The week started with one of the biggest announcement of Foreign fund house, JP Morgan Asset Management buying the early stage investor Canaan Partners’ India portfolio. The deal was rumored for around a month which has now closed for over $200 Mn (about INR1, 260 Cr). The transaction is stated to be the largest secondary portfolio sale in India’s private equity and venture capital market.
Another major development of the week was RBI announcing allocation of INR 10,000 Cr. for the startup fund to Small Industries Development Bank of India(SIDBI).
This week, 15 startups raised approximately $50 Mn in funding altogether. (This is based on startups that disclosed their funding amount.)
Lets have a look at the startups that raised funding this week:
Icertis: Cloud enterprise software startup, Icertis secured $6 Mn Series A funding from Greycroft Partners and Fidelity Growth Partners India. The startup plans to utilize the funds to scale up sales and marketing and build its contract lifecycle management product. The startup is US-based and has its operations centre in Pune and an office in Mumbai.
UrbanLadder: Online furniture retailer grabbed undisclosed amount of funding from web and technology entrepreneurs Anand Rajaraman and Venky Harinarayan. The investors have joined the company at the time when, it is working on several tech innovations to solve the ecommerce problems with a focus on mobile, data and analytics and product visualization.