Tag Archives: Startup

Startup CEO Arrested for Child Abuse, Assault, and Attempted Murder

News broke on Friday that Zain Jaffer, ex-CEO of mobile ads startup Vungle, was arrested for child abuse (including a charge of oral copulation of a person under 14), assault, and attempted murder. 

The company replaced Jaffer as CEO a day before the allegations were reported in the tech press. The San Mateo County Sheriff’s website indicates that an inmate named Jaffer is being held at the Maple Street Correctional Center in Redwood City, California. 

Jaffer was featured as part of Inc.’s 35 Under 35 Coolest Entrepreneurs package in 2014.

A Vungle spokesperson wasn’t immediately available. Earlier today, a company representative told VentureBeat: “While we do not have any information that is not in the public record at this point, these are extremely serious allegations, and we are shocked beyond words.” The charges are “obviously so serious that it led to the immediate removal of Mr. Jaffer from any operational responsibility at the company,” the rep told VentureBeat.

Jaffer’s next scheduled court date is Nov. 1, according to the San Mateo County Sheriff’s records.

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Indonesia's first ever IPO by a startup draws robust investor interest

JAKARTA (Reuters) – E-commerce firm PT Kioson Komersial Indonesia Tbk drew strong investor interest for Indonesia’s first ever IPO by a startup, and its shares surged on their trading debut in very thin volumes on Thursday.

The response to the IPO could potentially pave the way for more technology companies in Southeast Asia’s biggest economy to follow in Kioson’s footsteps and list in the domestic stock market.

Kioson raised 45 billion rupiah ($ 3.3 million) by selling 150 million shares, or 23.1 percent of the company’s total share base, at 300 rupiah each. The offering was more than 10 times over-subscribed.

The stock surged as much as 50 percent on its debut, but volumes were very thin with just over 10,000 shares traded.

Indonesia’s startup scene is booming as investors are lured by the youthful demographic of the country of 250 million people, who are increasingly buying anything from tickets to electronic gadgets online.

President Joko Widodo has also aimed to increase broadband access in the sprawling archipelago.

Kioson CEO Jasin Halim said the company previously received offers from venture capital and private equity funds, but decided to go for an IPO because of a difference in valuation.

“The path that startups take is normally to look for venture capital, angel investors and so on…We feel that by taking the IPO route, that’s the method that is the most fair and transparent,” he told reporters. “Let the market value our company.”

On top of showing that an IPO could be an alternative method to raise funds for startups in Indonesia, Kioson also offers retail investors a chance to take part in the capital market and benefit from the “hyper-growth” of startups, Halim said.

Kioson operates an “online to offline” business model, which allows customers to make online purchases and pick up their orders at the ubiquitous kiosks, locally known as “warungs”, across Indonesia.

The company had tied up with 19,000 kiosks as of September, and plans to raise that to 100,000 by 2019, Halim said.

Kioson plans to use the proceeds from its IPO mainly to acquire online vouchers firm PT Narindo Solusi Komunikasi.

Andi Boediman, co-founder of venture capital firm Ideosource, told Reuters he expects more startups to take the IPO route in Indonesia as they could get better valuations from local investors who are more familiar with their products.

“With products that are offered in Indonesia, it’s easier to build a positive perception in Indonesia than to introduce it in other countries,” said Boediman, whose venture capital firm had invested in online retailer PT Bhinneka Mentari Dimensi. (reut.rs/2yJnoHQ)

PT M Cash Integrasi, which distributes online vouchers through its physical kiosks, is also planning to raise up to 300 billion rupiah by offering a 25 percent stake in an IPO. M Cash is a unit of PT Kresna Graha Investama Tbk.

Reporting by Eveline Danubrata; Additional reporting by Cindy Silviana; Editing by Muralikumar Anantharaman

Our Standards:The Thomson Reuters Trust Principles.

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Logz.io combines the power of 4 technology trends—open source, cloud computing, big data analytics, and machine learning—while addressing a new group of influencers in IT purchasing—DevOps staff and Site Reliability Engineers (SREs).

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Google Throws Its Weight Behind Cybersecurity Startup

“We are joining forces with Google Capital to help millions of organizations around the world securely adopt cloud computing, mobility and the Internet …


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Silicon Valley’s Hottest Startup Incubator Takes On This Indian Venture

Just one year ago, Indian e-coupon aggregator LafaLafa.com was barely a blip in the mind of, well, anyone. It’s been quite the year though – testament to the booming tech environment in India, they’re one of the privileged few to be on their way to be accelerated by one of Silicon Valley’s hottest startup incubators.


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