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Chinese Manufacturer nubia to Invest $100M in India, Infosys Executive VP Ritika Suri Quits, Uber Invests in Ambulance Aggregator Ambee & More

Bengaluru-based QwikSpec, an end-to-end real-estate site operations platform startup, has raised Rs. 3.5 crores in funding from a consortium of investors led by Brigade Innovations LLP.

Here is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:

1. Chinese manufacturer nubia, which is best known for its camera-centric smartphones, has earmarked $100 million investment in the country over the next few years. The company which entered India last year, has introduced seven smartphones in India until now.

"We have established our presence in India as recently as 2016 and are aggressively looking to scale up our operations. A significant part of our $100 million investment will be towards developing a manufacturing facility and brand-building initiatives," Eric Hu, India Country Manager, nubia, told IANS.

2. Infosys executive vice president Ritika Suri, who earned over Rs 5.1 crore in gross salary in FY17, has resigned the company, a media report said.

Suri was in charge the company’s corporate development and merger & acquisitions. She was among the top-paid executives who joined from CEO Sikka’s former employer SAP.

She also helped set up the company’s $500 million venture fund which has since written down about a third of the $45 million is has deployed.

3. Mumbai-based startup accelerator ScaleMinds has selected five startups for its 100 day accelerator programme including Myfutball, TaxGenie.in, FunkyDory, Hris365 & Navigers.com. The startups are provided with a Seed funding of $15K (INR 10 Lakhs) each in addition to business strategy consulting and business development support.

4. Mumbai-based mid-stage investor Iron Pillar Capital Management Ltd which focused on leading Series B, C and D rounds of technology companies in India and overseas, has set a target of $150 million for its new venture capital fund, according to a filing with the SEC. As per the filing, the investment firm has raised $3.5 million so far. The firm has announced the first close of its maiden India focussed-fund Iron Pillar India Fund I with commitments of $20 million in May. Launched in early 2016, Iron Pillar Capital has completed two mid-stage technology investments along with affiliates in Nowfloats, a SaaS company in India and Indian online jewellery retailer Bluestone.

5. Deep Singh, senior director of operations at cab-hailing firm Ola, has resigned, citing personal reasons, two persons familiar with the development told VCCircle.

Singh joined Ola in 2013 and was part of the core team that launched the taxi-hailing company’s service in Chennai.

He was then appointed as business head for the north division. In his most recent role, Singh was senior director of operations, heading the Delhi-NCR region.

6. Hyderabad-based 1st Consult Technologies, which runs ambulance hailing platform Ambee, has raised a seed round of funding to expand its business, from Uber and Ahmedabad-based early-stage investor anAmaya Capital LLP. Uber co-founder and former CEO Travis Kalanick had committed to invest in Ambee last year after the company was among the three winners in a competition organised by the cab hailing firm.

7. Bengaluru-based QwikSpec, an end-to-end real-estate site operations platform startup, has raised Rs. 3.5 crores in funding from a consortium of investors led by Brigade Innovations LLP. Other investors in the consortium include Mohandas Pai, Suhail Rahman – Director Asset Builders, Bobby Reddy of Indus Group, and UAE based private investor M George Oommen.

Founded in January 2015 by Ajith Alexander and Roby Kurien, QwikSpec has consistently delivered significant time & money savings to its customers in the construction industry. The startup has earlier raised Rs. 2 crore in angel funding. It is a part of first batch of Brigade REAP, an India’s first startup accelerator program to focus on technology innovations in the real estate sector.

Read More Deals Here.



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