Fireside Ventures Announces First Close of Rs 180 Cr; RAIN to Raise Rs 100 Cr & More
Chinese smartphone maker Huawei on Monday said it has overtaken iPhone maker Apple in global sales volume to become second largest handset company globally
Here is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:
1. Fireside Ventures, an early-stage consumer brand-focused venture fund, announced the first close of its maiden fund with commitments of Rs 180 crore from some of India’s top family offices including Wipro promoter Azim Premji’s PremjiInvest, consumer goods maker Marico’s Mariwala, and the RP-Sanjiv Goenka Group. The planned size of the fund is Rs 300 crore.
Founded by former Helion Venture Partners senior Managing Director Kanwaljit Singh in 2014, the firm will invest across sectors like food & beverages, personal care, home products from seed to series-A stage of a company and provides strategic support through mentors and in-house resources. Some of the brands the fund has invested in include Paper Boat, ID Fresh, Epigamia, Hokey Pokey, Yogabar, Goodness Beverages, Licious, Mama Earth, Vahdam Teas and Fable Street.
Fireside has tied up with Avendus as a strategic partner for the fund raise and will continue to work with the Avendus team across the range of their services.
2. Mumbai-based Stay Vista Pvt. Ltd, which operates budget hotel aggregator Vista Rooms, has raised a little over Rs 5 crore ($776,000) from a bunch of investors including seed-stage investor Artha India Ventures and online funding platform LetsVenture.
Google India head Rajan Anandan and Freshworks CEO Girish Mathrubootham also invested in their individual capacity, reported VCCircle.
The investment was made in two tranches in November last year. However, it could not be ascertained as to which round of funding this was.
Founded in 2015 by former head of acquisitions at OYO Rooms Ankita Sheth, Amit Damani and Pranav Maheshwari, Vista Rooms raised about Rs 1.5 crore in December 2015 from a clutch of investors.
3. Rajasthan Angel Investor Network (RAIN) is planning to launch a Rs 100 crore ($15.6 million) fund early next year and will focus on early stage or idea stage companies. Currently RAIN is looking at more SaaS and IOT based products and solutions for the masses and rural India. Incorporated in 2011, Jaipur-based RAIN provides early stage capital and mentoring services to companies in the region. It seeks to invest in services and technology sectors focusing on consumer internet, application, IT, as well as participate in follow-on rounds of its portfolio companies, reported DealStreetAsia.
4. Ahmedabad-headquartered SME lending startup Lendingkart Finance Limited has raised about $7.7 million (Rs 50 CR) debt funding from YES Bank. The startup will use the recently raised funds to further expand its reach to SMEs operating in Tier 3 and below cities facing a lack of formal credit facilities. Lendingkart was founded in 2014 by ex-banker and ISB Hyderabad alumnus, Harshvardhan Lunia and former ISRO scientist, IIM Bangalore alumnus, Mukul Sachan.
5. Tata Motors-owned Britain carmaker Jaguar Land Rover is investing $25 million into Uber rival Lyft to help the ride-hailing business expand and develop technologies for self-driving cars. The investment was made through Jaguar Land Rover's mobility services business InMotion Ventures that focuses on autonomous cars and other technology. As part of the investment, Jaguar Land Rover has agreed to supply a fleet of its vehicles including Jaguar and Land Rover cars, reported ET.
6. Chinese smartphone maker Huawei on Monday said it has overtaken iPhone maker Apple in global sales volume to become second largest handset company globally.
“Huawei overtook Apple in global sales volume share in December,” Huawei India director for product centre Allen Wang said. He said the company’s share in December 2016 reached 13.2% globally whereas Apple was in the range of 12%.
Around The World