SUMMARY
10 Startup Funding Took Place In The Indian Startup Ecosystem This Week [14 - 19 August]
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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
RentOnGo: Condivision, the parent firm of the Bengaluru-based online marketplace for renting bikes RentOnGo, raised $233K (INR 1.5 Cr) from TVS Motor Company. TVS acquired a 24% stake in the Indian startup against this investment.
Other Developments Of The Week
- Russian conglomerate, Sistema JSFC announced its intentions to establish an Indian subsidiary to facilitate long-term engagement with Indian startups. The company had launched the Asia Fund last year. The Indian subsidiary will offer hands-on business execution assistance to local startups. The focus will be on ecommerce, financial technologies, digital analytics, etailing and lifestyle brands domains.
- Inc42, in collaboration with Mistletoe, is inviting applicants for a one-of-a-kind “Farm To Fork” event to be held in Bengaluru on September 13, 2017. As part of the event, 10 shortlisted startups working across the farm to fork lifecycle will be offered the opportunity to pitch themselves before an audience of 100 – including investors, policymakers, entrepreneurs and industry stalwarts in this space.
- The Indian Angel Network announced a strategic partnership with Neotec Hub, an incubator started by a Kolkata-based corporate house – Ambuja Neotia. The partnership aims at bringing innovative entrepreneurs, angel investors, and corporates together on a single platform.
- US-based accelerator TechStars launched its operations in India. For its foray into the Indian startup ecosystem, the accelerator has launched Techstars India, a joint venture company with ANSR.
Stay tuned to Inc42 for the latest Indian Startup Funding news.
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