Connect with us

startups

BigBasket finally ends up getting an investment of $150 million, becoming the newest unicorn

Published

on

BigBasket finally ends up getting an investment of $150 million, becoming the newest unicorn

BigBasket, which has made a name for itself in the India market is a startup that delivers groceries all across the country. BigBasket was successfully able to raise $150 million so that it is able to fight companies like Walmart, Amazon, Flipkart, and different hyper local startups.

This round of investment of BigBasket was led by Mirae Asset Naver Asia Growth Fund. This round has ended up helping BigBasket which is a 7-year-old startup to cross the $1 billion valuations.

According to the co-founder and marketing and finances head of BigBasket, Vipul Parekh:

 “Chinese giant Alibaba, which also led the Series E investment round last year invested in the company by buying about 30 percent of the stakes and becoming the largest investor of the company.”

BigBasket is known for offering about 20,000 products from about 1,000 brands. BigBasket is now available in more than 24 cities all across India. The capital which has been raised by the company in this investment series will all be invested back in their supply chain network which has added more distribution centers along with cold storage centers so that they are able to serve their customers much faster.

BigBasket will also be investing their money on about 3,000 vending machines that basically offer eatable items such as vegetables and cold drinks in different offices and apartments.

BigBasket was able to raise a total of $300 million last year so that it is able to compete with Amazon and Flipkart who are now expanding their business India at a very steady manner.

Amazon Retail India is responsible for operating for Amazon Prime Now and Amazon Pantry has spread its services over 100 cities. They are planning to expand their business and so it was necessary for BigBasket to expand as well to keep up with the other companies.

Kalyan Krishnamurthy, the Chief Executing Officer of Flipkart Group said in an interview that they will be trying to get into the fresh food business very soon. It has also been discussed that Flipkart will be acquiring Namdhari’s Fresh grocery chain so that they are able to get into the fresh food business faster.

Vipul Parekh is finally ready to grow their company BigBasket after this round of investment so that they are able to compete with big companies like Amazon and Flipkart. It is very well understood that Flipkart and Amazon are not very serious about their fresh food business and they are more focused on their e-commerce business but soon enough there might shift their focus.

Parekh said:

“The success in this business requires having the ability to build and manage a very complex supply chain across multiple categories such as vegetables, meat, and beauty products amongst others. Our focus has been on building the supply chain, and also ensuring that we are able to deliver a very large assortment of products to consumers.” 

BigBasket is rapidly growing in the past few years and it has become financially strong because of that. According to Parekh, BigBasket will soon be profitable. It might take a couple of months before BigBasket is able to earn profits.

Parekh also said:

 “The idea is that business by itself does not consume cash. If we use cash, it will be for investment in new business or scaling of existing businesses.”

The retail market in India is now valued at $900 billion and is increasing rapidly over the years. There has been a total of 163 financing rounds, which has a valuation of $1.38 billion. There is a total of 882 players in this market just in India. The only challenge BigBasket will be facing is to grow their company is to compete with its rival Grofers.

Companies like Dunzo a Google-backed startup and Swiggy are also making a lot of noise in the India market.

startups

The valuation of TransferWise went up to $3.5 billion after their second investment round of $292 million

Published

on

By

The valuation of TransferWise went up to $3.5 billion after their second investment round of $292 million

TransferWise, which is an international money transfer service and is headquartered in London is finally disclosing that they have successfully raised a total of $292 million in this round of investment. This round of investment for TransferWise has helped them put the valuation of the company at $3.5 billion. This valuation is almost double the valuation of the company since 2017. The funding has no new cash entering the balance sheet of TransferWise. This round of investment of TransferWise was led by Vitruvian Partners, Lone Pine Capitals and Lead Edge Capital.

The investors who already existed were Andreessen Horowitz and Baillie Gifford ended up expanding their holdings in TransferWise. TransferWise co-founder Taavet Hinrikus said that the round was oversubscribed. He is now trying to point out all the existing rounds along with Baillie Gifford and Horowitz.

The PO of the company is still far away. They are still saying that “Why would we go public?” TransferWise’s institutional investors are now trying to make sure of the liquidity event which will be on the scale of an IPO. As it has been already noted, they are purchasing more of shares in this company.

Hinrikus said that the regulatory climate will soon be changing in TransferWise’s favor. In the year of 2018, the EU ended up voting the outlawing of the whole mark up an exchange through the Cross Border Payment Regulations something that the London fintech company has been lobbying for the company. Australia is now considering all the similar regulatory means following all the inquiry in the whole issue by the Australian Competition and the Consumer Commission.

In the end, the company TransferWise said that it will now serve a total of 5 million customers in the whole worldwide. There was processing if 4 billion pounds every month. The service has currently supported by a total of 1,600 currency routes. This is now available 49 currencies. The company employs a total of 1,600 people all across the globe. It has a total of 12 global offices and it will end up hiring 750 people in the next 1 year. All the audited financials for the fiscal year ending by the month of March has revealed a total of 77 percent revenue. There is revenue growth of 177 million pounds and the net profit will be about 6.2 million pounds after all taxes.

Continue Reading

startups

Quadric.io received a total of $15 million so that they can build a plug and play supercomputer for autonomous system

Published

on

By

Quadric.io received a total of $15 million so that they can build a plug and play supercomputer for autonomous system

Quadric which is basically a startup founded by the people who were behind the secretive Bitcoin mining operation “21E6” and has ended up raising $15 million in their Series A investment round. This has been a huge success for a small company like Quadric.io. This money that has been raised in this investment round will go towards building the supercomputer which will be designed for autonomous systems.

This Series A round of investment was led by automotive Tire 1 supplier DENSO and its semiconductor products arm NSITEXE, which is Quadric.io’s customers of the electric system which will be there in the future in all levels of the autonomous driving solutions. Leawood Venture Capitalist is also one of the participants in the Series A round.

The company said that it will be using the capital to build a product which will hire people as business development. The main seed investors of Quadric.io are Pear, Uncork Capital, Cota Capital, SV Angel, and trucks VC.

Quadric.io grew from a disconnected mission to produce a robot for agriculture, which change the way vineyards are managed. This company was launched in the year 2016 by its Chief executing officer Nigel Drego and CPO Daniel Firu. They are also the co-founders of 21 Inc. The Bitcoin startup which was once known as the 21E6 was later called as Earn.com before it ended up being acquired by Coinbase for $100 million.

The main plan of Quadric was stymied by some real-world fundamentals. The power-hungry ag robot was slowed down with the weight by batteries that were unwieldy to move amongst vineyard row and also the processing time to turn all the loads of the environment data into the actual action which is basically based on the algorithms were a bit slow.

Quadric was on the lookout for the chip which is designed for processing on the edge and all the decisions which are made are in real time. The need has finally grown into a Quadric core product today.

Kheterpal said in a recent post that Intel’s CPU’s is very up to the standard computer processing and the Nvidia GPU has finally,

 “ushered into gaming and much graphics processing for gaming and much more which was previously not possible.”

Quadric will be in need of some technology and parts which neither of the companies can provide which is a chip designed for processing on the edge.

The computer has finally created a unified architecture the supercomputer that will help enable high-performance computing along with artificial intelligence. The supercomputer is built on Quadratic Processor, which is basically a plug and play unit. It has been seen in the early testing that the computer shows 100 times lower latency and 90 percent reduced power consumption.

Quadric was the one which designed the instruction set chip architecture system. All the system level manufacturings are done at the Santa Clara which is in California and all the things are then assembled in Asia.

Quadric has ended up arguing that fundamental technology is all prerequisite for companies that develop all the autonomous systems that can be used for transportation, construction, and agriculture. All the tech which has been used below lacks the performance and can solve a small part according to the company.

The autonomous functions end up requiring higher processing speed and responsiveness that is one the edge which is on the machine level and not in the clouds.

Tesla is one of the companies who has decided to build its own chips to meet all the specific requirements. According to Kheterpal, a very less percentage of companies can come up with resources to build tech from scratch.

Kheterpal wrote:

“Quadric is a plug and play option that eliminates the need for building heterogeneous systems with significant hardware and software integration costs — thereby taking years off of product development roadmaps.”

Source

 

Continue Reading

startups

Myneral.me claims the win at the TechCrunch Hackathon at the Viva Tech

Published

on

By

Myneral.me claims the win at the TechCrunch Hackathon at the Viva Tech

It’s been a long time at Viva Tech. This building ended up hosting a very special event which was the TechCrunch Hackathon in Paris. This was the event when almost hundreds of designers and engineers came together and attended this event. The event was basically a competition where people came together and worked on a project for 26 hours straight. There were a lot of people who participated in this event for the first time. People hardly got time to rest. They ended up sleeping on the floor and others drank Red bull and never stopped working. A total of 64 teams took part in this event and presented a one-minute demo so that they can impress their fellow coders and judges. The grand prize of the event was 5,000 pound.

Winner: Myneral.me

The problem currently with mining operations is the lack of transparency and the winning team can solve the issue simply by building a new tool which is very necessary to monitor operations. The Myneral.me is there to offer all the encompassing platform for both the mining and the metal sector

Runner Up 1: Vyta

Vyta was the first runner up in the event where they took patients’ information and help doctors get a good understanding of what treatment should they start with. This tool will help smooth up things in the medical industry.

Runner Up 2: Scrub

SCRUB= SCRUM=BUGS. It is very easy to track problems in the platform and fix them using the algorithmic suggestion and the code. This open source bug tracker will help make lives of coders much easier.

Runner-Up 3: Chiche

This tool is there to find the upcoming brand depending on the set of data which is used to detect it. The first thing that you need to do is a very simple quantification of all the major brands and then identify three newcomers. The tool also uses Galerie Lafayette’s website as a shopping tool.

Judges

The first judge of the competition was Dr. Aurelie Jean, who has been working as a research scientist and also an entrepreneur. She has invested in journalism, medicine, engineering, computational science and many more. She now works at the Massachusetts Institute of Technology. She now lives in the United States of America and also stays there. She also works at the Silico Veritas which is a consulting agency in France. She is also an advisor of the Boston Consulting Group. She is the science editorial contributor for Le Point and teaches algorithm in universities and conducts research.

The second judge of the event was Jalien Meraud who has a very strong record in the e-commerce business after he has served some of the biggest e-commerce industries like eBay, Rakuten, and PriceMinister. He was also the Chief Executing Officer of Rakuten Spain. In the year of 2014, Doctolib became the first CMO and quickly hold CPO functions from then on. He has a Master degree in Marketing, Statistics, and Economics from the ENSAI. He specialized Masters in Marketing Management from ESSEC Business School.

Lauret Perrin was also one of the judges who was the co-founder and CTO of Front. The company now serves more than 5,000 companies and it has been successfully able to raise $79 million in venture funding from companies like DFJ, Sequoia Capital and Uncork Capital. He used to work as a senior engineer are different startups before founding his company. He has a Masters degree in Computer Science from the Ecole Polytechinque and Telecom Paris Tech.

Neesha Tambe is also the head of the Startup Battle. This is TechCrunch’s global startup. Her role is to recruit and source different startups which are in their early stages. So that they can be launched at the Startup Battlefield. She is also one of the pioneers in the launch of CrunchMatch which is the networking program. She used to run Sustainable Brands prior to working with TechCrunch.

Renaud Visage is the co-founder of Evenbrite which is a San Francisco based company. They basically are an event technology platform which has been public since the month of September 2018. He is an angel investor and invests money in different startups. He mainly guides founders with different solutions to their problems. He works with seed Venture Capitalist firm called Point Nine Capital as a board partner. He has invested in a lot of companies in the past. He is also the board member of ShareIT which is a Paris based tech startup. He is also included in the Wired UK’s top 100 influencers in Europe.

Romain Dillet was also a judge of this event. He is basically a senior writer at TechCrunch. He is mainly from France, Romain and went to EMLYON Business School. This is one of the leading business schools in the area. He basically writes about mobile applications, Artificial intelligence, complex technology and many more. He is very into pop culture and is settled in Paris. He used to previously live in New York. He is known for traveling a lot because of work.

Continue Reading

Latest News

Ola to switch gears on Foodpanda, their food delivery application Ola to switch gears on Foodpanda, their food delivery application
apps2 hours ago

Ola to switch gears on Foodpanda, their food delivery application

Ola has finally ended up expanding in some of the international markets and is now focusing on achieving the goal...

The valuation of TransferWise went up to $3.5 billion after their second investment round of $292 million The valuation of TransferWise went up to $3.5 billion after their second investment round of $292 million
startups3 hours ago

The valuation of TransferWise went up to $3.5 billion after their second investment round of $292 million

TransferWise, which is an international money transfer service and is headquartered in London is finally disclosing that they have successfully...

Steam Chat of Valve to get its own Android and iOS application Steam Chat of Valve to get its own Android and iOS application
apps8 hours ago

Steam Chat of Valve to get its own Android and iOS application

Just one year ago, Valve ended up releasing the big overhaul for all the features of chat built into the...

Millions of influencers from Instagram finally have their private contact data scraped and exposed Millions of influencers from Instagram finally have their private contact data scraped and exposed
apps24 hours ago

Millions of influencers from Instagram finally have their private contact data scraped and exposed

A massive database which contained all the contact information of all the millions of Instagram celebrities, influencers and brand accounts...

Quadric.io received a total of $15 million so that they can build a plug and play supercomputer for autonomous system Quadric.io received a total of $15 million so that they can build a plug and play supercomputer for autonomous system
startups1 day ago

Quadric.io received a total of $15 million so that they can build a plug and play supercomputer for autonomous system

Quadric which is basically a startup founded by the people who were behind the secretive Bitcoin mining operation “21E6” and...

The reason why Facebook is doing robotics research The reason why Facebook is doing robotics research
technology1 day ago

The reason why Facebook is doing robotics research

It is weird when you hear that one of the leading social networking sites in now perusing their research on...

Google announced that its application store will continue to work for all the existing Huawei smartphone owners Google announced that its application store will continue to work for all the existing Huawei smartphone owners
apps2 days ago

Google announced that its application store will continue to work for all the existing Huawei smartphone owners

Google has come out and announced that all the existing users of Huawei Android can use the benefits of the...

The Meizu 16s comes with the features of a flagship phone at a mid-range price The Meizu 16s comes with the features of a flagship phone at a mid-range price
gadgets2 days ago

The Meizu 16s comes with the features of a flagship phone at a mid-range price

Over the years, smartphones have become very expensive. In the last couple of years, there have been a few innovations...

Myneral.me claims the win at the TechCrunch Hackathon at the Viva Tech Myneral.me claims the win at the TechCrunch Hackathon at the Viva Tech
startups2 days ago

Myneral.me claims the win at the TechCrunch Hackathon at the Viva Tech

It’s been a long time at Viva Tech. This building ended up hosting a very special event which was the...

Netflix finally takes on Project Runway along with new competition series which has been hosted by Queer Eye star Netflix finally takes on Project Runway along with new competition series which has been hosted by Queer Eye star
apps3 days ago

Netflix finally takes on Project Runway along with new competition series which has been hosted by Queer Eye star

Netflix is now launching its new Project Runway along with bringing in Queer Eye’s Tan France to host. While the...

Trending