#TodayDeals: Fortigo Raises $10M in Series A; Innovapptive Bags $1.5M; MoveInSync Plans to Expand to Southeast Asia & More
Uber has finally released its food delivery app UberEATS today in Mumbai.
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Here is a list of deals that happened in Indian Startup Ecosystem today including funding, merger, acquisition, fund launch etc. Read a brief description about all of them:
1. Trucking logistics startup Fortigo Network Logistics Pvt Ltd has raised about $10 million in Series A funding from existing investors Accel Partners and Infosys co-founder Nandan Nilekani, reported LiveMint. Founded by Vivek Malhotra and Anjani Mandal in late 2015, Bengaluru-based Fortigo had raised about $2 million in seed funding from both Nilekani and Accel at the time of its launch. The company plans to use the raised funding to expand its current network of trucks, invest in building its core technology product further and help small and medium-sized fleet owners in getting on the Goods and Services Tax Network (GSTN), among other things. Fortigo will also look to build out a payments platform for the logistics industry with the funds.
2. Bengaluru-based enterprise transportation service provider MoveInSync plans to expand its services to Southeast Asian countries such as Philippines, Indonesia over the next few years. MoveInSync, co-founded by former technology professionals in multi-national companies Deepesh Agarwal, Akash Maheshwari and Anuvrata Arora, manages nearly 5 million shared rides a month, uses algorithms to optimize the travel time and routes thousands of employees primarily to reduce better use of cars and bring in transparency.
3. Enterprise mobile software startup Innovapptive has raised $1.5 million from Hyderabad Angels to use the funds raised to scale its sales and marketing teams, accelerate product innovation and expand customer acquisition. The company posted a 400% revenue growth in the the first quarter of 2017. As part of the deal, Kishore Ganji from Hyderabad Angels, will join Innovapptive's board of directors.
4. Uber has finally released its food delivery app UberEATS today in Mumbai. "The introduction of UberEATS in India is a major step in our global expansion strategy and showcases our commitment to the market, " says Head of UberEATS India, Bhavik Rathod. "The app brings together the perfect pairing of innovative technology and delivery network with our restaurant partners at the tap of a button," he adds.
5. Bengaluru-based startup, ZippServ which is owned and operated by Ideaclicks Infolabs Pvt. Ltd, has raised Rs 2.5 crore ($390,000) from a clutch of individual investors. ZippServ, an online platform that provides risk assessment services for real estate investments, plans to expand its services across metros, including Pune and Mumbai, and are also looking to increase its presence in commercial, industrial and agricultural real estate.
6. Singapore based Fintech startup FinMomenta has announced the launch of 'Tachyloans', the first-of-its-kind integrated digital lending platform in India for individuals as well as businesses. The platform uses a proprietary credit scoring model enabled by Artificial Intelligence and Big Data to assess the creditworthiness of applicants.
7. Bengaluru-based financial services startup, Vistaar Finance, raised around Rs 125 crore ($18 million) in debt funding from Reliance Mutual Funds, Ramakrishna Nishtala, managing director and CEO of Vistaar Finance, reported BloombergQuint. The company that was founded in April 2010, aims to use the funds for onward lending to medium, small and micro enterprises in rural and urban areas. The lender provides loans in the ticket size of Rs 4-5 lakh, and has disbursed more than Rs 1,100 crore to over a lakh customers so far.
BW Disrupt team will update more deals very soon.
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