This week, tech giant Infosys announced a $250 Mn ‘Innovate in India Fund’ to invest in Indian startups. The new fund will be dedicated for investments in early stage startups innovating in next-generation solutions and technologies such as Artificial Intelligence (AI), automation, pervasive connectedness as well as collaboration and design technologies.
During the week 4 startups managed to raise more than INR 200 Cr.in funding. (This is based on startups that disclosed the funding amount.)
Let’s have a look at the who-funded-whom and the who-acquired-whom events that took place this week compiled in one place.
Nivaata Systems: Bangalore-based enterprise mobility solutions company Nivaata Systems Pvt Ltd operating under the brand Verayu, a location intelligence platform for enterprises raised an undisclosed amount of funding from GWB Group and Blume Ventures. The company plans to use the funds to invest in infrastructure, people, verticalized products and customer acquisition with an aim to expand further.
AppVirality: Delaware and Hyderabad-based mobile tech startup AppVirality raised $465k in seed funding from investors in the US and India including Rajan Anandan (Google India), Mike Galgon (aQuantive), Ravi Gururaj (Nasscom), Ashim Mehra (Baron Capital), Mohit Saxena (InMobi), India Internet Group, and TNN Capital. The company would use the funds raised for further product development and for expanding its team.
Rate Gain: Noida-based hospitality and travel technology startup Rate Gain raised around INR 200-300 Cr. in the first round led by US-based private equity firm TA Associates. The funds would be used for expanding overseas operations, developing products and acquiring firms that have built solutions for the travel and hospitality industries.