Inc42 Daily Brief
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In a recent Union Cabinet meeting chaired by PM Narendra Modi, the government finally approved the INR 10, 000 Cr corpus of ‘Fund of Funds for Startups’ is in line with the ‘Startup India Action Plan’. The fund aims to generate employment for 18 lakh persons on full deployment and will support seed stage, early stage and growth stage startups.
This week, 16 startups raised about $10 Mn in funding altogether (the funding amount is based on the startups that disclosed their funding amounts).
Startups That Raised Funds This Week
FarEye: Logistics management software, FarEye, raised $3.5 Mn (INR 20 Cr) in Series A round of funding as growth funds from Saif Partners. The startup will use the raised capital for the expansion of business to other territories. It wants to capitalise on its logistics management expertise and help enterprises across the globe streamline their logistics.
REstate: Real estate startup focused on landowners and builders, REstate, raised an undisclosed amount in seed funding from Idein Ventures. With the new funding, the startup is looking to hire talent from local and global markets.
Venture capital firm Bessemer Venture Partners is in advanced talks to invest around $12 Mn in food-delivery company Swiggy. The deal, if it concludes, will value the company at around $200 Mn.
Acquisitions Of The Week
- Marketing Platform for the F&B industry, Mobikon, acquired MassBlurb, an automated online marketing platform for restaurants. With this, founders of MassBlurb, Sanket Shah and Pankit Chheda will be taking up key roles at Mobikon and the team will also join Mobikon.
- Rise India and aggregator in the education sector acquired for PadhoPadhao.com, a home tutor aggregator portal, for an undisclosed amount. The company acquired 60% stake. With this PadhoPadhao will get an aid to upgrade IT services to gain a strong foothold in the industry.
Other Developments Of The Week
- TurningIdeas announced the launch of TurningIdeas Venture Partners (TVP), a platform that will bring together angel investors looking to invest in next generation startups. The new investment fund will be a value-added for deserving startups in their quest for growth and sustainability.
- Times Internet’s startup accelerator, TLabs, partnered with Stripe Atlas Network to provide a global reach to Indian entrepreneurs. Atlas will help entrepreneurs set up a business in the U.S., save on travel costs, legal fee, document creation, and other tedious processes.
- Microsoft accelerator and TCS launched an innovation network to create a platform for the Indian startup ecosystem. The joint initiative aims at creating a value proposition for the startup in the enterprise marketplace
- JSW Ventures has received mandatory clearances from SEBI to invest $15 Mn (INR 100 crores) in early stage startups over a period of three years. The fund will be initially focussing on technology-enabled startups working in the areas of education, healthcare, financial services, SaaS and enterprise software space.
- SEBI is reworking its plans for a capital-raising platform targeted exclusively at startups. It is considering sweeping changes to the listing framework for tech-based startups that will allow them to trade publicly on regular stock exchanges.
- SAP launched its startup studio in Bangalore to incubate early stage startups. It will be a 12-month accelerator programme under which apart from providing financial support to startups, it will also provide space, access to technology infrastructure, mentoring and business consulting. It has selected 7 startups including CloudKare, Blubirch, Niki.ai, Sellerworx, Rapportworx, Ecolibrium Energy and Moglix.
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