In the news, Coverfox raises $15M, Amazon CEO Jeff Bezos’ net worth drops, Uber’s CEO might step down & more stories in Today’s brief,
1. Fin-tech startup Lendingkart raises $7.8 mn in debt from Yes Bank
Ahmedabad- and Bangalore-based Lendingkart, an online lending platform for small and medium enterprises (SMEs), has raised Rs 50 crore ($7.8 million) in debt from Yes Bank, it said in a statement.
The startup will use the funds to strengthen its loan book and expand operations to Tier 3 cities, where traditional credit avenues for SMEs are in short supply.
2. Uber board adopts all recommendations from Eric Holder investigation
The Uber Technologies Inc board of directors voted unanimously to adopt all recommendations from a report stemming from allegations of sexual harassment at the company and other employee concerns, a board representative said on Sunday.
Holder and his law firm were retained by Uber in February to investigate company practices after former Uber engineer Susan Fowler published a blog post detailing what she described as sexual harassment and the lack of a suitable response by senior managers.
3. Uber’s CEO Travis Kalanick may be asked to step aside for 3 months
In the wake of reports that Uber executives turned a blind eye to sexual harassment and other corporate misbehavior, the company’s board on Sunday moved to shake up the leadership of the ride-hailing service, ahead of the release this week of an investigation into its troubled culture.
Uber directors were weighing a three-month leave of absence for Travis Kalanick, the chief executive who built the startup into a nearly $70 billion entity, according to three people with knowledge of the board’s agenda.
5. Insurance brokerage firm Coverfox raises $15 mn from Transamerica & others
Glitterbug Technologies, which owns and operates online insurance brokerage Coverfox, has raised about Rs 96 crore ($15 million) in its series-C round, led by US insurer Transamerica, with its existing investors also participating.
The latest round of equity financing values Coverfox between $70 million and $100 million, according to one of the sources cited earlier. Its current list of investors include SAIF Partners, Accel India and Catamaran Ventures the family office of Infosys co-founder, NR Narayana Murthy.
6. Flipkart Shuts Down Global Sourcing Platform For Ecommerce Sellers
Homegrown ecommerce company Flipkart has reportedly shut down its global sourcing platform for sellers, Flipkart Global.
The move is reportedly aimed to increase the homegrown ecommerce giant’s reliance on the newly acquired eBay business for global sourcing. In April 2017, Flipkart had raised $1.4 Bn funding from Tencent, eBay, and Microsoft.
7. Elon Musk explains why he started Tesla
Billionaire Elon Musk on Friday took to Twitter to reveal why American electric carmaker Tesla was formed. Musk said Tesla was started after General Motors recalled all electric cars from customers in 2003 against their will. Tesla was not formed to make money, as its founders thought there was a “90% probability of losing it all,” he added.
8. Amazon CEO Jeff Bezos’ net worth drops by $2.6 bn in one day
Amazon CEO Jeff Bezos lost $2.6 billion and slipped down one rank on the world’s richest list to become the third-richest person with a $83.9 billion fortune on Friday. The fall in his net worth came after Amazon shares fell over 3%. The dip made Zara Founder Amancio Ortega reclaim the second-richest position with a $84.6 billion fortune.