We bring to you the latest edition Funding Galore: Indian Startup Funding of the week.
This week 17 startups raised around $64.2 Mn in funding altogether with Capital Float raising the biggest funding round of $22 Mn in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed funding amount.)
Further, as speculations of the Flipkart-Walmart deal continue to create a buzz, the global retailer is now planning to involve Google’s parent Alphabet taking a stake in Flipkart for nearly $1-2 Bn. The investment from Alphabet will come after the Walmart acquisition, expected to be announced shortly. Also. from the earlier expected stake of 50-51%, Walmart is now expected to acquire 85-86% of Flipkart through a mix of primary and secondary investment. The biggest possible deal in ecommerce has also garnered support from Amit Agarwal, Amazon India head.
Indian Startup Funding Of The Week
Capital Float: Bengaluru-based online SME lending platform Capital Float raised $22 Mn in a follow-on Series C funding round from Amazon Inc. The newly raised funds will be used to bolster Capital Float’s proprietary end-to-end digital loan origination system and to design innovative credit solutions for customers. With this, the total equity funding in the company has reached $107 Mn.
ShoeKonnect: Agra-based B2B marketplace for leather products ShoeKonnect raised $460K from online classifieds company Info Edge (India) Ltd, BSE filings revealed. The startup plans to use the funding to start a new line of business.