We bring to you the latest edition Funding Galore: Indian Startup Funding of the week.
This week 19 startups raised around $528 Mn in funding altogether in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed funding amount.)
One of the biggest Indian startup funding news this week was Paytm Mall reaching a new benchmark- Unicorn. Paytm’s ecommerce subsidiary Paytm Mall has secured $445 Mn in a funding round by SoftBank and Alibaba. The funds will be deployed for empowering the shopkeepers with superior technology, building superior logistics, strengthening the Paytm Mall brand and bringing an enriching experience to the customers.
Also, Amazon is said to be in talks to acquire Indian rival Flipkart. Amazon recently has already initiated exploratory talks to buy Flipkart. If the talks materialise, it might soon submit a rival bid for the homegrown ecommerce unicorn. This comes at a time when Flipkart is engaged with Walmart for a proposed $7 Bn investment, as part of which the retail giant is eyeing a 25% to 51% stake in the online marketplace.
Indian Startup Funding Of The Week
UClean: Faridabad-based Tech-enabled laundry and cleaning solutions company UClean raised additional $615.6K pre-Series A funding from US-based existing angel investor Anubhav Chopra. The company plans to use the funds for its growth. As part of the investment, Chopra will also finance its first full-stack live dry cleaning studio, UClean Select, which would offer premium services for “delicate and ornamental clothes”, besides leather items such as bags.