SUMMARY
12 Startup Funding Took Place In The Indian Startup Ecosystem This Week
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We bring to you the latest edition Funding Galore: Indian Startup Funding of the week.
This week 12 Indian startups raised approximately $10.5 Mn in funding and three startup acquisitions took place in the Indian startup ecosystem. (The Indian startup funding calculations are based on the startups that disclosed their funding amounts).
Indian Startup Funding Of The Week
Pitstop: Bengaluru-based car repair and servicing startup Pitstop raised $1 Mn Series A funding from Blume Ventures and Singapore-based Goldbell Group. Angel investors Anurag Srivastava, Shailesh Rao, Amiya Pathak, Rajesh Yohanan and Rahul Garg also participated in the round. The startup will focus on doorstep services and will invest in adding vehicles. It will also use the new funding to develop its technology.
Also, Regional language-based social networking app, ShareChat, revealed its intentions to secure $15 Mn Series B funding from Beijing-headquartered electronics company Xiaomi and VC firm Shunwei Capital. Post the fundraise, the startup’s valuation is expected to soar to $65 Mn-$70 Mn, sources have revealed. Bengaluru-based ShareChat will be using the funding to improve its product portfolio by adding more languages.
Also, Delhi-based Lenskart acquired a minority stake in US-based startup Ditto for an investment of $1 Mn. Ditto provides 3D face modelling for virtual trial service to eyewear retailers to improve their customer experience.
Indian Startup Acquisitions Of The Week
- Noida-based television home shopping network and online marketplace, HomeShop18, the part of Network18 Media & Investments, acquired a 74% stake in Shop CJ Network. The deal is said to be anywhere between $27.45 Mn to $30.5 Mn.
- Delhi-based edtech startup NeoStencil acquired TestCafe, an analytics-based test practice portal. The acquisition will help the startup improve the testing capabilities and enhance the way in which competitive exams participants practice and check their preparedness.
- Flipkart acquired IT and mobile repair services company F1 Info Solutions. As part of the acquisition, all the owned and franchised centres of F1 Info Solutions across India will now come under the umbrella of Jeeves, a Flipkart company that serves as a one-stop service point for large and small home appliances and other electronics.
Also, NDTV board has agreed to sell ecommerce portal Fifth Gear to AutoByte. After Autobytes’ “infusion of funds” in Fifth Gear Ventures Ltd, the shareholding of the NDTV group in the business will be diluted, and the control and management of the venture will be transferred to Autobyte. Also with this move, Fifth Gear will also cease to be a subsidiary of NDTV.
Other Developments Of The Week
- The Kerala Startup Mission (KSUM) announced to host Idea Day in college campuses to encourage and fund innovative ideas, projects, and products. The innovation fund will be routed to the novel projects through Innovation Entrepreneurship Development Centers (IEDC) in 196 colleges across the state and technology product startups from outside.
- The 8th edition of Global Entrepreneurship Summit, GES 2017 which is being organised annually since 2010 by the government of the United States of America, will be held in India this time. NITI Aayog has been partnered to host it in Hyderabad from November 28-30, 2017. The theme of GES this year is ‘Women First, Prosperity for All.
Stay tuned for the next edition of the Funding Galore: Indian Startup Funding Of The Week!
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