Listen: RIL adds tenth investor to cap table; Beenext raises $110 mn fund; IBM acquires Spanugo


The latest episode of the TechThisWeek podcast brings you hand-picked developments in the startup and enterprise technology world in India this week. 

  • Reliance Industries (RIL) raised $1.5 billion from Riyadh headquartered Public Investment Fund in its 10th round of external investment, making RIL debt-free. The round values Jio Platforms at $65 billion.
  • Singapore-based venture capital firm Beenext has announced a $110 million Emerging Asia Fund to back early-stage companies. About half of the fund will be deployed in Indian companies across sectors, including ecommerce, fintech, healthtech and agritech. It has earlier invested in companies such as real estate portal NoBroker and used vehicles marketplace Droom in India. 
  • Mumbai headquartered SaaS platform TOPPEQ aims to be a one-stop shop to help startups manage their employee stock ownership plan, cap table and keep an eye on working capital needs. The firm plans to sell the product from September, when it is ready for the beta stage.
  • Technology giant IBM announced the acquisition of California headquartered cybersecurity firm Spanugo. The deal is likely to bolster IBM’s financial services public cloud to help enterprises control regulatory workloads.
  • Coming to startup acquisitions, test preparation platform Unacademy bought Bhavin Turakhia-owned Directi’s non-profit unit CodeChef. Also, Mumbai-based InCred acquired online loans platform Qbera.
  • J Suresh, managing director and CEO of apparel maker Arvind Lifestyle Brands, said that the company was focused on creating a true omni-channel experience. The brand’s physical stores will serve as fulfilment centres, he added.

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