Reliance Capital sold around 1% stake in payments firm Paytm for $41.2 Mn (INR 275 Cr) to China’s Alibaba Group. The Anil Ambani-controlled Reliance Capital had bought this stake for $1.5 Mn (INR 10 Cr) in One97 Communications, the parent company of Paytm in 2010.
In another development, two homegrown unicorns – Flipkart and Snapdeal have been in talks with their investors to raise funding. Where Snapdeal is looking to raise a sum of $300 Mn under $3 Bn valuation, Flipkart is busy convincing investors to raise $1 Bn at a valuation of $10 Bn.
Next up, at [email protected] Bhavan, a startup event organised by the Presidential Residence in partnership with the Confederation of Indian Industry (CII), 12 startups received a total funding of $12.75 Mn (INR 85 Cr).
This week 33 startups raised about $60 Mn in funding. (Funding is based on startups that have disclosed their funding amounts.)
Startup Fundings Of The Week
PeeBuddy: Female hygiene product maker PeeBuddy raised about $443K (INR 2.96 Cr) Pre-Series A funding from Indian Angel Network. Sanjay Mehta, Ishan Singh, and Vikas Kuthiala led this round of investment on behalf of Indian Angel Network. It will use the newly raised funding to focus on making investments in strengthening its market position as well as creating an innovative product portfolio mix and a strong team.
MagicBricks: Online real estate portal MagicBricks secured $4.48 Mn ( INR 30 Cr) from Times Internet Ltd. The company plans to utilise the freshly infused funds towards product development, brand building, and marketing initiatives.