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#TodayDeals: Raises Funding from SAP; Snapdeal’s Legal Head Quits; Isprava Vesta Gets $1.7M & More

Silk Ventures will put a particular focus on fintech, artificial intelligence (AI), medical technologies and startups specialising in related sciences.

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. AI-based chatbot has raised funding from German multinational software corporation SAP. The investment was done via SAP’s newly launched $35 million artificial intelligence-focussed fund SAP.iO in March 2017., founded by four IIT Kharagpur alumni - Shishir Modi, Sachin Jaiswal, Keshav Prawasi, and Nitin Babel in December last year, raised about Rs 3 crore from Haresh Chawla, partner at India Value Fund Advisors, with existing investor Ronnie Screwvala's Unilazer Ventures also participating in the round. Earlier, in May 2016, the company had raised an undisclosed amount from Ratan Tata, interim chairman of Tata Sons at the time.

2. After convincing Nexus Venture Partners and Kalaari Capital for the Flipkart-Snapdeal merger deal, Softbank is now looking for the final nod from the family offices of Azim Premji, and Ratan Tata, reported LiveMint. Other smaller investors in the company are still not convinced with the prospects of the deal and are delaying the process. Snapdeal has agreed to sign a non-binding Letter of Intent (LoI) for the merger. The deal is expected to be signed in the next few days. Nexus Venture Partners is speculated to receive $100 million along with a stake in the new entity. Kalaari Capital is expected to get around $70 million-$80 million, while the Snapdeal founders will get $30 million each post their exit from the company.

3. Ashish Chandra, general counsel at Snapdeal, has stepped down from the company as the e-commerce firm’s merger talks with bigger rival Flipkart progress. Aapart from Chandra, many other key people may leave in the wake of the planned merger, reported VCCircle.

4. Mumbai-based luxury homes developer Isprava Vesta Pvt. Ltd has raised Rs 11 crore ($1.7 million) in a bridge round of funding from a clutch of high-net-worth individuals including Godrej Industries Ltd managing director Nadir Godrej and Piramal Group executive director Anand Piramal.

Isprava which was set up in 2013 by Nibhrant Shah, is developing luxury homes in Goa and the Nilgiris region in Tamil Nadu and has plans to expand to other locations. Nadir Godrej is on the board of Isprava, reported VCCircle.

5. International Finance Corp (IFC) has agreed to provide $40 million worth senior debt to Tata Cleantech Capital Ltd (TCCL).
The company will use the proceeds to finance wind, solar and other climate finance projects that meet the green bond eligibility criteria, reported DealStreetAsia.

6. A venture capital firm, backed by the Chinese government, is aiming to invest up to $500 million into US and European technology startups. Silk Ventures will put a particular focus on fintech, artificial intelligence (AI), medical technologies and startups specialising in related sciences, reported ET.

Read more deals here.

Tags assigned to this article: sap snapdeal India Funding India Startups

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