Japan’s SoftBank, amidst talks of selling Snapdeal to rival Flipkart, has reportedly been in talks with Paytm to make an investment of $1.5 Bn. The proposed deal is expected to raise Paytm’s valuation to somewhere between $7 Bn-$9 Bn.
Also, online food delivery startup Swiggy is in talks with South African Internet and media conglomerate Naspers for a possible fundraise at a valuation of about $400 Mn. As per reports, Swiggy has a pre-money valuation of about $320 Mn and Naspers is expected to invest $50 Mn-$60 Mn.
This week 12 startups raised about $15 Mn in funding altogether.
Startup Fundings Of The Week
Holachef: Mumbai-based foodtech startup Holachef raised $5 Mn in its extended Series B round of funding led by Kalaari Capital, SIDBI Venture Capital and India Quotient. The round was completed in two tranches – in April 2016 and October 2016, and values the startup at around $22 Mn. The fresh funds will be used to strengthen its logistics and in opening its first customer-facing offline kiosk in Mumbai.
Be U Salons: Delhi-based chain of standardised salons, Be U Salons secured $619K in its Seed round of funding from a clutch of investors from UAE, Singapore, and India. The funding round was led by Gaurav Kachru from 5ideas Startup Superfuel and saw participation from Jatin Aneja, Partner at Shardul Amarchand Mangaldas; Sundeep Singh Sahni, founder, Lazada Group and former VP, Ola – New Initiatives; Bikramjiet Kukreja, and Arun Malhotra, among others. The infused funds will be used to strengthen Be U’s position in North India, strengthen the back-end operations and tech infrastructure of the company, acquire core talent, and marketing.
Innefu Labs: Delhi-based artificial intelligence startup Innefu Labs raised $2 Mn Series A funding from IndiaNivesh Venture Capital Fund. With this move, IndiaNivesh will also acquire a minority stake in the company. The startup will primarily use the funds to enhance its AI platform for predictive intelligence and facial biometrics.