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India Deals: Swiggy to raise $50M; Paytm to Become Member of ASCI; Cube26 Shuts Down IoT Business & More

New Delhi-based company Cube26 Software Pvt. Ltd. has closed its Internet of Things (IoT) business.

Here is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:

1. Swiggy, the online food delivery startup, is currently in talks with potential investors to raise at least $50 million in fresh funding from investors including South African media company Naspers and Chinese conglomerate Fosun International. The existing investors also participating in this round and planning to invest at least $20 million. Thus far, Swiggy has raised at least $75 million in equity from investors including SAIF partners and Apoletto, which is owned by Russian billionaire Yuri Milner. The company has also raised about $8 million in venture debt from InnoVen Capital.

2. Paytm is set to become a member of Advertising Standards Council of India (ASCI). It will be the first e-commerce major to take advertising regulatory body's membership. ASCI members include key advertisers from various sectors, such as fast-moving consumer goods (FMCG), media, auto and telecom, which spend heavily to stay visible in the marketplace. However, no e-commerce company is a member of the body yet.

3. The New Delhi-based company Cube26 Software Pvt. Ltd., which received $7.7 million (Rs 50 crore then) in seed funding from Tiger Global and Flipkart in October 2015, has closed its Internet of Things (IoT) business. The startup will now solely focus on its software and services business.

4. Richa Kar, founder and chief executive of online lingerie retailer Zivame has submitted her resignation to the board, reported ET. Reportedly, the online platform has also reverted to a marketplace model where it presents curated collection across brands.

In January 2017, Kar dispensed off her day-to-day responsibilities to Chief Operating Officer Shaleen Sinha. The shareholders had also appointed managing director of Zodius Capital Shilpa Kulkarni as the representative who’d direct strategic decisions at the company.

5. US-based multinational retailing corporation Walmart is looking to locate nearly half of its 50 stores in the country in Uttar Pradesh and Uttarakhand over the next 3-4 years. In order to ramp up operations in the cash-and-carry segment, Walmart is also eyeing food retail if the government eases the norms.

6. Nishant Rao, chief operating officer of customer engagement software provider Freshdesk has resigned from the company and will be shifting base to Delhi and help venture capital firm Sequoia Capital as an advisor. Sequoia Capital is an investor in Freshdesk. At Freshdesk, Rao was responsible for all non-R&D aspects of the company's operations. Rao also serves as the chairman of the Internet and Mobile Association of India (IAMAI) and is on the Advisory Board for the National Committee on Skill Development, Confederation of Indian Industry (CII).

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