ERP Platform Tripeur Raises Seed Funding; Urban Ladder Appoints Jaipal Singal as Its CFO; SastaSundar Bags $5M & More
SoftBank Group Corp has acquired a significant minority stake in OSIsoft LLC, a privately held maker of industrial software used to manage plants and factories.
Photo Credit : constructive.net.au,
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. Japan-based pharmaceutical company Rohto Pharmaceutical has invested $5 million (Rs 33.4 Cr) in online pharmacy SastaSundar Healthbuddy Limited. With this funding, Rohto will assist SastaSundar in scaling its operations pan-India. Founded in 2013, Kolkata-based SastaSundar.com is a digital network for managing healthcare, pharma, and wellness product supply chain. It acts as a channel for connecting doctors, diagnostic services, health care clinics, and health information services.
2. The Internet and Mobile Association of India (IAMAI) is planning to set up a mobile app incubator IAMAI Mobile10X in Kozhikode and Gurugram. The incubator will be situated at the Cyber Park in Kozhikode, spread over a 2.88 lakh square feet area. The Kerala hub will be launched by Nov 2017.
IAMAI Mobile10X is already operating in two cities presently, Bengaluru and Hyderabad (with T-Hub). As per an official statement, the IAMAI is also planning to open another hub in Gurugram. It is expected to be operational by August 2017.
3. CupoNation, Rocket Internet-backed online savings destination platform is looking to strengthen its foothold in India. The deals platform has recently partnered with ‘ABP Live’ to expand its reach to online shoppers in India. Munich-headquartered CupoNation was founded in 2012 by Gerhard Trautmann, Adrian Renner and Andreas Fruth. CupoNation launched its first savings platform in India in September 2012 and is based in Gurugram.
4. Gurgaon-based Splikart Eservices Pvt Ltd, which operates Splitkart, a mobile app that allows users to split bills and plan group outings, has ceased its operations. The company’s mobile application could not be found on both the Android and iOS marketplaces, and its desktop site was also non-operational and inaccessible. When contacted, Sharique Khan, the co-founder of Splitkart, said, “We are upgrading a few things and our people are working on it to bring it back. However, I am not sure when we'll be back. It could take another 2-3 weeks. However, we will let you know in case there is a shutdown.”
5. Bangalore-based Shorebird Technologies Pvt. Ltd, which operates travel enterprise resource planning platform Tripeur, has secured an undisclosed amount in seed funding led by Grace Grace Techno Ventures LLP, reported VCCircle.
Early-stage investor Rajul Garg and a few other angels also participated in this round.
The funds will primarily be used for product development, ramping up its technology infrastructure and sales and marketing teams, besides acquiring new customers.
6. Online furniture and home decor brand Urban Ladder has appointed Jaipal Singal as its Chief Financial Officer with immediate effect. Singal joins the Urban Ladder team from Arvind fashion brands and has previously been associated with Marks & Spencer and Mahindra Retail. The company clocked revenues worth Rs 56 crores in FY16 while its losses stood at Rs 175 crores for the same year.
7. SoftBank Group Corp has acquired a significant minority stake in OSIsoft LLC, a privately held maker of industrial software used to manage plants and factories. SoftBank is buying out venture capital investors KleinerPerkins Caufield & Byers, TCV and Tola Capital, reported ET. Japan's Mitsui & Co will remain an investor.
8. F7 Labs, Flipkart's US-based research arm, is looking at growing its presence in Silicon Valley as it focuses on building artificial intelligence-based products to help the Indian ecommerce giant improve business processes and customer interactions. "Given the scope of the opportunity to deploy artificial intelligence solutions to an ecommerce market like India, we are looking to grow the lab. There are Indian expats in the Valley who we think would be interested in working on the large data sets that we have at Flipkart," Mihir Naware, Director Product at F7 Labs said.
9. Bitcoin Growth Fund (BGF), a blockchain-based startup fund, closed its first fund raising with $14.5 million (approx Rs 95 crore) as part of its initial coin offering (ICO) in the last one month. Founded in January 2017 in Dubai, BGF is a blockchain-based venture capital fund where regular or small investors can invest by buying a token named `MCAPS' via ICO.
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