#TodayDeals: Softbank Raises $1B for Its $100B Vision Tech Fund, EzCred Bags $1M & More
Japan’s telecom and internet giant SoftBank has successfully raised $1 billion from Japan-based electronics company Sharp Corp for its ambitious $100 billion Vision fund that aims to tap advanced technologies through the investment.
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. Online restaurant guide and food ordering app Zomato will be reaching out to 6.6 million users, whose 'hashed' passwords could be 'theoretically decrypted' in order to get them to update their account security.
"6.6 million users had password hashes in the 'leaked' data, which can be theoretically decrypted using brute force algorithms," Zomato said in a blogpost.
2. Bangalore-based EzCred Private Limited, which operates a consumer lending platform, has raised Rs 6.5 crore ($1 million) in a seed round of funding from a clutch of investors, reported VCCircle. The firm will primarily use the funds to ramp up its technology infrastructure and team.
3. The world’s largest furniture retailer, IKEA, plans to invest ₹20,000 crore in setting up 25 stores in India. The Swedish firm aims to capitalise on its first-mover advantage as the first major foreign retailer to receive Government approval to set up stores in India, reported The Hindu.
4. Private equity firm Toro Finserve is raising a $500 million fund to invest in healthcare enterprises. India Healthcare Opportunities Fund, which has got commitment of $110 million from investors, has an investment committee with advisors such as Dr Lal PathLabs Chairman Dr Arvind Lal, former Pfizer India Managing Director Kewal Handa, and Dr Sampat Shivangi, ex-chairman of American Association of Physicians of Indian Origin (AAPI). The fund will have an initial size of $250 million, with additional leverage of $250 million, reported Business Standard.
5. After investing $1.4 billion in India’s largest digital payments startup Paytm, Japan’s telecom and internet giant SoftBank itself has successfully raised $1 billion from Japan-based electronics company Sharp Corp for its ambitious $100 billion Vision fund that aims to tap advanced technologies through the investment.
SoftBank announced its ‘Vision’ Tech Fund in October last year. The $100 billion fund would be based in London and made up of $45 billion from Saudi Arabia, $25 billion from SoftBank, and $35 billion from other global investors.
6. Jakarta-based chain of coworking spaces, EV Hive has raisd $800K in its Pre Series A round of funding from existing and new investors. The round saw participation from Tokyo-based VC firm East Ventures, tech-focussed VC firm SMDV, and real estate company Sinar Mas, along with three, undisclosed management members. The startup aims to utilise the raised funding to expand the company’s coworking spaces across Indonesia.
7. Venture capital and private equity firm SAIF Partners, an early-investor in Paytm, is expected to rake in $300-400 million in cash by partially selling its stake in the digital payments and commerce company as part of the company’s latest financing round, people familiar with the development said. This will be one of the largest cash returns clocked by a domestic venture fund from a consumer internet startup in a largely exit-starved tech ecosystem.
8. Mumbai-based FundTonic, an angel network with over 700 angel investors has launched a coworking space in Andheri at MIDC. The coworking space has been built in a 10K sq.ft area and has been designed with a fully operational infrastructure. The coworking space is backed with 24×7 WiFi and various other amenities.
9. HealthSutra, a Hyderabad-based health food maker, has raised an undisclosed amount in pre-Series A funding from social venture fund Ankur Capital and Hyderabad Angels, reported VCCircle. The startup plans to use the funds to set up a higher capacity processing facility for its core product millet flakes.
Read more deals here.
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