Flipkart secured a credit line of over $67 Mn (INR 450 Cr) from private sector lender HDFC Bank. Prior to this, Flipkart India and Flipkart Internet together had pledged assets worth INR 1,400 Cr to two commercial banks viz. Deutsche Bank and Kotak Mahindra Bank. The company also infused over $50 Mn (INR 338 Cr) in Myntra. The move is made in a bid to boost Myntra’s position in the fashion segment. Myntra received the funds from Singapore-based FK Myntra Holdings Pvt. Ltd, a unit of Flipkart Ltd, in January 2016, as per the filed documents.
This week 20 startups raised about $25 Mn in funding altogether (the funding amount is based on the startups that disclosed their funding amounts).
Startup Fundings Of The Week
Stylflip: Online portal for pre-owned fashion goods, StylFlip, raised an undisclosed amount in seed round funding from Raj Gala Shah and Zaheer Memon. The startup will use the funds to develop and market its platform.
Yana.ai: Artificial Intelligence startup, Yana, raised an undisclosed amount in seed funding from Hong Kong-based investors, led by Puneet Gupta of Goldman Sachs. The raised capital will be used to expand its categories including recharges, food, travel, shopping and more.
Justride: Car rental services provider, JustRide, raised $400K in Pre-Series A round of funding from a group of angel investors including Dheeraj Jain, partner at Redcliffe Capital. The newly raised capital will be used to enhance its technology.
Smartvizx: Virtual reality solutions startup, Smartvizx, raised over $500K from the Indian Angel Network (IAN) and Stanford Angels & Entrepreneurs India (SA&E India). The newly raised capital will be used to expand R&D, launch a new centre in Bangalore and team expansion.