Indian Startup News Ep 56: Tesla in India, OYO exits Latin America & Indian Google Maps Alternative

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This week in Indian Startup News, SoftBank cuts ties with Oyo in Latin America, MapmyIndia partners with ISRO to take on Google Maps, Tesla to set up an EV manufacturing unit in Karnataka, Glance could buy TikTok India, ReNew Power looks to IPO through SPAC and Byju’s & Unacademy’s acquisition spree.

In funding news, KreditBee raises $75 million, Shiprocket raises $27 million and Zolve raises $15 million.

00:00 Introduction

00:30 SoftBank cuts ties with Oyo in Latin America
02:04 MapmyIndia partners with ISRO to take on Google Maps
04:13 Tesla to set up an EV manufacturing unit in Karnataka
05:31 Glance could buy TikTok India
06:38 ReNew Power looks to IPO through SPAC
08:27 Byju’s & Unacademy’s acquisition spree
09:33 KreditBee raises $75 million
10:25 Shiprocket raises $27 million
11:14 Zolve raises $15 million

SoftBank cuts ties with Oyo in Latin America: Last year in September, SoftBank had partnered with Oyo in Latin America to manage 1,000 hotels. It had also invested $75 million (Rs 545 crore) in Oyo Latam -Oyo’s Latin American unit. In less than six months, SoftBank has decided to end its joint venture in Latin America and it would no longer invest in Oyo in the region. As a result, Oyo will end up laying off most of its staff in the region.
https://www.reuters.com/article/us-softbank-group-oyo-corp-latam/softbank-pulls-out-of-latin-america-partnership-with-oyo-hotels-idINKBN2AB2UD

MapmyIndia partners with ISRO to take on Google Maps: MapmyIndia, a company that offers digital mapping solutions, has partnered with the Indian Space Research Organization (ISRO) to build a fully indigenous mapping portal and geospatial services for India.
https://timesofindia.indiatimes.com/india/google-maps-monopoly-to-end-in-india-isro-mapmyindia-to-offer-sat-based-desi-map-service/articleshow/80899673.cms

Tesla to set up an EV manufacturing unit in Karnataka: Karnataka’s Chief Minister BS Yediyurappa has said that Tesla will set up an electric car manufacturing in India.
https://www.livemint.com/companies/news/tesla-to-open-manufacturing-unit-in-karnataka-says-cm-yediyurappa-11613233617627.html

Glance could buy TikTok India: Bloomberg report claims that ByteDance is in talks with Glance (the company that owns short video app Roposo). The deal could get complicated due to India and China’s relationship. If talks progress, the Indian government might ask the company to keep user data and technology of TikTok within the country.
https://www.bloomberg.com/news/articles/2021-02-13/bytedance-said-to-be-in-talks-to-sell-indian-tiktok-assets?

ReNew Power looks to IPO through SPAC: One of India’s largest renewable energy company ReNew Power is looking to go public in the US. They are in talks with RMG Acquisition for a merger which will allow them to go public at a valuation of $4 billion (Rs 29,000 crore).
https://www.livemint.com/companies/news/renew-power-eyes-us-listing-via-spac-at-4-bn-valuation-11613323873284.html

Byju’s & Unacademy’s acquisition spree: Edtech unicorn Unacademy has acquired a majority stake in TapChief, which is an online platform that enables professional to interact with experts and work with businesses. This is Unacademy’s seventh acquisition in 12 months. Even Byju's has acquired four startups and could also end up buying edtech platform Toppr in a $150 million deal.
https://economictimes.indiatimes.com/tech/startups/unacademy-acquires-tapchief-in-rs-100-crore-deal/articleshow/80982195.cms

KreditBee raises $75 million: KreditBee has raised $75 million from PremjiInvest, Mirae Asset Venture, Alpine Capital and Arkam Ventures in their series C round.
https://economictimes.indiatimes.com/tech/funding/shiprocket-raises-27-million-as-part-of-series-c3-funding-round/articleshow/81081191.cms

Shiprocket raises $27 million: Ecommerce logistics aggregator Shiprocket has raised $27 million from Tribe Capital, March Capital, DST Global’s Rahul Mehta and Bertelsmann India Investments.
https://economictimes.indiatimes.com/tech/funding/shiprocket-raises-27-million-as-part-of-series-c3-funding-round/articleshow/81081191.cms

Zolve raises $15 million: Neobanking startup Zolve has raised $15 million from Accel, Lightspeed Venture Partners, Blume Ventures, Founders Collective, Kunal Shah (CRED), Ashish Gupta (Former MD of Helion Venture Partners), Gregg Kidd (Co-founder of GlobaliD), Rahul Mehta (MD of DST Global) and Rahul Kishore (Senior MD of Coatue Capital).

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