Flipkart has finally pushed itself back into the game. Reportedly, the homegrown ecommerce poster boy raised $1 Bn at a valuation of $10 Bn from undisclosed investors. By the end of 2017, the Bansal duo is also looking to raise another $1 Bn. Flipkart is also in advanced talks of acquiring eBay India operations as a part of its ongoing $2 Bn funding round.
In other developments, India’s ecommerce marketplace Snapdeal, in the wake of cutting costs and conserving cash, is exiting its teleshopping network, DEN-Snapdeal TV Shop, by divesting its complete stake in the company. Snapdeal currently owns 17.13% in the network, and 82.87% is held by multi-system operator (MSO) DEN Networks. Also, Snapdeal commited $20 Mn funding to its digital platform FreeCharge. The investment is for accelerating growth in the wake of rising digital payments in India.
This week, reports of Snapdeal being in sale talks with rivals Flipkart and Paytm also surfaced in media. However, Snapdeal, completely denied these charges. As per reports, it is also in talks with Softbank to raise $100 Mn-$150 Mn in funding, in tranches, which could cut down its valuation to under $3 Bn, when its current valuation is pegged at somewhere around $4 Bn.
This week 7 startups raised $205 Mn amount in funding altogether. Besides, Flipkart’s $1 Bn round.
Startup Fundings Of The Week
Delhivery: Delhi-based ecommerce logistics firm Delhivery raised $100 Mn funding from US-based investment fund Carlyle Asia Partners, and Tiger Global. With this move, Carlyle Asia Partners IV has picked up a minority stake in the startup. Carlyle Group is a global alternative asset manager with $158 Bn of assets under management across 281 investment vehicles as of December 31, 2016.
Oxa Medical: Hyderabad-based healthcare startup, Oxa Medical raised an undisclosed amount in Seed funding from UAE-based Idein Ventures, marking its first investment in the core healthcare industry in India. The company plans to use the funds to build its technology stack and expand operations in Hyderabad.