Following Alibaba, Tencent’s footsteps China’s Baidu, CITIC in JV for Internet bank

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Chinese Internet search giant Baidu Inc and China CITIC Bank Corp will set up an Internet banking joint venture, the 21st Century Business Herald reported on Tuesday, following in the footsteps of other domestic tech firms. The report, which cited unidentified sources, did not give any further details on the planned venture…. Read more »

India: Online curated fashion startup Styletag.com lands $7.5m funding from Embassy Group’s Jitu Virwani

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Bangalore-based Intrepid Online Retail Pvt Ltd which runs Styletag.com, an online curated fashion and lifestyle startup, has raised Rs 50 crore ($7.5 million), from property firm Embassy Group‘s chairman Jitu Virwani, according to a press release. Virwani invested in his personal capacity. The startup will use the funding for its expansion plans,… Read more »


India: Online marketplace ShopClues in talks to raise $150-200m, mulls IPO

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Online marketplace ShopClues is in talks with investors and financial institutions to raise $150-200 million (Rs 990-1,320 crore) as it seeks to double its worth in a year, according to a report in The Economic Times. New York-based Tiger Global Management that invested $100 million in the e-commerce firm in… Read more »


India’s largest e-commerce firm FlipKart sells minor stake in employee trust fund for $28-36m

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India’s largest e-commerce firm FlipKart has sold a marginal stake in its employee trust fund to some high net worth individuals for about $28-$36 million (Rs 180-240 crore), according to a report in The Economic Times. The employee trust is a structure to facilitate employee liquidity across all levels depending… Read more »


Indian online travel biggies delist, spin off budget hotels into separate businesses

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Online travel agencies (OTAs) such as MakeMyTrip, Yatra and Goibibo are launching their budget hotel businesses, putting them in direct competition with Softbank-backed OYO Rooms and Tiger Global-funded Zo Rooms and potentially triggering consolidation among the start-ups. In a joint move, OTAs delisted these start-ups from their platforms over the… Read more »


Activist investor Icahn swaps eBay stake with equal amount of PayPal shares

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Billionaire activist investor Carl Icahn swapped his entire equity stake in eBay Inc for the same number of shares in PayPal Holdings Inc in the third quarter, regulatory filings showed on Monday. The filings with the Securities and Exchange Commission showed that Icahn sold his stake of 46.3 million shares… Read more »


India: Online service provider LocalOye lays off 60 employees

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Online service provider LocalOye, run by Imma Imma Web Pvt. Ltd, on Monday said it has laid off 60 employees, mostly from its call servicing units, as the online home services company automates more processes. The company, which offers a platform to connect consumers to plumbers, electricians and beauticians, among… Read more »


India: Times Internet picks majority in mobile-only task marketplace TaskBucks for $15m

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Times Internet Ltd has picked up a majority stake in TaskBucks, a mobile-only tasks marketplace that matches consumers with brands and enterprises on its platform, for $15 million, according to a press release. TaskBucks, which is run by Gurgaon-based DigiSmart Digital Media Pvt Ltd, is currently available on Android phones… Read more »


PH fintech startup SCI creates offline digital payments technology

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Philippine-based financial technology (fintech) startup Satoshi Citadel Industries (SCI) has come up with a new digital payments technology made for the offline population.


India: Doctor booking platform Practo partners with Uber for transport services

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Doctor booking platform Practo has got into a global partnership with taxi-hailing platform Uber to help people reach doctors easily, according to a statement. As part of the deal, Practo has integrated Uber into its platform, that will help a Practo app user also get information on the closest Uber… Read more »