Just a week into 2017, the startup community is on the move, announcing new ventures while pulling the plug on some previously announced plans. From funding cuts to collaborations and a change in business plans, a lot is going on this week on Startup Street.
Yes Bank Collaborates With Silicon Valley Startup ‘Gupshup'
India's fifth largest private bank has tied up with Silicon valley startup Gupshup, to initiate artificial intelligence led conversations with its customers and shareholders.
Gupshup will help the private lender set up a banking chat bot named 'Yes mPower' which will help explain its loan products to customers.
The bot will be available through Facebook messenger, the company said in a statement on its website.
AI driven conversations between brands and their consumers deliver better customer experiences while lowering costs through automation.Beerud Sheth, CEO, Gupshup.
The bot also facilitates conversations that address customer queries immediately. Internally, the bot is expected to increase product sales through greater efficiency.
We're excited to partner with Gupshup to introduce this chat bot that transforms banking as we know it by offering a conversational interface to users.Pralay Mondal, Senior Group President & Head -Retail & Business Banking, Yes Bank
Coca-Cola Shuts Its Startup Fund
The fizzy drink maker's startup fund known as ‘Coca-Cola Founders' has shut down as the company is focusing its "marketing innovation resources" on its core beverage products.
The seed-stage investment platform intended to partner with experienced entrepreneurs and provide them access to Coca-Cola's relationships and resources. "We invest in founders first, before they have a startup or even an idea," says the company's website.
That, however, is a thing of the past.
Relationships with the start-up companies already funded through the platform will transition to be managed through our Corporate Mergers & Acquisitions team. These startups continue to generate benefit to the company. We will not, however, fund new start-ups or conduct additional funding through Founders.Petro Kacur, Media Relations Director, The Coca-Cola Company
The platform has been associated with a number of startups such as Wonolu, Tobuy and Stealth Mode.
"We also continue to work with entrepreneurial start-ups through our Bridge program and ongoing investments via Venturing and Emerging Brands (VEB)," said the company's official spokesperson, Petro Kacur, in response to an email from BloombergQuint.
Lodha Group's Real Estate Startup Fund
The Mumbai based real estate firm announced a Rs 50 crore real estate startup investment fund, with a special focus on smart city solutions.
The fund will support startups in all stages of development, including early-stage startups, the company said in a statement on its website. Apart from an initial investment, the startups associated with the fund will also receive business opportunities, industry contacts and mentorship. Lodha pledged to make all resources accessible to the startups as long as “the ideas and founders resonate with the company's philosophy and values,” according to the company's statement.
Our fund's philosophy is in line with Hon'ble Prime Minister Mr. Narendra Modi's three campaigns - Start Up India, Housing for All and Demonetization...Our fund will address the prevailing inefficiencies in the sector with the use of technology and smart solutions.Abhishek Lodha, Managing Director, Lodha Group
EatFresh Stops Its On-Demand Delivery Operations
The online restaurant and caterer owned by Ubiquitous Foods Pvt Ltd. has shut down its on-demand food delivery services.
Eatfresh is a digital-first food startup which would allow customers to order on-demand dishes apart from bulk party orders. As per the company's website, the startup will now offer only catering services.
"Dear Customers, We no longer operate our on-demand meal delivery service, and will only cater to party or bulk orders in the future. We strived to create a differentiated offering, and hope that we leave you with some happy memories."
Ubiquitous Foods also owns the bakery brand Ovenfresh. Eatfresh has not responded to BloombergQuint's query as of now.
Also Read: Odd Startup Names And The Stories Behind Them
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