Naspers is planning to set up its venture capital arm in India to expedite its investments. Naspers Ventures’ strategy will be to back scalable technology startups, which leverage India’s consumption growth.
This week 15 startups raised over $40 Mn in funding altogether. (Funding amount is based on the startups that disclosed their funding amounts)
Startup Fundings Of The Week
Tpot: Tpot, a Delhi-based foodtech startup focussed on serving the ‘chai-nashta’ segment, raised an undisclosed amount in Pre-Series A funding. The investment was led by principal investor at Tpot, Ashish Gupta, Founder & Trustee of Ashoka University and ex-co-founder & COO of Evalueserve. The raised funds will be used to add 19 more outlets by the year-end and reach up to 200 by March 2018 at various corporate offices, metro stations, and hospitals.
Trip Tap Toe: Gurugram-based travel portal and travel concierge app, Trip Tap Toe raised fresh capital in exchange of 26% stake for an undisclosed amount. R.S Sharma, former Chairman and Managing Director of Oil and Natural Gas Corporation (ONGC) invested through his son Nayan Parashar, Director at Trip Tap Toe. The raised funds will be used to expand its sales team, initiate new marketing initiatives, invest in the mobile & web technology platform, and hire talent in the industry.
LawRato: Tech-based legal advice startup LawRato raised an undisclosed amount in its Pre-Series A round of funding led by Indian Angel Network (IAN). Post funding, V.P. Rajesh and Srikant Sastri from IAN will join the company’s Board of Directors. The raised funds will be used for the development of its online platform and expansion of operations.
Koovs: Koovs plc, a Delhi- and UK-based fashion etailer raised a strategic investment of about $4.8 Mn from the Times of India Group and a further $8.7 Mn (£7 Mn) investment by new and existing shareholders. The funding was raised through the issue of 21.7 Mn new Ordinary Shares at 50 pence/share. This capital raise is part of the final tranche of the company’s three-year investment programme to raise approximately $43.6 Mn, announced in September 2015. It brings the total raised under this programme to$38.6 Mn to date.