NearGroup has raised $1.6 million in a seed round led by venture capital firm OpenOcean, with participation from other firms including Neotribe and BoostVC. NearGroup plans to focus strongly on the Indian market, after seeing traction in users from the US, Philippines and Vietnam.
Bangalore-based home maintenance services startup, Gapoon has raised USD 250,000 in a pre-series A round. The investment is led by Vida Ventures, other independent investors, and angel investors. This investment will be used for new initiatives towards product and technology enhancements.
Online food delivery start-up Swiggy (Bundl Technologies Pvt. Ltd) has tied up with lender Indifi Technologies to provide working capital loans to its restaurant partners. The financing program named Swiggy Capital Assist will provide collateral-free loans without initial deposits.
Revenues for India’s Business Process Management (BPM) sector is projected to increase from USD 30 billion in FY17 to USD 50-55 billion by 2025 – National Association of Software and Services Companies (NASSCOM). NASSCOM also projected that digital streams would account for 60-70 per cent of the BPM service providers’ revenue by 2025, overtaking traditional streams, with advanced technology solutions and intelligent automation driving much of this growth. In FY 2017 the sector’s revenue grew to USD 29.8 billion from the previous years at USD 28 billion so the growth rate has been 8.8 per cent for the industry. In terms of the employee head count that is directly employed by this industry, that number has expanded from 1.1 million employees to 1.2 million employees. To maintain and accelerate the pace of growth, the NASSCOM BPM Council has highlighted its priorities for the industry which include positioning India as the destination of choice for global firms to deliver transformation value and the BPM sector as a world class industry of choice for aspiring professionals. The industry also wants to capitalize on Data Science and Artificial Intelligence as the next growth trajectory and provide high value services, re-skill the existing workforce to be positioned relevantly for future work in the areas of RPA, automation, AI and digital.
Ending a 20-year-old saga of mounting losses, Tata Teleservices will merge its consumer mobile businesses with Bharti Airtel in a cashless deal. Under the deal, Airtel will get access to 178 MHz of additional spectrum and 40 million subscribers. Airtel is not paying anything to Tata Tele other than absorbing a substantial number of the 5,000 employees and paying part of the spectrum liability that the latter owes to the Department of Telecom.