Indian startup ecosystem saw some of the major happening during this week. From Google selecting indian startups for its accelerator programme to paytm becoming full fledged bank, the week was full of surprises and shocks for the startup world. Here is our weekly roundup for you to keep you posted every week:

Paytm Unveils Payment Bank

Paytm has unveiled its Payments Bank, becoming the third payments bank in the country, after Airtel and India Post. It will offer customers a 4 percent annual interest rate which the lowest among the three payments banks that is, Airtel offers about 7.3 percent interest and India Post about 5.5 percent annually. Apart from offering its customers cashbacks on deposits, Payment bank will offer zero charges on all online transactions and no minimum balance requirement.

Indian Startup Again Got Lucky- Google Selects Six Indian Startups For Its Launchpad

Google has shortlisted six Indian startups for the fourth class of its Launchpad Accelerator Programme. The class 4 will kick off on July 17 at the Google Developers Launchpad Space in San Francisco and will include 2 weeks of all-expense-paid training. With this batch, a total of 26 Indian startups has so far joined the accelerator programme from India.Six-month accelerator programme will allow participants to receive equity-free support, credits for Google products, and continue to work closely with Google back in their home country.

Bengaluru Becomes Hub For IoT Startups, Says Reports

According to a study by Management Consulting firm Zinnov, Bengaluru is the prime destination for Internet Of Things startups to set up a base in the Indian subcontinent. With nearly 52 percent of the country’s total Internet Of Things startups in Bengaluru, the city has emerged on the number spot on the Zinnov list. It is followed by Delhi NCR at the number two spot with 12 per cent IoT startups. Mumbai, Hyderabad and Chennai acquire the third, fourth and fifth position on the list with 11 percent, 4 percent and 2 percent respectively.

SoftBank’s Vision Tech Fund Officially Becomes World’s Biggest Private Equity Fund

After raising a whopping $1 billion from Japan-based electronics company Sharp Corp earlier this week, Japan’s telecom and internet giant SoftBank’s Vision Tech Fund officially became the world’s biggest private equity fund on Saturday as the company announced that it has successfully closed $93 billion. The remaining $7 billion of the ambitious $100 billion Vision fund that aims to tap advanced technologies through investments is expected to be raised by another six months.

SoftBank announced its ‘Vision’ Tech Fund in October last year. The billions raised will be invested in the tech industry, across sectors ranging from cloud technology to artificial intelligence and robotics.

InnerWave Ventures Plans To Invest In Startups In Next 3 Years

InnerWave Ventures, an elite community of early-stage Angel investors is planning to invest in 18-20 startups in next 3 years. The network is managed by the Corporate advisory firm.
InnerWave Ventures currently consist of a group of 32 angel investors who are looking to help investment-ready companies that are looking for additional capital and experienced mentors to help with their expansion plans. Acquires, a digital lending platforms, has acquired Mumbai-based supply chain financing platform, for an undisclosed sum to strengthen its supply chain financing vertical., a fintech startup, enables SME buyers to procure goods / services on credit while ensuring the sellers get their money upfront, thereby eliminating credit risk and enabling instant liquidity.

Warburg Pincus Sells 25% in Capital First

Capital First would has announced that Cloverdell Investment Ltd, an affiliate of Warburg Pincus has sold 25% stake in the company to marquee Foreign and domestic investors. Cloverdell Investment Ltd continues to be the Promoter of the company with 36% stake in Capital First Limited.

As part of this transaction, GIC, a Sovereign Wealth Fund established by the Government of Singapore, has acquired incremental 8.93% stake in Capital First Limited taking GIC’s total shareholding in Capital First Limited to 13.91%. GIC is a leading global investment firm with well over US$100 billion in assets under management in more than 40 countries across the world.

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