The Securities and Exchange Board of India (SEBI) relaxed norms for angel funding in the country. The total number of angel investors allowed to invest in a venture is now raised to 200 from 49 and reduced the minimum investment amount to $36K from the previous limit of $76K.
In another development, Paytm’s parent company, One97 Communications Ltd and its founder Vijay Shekhar Sharma collectively invested $32 Mn (INR 220 Cr) till date in Paytm Payments Bank Ltd, ahead of its launch that has now been pushed towards early 2017. Sharma has invested $16 Mn (112 Cr) in the business, while the rest has come from One97. Sharma will hold a 51% stake in the Payment bank, and 49% stake will be held by One97.
This week 18 startups raised over $ 55 Mn in funding altogether. (Funding amount is based on the startups that disclosed their funding amounts.)
Startup Fundings Of The Week
Spearheads: Edtech startup Edutainment Spearheads secured an undisclosed amount in Seed funding from YMS Mobitech, a tech-based distribution company. The funding will be used for technology development, offline products, and to scale up content for the startup’s flagship product, VoLT – a vocabulary enhancing the app.
NoddApp: Mumbai-based professional networking app Nodd raised $147K (INR 1 Cr) from a group of angels, including 11 investors. As of now, the majority of the names remain undisclosed, except two – Jaison Jose and Sandipan Chattopadhyay. The raised funds will be used to scale up operations and expansion across major metros like Delhi, Bengaluru, Mumbai, Hyderabad, and Chennai. Part of the investment will also be directed towards building a strong team and technology.
DataSigns Technologies: Bengaluru-based DataSigns Technologies Pvt. Ltd that runs the fintech platform ShubhLoans secured an undisclosed amount of angel funding. The round was led by Sanjai Vohra, (former MD of JP Morgan) and V. Bunty Bohra (Managing Director and India CEO on Goldman Sachs).