We bring to you the new edition Funding Galore: Indian Startup Funding of the week. This week 16 Indian startups raised $17 Mn in funding altogether and three startup acquisitions took place in the Indian startup ecosystem. (The startup funding calculations are based on the startups that disclosed their funding amounts).
Days after Snapdeal demanded a $900 Mn payout, Flipkart has put forward a revised offer of around $850 Mn. As per reports, the Bengaluru-headquartered ecommerce giant has agreed to pay $650 Mn-$700 Mn in stock as soon as the merger is finalised.
It was also reported that Flipkart is in talks to raise $500 Mn funding from Japanese giant SoftBank. The investment will enable SoftBank to acquire a sizeable share of Flipkart following the merger with Snapdeal.
Indian Startup Funding of The Week
Increff: Bengaluru-based supply chain startup Increff raised $2 Mn (INR 13 Cr) in a funding round led by Sequoia Capital. Warehouse management company Grey Orange Robotics and other angel investors also participated in the round. Among the investors that joined the round were CareerNet co-founders Rishi Das and Anshuman Das; PremjiInvest’s Rajesh Ramaiah; and Jasbir Juneja, Director of research and advisory firm RedSeer Consulting. The funds will be used to expand Increff’s customer base and product portfolio. A portion of funding will also go into hiring new people for the technology team.
RainCan: Pune-based subscription services startup for delivery of fresh and perishable items RainCan raised $272K (INR 1.75 Cr) in Pre-Series A round of funding led by Prabodh Agarwal, group CFO, IIFL Holdings Ltd., and existing investor Dr. Aniruddha Malpani. The Indian startup plans to use the funds to expand its delivery operation centers and set up a logistics platform to facilitate deliveries at a low cost.
Flytta: Hyderabad-based online relocation platform Flytta raised an undisclosed amount in a seed funding round from Corvus Ventures. The startup will use the funds to form alliances with more corporates and create targeted relocation offerings.