Indian Startup News,technology,innovation for June 12, 2017
Fireside Ventures Announced Close of Its Maiden Fund
A consumer brand-focused venture fund startup – Fireside Ventures has announced the close of its maiden fund with INR 180 crore funding commitment.This is one of the blooming Indian Startup news. The fund commitment has come from multiple top family offices of India including consumer goods maker Marico’s Mariwala, RP-Sanjiv Goenka Group, and Wipro promoter Azim Premji’s PremjiInvest. The firm will invest the fund across different business niches such as personal care, home products, food & beverages from seed to the series-A stage of a company.
Vista Rooms Raises $776,000 in Pre-Series A funding
Vista Rooms, a budget hotel aggregator which is operated by Mumbai-based Stay Vista Pvt. Ltd has raised $776,000 fund from a number of investors in its pre-Series A funding. The investor list includes Artha India Ventures, LetsVenture, and Singularity Holdings. Rajan Anandan, Google India head, and Girish Mathrubootham, CEO Freshworks also invested in Vista Rooms.
RAIN to Launch $15 Million Fund Early Next Year
RAIN – Rajasthan Angel Investor Network is all set to launch $15.6 million funds early next year, which is confirmed by Mahavir Pratap Sharma, the chairman, and co-founder of this 30 member angel investment firm. Sharma said, “The fund will focus on investing in the idea stage and early stage companies”. Jaipur-based RAIN offers early stage capital and mentoring services to companies in the region. The firm invests in services and technology sectors focusing on application, consumer internet and IT.
Online Money Lending Platform Lendingkart Gets $7.8 Million Loan from Yes Bank
Bengaluru and Ahmedabad-based Lendingkart, an online money lending platform for small and medium enterprises has raised a loan of $7.8 million from Yes Bank. The startup plans to invest the amount in strengthening its loan book and expanding its business presence to numbers of Tier 3 cities in India where loan givers are very short in numbers.
Huawei overtakes Apple to Become Second Largest
Chinese smartphone maker Huawei has displaced Apple in global sales volume to become the second largest handset company globally. Allen Wang, Huawei India Director for Product Centre said “we overtook Apple in global sales volume share in December. Company’s share reached 13.2 percent globally in December 2016 whereas Apple was in 12 percent range at that time. Samsung still leads the global market in volumes, but Huawei has also overtaken it in some markets”
PeeSafe Raises $1Million in Pre-Series A Funding
PeeSafe, a global brand for toilet hygiene, has raised $1million in its Pre-Series A Funding led by Alfa Capital, Venture Catalysts, and others. The funding round has also participated by marquee investors such as Green Shots Capital, ex-Unilver Govind Rajan Parthasarthy, Amit Choudhary Partner Motilal Oswal and Real Time Ventures. Founded by the married duo of Vikas and Srijana Bagaria, the company operates in international markets like Australia, Singapore, Kenya and Nigeria.
Coverfox Raises $15 Million from Transamerica & Other Investors
Coverfox, an online insurance brokerage firm which is owned and operated by Glitterbug Technologies, has raised $15 million in its series-C round. The fund round was led by US insurer Transamerica and its existing investors. The Mumbai-based company is also in discussions with Fosun Kinzon Capital which is the VC unit of Chinese conglomerate Fosun International. VC unit of Chinese conglomerate Fosun is likely to invest $5-10 million as an extension to this latest round.
Unicorn India Ventures to Invest in AI-Startup Boxx
The Mumbai-based VC firm Unicorn India Ventures and a group of other angel investors have invested $500,000 in Boxx, a Bangalore-based AI backed analytics startup. The angel investor list includes Former COO and CFO, Citibank APAC – Venky Krishnakumar, Founder, and CEO, Crayon Data – Suresh Shankar and CEO, DAN Performance Group – Vivek Bhargava. Launched in July 2016 by IIT alumni Prakhar Raj, Shitiz Bansal and Ajay Kashyap, Boxx.ai builds AI products to solve critical analytics problems affordably.
Amit Sinha Appointed as Paytm Mall’s COO
Paytm Mall announced Amit Sinha as the new Chief Operating Officer (COO) for the overall operation of Paytm Mall and expanding its team to ensure customers have access to the widest assortment of products across different categories. Amit, who served in numbers of key business roles in Paytm and helped implement key business, financial and HR processes, will be also responsible for delivering efficient, quick and optimized partner logistics network.This is one of the latest Indian Startup news .
Flipkart Global Shuts Down Operation
Flipkart Global, a global sourcing platform for sellers which operates as a hand of Flipkart has shut down all its operation. The move is aimed to support increase the homegrown e-commerce giant’s reliance on its newly acquired eBay business for global sourcing.It is one of the latest Indian startup news. The investment led to an agreement between Flipkart and eBay, as per which eBay India will continue operation as an independent entity, but under Flipkart.