Weddingz.in has acquired Mumbai-based WedCraze, Amazon India has launched its sixth Fulfilment Centre (FC) in Mumbai and Former Intel Capital executive Deepak Gupta has launched a seed stage venture capital firm—WEH Ventures.
Read a brief description about all of the above:
1. Online marketplace for wedding venues and vendors Weddingz.in has acquired Mumbai-based WedCraze, which creates private social platforms for weddings. The deal amount is still undisclosed by both the companies.
“Through this acquisition, Weddingz.in re-enforces its strategy to offer solutions to the millennial, adding stickiness to their platforms and more services under their umbrella,” the company said in a statement.
The acquisition will enable Weddingz.in—which is run by Mumbai-based L-Fast Brands Pvt. Ltd—to have a presence in the social space for weddings.
2. Amazon India has launched its sixth Fulfilment Centre (FC) in Mumbai which is spread over nearly 90,000 sq. ft. with over 300,000 cubic feet of storage space. It is situated in Bhiwandi. With this new launch, Amazon India now has eight FCs in Maharashtra, with close to 2.5 Mn cubic feet of storage space.
In May 2017, Amazon India announced plans to double its storage capacity, a move that claims to provide employment opportunities to about 5,000 people. This is one of the seven recently announced fulfilment centres for this year.
3. Former Intel Capital executive Deepak Gupta has launched a seed stage venture capital firm—WEH Ventures—with an aim to make investment in tech startups. “This fund is targeting a corpus of Rs40 crore. We have raised the fund so far from many prominent CXOs, folks in senior positions at startups, a couple of family offices and some college alumni. We expect to hit final close in 9-12 months,” said Gupta, who has a B.Tech from IIT-Bombay and an MBA from the University of Maryland.
WEH Ventures plans to differentiate itself from other early-stage investors by focusing on emerging and niche sectors such as content, virtual reality (VR) / augmented reality (AR) and electric vehicles.