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<ul><li>SoftBank is investing $400 million into babycare startup FirstCry. </li><li>The investment will help FirstCry become a unicorn, which are startups valued at over $1 billion. </li><li>The Japanese investment firm already has a leading stakes in many other Indian unicorn startups.</li></ul>SoftBank is leading yet another Indian startup into the unicorn club. The Japan-based investment firm has put in <a href="https://techcircle.vccircle.com/2019/01/22/exclusive-baby-products-e-tailer-firstcry-raises-150-mn-from-softbank">$400 million</a> into FirstCry, a Pune-based babycare and mothercare retailer. The investment is being put in by SoftBank in tranches, with $150 million hitting FirstCry’s as the first round. The funding will take FirstCry’s valuation to <a href="https://yourstory.com/2019/01/softbank-invests-babycare-firstcry/">$800 million</a>, making it just $200 million short of becoming a unicorn, which in startup lingo is used to refer to companies valued at over $1 billion. FirstCry, founded nine years ago, has a <a href="https://inc42.com/buzz/softbank-eyes-40-stake-in-firstcry-for-400-mn/">presence </a>in over 125 cities with 300 retail outlets. Its previous investors include <keyword id="145350" type="COMPANY" weightage="20" keywordseo="IDG-Ventures">IDG Ventures</keyword>, SAIF Partners, Valiant Capital Partners and Indian businessman Ratan Tata. Indian startups have seen some big successes lately, with eight<a href="https://www.business-standard.com/article/companies/india-picks-up-pace-in-producing-unicorns-8-new-startups-join-2018-club-118102501079_1.html"> unicorns </a>added to the prestigious club in just 2018, taking the total number of unicorns in the country to 18. In what reflects SoftBank’s massive role in India’s startup scene, most members of this $1 billion-valuation club include Ola, Paytm, Policybazaar, <keyword id="2550719" type="COMPANY" weightage="20" keywordseo="OYO-Rooms">Oyo Rooms</keyword>, among others -- are already backed by the investment bank. Its $100-billion Vision Fund has its eyes set on the Indian startup ecosystem. See Also: <a href="https://www.businessinsider.in/after-minting-1-billion-from-flipkart-sale-sachin-bansal-is-now-betting-big-on-ola/articleshow/67526383.cms">Watch out Uber. Sachin Bansal gets Ola share after selling Flipkart</a> <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">A 6-year-old Indian startup wants to be world’s biggest hotel chain</a> <a href="https://www.businessinsider.in/byjus-is-going-global-with-its-latest-acquisition-of-us-based-osmo/articleshow/67569325.cms">Online tutoring startup Byju’s is the latest Indian ‘unicorn’ going global</a>

This Indian babycare startup is closing in on the unicorn club

Online fashion rental portal <keyword id="3186401" type="UNKNOWN" weightage="100" keywordseo="Flyrobe">Flyrobe</keyword>, which is backed by Snapdeal and Freecharge founders, has raised Rs 35 crore in a fresh round of funding led by <keyword id="145350" type="CITY" weightage="100" keywordseo="IDG-Ventures">IDG Ventures</keyword>. The round also saw participation from Tokyo-based GREE Ventures, its existing investor Sequoia India, Paytm's founder Vijay Shekhar Sharma, and Stanhope Capital chairman Leon Seynave. 
 
Flyrobe has now raised $7 million in investments. 
 
The start-up is based in Mumbai and also has operations in Delhi; it will use the investment to expand its business to five more cities including Hyderabad and Bangalore, while also strengthening its technology, product and business teams. 
 "We want to build the country's largest virtual wardrobe which women can rely whenever they have an occasion," <keyword id="3596378" type="UNKNOWN" weightage="100" keywordseo="Shreya-Mishra">Shreya Mishra</keyword>, CEO and cofounder at Flyrobe, told ET. 
 
Flyrobe offers premium designer wear and branded outfits and accessories on rent at 10-15% of the retail price. 
 
"It acts as an experiential marketing platform for designers and it's a great way for customers to experiment with new brands and styles without having to worry about the price tags," said Mishra. 
 
By the end of this financial year, the company aims to grow 4 to 5 times, and triple its designer roster to 150. 
 
<a href="https://e27.co/wp-content/uploads/2016/08/Flyrobe-co-founders-L-to-R-Pranay-Surana-COO-Shreya-Mishra-CEO-Tushar-Saxena-CTO-Final.jpg">Image source</a>

Snapdeal-backed fashion start-up Flyrobe gets funding from IDG Ventures and Vijay Shekhar Sharma

Top industrialist Ratan Tata has invested an undisclosed amount in home rental company <keyword id="2766908" type="UNKNOWN" weightage="20" keywordseo="Nestaway">NestAway</keyword> Technologies, a statement said. 
 This is Tata's eighth personal investment in a startup in 2016 so far. He has invested in over 20 <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword>. 
 NestAway turns unbranded, unfurnished houses into fully furnished and managed apartments and provides them at affordable prices to verified tenants, said the statement by <keyword id="145352" type="CITY" weightage="20" keywordseo="IDG-Ventures-India">IDG Ventures India</keyword>, which is an investor in the company. 
 
So far, the startup has provided quality rental homes to about 5,000 tenants across six cities. 
 
Until recently, NestAway counted working professionals who are single among its target audience, but now it has also forayed into the family segment. 
 NestAway was founded by <keyword id="1938993" type="UNKNOWN" weightage="20" keywordseo="Amarendra-Sahu">Amarendra Sahu</keyword>, <keyword id="3263923" type="UNKNOWN" weightage="20" keywordseo="Smruti-Parida">Smruti Parida</keyword>, <keyword id="190138" type="PERSON" weightage="20" keywordseo="Deepak-Dhar">Deepak Dhar</keyword> and Jitendra Jagadev in January 2015. 
 The company has raised over USD 13 million in capital in two rounds from marquee investors, including IDG Ventures India, <keyword id="526777" type="UNKNOWN" weightage="20" keywordseo="Tiger-Global">Tiger Global</keyword>, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> and entrepreneur Naveen Tewari.

Ratan Tata invests in home rental startup NestAway

Welcome to <keyword id="34991" type="ORGANIZATION" weightage="60" keywordseo="transportation">Transportation</keyword> &amp; Logistics Briefing, a new morning email providing the latest news, data, and insight on how digital technology is disrupting transportation and delivery, produced by BI Intelligence.<a href="http://www.businessinsider.com/intelligence/transportation-and-logistics-briefing" target="_blank" rel="noopener noreferrer">Sign up and receive Transportation &amp; Logistics Briefing free to your inbox.</a>Have feedback? We'd like to hear from you. Write me at: <a href="mailto:jcamhi@businessinsider.com">jcamhi@businessinsider.com</a>.LYFT GAINS $1 BILLION IN NEW FUNDING LED BY ALPHABET: US ride-hailing startup Lyft <a href="https://blog.lyft.com/posts/alphabet-capitalg-leads-1-billion-round-in-lyft">announced</a> that it has closed a new $1 billion funding round led by CapitalAG, Alphabet's growth investment fund. The new round valued Lyft at $11 billion, up from its previous valuation of $7.5 billion in March of this year.The new funding signals Alphabet and Lyft are deepening their partnership as Alphabet's relationship with Uber sours. Lyft <a href="https://www.nytimes.com/2017/05/14/technology/lyft-waymo-self-driving-cars.html?_r=0">partnered</a> earlier this year with Waymo, Alphabet's self-driving car spinoff, to collaborate on technology development and tests for autonomous vehicles. As part of the new investment round, CapitalAG partner David Lawee will join Lyft's board. Alphabet's other investment arm, Google Ventures, has <a href="https://gizmodo.com/a-brief-history-of-uber-and-googles-very-complicated-re-1792713811">invested</a> more than $300 million in Uber, making it Google Ventures' biggest investment ever. However, the Alphabet and Uber are now engaged in a contentious legal battle over alleged theft of documents related to Alphabet's self-driving technology, which is set to go to <a href="https://www.theverge.com/2017/10/3/16413422/uber-waymo-trial-date-postponed">trial</a> in December. A deep relationship the Waymo-Alphabet family is extremely beneficial for Lyft, as Waymo's self-driving technology, which the company has been testing since 2009, is among the most advanced in the world. It could help Lyft incorporate autonomous vehicles into its ride-hailing service before Uber does, thus realizing the huge cost advantages of driverless vehicles.Lyft will be able to use the funding to continue its rapid growth in the US and to expand internationally. Lyft is now available to 95% of consumers in the US. The company also booked more total rides in the first half of this year than in all of last year, and grew its gross bookings by 25% sequentially in Q2, compared to Uber's 17% growth in the quarter. Meanwhile, media outlets reported earlier this year that Lyft could enter Canada by the end of this year, and is already contemplating other international markets as well, including the UK and Australia. This would allow Lyft to put pressure on Uber in multiple markets while the bigger ride-hailing firm fights through an array of legal challenges and fills out a number of empty executive positions.<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/59bc1e7038d20d2a008b6cc6-960/uber lyft rides updated logo.png"></a>BI Intelligence</div></div></div>FOXCONN, IDG TO RAISE $1.5 BILLION FOR AUTO STARTUP FUND: Foxconn and Beijing-based private equity firm IDG Capital are looking to raise $1.5 billion for an investment fund for automotive startups in China, Japan, and the US, according to <a href="https://www.bloomberg.com/news/articles/2017-10-18/foxconn-idg-are-said-to-seek-1-5-billion-for-car-tech-fund-j8wdwhlj">Bloomberg</a>. This could include companies working in connected car, self-driving, ride-hailing, and electric vehicle (EV) spaces. Under the proposed plan, both companies would invest 10% of the $1.5 billion, and would raise the rest from the governments and financial institutions as well as other investors. Foxconn hopes moving further into the automotive space will help supplement its core electronics manufacturing business. The company, which assembles Apple's iPhone, recently started moving into the automotive world - earlier this year it participated in a Series F funding round for electric carmaker Future Mobility.China in particular could provide a massive opportunity for companies developing new car technologies.<ul><li>The country is already the world's largest automotive market, according to McKinsey <a href="https://www.mckinsey.com/industries/automotive-and-assembly/our-insights/riding-chinas-huge-high-flying-car-market?cid=other-soc-twi-mip-mck-oth-1710&amp;kui=XKccY2Z3qFTnlscrCuL8qQ">estimates</a>. In fact, 40% more vehicles were sold in China than in all of Europe last year.</li><li>Changes in government policies will create a larger opportunity for electric and autonomous vehicles. The country's government recently <a href="http://money.cnn.com/2017/09/11/news/china-gas-electric-car-ban/index.html">began working</a> on a timeframe for banning gas and diesel cars from its roads, which could happen as soon as 2020. That will drastically expand the market for EVs, and could also expand the market for self-driving cars since their technologies <a href="https://www.usatoday.com/story/money/cars/2016/09/19/why-most-self-driving-cars-electric/90614734/">work better</a> with electric motors than with gas engines.</li></ul>But the companies aren't alone in eyeing the global automotive startup space. Chinese search giant Baidu consolidated its self-driving investments into a similar <a href="https://techcrunch.com/2017/09/21/baidu-announces-1-5b-fund-to-back-self-driving-car-startups/">fund</a> earlier this year to help accelerate the development of its Apollo open self-driving platform. Meanwhile, Softbank's Vision Fund has invested in several auto startups, and is <a href="https://techcrunch.com/2017/10/16/uber-softbank-deal-very-likely-to-be-finalized-in-the-next-week/">on the verge</a> of a major investment in Uber, while Chinese ride-hailing giant Didi Chuxing <a href="https://www.cnbc.com/2017/08/01/didi-chuxing-says-to-invest-and-partner-with-ubers-european-rival-taxify.html">poured</a> several millions into European ride-hailing firm Taxify. These investments have helped global venture funding for automotive startups working on connected, autonomous, and cybersecurity technologies climb to $2.8 billion in aggregate since 2012, according to <a href="https://www.cbinsights.com/research/auto-tech-startups-2016-recap/">CB Insights</a>. That amount is dwarfed by the $30.4 billion that venture capital firms have <a href="https://www.cbinsights.com/research/auto-tech-startups-2016-recap/">invested</a> in global ride-hailing startups over the same period. FAA OPENING UP COMMERCIAL DRONE USE CASES: Several updates this week indicate that the FAA is moving forward with easing restrictions on businesses looking to use drones for commercial purposes.<ul><li>Within the next few days, the FAA is <a href="https://www.wsj.com/articles/white-house-to-test-federal-local-sharing-of-drone-regulation-1508320807?mod=djemlogistics">expected</a> to announce a series of tests involving several programs designed to link federal, state, and local regulations. The goal is to reduce FAA authority to commercial drones flying at altitudes between 200-400 feet, with state and local government responsible for lower altitude flights. Right now, the FAA has oversight responsibilities for all commercial drone flights in the US. However, many states, counties, and localities have developed their own drone regulations as well. The tests aim to clarify this regulatory patchwork by drawing distinct areas of jurisdiction for different levels of government in order to simplify compliance for businesses launching drones. </li><li>The FAA also <a href="https://skyward.io/skyward-is-an-faa-approved-laanc-airspace-vendor/">awarded</a> Verizon-owned enterprise drone software company Skyward approval to give commercial drones instant access to controlled airspace. The approval means that companies using Skyward's drone management platform can get instant authorization to fly drones near airports in Cincinnati, Reno, San Jose, and Lincoln, Nebraska. That authorization will be enabled by the FAA's Low Altitude Authorization and Notification Capability (LAANC) software <a href="https://jrupprechtlaw.com/low-altitude-authorization-notification-capability-laanc-system">service</a>. The service, which cuts the time it takes to gain approval for temporary commercial drone flights in restricted airspace from months down to minutes, is currently being tested by the FAA with a number of drone software vendors, including Skyward. It will be expanded to a nationwide test in early 2018.</li><li>Finally, the FAA also <a href="https://www.engadget.com/2017/10/18/cnn-gets-the-first-faa-waiver-to-fly-drones-over-crowds/?sr_source=Twitter">granted</a> CNN the first ever waiver to fly drones over public crowds, allowing the news organization to collect aerial footage over public events. CNN said that it took two years of research together with drone manufacturer Vantage Robotics to gain the necessary FAA approval and pilot certifications.</li></ul>Companies looking to use drones are likely encouraged by these announcements, which show the FAA is committed to making progress on commercial drone regulations. The US has trailed behind other major markets like the EU and China in opening up airspace for commercial drones. Recent news <a href="http://www.businessinsider.com/transportation-and-logistics-briefing-lyft-to-test-self-driving-cars-in-california-update-on-faa-commercial-drone-regulations-postmates-expands-prime-style-subscription-service-2017-9">reports</a> have suggested that law enforcement agencies, including the FBI, have hamstrung efforts to expand commercial drone approvals by the FAA over safety concerns. This has led to speculation that the FAA may delay the new set of commercial drones regulations it is scheduled to issue next year. Drone operators can take this week's news as a clear signal that the FAA is trying to make progress on this front by making it easier to operate in previously restricted airspace and streamlining compliance procedures.In other news…<ul><li>Mitsubishi will invest $5 billion over the next three years on research and development and to revamp its factories around the world, according to <a href="https://www.wsj.com/articles/mitsubishi-motors-maps-out-road-to-recovery-after-fuel-economy-scandal-1508301299?mod=djemlogistics">The Wall Street Journal</a>. The money will be used to explore new vehicles, including a potential lineup of electric vehicles. The company hopes this effort, which was made possible by an investment from Nissan last fall, will help it overcome a tattered image and financial losses in the wake of a scandal where it was found to have falsified fuel economy data about its vehicles.</li><li>Nissan announced that its 2018 Rogue crossover models will come with an option to add a semi-autonomous feature, known as ProPilot Assist, according to <a href="https://www.engadget.com/2017/10/19/nissans-rogue-is-its-first-us-car-with-semi-autonomous-driving/?sr_source=Twitter">Engadget</a>. The feature will cost about $11,000 extra, and allows drivers to take their hands off the wheel during single-lane highway driving. ProPilot Assist keeps the vehicle in-lane, adapts to the speed of traffic, and alerts drivers when other vehicles are in its blind spots. The vehicle is one of a handful of semi-autonomous cars currently on the market, including some Audi, Cadillac, and BMW sedans, and all of Tesla's electric cars.</li></ul><div id="categorypromo"><h2><a href="http://www.businessinsider.com/intelligence/top-5-disruptive-trends-shaping-transportation-and-logistics">Click here to receive a FREE download of The Top 5 Disruptive Trends Shaping Transportation and Logistics from BI Intelligence, Business Insider's premium research service.</a></h2></div>

TRANSPORTATION AND LOGISTICS BRIEFING: Lyft raises $1 billion, led by Alphabet - IDG Capital and Foxconn to invest in auto startups - FAA opening up airspace for commercial drones

For startups to grow they must garner funds from investors; and to gather funds, startups need to have a robust product-market fit along with a promising team and a solid business plan with the potential to scale. Then comes the role of angel investors and <keyword id="6357097" type="COMPANY" weightage="100" keywordseo="venture-capital">Venture Capital</keyword> (VC) <keyword id="6357455" type="EVENT" weightage="100" keywordseo="Funding">funding</keyword> that usually surfaces when larger amounts are required to grow a business. 
 Lately, major <keyword id="982553" type="UNKNOWN" weightage="100" keywordseo="Indian-startups">Indian startups</keyword> have seen a tremendous boost from venture capitalists. To start with, we saw how Tiger Global Management, Softbank Corp., Morgan Stanley, Sequoia Capital, Accel Partners, IDG Ventures India and SAIF Partners managed to support promising Indian startups like that of Flipkart, Snapdeal, Ola, Zomato, ShopClues, Urban Ladder and many others. Moreover, it is not only the bigger firms who are eyeing VC funds, relatively younger and smaller firms like OYO Rooms, Swiggy and Grofers have also joined the race. 
 Apart from ruling the e-commerce and fashion industry, <keyword id="153868" type="UNKNOWN" weightage="100" keywordseo="VC-funding">VC funding</keyword> is now gradually moving into other sectors too, such as agriculture, healthcare and education. As per the data from the upcoming Wharton India Economic Forum (WIEF), which is all set to launch the Wharton India Startup Competition (WISC) with over 500 entries, though majority of applicants (around 25%) belong to the e-commerce industry, the healthcare segment is not far away with around 22% applicants. Moreover, most of the participating startups already have pre-seeded and seeded funding arrangements and around 31% of them have listed themselves as social enterprises. 
 
The ecosystem for VC funding for Indian startups would be discussed at length at the Wharton India Economic Forum (WIEF). WIEF is a two-day event starting from January 6, 2017, which will bring together the best entrepreneurs, investors, distinguished Wharton faculty, students and inspirational speakers. Attendees will not only have numerous opportunities for interaction and networking across the board but will also witness in-depth discussions in terms of understanding the evolving business landscape in India and the need for business model innovation from the government, various industry leaders, and distinguished Wharton faculty. 
 
The relevance of this summit doesn’t end there. It is also known for hosting the Wharton India Startup Competition (WISC) which is giving Indian startups the opportunity to present themselves in front of an esteemed panel of judges and also win cash prizes of over $25,000 and unparalleled mentorship of up to 4 months from some of the most renowned names in the industry on strategy and funding. The jury for WISC comprises top-notch personalities with the likes of Bharati Jacob (Co-founder of Seedfund), Nipun Mehra (Investor at Sequoia Capital India), Rehan Yar Khan (Managing Partner of Orios Venture Partners), Tarun Davda (Managing Director of Matrix Partners), Aditya Nair (Investor at Nyca Partners), Ajay Hattangdi (CEO India &amp; Group COO of InnoVen Capital Group), Ankit Shah (Vice President at Unilazer Ventures), Sameer Verma (Director &amp; Junior Partner of Nexus Venture Partners), Saurabh Joshi (Strategy Manager at PayPal) and Shantanu Gangal (Head – Analytics at Fundbox). Also, past finalists of this prestigious event includes names such as Ketto, Haptik, Zoomcar, Zostel, Targeting Mantra, Qlicket, Samaan and Ambitioni. 
 
Needless to say, such competitions and summits go a long way in not only promoting upcoming startups but also in educating the audience and the participants regarding the funding scenario. Not many seem to be aware about the types and rounds of funding, the know-how of VC funding and even the right way to go about securing such funds, hence this is surely going to be one the most-sought after events at the start of the next year. 
 
(Image Credits: Thinkstock) 
 
(About the Author: This article has been authored by Aman Jain, Chairperson WIEF 2017)

How VC Funding Fuels the Indian Startup Ecosystem

A recent study found that only less than 3% of comments on venture capital blogs focusing on US financial and startup space are by women. While it is commonly understood that the proportion of women in the tech sector is low, this study showed that the engagement of women with the VC industry is even lower. Another recent study found that only about 15% of US companies receiving venture-capital investment included at least one woman in the executive team. If this is the case in a mature startup ecosystem like the US, one can imagine how inadequate the representation of women in a nascent startup ecosystem like the one in India, which is slowly catching up with the emerged markets in terms of cash flow to <keyword id="2783479" type="UNKNOWN" weightage="20" keywordseo="VC-funded-enterprises">VC-funded enterprises</keyword>. 
 
Of the top VC firms operating in India, Accel Partners India, Bessemer Venture Partner, Blume Ventures, Helion venture Partners, IDG VC India, Inventus Capital, Nexus Venture Partners, Matrix Partners India, SAIF Partners and Sequoia Capital India have no women partners or managing directors while Kalaari Capital and Seedfund have just one each. 
 
Among reasons for the limited representation of women at the top strata of VC firms—and thus the nature of decisions that are made or not made in the country’s startup ecosystem, which will lead to wealth creation and drive growth in the long run—is the fact that the ‘men club’ that leads most VC firms tends to opt for people like them when it comes to recruiting talent. 
 
Secondly, since VC industry in India is at a nascent stage and is not well understood, women perceive VC jobs as something that belong to the area of hardcore finance and number crunching rather than a business model evaluation, and hence tend to stay away from it. 
 
Another reason is the lack of awareness at business school level, which results in very few women taking up internships at VC firms that will help them mould their career in the VC space at an early stage. 
 
Since Indian startup ecosystem is still at its cradle, even those women who would want to take up a corporate career have not got enough opportunity to see how investments in startups would turn around in the long run. Or how innovative ideas can give birth to multi-billion dollar companies in the future, unlike in mature markets like the US where there are ample examples of startups, which were bit players at certain point in time, emerging as corporate behemoths valued at billions of dollars. Mobile-app-based radio taxi aggregator Uber, which raised a recent funding round at a staggering valuation of $40 billion within five years of being launched, is just one example of startups turning billion dollar opportunities for VC firms. 
 
More cash flow to startups owned by women entrepreneurs will happen only when a larger percentage of decision makers at VC firms become women who would want to nurture fellow women as future corporate leaders. 
 
Another drag is lack of concentrated efforts from the government to nurture VC investments and support the startup ecosystem. Despite the ‘Make in India’ campaign, the recent Budget presented a miserly picture when it came to allocation to nurture startups. 
 
However, the silver lining is the new law announced by market regulator SEBI, mandating at least one woman on the board of publicly-listed companies though it exempted SMEs having equity share capital of up to Rs 10 crore and net worth not exceeding Rs 25 crore. 
 
Also, corporate India seems to be slowly awakening to the need for more women in the ranks of the top honchos. The Indian unit of telecom firm Vodafone recently said it increased the percentage of women employees in its workforce to 20 per cent currently from 14 per cent two years ago and will hire even more women across levels and functions. Group Executive Council of the Tata Group too is said to be planning to double the count of women to over 300,000 from 115,000 currently in its 540,000-strong workforce. 
 
One hopes VC players in the country, too, take a cue from the SEBI directive and what larger industry peers like Vodafone and Tata Group are trying to do bring about a change when it comes to ensuring women representation in the country’s investment space. 
Image: thinkstock

Venture capital and gender gap: Where is India headed?

<ul class="summary-list"><li><keyword id="70373" type="CITY" weightage="60" keywordseo="Baidu">Baidu</keyword> is in talks with VC firms to take a majority stake in an AI chipmaker, <a href="https://www.cnbc.com/2021/02/10/baidu-in-talks-to-raise-money-for-a-standalone-ai-chip-company-.html">CNBC</a> reported. </li><li>The <keyword id="22901" type="PERSON" weightage="60" keywordseo="chips">chips</keyword> it makes could be used in electric vehicles from Baidu and other companies. </li><li>Baidu could take on Tesla <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>, BYD, and NIO in the Chinese EV market. </li></ul>Baidu is reportedly in funding talks with venture capital firms that would give it a majority stake in an artificial intelligence chipmaker, marking another step into the world of electric vehicles. The Chinese search company's US-listed shares spiked about 7% in pre-market trading on Wednesday, after <a href="https://www.cnbc.com/2021/02/10/baidu-in-talks-to-raise-money-for-a-standalone-ai-chip-company-.html">CNBC</a> reported the talks.The move would be the latest step taken by Baidu as it seeks to gain a foothold in the world of electric vehicles. News <a href="https://www.businessinsider.com/exclusive-china-search-giant-baidu-considers-making-own-electric-vehicles-sources-2020-12">leaked in December</a> that the company was considering making its own EVs. The leak came before the company announced in January that it had partnered with Geely Holding Group to build "intelligent and connected" vehicles, according to <a href="https://www.businessinsider.com/chinas-geely-baidu-announce-electric-car-ventures-2021-1">The Associated Press</a>. Baidu had previously created a unit, Apollo, which was focused on building software for electric and autonomous vehicles, wrote Morningstar Analyst Dan Baker in a January research note.Read more: <a href="https://www.businessinsider.com/top-vc-firms-autonomous-vehicles-self-driving-car-2021-1?r=ks-sub">12 VC firms leading the $40 billion charge into self-driving-car startups like Zoox and TuSimple</a>Baker said the electric vehicle deal with Greely could "catalyze the monetization roadmap" for the company's electric vehicles, giving it a new source of revenue. As China's biggest search engine, the company's sales have been driven by advertising for the last two decades. The new chip-making company could supply chips for electric vehicles made by Baidu and others, according to <a href="https://www.cnbc.com/2021/02/10/baidu-in-talks-to-raise-money-for-a-standalone-ai-chip-company-.html">CNBC</a>. The company is in talks with venture capital firms GGV and IDG Capital, though none of the parties has confirmed the talks, according to <keyword id="51916" type="COMPANY" weightage="60" keywordseo="Cnbc">CNBC</keyword>.Baidu is one of many companies, both tech and automotive, investing heavily in electric vehicles.In the US, General Motors and Ford are <a href="https://www.businessinsider.com/tesla-gm-ford-taking-different-approaches-electric-vehicle-ev-market-2020-9?r=ks-sub">in a race</a> against Tesla. South Korean automaker Hyundai <a href="https://www.businessinsider.com/apple-autonomous-car-hyundai-kia-deny-deal-2021-2">was reportedly negotiating</a> with Apple about its own electric vehicle, but those talks may have stalled. Last year, the local electric vehicle market <a href="https://www.businessinsider.com/chinas-ev-market-rebounds-and-looks-to-the-future-2020-10">rebounded from a slump</a>, benefiting local manufacturers, BYD and NIO. Baidu would compete with those companies, along with Tesla China, which this week said it <a href="https://www.businessinsider.com/tesla-to-start-designing-cars-china-electric-car-market-2021-2021-2">planned to design</a> a $25,000 electric vehicle in China this year.

As Chinese search giant Baidu moves to build electric vehicles, the company is holding talks for a majority stake in an AI chipmaker

<keyword id="1518229" type="PERSON" weightage="20" keywordseo="Lenskart">Lenskart</keyword> on Monday said global investment firm <keyword id="6354544" type="COMPANY" weightage="20" keywordseo="kkr">KKR</keyword> will invest <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword> 95 million (about Rs 695.8 crore) in the omni-channel eyewear retailer via a secondary stake acquisition. As part of the transaction, existing <keyword id="6359051" type="UNKNOWN" weightage="20" keywordseo="investors">investors</keyword> - TPG Growth and TR Capital - will each divest a portion of their holding in Lenskart, a statement said. These entities had invested in Lenskart in late 2014. Upon the completion of the transaction, KKR will look to leverage its experience working with leading technology and eyewear companies globally to support Lenskart in expanding its presence in India, scaling its growing operations overseas, and enhancing its digital offerings to augment customers' virtual and omni-store experience, the statement said. According to reports, KKR's investment is part of a larger USD 300-million round. However, the companies did not comment on the report and if other investors have participated in the round. KKR said it is making its investment from its Asian private equity fund. Some of the recent technology-focused investments for KKR in Asia include Adopt A Cow (a digitalised, direct-to-consumer dairy company in China), NetStars (the operator of Japan's largest QR code payment gateway), and Walnut Programming (a children's programming education company in China). In 2019, Lenskart had announced raising over USD 275 million (nearly ₹1,956 crore) from Softbank Vision Fund. In the past, it has received funding from investors' like Ratan Tata, PremjiInvest, <keyword id="85860" type="COMPANY" weightage="20" keywordseo="IFC">IFC</keyword> (venture capital arm of the <keyword id="6354424" type="COMPANY" weightage="20" keywordseo="world-bank">World Bank</keyword>), TPG Growth, IDG Ventures, Unilazer Ventures and Adveq. Established in 2010, Lenskart currently serves over 7 million customers annually through its omni-channel presence that spans online, mobile application, and 730 stores in 175 cities across the country. In 2019, Lenskart had also expanded to Singapore, marking its foray into Southeast Asia. Lenskart integrates technology into all aspects of its operations, to the browsing, shopping and purchasing experience, in addition to manufacturing and supply-chain optimisation. Among Lenskart's digital offerings is a virtual 3D try-on tool; AI-powered facial mapping and frame recommendation features; smart physical stores with seamless omni-channel experience; and footfall tracking beacons, heat maps and demographic analytics; and intelligent supply-chain and inventory-management solutions. More than 600 million people in India and 4.5 billion people globally need vision correction, but only a fraction of them use it due to a lack of access, awareness, and high-quality, affordable solutions, Lenskart CEO Peyush Bansal said. Lenskart was founded to address this gap by leveraging technology to make eyewear accessible to everyone - first in India, and now worldwide, he added. "In the next five years, we aspire to have 50 per cent of India wearing our specs... We are thrilled to welcome KKR as an investor given their significant experience working with leading global eyewear retailers such as National Vision and 1-800 Contacts as well as technology-focused businesses globally," he said. KKR Partner Gaurav Trehan said as a technology-driven business, Lenskart is a strong, homegrown disruptor in India's rapidly expanding eyewear industry. "We are truly excited to work with Peyush and Lenskart's impressive management team to support Lenskart's growth and innovation in India and internationally, in addition to advancing its mission to provide affordable, accessible eyewear products for everyone," he added. Avendus Capital advised Lenskart on the transaction. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-pre-registrations-to-begin-on-may-18/articleshow/82702403.cms">PUBG Mobile: Battlegrounds Mobile India pre-registrations to begin on May 18 – rewards, maps and more</a> <a href="https://www.businessinsider.in/business/startups/news/ratan-tata-backed-moglix-is-the-13th-unicorn-from-india-this-year/articleshow/82702143.cms">Ratan Tata-backed Moglix is the 13th unicorn from India this year</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-hints-that-tesla-may-dump-its-billion-dollar-bitcoin-investment/articleshow/82699553.cms">Elon Musk hints that Tesla may dump its billion dollar Bitcoin investment — here’s why his tweets have so much power</a>

Lenskart gets funding of $95 million from global investment firm KKR

<ul><li><keyword id="3465872" type="PERSON" weightage="20" keywordseo="curefit">Curefit</keyword> has raised $75 million in the first tranche of series D round of <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword>. </li><li>Its range of investors now include <keyword id="192487" type="PERSON" weightage="20" keywordseo="Anand-Piramal">Anand Piramal</keyword> Trust, Accel Partners, Kalaari Capital, IDG Ventures among others. </li><li>This takes the startup’s reported valuation to $500 million. </li></ul>Health and fitness startup Curefit has raised $75 million in a series D round. According to the filing sourced by Paper.vc, the investment was raised from Accel Partners, Anand Piramal, Kalaari Capital, IDG Ventures India and Pratithi Investment Trust. While the investment is a first tranche of a series D round, Curefit’s <a href="https://www.livemint.com/companies/start-ups/curefit-raises-75-million-valuation-crosses-500-million-1557206291458.html">reported</a> valuation with the recent fundraise goes up to $500 million. Curefit has not released an official statement regarding the fundraise. Curefit, founded in 2016 by Myntra co-founder Mukesh Bansal and former Flipkart Chief Business Officer Ankit Nagori, has gained popularity in India through its fitness centres - <keyword id="6825388" type="UNKNOWN" weightage="20" keywordseo="cultfit">Cultfit</keyword>, health app - Curefit, diagnostic centres - Carefit and yoga and meditation centres - mindfit. The duo’s success with their previous businesses seems to have rubbed off on their current venture too. In just three years, the startup has registered 4 lakh users for curefit, with 160 centres across Bengaluru, Delhi NCR, Mumbai and Hyderabad – all adding up to an annual revenue of $100 million. Curefit had last raised funding of $120 million in July 2018. Earlier, it had also raised funding from Bollywood actor Hrithik Roshan, who had been signed as the brand ambassador for the fitness startup in 2017. Roshan had <a href="https://inc42.com/buzz/hrithik-roshan-pours-in-878-2k-in-fitness-startup-cure-fit/">reportedly </a>invested $14.63 million in the startup. Since its inception, Curefit has acquired 5 <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> in the <keyword id="245935" type="ORGANIZATION" weightage="20" keywordseo="Health-and-Wellness">health and wellness</keyword> space, and has been fast growing its business. The Bengaluru-based startup has also been <a href="https://tech.economictimes.indiatimes.com/news/startups/cure-fit-plans-to-enter-dubai-as-local-business-achieves-critical-mass/67579215">looking</a> at opportunities to go global with Dubai and Southeast Asian countries. See Also: <a href="https://www.businessinsider.in/healthifyme-indias-top-rated-healthapp-on-playstore-is-set-to-turn-profitable-this-year/articleshow/68900244.cms">This startup helping 9 million Indians lose weight may soon turn profitable</a> <a href="https://www.businessinsider.in/world-health-day-india-needs-laws-to-protect-online-medical-data/articleshow/68771225.cms">India has millions of medical records online but no law to keep the data safe</a>

Three-year old Curefit clocks in $100 mn in revenue and over $245 mn in total funding

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Kimberly White/GettySalesforce CEO Marc Benioff</div></div></div><ul><li>Pat McGovern, a tech media tycoon, was one of the earliest investors in Salesforce, backing the company when traditional venture capitalists wouldn't.</li><li>McGovern bought an undisclosed number of shares in 1999 for $1.75 apiece, as part of a $13.17 million funding round.</li><li>He never sold any of the shares, not even during Salesforce's initial public offering, years earlier. By the time McGovern died in 2014, the shares' value had grown by 3,200%.</li><li>His family reached out to Salesforce CEO Marc Benioff after McGovern - and after they found the unsold shares. </li></ul> When Salesforce first launched in 1999, venture capitalists ignored the company.They wouldn't invest, even though many of them were friends with Marc Benioff, the company's charismatic founder and CEO who had been a rising star at Oracle. But a chance meeting with a wealthy tech media pioneer changed everything for Benioff and his company.As Benioff recounted to me <a href="https://www.youtube.com/watch?v=2nC0TX_GCIM&amp;feature=youtu.be">when I interviewed him on stage</a> at the company's TrailHeaDX developer's conference last week in San Francisco, he ran into Pat McGovern at the airport. McGovern was the founder of IDG, publisher of a collection of computer trade magazines, including Computerworld, PC World, and Network World, and the the owner of market research firm IDC. McGovern had been doing a lot of investing at the time, mostly in China.The two men talked before boarding a plane. Benioff enthusiastically described his new company, as founders tend to do. McGovern liked what he heard and agreed to invest on the spot, Benioff said.The investment ended up being a key piece of a $62 million funding round for Salesforce, all of which came from private investors."That kind of thing is really, I think, how we were able to make it happen," Benioff recalled. "And I think we were lucky to be able to find those people. Because the traditional funding route was not happening for us."<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://mcgovern.mit.edu/about-the-institute/the-mcgoverns">McGovern Institute for Brain Research at MIT</a>IDG founder and early Salesforce investor Patrick McGovern, left, and his wife, and Lore Harp McGovern</div></div></div>Salesforce went public in 2004 and many of those early investors cashed out at a handsome profit. But McGovern, who died in 2014, wasn't one of them."The cool thing is that I heard from Pat McGovern's family that he bought the stock, and he never sold any of it, and they found it," Benioff said."So it was a very good return," Benioff laughed, without getting into any specific numbers.We did some digging and although we don't know how many shares McGovern bought, <a href="https://my.pitchbook.com/profile/51344-38/company/profile#deal-history/17970-49T">according to Pitchbook,</a> a database that tracks such info, McGovern was part of a $13.17 million round in December, 1999.Salesforce sold just over 7.5 million shares at $1.75 a share to a handful of people in that round including Benioff's old boss, Oracle founder Larry Ellison (who sold his shares in the IPO) and another tech media pioneer, CNET founder Halsey Minor.Doing a little back-of-envelope math, we know that in March 2014, Salesforce's shares were trading at around $57. That's about a 3,200% increase over that initial $1.75.So if McGovern had made a modest $175,000 investment in Salesforce (100,000 shares), they would have been worth $5.7 million by then. If he made a more sizeable $1 million investment (571,428 shares), the family would have stumbled upon $32.6 million in March, 2014.And if the family still owns them, however many they are, those shares would have doubled again in value.A good return indeed. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/remove-apps-facebook-privacy-issue-data-tip-fix-2017-11">How to stop your Facebook friends from giving away your data</a></h3> <div> </div> </div>

The family of a deceased early Salesforce investor discovered they still owned the shares - and they're worth a fortune

<ul><li>Tushar Vashisht, co-founder and CEO of <keyword id="2698623" type="PERSON" weightage="20" keywordseo="HealthifyMe">Healthifyme</keyword>, spoke to Business Insider about the startup’s fast growing business. </li><li>Vashisht said that their India business is likely to turn profitable this year. </li><li>The app has roughly 9 million users from over 220 cities in India, has expanded to Malaysia and Singapore and is even contemplating a China entry.</li></ul>India has the third highest obesity rate in the world and this startup has taken it upon itself to help Indians lose weight. Healthifyme, which is the top rated Indian startup on Google Playstore, is also set to see its India business turn profitable this year. When Tushar Vashisht, co-founder and CEO, Healthifyme, came back to India nine years ago, he was one of the first ten members who were on the Aadhar team and went on to work in Project Strategy, working on the early adoption of Aadhar. Hit by the entrepreneurial bug, Vashisht, who had gained a lot of weight post his India return, knew that obesity in India was a problem he had to solve. In 2012, he launched Healthifyme for he had learnt that the biggest thing people needed was motivation. “We offered nutritionists and trainers to people as services, giving our users guidance and helping them stay motivated. What started as a small idea is a large business now. One and a half years ago, we launched Ria - our Artificial Intelligence assistant, which caters to 54% of the messages we get daily,” Vashisht told Business Insider. While a smart plan (with their AI assistant Ria) starts at ₹299, packages with a nutritionist start at ₹999. Today, they have roughly nine million users from 220+ cities and revenue-wise too they are growing strongly. “Our India business is likely to go profitable sometime this year,” said Vashisht. Even when they launched the app, their growth was very organic. “People loved the app, as they recognised its value – it helps them achieve their <keyword id="18974" type="COMPANY" weightage="20" keywordseo="fitness">fitness</keyword> goals. We very quickly became the highest rated app in India and also were the Editor’s Choice app on Google Playstore,” he said. What stuck with India users was the very fact that their app was very Indian in nature – focusing on nutrition needs in India. “We were obsessed about the product and consumers. We just focused on how can we create the best app out of India. The app that you see today is the 7th version of Healthifyme,” he said. It has also launched an AI assistant – Ria. But could fitness, which becomes a very personalised programme, be handled by an AI bot? “Humans can’t scale so much. At the end of the day, there is a limit to how many clients we can handle. Ria is born and built out of human data. Ria handles the basic work – answers the basic questions and issues, which then allows humans to take over the in-depth queries,” he said. Cumulatively, the app sees consumers track one billion exercises a day and also send in 50 million messages per day. Their success in India has also pushed it to go international. They have already launched in Malaysia and Singapore and have hired local nutritionists and trainers in the countries to ensure the app becomes a local one. “We are already the number one app in Malaysia and have lakhs of users in Singapore,” said Vashisht. As they expand their business, they are looking into newer territories like Indonesia and are also contemplating a China entry. Healthifyme has raised $25 million in funding so far from investors like IDG Ventures India, Blume Ventures and Inventus Capital. See Also: <a href="https://www.businessinsider.in/world-health-day-india-needs-laws-to-protect-online-medical-data/articleshow/68771225.cms">India has millions of medical records online but no law to keep the data safe</a> <a href="https://www.businessinsider.in/indian-government-commits-to-increasing-public-health-spending-to-2-5-of-gdp-by-2025but-is-that-enough/articleshow/67086285.cms">Indian government commits to increasing public health spending to 2.5% of GDP by 2025—but is that enough?</a>

This startup helping 9 million Indians lose weight may soon turn profitable

<keyword id="3465872" type="UNKNOWN" weightage="100" keywordseo="curefit">CureFit</keyword>, a <keyword id="607210" type="UNKNOWN" weightage="100" keywordseo="healthcare-startup">healthcare startup</keyword> founded by former Flipkart executives, is in talks with <a href="http://www.businessinsider.in/searchresult.cms?query=Ratan+Tata&amp;sortorder=effectivedate">Ratan Tata</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Bollywood&amp;sortorder=effectivedate">Bollywood</a> actor <a href="http://www.businessinsider.in/searchresult.cms?query=Hrithik+Roshan&amp;sortorder=effectivedate">Hrithik Roshan</a>, as they plan on investing in the venture. 
 
The year-old startup has raised about $20 million so far and counts venture capital firms Kalaari Capital, Accel Partners and IDG Ventures as investors. 
 
Roshan wants to take an equity stake in the company. “This partnership will mostly be a cash-plus-equity deal,” Roshan, who worked with Bansal in Myntra for his lifestyle brand HRX, told ET. The deal is expected to be finalised in the next few months. 
 
According to two officials, Tata’s new venture fund with University of California Investments is also in talks to invest in CureFit. Tata is already an angel investor in CureFit and the fresh investment could be a part of the new round of $15-20 million, which the startup plans to raise this year, they said. 
 
“He (Tata) came as an angel investor right at the time when we were incorporating the company,” said Ankit Nagori- founder of CureFit, without commenting on a possible follow-on investment by Tata through the fund. 
 
Roshan, along with his fitness instructor, has designed a signature workout style under HRX brand, Xfit, which will be launched officially next month in the startup’s gym centre, Cult. 
 
However, both the deals aren’t finalized yet. 
 
While online fashion firm Myntra is tying up with celebrities to help consumers wear their style, CureFit is using a similar technique in the fitness world, experts said.

This startup founded by ex-Flipkart employees is soaring high; Ratan Tata, Hrithik Roshan to fund it

<keyword id="705865" type="PERSON" weightage="100" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword>, the co-founder of Myntra, has bagged a funding for his new start-up called <keyword id="3465872" type="UNKNOWN" weightage="100" keywordseo="curefit">CureFit</keyword>. The investment has come from a group of marquee investors, who had also backed his maiden venture. 
 
The investors include Accel Partners, IDG Ventures India and Kalaari Capital, who all participated in the $15-million round, which also had an investment of $3 million by Mukesh Bansal himself. 
 
As per the deal, the health and wellness start-up has been valued at about $50 million. 
 CureFit was founded by Bansal, after he quit Flipkart in March last year, in partnership with former colleague <keyword id="2350508" type="COMPANY" weightage="100" keywordseo="Ankit-Nagori">Ankit Nagori</keyword>, and will open for business early next year. 
 
"We aim to build an innovative product, which will help consumers manage their health proactively with the use of technology and data," Bansal told <a href="http://economictimes.indiatimes.com/small-biz/startups/mukesh-bansals-new-startup-curefit-bags-15-million-funding/articleshow/53053515.cms">ET</a>. 
 
Bansal will be leading the product and technology development functions at the start-up, while Nagori will be in charge of business development and operations. 
 
CureFit will offer products and solutions for preventive and curative healthcare to its users, combining engagement, coaching and delivery through a variety of both online and offline channels. 
 
The start-up currently employs about ten people and expects to hire about 35-40 more people in the coming six months. 
 
<a href="http://d152j5tfobgaot.cloudfront.net/wp-content/uploads/2016/02/kstart-eventpics-04.png">Image source</a>

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