India Deals: Exfinity Venture Partners Plans to Raise Up to $200M & 7 More Updates
Jasper Infotech, which owns and operates e-commerce platform Snapdeal, has invested an additional Rs 30 crore ($4.5 million) in its digital payments platform FreeCharge.
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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. Flipkart has appointed Sriram Venkataraman, the chief financial officer of its commerce platform as the company’s finance chief. Venkataraman was hired as the CFO of Flipkart’s commerce platform in October 2015. An alumnus of IIT-Madras and the Indian School of Business, Venkataraman spent a major part of his career at consumer goods giant Hindustan Unilever Ltd before joining Flipkart. The company is in the process of hiring a group CFO who will replace Sanjay Baweja, who quit the company late last year.
2. Dating app Matchbox has been selected by social media giant Facebook Inc. for its early-stage startup mentorship programme FbStart. Founded in 2015 by Jude Pereira, Mumbai-based Matchbox app is freely available on the Google Play Store and the iTunes App Store. Currently operational only in Mumbai and Pune, the prime users of the app are aged between 18 and 26. The app currently has 1,000-5,000 downloads. It connects people through similar tastes in music, which serves as an ice-breaker. It has over 250,000 songs from over 2,000 users to match them with each other. The app matches people with similar playlists and artists.
3. Health startup MyDermacy.com has raised an undisclosed amount of funding from Chinese venture capital firm Cyber Carrier that has acquired 15-18% stake in the company. The company secured this funding in this pre-Series A round, which also saw participation from MyDermacy’s existing investors. Dermacy Healthcare Pvt. Ltd., which runs MyDermacy, was founded in 2013 by Ankit Khurana, it helps people find solutions to their skin and hair problems from verified dermatologists. It also enables users to share their pictures with a dermatologist and receive personalised recommendations.
4. Borqs International Holding Corp owned Internet of Things (IoT) device developer Borqs, Inc., has raised an undisclosed amount in its Series E round of funding led by Qualcomm Ventures. In December 2016, the company entered into an agreement with Pacific Special Acquisition Corp for a reverse merger. As per the merger pact, Borqs will become the operating entity of the combined firm. The shareholders of Borqs are expected to collectively own around 78% of Pacific’s outstanding ordinary shares. Pacific will also change its name to Borqs Technologies, Inc. “Qualcomm hopes to find future opportunities to work with Borqs to share leading edge and innovative 4G phone design expertise with Indian and global OEMs,” said Karthee Madasamy, managing director, Qualcomm Ventures India.
5. TA Associates, a leading global growth private equity firm, has invested an undisclosed amount in Ideal Cures Pvt Ltd, a supplier of ready-to-use coating products and excipients for tablets and capsules to the pharmaceutical and allied industries that was founded in 1990. The company through its network of customers and partners spanning across more than 40 countries and provides tailor-made solutions and products for the pharmaceutical, nutraceutical, herbal and ayurvedic industries.
6. Venture capital firm Exfinity Venture Partners is planning to raise up to $200 million to invest in the US technology startups that have an India development presence. The firm is looking forward to tap technology start-ups in the India-US corridor in emerging areas such as cloud, artificial intelligence, virtual reality with a focus on solving business problems. The enterprise-technology focused venture capital firm which was launched in 2014, has raised Rs 425 crore in two rounds for the Indian start-ups that have used emerging technologies such as cloud, artificial intelligence, mobility, data analytics, virtual reality, IoT to solve problems in consumer marketplace and aggregation.
7. Jasper Infotech, which owns and operates e-commerce platform Snapdeal, has invested an additional Rs 30 crore ($4.5 million) in its digital payments platform FreeCharge. Two months back, the company invested Rs 390 crore in the Bengaluru-based mobile wallet provider, which it acquired for $400-450 million in a cash-and-stock deal in mid-2015.
8. Telangana State Government’s startup initiative T-Hub, is planning a five-fold expansion of its operations with a new facility that will span between 300,000 and 350,000 square feet. The facility could become the largest of its kind in the world when it becomes operational in mid-2018 and will help Telangana retain the title of the state with the largest startup incubator. The current T-Hub startup incubation centre in Hyderabad is the largest in the country at 70,000 square feet.
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