Abhinav Bindra floats incubation fund for startups
Ace shooter Abhinav Bindra has set up an incubation fund for startups in India, reports NextBigWhat. The fund named ‘Shooting Star’ is created in equal partnership with consulting firm Franchise India along with an initial investment of $2 million, added the report. The fund will target startups in domains across emerging sports academies, rehab, tech, equipment and training, health apps, child development, holistic wellness, organic foods and dairy.
Foodpanda buys Honk Kong assets of Delivery.com
Foodpanda has acquired the Hong Kong assets of US-based Delivery.com, reports Livemint. Delivery.com focuses on takeaway food delivery for office workers. The merging of Delivery.com with Foodpanda will help focus the latter in bettering its corporate business. Foodpanda entered the Hong Kong market in 2014, around the same time as Delivery.com launched in the city. It subsequently acquired other local delivery startups such as Koziness and Dial a Dinner. The merger will also help Delivery.com to help focus on its home market in the US.
Ola to 6,000 CNG cabs in Delhi-NCR
Ola said that it would add around 6,000 new Micro, Mini and Prime branded CNG cabs in the Delhi-NCR region by investing Rs 200 crore for the initiative, reports Business Standard. The announcement comes after the Delhi High Court in said in October 2015 that only CNG cabs are allowed to run in the national capital from March 2016. Ola currently claims to have at least 26,000 cabs in the Delhi-NCR region; it also said that it would add another 2,000 CNG cabs in the coming months. Last month, rival Uber told Delhi HC Uber that it has aggregated around 8,000 CNG vehicles within the national capital territory
Paylo acquires restaurant payment platform Ruplee
Offline payments platform Paylo has acquired Ruplee I Pay, an in-restaurant payments app, reports Livemint. Both companies will merge their teams, products, and platforms to allow Ruplee to develop into a multi-channel app-only offering, added the report. Paylo was started in 2015 by former Foodpanda MD Rohit Chadda. Last month, it raised an undisclosed amount in seed funding. Ruplee was founded in 2014 by Natasha Jain; its payment platform is currently live with over 300 restaurants, and is available to both Android and iOS users.
SoundCloud ties up with Sony Music to launch subscriptions service
SoundCloud, an online portal for music discover has signed a deal with record label Sony Music, as it gears to launch a new subscription service later this year, reports TechCrunch. The new deal will allow SoundCloud to legally stream artists who have signed up under Sony Music. Currently SoundCloud claims to have more than 110 million tracks on its platform; that number is expected to rise with Sony Music’s 20,000 independent lables in partnership from Universal Music, and Warner Music. Sony has already inked agreements with other music services like Spotify and Pandora.
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