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After securing $50 Mn from Chan Zuckerberg Initiative, edtech startup BYJU’s adds funding from the investment firm International Financial Corporation (IFC), a member of the World Bank Group. The funding will enable BYJU’s to further its plans to make quality education accessible for students across the nation as well as in international markets.
Next, in a bid to gain an edge over competitors, ecommerce giant Amazon has invested a fresh capital of $295 Mn (INR 2,010 Cr) in its main Indian unit, making it the single-largest capital infusion so far. The investment was made in November and marks the total capital invested in Amazon Seller Services to over $1 Bn (INR 7,000 Cr) in the last 12 months, according to regulatory filings.
This week 13 startups raised over $10 Mn in funding altogether. (Funding amount is based on the startups that disclosed their funding amounts.)
Startup Fundings Of The Week
E-Vegetailing: The Chennai Angels (TCA) infused a Seed investment of $162K (INR 1.1 Cr) in E-Vegetailing Private Limited, a Chennai-based startup engaged in selling farm fresh vegetables procured directly from farmers and delivered to customers with its innovative technology backend. Gowri Shankar Subramanian, CEO & co-founder – Aspire Systems, led the round on behalf of The Chennai Angels. This capital will be used by E-Vegetailing to build its farmer network, increase procurement points and enhance its logistics operations.
Acquisitions Of The Week
- Gurugram-based test preparation app OnlineTyari (OT) acquired Plix, a photo and video sharing platform. OnlineTyari and Plix will integrate within the next couple of months. With this acquisition, OnlineTyari will now be 75 employees strong.
- Swedish game developer Starbreeze AB acquired 90.5% stake in Indian art production and game development company Dhruva Interactive for $8.5 Mn (about INR 57.6 Cr), in a mixed cash-and-stock deal. $7 Mn of the total deal amount will be paid in cash. Post the acquisition, Bengaluru-based Dhruva will continue to operate under its own brand and service its clients in the global gaming industry.
- Delhi-based Internet media and news startup, ScoopWhoop Media acquired Touchfone Technologies for an undisclosed amount. With this development, Touchfone Technologies co-founders Mahesh Subramanian and Brahmayya Akella will be appointed as ScoopWhoop’s Chief Technology Officer and Chief Integration Officer, respectively.
- Karnataka-based fresh fruits and vegetables etailer Freshboxx acquired Hubli-based last mile logistics startup, Urmajesty. Post the acquisition, Urmajesty co-founders Pavan Patil and Nihal Revankar will join Freshboxx’s team as Head of B2C and Head of logistics department, respectively. With this acquisition, the startup aims to multiply its revenue by starting business operations in South Karnataka while launching in new cities of North Karnataka.
Also, PayPal is in the final stages of a deal to acquire a significant minority stake in Freecharge. The deal is expected to see the sale of a 25% stake for around $200 Mn.
Other Developments
- IBM has announced the winners of its startup challenge, IBM Smartcamp for Deeptech in India. The finals were held in Bengaluru on December 17, 2016. The event showcased startups from sectors such as IoT, big data & analytics, security, storage, BI, mobile, cognitive & machine learning, blockchain, social, infrastructure services management, and Cloud. The top 10 finalists included Fluid AI, Emotix, SigTuple Technologies, Appiyo Technologies, Merxius, GenCrunch, Clean Slate, KrypC Technologies, NeuroEquillibrium Diagnostics, and Staqu Technologies.
- Former Group-COO of Network 18, Alok Agrawal and Applyifi founder, Prajakt Raut launched a new platform The Growth Labs to provide advice and assistance to emerging startups. The platform has a group of experienced and successful CXOs from different industries to mentor the startups.
- Tamil Nadu Government’s Amma Venture Capital Fund will soon be made operational, as per official sources close to the development. With a corpus of $29.5 Mn (INR 200 Cr), the Amma VC Fund will work in conjunction with the functioning biotech incubation centre in Chennai.
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