Here is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:
1. Future Group CEO Kishore Biyani has now said that he is not going to invest or operate in ecommerce space for at least the next two years.
“It’s stupid to be in the online space. In lifestyle, the ecommerce industry revenue in India will be around INR 2,500 Cr and losses too will be of an equivalent amount. Mobile and electronics, too, do not make money online. Having burnt our fingers, we have decided to take a break of at least two years before even thinking anything remotely about online,” Kishore Biyani said. As per reports, Future Group has witnessed a loss of around Rs 250 crore on FutureBazaar.com, which was the group’s first venture into online around 10 years ago:.
Biyani said the group will also not invest or focus on the omni-channel business model for its offline stores at the moment.
2. US-based DevOps accelerator JFrog has acquired universal DevOps Intelligence platform CloudMunch, to expand its product offerings for developers.
This deal marks the third strategic acquisition by JFrog in the last eight months. JFrog acquired Dimon, experts in CI/CD and bot automation and Conan, the fast-growing open source C/C++ package manager.
The CloudMunch acquisition will allow JFrog’s BI and analytics to drive DevOps forward, scaling software releases, and continuous updates.
3. Urban Ladder, an online furniture retailer which is foraying into the offline furniture business, plans to raise between $25 and $27 million by the middle of 2018 and expects to become profitable in two years.
The company will utilise the funds to expand its offline retail business which is to be rolled out in the first week of July this year, said Rajiv Srivatsa, co-founder and Chief Operating Officer, Urban Ladder.
“We would like to raise another $25-$27 million in funding that would be the last round of money we may raise before profitability,” Mr. Srivatsa said. “The money will be utilised to fasten our offline retail rollout and expect to become profitable within two years.”