State attorneys general to launch antitrust investigation into big tech companies, reports say

Source: Microsoft more

The state attorneys in more than a dozen states are preparing to begin an antitrust investigation of the tech giants, the Wall Street Journal and the New York Times reported Monday, putting the spotlight on an industry that is already facing federal scrutiny.

The bipartisan group of attorneys from as many as 20 states is expected to formally launch a probe as soon as next month to assess whether tech companies are using their dominant market position to hurt competition, WSJ reported.

If true, the move follows the Department of Justice, which last month announced its own antitrust review of how online platforms scaled to their gigantic sizes and whether they are using their power to curb competition and stifle innovation. Earlier this year, the Federal Trade Commission formed a task force to monitor competition among tech platforms.

It won’t be unprecedented for a group of states to look at a technology giant. In 1998, 20 states joined the Justice Department in suing Microsoft . The states could play a key role in building evidence and garnering public support for major investigations.

Because the tentacles of Google, Facebook, Amazon, and Apple reach so many industries, any investigation into them could last for years.

Apple and Google pointed the Times to their previous official statements on the matter, in which they have argued that they have been vastly innovative and created an environment that has benefited the consumers. Amazon and Facebook did not comment.

Also on Monday, Joseph Simons, the chairman of FTC, warned that Facebook’s planned effort to integrate Instagram and WhatsApp could stymie any attempt by the agency to break up the social media giant.

“If they’re maintaining separate business structures and infrastructure, it’s much easier to have a divestiture in that circumstance than in where they’re completely enmeshed and all the eggs are scrambled,” Simons told the Financial Times.


State attorneys general to launch antitrust investigation into big tech companies, reports say

India’s Reliance Jio inks deal with Microsoft to expand Office 365, Azure to more businesses; unveils broadband, blockchain, and IoT platforms

Source: Tech News – Enterprise

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

The subsidiary of India’s largest industrial house Reliance Industries today announced that it will commercially launch its optical fiber 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 to consumers starting September 5, will offer free voice calls, high-speed internet and start at Rs 700 per month.

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.

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.

More to follow…


India’s Reliance Jio inks deal with Microsoft to expand Office 365, Azure to more businesses; unveils broadband, blockchain, and IoT platforms

India’s Reliance Jio inks deal with Microsoft to expand Office 365, Azure to more businesses; unveils broadband, blockchain, and IoT platforms

Source: Microsoft more

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 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. It will also offer costlier plans that support gigabit speeds.

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 through some tiers also offers access to TV channels, will bundle games from many popular studios including Microsoft Game Studios, Riot Games, Tencent Games, and Gameloft, it said.

Ambani said more than half a million customers have already been beta testing the broadband service, which was first unveiled last year. In the coming months, Jio plans to expand the service to 20 million homes and 15 million business in 1,600 towns.

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.

Without revealing specific details, Ambani said Jio is building an IoT platform to control at least one billion of the two billion IoT devices in India by next year. He said he sees IoT as a $2.8 billion revenue opportunity for Jio. Similarly, the company also plans to expand its blockchain network across India, he said.


India’s Reliance Jio inks deal with Microsoft to expand Office 365, Azure to more businesses; unveils broadband, blockchain, and IoT platforms

TikTok-parent is getting into mobile search

Source: Microsoft more

China’s ByteDance, which owns popular video sharing app TikTok, is already working to enter the smartphone business and the music streaming space. It appears the world’s most valued startup also has ambitions about developing its own search engine. Kind of.

A company spokesperson told TechCrunch on Thursday that it has introduced a search function in ByteDance’s Toutiao news app.

“The function is in line with Toutiao’s mission of ‘information creates value.’ Users can try the function in the app and provide feedback and suggestions on the new function,” the spokesperson said.

The search function gleans information from both content on Toutiao as well as the entire world wide web, TechCrunch understands.

From the looks of it, ByteDance’s current search functionality is more alike WeChat’s in-app search function than local giant Baidu’s or Google’s offering.

On WeChat, when a person looks up a keyword, they see news articles about that topic, followed by mentions of it from their friends. This is followed by random articles about the subject. When a user clicks on any of these article or news links, WeChat serves them the page through its in-app browser, giving them no option to leave the walled-garden.

The idea is to change the way people think about — and use — a search engine altogether. And in China, where apps such as WeChat and TikTok have gained gigantic reach on mobile, it seems logical to add all new functionalities within those apps.

ByteDance’s interest in a search engine became public on Wednesday after it published a recruitment post on its WeChat account. The startup said its “search engine” is aimed at “hundreds of millions of mobile users in China.”

“We will build a universal search engine with a better user experience from 0 to 1. Only you don’t want to search, there is no [info] you can’t find, because we can search the whole network,” the company said in the post.

According to the description in the listing, ByteDance has already hired people from other search engines such as Google, Baidu, Bing, and 360.

An analysis of LinkedIn listings by TechCrunch found more than 100 people from Google, Microsoft, and Baidu, many of whom worked around search divisions at the previous companies, have joined ByteDance in recent quarters.

ByteDance following Tencent’s WeChat model to create its alternate search business may add more worries to Baidu, which currently holds more than 75% of the search engine market in China, according to third-party web service StatCounter Global Stat. Microsoft’s Bing is also operational in the country though its market share remains in the low-single digits. Google currently does not offer its search feature in China — though it has attempted to change that in recent months to no luck.


TikTok-parent is getting into mobile search

Contract management startup Icertis becomes unicorn with $115M new round

Source: Microsoft more

Icertis, a Washington-headquartered startup that develops cloud-based software to help large companies manage contracts, has raised $115 million at more than a billion dollar valuation to become the latest SaaS unicorn as it looks to further expand its footprints across the globe.

The Series E round for the 10-year-old firm was led by Greycroft and PremjiInvest, and saw participation from existing investors B Capital Group, Cross Creek Advisors, Eight Roads, Ignition Partners, Meritech Capital Partners, and PSP Growth. The startup, which also has offices in Seattle, Pune, Singapore, London, Paris, Sydney, has raised $211 million to date.

Icertis said it would use the fresh capital to expand its technology platform to address wider use cases. It said it would also expand its blockchain framework that integrates with enterprise contract management platforms to solve challenges such as transparency in supply chain and certification compliance. Its revenue are at about $100 million currently — another key area it intends to scale.

The firm, which claims that five of the world’s most valuable companies are its clients (one of which is Microsoft), said it would also scale its sales and marketing efforts to reach “every leading company in the world” and expand its partner ecosystem. It is also looking to acquire startups that are a good fit to its contracting business.

Icertis lets users manage almost all kinds of contracts. Companies use Icertis’ products to handle procurement, sales, and corporate contracts, including non-disclosure agreements. In addition to helping users create contracts, Icertis’ software also tracks when terms are met, ensures regulatory compliance, and automates administrative tasks like sending renewal reminders.

Icertis, which was founded originally in India, says it has more than 2,000 high profile customers and it helps them manage more than 5.7 million contracts with an aggregate value of more than $1 trillion. In a statement, Mark Terbeek, a partner at Grycroft, said Icertis’ ability to win “a huge stable of blue-chip customers” was among the factors that attracted them to invest in the company.

“Companies must re-imagine every business process to compete in today’s hyper-competitive global markets,” said Samir Bodas, CEO and Co-founder of Icertis. “Nothing is more foundational than contract management as every dollar in and every dollar out of a company is governed by a contract. As the CLM market takes off, we are thrilled to have Premji Invest join the Icertis family, Greycroft double down by co-leading this round, and all investors re-up their commitment as we execute on our mission to become the contract management platform of the world.”

Icertis competes with a number of firms including Apttus — which has raised north of $400 million, Springcm — which was acquired by DocuSign, Conga — which has raised over $100 million, Ariba, and Concord.


Contract management startup Icertis becomes unicorn with 5M new round

A91 Partners, a new VC fund from former Sequoia Capital India execs, closes $351M maiden fund

Source: Microsoft more

India’s growing number of startups now have one additional VC fund that will listen to their business ideas. A91 Partners, a new VC fund founded by former partners at Sequoia Capital India, has closed their maiden fund at $351 million.

A91 Partners will focus on high growth startups in consumer, technology, financial services, and healthcare sectors in India, Abhay Pandey, a partner at A91 told TechCrunch in an interview.

A91, whose maiden fund is one of the largest for any VC funds in India, will focus on early as well mid-stage startups that are looking to raise between $10 million and $30 million, Pandey said. Earlier this year, it invested about $14.2 million in Sugar, a cosmetics brand.

“In our experience, some companies get to this stage after having raised capital and some bootstrap their way into that position,” he added. Other than him, V.T. Bharadwaj, Gautam Mago, Prasun Agarwal — all former partners at Sequoia Capital India, and Kaushik Anand, formerly of CapitalG are also partners at A91. They founded the fund late last year.

The inspiration of the name comes from the country code of India, which is 91. The letter A is inspired from Ashoka, India’s greatest emperor.

“We are excited about the opportunity ahead of us and look forward to partnering with founders building enduring businesses for tomorrow’s India,” the founding members said in a statement.

“Our role in this development and growth is to partner with exceptional founders to build the next generation of enduring Indian businesses. While fulfilling this role, we aspire to build an enduring, excellent, uniquely Indian investment firm,” they said.

A91 raised about 80% of the $351 million capital from overseas investors that include foundations, endowments, family offices and fund of funds, Pandey said. Some of these include the International Finance Corporation and Asia Alternatives, as well as Adams Street and Swiss-based LGT Capital Partners.

India’s tech startups have raised more than $20 billion in the last two years. The country’s growing startup ecosystem is increasingly attracting major VC firms in the nation. SoftBank and Tiger Global, two large global VC funds, count India as one of their biggest markets.

In recent years, Google, Microsoft, Amazon, and Facebook have also begun to infuse money in India’s startup space. Google has invested in delivery startup Dunzo, while Amazon has taken stake in more than half a dozen local companies. Facebook invested in social commerce app Meesho last month.

Earlier this year, Microsoft expanded its M12 corporate venture fund (formerly known as Microsoft Ventures) to India with an investment in Innovaccer, a six-year-old SaaS startup. Samsung Venture, the investment arm of the South Korean technology conglomerate, made its debut investments in Indian startups on Wednesday.


A91 Partners, a new VC fund from former Sequoia Capital India execs, closes 1M maiden fund

India’s Android antitrust case against Google may have some holes

Source: Microsoft more

India ordered an investigation into Google’s alleged abuse of Android’s dominance in the country to hurt local rivals in April. A document made public by the local antitrust watchdog has now further revealed the nature of the allegations and identified the people who filed the complaint.

Umar Javeed, Sukarma Thapar, two associates at Competition Commission of India — and Aaqib Javeed, brother of Umar who interned at the watchdog last year, filed the complaint, the document revealed. The revelation puts an end to months-long interest from industry executives, many of whom wondered if a major corporation was behind it.

The allegations

The case, filed against Google’s global unit and Indian arm on April 16 this year, makes several allegations including the possibility that Google used Android’s dominant position in India to hurt local companies. The accusation is that Google requires handset and tablet vendors to pre-install its own applications or services if they wish to get the full-blown version of Android . Google’s Android mobile operating system powered more than 98% of smartphones that shipped in the country last year, research firm Counterpoint said.

This accusation is partly true, if at all. To be sure, Google does offer a “bare Android” version, which a smartphone vendor could use and then they wouldn’t need to pre-install Google Mobile Services (GMS). Though by doing so, they will also lose access to Google Play Store, which is the largest app store in the Android ecosystem. Additionally, phone vendors do partner with other companies to pre-install their applications. In India itself, most Android phones sold by Amazon India and Flipkart include a suite of their apps preloaded on the them.

“OEMs can offer Android devices without preinstalling any Google apps. If OEMs choose to preinstall Google mobile apps, the MADA (Mobile Application Distribution Agreement) allows OEMs to preinstall a suite of Google mobile apps and services referred to as Google Mobile Services (GMS),” said Google in response.

The second allegation is that Google is bundling its apps and services in a way that they are able to talk to each other. “This conduct illegally prevented the development and market access of rival applications and services in violation of Section 4 read with Section 32 of the Act,” the trio wrote.

This also does not seem accurate. Very much every Android app is capable of talking to one another through APIs. Additionally, defunct software firm Cyanogen partnered with Microsoft to “deeply integrate” Cortana into its Android phones — replacing Google Assistant as the default virtual voice assistant. So it is unclear what advantage Google has here.

Google’s response: “This preinstallation obligation is limited in scope. It was pointed out that preinstalled Google app icons take up very little screen space. OEMs can and do use the remaining space to preinstall and promote both their own, and third-party apps. It was also submitted that the MADA preinstallation conditions are not exclusive. Nor are they exclusionary. The MADA leaves OEMs free to preinstall rival apps and offer them the same or even superior placement.”

The third accusation is that Google prevents smartphone and tablet manufacturers in India from developing and marketing modified and potentially competing versions of Android on other devices.

This is also arguably incorrect. Micromax, which once held tentpole position among smartphone vendors in India, partnered with Cyanogen in their heyday to launch and market Android smartphones running customized operating system. Chinese smartphone vendor OnePlus followed the same path briefly.

Google’s response: “Android users have considerable freedom to customise their phones and to install apps that compete with Google’s. Consumers can quickly and easily move or disable preinstalled apps, including Google’s apps. Disabling an app makes it disappear from the device screen, prevents it from running, and frees up device memory – while still allowing the user to restore the app at a later time or to factory reset the device to its original state.”

Additionally, Google says it requires OEMs to “adhere to, a minimum baseline compatibility standard” for Android called Compatibility Definition Document (COD) to ensure that apps written for Android run on their phones. Otherwise, this risks creating a “threat to the viability and quality of the platform.”

“If companies make changes to the Android source code that create incompatibilities, apps written for Android will not run on these incompatible variants. As a result, fewer developers will write apps for Android, threatening to make Android less attractive to users and, in turn, even fewer developers will support Android,” the company said.

The antitrust is ongoing, but based on an initial probe on the case, CCI has found that Google has “reduced the ability and incentive of device manufacturers to develop and sell devices” running Android forks, the watchdog said. Google’s condition to include “the entire GMS suite” to devices from OEMs that have opted for full-blown version of Android, amounts to “imposition of unfair condition on the device manufacturers,” the watchdog added.

The document also reveals that Google has provided CCI with some additional responses that have been kept confidential. A Google spokesperson declined to comment.


India’s Android antitrust case against Google may have some holes

A 23-year-old B2B company has shown how keen India is for tech IPOs

Source: Tech News – Enterprise

Away from the limelight of the press and the frenzy of fundraising, a tech startup in India has achieved a feat that few of its peers have managed: going public.

IndiaMART, the country’s largest online platform for selling products directly to businesses, raised nearly $70 million in a rare tech IPO for India this week.

The milestone for the 23-year-old firm is so uncommon for India’s otherwise burgeoning startup ecosystem that, beyond being over-subscribed 36 times, pent up demand for IndiaMART’s stock saw its share price pop 40% on its first day of trading on National Stock Exchange on Thursday — a momentum that it sustained on Friday.

The stock ended Friday at Rs 1326 ($19.3), compared to its issue price of Rs 973 ($14.2).

IndiaMART is the first business-to-business e-commerce firm to go public in India. Its IPO also marks the first listing for a firm following the May reelection of Narendra Modi as the nation’s Prime Minister and the months-long drought that led to it.

Accounting firm EY said it expects more companies from India to follow suit and file for IPO in the coming months.

“Now that national elections are over and favorable results secured, IPO activity is expected to gain momentum in H2 2019 (second half of the year). Companies that had filed their offer documents with the Indian stock markets regulator during H2 2018 and Q1 2019 may finally come to market in the months ahead,” it said in a statement (PDF).

IndiaMART’s origin

The fireworks of the IPO are just as impressive as IndiaMART’s journey.

The startup was founded in 1996 and for the first 13 years, it focused on exports to customers abroad, but it has since modernized its business following the wave of the internet.

“The thesis was, in 1996, there were no computers or internet in India. The information about India’s market to the West was very limited,” Dinesh Agarwal, co-founder and CEO of IndiaMART, told TechCrunch in an interview.

Until 2008, IndiaMART was fully bootstrapped and profitable with $10 million in revenue, Agarwal said. But things started to dramatically change in that year.

“The Indian rupee became very strong against the dollar, which dwindled the exports business. This is also when the stock market was collapsing in the West, which further hurt the exports demand,” he explained.

GettyImages 519406304

Dinesh Agarwal, founder and CEO of IndiaMart.com, poses for a profile shot on July 29, 2015 in Noida, India.

By this time, millions of people in India were on the internet and, with tens of millions of people owning a feature phone, the conditions of the market had begun to shift towards digital.

“This is when we decided to pursue a completely different path. We started to focus on the domestic market,” Agarwal said.

Over the last 10 years, IndiaMART has become the largest e-commerce platform for businesses with about 60% market share, according to research firm KPMG. It handles 97,000 product categories — ranging from machine parts, medical equipment and textile products to cranes — and has amassed 83 million buyers and 5.5 million suppliers from thousands of towns and cities of India.

According to the most recent data published by the Indian government, there are about 50 to 60 million small and medium-sized businesses in India, but only around 10 million of them have any presence on the web. Some 97% of the top 50 companies listed on National Stock Exchange use IndiaMART’s services, Agarwal said.

That’s not to say that the transition to the current day was a straightforward process for the company. IndiaMART tried to capitalize on its early mover advantage with a stream of new services which ultimately didn’t reap the desired rewards.

In 2002, it launched a travel portal for businesses. A year later, it launched a business verification service. It also unveiled a payments platform called ABCPayments. None of these services worked and the firm quickly moved on.

Part of IndiaMART’s success story is its firm leadership and how cautiously it has raised and spent its money, Rajesh Sawhney, a serial angel investor who sits on IndiaMART’s board, told TechCrunch in an interview.

IndiaMART, which employs about 4,000 people, is operationally profitable as of the financial year that ended in March this year. It clocked some $82 million in revenue in the year. It has raised about $32 million to date from Intel Capital, Amadeus Capital Partners and Quona Capital. (Notably, Agarwal said that he rejected offers from VCs for a very long time.)

The firm makes most of its revenue from subscriptions it sells to sellers. A subscription gives a seller a range of benefits including getting featured on storefronts.

Where the industry stands

There are only a handful of internet companies in India that have gone public in the last decade. Online travel service MakeMyTrip went public in 2010. Software firm Intellect Design Arena and e-commerce store Koovs listed in 2014, then travel portal Yatra and e-commerce firm Infibeam followed two years later.

India has consistently attracted billions of dollars in funding in recent years and produced many unicorns. Those include Flipkart, which was acquired by Walmart last year for $16 billion, Paytm, which has raised more than $2 billion to date, Swiggy, which has bagged $1.5 billion to date, Zomato, which has raised $750 million, and relatively new entrant Byju’s — but few of them are nearing profitability and most likely do not see an IPO in their immediate future.

In that context, IndiaMART may set a benchmark for others to follow.

“The fact that we have a homegrown digital commerce business, serving both the urban and smaller cities, and having struggled and been around for so long building a very difficult business and finally going public in the local exchange is a phenomenal story,” Ganesh Rengaswamy, a partner at Quona Capital, told TechCrunch in an interview. “It keeps the story of India tech, to the Western world, going.”

Generally, it is agreed that there are too few IPOs in India and the industry can benefit from momentum and encouragement of high profile and successful public listings.

“There is a firm consensus that in India, markets will prefer only the IPOs of companies that are profitable. And investors in India might not value those companies. Both of these issues are being addressed by IndiaMART,” said Sawhney.

“We need 30 to 40 more IPOs. This will also mean that the stock market here has matured and understands the tech stocks and how it is different from other consumer stocks they usually handle. More tech companies going public would also pave the way for many to explore stock exchanges outside of India.

“Indian market is ready for more tech stocks. We just need to get more companies to go out there,” Sawhney added, although he did predict that it will take a few years before the vast majority of leading startups are ready for the public market.

GettyImages 505226744

The Indian government, for its part, this week announced a number of incentives to uplift the “entrepreneurial spirit” in the nation.

Finance minister Nirmala Sitharaman said the government would ease foreign direct investment rules for certain sectors — including e-commerce, food delivery, grocery — and improve the digital payments ecosystem. Sitharaman, who is the first woman to hold this position in India, said the government would also launch a TV program to help startups connect with venture capitalists.

The path ahead for IndiaMART

IndiaMART has managed to build a sticky business that compels more than 55% of its customers to come back to the platform and make another transaction within 90 days, Agarwal — its CEO — said. With some 3,500 of its 4,000 employees classified as sales executives, the company is aggressive in its pursuit of new customers. Moving forward, that will remain one of its biggest focuses, according to Agarwal.

“Most of our time still goes into educating MSMEs on how to use the internet. That was a challenge 20 years ago and it remains a challenge today,” he told TechCrunch.

In recent years, IndiaMART has begun to expand its suite of offerings to its business customers in a bid to increase the value they get from its platform and thus increase their reliance on its service.

IndiaMART has built a customer relationship management (CRM) tool so that customers need not rely on spreadsheets or other third-party services.

“We will continue to explore more SaaS offerings and look into solving problems in accounting, invoice management and other areas,” said Agarwal.

The firm also recently started to offer payment facilitation between buyers and sellers through a PayPal -like escrow system.

“This will bridge the trust gap between the entities and improve an MSME’s ability to accept all kinds of payment options including the new age offerings.”

There’s an elephant in the room, however.

A bigger challenge that looms for IndiaMART is the growing interest of Amazon and Walmart in the business-to-business space. Several startups including Udaan — which has raised north of $280 million from DST Global and Lightspeed Venture Partners — have risen up in recent years and are increasingly expanding their operations. Agarwal did not seem much worried, however, telling TechCrunch that he believes that his prime competition is more focused on B2C and serving niche audiences. Besides he has $100 million in the bank himself.

Indeed, as Quona Capital’s Rengaswamy astutely noted, competition is not new for IndiaMART — the company has survived and thrived more than two decades of it.

“Alibaba came and gave up,” he noted.

An important — and unanswered question — that follows the successful IPO is how IndiaMART’s stock will fare over the coming months. A glance to the U.S. — where hyped companies like Uber, Lyft and others have seen prices taper off — shows clearly that early demand and sustained stock performance are not one and the same.

Nobody knows at this point, and the added complexity at play is that the concept of a tech IPO is so uncommon in India that there is no definitive answer to it… yet. But IndiaMART’s biggest achievement may be that it sets the pathway that many others will follow.


A 23-year-old B2B company has shown how keen India is for tech IPOs

Postman raises $50 million to grow its API development platform

Source: Tech News – Enterprise

Postman, a five-year-old startup that is attempting to simply development, tests, and management of APIs through its platform, has raised $50 million in a new round to scale its business.

The Series B for the startup, that began its journey in India, was led by Charles River Ventures (CRV) and included participation from existing investor Nexus Venture Partners . The startup, with offices in India and San Francisco, closed its Series A financing round four years ago and has raised $57 million to date.

Postman offers a development environment which a developer or a firm could use to build, publish, document, design, monitor, test, and debug their APIs. Postman, like some other startups such as RapidAPI, also maintains a marketplace to offer APIs for quick integration with other popular services.

The startup was co-founded by Abhinav Asthana, a former intern at Yahoo . Asthana was frustrated with how APIs were an afterthought for many developers as they usually got around to building them in the eleventh hour. Additionally, developers were relying on their own workflows and there was no organized platform that could be used by many, he explained in an interview with TechCrunch.

Even big software firms have not looked into this space yet, and many have instead become a customer of Postman. “We are solving a fundamental problem for the technology landscape. Big companies tend to be slower as they have many other things on their plate,” said Asthana.

Five years later, Postman has grown significantly. More than 7 million users and 300,000 companies including Microsoft, Twitter, BestBuy, AMC Theaters, Paypal, Shopify, BigCommerce, and DocuSign today use Postman’s platform.

The modern software development relies heavily on APIs as more businesses begin to talk with one another. According to research firm Gartner, more than 65% of global infrastructure service providers’ revenue will be generated through services enabled by APIs by 2023, up from 15% in 2018.

Asthana said Postman intends to use the fresh capital to scale its startup, products, and grow its team. “We are scaling rapidly across all dimensions. There are many use cases that we still want to address over the coming months. We will also experiment with sales and invest in improving user experience,” he added.

Postman offers some of its services in limited capacity for free to users. For rest, it charges between $8 to $18 per user to its customers. That’s how the company generates revenue. Asthana declined to share the financial performance of the startup, but said its customer based was “growing phenomenally.”

Postman said CRV General Partner Devdutt Yellurkar has joined its board of directors.


Postman raises million to grow its API development platform

WhatsApp is finally going after outside firms that are abusing its platform

Source: Tech News – Enterprise

WhatsApp has so far relied on past dealings with bad players within its platform to ramp up its efforts to curtail spam and other automated behavior. The Facebook -owned giant has now announced an additional step it plans to take beginning later this year to improve the health of its messaging service: going after those whose mischievous activities can’t be traced within its platform.

The messaging platform, used by more than 1.5 billion users, confirmed on Tuesday that starting December 7 it will start considering signals off its platform to pursue legal actions against those who are abusing its system. The company will also go after individuals who — or firms that — falsely claim to have found ways to cause havoc on the service.

The move comes as WhatsApp grapples with challenges such as spam behavior to push agendas or spread of false information on its messaging service in some markets. “This serves as notice that we will take legal action against companies for which we only have off-platform evidence of abuse if that abuse continues beyond December 7, 2019, or if those companies are linked to on-platform evidence of abuse before that date,” it said in an FAQ post on its site.

A WhatsApp spokesperson confirmed the change to TechCrunch, adding, “WhatsApp was designed for private messaging, so we’ve taken action globally to prevent bulk messaging and enforce limits on how WhatsApp accounts that misuse WhatsApp can be used. We’ve also stepped up our ability to identify abuse, which helps us ban 2 million accounts globally per month.”

Earlier this year, WhatsApp said (PDF) it had built a machine learning system to detect and weed out users who engage in inappropriate behavior such as sending bulk messages or creating multiple accounts with intention to harm the service. The platform said it was able to assess the past dealings with problematics behaviors to ban 20% of bad accounts at the time of registration itself.

But the platform is still grappling to contain abusive behavior, a Reuters report claimed last month. The news agency reported about tools that were readily being sold in India for under $15 that claimed to bypass some of the restrictions that WhatsApp introduced in recent months.

TechCrunch understands that with today’s changes, WhatsApp is going after those same set of bad players. It has already started to send cease and desist letters to marketing companies that claim to abuse WhatsApp in recent months, a person familiar with the matter said.


WhatsApp is finally going after outside firms that are abusing its platform