A 25 year old entrepreneur is ready to establish his $1 Billion dollar startup, will provide phones on lease to the travellers.
Company to acquire $40 million funds
A tattletale conveys that Tink Labs Ltd. is striding towards raising a fund of almost $40 million and seeking for the valuation of something larger than $1 billion. Although the funding campaign is not finish, still the eventual outcome could differ.
About Tink Labs
It was established in the year 2012 and driven by Terence Kwok, Chief Executive officer. The number of employees working under it has doubled and crossed 300 in the last one year.
Utilization of funds
The total amount of the investment will put forth in enhancing staff and geographical expansion with vision to spreading family offices and institutional capitalists. Earlier in September, Founder of Sinovation Ventures-Kai fu Lee, Chairman of Meitu, Cai Wensheng, and Foxconn Technology collectively put $125 million with valuation of over than 500 million dollar.
Special financial investor of Asia
China has an ever-growing list of startups coming up, Hong Kong is a silent spectator in the matter, a report by CB Insights revealed. Although there are no such startups that have initial valuation of $1 billion or more still it has a completely developed and well advanced economy and noted as Asia’s noted financial investors.
There is scarcity in number of startups
This scarcity in startups is a direct result of easy availability of jobs which provides a stable and secure future as compared to startups. Concurrently, some businesses like retail are targeted on regular basis, controlled by a bunch of local tycoon and their amalgamation.
Installation of Handy
Tink Labs installs oodles of Smartphone in hotel rooms that are included with the perspective to expand the availability of Smartphone to over 1 million rooms till 2018. Company has installed 120000 Smartphone which are named as handy in hotel rooms of major groups like Accor and Starwood along with marquise locations.
These phones can be extensively used by hotel operators for promoting their services as well as taken out by tenant who can use it as a city guide and mobile device at free of cost.
Challenges in setteling of the business idea
Lee enlightens with his words on huddles and said that, “Obviously they have some challenges because it’s not suited for every hotel. Within China, travelers probably don’t have as much to gain. So it’s ideally suited for Hong Kong, Singapore, Switzerland and countries like that.”
Investors of the company
Foxconn an investor that invested through FIH mobile LTD is associated with this startup to provide modified version of its Smartphone to regulate all indoor entertainment systems.