Alibaba Group and Foxconn Technology Group are in talks to invest over $500Mn in Snapdeal.com and if the deal goes through Snapdeal will be valued at about $5Bn. It was also reported that Alibaba and Foxconn decided to take over 10% stake in Snapdeal through this deal. Apart from this, Foxconn has also tied up with Snapdeal’s founders to look for Indian startups.
This week 17 startups raised around $38 Mn in funding altogether and 5 acquisitions took place.
iStart: Bangalore-based iStar has raised a funding round led by Unitus Seed Fund. The startup provided employability training and placement, and with said funds it plans to expand its operation across the country and to execute a skill development project for the Department of Higher Education, Government of Kerala.
Karma Recycling: The Delhi-based startup buys old electronic goods from customers for recycling. It raised its Series A round of funding from Infuse Ventures and Low Carbon Enterprise Fund. The company will use these funds to develop its technology as well as expand its consumer and retailer operation across the country. The company has raised a total of $500K since its inception.
FoodAbhi: Mumbai-based online tiffin marketplace, FoodAbhi raised seed round funding from investors based in US,UK, Netherlands and India. The company will be using the funds for technology and geographical expansion. The company delivers tiffin service for lunch and dinner orders and has served over 15000 tiffins in Mumbai.
Jiffstore: Bangalore-based startup Jiffstore,which connects local kirana stores to customers through a mobile app that offers online grocery ordering and home delivery raised follow on capital from Unitus Seed Fund and Times Internet. The company will be using the funds to expand its network of stores along with expanding the team and improve the technology platform to provide better customer experience.