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Logistics Management Software Provider FarEye Raises $3.5 Million

23Jun By sharadNo Comments

FUNDING

Logistics Management Software Provider FarEye Raises $3.5 Million

FarEye, a logistics management software provider, today said it has raised USD 3.5 million (Rs 20 crore) from SAIF Partners. The series A funding will be used for business expansion to other territories, FarEye said in a statement. There is a strong road-map of product enhancement for next 12 months and new features will be added regularly, it added. The company plans to integrate with IoT platforms and drones to enable automated delivery. "We are profitable B2B startup and believe in organic growth. Plagued by operational inefficiencies and high costs, the USD 60,000 billion logistics industry provides a huge opportunity to FarEye. We are here to streamline logistics in all industry verticals," FarEye co-founder Kushal Nahata said. Established in 2013 by Kushal Naha...

Payments App Circle Raises $60 million, Open Office in China

23Jun By AnkitaNo Comments

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Payments App Circle Raises $60 million, Open Office in China

U.S.-based payments app Circle has raised $60 million from Chinese investors and launched a company in China, as it seeks to expand in the world's second-largest economy. The latest funding comes from existing investor and Beijing-based tech investment fund IDG Capital Partners, as well as Chinese firms including Baidu, CICC Alpha and Everbright Investments, Circle's co-founder Jeremy Allaire said. "We're not aiming to compete with the domestic market as that would be a suicide mission given the strength of local players like Alipay and WeChat, but we can connect Chinese consumers with the euro zone and dollar markets," Allaire said. Circle's China unit operates as a separate locally incorporated company and has not yet launched a product, pending a deal with a local banking partner a...

Cleartax Raises 80 Cr From SAIF Partners

18Jun By NitishNo Comments

FUNDING

Cleartax Raises 80 Cr From SAIF Partners

ClearTax , an online tax returns filing platform has raised another $12 million (Rs 80 crore) from SAIF Partners. The new round of funding will use to launch a slew of consumer-focused tax-saving products, including mutual funds and other equity-linked saving schemes. Also as part of the deal , managing partner at SAIF, has joined the board of ClearTax's "A typical agent is very bias. To solve for this, our products will be data driven, and completely transparent, to the extent that we will publish our commissions on the site itself," co-founder and CEO Archit Gupta said. "We are very excited to partner with Archit and team as they translate their market leadership in tax filing space to become one of the largest fintech platforms in India.", Ravi Adusumalli said. ClearTax which opera...

Mark Zuckerberg’s Philanthropy Venture Invested $24 million in Andela

17Jun By AdityaNo Comments

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Mark Zuckerberg’s Philanthropy Venture Invested $24 million in Andela

Facebook Inc founder Mark Zuckerberg's philanthropy venture has made its first major investment, leading a funding round in a startup that trains and recruits software developers in Africa. The Chan Zuckerberg Initiative LLC, created by Zuckerberg and his wife Priscilla Chan, led a $24 million Series B funding in Andela, the startup said on Thursday. Alphabet Inc's GV, previously known as Google Ventures, was also part of the funding round. Andela selects the top 1 percent of tech talent from Africa, trains them and places them in engineering organizations. The startup, which has nearly 200 engineers currently employed by its Nigeria and Kenya offices, will use the funds to expand to a third African country by the end of 2016. "We live in a world where talent is evenly distr...

Airbnb Inc Secured $1 Billion Debt Facility From US Banks

17Jun By reutersNo Comments

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Airbnb Inc Secured $1 Billion Debt Facility From US Banks

Apartment-sharing startup Airbnb Inc has secured a $1 billion debt facility from some big U.S. banks to aid its new services and finance its expansion plans, a source close to the company said. JPMorgan, Citigroup Inc, Morgan Stanley and Bank of America Corp led the debt deal, the source said. Airbnb, which expects to achieve profitability in 2016, raised over $100 million in a round of funding late last year. Bloomberg reported the funding deal earlier on Wednesday. Representatives at JPMorgan, Citigroup, Morgan Stanley and Bank of America were not immediately available for comment outside regular U.S. business hours. Priceline, Expedia and other travel companies have been facing increased pressure in their hotel bookings business from the rise of startups such as Airbnb.

17Jun By AdityaNo Comments

FUNDING

Fashion Marketplace Startup Voonik Raises 133 Cr Funding From Kunal Shah & Others

Fashion marketplace Voonik has raised USD 20 million (around Rs 133 crore) in Series-B round of funding to scale up operations. Sequoia Capital led the round with participation from Times Internet, Seedfund, Beenos, Beenext, Parkwood Bespin, Tancom Investments and Kunal Shah, it said in a statement today. "The funds will enable Voonik to enhance customer experience, strengthen their personalisation engine, and to scale up Mr Voonik and Vilara," the company said. "Series A helped us in gaining scale, and now with this renewed investor confidence through Series B, we are all set to consolidate our leadership in fashion commerce," co-founder and CEO Sujayath Ali Voonik said. Launched in August 2014, The company has 10 million registered users, 8 million app downloads, 100 million annu...

Twitter Invests $70 million in SoundCloud

15Jun By sharadNo Comments

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Twitter Invests $70 million in SoundCloud

Reuters- Twitter Inc has invested about $70 million in Berlin-based music service SoundCloud, technology website Re/code reported citing people familiar with the deal. Twitter confirmed the investment, but did not provide any financial details. "Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators," Twitter chief executive Jack Dorsey said. Soundcloud, a platform that enables people to upload and share music and other audio files, also confirmed that Twitter had made the investment. The news app company investment was part of a funding round expected to be in the range of $100 million, which would value SoundCloud at about $700 million, the Re/code report said. The micro blogging site has previously atte...

13Jun By reutersNo Comments

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Online Lender Marketlend Raises $1 Million in Funding

Australian online lender Marketlend on Monday said it has closed on a $1 million investment lead by fin-tech entrepreneur Jon Barlow and former KKR dealmaker Mati Szeszkowski. Marketlend, which helps connect businesses that are looking for funding with investors, will use the new money to further automate its technology systems and originate more loans, the company's founder Leo Tyndall said in an interview. Marketlend's fundraising marks the latest sign of continued investor interest in online lending globally, despite a slowdown in loan originations and increased regulatory scrutiny in the United States. Marketlend's platform allows businesses to borrow money against unpaid invoices, helping to relieve a cash flow shortage. If a company is waiting for a customer to pay them, it can se...

Coffee Day Enterprises Unit Sical Logistics to raise Rs 100 cr

11Jun By NitishNo Comments

FUNDING

Coffee Day Enterprises Unit Sical Logistics to raise Rs 100 cr

Coffee Day Enterprises, which runs coffee chain under brand Cafe Coffee Day, today said its subsidiary Sical Logistics plans to raise Rs 100 crore through issuance of non convertible debentures (NCDs) on private placement basis. "The companys subsidiary Sical Logistics Ltd at their Board meeting have approved the proposal to raise a fund of Rs 100 crore by way of issue of secured non convertible debentures on private placement basis," Coffee Day Enterprises said in a BSE filing. The company said it will utilise the proceeds of funds raised for redemption of an existing NCDs of Kotak Mahindra Bank. "Kotak Mahindra Bank, the present holders of 12.75 per cent secured non convertible debentures of Rs 100 crore issued by our subsidiary company in 2013 through the IDBI Trusteeship commu...

Telecom Solutions Provider U2opia Will Invest Around Rs 20 Cr in Indian Startups

11Jun By AdityaNo Comments

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Telecom Solutions Provider U2opia Will Invest Around Rs 20 Cr in Indian Startups

Telecom solutions provider U2opia Mobile will invest USD 3 million (around Rs 20 crore) over the next three years to fund startups working on scalable mobile technology. Under its Catapult programme, in the first year, U2opia will invest in five-six companies that have about 2-4 members. The programme is aimed at helping early-stage startups and entrepreneurial teams that are finding it difficult to raise funds, U2opia Mobile co-founder and MD Sumesh Menon said. These companies could be working in areas like mobile security (antivirus), gaming or solutions for operators, he said. "Under this programme, all teams will be given access to state of the art technology infrastructure, ample working space, brand and marketing support, management and financial cover," Menon added. Bes...

10Jun By NitishNo Comments

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TVS Automobile Invests in 3 Startups

TVS Automobile Solutions, a part of the Chennai-based TVS Group, today said it has made substantial investments in three startups as part of its digital initiatives to provide business solutions to vehicle and component manufacturers. The company, which has so far invested Rs 75 crore in various technology startups expects the new businesses to generate revenues to the tune of Rs 250 crore in the next three years. TVS Automobile Solutions (TVS ASL) said it has made investments in JAZZMYRIDE.com, an e-commerce player in auto aftermarket dealing with parts and accessories for passenger vehicles, two wheelers and commercial vehicles. It has also invested in AUTOSENSE, a technology and analytics based customer management services and REDSUN, a startup in Internet of Things space worki...

Fashion Venture 6Degree Raises $200K From IAN

9Jun By AnkitaNo Comments

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Fashion Venture 6Degree Raises $200K From IAN

Indian Angel Network (IAN),India's largest angel investor group, has invested $200,000 in fashion talent and tech startup 6Degree. 6Degree said it will use the proceeds from the round to enhance its technology and to expand its reach. It also plans to expand its fashion services and launch enterprise solutions for fashion weeks. "Fashion as a genre cannot be underrated and it is important to integrate technology with fashion. Our aim is to unite various domains of fashion and create one holistic group of like - minded people," said Nikhil Hegde, chief executive of 6Degree. Founded in 2014 by Hegde and Amit Bhardwaj, 6Degree offers a platform that brings together various members of the fashion and lifestyle sector, such as, fashion designers, bloggers, brands, model's and photographers. T...