WeWork picks property veteran Sandeep Mathrani as new CEO in an attempt to stabilise losses [The Straits Times]
WeWork has chosen property industry veteran Sandeep Mathrani to be the new CEO, as Softbank seeks to sustain the lossmaking office space provider after it came close to bankruptcy, according to The Straits Times.
Mathrani will replace Artie Minson and Sebastian Gunningham, WeWork said in a statement. He was previously global head of retail estate for Brookfield Property Partners, a commercial real estate company whose parent company is Brookfield Asset Management.
According to Bloomberg, Mathrani already has a considerable amount of experience in companies dealing with the crisis. He had previously helped GGP, a mall operator, rise from bankruptcy in 2010.
Also Read: WeWork Labs launches foodtech startup accelerator in Thailand
Many companies compelled to begin the ‘work from home experiment’ after the coronavirus outbreak [Bloomberg]
Co-working is out and video chat apps are in as offices shut down due to the coronavirus outbreak. Working from home is no longer an option but it is now a choice, according to reports by Bloomberg.
“It’s a good opportunity for us to test working from home at scale,” said Alvin Foo, MD of Reprise Digital, a Shanghai ad agency with 400 people that’s part of Interpublic Group. “Obviously, not easy for a creative ad agency that brainstorms a lot in person.”
It’s going to mean a lot of video chats and phone calls, he said.
Also Read: Grab, Hyundai launches their first electric vehicle service in Indonesia
While the virus may test that theory on a wider scale, it poses an existential threat to the whole business model of co-working spaces, which has managed to multiply around big Chinese cities in recent years as property rents skyrocketed.
Indian adtech company Adonmo scores US$3M from Ant Financial’s BAce Capital [Tech In Asia]
Adonmo, an adtech company in India, announced that it has raised US$3 million in a pre-Series A round led by BAce Capital, with participation from Astarc Ventures and Mumbai Angels Network, as reported by Tech In Asia.
The proceeds will be used for local operations expansion, to further develop the product, and for hiring.
Founded in 2017 by Sandeep Bommireddi and Sravanth Gajula, the company currently operates in New Delhi, Mumbai, and Bengaluru. The company aims to digitise outdoor advertising media across the country primarily through digital car toppers.
Myanmar’s Get expands portfolio by buying local fintech startup Daung Capital [Tech In Asia]
Myanmar’s digital commerce platform Get has acquired local lending platform Daung Capital in order to expand its portfolio service over 100 businesses across Myanmar, according to Tech In Asia. The company refused to comment on the financial details for this deal.
“Get’s acquisition of Daung will provide a major growth opportunity for both businesses. Financial exclusion remains a key reason for income inequality in Myanmar,” said Mike Than Tun Win, a serial entrepreneur who will be joining Get Myanmar as executive chairman.
The merged company has will be operating under the name of the Get brand, according to a statement.
Altair announces winners of its startup contest in India
Altair, a global technology company providing solutions in product development, high-performance computing and data analytics, has announced the Altair Start-up Challenge 2020.
Besides, Altair has also announced the winners of its inaugural competition, held in Bangalore in December 2019. The winners are First place, BlinkEYELABS Electronics, IndusTill FarmTech, and Saif Automation.
Altair partnered with Startup India, a government initiative, to build an inclusive ecosystem for innovation and entrepreneurship in India across all industry segments. Its objective is to identify, support, mentor and reward budding startups with its simulation, optimisation and machine learning technologies, in addition to providing a dedicated team of mentors with extensive experience and knowledge.
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Image Credit: Eloise Ambursley
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