B2C Vernacular Podcast Aggregator Platform Funcastic Gets Seed Funding from HT Media

Delhi-based B2C vernacular podcast aggregator platform - Funcastic has raised seed funding from a startup accelerator launched by HT Media Ltd and US-based investment firm North Base Media. The startup's founding team includes - Vivekraj Shah, a wall street banker and Surpreet Singh, a serial entrepreneur are both management graduates from Universal Business School, Cardiff Metropolitan University.

Before joining Universal Business School, Shah co-founded digital social media agency Webitude while Singh co-founded gaming events platform Gamers Association and Imaginations.

According to Surpreet Singh, Co-Founder, Funcastic, "I already owned a company and been an Entrepreneur before joining Universal Business School but it was only at Universal Business School I got practical Learning. My professors Mr. Gurudip Anand & Mr. Tarun Anand have been the influential figure. I have been speaking with them personally and have spent quality time with them and have gained vast knowledge form them."

According to Tarun Anand, Co-Founder and Executive Director at Universal Business School, "Vivekraj & Surpreet were determined from Day 1 that they don’t want the run of the mill job and want to pursue their dream to become successful entrepreneurs. They commenced their business plan in college and then ensured they bounced it against the experienced faculty members for inputs. They were extremely focused and hence I am so happy that they have clinched venture funding for their ideas."

Universal Business School (UBS) has taken a leap forward, by creating India’s first Green Business School ensuring eco-smart integrated thinking and a sustainable campus. It has created Asia’s first on campus trading room that has 30 cross-asset trading terminals worth 2 crores. The campus serves 58 luxurious four-bedroom campus-homes each 1,100 sq ft. It offers a three-year QAA certified BBA and AICTE approved 15-month and 24 month MBA programs with an option of obtaining both degrees from Cardiff Metropolitan University, UK.

Funcastic claims to be India’s first branded mobile podcast aggregator and allows users to listen to the content of their choice via the app.

It offers users multiple options to choose in the app, from news analysis to health and lifestyle, entertainment and spiritual content among others. It also has an offline model where users can download the podcast and listen to it later. Podcasts can also be streamed over a 2G network. The app has recorded about 7,000 downloads on the Google Play store.

Koovs Plc Confirms Strategic Investment by HT Media

Koovs plc has confirmed a strategic investment in the Company of $3.4 million (£3.0 million) from HT Media Limited ("HT Media"), through the issue of 12,000,000 New Ordinary Shares at a price of 25 pence per Ordinary Share.

The company will use the funds for investment in marketing and utilise HT Media’s assets to build brand awareness in India and accelerate Koovs’ growth.

HT Media is one of the leading media companies in India and owns the Hindustan Times broadsheet newspaper amongst other media channels covering print, radio, digital and events. HT Media is recognised for investing in digital companies with strong growth prospects in India.

In line with the Company’s strategy, the funds will be used for investment in marketing and Koovs will continue to use the assets of HT Media to build brand awareness in India and accelerate Koovs’ growth.

Koovs also announces an investment of £300,000 (before expenses) through the issue of 1,200,000 New Ordinary Shares at a price of 25 pence per Ordinary Share to Dragon Asia Holdings Pte Ltd ("Dragon Asia Holdings").

The company continues to be in discussion with other investors in order to close the current funding round by 30th June 2016. Koovs will update the market, as required, in due course.

Mary Turner, CEO of Koovs commented: "This investment shows further momentum in our Capital Raising and supports our focus on marketing in order to accelerate brand awareness and sales growth for Koovs in India. Our ambition remains to become India’s number one western fashion destination in India by 2020."

Details of the Capital Raising

 As announced on 29 April 2016, the Company raised gross proceeds of $31.9 million (£21.9 million) as part of the initial tranche of the Capital Raising. The investment announced today has raised gross proceeds of a further £3.3 million through the issue of 13,200,000 New Ordinary Shares at a price of 25 pence per Ordinary Share ("Second Tranche"), ("Second Tranche Shares").

The Second Tranche comprises investments by HT Media and Dragon Asia Holdings. The Second Tranche Shares represent approximately 10.0 per cent. of the existing issued share capital of the Company.  Following their subscription for New Ordinary Shares in the Second Tranche, HT Media will hold a total of 12,000,000 Ordinary Shares representing 8.2 per cent. of the Enlarged Issued Share Capital and Dragon Asia Holdings, having subscribed for 1,200,000 New Ordinary Shares in the Second Tranche, will hold a total of 28,000,000 Ordinary Shares representing 19.2 per cent. of the Enlarged Issued Share Capital.

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Koovs to Raise $4.4M from HT Media and Infibeam to Invest Upto Rs 45 Cr in CCAvenue

HT Media is planning to acquire 8.31 percent stake in Koovs plc while Infibeam is investing Rs 45 crore in one of India's largest payment gateway CCAvenue.

HT Media To Invest $4.4M in Lifestyle Etailer Koovs

Newspaper publisher HT Media has agreed to acquire 8.31 percent stake in Koovs plc, the UK-based parent of Indian lifestyle e-tailer Koovs.com for about $4.4 million. HT Media is purchasing 12 million shares at 25 pence each, the company said in a stock exchange filing. The deal is subject to approval from Koovs pls, and is expected to close by 30th June 2016.

Koovs recently announced that it had raised $32 million, mainly from existing investors and the rest from institutional investors, including Ruffer LLP. In January this year, Waheed Alli and Nahata family also committed an investment of $5.4 millon in the startup.

The company clocked gross merchandise value of $14.5 million for the year through March 2016, an increase of 189 percent on year. It further said its web traffic more than doubled and its conversion rate rose 55 percent.

Koovs India was founded in May 2010 by Rajesh Kamra, Manish Tewari, Kanishk Shukla and Amit Shukla as a general eCommerce business. Initially it focused on the sale of mobile phones & other electronic goods and later pivoted to become an e-tailer of fashion apparel and accessories. It now offers a mix of private label and branded merchandise.

Infibeam to Invest Upto Rs 45 Cr in Indian Payment Gateway CCAvenue

eCommerce firm Infibeam is investing Rs 45 crore in Indian payment gateway CCAvenue.

Infibeam said it has signed a termsheet to invest up to Rs 45 crore into Avenues India Pvt Ltd and is currently "in further discussion for signing of definitive agreement".

Infibeam is structuring this investment through its subsidiary NSI Infinium Global that operates the eCommerce marketplace Infibeam.com and the do-it-yourself e-commerce platform BuildaBazaar. The percentage of investment will be finalised in the definitive agreement, the company said.

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