Fabogo Raises $2.25M, Google Launches Gradient Ventures to Invest in AI Startups, Innoviti Payment Solutions Bags Series B Funding & More
After closing its $20 million Series B round recently, Voonik Technologies Pvt. Ltd that owns and operates Voonik fashion app, is now in talks to acquire one more Indian e-commerce company.
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Here is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:
1. Founded in March 2015 by Prasanjeet Roy and Mohammad Ali, Fabogo, aggregator of beauty аnd wellness industry, has raised $ 2.25 million (Rs 14.5 crores) from Dubai based early-stage investor Dunamis Ventures. Prior to this, company had received an angel funding of $500,000 in May, 2015 and $1 million in January, 2016 as angel investment from PE Investors in Dubai.
The company plans to utilize 40% of its funding to strengthen technology and another 40% to increase its user base, the remaining amount will be used for geographical expansion. With more than 3,50,000 users monthly on their website, Fabogo is also launching the app on android and iOS that will enable consumers to BUY-BOOK-REDEEM the beauty services around them at their convenient аnd comfort.
2. The parent company of Google and several former Google subsidiaries, Alphabet has officially launched Gradient Ventures, a new firm within Google that will invest in early-stage artificial intelligence startups. Gradient will invest in 10 to 15 deals this year and will typically commit $1 million to $8 million in each, reported CNBC.
Alphabet already has GV (formerly Google Ventures), which backs start-ups at all stages, and CapitalG (formerly Google Capital), which invests in later-stage companies. But Gradient isn't just another Silicon Valley funding source for start-ups, or even a typical corporate venture capital group.
3. SpaceX and Tesla CEO Elon Musk has bought his old X.com domain from his former company, PayPal. The news about Musk buying X.com was first published by Domain Investing and later confirmed by Musk in a tweet. Musk's tweet says "Thanks PayPal for allowing me to buy back X.com! No plans right now, but it has great sentimental value to me."
X.com has been inactive, but Domain Investing noticed that the Whois had switched from PayPal to "private," and the domain moved from MarkMonitor to GoDaddy. After the site reached out to PayPal, it eventually replied that "we are delighted to sell the domain X.com back to its previous owner, Elon Musk."
It is still unclear what he aims to do with it, but since its Musk, so expect something from beyond left field.
4. After closing its $20 million Series B round recently, Voonik Technologies Pvt. Ltd that owns and operates Voonik fashion app, is now in talks to acquire one more Indian e-commerce company, Sujayath Ali, co-founder and CEO of Voonik told DealStreetAsia in a telephonic interaction. The deal should be completed by the next quarter. If the deal goes through, this would be the company’s seventh acquisition in the last couple of years. Voonik’s latest acquisition was styling and personalisation app Dekkoh which it acquired in September 2016.
5. Innoviti Payment Solutions, a payments technology firm backed by Infosys Ltd co-founder N.R. Narayana Murthy’s Catamaran, has raised Rs 120 crore in its latest round of funding from SBI-FMO and Bessemer Venture Partners. The company aims to utilise the newly raised funding to boost its businesses across the retail supply chain. The company which helps merchants accept payments across channels such as the web, mobile, in-store or at the time of delivery, processes around Rs 20,000 crore worth of transactions annually and has grown 100% in terms of value and volume of transactions over the last year. It also operates a platform smelending.com to help small merchants get short-term loans to manage their cash flows.
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