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Singapore-based budget hotel booking startup RedDoorz is tiny in comparison to fast-growing giant Oyo. But it is holding its ground and winning the trust of an ever growing number of investors.

On Monday, the four-year-old startup announced it has raised $ 70 million in Series C financing round, less than five months after it closed its $ 45 million Series B. The new round, which is ongoing, was led by Asia Partners and saw participation from new investors Rakuten Capital and Mirae Asset-Naver Asia Growth Fund.

The startup, which has raised $ 140 million to date, has been seeing “tremendous interest from investors, so it is decided to do a back-to-back rounds,” said Amit Saberwal, founder and CEO of RedDoorz, in an interview with TechCrunch.

Regardless, the new funds will help RedDoorz fight SoftBank-backed Oyo, which is already aggressively expanding to new markets. Oyo currently operates in more than 80 nations.

Saberwal isn’t necessarily threatened by Oyo, on the contrary, he sees Oyo’s success as a testament that there is room for more players to be in the space. He is confident that RedDoorz is “on the right track to create the next tech unicorn in Southeast Asia,” and trade in public exchange in the next two to three years.

RedDoorz operates a marketplace of “two-star, three-star and below” budget hotels, selling access to rooms to people. Currently it has 1,400 hotels on its network, said Saberwal. By the end of the year, the startup aims to grow this number to 2,000.

The startup operates in 80 cities across Indonesia, Singapore, the Philippines and Vietnam, and plans to use the new capital to expand its network in its existing markets, said Saberwal. At least for the next one year, RedDoorz has no plans to expand beyond the four markets where it currently operates, he said.

“Anything in the accommodation is our playground. We have all kinds of properties. We have three-star hotels, some hostels, so we will continue to go deeper and wider moving forward,” Saberwal, a former top executive at India’s travel giant MakeMyTrip, said.

It’s a great combination: Making the ubiquity of typically unorganized local guesthouse-style rooms with the more organized and efficient — but pricier — hotel option.

Some of the new capital will also go into broadening RedDoorz’s tech infrastructure, building a second engineering hub in Vietnam. (RedDoorz’s current regional tech hub is based in India.)


TechCrunch

India’s Reliance Jio, which has disrupted the local telecom and features phone businesses in less than three years of its existence, is now ready to aggressively foray into many more businesses.

In a series of announcements, the subsidiary of India’s largest industrial house Reliance Industries today said it will commercially launch its fiber-optic broadband business next month, an IoT platform on January 1, 2020, and “one of the world’s biggest blockchain networks” in the next 12 months.

The broadband service, called Jio Giga Fiber, is aimed at individual customers, small and medium sized businesses, as well as enterprises, Mukhesh Ambani, Chairman and Managing Director of Reliance Industries, said at a shareholders meeting Monday. The service, which will be available starting September 5, will offer free voice calls, high-speed internet and start at Rs 700 per month.

Continuing its tradition to woo users with significant offers, Jio said customers who opt for the yearly-plan of Giga Fiber will be provided with the set top box and an HD or 4K TV at no extra charge. A premium tier, which will be available next year, will allow customers to watch many movies on the day of their public release.

The Giga Fiber broadband service, which also offers access to TV channels, will bundle games from many popular studios including Microsoft Game Studios, Riot Games, Tencent Games, and Gameloft,

Partnership with Microsoft

The company also announced a 10-year partnership with Microsoft to leverage the Redmond giant’s Azure, Microsoft 365, and Microsoft AI platforms to launch new cloud datacenters in India to ensure “more of Jio’s customers can access the tools and platforms they need to build their own digital capability,” said Microsoft CEO Satya Nadella in a video appearance Monday.

“At Microsoft, our mission is to empower every person and every organization on the planet to achieve more. Core to this mission is deep partnerships, like the one we are announcing today with Reliance Jio. Our ambition is to help millions of organizations across India thrive and grow in the era of rapid technological change…”

“Together, we will offer a comprehensive technology solution, from compute to storage, to connectivity and productivity for small and medium-sized businesses everywhere in the country,” he added.

As part of the partnership, Nadella said, Jio and Microsoft will jointly offer Office 365 to more organizations in India, and also bring Azure Cognitive Services to more devices and in many Indian languages to businesses in the country. The solutions will be “accessible” to reach as many people and organizations in India as possible, he added.

The first two data-centers will be set up in Gujarat and Maharashtra by next year. Jio will migrate all of its non-networking apps to Microsoft Azure platform and promote its adoption among its ecosystem of startups, the two said in a joint statement.

Ambani also said Jio is working on a “digital stack” to create a new commerce partnership platform in India to reach tens of millions of merchants, consumers, and producers.

The announcement comes weeks after Reliance Industries acquired majority stake in Fynd, a Mumbai-based startup that connects brick and mortar retailers with online stores and consumers, for $ 42.3 million.

More to follow…


TechCrunch

Rivigo, a tech startup in India that wants to build a more reliable and safer logistics network, has raised $ 65 million as major investors continue to place big bet on opportunities in overhauling trucking system in the country.

The Series E round, which has not closed, for the five-year-old startup was led by existing investors Warburg Pincus and SAIF Partners.  The startup, which has raised more than $ 280 million to date, said it aims to be profitable by March next year.

Rivigo operates a tech platform that tracks and manages shipments and ensures that drivers are available at all times and trucks are as fully loaded as possible. The platform also automatically rotates drivers so that they can get enough rest and see their family while the trucks keep moving. Drivers use an app to navigate maps and accept assignments.

“Relay trucking is now very well established where relay truck pilots lead better life and customers gets exceptional service. With technology and freight marketplace, we now want to bring relay to every truck in the country,” Deepak Garg, founder and CEO of Rivigo, said in a statement.

Rivigo, which competes with heavily-backed startups such as BlackBuck, owns its own fleet of trucks while also operating a freight marketplace. This separates it from competitors that serve purely as an aggregator — or Uber for trucks, if you will.

The startup, which claims to have the largest reach in India, said it would use the fresh capital to further expand its network and tech infrastructure in the country. Financially, too, Rivigo has driven past many of its competitors. In the financial year that ended in March this year, Rivigo’s revenue jumped to $ 105 million at a 77% year-over-year growth rate. Its losses also widened to $ 35 million, according to disclosures it made to the local regulator.

“From building algorithmically complex models to accurately predicting the life journey of a consignment to creating a dynamic pricing engine for the freight marketplace, the company is working on hundreds of unique problems at scale,” said Garg.

India’s logistics market, despite being valued at $ 160 billion, remains one of the most inefficient sectors that continues to drag the economy.

Last month, Rivigo launched National Freight Index that shows live tariff rates for different lanes and vehicles in the country in a bid to bring more transparency to the ecosystem.

More to follow later today…


TechCrunch

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