Ninjacart Gets $5.5M, MobiKwik Bags $930K, The Beer Cafe Raises Undisclosed Sum & 8 More Updates
Pune-based Engazify owned by Emrec Technologies Pvt. Ltd. has raised an undisclosed amount of funding from a silicon valley based HNI angel investor.
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. Bengaluru-based B2B agrimarketing platform Ninjacart has raised $5.5 million from Accel Partners, Nandan Nilekani’s NRJN Trust, Mistletoe, Qualcomm Ventures, and M&S Partners, to expand its team and invest in supply chain automation, technology and data science. Founded in May 2015 by former head of TaxiForSure, Thirukumaran Nagarajan, along with Vasudevan Chinnathambi, Kartheeswaran K K (former TFS executives), Sachin Jose (former executive of Shout), and Sharath Loganathan, the startup connects farmers to businesses.
2. Wow! Momo, a Kolkata-headquartered chain of quick service restaurants (QSR), has hired an investment banker for its first round of private equity funding to expand operations, reported VCCircle.
3. Online wallet company MobiKwik has raised about Rs 6 crore (about $930,000) from existing investor Cisco Systems Capital (India) Private Ltd and Bennett Coleman & Co Ltd (BCCL) as part of its $50-million Series C round. Cisco made an investment of Rs 4 crore and BCCL had put in Rs 1.95 crore in the company. The funding will be used for product innovation, team expansion and increasing its user base, the company said.
4. Gurgaon-based BTB Marketing Pvt Ltd, which runs a chain of beer bars under the brand The Beer Cafe, has raised an undisclosed sum from Singapore-based RB Investments, reported DealStreetAsia. The Beer Cafe first raised $4.57 million in external funding in April 2013 from venture capital firm Mayfield Fund. In its second round, it had received $6.16 million from Granite Hill Capital, Mayfield Fund and Harsh Charandas Mariwala, chairman and non-executive director of Marico Ltd in December 2014.
5. Online restaurant discovery & food ordering platform Zomato has launched a subscription service called Zomato Treats for its users in India at a price of Rs 249 per year. The service will provide users a free dessert with every online order on Zomato at participating restaurants.
5. To expand up presence in the startup capital of India, India’s digital payment giant Paytm opened its third office in Bengaluru. The company is planning to bring on board 2,000 executives in South India alone to widen its merchant base and signed a deal for the dedicated 150 seats or private studios with co-working community venture Innov8 in Koramangala in Bangalore. Paytm booked one and a half floors to house employees for their latest office in Bangalore.
6. Jaipur-based Girnar Software Pvt. Ltd, which owns auto classifieds portals CarDekho, ZigWheels and Gaadi.com, has received a licence from Insurance Regulatory and Development Authority of India (IRDAI) to launch auto insurance broking services under Girnar Insurance Brokers. The company will launch an app that will attempt to understand users’ risk profile and help them choose a policy that best suits their needs. It has also set up a 24×7 helpdesk to explain insurance parameters and help users select insurance add-ons.
7. Corporate Mergerware Solutions Pvt. Ltd, a startup that provides software solutions for post-merger and acquisition integration, has raised $100,000 (about Rs 65 lakh) from existing investor Philippe Bouchet (former vice president at French energy management firm Schneider Electric). The company will use the fresh capital for its global expansion plans.
8. Mobile payments services provider Mswipe Technologies Pvt. Ltd has initiated talks to raise as much as $40 million (around Rs250 crore) in a new round of funding and has appointed investment bank Avendus Capital to help it raise funds. The firm which provides merchants with mobile point of sale (PoS) terminals to enable digital transactions, had raised Rs 160 crore in a Series C round from new investors such as Falcon Edge Capital, Ola Cabs and Meru Capital in July 2015.
9. Cashback and analytics company Zaggle Prepaid Ocean Services, which offers cashbacks to customers at restaurants, has acquired Bengaluru-based online cashback and coupons company Pennyful in a cash-and-stock deal. As part of the deal, the Pennyful team of 15 members will join the 115-team at Zaggle, especially to augment the latter's digital marketing and product technology team, primarily for their consumer-focused business.
10. Pune-based Engazify owned by Emrec Technologies Pvt. Ltd. has raised an undisclosed amount of funding from a silicon valley based HNI angel investor, Vaibhav Domkundwar. Some of Domkundwar’s earlier investments include companies like BetaOut, Sminq, MuhurtMaza, Fixmasters, etc. Founded in 2015, Engazify is a performance management AI-driven bot which facilitates real-time employee feedback and appreciation within organizations.
11. Indian ecommerce major Flipkart and eBay have signed an agreement wherein the former will own and operate the latter's business in India. The US online marketplace will also invest $500 million in Flipkart and will receive a stake in the Indian e-commerce company.
eBay said a part of its workforce will move to Flipkart on close of the deal. "There will be a section of employees who will continue with eBay India -primarily in the India analytics team based in Bengaluru and will continue to support global work for eBay. There will be another section of employees who will move relocate to eBay US. Lastly, there will be a section of employees who will continue to support the transition and on completion of the transition, will move to Flipkart," eBay said.
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