Startup Buzz: Uber plans to invest $500 Mn in India, Apoorva Patni to invest Rs.100 crore in the healthcare sector & more

IIFL's initiative to keep you abreast with the key developments of the start up space. The information has been sourced from several leading media publications and curated for the readers for a quick glance.

Mar 28, 2016 05:03 IST India Infoline News Service

Startup Business
Uber plans to invest $500 Mn in India

Uber plans to invest $500 million (INR 3,300 crore) in India by June, reports (ET). The investment is said to be made in order to take on its biggest Indian rival, Ola. Uber’s founder Travis Kalanick believes that the Indian market could surpass either the US or China, for Uber. The company has already committed a $1 Bn investment in India since July 2015, which was to be made in over six-nine months. (INC42)

Apoorva Patni to invest Rs.100 crore in the healthcare sector

Apoorva Patni, son of Patni Computers co-founder Ashok Patni, plans to deploy nearly Rs.100 crore in the healthcare sector through his fund Currae Healthtech Fund. Patni, who has invested about Rs.10 crore in seven healthcare technology start-ups since 2015, plans to expand the fund’s portfolios to 20 companies with an expected investment of about Rs.100 crore. (LIVEMINT)

Logistics startup Qikship raises $200K

Delhi-based on demand logistics startup Qikship has raised $200K in an angel round of funding. The funds raised in this round will be used to build next generation technology for simplifying the logistics and create technology packed solutions, expansion to Gurgaon and Delhi, hiring people in sales & Operations, tech and pickup agents. Currently, it has a team of 50 people out of which 30 are pick up agents. (INC42)

Government to launch Deen Dayal Upadhyay Swaniyojan Yojana

The government's Startup India campaign aimed at boostingentrepreneurship will get a rural avatar in the soon-to-be-launched Deen Dayal Upadhyay Swaniyojan Yojana. The programme being designed by the rural development ministry will be backed by MUDRA Bank loans, innovative credit linkages and self-help groups. (ET)

Angel Network to invest over Rs. 1 crore in artificial intelligence startups

Mumbai-based Angel Network and co-working space Venture Catalysts, which has over 150 angels in its network, plans to invest over a crore in artificial intelligence startups over the next one year. The network which recently partnered with Silicon Valley-based startup accelerator Plug and Play, eyes big growth potential in this space and has already made investments in startups like vPhrase and ConfirmTkt. (ET)

Textiles B2B marketplace Xstok looking to break-even this fiscal

Textiles B2B marketplace Xstok, which buys excess stock from manufacturers at a discount and sells to end-users through auctions, hopes to break-even this fiscal on the back of rising sales. Founded by Sanjiv Khandelwal and Mihir Shah nine months ago, Xstok will be ramping up its reach to over 120 towns this year from over 30 cities now. (ET)

Related Story