We bring you the new edition Funding Galore: Indian Startup Funding of the week. The funding activity in the Indian startup ecosystem was quite low in comparison to the last few weeks.
This week 10 Indian startups raised funding in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed their funding amounts).
This development was the most-buzzed speculation of the Indian startup ecosystem this week. As per latest reports, Softbank’s is planning a $200 Mn funding round in Gurugram-based logistics startup Rivigo. According to a source privy to the matter, the investment is likely to take Rivigo’s valuation to about $1 Bn, giving it Unicorn status.
Next, Snapdeal once again was on the receiving end of media attention. One of Snapdeal’s major investors Foxconn announced a write-down of 80% of its $200 Mn investment in the ecommerce firm. The move came in as Foxconn registered impairment losses of around $160 Mn of its investment in Jasper Infotech for the six-month period ending June 30, 2017.
Indian Startup Funding Of The Week
DeTech Technologies: IIT Madras incubated IoT startup DeTect Technologies raised an undisclosed amount of funding from IIM Ahmedabad’s CIIE, Axilor Ventures and angel network Keiretsu Forum. The round was led by AJ Ventures and Investments of the Refex Group. The startup funding will be used for R&D and expansion to cater to international clients.
Sports Flashes: Times Group invested an undisclosed amount in Delhi-based Sports Flashes, a multi-sports content app. The Indian startup will utilise the newly raised funds to expand its audience base with “impactful marketing initiatives.”