Here is a list of top funding deals that happened in Indian Startup Ecosystem this week. Check out the brief description about all of them.
Home-grown ecommerce major Flipkart is in talks with a bunch of investors to raise around $1.5B from from online marketplace eBay, payments firm Paypal, Chinese gaming and messaging giant Tencent, and Microsoft, Flipkart is also in talks with Google Capital for the ongoing round.
Flipkart, which also owns the fashion retailers Myntra and Jabong as well as payments app PhonePe, initially wanted to raise anywhere between $500 million and $1 billion but is now seeking up to $1.5 billion.
Ecommerce and payments platform Paytm has announced its plan to invest about $90 Mn (INR 600 Cr) to expand its QR code-based payment network.
Paytm’s QR code-based solution is already powering more than five million merchants and is used by consumers to pay at kirana (grocery) stores, tolls, food courts, hospitals and retail outlets.
“Our zero per cent merchant transaction fee coupled with an aggressive merchant acquisition rate, will help us take QR code-based payments to every nook and corner of the country,” said Kiran Vasireddy, Senior Vice President, Paytm, in a statement.
International Finance Corp, the private investment arm of the World Bank Group, plans to invest up to $47.5 million in Hyderabad-based pharmaceutical company Granules India Limited. The total investment required is estimated at about $84 million, with debt of $68.5 million, including IFC’s contribution. The remaining will be met through equity and internal accruals, IFC said in a disclosure.
Mobile wallet major MobiKwik has announced an investment of Rs 300 crore for expansion aimed at growing its user base from current 50 million to 150 million in 2017. The increase in user base will also catapult MobiKwik’s annual Gross Merchandise Value (GMV) to $10 billion by end of the year from the current $2 billion.
To support its business ambition, MobiKwik is also launching SUPERCASH, a loyalty initiative that aims to promote digital payments among its users and promises benefits on every transaction. Under the initiative, users can earn reward points at all MobiKwik merchants, including their local mom and pop stores. Additionally the user saves money every time he transacts on Mobikwik.
AirMap, a start-up which has become the world’s top supplier of air traffic management software for drones, is raising $26 million in new financing from a group of industry investors led by the venture capital investment arm of Microsoft.
The group led by Microsoft Ventures also includes the venture capital unit of aerospace giant Airbus, chipmaker Qualcomm, Japanese tech firms Rakuten and Sony and China’s Yuneec, a top drone maker.
GetMy Parking, a Delhi-based 18-months old startup providing cloud-based mobile parking technology announced today its recently raised pre-series A funding of $1.1 million (Rs.7.35 crores) to accelerate their product innovation and business impact. The participating investors include Indian Angel Network (IAN), BEENEXT, The Chennai Angels (TCA), and Mr. Sunil Munjal (Hero group). In January 2016, the start-uphad raised $0.376million (Rs.2.5 crores) from The Chennai Angels (TCA).
Within 6 months of its inception, the urban innovation start-up has stirred the industry and became the market leader. It has partnered with industry leaders like Cisco, Intel, IBM, Sterlite, EY, Ericsson et al.
IBEE Hosting, one of India’s leading Web hosting company has recently received a funding of 1 million dollars from XBT Holdings. XBT Holding has a history of Innovation, Success, and Excellence in providing Hosting Solutions, networking solutions and Application Development. XBT believes in empowering the companies who has internal Expertise and comprehensive services portfolio. IBEE Hosting having served global enterprise, and SMB Customer keeps the faith of XBT Holdings by continuously delivering the promise of providing the Fast, affordable and reliable dedicated hosting for businesses, SMBs, and Startups.
igrenEnergi Inc, a US-based solar energy startup incubated at the Indian Institute of Technology-Bombay, has raised an undisclosed amount of funding from Japan’s BroadBand Tower Inc and GiTV. BroadBand Tower operates data centres and provides cloud services to e-commerce companies, video distribution sites and social media, according to its website.
GiTV is an investment fund with interests in clean technology and Internet of Things.
Noida-based mobile advertising startup Oglas has raised angel funding from two people. Agarwal said Oglas, run by Advove Medios Pvt. Ltd, received funding from investment banker and NYU Stern alumnus Pankaj Rungta and serial entrepreneur Yogesh Agarwal.
The co-founder didn’t disclose the amount raised, which it plans to use for product development.
Oglas was founded in May 2016 by Sunny Agarwal, Raja Agarwal, Adi Ranjan, Sohit Sharavat, Rahul Chauhan and Sahil Ojha.
Mumbai-based Workcell Solutions Pvt. Ltd, which runs B2B app for pharmacies Reap Chemist Solution, has raised an undisclosed amount in seed funding from FreeCharge founders Kunal Shah and Sandeep Tandon, Chaayos co-founder and CEO Nitin Saluja and Thinklabs founder Gagan Goyal.
The Mumbai-based startup will use the funds to improvise its product and expand operations, said Siddharth Gadia, CEO of Reap Chemist. Promoted by Workcell Solutions, the Reap Chemist app helps pharma stores increase sales conversion by solving issues at the supply-chain level.