There were several developments in the startup space during the day. Here are today’s top startup updates:
PM Modi to chair Virtual Global Investor Roundtable; Mukesh Ambani, Ratan Tata among attendees
Prime Minister Narendra Modi will chair the Virtual Global Investor Roundtable (VGIR) on November 5, in which leading pension and sovereign wealth funds from across the world will be participating.
Mukesh Ambani, Ratan Tata, Nandan Nilekani, Deepak Parekh will be among the top Indian business leaders attending the event.
The VGIR is being organised by the ministry of finance, the Government of India, and the National Investment and Infrastructure Fund. It is an exclusive dialogue between leading global institutional investors, Indian business leaders, and the highest decision-makers from the government of India and financial market regulators. The Union finance minister, union minister of state for finance, RBI governor, and other dignitaries will also be present on the occasion.
The Roundtable will witness participation from twenty of the world’s largest pension and sovereign wealth funds with total Assets Under Management of about $6 trillion.
Lightspeed announces 3rd edition of its zero equity learning program Extreme Entrepreneurs
Multi-stage venture capital firm Lightspeed launches the third edition of Extreme Entrepreneurs (EE), a learning program designed to train high potential founders. Applications for this 6-week program are now open and the cohort starts from January 2021
As of part of the training, selected entrepreneurs get up, close and personal through Masterclasses with startup icons and founders like Max Levchin (co-founder PayPal, co-founder Affirm), Alex Chung (co-founder Giphy), Vaibhav Gupta (co-founder Udaan) and John Thompson (Chairman, Microsoft), who have been mentors at EE. Lightspeed says that EE founders get the same strategic pressure-testing and brutally honest business feedback that Lightspeed portfolio companies get via board meetings.
The program charges zero-equity and zero-fees for participation and for the first time, invite startups from Southeast Asia to participate. Lightspeed is usually focused on Enterprise and Consumer sectors and since 2000, Lightspeed has backed entrepreneurs and companies including Snap, OYO, Nutanix, Byju’s, Udaan and Sharechat. The VC firm and its affiliates currently manage more than $10 billion across the global Lightspeed platform, with investment professionals and advisors in India, Silicon Valley, Israel, China, Southeast Asia and Europe.
Facebook rolls out new resources to enable 9 million SMBs move from offline to online
Facebook has rolled out a dedicated offline-to-online SMB Guide and other new resources to help make this journey frictionless for them.
The SMB Guide for India is free and publicly available but Facebook is also proactively reaching out to 9 million small businesses across the country to ensure it reaches the businesses who need it the most.
The Guide has been designed to provide a step-by-step direction on how the smallest of businesses can build a digital presence quickly, and reach potential customers online. It covers Facebook, Instagram, and WhatsApp, and key themes such as building an online presence, mobile storytelling, social media advertising, and creative and performance strategies. The Guide is available in Hindi as well as in English in order to support a large number of businesses across distinct geographies.
EV charging company CHARGE+ZONE secures a $3 million pre-Series A investment led by Venture Catalysts
Venture Catalysts has invested $3 million in innovative EV charging network company CHARGE+ZONE. Mumbai Angels, Keiretsu Forum, and
Ramakrishnan Family Office also served as lead investors in the pre-Series A funding round.
The company will use the funding to scale their operations towards early 2021 deployment plans and plans to building 1 million unmanned charging points in the next ten years in India.
Betting on recovery: India Inc set to pay more in 2021, says Aon Survey
Global professional services firm Aon has released findings from its latest salary trends survey in India.
As of September-October 2020, 87 percent of surveyed companies report they intend to pay out salary increases in 2021, and 61 percent of these organisations plan to offer increases between 5 percent and 10 percent (projected). The highest salary increases are expected in high technology (Hi Tech), information technology (IT), IT Enabled Services (ITeS), life sciences, e-commerce, chemicals and professional services.
Companies in the hospitality, retail and real estate/infrastructure sectors, which had given out low increases in 2020, are projecting a higher increase for 2021, yet trail the hikes expected in most other sectors.
The study analysed data across 1,050 companies from more than 20 industries.
Ant’s IPO fiasco set to clip its wings and dent value
China’s surprise suspension of Ant Group’s record $37 billion listing is set to delay rather than destroy its chances of a stock market debut though the financial technology giant’s valuation and growth prospects are likely to take a hit. The last-minute ambush by China’s regulators has been seen by analysts and investors as an attempt to cut Ant founder Jack Ma and his financial services empire down to size but they expected it to eventually list in Hong Kong and Shanghai.
Twitter, Facebook suspend some accounts as US election misinformation spreads online
Twitter and Facebook on Tuesday suspended several recently created and mostly right-leaning news accounts posting information about voting in the hotly contested U.S. election for violating their policies. Twitter said the accounts had been suspended for violating its policy against “coordination” by posting identical content while appearing independent or engaging in other covertly automated behavior.
Uber and Lyft expected to prevail in California ballot measure exempting them from state labor law
California voters decided that Uber and Lyft should be exempt from state labor law that aimed to make their drivers employees rather than contractors, according to projections from NBC News. Voters made the call on California’s Proposition 22, a ballot measure that essentially became one of Uber and Lyft’s last hopes in the state to continue their operations under the status quo.
The proposition would allow drivers for app-based transportation and delivery companies to be classified as independent contractors in many circumstances. While that would disqualify them for benefits granted to employees, the measure also entitles drivers to new benefits like minimum earnings and vehicle insurance.