Instacart links up with Walmart Canada to expand its same-day delivery service

Instacart has teamed up with Walmart Canada to bring shoppers in Toronto and Winnipeg same-day grocery delivery. The agreement is part of a pilot program for the two companies that will allow Instacart users to order groceries from 17 different Walmart locations across the two cities. This is the first time shoppers in Winnipeg will […]

Instacart has teamed up with Walmart Canada to bring shoppers in Toronto and Winnipeg same-day grocery delivery.

The agreement is part of a pilot program for the two companies that will allow Instacart users to order groceries from 17 different Walmart locations across the two cities. This is the first time shoppers in Winnipeg will have access to the grocery delivery service and the first time Toronto residents will have the option for same-day delivery.

Interestingly, Instacart doesn’t have a partnership with Walmart in the U.S. Walmart, rather, has relationships with several other grocery delivery companies including DoorDash and Postmates. Instacart does have a deal with Sam’s Club, a subsidiary of Walmart. That partnership was announced in February and gives Sam’s Club members same-day delivery via Instacart.

Instacart initially launched in Canada in September 2017 and will continue expanding throughout the country to meet demand.

The company, which has raised $350 million at a $4.3 billion valuation this year alone, is available in 5,000 different stores in the U.S. and Canada and in more than 4,000 cities. As of late August, the business says it’s available to 70 percent of U.S. households.

This week, Instacart hired Mark Schaaf as CTO. He joined from Thumbtack where he held the same role. That announcement came one day after the company confirmed its chief growth officer and former VP of product Elliot Shmukler was leaving to pursue early-stage opportunities.

Coinbase now supports buying and selling Ethereum Classic

Coinbase has added a new buying option for its customers after the crypto exchange introduced Ethereum Classic to its collection. The addition was first announced in July but Coinbase took its time to implement its newest addition following criticism over the way it added Bitcoin Cash last year. Allegations of insider trading led the company to […]

Coinbase has added a new buying option for its customers after the crypto exchange introduced Ethereum Classic to its collection.

The addition was first announced in July but Coinbase took its time to implement its newest addition following criticism over the way it added Bitcoin Cash last year. Allegations of insider trading led the company to investigate the incident which saw service outages and wild price fluctuations for Bitcoin Cash right after its addition to the exchange. It later introduced a framework for adding new tokens.

Nonetheless, Ethereum Classic’s value spiked 20 percent on last month’s news. Today, though, it is down two percent over the last 24 hours, according to Coinmarketcap.com.

Coinbase has taken a conservative approach to adding more crypto. Today’s addition takes it to five tokens — Bitcoin, Ethereum, Litecoin and Bitcoin Cash are the others — but that’s likely to change this year. Last month, it announced it is “exploring” the addition of another five tokens while CTO Balaji Srinivasan hinted that the selection would grow further when I interviewed him at the recent TechCrunch blockchain event in Zug.

“We hear your requests, and are working hard to make more assets available to more customers around the world,” Dan Romero, who heads Coinbase’s consumer business, said in a blog post published today.

A note on Ethereum Classic — it was created in June 2016 following a major hack on The DAO, a fundraising vehicle for the project. In short: the Ethereum Foundation created a new version of Ethereum — known today as Ethereum — that rescued the lost funds, while those who opposed continued on with the original chain which was known as Ethereum Classic.

Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.

Neat is a challenger bank for early-stage startups and SMEs

With the growth in cross-border payment services and ‘challenger’ bank cards for consumers, you’d be forgiven for wondering where the options are for small business — where cash is particularly precious. They do exist. One of the newer options is Neat, which is nested in Hong Kong but open for business worldwide. The startup started off […]

With the growth in cross-border payment services and ‘challenger’ bank cards for consumers, you’d be forgiven for wondering where the options are for small business — where cash is particularly precious.

They do exist. One of the newer options is Neat, which is nested in Hong Kong but open for business worldwide.

The startup started off following the same track as the likes of Monzo, Starling and Revolut in Europe, developing a ‘new’ kind of account free of branch-based banking and tedious paperwork. But quickly the team realized that its service was being adopted in large by startups and SMEs as a way to get more flexible financing and perks like install balance/billing.

Neat still offers a consumer service in Hong Kong, but it places a heavy focus on developing its business service. Right now, that helps companies who can’t apply for credit cards get a Neat Mastercard which can be used for trivial (but important!) items such as monthly bills for services, flights, hotels and more. There’s no credit involved since the cards and account are debit-based.

Beyond the basics, Neat Business customers can use their account to handle employee payroll, business invoices, receive money and really pay all other bills that would require a credit card without using their personal one, as is so often the case for early-stage startups. More advanced features include expense cards for employees, while detailed company reporting and automated accounts are planned for introduction soon.

The company is based in Hong Kong, but Neat’s service can be used overseas, and indeed it already is.

Co-founder and CEO David Rosa, a former managing director of Citi Bank Asia Pacific, told TechCrunch that the company has customers in over 100 countries since account holders don’t need to be resident in, or incorporated in Hong Kong, to qualify for the service.

That said, a large portion is based in or associated with Hong Kong as it stands today, but Rosa — who started the business in 2015 alongside CTO Igor Wos — said he wants to change that and grow the userbase globally. The fact that Neat is working on introducing multi-currency solutions, as well as accountancy software integrations, is sure to help widen its appeal to those based outside of Hong Kong.

(Left to right) Neat co-founders Igor Wos (CTO) and David Rosa (CEO)

In a further validation, Neat recently snagged $2 million in funding to develop its tech and increase marketing. Those investors included Singapore’s Dymon Asia and Portag3 Ventures, which is the VC arm of Canada-based Power Corp, a public listed international management firm with a market cap of $9 billion. The Neat deal represents the Portag3 Ventures’ first investment in Asia and its CEO is bullish on how the duo can work together.

“From Hong Kong, we can reach the world. There’s a lot to be done here especially because of the China angle,” Rosa, who has lived in Hong Kong for 17 years, said.

Sequoia India and Accel back on-demand scooter startup in $12.2M deal

Two of India’s most prominent VCs are backing a motorbike on-demand service after Sequoia India and Accel led a $12.2 million investment in Metro Bikes. Sequoia India and Accel were joined in the round by Raghunandan G, who founded TaxiForSure which sold to Ola, among other investors. Metro Bikes started out as a luxury bike rental service […]

Two of India’s most prominent VCs are backing a motorbike on-demand service after Sequoia India and Accel led a $12.2 million investment in Metro Bikes. Sequoia India and Accel were joined in the round by Raghunandan G, who founded TaxiForSure which sold to Ola, among other investors.

Metro Bikes started out as a luxury bike rental service in 2014 — initially as “Wicked Rides” — and it launched scooters (motorbikes) and other two-wheel rentals in 2016. Now, the company is rebranding to Bounce and refocusing its business to on-demand scooter (that’s motorbike in U.S. parlance) rentals for first and last mile transportation. The idea is to appeal to commuters, who can pick up a bike at their nearest location and later leave it at an endzone. The cost is based on distance and time spent.

Bounce is currently present in Bangalore, where it has 2,000 scooters currently, and Hyderabad, where it has around 500. The plan is to increase those numbers but the company is waiting on a permit to operate electric scooters, once it gets that it will only deploy electric, CEO Vivekananda Hallekere told TechCrunch in an interview. Its current mix of vehicles also includes bicycles, electric bicycles and kick scooters available.

The startup is going to hone its focus on Bangalore and Hyderabad for now, with no new expansions for 6-10 months, he added. Looking further forward, Bounce is aiming to be nationwide by 2020, while Hallekere said he sees the potential for deployment in Southeast Asia in the future.

Bounce claims that it is currently seeing around four rides per vehicle per day on its on-demand platform, the company is targeting seven to twelve rides which it believes will bring it to a good level of revenue. Although Hallekere did stress that the core business is anchored in sustainability.

That’s down to the funding of the fleet, which the CEO said is financed by institutional investors who purchase the assets in exchange for a cut of revenue. That helps cover a significant portion of operating expenses, while in other cases Bounce works with OEMs who provide vehicles under similar terms.

Bounce’s founding team (left to right): Vivekananda H R, CEO; Varun Agni, CTO; Anil Giri Raju, COO

Bounce is entering a fairly congested market in India, with other startups include Wheelstreet — which TechCrunch wrote about earlier this year — ZipHop also competing with similar services. Hallekere, the Bounce CEO, said that the company’s history in the business and its technology can help it stand out.

Added to that, Bounce said it is working closely with authorities to help ease last mile congestion. For example, the company is one of a number to have a struck a deal with Bengaluru Metro Rail Corporation Ltd. (BMRCL) to put rental bikes at 36 metro stations. It also landed a deal with corporate to enable parking across the city. The company said it plans to pursue similar arrangements with metro operators in Hyderabad and other cities when it expands.

“The first mile and last mile are essential to having public transport work in India,” Hallekere said. “It’s very natural for Indians to go on scooters and we started with metro bikes keeping this in mind. We want to make an impact and enable people to ditch cars.”

Bounce is also looking to introduce a pooling service that would enable scooter owners to add their vehicles to the company’s fleet and make money when they are used.