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Startup Buzz: headlines making it to the top today !

startup, Texas University, tech accelerator, NeoGrowth, funding, Fintech, IIFL, Alibaba, Jabong, Future Group, Myntra, Snapdeal, Aditya Birla Group, BMRCL, Metro, DIPP, startup fest, Narendra Modi
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1.Texas University to establish tech accelerator in Tirupati, India

Andhra Pradesh government, in collaboration with the Federation of Indian Chambers of Commerce & Industry (FICCI) and IC2 Institute of The University of Texas, is going to launch a technology accelerator in Tirupati next month. While they expect the technology that would come in through the accelerator to address state-specific challenges like water management, waste management, cyber security and agricultural technology among others, the broader issue it is trying to solve is unemployment.

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2. NeoGrowth, a Fintech startup raises $35 million from IIFL, existing investors

Fintech start-up NeoGrowth has raised $35 million (about Rs.225 crore) of equity from IIFL Asset Management and existing investors, including Accion Frontier Inclusion Fund, managed by Quona Capital. NeoGrowth will use the funds to help small retailers, including qualified borrowers with little or no credit history, access credit in the country, it said.


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3. Alibaba, Aditya Birla Group, Future Group, Myntra and Snapdeal line up to buy Jabong

Rocket Internet backed fashion ecommerce company, Jabong has fastened up its sale process according to sources close to the development.Currently, Aditya Birla Group’s ecommerce portal Abof , Chinese ecommerce giant Alibaba, and Future Group are speculated to be the frontrunners. However, negotiations are also being reportedly carried out with Myntra and Snapdeal as well.

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4. Bangalore Metro opens up its metro stations for startup offices

Bangalore’s metro rail authority is inviting emerging businesses to set up offices within five of its stations, following the success of a so-called Rsmakerspace’, Workbench Projects, that opened at the Halasuru station in February 2015.  Startups can bid for 31 office spaces of 100 sqft to 4,000 sqft at the Byappanahalli, Swamy Vivek ananda Road, Indiranagar, Halasuru and Trinity metro stations.The rents range from Rs 35 per sqft to Rs 120 per sqft depending on the station, said UA Vasanth Rao, general manager, finance, BMRCL.

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5. DIPP’s startup fest to take place in Hyderabad in September; PM Narendra Modi to inaugrate the programme
The Commerce and Industry Ministry will organise a ‘Startup Fest’ in Hyderabad in September, with a view to showcase innovation and provide a collaboration platform.  The Department of Industrial Policy and Promotion (DIPP) has requested Prime Minister Narendra Modi to inaugurate the programme, an official said.  The main objective of this fest is to galvanise the startup ecosystem and to provide national and international visibility to the budding entrepreneurs in India.

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