Zensar Buys Keystone Logic Solutions; BigBasket Gets Rs 45 Cr; Ascent Capital to Raise $350-400M & More
Elite Tech Healthcare Pvt Ltd, which runs Klinic App, has raised an undisclosed amount in seed funding.
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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. Software services firm Zensar Technologies Ltd has agreed to acquire a Bangalore-based digital supply chain company, Keystone Logic Solutions Pvt Ltd, for an undisclosed amount. The deal also involves its US unit acquiring Keystone’s Atlanta-headquartered subsidiary. Keystone Logic, which has 210 consultants, will continue to be managed by founder and CEO Ravi Joshi and this acquisition deal will help Keystone access greater resources and extend its global reach.
2. Online grocery retailer BigBasket has raised Rs 45 crores of venture debt from Trifecta Capital, for setting up new warehouses, strengthening the cold chain and setting up facilities for reprocessing of fruits & vegetables. “We are present in 25 cities and continue to optimise our supply chain. A significant part of our business is fresh fruits and vegetables, the bulk of which is sourced directly from farms. It is crucial that we maintain the quality right upto the last mile. This will be done using large scale equipment such as pre-coolers and ventilators. Funding such capex requirements is best done through debt.” said Hari Menon, Co-Founder, SuperMarket Grocery Supplies which owns BigBasket.
3. Private equity firm Ascent Capital, an early investor in online grocery retailer BigBasket, is planning to raise a new fund of about Rs 2,275-2,600 crore ($350-400 million) by the end of the year. The new fund will take the total assets under management of the Bengaluru-based investment firm to more than $1 billion, reported ET.
4. Auditing firm PwC India has inaugurated its first innovation hub in the country at the T-Hub in Hyderabad. Murali Talasila, PwC partner and innovation leader, said, "We will be engaging with startups to accelerate their growth trajectory. Suppose they want to access a company where they think their solutions will solve problems, we will be the bridge as we have the who's who of India Inc as our clients. PwC will not be charging startups for this service, he clarified that in cases where corporates reach out to PwC with certain problems that can be solved by startups, PwC will connect them to the relevant startups and monetise this service.”
5. Gurgaon-based e-diagnostic startup Elite Tech Healthcare Pvt Ltd, which runs Klinic App, has raised an undisclosed amount in seed funding from Om Chaudhry, the founder of private equity fund Fire Capital, to develop its technology platform and product. Founded by Divya, Parvendra Singh, Shwetabh Walter, Sandeep Saraf and Amal Sardar in 2015, Klinic is an online aggregator of organised and unorganised pathology labs in India.
6. Bengaluru-based waste management services provider Hasiru Dala Innovations Pvt. Ltd. has raised an undisclosed amount of funding from Ennovent Impact Investment Holding. This is Ennovent Impact's sixth investment. Founded by Nalini Shekar, Shekar Prabhakar and Marwan Abubaker in 2013, Hasiru Dala is a for-benefit social enterprise that aims to create sustainable livelihoods for waste-pickers through circular economy-centric businesses.
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