Silicon Road Invites Applications for Acceleration Program Exclusively for Retail, Food-Tech Startups

Silicon Road, US-based early-stage venture capital firm has opened the call for applications for its Indian accelerator. The accelerator is designed to attract the best food tech and retail startups to participate in a 4-month acceleration program with access to the best mentors from the U.S., India and Israel. 

The 2nd Cohort of the accelerator program will include seed funding, access to eminent mentors in the food and retail space across the globe, infrastructure support and an ecosystem that will help the startup scale to the next level.  The Accelerator program leverages three primary hubs of innovation in the US, India and Israel to give the most revolutionary ideas in food and retail a global platform.  

As a runup to the 2nd cohort, Silicon Road recently organized a Global Food Technology Conference in Mysuru, called Silicon Road Innovation in Food Technology (SRIFT 2020). This event was a confluence of top Food MNCs from India, food tech research organizations, academia and startups. Several FoodTech startups and researchers came together to showcase their products and concepts. During the conference, Silicon Road also launched 4 new products to the market.

Silicon Road, the VC firm and Accelerator, was founded by Sid Mookerji, the founder and former CEO of Software Paradigms Infotech / Softvision (now acquired by Cognizant Technology Solutions) which was Mysuru’s first software 100% EOU. He also founded Silver Spirit Global LLC, which operates incubators and technology parks in the US and India.

Sid Mookerji, Founder & Managing Partner, Silicon Road said, “Silicon Road is an ecosystem that is designed to fast-track the growth of early-stage startups. We provide them with quick access to key industry experts, mentors, advisors, and funding opportunities through our acceleration program to improve their chances of success. The program helps startups strengthen their product and build their business strategy. 

Sanjay Srinivasmurthy, Co-founder & Director, Silicon Road, India added “With our Y2020 edition of the acceleration program, we aim to help startups & enterprises speed up their startup journey. The startups will undergo sessions on growth hacking, product design, branding & marketing, along with multiple bootcamps that will enable the startups to focus on the various core functions in the Food and Retail Technology. We hope to see more innovative Retail and FoodTech startup ideas in this edition.”

The first cohort of the accelerator had 7 startups - GetPY, IndiBean Coffee, Dhriti Bio Solutions, Ornativa Fashion, Q-Online, Meatup and Pickurflick. 

Interested startups can apply here: http://siliconroad.vc/in/accelerators/

About Silicon Road: Silicon Road is an early-stage venture fund and accelerator on a mission to create the world’s first innovation ecosystem for retail and food-tech companies in collaboration with scientists, startups, academia, and investors.

Ex-Flipkart Colleagues' Retail Tech Startup Arzooo.com Raises $1 Mn from Jabbar Internet Group

Bangalore-based Arzooo.com, a fast retail technology venture enabling brick & mortar retailers to compete with online stores with its flagship "Go Store" platform, has raised US$1 Million in Pre-Series A round of funding led by Jabbar Internet Group of Dubai.

Arzooo.com plans to use the freshly raied funds in expanding its geographic presence pan India and will invest a substantial part of the funds in product enhancement, new talent recruitment and improvement of Go Store technology to encompass a wider network of cross sector retailers.

Founded by ex-Flipkart colleagues and IIT Kharagpur alumni - Khushnud Khan and Rishi Raj Rathore, Arzooo enables a partner store with its technology platform equipping them to offer largest selection to customers without having to invest in Inventory, creating most competitive price and offering attractive payment solutions to improve sales conversion in-store.

Arzooo’s tech platform “Go Store” has on-boarded physical retailers across 3 major cities of Bangalore, Hyderabad and Chennai. The platform's unique technology offering solves the big problem of selection, price and complex supply chain & sourcing for Offline retailers. With this platform, Arzooo.com is equipping the physical retailers to compete and grow in the age of Amazon & Walmart. It e­­­­­nables a partner store to offer its customers the largest selection, best prices and fastest delivery, without them having to stock every item.

While Arzooo.com's co-founder Khushnud was an Associate Director (Large Appliances) at Flipkart between 2012-2016, Rishi, an IIT Kharagpur alumni, was a product manager in Flipkart for 2015-16, where he was leading hyperlocal grocery and logistics platforms and had started Flipkart’s hyperlocal delivery segment for food and grocery deliveries. He had built FQuick, a hyperlocal logistics platform, there.

Commencing with the $48 billion Consumer Electronics market in India, Arzooo Go Store is disrupting the sector by digitizing the retailers on its Go Store platform. With this, retailers who command 90% of the consumer base (who prefer on-ground touch and feel of large appliances as a preferred mode of purchase) are able to convert a growing number of them into sales from in-store walk-ins. This is without investment on storage space, stocking or logistics for the physical retailer who has the potential to cross sell across categories via this platform.

Commencing with the Consumer Electronics retail category, Arzooo.com has plans to expand into other retail categories by integrating 500,000 retailers by 2022. The company currently has 500 partner stores on its platform and intends to own 20% of the consumer electronics market share by 2020.

The online marketplace comprising 7-8% of consumer electronics retail between Amazon and Flipkart who offer price and large selection advantage to the end consumer. This has been a limiting factor for the physical retailer who faces challenges of limited choice of inventory and sourcing prices have led to an impact on profitability for the physical retailers. Arzooo.com via the Go Store platform solves the problem of Price, Selection and Storage for the physical retailer via its technology that bridges the gap of a single point product sourcing from manufacturers and an expansive product offering via the digital catalogue.

Launched in 2009, Jabbar Investment Group is a leading investor in the MENA region and is known for some of biggest exits in the region that include maktoob.com, Yahoo, Souq.com and Amazon. Jabbar is also an investor in Mumbai based Hopscotch, a babycare and kids products e-commerce startup [Refer].

US-based Silicon Road and NUMA Launches India Accelerator for Startups in Retail-Tech & FoodTech

Silicon Road US , a US-based Venture Fund and a RetailTech Accelerator, is launching Silicon Road India Retail & FoodTech Accelerator, a unique startup acceleration program conceptualized by Silicon Road and powered by NUMA , a France-based international innovation hub & startup accelerator.

Silicon Road and NUMA are partnering to launch a 4-month startup acceleration program providing international funded support and infrastructure for startups, particularly in Retail & FoodTech to fast-track startup growth.

Silicon Road empowers retailers to take charge of their own future, through investment in transformative innovation. We bring together industry, academia, and startups to co-create next-gen retail technologies.

Our unique program combines four key elements to create a maximum synergy:

• A strategic US fund financed by retailers; India fund comprising of GPs, LPs and other investors


• An accelerator program for early stage startups in India, and early & growth stage startups in the US


• A shared innovation lab and advisory services provided by Georgia Tech in the US


• Partnership agreements with CFTRI from a FoodTech standpoint

Funding and Support: Silicon Road will invest an initial seed amount of money (INR 25L) in all startups joining the program. Startups will also get access to the €700k worth of perks and to international & local investors for fundraising support with a further round of funding opportunity from Silicon Road for eligible startups during or after the program.

Access to international & local networks around the Retail & Food Tech industries: An actionable network is a key feature of any startup program. The selected startups will be introduced to the local & international network of food and retail tech corporates, mentors, research infrastructure, industry experts, founders, partners & foreign official delegations to enable the startups to build their own networks.

Tailored program to accelerate the Startup growth: In the beginning, startups will be taken through multiple bootcamps on the various core functions of a business including Design, Technology/Product, Growth Hacking, etc. to help startups strengthen their product and build a business strategy. At the end of these bootcamps, we will be helping each startup to create their OKR/roadmap with clear KPIs and in the next 3 months, we will support them on the execution of this roadmap.

Quality mentoring by some of the best mentors & in-house experts: The startups will be surrounded by some of the best in-house experts and introduced to the right mentors. In addition to the team, an Entrepreneur in Residence and Growth Hacker in Residence will support the startups to execute their product and growth strategy.

Free office space and infrastructure in Mysuru: The selected startups (at least one of the founders) will be working out of the Silicon Road campus and they will get a world class office infrastructure at Silver Spirit Tech Park for 6 months in the royal city Mysuru.

Silicon Road will be taking equity stake in exchange for the funding and acceleration program.

Call for application has been kickstarted for the first cohort, and startups can apply here by 20th April 2019, the program will kickoff in May 2019.

[Via Business Wire India]

Top Featured Image by Rama Khandkar from Pexels

Chennai's Computer Vision-based AI Startup MadStreetDen Raises Funding from Japan's KDDI

Chennai and California, US-based artificial Intelligence (AI) powered retail technology startup, Mad Street Den, has received strategic investment from KIDDI Corporation of Tokyo, Japan. The funds have been routed through KIDDI’s investment arm, KDDI Open Innovation Fund 2, managed by Global Brain. The financials of the investment was not disclosed.

Backed by marquee VC Sequoia Capital, in 2016, Mad Street Den intends to use the funds it would raise during the current financing round to enhance their AI capabilities and grow their sales & marketing force.

Global Brain highly evaluated Mad Street Den’s expertise in AI/ computer vision area and business acumen and decided the investment. Together with KDDI, Global Brain will support the company in building alliances and partnership to expand their business, especially in the Japanese and Asian market, said Global Brain in a statement.

Founded in 2013, by a Neuroscientist-Designer duo - Anand Chandrasekaran and Ashwini Asokan, Mad Street Den provides "Vue.AI", which is a one-stop AI and Image Recognition platform for apparel retailers (from "big box" department stores to online marketplaces) who are experiencing drastic operational changes due to rapidly increasing penetration of online commerce.

Vue.ai offers such products as data classification/ catalog data management (including AI-based automated data-tagging with attributes, titles, descriptions, drastically improving product discovery and searchability, reducing operational costs and the time required to digitize a product and go to market. The solution also makes it easier to eliminate redundancy in the catalog and provide a singular view into the entire inventory).

Its marquee product is a cutting-edge human model generator which is an AI-based product generating garment-to-model images, predicting how the garment fits. Vue.ai's algorithms also analyze the extracted catalog data with user behavior and help the retailers' marketing/product/cataloging teams not only to automate their processes and reduce costs but also to drive conversions and to increase revenues. With the solution, fashion brands can provide their customers with a great user experience in online shopping, such as good retrieval accuracy or "AI stylist" which is an AI-based styling and outfitting solution.

"At KDDI, we are a company that continues to provide excitement as we move forward with the integration of telecommunications and life design. By investing in venture companies that can deploy services on a global scale, we help generate new business to create new customer experience value," said KIDDI, in a press release.

In May this year, an another retail technology startup Mobisy raised funding of $3.5 million, led by SIDBI Venture Capital Limited (SVCL), a venture capital arm of Small Industries Development Bank of India (SIDBI) specializing direct and fund of funds. Mobisy helps companies increase their sales and streamline supple chain through its mobile first SaaS solution, has announced on Monday that it has received a second round of venture capital.

Last week, BuyMore, a brand of Bangalore-based Counfreedise Retail Services Ltd, India’s leading e-commerce aggregator for the online retail sector in India has tied up with Hong Kong Circle Tech to enable 450 brands from China to enter India through e-commerce way and get listed on e-commerce platforms operating in India, including Flipkart, Amazon and Myntra.

[Top Image - FortuneIndia.com]

Chennai's Computer Vision-based AI Startup MadStreetDen Raises Funding from Japan's KDDI

Chennai and California, US-based artificial Intelligence (AI) powered retail technology startup, Mad Street Den, has received strategic investment from KIDDI Corporation of Tokyo, Japan. The funds have been routed through KIDDI’s investment arm, KDDI Open Innovation Fund 2, managed by Global Brain. The financials of the investment was not disclosed.

Backed by marquee VC Sequoia Capital, in 2016, Mad Street Den intends to use the funds it would raise during the current financing round to enhance their AI capabilities and grow their sales & marketing force.

Global Brain highly evaluated Mad Street Den’s expertise in AI/ computer vision area and business acumen and decided the investment. Together with KDDI, Global Brain will support the company in building alliances and partnership to expand their business, especially in the Japanese and Asian market, said Global Brain in a statement.

Founded in 2013, by a Neuroscientist-Designer duo - Anand Chandrasekaran and Ashwini Asokan, Mad Street Den provides "Vue.AI", which is a one-stop AI and Image Recognition platform for apparel retailers (from "big box" department stores to online marketplaces) who are experiencing drastic operational changes due to rapidly increasing penetration of online commerce.

Vue.ai offers such products as data classification/ catalog data management (including AI-based automated data-tagging with attributes, titles, descriptions, drastically improving product discovery and searchability, reducing operational costs and the time required to digitize a product and go to market. The solution also makes it easier to eliminate redundancy in the catalog and provide a singular view into the entire inventory).

Its marquee product is a cutting-edge human model generator which is an AI-based product generating garment-to-model images, predicting how the garment fits. Vue.ai's algorithms also analyze the extracted catalog data with user behavior and help the retailers' marketing/product/cataloging teams not only to automate their processes and reduce costs but also to drive conversions and to increase revenues. With the solution, fashion brands can provide their customers with a great user experience in online shopping, such as good retrieval accuracy or "AI stylist" which is an AI-based styling and outfitting solution.

"At KDDI, we are a company that continues to provide excitement as we move forward with the integration of telecommunications and life design. By investing in venture companies that can deploy services on a global scale, we help generate new business to create new customer experience value," said KIDDI, in a press release.

In May this year, an another retail technology startup Mobisy raised funding of $3.5 million, led by SIDBI Venture Capital Limited (SVCL), a venture capital arm of Small Industries Development Bank of India (SIDBI) specializing direct and fund of funds. Mobisy helps companies increase their sales and streamline supple chain through its mobile first SaaS solution, has announced on Monday that it has received a second round of venture capital.

Last week, BuyMore, a brand of Bangalore-based Counfreedise Retail Services Ltd, India’s leading e-commerce aggregator for the online retail sector in India has tied up with Hong Kong Circle Tech to enable 450 brands from China to enter India through e-commerce way and get listed on e-commerce platforms operating in India, including Flipkart, Amazon and Myntra.

[Top Image - FortuneIndia.com]

8 Viral Fashion Retail App Technologies In 2018

One of the fastest growing and evolving industries of our times is the fashion industry. With the huge market and new fashion brands coming up every then and now, shopping and marketing tactics have undergone a sea change. For instance, the shift towards mobile commerce, or m-commerce as it is popularly known as, is one of the most remarkable actions the fashion industry has seen in the recent years. Features like that of easy navigation, loyalty programs, fast delivery, and push notification have made mobile shopping really easy and convenient.
Brands like that of H&M, Klothed, Dior, and ASOS are going with the latest technologies to bring in new innovations by the day. The unique solutions that they come up with lead the industry to new heights and make the shopping experience highly fulfilling. Let’s take a look at the present retail technologies that are being implemented by renowned brands and the app features that are going to rule the year.

1. Barcode scanners have taken the top spot

One of the most fascinating trends in the fashion industry is the barcode scanning. Whether it is to buy your next pair of trendy shoes or blazers, you just need to scan the barcode of the product to get the product details easily. The fashion app from H&M used this technology in aiding the customers to get endless options for discounts and coupons and also to find the store locations. The brand provides relevant and latest updates to the users through this app.

2. Selling of products through videos

Online shopping has taken a completely different direction in the product displays. You will find online stores featuring their products by showing catwalk videos for each of the products. It has emerged as one of the best ways to build up brand trust and showcase their products more lucratively. The runaway videos that are a part of the ASOS app run for not more than 11 to 12 seconds and watching them feels like you have the front row seats at a fashion show.

3. Try on the outfits virtually

Why stand in long queues at the stores when you can save time and hassle using virtual dressing rooms? The retail stores now have apps that let you choose patterns, sizes, and colors using hand gestures. You can share the look on social media for feedback and plan the wardrobe more effectively. The Klothed app has made this a reality by providing you with a virtual avatar of yourself to dress up using clothes from different retailers.

[caption id="attachment_124854" align="aligncenter" width="995"] Image - http://blog.mocaplatform.com[/caption]

4. Selling through social media

Retailers have been taking the advantage of social media for quite some time now. The social media has infiltrated the luxury industry in a big way leading to an increase in their customer base. At present, the top brands have collaborations with major technology giants to sell their products through social platforms like WeChat and Snapchat. Dior recently welcomed social selling to engage the customers of China through WeChat and registered a hugely successful campaign.

Also Read - Amazon Has Developed An AI Fashion Designer

5. Use of beacon technology

The beacon technology is another major step in improving the shopping experience. The retail shopping industry has been using the beacon technology as a crucial part of customer engagement. You can think of this as the part m-shopping that finally completes the puzzle. Macy is the best example of using beacon in its stores and more than four thousand of its shoppers receive notifications via beacons. Macy’s makes it more exciting by using beacons to announce sales, discounts, and prizes.

6. Investment in security of personal data

Securing personal data online like credit card details, usernames, and passwords are crucial to the retail apps. The threat to personal data increases in tandem to the growth of mobile commerce. To ensure the safety of the users, the Bulgari app collaborated with the Swiss online security agency known as Wisekey. Together, they came up with the Bulgari vault which stores all the personal data of the user and ensures security for the mobile payments.

7. The implementation of visual search

Visual app is the cool new feature of the fashion retail apps whereby you can take picture of any product that you liked and then search it using the app. The customer will immediately be provided with product details related to the search to help them make a purchase of whatever coveted fashion item that they are after. JC Penney is one of the first brands to have implemented this feature in their mobile app.

[caption id="attachment_124855" align="aligncenter" width="600"] Image - http://retail-innovation.com[/caption]

8. A listing of retail stores through an app

Zomato has made life so much easy for the foodies by helping them locate and know the details of all local restaurants in every city. You no longer need to ask friends or look around to search the perfect outlet to shop for the latest trend. An app called SummerLabel is all set to do the same for the fashion lovers of the country. It provides a listing of every major and minor branded store within a given area. Thus, the retail app technologies are no longer limited to being viable only for the online shoppers.
You can expect many more remarkable changes and innovations in the fashion retail apps as more and more startups keep on emerging. The trends are all about adding new value to the name of retailers by enabling the customers to benefit from new and exciting shopping experiences.

[Top Featured Image Via - WTVOX.com]

8 Viral Fashion Retail App Technologies In 2018

One of the fastest growing and evolving industries of our times is the fashion industry. With the huge market and new fashion brands coming up every then and now, shopping and marketing tactics have undergone a sea change. For instance, the shift towards mobile commerce, or m-commerce as it is popularly known as, is one of the most remarkable actions the fashion industry has seen in the recent years. Features like that of easy navigation, loyalty programs, fast delivery, and push notification have made mobile shopping really easy and convenient.
Brands like that of H&M, Klothed, Dior, and ASOS are going with the latest technologies to bring in new innovations by the day. The unique solutions that they come up with lead the industry to new heights and make the shopping experience highly fulfilling. Let’s take a look at the present retail technologies that are being implemented by renowned brands and the app features that are going to rule the year.

1. Barcode scanners have taken the top spot

One of the most fascinating trends in the fashion industry is the barcode scanning. Whether it is to buy your next pair of trendy shoes or blazers, you just need to scan the barcode of the product to get the product details easily. The fashion app from H&M used this technology in aiding the customers to get endless options for discounts and coupons and also to find the store locations. The brand provides relevant and latest updates to the users through this app.

2. Selling of products through videos

Online shopping has taken a completely different direction in the product displays. You will find online stores featuring their products by showing catwalk videos for each of the products. It has emerged as one of the best ways to build up brand trust and showcase their products more lucratively. The runaway videos that are a part of the ASOS app run for not more than 11 to 12 seconds and watching them feels like you have the front row seats at a fashion show.

3. Try on the outfits virtually

Why stand in long queues at the stores when you can save time and hassle using virtual dressing rooms? The retail stores now have apps that let you choose patterns, sizes, and colors using hand gestures. You can share the look on social media for feedback and plan the wardrobe more effectively. The Klothed app has made this a reality by providing you with a virtual avatar of yourself to dress up using clothes from different retailers.

[caption id="attachment_124854" align="aligncenter" width="995"] Image - http://blog.mocaplatform.com[/caption]

4. Selling through social media

Retailers have been taking the advantage of social media for quite some time now. The social media has infiltrated the luxury industry in a big way leading to an increase in their customer base. At present, the top brands have collaborations with major technology giants to sell their products through social platforms like WeChat and Snapchat. Dior recently welcomed social selling to engage the customers of China through WeChat and registered a hugely successful campaign.

Also Read - Amazon Has Developed An AI Fashion Designer

5. Use of beacon technology

The beacon technology is another major step in improving the shopping experience. The retail shopping industry has been using the beacon technology as a crucial part of customer engagement. You can think of this as the part m-shopping that finally completes the puzzle. Macy is the best example of using beacon in its stores and more than four thousand of its shoppers receive notifications via beacons. Macy’s makes it more exciting by using beacons to announce sales, discounts, and prizes.

6. Investment in security of personal data

Securing personal data online like credit card details, usernames, and passwords are crucial to the retail apps. The threat to personal data increases in tandem to the growth of mobile commerce. To ensure the safety of the users, the Bulgari app collaborated with the Swiss online security agency known as Wisekey. Together, they came up with the Bulgari vault which stores all the personal data of the user and ensures security for the mobile payments.

7. The implementation of visual search

Visual app is the cool new feature of the fashion retail apps whereby you can take picture of any product that you liked and then search it using the app. The customer will immediately be provided with product details related to the search to help them make a purchase of whatever coveted fashion item that they are after. JC Penney is one of the first brands to have implemented this feature in their mobile app.

[caption id="attachment_124855" align="aligncenter" width="600"] Image - http://retail-innovation.com[/caption]

8. A listing of retail stores through an app

Zomato has made life so much easy for the foodies by helping them locate and know the details of all local restaurants in every city. You no longer need to ask friends or look around to search the perfect outlet to shop for the latest trend. An app called SummerLabel is all set to do the same for the fashion lovers of the country. It provides a listing of every major and minor branded store within a given area. Thus, the retail app technologies are no longer limited to being viable only for the online shoppers.
You can expect many more remarkable changes and innovations in the fashion retail apps as more and more startups keep on emerging. The trends are all about adding new value to the name of retailers by enabling the customers to benefit from new and exciting shopping experiences.

[Top Featured Image Via - WTVOX.com]

Retail Tech Startup Mobisy Raises $3.5 Mn from SIDBI VC Arm and Others

Bangalore-based retail technology startup Mobisy, which helps companies increase their sales and streamline supple chain through its mobile first saas solution, has announced on Monday that it has received a second round of venture capital funding of $3.5 million ( ~ Rs 24 crores), led by SIDBI Venture Capital Limited (SVCL), a venture capital arm of Small Industries Development Bank of India (SIDBI) specializing direct and fund of funds.

Other investors who participated in this round include existing investor Ojas Partners, Triton Investment Advisors and some individuals with high net worth.

Mobisy has two product offerings -- Bizom, a supply chain automation platform and Distiman, a mobile marketplace app that helps kirana stores (or small FMCG brands) order their inventory directly from distributors, delivered in under eight hours.

Founded in 2007 by Lalit Bhise, Riyaz Hyder, Shree Kulkarni and Vasudeva Manjunath, Mobisy enables orders from over 5 million retail outlets (about a third of India's retail ecosystem) and its goal is to build products that can positively change the lives of various stakeholders of the retail ecosystem. The freshly raised funds go towards furthering these goals and will be used for the startup's research and development and to power expansion plans through an intensified sales and marketing push.

Although ‘Amazon Business’ is a similar B2B marketplace for traders in India, Bizom does it at a micro level– by bringing distributors for small brands who are not present online. Major brands such as Parle agro, Nivea, Airtel, Idea, Paperboat etc. are amongst Bizom’s customers list.

In January 2017, Mobisy raised $382,000 (~ Rs 2.5 crore) in a bridge round from existing investor Ojas Ventures and two unnammed angel investors. Prior to this, Mobisy Technologies had secured $300,000 in seed funding from Ojas Ventures, in 2013.

Lalit Bhise, co-founder and CEO of Mobisy, said in a statement, "We look forward to leveraging their industry experience to penetrate deeper into our market and solve sales and distribution problems for consumer goods companies and their partners in India and abroad."

Sajit Kumar from SIDBI Venture Capital Limited, said in a statement to Economic Times, "We believe that Mobisy's real-time insight-driven solutions for our country's consumer goods retail ecosystem have the potential to streamline what is currently a very high-touch, inefficient system. This can mean better results for everyone in the ecosystem, from brands to distributors to retailers. We were particularly impressed by the team's passion to create products that bring the benefits of digitization to people who may otherwise have remained on the margins of Digital India - small kirana store owners, distributors and small & medium consumer goods brands," added .

Notably, Mobisy was ranked the third fastest growing technology company in India at Deloitte Technology Fast 50, 2017 and 43 in the inaugural FT 1000 High-Growth Companies Asia-Pacific list.

Speaking about SIDBI, Mobisy is SIDBI's second investment in retail tech segment, as earlier in last August, Gurgaon based retail tech startup FieldAssist had secured an undisclosed amount of funding from SIDBI.

In January this year, Gurgaon-based Corporatedge, a leading provider of Serviced Office Infrastructure in India got funded by SIDBI India Opportunities Fund to support the expansion of the company’s Serviced Offices business.

To recall, very recently Department of Industrial Policy and Promotion (DIPP) has stopped releases of funds to SIDBI, who's its fund manager, during FY18 and FY19, due to unspent balances.

SIDBI has so far committed Rs 1,285 crore to 27 local venture capital funds under the FFS scheme, of which Rs 141 crore -- only about 11% -- has been disbursed to these funds till April 2018.

Via - Economic Times | Top Image - ProjectDeepDive.org