SUMMARY
20 Startup Funding Took Place In The Indian Startup Ecosystem This Week [5 June - 10 June]
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We bring to you the new edition Funding Galore: Indian Startup Funding of the week. This week 20 Indian startups raised $98 Mn in funding altogether and five startup acquisitions took place in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed their funding amounts).
Goomo and Riversand Technologies raised the highest amount of funding in the Indian startup ecosystem.
US-based venture capitalist Sequoia Capital raised $4 Bn funding, as per the latest SEC filings. The recently raised funds will be used for infusing capital into various funds. Apart from this, the filings also revealed that the second growth fund – Sequoia Capital Global Growth Fund II, L.P. has received about $2 Bn.
Indian Startup Fundings Of The Week
MaxMyWealth: London and India-based fintech platform MaxMyWealth raised an undisclosed amount of startup funding from the US-based Global Advisors (Jersey) Ltd and Horseferry. The raised funds will be used to build the team, enhance its offering and grow its customer base.
Indian Startup Acquisitions Of The Week
- Gurugram-based real estate property and broker review platform Roofpik acquired personalised product delivery platform Shoppist. The acquisition aims to strengthen Roofpik’s core team and bring personalised property recommendations to its users. Post the acquisition, Divij Goyal founder of Shoppist, will join the Roofpik Board as Chief Marketing Officer.
- Mumbai-based online marketplace for recruitment Aasaanjobs acquired Noida-based mHire. The aim of the acquisition is to strengthen Aasaanjob’s position in North India and get mHire’s partners and clients on board.
- Alibaba Pictures, the entertainment unit of China’s ecommerce major Alibaba Group acquired a majority stake in Indian startup TicketNew for an undisclosed amount. Post-acquisition, Alibaba will have four representatives on TicketNew’s board and the firm’s promoters will have two of their representatives. TicketNew founder and CEO Ramkumar Nammalvar will continue to spearhead the business.
- Zee Entertainment Enterprises Ltd acquired the 49% remaining stake in India Webportal Pvt. Ltd for $30.7 Mn. The investment aims to consolidate the digital business of Zee Entertainment.
- JustCode, a New York-based interviewing platform announced the acquisition of Indian startup Jobspire. Jobspire is a Bengaluru-based online job recruitment platform. The deal aims to extend JustCode’s operations in the country and to further strengthen its core products for employers. Post-acquisition Jobspire’s core products will be integrated with JustCode.
Other Developments Of The Week
- The corporate venture fund of Wipro invested $24.5 Mn in nine startups between 2015 – 2017. The list of startups funded by the Wipro venture fund to date includes Vectra Networks, Emailage Corporation, Altizon Systems, Vicarious, Drivestream Inc, Avaamo, Intsights, Talena, and TradeShift.
- US-based data storage and management company NetApp launched its first startup accelerator-NetApp Excellerator- in Bengaluru. It’s open for Indian startups in Internet of Things, cloud, Big Data and analytics, machine learning, virtualisation, data security, data management, and storage. The selected startups will get an equity-free grant of $15K under the four-month programme, without reserving any of their intellectual property.
- Venture Catalysts extended its reach to global markets, beginning its journey from GCC countries, including Qatar. It further plans to expand to other countries in the region such as Bahrain, Kuwait, Oman, Saudi Arabia and the UAE. It has also partnered with 360-nautica. Post amalgamation, the new entity will be known as 360-VCats and will be based out of Doha.
- 13 technology startups graduated from Bosch DNA accelerator programme for Indian startups. Bosch plans to collaborate with these technology startups that work in the areas of aerospace, mobility, social impact, healthcare, and agriculture, among others.
- 14 enterprise tech startups graduated from the 10th cohort of Microsoft Accelerator. Microsoft Accelerator began the cohort in March 2017. The startups were selected based on the recommendations of VC firms – including Inventus Capital Partners, Ideaspring Capital, Accel Partners, IDG Ventures, and pi Ventures.
- Online fashion marketplace Myntra launched an accelerator programme. As a part of this programme Myntra has partnered with Chemistry and AKS. With the newly launched accelerator programme Myntra is looking to partner with about 10-15 local fashion brands.
- Jindal Stainless Ltd. formed the collaboration with the Japanese company Future Venture Capital Company Ltd. (FVCCL) to launch an incubation centre for Indian startups in agritech. The deal agreement has already been signed and around 5-10 startups will be selected for incubation.
- IDG Ventures announced the launch of the 2017 Innovation Program (IDGVI) in partnership with Unilever Ventures and Amazon Internet Services Pvt. Ltd. With this programme, IDG Ventures aims to support tech startups belonging to sectors such as consumer tech, software, healthtech, and fintech. The programme will fund startups from Seed stage to Series A, between $0.5 Mn to $5 Mn.
Stay tuned for next edition of Funding Galore: Indian Startup Funding, next week.
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