Sequoia Leads $2M Funding in Increff, Indgrowth Capital Raising Rs 500 Cr & Flipkart to Raise $500M from SoftBank
Private equity firm Indgrowth Capital is raising its maiden Rs 500-crore fund to invest across broader consumer, financial services, healthcare and industrial sectors.
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Here is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:
1. Bengaluru-based fashion supply chain solution provider Increff, the brand registered under NextSCM Solutions, has raised $2 million (about Rs 13 crore) in a funding round led by Sequoia Capital. Warehouse automation provider Grey Orange Robotics and a clutch of angels including, Rajesh Ramaiah of Premji Invest, Anshuman Das and Rishi Das, founders of CareerNet, and RedSeer director Jasbir Juneja also participated in the round.
The startup plans to utilise the funds to enhance its product offering, expand its customer base and hire for its technology team, as reported by ET.
2. Private equity firm Indgrowth Capital is raising its maiden Rs 500-crore fund to invest across broader consumer, financial services, healthcare and industrial sectors.
Indgrowth Capital Fund-I, a PIPE-focused investment vehicle, which will look to invest in small and mid-cap companies with a market capitalisation of Rs 700-2,000 crore, is also expected to have an undisclosed amount as a green shoe option.
3. Indian eCommerce major Flipkart is reportedly going to raise $500 million from Japanese telecom and internet conglomerate SoftBank, according to a recent report published in the Factor Daily.
“The funding will be part of the Snapdeal-Flipkart deal, where some of the existing Snapdeal investors are looking for an exit,” said one of the two sources familiar with the matter.
The report further added that SoftBank has planned a $2 billion investment in Flipkart, a part of which will be primary funding. “The entire money is not coming as a primary investment. Effectively, Flipkart will get only $500 million out of the $2 billion as primary funds,” said the second source.
The remaining money — $1.5 billion — will be used by SoftBank to pay back Tiger (Global), Snapdeal’s investor. Tiger Global is also Flipkart’s largest shareholder.
Read more deals here.
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