On-demand logistics startup Lalamove raises $300M for Asia growth and becomes a unicorn

Lalamove, a Hong Kong-based on-demand logistics startup, has closed a $300 million Series D round as it seeks expansion across Asia. In doing so, the company has officially entered the unicorn club.

Founded in 2013 by Stanford graduate Shing Chow, Lalamove provides logistics and delivery services in a similar style to ride-hailing apps like Uber but it is primarily focused on business and corporate customers. That gives it more favorable economics and a more loyal customer base than its consumer-focused peers, who face discount wars to woo fickle consumers.

This new round is split into two, Lalamove said, with Hillhouse Capital leading the ‘D1’ tranche and Sequoia China heading up the ‘D2’ portion. The company didn’t reveal the size of the two pieces of the round. Other investors that took part included new backers Eastern Bell Venture Capital and PV Capital and returning investors ShunWei Capital — the firm founded by Xiaomi CEO Lei Jun — Xiang He Capital and MindWorks Ventures .

The deal takes Lalamove to over $460 million raised to date, and it follows a $100 million Series C that closed in late 2017. Lalamove isn’t disclosing a valuation but Blake Larson, the company’s head of international, told TechCrunch that it has been “past unicorn mark for quite some time [but] we just don’t talk about it.” That figures given the size of the round and the fact that Lalamove was just shy of the $1 billion mark for that Series C.

The Lalamove business is anchored in China where it covers over 130 cities with a network of over two million drivers covering vans, cars and motorbikes.

Beyond China, Lalamove is present in its native Hong Kong — where Uber once briefly tried a similar service — Taiwan, Vietnam, Indonesia, Malaysia, the Philippines and Thailand, where it works with popular chat app Line. All told, it covers 11 cities outside of China and this new capital will go towards expanding that figure with additional city launches in Southeast Asia and entry to India.

“If we do this well, then we are in countries that are more than half the world’s population,” Larsen said in an interview, although he didn’t rule out the potential for Lalamove to expand beyond Asia in the future.

There are also plans to grow the business in mainland China in terms of both geography and new services. Already, Lalamove has begun to offer driver services, starting with financing packages to help drivers with vehicle purchasing, and it is developing dedicated corporate offerings, too.

Lalamove CEO Shing Chow started Lalamove in late 2013, his past roles have included time with Bain & Company, a number of startup ventures — including a Hong Kong-based skin center — and a stint as a professional poker player

Overall, the business claims to have registered 3 million drivers to date and served more than 28 million users across all cities. With its headquarters in Hong Kong, it employs some 4,000 people across its business.

Rival GoGoVan exited through a merger with China-based 58 Suyun in 2017, at a claimed valuation of $1 billion, but Lalamove has remained independent and stuck to its guns. Larson said that already it is profitable in “a significant amount” of cities and typically, he said, the blueprint is to reach profitability within two years of opening a new location.

“The focus has always been on sustainable growth and we’re very strong on the cash flow front,” the former Rocket Internet executive added.

Larson and Lalamove have been very forthcoming in their desire to go public in Hong Kong, noting so publicly as early as 2017 at a TechCrunch China event in Shenzhen. That desire is still evident — “we’re very proud to be from Hong Kong and Hong Kong would be a good place for an IPO,” Larson said this week — but still the company said that it has no particular plan on the cards, despite its consumer-focused peers Uber and Lyft lining up IPOs in the U.S. this year.

“We don’t spend maybe even five minutes a year talking about it,” Larsen told TechCrunch. “The discussion is really ‘Let’s make sure we’re IPO ready’ because sometimes there are macroeconomic conditions you can’t control.”

Clearly, investors are bullish and it is notable that Lalamove’s new round comes at a time when many Chinese companies are downsizing their staff, with the likes of Didi, Meituan and JD.com announcing cuts and refocusing strategies in recent weeks.

“[Lalamove CEO and founder] Shing is a role model for Hong Kong’s new generation of innovative entrepreneurs,” said Sequoia China founder and managing partner Neil Shen. “Raised in Hong Kong and educated at Stanford University, Shing returned and plunged himself in the entrepreneurial wave of ‘Internet Plus,’ becoming a figure of entrepreneurial success.”

Uber fixes bug that exposed third-party app secrets

Uber has fixed a bug that allowed access to the secret developer tokens of any app that integrated with the ride-sharing service, according to the security researchers who discovered the flaw.

In a blog post, Anand Prakash and Manisha Sangwan explained that a vulnerable developer endpoint on Uber’s back-end systems — since locked down — was mistakenly spitting back client secrets and server tokens for apps authorized by the Uber account owner.

Client secrets and server tokens are considered highly sensitive bits of information for developers as they allow apps to communicate with Uber’s servers. For its part, Uber warns developers to “never share” the keys with anyone.

Prakash, founder of Bangalore-based AppSecure, told TechCrunch that the bug was “very easy” to exploit, and could have allowed an attacker to obtain trip receipts and invoicesBut he didn’t test how far the access could have given him as he immediately reported the bug to Uber.

Uber took a month to fix the bug, according to the disclosure timeline, and was considered serious enough to email developers last week warning of the possible exposure.

“At this time, we have no indication that the issue was exploited, but suggest reviewing your application’s practices out of an abundance of caution,” Uber’s email to developers said. “We have mitigated the issue by restricting the information returned to the name and id of the authorized applications.”

Uber did not respond to a request for comment. If that changes, we’ll update.

Prakash was paid $5,000 in Uber’s bug bounty for reporting the bug, and currently ranks in the top five submitters on Uber’s bug bounty.

The security researcher is no stranger to Uber’s bug bounty. Two years ago, he found and successfully exploited a bug that allowed him to receive free trips in both the U.S. and his native India.

Xiaomi’s Mi 9 includes a triple lens rear camera and wireless charging

Mobile World Congress, the mobile industry’s annual shindig, is next week but Xiaomi can’t wait reveal its newest top-end phone. The Chinese company instead picked today to unveil the Mi 9.

Once again Xiaomi’s design ethic closely resembles Apple’s iPhone with a minimal bezel and notch-like front-facing camera but Xiaomi has gone hard on photography with a triple lens camera.

There are two models available with the regular Mi 9 priced from RMB 2999, or $445, and the Mi 9SE priced from RMB 1999, or $300. A premium model, the Transparent Edition, includes beefed-up specs for RMB 2299, $342.

The phone runs on Qualcomm’s Snapdragon 855 chipset and the headline feature, or at least the part that Xiaomi is shouting about most, is the triple lens camera array the back of the device. That trio combines a 48-megapixel main camera with a 16-megapixel ultra-wide-angle camera and a 12-megapixel telephoto camera, Xiaomi said. The benefits of that lineup is improved wide-angle shots, better quality close-up photography and performance in low-light conditions, according to the company.

The premium Mi 9 model, the Transparent Edition, sports 12GB of RAM and 256GB internal storage and features a transparent back cover

There’s also a ‘supermoon’ mode for taking shots of the moon and presumably other night sky images, while Xiaomi touts an improved night mode and, on the video side, 960fps capture and advanced motion tracking. We haven’t had the chance to test these out, which is worth noting at this point.

Xiaomi also talked up the battery features of the Mi 9, which ships with an impressive 3300mAh battery that features wireless charging support and Qi EPP certification meaning it will work with third-party charging mats. Xiaomi claims that the Mi 9 can charge to 70 percent in 30 minutes, and reach 100 percent in an hour using 27W wired charging.

Alongside the Mi 9, it unveiled its third three wireless charging products — a charging pad (RMB 99, $15), a car charger (RMB 169, $25) and a 10,000mAh wireless power bank (RMB 149, $22.)

Xiaomi, as ever, offers a range of different options for customers as follows:

  • Mi 9 with 6GB and 128GB for RMB 2999, $445
  • Mi 9 with 8GB and 128GB for RMB 3299, $490
  • Mi 9 with 12GB and 256GB for RMB 3999, $595
  • Mi 9SE with 6GB and 128GB for RMB 1999, $300
  • Mi 9SE with 6GB and 128GB for RMB 2299, $342 (Transparent Edition)

Notably, the Mi 9 goes on sale February 26 — pre-orders open this evening — with the SE version arriving on March 1. As expected, the launch market is China but you can imagine that India — where Xiaomi is among the top players — and other global launches will follow.

Xiaomi said it plans to announce more products on Sunday, the eve of Mobile World Congress. It recently teased a foldable phone so it’ll be interesting to see if it will follow suit and join Samsung, which had its first foldable phone outed by a leak.

 

Twitter names first international markets to get checks on political advertisers

Twitter has announced it’s expanding checks on political advertisers outside the U.S. to also cover Australia, India and all the member states of the European Union.

This means anyone wanting to run political ads on its platform in those regions will first need to go through its certification process to prove their identity and certify a local location via a verification letter process.

Enforcement of the policies will kick in in the three regions on March 11, Twitter said today in a blog post. “Political advertisers must apply now for certification and go through the every step of the process,” it warns.

The company’s ad guidelines, which were updated last year, are intended to make it harder for foreign entities to target elections by adding a requirement that political advertisers self-identify and certify they’re locally based.

A Twitter spokeswoman told us that advertiser identity requirements include providing a copy of a national ID, and for candidates and political parties specifically it requires an official copy of their registration and national election authority.

The company’s blog post does not explain why it’s selected the three international regions it has named for its first expansion of political checks outside the U.S. But they do all have elections upcoming in the next months.

Elections to the EU parliament take play in May, while India’s general elections are expected to take place in April and May. Australia is also due to hold a federal election by May 2019.

Twitter has been working on ad transparency since 2017, announcing the launch of a self-styled Advertising Transparency Center back in fall that year, following political scrutiny over the role social media platforms in spreading Kremlin-backed disinformation during the 2016 US presidential election. It went on to launch the center in June 2018.

It also announced updated guidelines for political advertisers in May 2018 which also came into effect last summer, ahead of the U.S. midterms.

The ad transparency hub lets anyone (not just Twitter users) see all ads running on its platform, including the content/creative; how long ads have been running; and any ads specifically targeted at them if they are a user. Ads can also be reported to Twitter as inappropriate via the Center.

Political/electioneering ads get a special section that also includes information on who’s paying for the ad, how much they’ve spent, impressions per tweet and demographic targeting.

Though initially the political transparency layer only covered U.S. ads. More than half a year on and Twitter is now preparing to expand the same system of checks to its first international regions.

In regions where it has implemented the checks, organizations buying political ads on its platform are also required to comply with a stricter set of rules for how they present their profiles to enforce a consistent look vis-a-vis how they present themselves online elsewhere — to try to avoid political advertisers trying to pass themselves off as something they’re not.

These consistency rules will apply to those wanting to run political ads in Europe, India and Australia from March. Twitter will also require political advertisers in the regions include a link to a website with valid contact info in their Twitter bio.

While those political advertisers with Twitter handles not related to their certified entity must also include a disclaimer in their bio stating the handle is “owned by”  the certified entity name.

The company’s move to expand political ad checks outside the U.S. is certainly welcome but it does highlight how piecemeal such policies remain with many more international regions with upcoming elections still lacking such checks — nor even a timeline to get them.

Including countries with very fragile democracies where political disinformation could be a hugely potent weapon.

Indonesia, which is a major market for Twitter, is due to hold a general election in April, for instance. The Philippines is also due to hold a general election in May. While Thailand has an election next month.

We asked Twitter whether it has any plans to roll out political ad checks in these three markets ahead of their key votes but the company declined to make a statement on why it had focused on the EU, Australia and India first.

A spokeswoman did tell us that it will be expanding the policy and enforcement globally in the future, though she would not provide a timeline for any further international expansion. 

Flipkart co-founder Sachin Bansal invests $92M in Ola

The money is starting to flow from India’s largest startup exit. Ola has added a major name to its ongoing financing round after it confirmed that Flipkart co-founder Sachin Bansal has invested 650 crore INR (around $92 million) into the Indian ride-hailing business.

The deal rumored in January when Paper.vc, an intelligence service that sifts through company filings in India, noticed that Bansal had committed to investing 150 crore. Today, eight-year-old Ola not only confirmed the pairing, but it revealed that the actual size of Bansal’s investment is significantly higher. It represents his most prominent and largest investment to date, and his first major deal since he left Flipkart following its sale to Walmart for $16 billion last year.

An Ola spokesperson confirmed that Bansal will not take an advisory role nor will he be involved in operations.

The investment is part of an ongoing Series J round of financing that is likely to exceed $1 billion and would value Ola, which competes fiercely with Uber in India, at around $6 billion. Bansal’s commitment comes a month after existing investor Steadview Capital put $75 million towards the round.

Here’s what Bansal — who started Flipkart with co-founder Binny Bansal in 2007 — had to say on the deal:

Ola is one of India’s most promising consumer businesses, that is creating deep impact and lasting value for the ecosystem. On one hand, they have emerged as a global force in the mobility space and on the other, they continue to build deeper for various needs of a billion Indians through their platform, becoming a trusted household name today.

I have known Bhavish as an entrepreneur and as a friend over these years and I have great respect for what he and the team at Ola have built in just 8 years! I am personally thrilled to be part of the Ola journey and I look forward to contributing to their success.

Aggarwal, Ola’s CEO, in turn, lauded Bansal as “an icon of entrepreneurship.”

“His investment is a huge encouragement for all of us at Ola and our mission to serve a billion people,” he said in a statement. “I personally look forward to learning from Sachin’s journey, his mentorship and guidance, as we look to build one of the most impactful global businesses out of India.”

Ola is locked in a dog fight with Uber, which has made India its highest priority market outside of the U.S. Uber started slowly in India, but it is pushing hard in the country having opened a dedicated local R&D center and hired a country management team that operates outside of the rest of its Asia Pacific business.

To battle its U.S. rival, Ola has expanded nationwide to cover over 100 cities and towns. It has also expanded beyond just cars, developed its own mobile money service, invested in other startups and pushed other strategies to appeal to local customers.

Flipkart’s exit money may be moving back into the ecosystem, but the company is running without the two men who founded it. Sachin Bansal left around the time of the deal while Binny Bansal (the two are not related) resigned following an incident of “serious personal misconduct” just months after the Walmart acquisition was finalized.

Binny has set up a fund — expect to see more Walmart capital flowing back into Indian startups — but his newest project is a venture aimed at helping India’s most promising founders to scale their businesses.

India’s state gas company leaks millions of Aadhaar numbers

Another security lapse has exposed millions of Aadhaar numbers.

This time, India’s state-owned gas company Indane left exposed a part of its website for dealers and distributors, even though it’s only supposed to be accessible with a valid username and password. But the part of the site was indexed in Google, allowing anyone to bypass the login page altogether and gain unfettered access to the dealer database.

The data was found by a security researcher who asked to remain anonymous for fear of retribution from the Indian authorities. Aadhaar’s regulator, the Unique Identification Authority of India (UIDAI), is known to quickly dismiss reports of data breaches or exposures, calling critical news articles “fake news,” and threatening legal action and filing police complaints against journalists.

Baptiste Robert, a French security researcher who goes by the online handle Elliot Alderson and has prior experience investigating Aadhaar exposures, investigated the exposure and provided the results to TechCrunch. Using a custom-built script to scrape the database, he found customer data for 11,000 dealers, including names and addresses of customers, as well as the customers’ confidential Aadhaar number hidden in the link of each record.

Robert, who explained more about his findings in a blog post, found 5.8 million Indane customer records before his script was blocked. In all, Robert estimated the total number affected could surpass 6.7 million customers.

We verified a sample of Aadhaar numbers from the site using UIDAI’s own web-based verification tool. Each record came back as a positive match.

A screenshot showing the unauthenticated access to Indane’s dealer portal, which included sensitive information on millions of Indian citizens. This was one dealer who had 4,034 customers. (Image: TechCrunch)

It’s the latest security lapse involving Aadhaar data, and the second lapse to embroil Indane. Last year, the gas and energy company was found leaking data from an endpoint with a direct connection to Aadhaar’s database. This time, however, the leak is believed to be limited to its own data.

Indane is said to have more than 90 million customers across India.

The exposure comes just weeks after an Indian state leaked the personal information of more than 160,000 government workers, including their Aadhaar numbers.

Aadhaar numbers aren’t secret, but are treated as confidential and private information similar to Social Security numbers. More than 90 percent of India’s population, some 1.23 billion citizens, are enrolled in Aadhaar, which the government and some private enterprises use to verify identities. The government uses Aadhaar to enroll citizens in state services, like voting, or applying for welfare or financial assistance. Some companies also pushed customers to enroll their bank accounts or phone service to their Aadhaar identity, but this was recently struck down by the country’s Supreme Court. Many say linking their Aadhaar identities to their bank accounts has led to fraud.

The exposure is likely to reignite fresh concerns that the Aadhaar system is not as secure as UIDAI has claimed. Although few of the security incidents have involved a direct breach of Aadhaar’s central database, the weakest link remains the companies or government departments that rely on the data.

We contacted both Indane and UIDAI, but did not hear back.

Manipulating an Indian politician’s tweets is worryingly easy to do

Here’s a concerning story from India, where the upcoming election is putting the use of social media in the spotlight.

While the Indian government is putting Facebook, Google and other companies under pressure to prevent their digital platforms from being used for election manipulation, a journalist has demonstrated just how easy it is to control the social media messages that published by government ministers.

Pon Radhakrishnan, India’s minister of state for finance and shipping, published a series of puzzling tweets today after Pratik Sinha, a co-founder of fact-checking website Alt News, accessed a Google document of prepared statements and tinkered with the content.

Among the statements tweeted out, Radhakrishnan said Prime Minister Modi’s government had failed the middle classes and not made development on improving the country’s general welfare. Sinha’s edits also led to the official BJP Assam Pradesh account proclaiming that the Prime Minister had destroyed all villages and made women slaves to cooking.

These are the opposite of the partisan messages that the accounts intended to send.

The messages were held in an unlocked Google document that contained a range of tweets compiled for the Twitter accounts. Sinha managed to access the document and doctor the messages into improbable statements — which he has done before — in order to show the shocking lack of security and processes behind the social media content.

Sinha said he made the edits “to demonstrate how dangerous this is from the security standpoint for this country.”

“I had fun but it could have disastrous consequences,” he told TechCrunch in a phone interview. “This is a massive security issue from the point of view of a democracy.”

Sinha said he was able to access the document — which was not restricted or locked to prevent changes — through a WhatsApp group that is run by members of the party. Declining to give specifics, he said he had managed to infiltrate the group and thus gain access to a flow of party and government information and, even more surprisingly, get right into the documents and edit them.

What’s equally as stunning is that, even with the message twisted 180 degrees, their content didn’t raise an alarm. The tweets were still loaded and published without any realization. It was only after Sinha went public with the results that Radhakrishnan and BJP Assam Pradesh account begin to delete them.

The Indian government is rightly grilling Facebook and Google to prevent its platform being abused around the election, as evidence suggested happened in the U.S. Presidential election and the U.K’s Brexit vote, but members of the government themselves should reflect on the security of their own systems, too. It would be too easy for these poor systems to be exploited.

Sub-brands are the new weapon in China’s smartphone war

One of China’s top smartphone brands Vivo appears to have joined its fellows Oppo, Huawei and Xiaomi in setting up a new sub-brand as a softening market and heightened competition at home drive players to venture upon their original reach.

A new smartphone brand called iQoo made its debut on Weibo, China’s answer to Twitter, on Tuesday by greeting in English: “Hello, this is iQoo.” It also playfully encouraged people to guess how its name is pronounced, as the spelling doesn’t resonate with either Chinese or English speakers. Vivo immediately reposted iQoo’s message, calling iQoo a “new friend.”

Vivo has not further revealed its ties with iQoo, although the latter’s Weibo account is verified under Vivo’s corporate name. TechCrunch has contacted Vivo and will update the story when we have more information.

vivo iqoo

Screenshot of iQoo’s first Weibo post

Sub-brands have become a popular tactic for Chinese smartphone makers to lure new demographics without undermining and muddling their existing brand reputation. As the third-ranked player by shipments in 2018 according to research firm Counterpoint, Vivo is the only one in China’s top five smartphone companies without a subsidiary brand.

“Sub-brands can help fill the gap in parent companies,” Counterpoint’s research director James Yan told TechCrunch. “I think iQoo is a brand born for the gaming market, the online sales channel, or young consumers, similar to what Honor did to Huawei.”

Huawei cemented its top spot with solid growth in shipments last year by playing a two-pronged strategy. Its sub-brand Honor has its eyes on the mid-range and Huawei stays at the top end. Vivo’s sibling Oppo, which falls under the same electronics manufacturing outfit BBK, came up with an exclusively online brand Realme in 2018 to go after Xiaomi’s Redmi in India’s burgeoning smartphone market. Xiaomi pressed on by launching Poco for India’s high-tier market. To further solidify its multi-faceted approach, Redmi shed the Xiaomi branding in January to start operating as an independent brand focusing on cost efficiency.

These moves arrived as years of breakneck growth in China’s smartphone space comes to an end. Overall smartphone sales contracted 11 percent in 2018 according to Counterpoint, as users become more pragmatic and less likely to upgrade their handsets. Local players reacted swiftly by going global and introducing headline-grabbing features like Xiaomi’s folding screen and Honor’s pole-punch display, putting a squeeze on global players Apple and Samsung. In 2018, Huawei shored up a 25 percent market share to take the crown. Trailing behind was Oppo, Vivo, Xiaomi and Apple . Samsung plunged 67 percnet to take seventh place.

Showing the power of startup women’s health brands, P&G buys This is L

The P&G acquisition of This is L., a startup retailer of period products and prophylactics, shows just how profitable investing in women’s healthcare brands and products can be.

A person with knowledge of the investment put the price tag at roughly $100 million — a healthy outcome for investors and company founder Talia Frankel. But just as important as the financial outcome is the deal’s implications for other mission-driven companies.

This is L launched from Y Combinator in August 2015 with a service distributing condoms in New York and San Francisco and steadily expanded into feminine hygiene products.

Frenkel, a former photojournalist who worked for the United Nations and Red Cross, started the company in 2013 — roughly three years after an assignment in Africa revealed the toll that HIV/AIDs was taking on women and girls on the continent.

“I didn’t realize the No. 1 killer of women was completely preventable and I think that really inspired me to action,” Frenkel told TechCrunch at the time of the company’s launch.

Now the company has distributed roughly 250 million products to customers around the world.

“Our strong growth has enabled us to stand in solidarity with women in more than 20 countries,” said Talia Frenkel, CEO of This Is L., in a statement following the acquisition .“Our support has ranged from partnering with organizations to send period products to Native communities in South Dakota, to supplying pad-making machines to a women-led business in Tamil Nadu. Pairing our purpose with P&G’s expertise, scale and resources provides an extraordinary opportunity to contribute to a more equitable world.”

The company is available in more than 5,000 stores across the U.S. and is working with women entrepreneurs in countries from Uganda to India and beyond.

“This acquisition is a perfect complement to our Always and Tampax portfolio, with its commitment to a shared mission to advocate for girls’ confidence and serve more women,” said Jennifer Davis, President, P&G Global Feminine Care. “We feel this is a strong union and together we can be a greater force for good.”

For investors with knowledge of the company, the P&G acquisition is a harbinger of things to come. The combination of a non-technical, female founder operating in the consumer packaged goods market with a mission-driven company was an anomaly in the Silicon Valley of four years ago, but Frenkel’s success shows what kind of opportunities exist in the market.

“With this acquisition investors need to update their patterns,” said one investor with knowledge of the company.

Ousted Flipkart founder Binny Bansal aims to help 10,000 Indian founders with new venture

Flipkart co-founder Binny Bansal’s next act is aimed at helping the next generation of startup founders in India.

Bansal has already etched his name into India’s startup history after U.S. retail giant Walmart paid $16 billion to take a majority stake in its e-commerce business to expand its rivalry with Amazon. Things turned sour, however, when he resigned months after the deal’s completion due to an investigation into “serious personal misconduct.”

In 2019, 37-year-old Bansal is focused on his newest endeavor, xto10x Technologies, a startup consultancy that he founded with former colleague Saikiran Krishnamurthy. The goal is to help startup founders on a larger scale than the executive could ever do on his own.

“Person to person, I can help 10 startups but the ambition is to help 10,000 early and mid-stage entrepreneurs, not 10,” Bansal told Bloomberg in an interview.

Bansal, who started Flipkart in 2007 with Sachin Bansal (no relation) and still retains a four percent share, told Bloomberg that India-based founders are bereft of quality consultancy and software services to handle growth and company building.

“Today, software is built for large enterprises and not small startups,” he told the publication. “Think of it as solving for startups what Amazon Web Services has done for computing, helping enterprises go from zero to a thousand servers overnight with no hassle.”

“Instead of making a thousand mistakes, if we can help other startups make a hundred or even few hundred, that would be worth it,” Bansal added.

Bansal served as Flipkart’s CEO from 2007 to 2016 before becoming CEO of the Flipkart Group. He declined to go into specifics of the complaint against him at Flipkart — which reports suggest came about from a consensual relationship with a female employee — and, of the breakdown of his relationship with Sachin Bansal, he said he’s moved on to new things.

It isn’t just xto10x Technologies that is keeping him busy. Bansal is involved in investment firm 021 Capital where he is the lead backer following a $50 million injection. Neither role at the two companies involves day-to-day operations, Bloomberg reported, but, still, Bansal is seeding his money and experience to shape the Indian startup ecosystem.