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Kaizen Raises $43.8M For Fund II; Greenko Energy Gets $155M; Capillary Buys Stake in Exclusife & More

Hyper-local delivery startup Genie has shut down its operations due to insufficiency of funds and lack of investor interest.

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Here is a list of deals that happened in Indian Startup Ecosystem today including funding, merger, acquisition, fund launch etc. Read a brief description about all of them:

1. Private equity firm Kaizen Management Advisors Pvt. Ltd has raised the first close of its second fund – Kaizen Private Equity II – at $43 million (Rs 285 Cr) with five investors, including Strategic Investors, Pension funds, Family offices. The PE firm is aiming to raise $125 million for its second fund and expecting to attain final close by March 2018. The new fund will expand Kaizen’s focus from India to Southeast Asian countries. Apart from India, the fund will focus primarily on Sri Lanka and the Philippines, and further reach out to countries like Vietnam, Bangladesh, Myanmar, and Thailand. With this fund close, Kaizen has also invested an undisclosed amount in Hyderabad-based INSOFE (International School of Engineering), a professional skills training firm.

2. Sarva Capital-backed MAS Financial Services Ltd, an Ahmedabad-based non-banking financial company (NBFC) formerly known as M/S Marketing & Allied Services, on Friday filed a draft red herring prospectus with capital markets regulator Securities and Exchange Board of India for an initial public offering (IPO). MAS Financial is looking to raise Rs 550 crore ($84.5 million) through a combination of sale of fresh equity and an offer for sale by existing VC investor Sarva Capital and strategic investors.

3. Hyderabad-based Greenko Energy Holdings has raised $155 million (Rs 1,010 crore) from existing investors Singapore's sovereign wealth fund GIC and Abu Dhabi Investment Authority (ADIA) in one of the largest fund-raising exercises in the renewable energy sector. The funds will be deployed to help Greenko expand its clean energy portfolio to 3 gigawatts (GW) from 2GW. As part of the deal, GIC will invest $123.9 million and an ADIA subsidiary invest $31.1million, reported ET. Greenko last year raised $230 million from an entity owned by ADIA and an affiliate of GIC Singapore at a $1 billion valuation.

4. Capillary Technologies, the omni-channel customer engagement and commerce platform, has acquired a minority stake in Exclusife by investing an undisclosed amount in the CRM-based startup that was founded in 2013 by Anand Krushnan and Manish Mehta. Noida-based startup provides mobilefirst CRM solutions and targets small and medium retailers in India. According to the company, it has a customer base of nearly 4,500 in some 22 cities. With the fresh capital, Exclusife plans to expand to another 11 cities by the end of the next financial year and penetrate further into the existing markets.

5. Delhi-based Intex Technologies has launched a Rs 150-200-crore fund to invest in startups with a strategic fit. The first investment from the corpus has gone into Rooter, a startup creating a mobile app to enable sports fans to interact live with each other during a match. Intex plans to invest from its balance sheet primarily in businesses with which it has synergy, such as electronics, apps, mobile phones, human resources and sports. "Investments in early-stage startups are part of our larger plan to diversify into other businesses such as sports, healthcare and internet of things. Equity stakes in startups may range from 10-15% to 25% while ticket sizes may range from Rs10-15 crore," said Keshav Bansal, director, Intex Technologies.

6. The founder of Route Mobile Rajdip Gupta is planning his eSports venture – COBX Gaming – that will invest $10 million to promote eSports in India. COBX will launch an online domestic league, and an international league besides building an Indian team for international eSports championships.

7. SoftBank is orchestrating a possible merger between the Snapdeal and its bigger rival Flipkart, as reported by ET. The deal, if it materialises, could bring about the most significant consolidation in the cash-guzzling domestic e-commerce market. The Japanese telecom and internet group is likely to invest up to $1.5 billion in the merged entity by picking up primary and secondary shares, giving it around 15% in the Flipkart- Snapdeal combine. SoftBank, with a little over 30%, is the largest investor in Snapdeal, which was valued at $6.5bn in 2016.

8. Alibaba has signed a deal for the dedicated seats or private studios with co-working community venture CoWrks that is owned by RMZ, which is one of the largest commercial real estate developers in the country. “The company has opted for a dedicated seat and has teams including admin, HR and operations working out of CoWrks in RMZ Infinity in Bengaluru,“ said a person familiar with the matter. Alibaba will be paying Rs 20,000 per desk per month. RMZ Infinity is a 400-seat dedicated flexible office space on Old Madras Road in Bengaluru.

9. Ecommerce-focused logistics company Ecom Express, which is backed by Warburg Pincus, has added five more states to its so-called full-state coverage programme that aims to facilitate delivery of products to all small cities and towns in the selected regions. Including these, Ecom Express now covers 12 states under this programme, reaching a total of about 11,000 pincodes. The company has opened up West Bengal, Bihar, Maharashtra, Gujarat and Punjab under the programme at an investment of Rs 30 crore. It has set up close to 611 delivery centres across these states. The company, which works with Flipkart, Amazon, Voonik and other online retailers, already delivers to all areas in Delhi, Haryana, Tamil Nadu, Telangana, Goa and Andhra Pradesh under the programme.

10. Tesla founder and Chief Executive Elon Musk has launched a company called Neuralink through which computers could merge with human brains using "neural lace" technology, implanting tiny brain electrodes that may one day upload and download thoughts. Musk has not made an official announcement yet, and he plans on funding the company mostly by himself.

11. Hyper-local delivery startup Genie has shut down its operations due to insufficiency of funds and lack of investor interest. In a Facebook post, the founders announced the decision to close down operations. "Genie will be delivering its last delight on March 31," they said. Founded by Sreekesh Krishnan, Rakesh Mani, Parth Shah in 2015, the Chennai-based Genie started off as an on-demand delivery platform for consumers.

12. Chinese ride-sharing giant Didi Chuxing is looking to raise $6 billion investment from SoftBank Group Corp. that could dilute existing backers such as Apple Inc., people familiar with the matter told Bloomberg. If the deal goes through, the funding would be the single largest for a Chinese technology startup on record.

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