On the last day of 2016, it is fitting that we once again present news of the fundings and acquisitions that have taken place over the last week.
Hyperlocal saw a pickup in the sector with delivery startup Shadowfax picking up $10 Mn in Series B funding. Existing investor Eight Roads Ventures, the investment arm of Fidelity International, participated in the round. The company plans to add over 10 cities in the next 12 months.
Founded in 2015 by Vaibhav Khandelwal and Abhishek Bansal, Shadowfax is backed by investors like Kunal Bahl, Rohit Bansal, Zishaan Hayath (Powai Lake Ventures) & Prashant Malik (Limeroad) and Eight Roads Ventures.
The other big news of the week was speculation about US-based PayPal acquiring stake in mobile recharge platform FreeCharge. The deal was expected to see the sale of a 25% stake for a valuation of around $200 Mn. Although in a follow-up report, FreeCharge categorically denied the rumours and called them “baseless.”
This week 8 startups raised around $21 Mn in funding altogether. (Funding amount is based on startups that disclosed their funding)
Startup Fundings Of The Week
Dekkho: Video streaming platform, Dekkho, has raised $1.2 Mn Seed funding from seven angel investors. The startup’s long-term vision is to create a video streaming culture through adaptive transcoding and subsidised data tariffs with multiple telecom service providers over the next five years.