerable stake in the tea industry, global investment firm Tiger Global Management has invested $ 2 million the Gurugram based tea cafe chain Chaayos. According to reports, Ola co founders Bhavish Aggarwal and Ankit Bhati also participated in this internal round of funding along with Powai Lake Ventures and Toppr.com founder Zishaan Hayath. Chaayos, which is run by Sunshine Teahouse Pvt., Ltd., will use these funds to expand their chain to 70 cafes in four locations. The company, which currently operates 30 outlets in Delhi, Noida, Gurgaon, Mumbai, Chandigarh, Ghaziabad and Karnal, is all set to reach the 50 cafe mark by the end of this month.

7. OLA AND UBER SHOULD BE REGULATED: SUPREME COURT

Senior advocate Indira Jaising has raised valid concerns regarding the security of female commuters using the app based transport services like Ola and Uber, after several incidents were reported recently. Responding to Jaising’s concerns, the Supreme Court of India has stated that all app based transport service providers need to be regulated in order to ensure the safety of all female passengers. The Centre has been asked to examine the issue and a bench consisting of Justices Madan B. Lokur and Deepak Gupta have agreed to examine the plea. The National Legal Services Authority (NALSA) was also asked to set up an expert panel to frame a model that sets guidelines and rules to grant compensation to victims under the Victim Compensation Scheme by December 31.

 

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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MPL to Lay Off 60% of India Workforce Following Online Gaming Ban

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Mobile Premier League (MPL), one of India’s top online gaming platforms, is set to lay off about 60% of its India workforce following the government’s ban on paid online games. The move, confirmed by MPL CEO Sai Srinivas through an internal email, will impact around 300 employees across multiple departments including marketing, finance, operations, engineering, and legal. This decision comes as a direct result of the Promotion and Regulation of Online Gaming Bill, 2025, which restricts paid online games involving monetary stakes to address concerns over financial risks and addiction among young users.

India contributed nearly half of MPL’s revenues, estimated at around $100 million in the 2024-25 fiscal year. With the ban on paid gaming, MPL’s primary revenue source in India has been effectively cut off, prompting the company to shift focus towards free-to-play games and expand its presence in overseas markets such as the United States and Brazil. Despite the layoffs, MPL has pledged to support the affected employees through the transition period. CEO Sai Srinivas expressed regret over the downsizing but highlighted the company’s commitment to developing new business models for the Indian market amid the regulatory changes.

This development significantly disrupts the Indian online gaming industry, which was on track to grow into a $3.6 billion sector by 2029 before the introduction of the ban. While competitors like Dream11 have adapted by discontinuing paid games and avoiding layoffs, the ban has forced many gaming startups in India to rethink their operations. The government’s regulation targets all games involving real money stakes, including fantasy sports and popular card games like rummy and poker, reshaping the future landscape for the country’s gaming ecosystem and its workforce.

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NCLT Approves Amalgamaxtion of Info Edge Subsidiary Makesense with PB Fintech

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The National Company Law Tribunal (NCLT) has granted approval for the amalgamation of Info Edge’s subsidiary, Makesense Technologies, with PB Fintech as of August 29, 2025, in a significant move for India’s fintech sector. This strategic merger aligns with Info Edge’s ongoing focus on streamlining its corporate structure and supports PB Fintech’s growth trajectory as the operator of leading platforms such as Policybazaar and Paisabazaar. The amalgamation, cleared by NCLT’s Chandigarh bench, took place without winding up either company, enabling a seamless blending of assets and expertise for greater operational efficiency.

In the specifics of this deal, Makesense Technologies—holding a 13.04% stake in PB Fintech as of June 2025—will see its shareholders allotted 59,750 equity shares and 60,030 compulsorily convertible preference shares from PB Fintech, with no change to Info Edge’s underlying economic interest. The consolidation is expected to cut compliance and administrative costs, simplify the equity structure, and enable both companies to focus on core business strengths without duplication of resources. This move is designed to strengthen PB Fintech’s position in India’s fast-evolving fintech and insurance market, while keeping Info Edge’s investment objectives intact.

The NCLT-approved merger highlights a broader trend of consolidation within India’s tech-driven industries, as major players seek to boost competitiveness and achieve sustainable growth through mergers and amalgamations. Stakeholders—including shareholders and employees—are set to benefit from the new, streamlined structure, increased transparency, and the promise of enhanced value creation going forward. The unification of Makesense Technologies and PB Fintech is expected to make a positive impact on the broader fintech ecosystem, reinforcing both companies’ leadership and innovation agendas.

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ShareChat Appoints Neha Markanda as CBO

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ShareChat, one of India’s premier social media platforms, has strengthened its leadership by appointing Neha Markanda as Chief Business Officer for both its flagship ShareChat platform and the popular short video app Moj. Markanda, previously Head of Industry, E-commerce at Google India, brings over 22 years of expertise across renowned companies like Meta, GSK Consumer Healthcare, PepsiCo, and ITC. At Google India, she led transformative strategies in e-commerce and health tech, ensuring market growth and technological innovation for global brands. Her proven track record uniquely positions her to drive ShareChat’s revenue strategy, business expansion, and partnerships with advertisers and regional stakeholders.

Markanda’s appointment comes at a pivotal time for ShareChat, which recently achieved profitability and has projected a robust ₹1,200 crore revenue run rate for the year. The platforms boast a combined monthly active user base of more than 325 million, making ShareChat and Moj essential tools for marketers seeking to increase engagement across India’s diverse regions. Markanda’s expertise is expected to further accelerate ShareChat’s business growth, opening doors for brand collaborations and hyper-targeted influencer campaigns, which can connect marketers to local audiences in a culturally relevant manner.

With advanced degrees from the Indian Institute of Foreign Trade and Lady Shri Ram College, Markanda’s leadership is set to reinforce ShareChat’s momentum as India’s go-to platform for marketers and creators looking for trusted, brand-safe environments. Her focus on vernacular content and building robust partnerships will complement ShareChat and Moj’s mission to empower regional creators and deliver authentic engagement. Industry experts have lauded this strategic move, anticipating that Markanda’s vision will help ShareChat and Moj maintain their edge in India’s social media landscape.

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