Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Online classifieds portal Quikr has raised a secondary funding round of $60 Mn led by its existing investor, AB Kinnevik along with the new investors including Falcon Edge Capital and Coatue Management. With this round, the company is said to be valued at about $900 Mn, coming close to the billion dollar club of Indian companies, which already includes Flipkart, Snapdeal, Ola, Paytm, In Mobi and Mu Sigma.
Let us have a look at the 16 startups that raised around $143 Mn in funding altogether.(Calculations are based on startups that disclosed their funding amount.)
Zo Rooms: Delhi-based, budget hotels marketplace, Zo Rooms raised undisclosed amount in series A round from Tiger Global along with Orios Venture Partners. Presently, the startup is operational in 30 cities with more than 400 hotels.
With this, Gurgaon based, hyperlocal delivery startup, VeggyKart is planning to raise $3 to 4 Mn Series A funding led by Venture Capitalists. The startup that deals in online venture of home delivery of fresh fruits, vegetables and grocery plans to invest a significant portion of the proceeds to acquire customers and expand business beyond Gurgaon.
Intrasoft Technologies Ltd, which owns and operates the online greeting cards and commerce site 123greetings.com raised approximately $5.4 Mn (INR 34 Cr) by selling over one-third of its treasury stock through bulk deals. The company will use the proceeds from the share sale to expand and grow activities related to the ecommerce business.
This week Bangalore-based on demand delivery service startup, MagicTiger acquired GoDeliver, another startup of the same domain, for an undisclosed amount. With this acquisition, MagicTiger seeks to get some help over the delivery and tracking components derived from the GoDeliver team.
The Other Developments That Took PLace This Week Are:
- Singapore-based early stage venture capital fund, Jungle Ventures, appointed David Gowdey, as a Managing Partner. He will lead Series A and B stage investments at Jungle, with a focus on the consumer internet sector. David was earlier with Venture Capital & Private Equity firm TPG Capital.
- Mumbai-based early stage venture capital firm Orios Venture Partner announced $150 Mn (about INR 950 Cr) fund raise from several institutional investors including, marquee domestic family offices and HNIs. The fund raised is estimated to make 30 investments in domains like financial technology and business-to-business startups in addition to the pre existing domains for investment.
- Singapore’s investment firm, Temasek Holdings has tied up with United Overseas Bank (UOB) to offer up to $500 Mn in venture debt financing to internet startups in China, India and Southeast Asia over a period of next five years. Under the agreement, Temasek and UOB will each hold a 50 per centstake in Innoven Capital.
- The telecommunication firm, Karbonn Mobiles, decided to invest up to $3 Mn each in startups in order to build an ecosystem of apps and services for consumers compiling it with its emerging portfolio of smartphones in the entry-to-mid price segments.
- Michael Jones, former chief executive of MySpace, plans to raise $30 Mn (INR190 Cr) venture capital fund named Science India Fund to invest in early-stage startups that are building mobile phone applications. The funds will be closed in a few months.
- Bangalore-based startup incubator InnAccel is in talks with wealthy individuals and strategic partners to raise $10-12 Mn in the next few months. InnAccel plans to use the funds to open branches in other Indian cities and support every year at least 12 startups that are into medical devices, prosthetics and diagnostics.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.