Stashfin Bags $5M; LetsVenture to Set Up an 'India Fund' With Israel's OurCrowd; Tata Group Buys GrocerMax & More
Tata group is buying out the management team and technology infrastructure of Gurgaon-based GrocerMax. Post acquisition, GrocerMax will shut down its business in Gurgaon because the Tata group’s grocery business is currently not present in North India.
Here is a list of deals that happened in Indian Startup Ecosystem recently. Read a brief description about all of them:
1. Bengaluru-based crowdfunding platform LetsVenture has entered into a partnership with Israel's OurCrowd to access global deals. The two partners also plan to set up an 'India Fund' through family offices and high net worth individuals in their networks. “This partnership will help Indian startups access global funding and opportunities, and will offer curated deals to Indian investor syndicates managed by LetsVenture,“ said OurCrowd CEO Jon Medved.
Although the size of the India Fund has not been decided yet, it will invest in at least two dozen startups addressing the Indian market, Medved said.
2. Virtual credit facility provider Stashfin has secured $5 million in pre-Series A funding from Kirloskar Group's venture capital arm Snow Leopard Venturesand Singapore-based Alto Partners.
Other investors who participated in the round include Vibhav Dhawan and Praveen Malhotra, managing partners at executive search firm Positive Moves, Avendus Capital founder Ranu Vora, commodities trading firm Trafigura's chief executive Raoul Bajaj, and senior executives from KKR.
3. Data analytics startup Quantta Analytics has raised an undisclosed amount of funding in its Pre-Series A round. The round was led by undisclosed entrepreneurs and investors from India and Silicon Valley.
The startup aims to utilise the raised funding in enhancing its tech stack, strengthening the core technology team, and expanding its presence across various cities in India. Also, the startup is in the process of setting up Quantta Labs in Silicon Valley.
4. With an aim to enter the online grocery business, Tata group is buying out the management team and technology infrastructure of Gurgaon-based GrocerMax. Post acquisition, GrocerMax will shut down its business in Gurgaon because the Tata group’s grocery business is currently not present in North India.
Founded by Gaurav Juneja and K Radhakrishnan about two years ago, GrocerMax is a hybrid platform for grocery that keeps only 10% inventory, sourcing the rest from supermarkets and provisional stores in real time.
The new team will help set up the online platform for Trent Hypermarket. Trent Hypermarket is a joint venture between Tata Group and British retailer Tesco. It aims to rival Amazon India, which has also entered the market; and Bigbasket in this rapidly growing segment.