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Startup News - Jan week 1

*Startup News:*

1. Zomato is in talks to raise between $500 million and $1 billion in a new financing round to counter the recent mega fundraise by rival Swiggy, reports ET.

2. Flipkart founder Sachin Bansal has deposited Rs 699 crore as advance tax for the first quarter of 2018-19 on gains from Flipkart.

3. WeLive, a co living concept owned and operated by NY headquartered WeWork, is set to debut in India in 2019.

4. China-based handset maker Realme would partner with 20,000 retail outlets in India to expand its offline sales to 150 cities in 2019.

5. Amazon is planning to expand its Whole Foods Market portfolio by adding more stores to put more customers within its two-hour delivery service range, reports Wall Street Journal.

6. In December, Unified Payments Interface (UPI), an instant real-time payment system developed by NPCI facilitating inter-bank transactions, has reached 620.17 million transactions (for the first time since inception) amounting to Rs 1,02,594.82 crore.

7. Reserve Bank of India has allowed Paytm's payments bank arm to add new customers, the company targets 100M account by 2019.

8. Reliance Industries has agreed to pick up 88% stake in renewable energy services firm Kanoda Energy Systems for ₹ 75 crore.

9. China's Didi Chuxing has launched a suite of financial products, including crowdfunding and lending. The new products were tested in 10 cities and have now been introduced nationwide.

10. Wipro might consider a proposal to buy back shares worth $1-1.2 billion in the Jan-March quarter.

11. Ola is in the process of raising Rs 14 Cr via allotting preference shares to China-based electric vehicle company Eternal Yield International.

12. Uber saw its revenue growing manifold from India business to Rs 21.5 crore in the fiscal ended March 2018.

13. Mumbai-based device management platform Servify has acquired a gadgets repair startup iService in a cash and stock deal.

14. Skincare startup Pureplay Skin Sciences (India) Pvt. Ltd, which sells skin and hair care products under brands Plum and Phy, is aiming to achieve ₹100 crore turnover in next five years.

15. boAt – a consumer tech brand that deals in fashionable audio products is projecting Rs 500 crore in sales in the next five years.

16. AI startup Plushvie has secured funding from an Angel Investor at $1M valuation.

17. EdTech startup Fusion Klassroom Edutech Pvt. Ltd. which raised $250K in December 2017 now plans to raise a further $2 million to cater to its expansion plan.


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