In what could be termed one of the most spoken-about announcements in the real estate sector (and the most inevitable), Softbank-backed Housing.com announced that it was merging with rival PropTiger. As part of the transaction, PropTiger’s eventual investor REA Group Limited will invest $50 Mn in the joint entity with an affiliate of SoftBank Group pumping in another $5 Mn.
Next up, Mumbai-based payment app FreeCharge received $57.2 Mn (INR 390 Cr) from Snapdeal’s parent company, Jasper Infotech, as per documents filed in the last week of Decembe 2016 at the Registrar of Companies (RoC). In April 2015, Snapdeal acquired Freecharge for nearly $450 Mn. Before its acquisition, FreeCharge had secured funding from Sequoia Capital, Tybourne Capital Management, and San Francisco-based fund Valiant Capital Management.
This week 13 startups raised around $83 Mn in funding altogether. (Funding amount is based on startups that disclosed their funding)
Startup Fundings Of The Week
SecureAX: Bengaluru-based biometric and surveillance solutions provider SecurAX raised an undisclosed funding round. The investment was led by Axilor, Parampara Early Stage Opportunities Fund and a group of angel investors. The startup will use the funds to enhance technology offerings, expand customer base and scale up its operations across India and the Middle East.
Unacademy: Bengaluru-based edtech startup Unacademy secured $4.5 Mn (INR 30 Cr) funding in Series A round led by Nexus Venture Partners and Blume Ventures. Girish Mathrubootham, CEO, Freshdesk and Ananth Narayanan, CEO, Myntra, along with Stanford Angels have also participated in the round.
Square Yards: Gurugram-based real estate portal Square Yards received $10 Mn in funding. The funding is led by a group of high net worth individuals including global beauty brand L’Occitane CEO Andre Hoffman and the family office of Kanpur-based Lohia Group. It is now targeting double-digit market share in Indian real estate distribution and is planning to expand to 25+ countries on the ground advising on global real estate.