1947 Tech 🇮🇳: 117
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
1. India bans TikTok, dozens of other Chinese apps
I don’t think anyone saw this coming.
The Indian government on Monday evening said it was banning 59 apps developed by Chinese firms over concerns that these apps were engaging in activities that threatened “national security and defence of India, which ultimately impinges upon the sovereignty and integrity of India” in what is the latest standoff between the world’s two most populated nations
Here is the list of the apps that got banned in India:
Mitron, Chingari, ShareChat — here are few alternatives to banned Chinese apps in India: Link
2. Education tech in India is blowing up:
Mary Meeker’s Bond backs Indian online learning startup Byju’s
Indian online learning startup Byju’s has nearly doubled its valuation in a year as it adds one more high-profile name to the list of its backers: Bond.
In a statement on Friday, Bangalore-based Byju’s said it had raised an undisclosed amount from the VC fund co-founded by Mary Meeker. The first female-founded VC firm’s check valued the nine-year-old Indian startup at $10.5 billion, according to a person familiar with the matter. This is the first time Bond has backed an Indian startup.
TechCrunch reported early last month that Byju’s was in talks with some investors to raise as much as $400 million at a $10 billion valuation. TechCrunch understands that Bond is investing less than $100 million in Byju’s
Indian edtech giant Byju’s in talks to acquire Doubtnut for more than $125M Link
Coatue in talks to invest around $100M in Vedantu, valuation likely to double to $600M — ETtech
Online live tutoring platform Vedantu has held talks to close a $100 million financing round, led by US investor Coatue Management, valuing the live online tutoring service at $600 million
More from Balaji on the Indian Tech Link
Worth your attention:
Temasek in talks to serve up to $100M on Zomato’s plate link
Some Chinese VCs looking for a quick exit link
Google’s PE arm CapitalG leads Rs 210 crore ($28M) funding round in Aye Finance link
Amidst COVID-19 crisis, early-stage startups garner investor interest link
Nextbillion.ai raises $7M funding led by Lightspeed India Partners and Falcon Edge Capital link