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Amazon and Tencent Back Andy Rubin’s Essential

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Amazon and Tencent Back Andy Rubin Essential,Android creator Andy Rubin,Essential Products founder,Andy Rubin Essential Phone,Tencent Holding,Startup Stories,2017 Latest Business News,Amazon,tencent latest news

Essential Products Inc., the startup founded by Android creator Andy Rubin has raised $ 330 million in a new funding round from Amazon and Tencent Holding. The company has also signed up with retailers, including Best Buy, Amazon.com and carriers such as Sprint Corporation in the United States and Telus in Canada to sell their first $ 699 smartphone.

The company, in a statement, revealed Access Technology Ventures led the funding round along with strategic investors Tencent Holdings Ltd., electronics contract manufacturer Foxconn and Amazon.com. Existing investors Redpoint Ventures and Playground Global also participated in this round.

The director of Amazon’s investment arm, Alexa Fund, Paul Bernard said, “Essential Products has a compelling vision and road map for connected devices that integrate voice technology in novel ways. We are excited to see Alexa become part of that vision where interacting with technology is simple, helpful and creates an interface that others can build on and innovate. We look forward to what will come from this collaboration.

This funding round values the company at about $ 900 million to $ 1 billion. The release date for the new smartphone will be announced sometime next week and will compete against the Samsung Galaxy 8 and iPhone 8, set to be released in September and October respectively. The big idea behind the Essential smartphone, according to Andy Rubin, is that this phone will make things simpler for customers.

President Niccolo De Masi, speaking about their new smartphone, said they won’t be targeting mass market popularity in the beginning itself but will take advantage of the company’s small scale to innovate faster than their larger rivals. “If we are able to sell low single digit millions [in the first year] that’s very successful for a startup,” he added.

Andy Rubin recently shared 3 images on Twitter to prove that Essential’s first product will be coming soon.

Essential is also developing a smart home hub similar to Amazon’s Echo, along with the smartphone. The hub will have the ability to control music, answer questions and manage tasks, among other things. The speaker can be set up in no time as its Ambient OS can automatically introduce itself to new and existing devices, according to Essential’s website.

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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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Info Edge - PB

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

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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