Tags: Startup news, Startup India, funding, mergers, acquisitions
Missing out on updates from the startup scenes in India? - We got you covered! This podcast will provide a 5 minute highlight reel of all that happened in the startup ecosystem last week.
In total, this week, 12 startups raised $35.7 Mn funding and one startup acquisitions took place.
This week, this week one of the biggest funding rounds in the Indian startup ecosystem was raised by Bengaluru-based digital application provider for micro-merchants OkCredit. The startup raised $15.5 Mn in a Series A funding round led by New York-based investment fund Tiger Global. Morningside Venture Capital, Lightspeed India Partners, Venture Highway and Y Combinator also participated in this round of funding. The startup will use the funding to further scale its merchant user base, grow its team and execute on its product roadmap.
Bengaluru-based social commerce startup Meesho raised an undisclosed amount of funding from social media company Facebook. The deal size is said to be “very significant”, however, there is no official communication on the same. The funding will help it further its efforts to enable independent entrepreneurs to build businesses and grow their customer base via social channels.
Gurugram-based GroMo raised $576.7K (INR 4 Cr) seed funding led by Ramakant Sharma, cofounder, Livspace and Utsav Somani of AngelList India as well as other prominent angel investors. The company is planning to utilise the funds to fuel its growth, strengthen its core technology platform and operations team.
Retail technology startup Arzoo raised $1 Mn Pre-Series A funding led by Jabbar Internet Group, that founded Middle East’s largest ecommerce platform Souq.com and a consortium of Investors from India and the United Kingdom. The startup plans to expand its retail category by integrating 500,000 retailers by 2022.
Authentic Ayurvedic organic handmade skin care products provider Cosmeto Food raised $143K (INR 1 Cr) from Risers Accelerator. The products by the company are made from ECOCERT Certified organic ingredients with tested and authenticated proven formulations.
An interactive platform to connect with avid readers in real time Vowelor raised $143K (INR 1 Cr) in a pre-series A round led by angel investor Dr Sanjeev Juneja. The startup will use this funding to develop, implement and market this app to target 150k+ downloads on its app and 200k monthly website hit. Vowelor further plans to partner with Publishers and Bookstores to create an inclusive and organized ecosystem to bridge the gap between readers, authors, and other stakeholders.
Moving on to acquisitions:
Go-Jek acquired Bengaluru-based artificial intelligence startup AirCTO. The financial terms of the deal are yet to be disclosed. According to the company, the AirCTO team will now join Go-Jek with immediate effect as a part of this deal. The acquisition aligns with Go-Jek’s focus on hiring premium talent to support the development of its ‘Super App’ which can be used for availing various services such as ordering food, commuting, digital payments, shopping, and hyper-local delivery through one app.
What else caught our eyes?
About ten months into acquiring a majority stake in Flipkart, Walmart has decided to use $1.2 Bn of its cash reserves to fund the operations of the Indian ecommerce marketplace. According to the statement, of the $2.7 Bn ending April 30, 2019, approximately $1.2 Bn can only be accessed through dividends or inter-company financing arrangements subject to approval by Flipkart minority shareholders.
The Karnataka Cabinet has decided to amend the Karnataka Startup Policy 2015-2020 in line with the national policy. The state government is amending its policy accordingly by including turnover limit and year limit that is there in the central policy, he told reporters after the Cabinet meeting. Also approved was the 'Chief Minister Grameena Sumarga' programme to maintain priority village roads in the state in a good motorable condition. For this programme using a scientific method, 24,246 kms are selected as priority village roads based on the criteria of connectivity, Gowda said.
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