Nations worldwide are finding opportunities, one way or another, to invest their business in India’s emerging economy. If you’re wondering what’s enticing the world to do business in the South… Read more » The post Why Canadian Companies Need to Tap Into The Indian Market appeared first on Noobpreneur.com.
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Berkshire Hathaway has reportedly agreed to buy a stake in One97, the owner of India’s largest digital payments service Paytm . This would mark the first time the investment firm has invested in an Indian startup. According to Indian financial news site Mint, which first broke the news, Berkshire Hathaway, the investment firm headed by Warren Buffett, is set to buy shares worth about $300 million to $350 million, at a valuation of about $10 billion to $12 billion. Another report in Bloomberg says Berkshire Hathaway will acquire a 3% to 4% stake in One97. Paytm’s investors already include SoftBank, which led a $450 million round in Paytm earlier this year, and Alibaba. Already India’s largest digital wallet and payment service with 230 million registered users, Paytm has recently focused on adding a host of new mobile services that could potentially turn it into a WhatsApp competitor, including a messenger and games. A spokesperson for One97 declined to comment. TechCrunch has also contacted Berkshire Hathaway.
Cashify, a company that buys and sells used smartphones, is the latest India startup to raise capital from Chinese investors after it announced a $12 million Series C round. Chinese funds CDH Investments and Morningside led the round, which included participation from Aihuishou, a China-based startup that sells used electronics in a similar way to Cashify and has raised more than $120 million. Existing investors, including Bessemer Ventures and Shunwei, also took part in the round. This new capital takes Cashify to $19 million raised to date. The business was started in 2013 by co-founders Mandeep Manocha (CEO), Nakul Kumar (COO) and Amit Sethi (CTO) initially as ReGlobe. The business gives consumers a fast way to sell their existing electronics; it deals mainly in smartphones but also takes laptops, consoles, TVs and tablets. “When we began we saw a lot of transaction for phone sales moving from offline to online,” Manocha told TechCrunch in an interview. “But consumer-to-consumer [for used devices] is highly opaque on price discovery and you never know if you’re making the right decision on price and whether the transaction will take place in the timeframe.” These days, the company estimates that the average upgrade cycle has shifted from 20 months to 12 months, and now it is doubling down. With Cashify, sellers simply fill out some details online about their device, then Cashify dispatches a representative who comes to their house to perform diagnostic checks and gives them cash for the device that day. The startup also offers an app which automatically carries out the checks — for example ensuring the camera, Bluetooth module, etc. all work — and offers a higher cash payment for the user since Cashify uses fewer resources. A sample of the Cashify Q&A for selling a device Beyond its website and app, Cashify gets devices from trade-in programs for Samsung, Xiaomi and Apple in India, as well as e-commerce companies like Flipkart, Amazon and Paytm Mall. Used device acquired, what happens next is interesting. The startup has built out a network of offline merchants who specialize in selling used phones. Each phone it acquires is then sold (perhaps…