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Foxconn halts some production lines for Huawei phones, according to reports

Posted by on Jun 1, 2019 in android, Apple, Companies, Donald Trump, Foxconn, Google, Huawei, mobile phones, operating system, president, shenzhen, smart phone, smartphone, Smartphones, TC, telecommunications, United States, Xiaomi | 0 comments

Huawei, the Chinese technology giant whose devices are at the center of a far-reaching trade dispute between the U.S. and Chinese governments, is reducing orders for new phones, according to a report in The South China Morning Post.

According to unnamed sources, the Taiwanese technology manufacturer Foxconn has halted production lines for several Huawei phones after the Shenzhen-based company reduced orders. Foxconn also makes devices for most of the major smart phone vendors including Apple and Xiaomi (in addition to Huawei).

In the aftermath of President Donald Trump’s declaration of a “national emergency” to protect U.S. networks from foreign technologies, Huawei and several of its affiliates were barred from acquiring technologies from U.S. companies.

The blacklist has impacted multiple lines of Huawei’s business including it handset manufacturing capabilities given the company’s reliance on Google’s Android operating system for its smartphones.

In May, Google reportedly suspended business with Huawei, according to a Reuters report. Last year, Huawei shipped over 200 million handsets and the company had a stated goal to become the world’s largest vendor of smartphones by 2020.

These reports from The South China Morning Post are the clearest indication that the ramifications of the U.S. blacklisting are beginning to be felt across Huawei’s phone business outside of China.

Huawei was already under fire for security concerns, and will be forced to contend with more if it can no longer provide Android updates to global customers.

Contingency planning is already underway at Huawei. The company has built its own Android -based operating system, and can use the stripped down, open source version of Android that ships without Google Mobile Services. For now, its customers also still have access to Google’s app store. But if the company is forced to make developers sell their apps on a siloed Huawei-only store, it could face problems from users outside of China.

Huawei and the Chinese government are also retaliating against the U.S. efforts. The company has filed a legal motion to challenge the U.S. ban on its equipment, calling it “unconstitutional.”  And Huawei has sent home its American employees deployed at R&D functions at its Shenzhen headquarters.

It has also asked its Chinese employees to limit conversations with overseas visitors, and cease any technical meetings with their U.S. contacts.

Still, any reduction in orders would seem to indicate that the U.S. efforts to stymie Huawei’s expansion (at least in its smartphone business) are having an impact.

A spokesperson for Huawei U.S. did not respond to a request for comment.


Source: The Tech Crunch

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Student sues JD.com’s billionaire CEO Richard Liu for alleged rape

Posted by on Apr 17, 2019 in Asia, China, Companies, JD.com, Lawsuit, Minnesota, Richard Liu, University of Minnesota, Weibo | 0 comments

A Chinese student has filed a lawsuit against JD.com founder and chief executive Richard Liu, alleging the billionaire businessman raped her in Minnesota back in August, four months after local prosecutors decided not to press charges.

The lawsuit, which was filed in Hennepin County on Tuesday, is seeking damages of more than $50,000. It identifies the student as Jingyao Liu (not related to Richard Liu), an undergraduate student at the University of Minnesota.

JD did not immediately respond to a request for comment on the lawsuit.

Peter Walsh, an attorney for JD.com at Hogan Lovells, says the company is “not in position to comment at this time” but “will vigorously defend these meritless claims against the company.”

Liu has maintained his innocence through his lawyers throughout the investigation. The executive said on social media in December that he had “broken no laws” but felt “extreme self-admonishment and regret” for the pain that his behavior “on that day” brought to his family and wife, who is an internet celebrity known as Sister Milk Tea.

In December, Hennepin County Attorney Michael Freeman said he was not charging Liu because “there were profound evidentiary problems which would have made it highly unlikely that any criminal charge could be proven beyond a reasonable doubt.” He further emphasized his decision “had nothing to do with Liu’s status as a wealthy, foreign businessman.”

Liu’s case has drawn widespread interest in China where the tale of Liu’s rags-to-riches has inspired many. If charged and convicted, Liu could face up to 30 years in prison.

JD’s stock immediately tumbled after the student first accused Liu in August over concerns that the case will hamper his ability to run the company, which is the arch-rival to Jack Ma’s Alibaba and faces growing competition from ecommerce upstart Pinduoduo.

The company’s shares have slowly crawled back since December after the Hennepin County Attorney decided not to charge the founder. Nonetheless, JD is coping with sagging morale as large-scale layoffs hit executives and a new pay scheme threatens to depress income among its armies of couriers.

Updated with JD.com’s statement


Source: The Tech Crunch

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Birth control delivery startup Nurx taps Clover Health’s Varsha Rao as CEO

Posted by on Apr 17, 2019 in Airbnb, Alphabet, board member, Chelsea Clinton, chief executive officer, Chief Operating Officer, Clover Health, Companies, Health, healthcare, Kleiner Perkins, Lowercase Capital, Medicare, Nurx, sharing economy, Startups, telemedicine, Union Square Ventures, United States, vacation rental, Venture Capital, websites, Y Combinator | 0 comments

Varsha Rao, Airbnb’s former head of global operations and, most recently, the chief operating officer at Clover Health, has joined Nurx as its chief executive officer.

Rao replaces Hans Gangeskar, Nurx’s co-founder and CEO since 2014, who will stay on as a board member.

Nurx, which sells birth control, PrEP, the once-daily pill that reduces the risk of getting HIV, and an HPV testing kit direct to consumer, has grown 250 percent in the last year, doubled its employee headcount and attracted 200,000 customers. Rao tells TechCrunch the startup realized they needed talent in the C-suite that had experienced this kind of growth.

“The company has made some really great progress in bringing on strong leaders and that’s one of the things that got me excited about joining,” Rao told TechCrunch. Nurx recently hired Jonathan Czaja, Stitch Fix’s former vice president of operations, as COO, and Dave Fong, who previously oversaw corporate pharmacy services at Safeway, as vice president of pharmacy.

Rao, for her part, joined Clover Health, a Medicare Advantage startup backed by Alphabet, in late 2017 after three years at Airbnb.

“After being at Airbnb, a really mission-driven company, I couldn’t go back to something that wasn’t equally or more so and healthcare really inspired me,” Rao said. “In terms of accessibility, I feel like [Nurx] is super important. We are really fortunate to live in a place where can access birth control and it can be more easily found but there are lots of parts of the country where physical access is challenging and costs can be a factor. To be able to break down barriers of access both physically and from an economic standpoint is hugely meaningful to me.”

Nurx, a graduate of Y Combinator, has raised about $42 million in venture capital funding from Kleiner Perkins, Union Square Ventures, Lowercase Capital and others. It launched in 2015 to facilitate women’s access to birth control across the U.S. with a HIPAA-compliant web platform and mobile application that delivers contraceptives directly to customers’ doorsteps.

Today, the telehealth startup is available to customers in 24 states and counts Chelsea Clinton as a board member.


Source: The Tech Crunch

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Lyft’s imminent IPO could value the company at $23B

Posted by on Mar 18, 2019 in Alphabet, Andreessen Horowitz, Companies, Floodgate Fund, General Motors, initial public offering, Lyft, online marketplaces, rakuten, San Francisco, TC, the wall street journal, transport, Uber, Wall Street Journal | 0 comments

Ridehailing firm Lyft will make its Nasdaq debut as early as next week at a valuation of up to $23 billion, The Wall Street Journal reports. The business will reportedly price its shares at between $62 and $68 apiece, raising roughly $2 billion in the process.

With a $600 million financing, Lyft was valued at $15.1 billion in June.

Lyft filed paperwork for an initial public offering in December, mere hours before its competitor Uber did the same. The car-sharing behemoths have been in a race to the public markets, igniting a pricing war ahead of their respected IPOs in a big to impress investors.

Uber’s IPO may top $120 billion, though others have more modestly pegged its initial market cap at around $90 billion. Uber has not made its S-1 paperwork public but is expected to launch its IPO in April.

Lyft has not officially priced its shares. Its S-1 filing indicated a $100 million IPO fundraise, which is typically a placeholder amount for companies preparing for a float. Lyft’s IPO roadshow, or the final stage ahead of an IPO, begins Monday.

San Francisco-based Lyft has raised a total of $5.1 billion in venture capital funding from key stakeholders including the Japanese e-commerce giant Rakuten, which boasts a 13 percent pre-IPO stake, plus General Motors (7.76 percent), Fidelity (7.1 percent), Andreessen Horowitz (6.25 percent) and Alphabet (5.3 percent). Early investors, like seed-stage venture capital firm Floodgate, also stand to reap big returns.

Lyft will trade under the ticker symbol “LYFT.” JPMorgan Chase & Co., Credit Suisse Group AG and Jefferies Financial Group Inc. are leading the IPO.

Lyft recorded $2.2 billion in revenue in 2018 — more than double 2017’s revenue — on a net loss of $911 million.

Lyft declined to comment.


Source: The Tech Crunch

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Former Dropbox exec Dennis Woodside joins Impossible Foods as its first President

Posted by on Mar 14, 2019 in California, Chief Operating Officer, cloud storage, Companies, computing, dennis woodside, Dropbox, executive, Food, food and drink, Google, Impossible foods, manufacturing, meat substitutes, Motorola Mobility, president, Redwood City, Singapore, supply chain, TC, United States | 0 comments

Former Google and Dropbox executive Dennis Woodside has joined the meat replacement developer Impossible Foods as the company’s first President.

Woodside, who previously shepherded Dropbox through its initial public offering, is a longtime technology executive who is making his first foray into the food business.

The 25-year tech industry veteran most recently served as the chief operating officer of Dropbox, and previously was the chief executive of Motorola Mobility after that company’s acquisition by Google.

“I love what Impossible Foods is doing: using science and technology to deliver delicious and nutritious foods that people love, in an environmentally sustainable way,” Woodside said. “I’m equally thrilled to focus on providing the award-winning Impossible Burger and future products to millions of consumers, restaurants and retailers.”

According to a statement, Woodside will be responsible for the company’s operations, manufacturing, supply chain, sales, marketing, human resources and other functions.

The company currently has a staff of 350 divided between its Redwood City, Calif. and Oakland manufacturing plant.

Impossible Foods now slings its burger in restaurants across the United States, Hong Kong, Macau and Singapore and is expecting to launch a grocery store product later this year.


Source: The Tech Crunch

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Venture investors and startup execs say they don’t need Elizabeth Warren to defend them from big tech

Posted by on Mar 8, 2019 in Amazon, AT&T, ben narasin, chief technology officer, coinbase, Companies, economy, elizabeth warren, entrepreneurship, Facebook, Federal Trade Commission, Google, IBM, kara nortman, Los Angeles, Microsoft, new enterprise associates, Private Equity, Social Media, Startup company, TC, Technology, Technology Development, United States, upfront ventures, us government, venky ganesan, Venture Capital, Walmart, world wide web, zappos | 0 comments

Responding to Elizabeth Warren’s call to regulate and break up some of the nation’s largest technology companies, the venture capitalists that invest in technology companies are advising the presidential hopeful to move slowly and not break anything.

Warren’s plan called for regulators to be appointed to oversee the unwinding of several acquisitions that were critical to the development of the core technology that make Alphabet’s Google and the social media giant Facebook so profitable… and Zappos.

Warren also wanted regulation in place that would block companies making over $25 billion that operate as social media or search platforms or marketplaces from owning companies that also sell services on those marketplaces.

As a whole, venture capitalists viewing the policy were underwhelmed.

“As they say on Broadway, ‘you gotta have a gimmick’ and this is clearly Warren’s,” says Ben Narasin, an investor at one of the nation’s largest investment firms,” New Enterprise Associates, which has $18 billion in assets under management and has invested in consumer companies like Jet, an online and mobile retailer that competed with Amazon and was sold to Walmart for $3.3 billion.

“Decades ago, at the peak of Japanese growth as a technology competitor on the global stage, the US government sought to break up IBM . This is not a new model, and it makes no sense,” says Narasin. “We slow down our country, our economy and our ability to innovate when the government becomes excessively aggressive in efforts to break up technology companies, because they see them through a prior-decades lens, when they are operating in a future decade reality. This too shall pass.”

Balaji Sirinivasan, the chief technology officer of Coinbase, took to Twitter to offer his thoughts on the Warren plan. “If big companies like Google, Facebook and Amazon are prevented from acquiring startups, that actually reduces competition,” Sirinivasan writes.

“There are two separate issues here that are being conflated. One issue is do we need regulation on the full platform companies. And the answer is absolutely,” says Venky Ganesan, the managing director of Menlo Ventures. “These platforms have a huge impact on society at large and they have huge influence.”

But while the platforms need to be regulated, Ganesan says, Senator Warren’s approach is an exercise in overreach.

“That plan is like taking a bazooka to a knife fight. It’s overwhelming and it’s not commensurate with the issues,” Ganesan says. “I don’t think at the end of the day venture capital is worrying about competition from these big platform companies. [And] as the proposal is composed it would create more obstacles rather than less.”

Using Warren’s own example of the antitrust cases that were brought against companies like AT&T and Microsoft, is a good model for how to proceed, Ganesan says. “We want to have the technocrats at the FTC figure out the right way to bring balance.”

Kara Nortman, a partner with the Los Angeles-based firm Upfront Ventures, is also concerned about the potential unforeseen consequences of Warren’s proposals.

“The specifics of the policy as presented strike me as having potentially negative consequences for innovation, These companies are funding massive innovation initiatives in our country. They’re creating jobs and taking risks in areas of technology development where we could potentially fall behind other countries and wind up reducing our quality of life,” Nortman says. “We’re not seeing that innovation or initiative come from the government – or that support for encouraging immigration and by extension embracing the talented foreign entrepreneurs that could develop new technologies and businesses.”

Nortman sees the Warren announcement as an attempt to start a dialogue between government regulators and big technology companies.

“My hope is that this is the beginning of a dialogue that is constructive,” Nortman says. “And since Elizabeth Warren is a thoughtful policymaker this is likely the first salvo toward an engagement with the technology community to work collaboratively on issues that we all want to see solved and that some of us are dedicating our career in venture to help solving.”


Source: The Tech Crunch

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India’s Ola spins out a dedicated EV business — and it just raised $56M from investors

Posted by on Mar 1, 2019 in Ankit Jain, Asia, Automotive, Bhavish Aggarwal, carsharing, Co-founder, Collaborative Consumption, Companies, didi, Didi Chuxing, DST Global, electric vehicle, Flipkart, funding, Fundings & Exits, head, India, ola cabs, Sachin Bansal, Sequoia, Softbank, SoftBank Group, Steadview Capital, temasek, Tencent, tiger global, transport, Uber, United States | 0 comments

Ola, Uber’s key rival in India, is doubling down on electric vehicles after it span out a dedicated business, which has pulled in $56 million in early funding.

The unit is named Ola Electric Mobility and it is described as being an independent business that’s backed by Ola. TechCrunch understands Ola provided founding capital, and it has now been joined by a series of investors who have pumped Rs. 400 crore ($56 million) into Ola Electric. Notably, those backers include Tiger Global and Matrix India — two firms that were early investors in Ola itself.

While automotive companies and ride-hailing services in the U.S. are focused on bringing autonomous vehicles to the streets, India — like other parts of Asia — is more challenging thanks to diverse geographies, more sparse mapping and other factors. In India, companies have instead flocked to electric. The government had previously voiced its intention to make 30 percent of vehicles electric by 2030, but it has not formally introduced a policy to guide that initiative.

Ola has taken steps to electrify its fleet — it pledged last year to add 10,000 electric rickshaws to its fleet and has conducted other pilots with the goal of offering one million EVs by 2022 — but the challenge is such that it has spun out Ola Electric to go deeper into EVs.

That means that Ola Electric won’t just be concerned with vehicles, it has a far wider remit.

The new company has pledged to focus on areas that include charging solutions, EV batteries, and developing viable infrastructure that allows commercial EVs to operate at scale, according to an announcement. In other words, the challenge of developing electric vehicles goes beyond being a ‘ride-hailing problem’ and that is why Ola Electric has been formed and is being capitalized independently of Ola.

An electric rickshaw from Ola

Its leadership is also wholly separate.

Ola Electric is led by Ola executives Anand Shah and Ankit Jain — who led Ola’s connected car platform strategy — and the team includes former executives from carmakers such as BMW.

Already, it said it has partnered with “several” OEMs and battery makers and it “intends to work closely with the automotive industry to create seamless solutions for electric vehicle operations.” Indeed, that connected car play — Ola Play — likely already gives it warm leads to chase.

“At Ola Electric, our mission is to enable sustainable mobility for everyone. India can leapfrog problems of pollution and energy security by moving to electric mobility, create millions of new jobs and economic opportunity, and lead the world,” Ola CEO and co-founder Bhavish Aggarwal said in a statement.

“The first problem to solve in electric mobility is charging: users need a dependable, convenient, and affordable replacement for the petrol pump. By making electric easy for commercial vehicles that deliver a disproportionate share of kilometers traveled, we can jumpstart the electric vehicle revolution,” added Anand Shah, whose job title is listed as head of Ola Electric Mobility.

The new business spinout comes as Ola continues to raise new capital from investors.

Last month, Flipkart co-founder Sachin Bansal invested $92 million into the ongoing Series J round that is likely to exceed $1 billion and would value Ola at around $6 billion. Existing backer Steadview Capital earlier committed $75 million but there’s plenty more in development.

A filing — first noted by paper.vc — shows that India’s Competition Commission approved a request for a Temasek-affiliated investment vehicle’s proposed acquisition of seven percent of Ola. In addition, SoftBank offered a term sheet for a prospective $1 billion investment last month, TechCrunch understands from an industry source.

Ola is backed by the likes of SoftBank, Tencent, Sequoia India, Matrix, DST Global and Didi Chuxing. It has raised some $3.5 billion to date, according to data from Crunchbase.


Source: The Tech Crunch

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Xiaomi-backed electric toothbrush Soocas raises $30 million Series C

Posted by on Feb 11, 2019 in alibaba, alibaba group, Asia, China, Companies, electric toothbrush, funding, Hardware, procter & gamble, shenzhen, Smartphones, toothbrush, Xiaomi | 0 comments

China’s Soocas continues to jostle with global toothbrush giants as it raises 200 million yuan ($30 million) in a series C funding round. The Shenzhen-based oral care manufacturer has secured the new capital from lead investor Vision Knight Capital, with Kinzon Capital, Greenwoods Investment, Yunmu Capital and Cathay Capital also participating in the round.

The new proceeds arrived less than a year after Soocas, one of Xiaomi’s home appliance portfolio startups, snapped up close to 100 million yuan in a Series B round last March. Best known for its budget smartphones, Xiaomi has a grand plan to construct an Internet of Things empire that encompasses smart TVs to electric toothbrushes, and it has been gearing up by shelling out strategic investments for consumer goods makers such as Soocas.

Founded in 2015, Soocas’s rise reflects a growing demand for personal care accessories as people’s disposable income increases. Electric toothbrushes are a relatively new concept to most Chinese consumers but the category is picking up steam fast. According to data compiled by Alibaba’s advertising service Alimama, gross merchandise volume sales of electric toothbrushes grew 97 percent between 2015 and 2017. Multinational brands still dominate the oral care space in China, with Procter & Gamble, Colgate and Hawley & Hazel Chemical occupying the top three spots as of 2017, a report from Euromonitor International shows, but local players are rapidly catching up.

Soocas faces some serious competition from its Chinese peers Usmile and Roaman. Like Soocas, the two rivals have also placed their offices in southern China for proximity to the region’s robust supply chain resources. Part of Soocas’s strength comes from its tie-up with Xiaomi, which gives its portfolio companies access to a massive online and offline distribution network worldwide. That comes at a cost, however, as Xiaomi is known to impose razor-thin margins on the companies it backs and controls.

According to a statement from Soocas’s founder Meng Fandi, the company has achieved profitability since its launch and has seen its margin increase over the years. It plans to spend its fresh proceeds on marketing in a race to lure China’s increasingly sophisticated young consumers with toothbrushes and its new lines of hair dryers, nasal trimmers and other tools that make you squeaky-clean.


Source: The Tech Crunch

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Ambitious Singapore startup Delegate wants to bring its event booking platform to the US

Posted by on Feb 9, 2019 in Asia, austin, Companies, delegate, funding, Fundings & Exits, Jacqueline Ye, Melissa Lou, Pinterest, Singapore, Southeast Asia, taiwan, United States, Zendesk, zopim | 0 comments

It’s not often that you hear about a startup from Singapore with ambitions to expand to the U.S, but that’s exactly the goal for event booking service Delegate.

Founded in August 2015, the company aims to be a one-stop shop for booking an event, that covers corporate and professional functions, celebrations like weddings and more personal events such as birthdays or get-togethers.

Beyond the essential step of securing a venue, Delegate’s platform covers a range of different needs that include: food and beverage, photography and videography, flowers and decor, entertainment such as bands, invitation and gifts, event staff, production equipment and transport.

“We saw a huge gap in the market,” co-founders Melissa Lou and Jacqueline Ye, who both worked in the event industry prior to starting Delegate, told TechCrunch in a recent interview. “There was no one resource for finding events and resources.”

The Delegate platform covers venue booking, catering, staffing, entertainment and more.

But, beyond being a booking platform for consumers, Delegate has a smart hook that attracts those on venue and event hosting side. In addition to helping them generate bookings via its sites, Delegate offers a subscription ‘Pro’ product that helps them manage daily operations, generate leads, collect bookings and handle collaborations with others in their supply chain.

There’s also an element of granularity with the consumer side of the business. Delegate has set up options to make the myriads of suppliers, venues and more navigable for less experienced customers. That includes a ‘deals’ section for, well, deals and an inspiration board for the planning process which is itself inspired by Pinterest’s visual approach.

Coming soon, the company hopes to add payment plans to help make it easier to pay for major events, as well as a new offering focused squarely on business users and API integrations for third-party services.

Lou and Ye started the business nearly four years ago with around 100 vendors thanks to their personal and business networks. Today, it claims 1,700 vendors and 70,000 users across Singapore and Hong Kong, its first expansion market.

Delegate co-founders Jacqueline Ye and Melissa Lou (left and right) want to expand their service to the U.S. market.

Already present in two of Asia’s top event locations, where average spend is among the highest for the region. But since those countries are limited in size — Singapore’s population is just shy of six million, Hong Kong’s is around seven million, it makes sense that Delegate is now looking for its next moves. Lou and Ye said they plan to launch the service in “key cities” in Australia and the U.S. to tap what they see as lucrative markets, while Korea and Taiwan are also on the radar closer to home in Asia.

“We see these markets as a good fit for us,” Lou explained. “They have a fair share of corporate events already and, in particular, Australia is a good country because we have a good network there.”

Entering the U.S. might sound implausible to some, but already soft launches of the platform in LA and Austin have drawn interest from over 100 vendors, the Delegate co-founders said. That’s without any major marketing push to either businesses or consumers, and it gives the company optimism. Already the U.S. is a listed location on their service but, for now, there are less than a dozen vendors and there’s no specific location.

Beyond early outreach, the company has raised funds for expansion. Last month, Delegate announced a $1 million pre-Series A round from an undisclosed family office (with apparent links to the event industry) and angel investors who founded Zopim, the Singapore-based startup that sold to Zendesk for around $30 million in 2014.

That network and Saas expertise is likely to help with those ambitious global expansion plans, although Lou and Ye said they aren’t planning to raise their Series A just yet. They say they plan to stretch their runway and keep their costs lean, a practice the founders say they have stuck to since bootstrapping without outside funding for the first year of the business. It’s unlikely bet for most startups in Southeast Asia, but if Delegate can gain even just a small foothold in the U.S, it would be a massive validation of its business model and niche, and no doubt precipitate that larger Series A round.


Source: The Tech Crunch

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Ousted Flipkart founder Binny Bansal aims to help 10,000 Indian founders with new venture

Posted by on Feb 5, 2019 in Amazon Web Services, Asia, binny Bansal, ceo, Co-founder, Companies, computing, E-Commerce, executive, Flipkart, India, online payments, Sachin Bansal, Startup company, United States, Walmart, web services | 0 comments

Flipkart co-founder Binny Bansal’s next act is aimed at helping the next generation of startup founders in India.

Bansal has already etched his name into India’s startup history after U.S. retail giant Walmart paid $16 billion to take a majority stake in its e-commerce business to expand its rivalry with Amazon. Things turned sour, however, when he resigned months after the deal’s completion due to an investigation into “serious personal misconduct.”

In 2019, 37-year-old Bansal is focused on his newest endeavor, xto10x Technologies, a startup consultancy that he founded with former colleague Saikiran Krishnamurthy. The goal is to help startup founders on a larger scale than the executive could ever do on his own.

“Person to person, I can help 10 startups but the ambition is to help 10,000 early and mid-stage entrepreneurs, not 10,” Bansal told Bloomberg in an interview.

Bansal, who started Flipkart in 2007 with Sachin Bansal (no relation) and still retains a four percent share, told Bloomberg that India-based founders are bereft of quality consultancy and software services to handle growth and company building.

“Today, software is built for large enterprises and not small startups,” he told the publication. “Think of it as solving for startups what Amazon Web Services has done for computing, helping enterprises go from zero to a thousand servers overnight with no hassle.”

“Instead of making a thousand mistakes, if we can help other startups make a hundred or even few hundred, that would be worth it,” Bansal added.

Bansal served as Flipkart’s CEO from 2007 to 2016 before becoming CEO of the Flipkart Group. He declined to go into specifics of the complaint against him at Flipkart — which reports suggest came about from a consensual relationship with a female employee — and, of the breakdown of his relationship with Sachin Bansal, he said he’s moved on to new things.

It isn’t just xto10x Technologies that is keeping him busy. Bansal is involved in investment firm 021 Capital where he is the lead backer following a $50 million injection. Neither role at the two companies involves day-to-day operations, Bloomberg reported, but, still, Bansal is seeding his money and experience to shape the Indian startup ecosystem.


Source: The Tech Crunch

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