Vulcan Express May be Part of the Flipkart-Snapdeal Merger; Wipro Venture Fund Invests in 9 Startups & More
Alibaba Group's film division Alibaba Pictures has picked up majority stake in online ticketing platform TicketNew
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. The logistics arm of Snapdeal, Vulcan Express, will be part of the Flipkart-Snapdeal merger, two people familiar with the development said, reported BloombergQuint. The future of Vulcan now depends on the final contours of the deal.
Founded in 2013, Vulcan Express emerged after Snapdeal decided to have its own logistics arm last year. It provides a range of services from pickup, consolidation and fulfilment operations, warehousing solutions, intercity movement, to last-mile delivery services.
2. The corporate venture fund of Wipro has invested $24.5 million in nine startups between 2015 – 2017, according to its recent annual filings with the US Securities Exchange Commission.
The startups funded by the Wipro venture fund to date are Vectra Networks, Emailage Corporation, Altizon Systems, Vicarious, Drivestream Inc, Avaamo, Intsights, Talena, and TradeShift.
3. Bangalore-based Magiclane App Services Pvt. Ltd, which owned and operate on-demand task management app MagicX, has halted its operations, reported VCCircle. The company’s desktop website is non-operational while repeated attempts to install and use the mobile app from Google Play Store were unsuccessful.
4. Venture capital (VC) firm Inventus Capital plans to separate its India and US units and raise an independent fund of $60-80 million for investing in Indian start-ups, reported DealStreetAsia. Inventus which was founded in 2007 by Kanwal Rekhi, Samir Kumar and John Dougery, has offices in Bengaluru and California. The firm has raised two funds totalling $158 million.
5. Saurabh Nigam, former head of human resources (HR) at online marketplace Snapdeal who left the eCommerce company after a three-year tenure, will join Omidyar Network’s India arm as the head of its HR division. He will join Omidyar Network, the philanthropic firm set up by eBay founder Pierre Omidyar, in the role of vice president-human capital later this month.
6. Alibaba Group's film division Alibaba Pictures has picked up majority stake in online ticketing platform TicketNew for an undisclosed amount, reported ET.
Chennai-based TicketNew which was founded in 2007 by Ramkumar Nammalvar, claims to have presence in over 300 cities across India.
The other terms and details of the deal are still undisclosed however as per media reports Alibaba plans to invest around Rs 120 crores over a period of time.
7. UNTUCKit, a retailer focused on men's casual shirts, has announced on Sunday that venture capital firm Kleiner Perkins Caufield & Byers had invested $30 million in the company's first major round of fundraising, reported ET.
The funding will help UNTUCKit open 15 new stores in United States and expand into women's and children's apparel. Founded in New York in 2011 as an Internet retailer, it started opening physical stores in 2015 as part of a "clicks-to-bricks" strategy.
8. London- and India-based Heathwalk Advisors Pvt. Ltd, which runs financial technology platform MaxMyWealth, has raised an undisclosed amount from two UK-based firms, reported VCCircle. Vinay Chauhan, who founded Heathwalk Advisors early this year, will use the funds to build the team, enhance its offering and grow its customer base.
9. GyanDhan, an online marketplace for education loans owned and operated by Delhi-based Senbonzakura Consultancy Pvt. Ltd, has secured an undisclosed amount from Sundaram Finance Holdings, a subsidiary of Chennai-based Sundaram Finance Ltd. Founded by IIT Kanpur alumnus Ankit Mehra and IIT Delhi graduate Jainesh Sinha in May 2016, GyanDhan facilitates loans for students aspiring to pursue studies abroad. It claims to have helped more than 250 students get education loans worth Rs 60 crore.
10. Online marketplace for bags, TheBagTalk has raised Rs 50 lakhs from an unnamed Chinese HNI investor in its first round of institutional funding, reported ET. The company will use the raised funding to set up operations in China with offices in Guangzhou and Yiwu. TheBagTalk was created with a seed capital of Rs 4 cr by former banker Rohit Reddy in partnership with Tushar Jain of High Spirit Commercial Ventures - a bag manufacturer and exporter which retails its label, Priority Bags, through offline retail chains.
11. Online recruitment marketplace Aasaanjobs, which connects employers, consultants and job-seekers, has acquired Noida-based mHire, a recruitment platform focused on skilled and semi-skilled blue and grey collar (i.e. entry-level) jobs. Through this acquisition, Aasaanjobs plans to strengthen its presence in the northern part of the subcontinent and onboard partners and clients that mHire has in its fold, reported ET.
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