Inc42 Morning Brief

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Morning Briefing (12 Min Reading Time)
Top news & stories of the startup ecosystem from India & around the world
Bengaluru-based ready-to-drink tea maker Invenmi has raised $150K in a seed funding round from Texas-based venture capital firm Austin Seed Ventures, founder Debashish Bhattacharya shared with Inc42.
Global ecommerce company Amazon has announced its financial results for the quarter ending September 30, 2018, and has recorded net sales of $56.6 Bn, a growth of 29% Q-o-Q. In the list of positives for the quarter, Amazon had an operating income of $3.7 Bn, Net income increased to $2.9 Bn among other details.
Premium smartphone maker Apple announced its results for the financial year 2018 for its Indian entity and reported a surge in net profit by 140% reaching $122.54 Mn (INR 896 Cr). The company posted a 12% increase in its total income to $1.79 Bn (INR 13,097.64 Cr), from $1.6 Bn (INR 11,704.32 Cr) in the previous year.
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Fact sheet by Inc42 Datalabs.
While this limitation is necessary to protect individual privacy and prevent the misuse of data, it may not be practically enforceable for IoT enabled environments like smart homes, smart cars and smart cities that build on interconnected datasets to arrive at conclusions.
Inc42 in association with Amazon Internet Services Private Limited (AISPL), the local seller for AWS Cloud in India are launching ‘Hidden Ecosystem Champions’, a six-part series that seeks to put the spotlight on little-known incubators, accelerators, and other ecosystem bodies, who, in their own way, are helping Indian startups find a footing. Click here to apply!
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IBM today confirmed that it would acquire open source, cloud software business Red Hat for $190 per share in cash, working out to a total value of $34 billion. IBM said the deal has already been approved by the boards of directors of both IBM and Red Hat but is still subject to Red Hat shareholder and regulatory approvals.
The new feature works like it says on the can: instead of using a remote to navigate menus, you’ll be able to use voice commands that emulate the buttons on a remote. So if you can’t find the remote, you’ll be able to navigate apps by asking Alexa to “Move right / left / up / down” and select the highlighted option with “Alexa, select.”
Amazon’s business unit that primarily consists of advertising revenue registered another booming quarter this summer, growing to nearly $2.5 billion in sales during the three-month period, as Amazon announced yesterday in its third-quarter results. The ad division’s fat profit margin — analysts estimate it could be as large as 75 percent — is a big reason why Amazon posted its largest quarterly profit ever in the third quarter.