You are currently viewing Startup news and updates: daily roundup (May 21, 2021)

Startup news and updates: daily roundup (May 21, 2021)

OYO to raise $600M from US institutional investors (Funding)

Hospitality firm Oyo is looking to raise $600 million (over Rs 4,380 crore) in debt from the US institutional investors to service its existing loans, sources in the know of the matter said on Thursday.

The company is raising $600 million in a term loan B (TLB) structure, the sources said. The company is taking the TLB to service its existing loans which are on higher interest rates, they added.

Flipkart restructured biz model to exercise control over inventory, retail prices, alleges CAIT

Traders’ body Confederation of All India Traders (CAIT) on Thursday urged the government to investigate the “blatant” violation of FDI and taxation rules by ecommerce major Flipkart, alleging that the Walmart-owned firm had “creatively” restructured its business model to exercise control over inventory and retail prices.

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Nextbillionai founders: Gaurav Bubna (left) and Ajay Bulusu

” align=”center”>Nextbillionai founders

Nextbillionai founders: Gaurav Bubna (left) and Ajay Bulusu raises $6.25M in Series A round from M12 (Funding), the Singapore-headquartered AI spatial data SaaS startup with development centres in India, has added another $6.25 million to its Series A round, raising the capital from M12, the venture fund arm of Microsoft.

In June last year, Nextbillion AI had raised $7 million in the Series A round from Lightspeed Venture Partners and Falcon Edge Capital. The startup claimed that the latest round from M12 has come in at a significant valuation jump.

Twitter starts account verification process for ‘blue tick’

Twitter will start rolling out its verification application process soon, after which approved user accounts can sport the ‘blue verified badge’.

Twitter had paused its public verification programme a few years ago. However, last year, Twitter said it would re-launch the account verification process in 2021.

Huawei to set up 50-bed COVID care facility in Gurugram; provide equipment to other hospitals

Telecom gear maker Huawei India said it will set up a 50-bed COVID-19 medical care facility in Gurugram in partnership with a local medical institution.

Besides, the company is facilitating the availability of 400 oxygen concentrators, 400 contactless remote vital parameter monitoring devices, 25 HFNC CPAP oxygen therapy systems, and other medical supplies worth Rs 5 crore for public hospitals, makeshift hospitals, and other facilities for COVID-19.

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Image Credits: BTS/Twitter

” align=”center”>K-pop BTS

Image Credits: BTS/Twitter

HYBE EDU brings ‘Learn Korean’ with K-pop band BTS, TinyTAN

For all the BTS fans or BTS Army, HYBE EDU — the education arm of HYBE Corporation — has launched a Korean language learning pack ‘Learn! KOREAN with TinyTAN.’ HYBE EDU has collaborated with Korean AI startup Neosapience to launch the study package to help those who want to learn an easier level of Korean. 

South Korean company HYBE Corporation handles K-pop band BTS and its members: RM, J-Hope, Jin, Suga, Jimin, V, and JungKook.

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