Also, Singapore introduces QR-code system for bike-sharing and ButlerInSuits wins pitching competition
Instagram Co-founders Kevin Systrom and Mike Krieger leave company — [New York Times]
The duo that started Instagram, Kevin Systrom and Mike Krieger, have resigned from the company and will no longer be involved after a few weeks, according to the New York Times.
Other media outlets have reported that the logic behind the resignation is a falling-out with Facebook, the parent company that bought Instagram in 2012.
The duo said it was time to start something new and it is possible they will work on another startup.
The news is particularly important now because Facebook has been hit with a tidal wave of bad news over the past year while Instagram has exploded into one of the most popular apps in the world. The future of Instagram is going to be a metric for whether or not the future of Facebook Inc. is a success.
OYO raises US$1 Billion lead by Softbank — [TechCrunch]
OYO, the Indian company that has built a network of budget hotels, has raised US$1 billion with US$800 million of it coming from Softbank’s Vision Fund, according to TechCrunch.
The deal is meant to finance the company’s expansion into China.
OYO works by aggregating budget hotels in India and then retrofitting them so they meet a minimum standard of cleanliness and service. The goal is to make customers feel comfortable that, when they book a budget hotel, it will not be absolutely disgusting.
OYO has spawned many copy-cats across Asia and a few startups have taken a stab at the business model in Southeast Asia.
Singapore introduces QR-code system to better organise bike-sharing — [Channel News Asia]
The Land Transport Authority of Singapore announced today they will leverage a QR-code based system to curb indiscriminate parking.
Launching next year, it will work by forcing people to scan a QR code after they have parked their bike in the proper area. If they fail to scan the code, they will be charged five dollars. People who don’t park correctly three times in one year will be banned from bike-sharing services for up to a year.
In the article, ofo and SG Bike both issued statements welcoming the regulations.
ButlerInSuits wins startup competition in South Korea — [Press Release]
ButlerInSuits, a Singaporean company that offers a full-suite of hospitality services, won the Startup Battle at the 2018 Asia Startup Summit in South Korea. The team beat out 12 other competitors and will take home S$24,000 (US$17,500).
The business works by charging people S$330 (US$240) per month for a subscription that gives them access to services. These tasks include daily housekeeping, full repair work and even personal assistant tasks like taking out the dry cleaning and making bookings.
The company CEO, Poon Da Qian, is an alumni of Platform E, an entrepreneurship programme from the Singapore Institute of Management.
India cybersecurity firm Sequretek raises US$3.8 million from Unicorn India Ventures — [Press Release]
Sequretek, a Cybersecurity company based in Mumbai, announced today it has landed a 27 crore (US$3.8 million) bridge round led by Unicorn India Ventures. Co-investors included GVFL and Sharad Sanghi, the CEO of Netmagic.
The company is using the money to gear up for its first international expansion, which will be into the US.
Sequretek is a cybersecurity company that has built an enterprise product and it has seen its customer base growing into new verticals like manufacturing, pharmaceuticals, services and retail.
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Photo by Priscilla Du Preez on Unsplash
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