Javascript on your browser is not enabled.

Advertisement

Delhivery Gets $100M, Flipkart to Buy eBay, MarketsandMarkets Research Pvt. Ltd. Raises $56M & 13 More Updates

Bihar Government has sanctioned Rs.500 Crore ($76 Million) fund for the State Startups.

Here is a list of deals that happened in Indian Startup Ecosystem today including funding, merger, acquisition, product launch & appointment etc. Read a brief description about all of them:

1. Logistics company Delhivery has raised $100 million (Rs 655 crore) from private equity firm the Carlyle Group and existing investor Tiger Global, at a valuation of more than $600 million. In May 2015, the company raised $85 million in a Series D round of funding led by Tiger Global with participation from existing investors Multiples Alternate Asset Management, Nexus Venture Partners and Times Internet Ltd. Delhivery claims to provide logistics services across 600 cities in India and operates 12 fulfilment centres. It registered revenue of Rs 524 crore for the financial year ended 31 March 2016 with a loss of Rs 317 crore.

2. Infosys co-founder Nandan Nilekani and Helion Venture Partners’ co-founder Sanjeev Aggarwal are joining hands to set up a $100-million (Rs 655 crore) venture capital fund to make investment in mid-stage startups. The fund will primarily consist of personal capital pooled in by technology titans while the rest will come from friends and family. Media reports also stated that that Nilekani and Aggarwal will likely contribute 30-40% of the initial corpus of at least $100 million, and the fund will write $10-15 million cheques for startups.

3. Indian ecommerce major Flipkart is reportedly in advanced talks of acquiring eBay India operations as a part of its ongoing $2 billion funding round, reported Factor Daily. The Bengaluru-based company has closed $1 billion of funding as a part of this round last week at around $10 billion valuation. A few days back, eBay’s country head for India, Latif Nathani, has resigned from the company and he decided to move to the US. eBay appointed its India business head Vidmay Naini as the new country manager.

4. Mumbai-based Scaleminds, an early-stage focussed mentorship and business development driven accelerator for high-growth startups, is inviting applications for their Summer batch 2017. The100-day accelerator programme provides the selected startups access to exclusive tie-ups with a network of 3,000+ Investors supported by all leading angel networks. In the preliminary selection round, 20 startups will be selected to join the first 25 days of the accelerator program. They will be provided with co-working space, mentorship, immersive learning etc.

The top 10 startups will continue with the 100-day accelerator program and are provided with a Seed funding of $15K (INR 10 Lakhs) each, in return for 8% equity stake.

5. The Karnataka government has selected eight startups in the tourism space for investing between Rs 5 lakh - Rs 50 lakh as part of its multi-sectoral startup policy. The government will disburse the funds under its Idea to Proof of Concept (Idea2POC) Grant Scheme, which is part of the broader Karnataka Startup Policy 2015-20, it said in a release. The selected startups received their first instalment from chief minister Siddaramaiah on Thursday.

6. Vidur Bhatnagar, a 26-year-old youngster hailing from Roorkee has raised $1.1 million (Rs 7.1 crore) for his start-up venture -- 'Keriton', which is aimed at making breast milk management easier for nurses and mothers in the case of premature babies, reported TOI. The pilot phase of Keriton is to be started soon with the hospital of University of Pennsylvania. Initial investors to the start-up include venture-capitalists as well as US-based angel investors.

7. To promote young entrepreneurship and make Bihar a startup destination in India, Bihar Government has sanctioned Rs.500 Crore ($76 Million) fund for the State Startups. The funds were launched by Chief Minister, Nitish Kumar at the 4th Bihar Entrepreneurship Summit (BES), organised by Bihar Entrepreneurs Association, on Tuesday. The startup policy was introduced back in 2016 but was repealed due to some incorporate changes.

The policy is defined in four different stages and named it ‘YUVA’

Y – Yes to Startups.
U – Unleashing regulatory enablers for supporting startups.
V – Vibrancy in the education system to encourage and facilitate startups.
A – Access to financing and incubation support.

Every startup will get an initial corpus of Rs. 10 Lakhs as an assistant amount which will be interest-free for next 10 years. The entrepreneur will contribute five percent of this financial assistance. The policy will facilitate access to angel investors and provide free of cost valuation for startups.

8. Indian Institute of Technology, Kanpur has invested seed funding of Rs 50 lakh in Lucknow-based Decentrik Technologies that has developed a mobile water ATM known as ‘Waah’ which will give 250mL of clean drinking water at just Rs 2.

Also, Decentrik Technologies has signed a deal with Indian Oil to install RO systems at its petrol pumps. The ROs installed at petrol pumps will be able to provide clean drinking water to people living in areas within five kilometres of radius.

9. In the last few days, about 47 employees of Paytm have sold shares worth Rs 100 crore to internal and external buyers, as per Economic Times report. The company has over 500 employees who hold 4 percent shares in the parent company, according to its representatives.

Paytm is currently valued at $5.7-5.9 billion after Reliance Capital, SVB (Saama Capital) and SAP Ventures sold their 4.3 percent stake to Alibaba Group for $250 million in March 2017.

10. India’s ecommerce marketplace Snapdeal is exiting its teleshopping network, DEN-Snapdeal TV Shop by divesting its complete stake in the company.

Snapdeal currently owns 17.13% in the network, and 82.87% is held by multi-system operator (MSO) DEN Networks, as reported by The Financial Express.

11. Zone Startups India celebrated their third anniversary by inaugurating a new accelerator space about 2500 square feet in size, as well as the Market Accelerator Program “Gateway91” to host and support international, growth-stage startups looking to build their India market. The inauguration was attended by Hon. John Tory, Mayor of Toronto and Mohamed Lachemi, President, Ryerson University, accompanied by a large Canadian business delegation.

12. Pune-based industry research and consulting company MarketsandMarkets Research Pvt. Ltd has secured $56 million (Rs 367 crore) in its first institutional fundraising round led by private equity firm FTV Capital. Venture capital firm Zodius Capital came in as a co-investor. The firm will use the funds to fuel its growth and global expansion, focused on the US and European markets.

13. US e-commerce giant Amazon is planning to invest $500 million in food retail in India, including brick and mortar stores, food processing minister Harsimrat Kaur Badal said on Thursday.

She said Germany's Metro Cash & Carry has also shown interest in starting 50 stores in the country, including food retail. Apart from these, two e-commerce companies like Big Basket and Grofers have submitted their FDI plans to enter the food retail segment through brick and mortar stores.

14. Online travel search portal ixigo has closed its $15 million Series B round led by venture capital firm Sequoia Capital with participation from Chinese investment firm Fosun Kinzon Capital Pte Ltd. The company will use the money for product capability, expansion plans as well as for brand promotion. The deal is a mix of compulsorily convertible preference shares and equity shares which was signed in January this year and closed last Friday.



Around The World

Advertisement