Xiaomi to Invest in ZestMoney, Chakr Innovation Raises Pre-Series A, Pipa + Bella Bags $1M & More
Online travel company MakeMyTrip is going to delist budget hotel startups Treebo Hotels and FabHotels from its platform as part of a business partnership it struck with homegrown hospitality major OYO Rooms.
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Below is a list of deals that happened in the Indian Startup Ecosystem today/recently. Read a brief description about all of them:
1. Chinese smartphone manufacturer, Xiaomi is in advanced talks to pick up stake in financial technology startup ZestMoney. ZestMoney is in talks to raise a total round of about $20 million with participation from the startup’s existing investors like payments company PayU, reported ET. The investment talks between both the companies will also see closer integration between them to push sales on Mi.com. If the deal goes through, this would be the second investment by Xiaomi in the fintech space, after an $8-million round in Bengaluru-based KrazyBee in October last year.
2. Pollution control device maker, Chakr Innovation has raised an undisclosed amount of funding in a Pre-Series-A round from IDFC-Parampara Fund and Globevestor Funds. The Delhi-based startup will use the funds raised to expand production to cater to the growing demand for emission control technologies and for research & development of new products. Founded by Arpit Dhupar, Kushagra Srivastava and Prateek Sachan in 2016, Chakr has developed the world’s first retro-fit emission control device called ‘Chakr Shield’ for diesel generators.
3. Early-stage consumer-focussed venture fund, Fireside Ventures has led a $1 million funding round in fashion accessories e-tailer Pipa + Bella. Existing investors including LionRock Capital, Japanese investor and Beenos founder Teruhide Sato, and Roopa Nath of Mumbai Angels also participated in this round.
Fireside Ventures founder Kanwaljit Singh, who earlier co-founded Helion Venture Partners, will join the company’s board as part of the transaction.
Founded in 2013, the firm plans to use the raised funds for hiring and brand building.
4. Publishing house S Chand & Company Ltd which already holds 23.29 per cent in Smartivity Labs Pvt. Ltd., is investing an additional Rs 35 lakhs ($54,000) in education technology startup. The Delhi-based company which secured Rs 6.6 crore (almost $1 million) in pre-Series A round in 2016, plans to use the funds raised for its business operations and product portfolio expansion, reported DealStreetAsia
5. The Reliance family office, led by billionaire Mukesh Ambani, is close to acquiring a majority stake in Embibe.com, an online education portal, for close to Rs 100 crore, reported ET. The promoters and current investors in the Mumbai-based education portal, which prepares students for competitive entrance tests, are likely to sell their stake.
6. Noida-based micro delivery platform MrNeeds has shut down its operations, reported Entrackr. The two years old startup which had claimed to serve about 10,000 households in Noida and adjacent parts of Delhi in July last year, also received $500K pre-Series A round from a group of angel investors including Umesh Arora.
7. Online travel company MakeMyTrip is going to delist budget hotel startups Treebo Hotels and FabHotels from its platform as part of a business partnership it struck with homegrown hospitality major OYO Rooms. ‘The partnership with OYO is structured in such a way that it will likely lead into financial investment from MMT into OYO for a minority stake,” reported TOI. More than two years after delisting OYO Rooms’ hotel inventory, MakeMyTrip has recently listed the company back on its platform.
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