This week, Mukesh Bansal, founder of Myntra, who was recently appointed as Head of Commerce Platform and chief business officer Ankit Nagori has resigned, and will be serving Flipkart for another three months. Budget hotel aggregator OYO Rooms has acquired Tiger Global-backed smaller rival Zo Rooms, OYO’s lead investor SoftBank said in earning presentation. So let’s look at some of the news which made headlines in the startup space this week.
1. Paytm is raising Another $400M to build out its new payment bank
Alibaba-backed Paytm, one of the bigger e-commerce startups competing against Amazon in India, is raising money again, just months after a reported $680 million round. Sources close to the company say that Paytm is now looking to raise $400 million by June to help with the launch of Paytm’s new payments business, Paytm Payment Bank.
2. Oyo acquires Zo in all-stocks deal, Zo founders quit
Budget hotel aggregator OYO Rooms has acquired Tiger Global-backed smaller rival Zo Rooms, OYO’s lead investor SoftBank said in earning presentation. The deal will consolidate the position of OYO as India’s largest budget hotel aggregator.
3. Video Blogging platform Frankly.Me has shutdown
4. Zomato chief product officer Tanmay Saksena quits
Tanmay Saksena, chief product officer of Zomato has quit the company. Tanmay headed our online ordering until the end of October 2015. Saksena joined Zomato in January 2015 after a four-year stint at Disney Social Games as vice president of its studio operations.
5. PepperTap lays-off 400 delivery men, shuts down operation in major cities
Gurgaon-based hyperlocal grocery delivery startup PepperTap, which is one of the more heavily backed hyperlocal delivery startups in the country, is shutting down its operations in six major cities of India, including Ahmedabad, Chandigarh, Mumbai, Kolkata, Chennai and Jaipur. Along with shutting down operations, it is also going to lay-off 400 delivery men.
6. Ratan Tata backs B2B sourcing platform Moglix as its investor
Noida-based startup Moglix, a marketpace for industrial tools for B2b and B2C use, is the latest company to join industrialist and angel investor Ratan Tata’s rapidly growing portfolio of startups this being his sixth commitment into the still young year. Moglix has received undisclosed amount of funds from the Indian tycoon.
7. Mukesh Bansal and Ankit Nagori quit Flipkart, will start their own entrepreneurial venture
Mukesh Bansal, founder of Myntra, who was recently appointed as Head of Commerce Platform for Flipkart’s core business, has resigned and will continue with the ecommerce giant until the end of March. Also, chief business officer Ankit Nagori has resigned, and will be serving Flipkart for another three months.
8. Facebook India head Kirthiga Reddy quits
Facebook India’s head Kirthiga Reddy has stepped down from her post and will be moving back to the US. She joined Facebook six years ago and was its first employee in India. Now, the company is searching for her successor in India.