Indian ecommerce giant Flipkart has had a rough 2016 in terms of valuation downfall. Looks like 2017 isn’t going very well for it, as well. Fidelity’s managed mutual fund has now slashed its valuation by 36.1%. The company is now currently valued at $5.56 Bn.
Next on, just a day before its scheduled IPO, Jyoti Bansal sold his company AppDynamics, an application monitoring and software company, to Cisco, for $3.7 Bn. Jyoti had a 14% stake in AppDynamics which translates into a payout of $525 Mn. Following the acquisition, he will reportedly invest a part of the $525 Mn proceeds from selling his company to Cisco, towards funding startups in Silicon Valley and in India.
This week 15 startups raised around $74 Mn in funding altogether. (Funding amount is based on startups that disclosed their funding)
Startup Fundings Of The Week
RML AgTech: RML AgTech, formerly known as Reuters Market Light raised $4 Mn from IvyCap Ventures, a private equity firm. The funds were raised in multiple tranches from IvyCap Ventures in 2016. The company plans to utilise the money to strengthen its IT backbone and to bring in new products and features on its current offerings.
Wishberry: Crowdfunding platform Wishberry secured an undisclosed amount in its Pre-Series A round of funding led by iSPIRT co-founder Sharad Sharma. The round also saw the participation of Rajan Anandan (MD, Google India), Amit Ranjan (co-founder, SlideShare), Alok Mittal (founding member, IAN), Venkat S Raju and several other investors from LetsVenture.
Aryaka: Aryaka, a global SD-WAN (Software-Defined Wide Area Network) and cloud computing platform secured $45 Mn in Series D round of funding. The investment was led by Third Point Ventures and Deutsche Telekom Capital Partners (DTCP), along with the participation of existing investors. Post the investment, Aidan Cullen, formerly associated with CliQr Technologies will join Aryaka’s leadership team as Chief Financial Officer.