AirPods factory in India🎧, Oyo rolls out program🏨, $1 Billion in SVB🏦

Foxconn to invest $200M in India, Oyo rolls out accelerator program, Indian startups have deposits worth $1 Bn, Funding Deals and more.

Mar 17, 2023

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Apple supplier Foxconn to invest $200M in India to build AirPods factory🎧

Foxconn, the Taiwanese contract manufacturer, has been awarded a contract to produce Apple's AirPods and reportedly intends to construct a factory in India specifically for the manufacturing of these wireless earphones.

Under this deal, Foxconn, which is responsible for assembling approximately 70% of all iPhones, will now also become a supplier of AirPods, marking the first time it will produce these products.

This move highlights Foxconn's efforts to diversify its production away from China.

Oyo rolls out accelerator program for small first-gen hoteliers🏨

Hospitality tech platform Oyo on Thursday said it has rolled out an accelerator program, which will provide financial assistance, mentorship and guidance to selected small first-generation hoteliers.

Hotel owners with more than five running hotels are eligible to be a part of the accelerator program.

Over 200 properties are expected to be onboarded under this program in key business cities, such as Bengaluru, Hyderabad, Chennai, Delhi, Gurugram, Noida, Kolkata, Siliguri and Mumbai, OYO stated.

Hot Shorts⚡

Online visa application platform Atlys has raised $12 million from Sequoia Capital and Accel Partners.
Solar financing platform Aerem has raised $5 million in Pre-Series A round led by climate-tech investor Avaana Capital.
Zouk, a lifestyle brand with products like bags, wallets and footwear has raised $3 million in a round led by Stellaris Venture Partners.
Mumbai-headquartered ice cream maker NOTO has raised $2 million in a pre-series A funding round led by investors White Whale Ventures and Rainmatter.
peAR, an augmented-reality-based in-restaurant ordering app, has raised Rs 4.2 crore in its Pre-series A round led by 1crowd and Chennai Angels and co-Led by Inflection Point Ventures (IPV).

Funding Deals 💰

Indian startups have deposits worth $1 billion in SVB: MoS IT Rajeev Chandrasekhar🏦

Indian startups had deposits worth $1 billion in the beleaguered California-based Silicon Valley Bank, MoS IT Rajeev Chandrasekhar informed while addressing a Twitter Spaces session, on Thursday.

“I had empirically and anecdotally calculated that there were more than a billion dollars of startup capital as deposits – according to some this is a conservative estimate – in Silicon Valley Bank, attributable to Indian startups,” he said.

Chandrasekhar held a consultation with more than 450 representatives of the startup and investor ecosystem on Tuesday to assess the impact of the Silicon Valley Bank collapse.