Indian Startup news

Indian Startup News : August 17, 2017

August 28, 2017
Startup Talky

Softbank to pump $100 million into Rivigo

Rivigo is Gurgaon based start-up and Softbank is planning to invest $100 million in the company according to five people aware of the discussions Softbank has already pumped money to the Flipkart, Paytm and Ola. The investment, if it goes through, could value the three-year-old company at nearly $1 billion. These people declined to be identified as the discussions aren’t final yet.

 Tiger Strike Force Severed notice to big e-commerce websites

 Tiger Strike Force from Madhya Pradesh has served notice to e-commerce firms Snapdeal, IndiaMART, Wish and Buy and Craft Comparison for allegedly selling wildlife products on their websites. The notices were served to the e-commerce companies last week after their names surfaced during an investigation of the seizure of wildlife-related items in Indore, a state public relations department official has said. The websites selling numerous devotional products which has animal parts used in it.

KNAB Finance raised capital from big sharks

KNAB Finance Advisors Pvt. Ltd, a fin-tech firm that provides unsecured working capital loans to small and medium-sized enterprises (SMEs), has raised a little over Rs 2.5 crore in two funding rounds, a top company executive told. Non-banking financial company (NBFC) InCred, and over a dozen individual investors including MindTree executive chairman Krishnakumar Natarajan and Sharjah Islamic Bank’s senior vice president Ravi Bhardwaj invested in the company.

Ola hailed Harish Abhichandanithe for CFO post

The ex-employee of E-kart Harish Abhichandanithe is now the chief financial officer of riding cab compan, Ola. Ola was searching the new CFO after Rajeev Bansal resigned from the position. Bansal left the company withing six months of joining Ola from Infosys amid a controversy surrounding his former organisation on special payouts made out to him. Besides his stint at Ekart, Abhichandani has worked at Tata Teleservices in the finance vertical. He was the head of finances for Ekart for over 18 months.

Tata Trust to collaborate with new social startup’s

Tata Trusts, philanthropic arm of Tata group, is looking to raise funds to invest in social sector startups in the next few months. A top executive of the agency told that after incubating and investing in 15 startups at the seed level in the past year of its existence, the company is now looking to raise $30 million for social sector startups.

 

Margdarshak Financial Services Ltd has raised $3 million debt 

Lucknow based Margdarshak Financial Services Ltd has raised $3 million from Switzerland-based impact investment firm BlueOrchard. In the process, Margdarshak has issued non-convertible debentures (NCDs) with a maturity of five years to BlueOrchard, a top executive told DEALSTREETASIA. The NCDs are listed on BSE with a rating of BBB awarded by BRICKWORK Ratings.

Green Visor Capital organised Series A investment

US-based venture capital firm Green Visor Capital has led a Series A round of investment in Mumbai-based financial technology startup Get Simpl Technologies Pvt Ltd, maker of the Simpl app. While the financial details of the deal were not disclosed, other participants in the round included IA Venture Strategies Fund II, Boillot Family Trust, Russell M. Byrne, The Oliver R. Grace, Jr. Millennium Trust, SF Capital Investments and DIA Investments.

PM Modi met 200 Start-up owners

PM Modi met 200 start-up owners to discuss a range of issues including job creation, income growth, and innovation at a session organised by federal policy think tank, NITI Aayog. The start-up owners who attended the meeting were Aashish Dhawan, founder and chairman of Central Square Foundation; Ananth Narayanan, chief executive of Myntra; Hari Menon, founder and chief executive of Bigbasket; Deepak Garg, chief executive of Rivigo; Naveen Tiwari, chief executive of InMobi; Alok Bansal, co-founder and chief financial officer of Policy Bazaar; and Ritesh Agarwal, founder and chief executive at OYO Rooms and others. 

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