Travis Kalanick building India team for cloud kitchen venture; Tencent invests in PolicyBazaar: Reports

Travis Kalanick building India team for cloud kitchen venture; Tencent invests in PolicyBazaar: Reports
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Uber co-founder Travis Kalanick building an India team to operate CloudKitchens

Uber co-founder Travis Kalanick has begun building an India team for his new venture, City Storage Systems, which runs delivery-only kitchens called CloudKitchens, The Economic Times reports.

A cloud kitchen is a takeaway outlet that provides no dine-in facility. They function as a production unit with a space for the preparation of food. 

The company has started engagements with restaurant chains, real estate developers in Mumbai and food aggregators like Swiggy, Zomato, UberEats, the report said.

Ashish Saxena, former chief executive officer, TexMex Cuisine India is the general manager for Mumbai and oversees the operations. He reports directly to Kalanick.

The company is also planning to set up teams in other cities as well. It wants to hire a country head once the business launches and scales.

Tencent acquires a minority stake in PolicyBazaar

Shenzen, China-based internet major Tencent has acquired a minority stake in the insurance product aggregator PolicyBazaar at a valuation of $1.5 billion, according to a report by The Economic Times.

Tencent has bought a 10% stake in PolicyBazaar, the report said. 

Tencent has also invested in other startups across India, including cab-hailing major Ola, ed-tech platform Byju and food-tech platform Swiggy, among others.

India logging fastest revenue growth for Twitter: India MD Manish Maheshwari

Microblogging platform Twitter’s India managing director Manish Maheshwari says that Twitter is seeing its fastest revenue growth in India in five years, The Economic Times reported.

The company said that the reason behind it is localising product and adding regional language content while continuing to maintain premium advertisement pricing, the report said.

Maheshwari said that the company works with all the premium brands.

The report revealed that Indian users growth is also the fastest in the world as millions of Indians use the Internet, mobile phones and social media platforms for the first-time every month. 

Twitter has 34.4 million users in India, it added. 

Fintech startup expands in Chennai

New Delhi-based fintech startup has announced its expansion in Southern India with its first office in Chennai.

The company will invest Rs 50 crores, as Chennai being its key potential market, it said in a statement.

The company caters to the salaried segment by offering instant loans to cover emergency situations at home or outside. It claims that Chennai has a significantly large number of salaried employees and promises substantial potential for those looking for services offered by fin-tech start-ups, the statement added.

Distributed Energy launches its platform; raises Rs 10 crore in funding

Distributed Energy, a renewable energy aggregator, has raised Rs 10 crore in funding from Ramez Naam, co-chair of Energy and Environment at Singularity University through an AngelList Syndicate and Mount Meru Group, an African business conglomerate.

The company also announced the launch of one of its kind platforms that connects credible renewable projects with investors, it said in a statement.

The platform has already delivered 5MW of energy to a range of companies in Southern India and Rwanda, the statement added.

Distributed Energy is co-founded by Mathew Mazhuvanchery, Ruchir Punjabi and Sudhakar Kadavasal. It is a development and aggregation platform that connects renewable projects with investors. 

The company is focused on solar rooftop projects across India and Africa from 100 kW to 5 MW. 

CBREX raises $1.1 mn as equity funding

Cross-order hiring platform CBREX has raised  $1.1 million as equity funding from several high net worth investors (HNIs). 

Gautam Sinha, chief executive and co-founder said that the funds will be used to accelerate and expand its sales in the US, which is reportedly  the leading market for CBREX. 

“The company plans to appoint resellers, senior salespeople and senior management in the US and other international markets like Europe, Japan, Southeast Asia including India,” he added.

CBREX is a tech platform that claims to be using uses machine learning to connect jobs to vendors and helps a company hire anyone, anywhere. The platform is currently used by employers across 17 countries with around 5,000 recruiters to hire talent across experience levels and domains.

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