We bring to you the latest edition of Funding Galore: Indian Startup Funding of the week.
As PremjiInvest becomes the one to earn the most with the Flipkart-Walmart deal, making more than $130 Mn on its $25 Mn (INR 155 Cr) investment in Myntra in early 2014, Flipkart-Walmart deal continues to make buzz in the Indian startup ecosystem.
So far, one of the major investors in Flipkart and the announcer of the deal, SoftBank is in a tight spot and has been exploring its new investments in the country. SoftBank is now looking for a potential investment in Zomato as well as has also held an initial round of discussions to invest as much as $3 Bn in Paytm Mall. At the same time, SoftBank CEO Masayoshi Son is now determined to set up Vision Fund II in the near future.
On the other side, SoftBank is further rethinking on its commitment to sell off its Flipkart stake. In any case, Walmart is ‘OK’ with Softbank’s decision and believe that SoftBank can continue as any other investor. Also, the Flipkart deal has raised red flags with questions on its co-founder Sachin Bansal’s exit.
Going further, this week seven startups in the Indian startup ecosystem raised around $60 Mn in funding altogether and five startup acquisitions took place. (The startup funding calculations are based on the startups that disclosed funding amount.)
Indian Startup Funding Of The Week
LenDenClub: Mumbai-based P2P lending startup LenDenClub raised $500K in Pre-Series A funding led by Artha Venture Fund. The startup plans to focus aggressively on product partnerships to expand their portfolio.