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Advertisement Gets $750K; SoftBank to Invest $1.9B in Paytm; Qriyo Bags Series A Funding & More

Turkish authorities on Saturday blocked online free encyclopedia Wikipedia in the country.

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. Mumbai-based content platform for chronic health issues, has raised $750K in seed round of funding from Accel Partners.
Launched in March 2016 by Sharda Agarwal and Mahesh Jayaraman, the startup aims to utilise the raised funding to further boost the platform offerings and strengthen core proposition, according to an official statement. The company helps patients who dealing with chronic lifestyle-related illnesses and dependence on drugs.

2. SoftBank Group is likely to invest $1.9 billion (Rs 12,000 crore) into One 97 Communications Ltd,
which runs digital wallet firm Paytm. The funding is likely to value Paytm at $9 billion and SoftBank will pick up 20% stake in the payments firm, reported ET.

3. Jaipur-based Qriyo Infolabs Pvt. Ltd, which owns and operates home tutor provider Qriyo, has raised an undisclosed amount in Series A funding
from Dubai-based investor Neelesh Bhatnagar’s NB Ventures. The company will use the funds to expand operations to Chandigarh, enhance offerings for personalised competitive exams preparation and get more tutors on board, reporetd VCCircle.

4. UiPath, the Robotic Process Automation (RPA) software company, has raised a Series A investment of $30 million (approx. Rs. 200 crores) led by Accel and with participation from previous investors Earlybird Venture Capital, Credo Ventures and Seedcamp. UiPath which builds intelligent software robots that help businesses automate repetitive processes by leveraging computer vision technology, plans to use the funding to accelerate the company’s global expansion and product development, as per ET report.

5. Chinese ride-hailing giant Didi Chuxing, the company that bought Uber's China business last year, has raised $5.5 billion funding at over $50 billion valuation. The round will be used "to support its global strategy and continued investments in AI-based technologies," the company said in a statement.

6. US-headquartered technology company Google has reportedly announced its ‘Solve for India’ programme with an aim to support entrepreneurs and developers of the country, reported Financial Express. The company has launched an initiative to back the new wave of breeding entrepreneurs from Tier II cities like Pune, Jaipur, Hyderabad, Kolkata, Kochi, Indore, Nagpur, Nashik, Madurai, Kanpur, and Chennai.

7. Canadian investment firm Clairvest Group, along with other investors, has acquired a majority stake in Hyderabad-headquartered Head InfoTech which operates online rummy gaming company Ace2Three for $73.7 million (Rs 474 crore), reported ET. Michael Wagman, Managing Director of Clairvest Group will join the board of Head InfoTech. Clairvest Group has invested approximately $40 million, with the rest being pooled in by a consortium of investors.

8. Turkish authorities on Saturday blocked online free encyclopedia Wikipedia in the country. It was not initially clear why the ban had been imposed, reported BBC.  "After technical analysis and legal consideration based on the Law Nr. 5651, an administrative measure has been taken for this website," Turkey's Information and Communication Technologies Authority said.

9. Paytm E-commerce, the online marketplace spun off from mobile wallet and payment player Paytm that owned by One 97 Communications, has appointed SAIF Partner’s Ravi Adusumalli and four employees from investor Alibaba on the board of directors, according to filings made with Ministry of Corporate Affairs (MCA). They will be joining the founder, Vijay Shekhar Sharma and Paytm vice-president Amit Sinha on the board. Paytm E-commerce, which operates Paytm Mall, will now have a seven-member board, as per ET report.

10. The Department of Industrial Policy and Promotion has cleared the American ecommerce company, Amazon’s proposal of retailing food products in India
and forwarded it to the Department of Economic Affairs for the final signature of the finance minister.

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