1947 Tech đŽđł: 120
Once a week newsletter: Insights on Tech, markets, startups, venture capital, and foreign investments in India
1. SoftBank-Backed Fintech Startup Seeks $3.5 Billion Value in IPO
Sometimes all you need is one event that can set the narrative for the future decades to come.
Policybazaar going public could be the narrative setting event for the Indian tech ecosystem.
Online insurance platform Policybazaar aims to go public in 2021 at a valuation north of $3.5 billion, potentially becoming the first of Indiaâs mega-startups to debut as its digital economy booms.Â
The startup plans to secure about $250 million in a round of financing at a $2 billion-plus valuation before a September 2021 initial public offering, co-founder Yashish Dahiya told Bloomberg News.
SoftBank-Backed Fintech Startup Seeks $3.5 Billion Value in IPO
2. Zoom to open technology center in Bengaluru
âIndia is a strategically important country for Zoom and we expect to see continued growth and investment here,â said Eric S. Yuan, CEO of Zoom. âWe plan to hire key employees for the technology center over the next few years, pulling from Indiaâs highly-educated engineering talent pool. This facility will play a critical role in Zoomâs continued growth.â
3. After Pichai, IBMâs Arvind Krishna dials PM to talk India plans
IBM has committed to increase investments in India, the technology companyâs chief executive Arvind Krishna told Prime Minister Narendra Modi over a video conference call on Monday.
IBM has over 100,000 employees in India working for its global operations as well as the local market. In fiscal year 2019, IBM India reported revenues of $3.8 billion.
India-born Krishna, who took over as CEO of IBM in April, also expressed confidence in the PMâs vision of Aatmanirbhar Bharat (self-reliant India) and briefed him about his companyâs investment plans in India
After Pichai, IBMâs Arvind Krishna dials PM to talk India plansâ
Worth your attention:
Indiaâs vernacular audio boom: 7 homegrown apps serving the ânext billion usersâ Link
The Bengaluru-Mumbai divide got stronger for India Tech Link
Smaller VC firms see good returns from startup bets Link
Indians with US degrees look at opportunities back home as America tightens immigration Link
Snapchatâs India daily user base more than doubled in Q2: Evan Spiegel Link
Netflix expands its India content slate with eight new original titles Link
Funding:
Saas-based Zeotap raises $42 Mn Series C funding round Link
MPowered raises $21 million from group of US-based HNIs Link
Trell set to raise $10 Mn Series A round led by Samsung and KTBN Link
Deep connected vehicles startup Sibros raises $12M led by Nexus Venture Partners Link
Bijnis bags $10 million funding led by Matrix, Sequoia Link
A week in Review:
