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12Sep By Gauri SinghNo Comments

FUNDING

Pune-based Fintech Startup Secures $1.1 million in Seed Funding

Pune-based fintech startup Bon has reportedly raised funds amounting to $1.1 million (Rs 7.8 crore) in seed funding. The particular round was led by Omidyar Network, Axilor Ventures and Better Capital’s AngelList India Syndicate. The funds raised by the company will be utilized towards helping the company’s further partnerships with banks, non-banking financial companies (NBFC). Also, it plans to expand its existence to 25 cities across India over the next 18 months and launch its operations in other markets in Asia as well. “Access to working capital is a real pain point for the growing gig workforce—one that can literally make or break a business of one. In India, where credit cards are not pervasive, this issue is even more prominent, as people don't really have a safety net to rely...

12Sep By Gauri SinghNo Comments

FUNDING

AutoGrid Secures $32 Million in Series D Funding Round

Bengaluru-based artificial intelligence company AutoGrid has reportedly secured funds amounting to $32 million in Series D funding. With this round, the total funding of the company as of now has reached $75 million. The new backers comprised of CLP Holdings Group, Innogy, Ørstead, Tenaska and others. Apart from these, the existing investors that participated in the round included Energy Impact Partners, Envision Ventures, Total Energy Ventures, Clearsky Power & Technology Fund, E.ON and Foundation Capital. “We are humbled by the trust and responsibility that some of the largest energy companies in the world are placing in us in their transformative journey towards a new energy future,” said Dr. Amit Narayan, AutoGrid chief executive officer. “We are excited by this investment, whi...

China’s Ctrip May Invest $100 million in Zomato

10Sep By Gauri SinghNo Comments

BUSINESS

China’s Ctrip May Invest $100 million in Zomato

The leading travel-booking platform in China Ctrip is planning to invest in India’s online restaurant discovery and food-delivery platform Zomato as part of a financing round. According to some of the statements, the investment could go up to $400 million (Rs 2,800 crore). The company is expected to pump around $100 million into Zomato. This investment will value the food discovery firm at $1.8-2 billion. It is being stated that Ctrip will be joined by Zomato’s existing investor Ant Financial, an Alibaba affiliate, and a couple of investors. If the deal with Zomato is successfully implemented, it will be significant as the first such bet outside of travel services for Ctrip, which has a market capitalization of over $20 billion. “The discussions with Ctrip are in the last leg, with ...

Parenting Startup BabyChakra Raises Funds from Multiple Investors

10Sep By Gauri SinghNo Comments

FUNDING

Parenting Startup BabyChakra Raises Funds from Multiple Investors

Online parenting company BabyChakra has reportedly secured an undisclosed amount of funds in a funding round. The round was led by investors including Mark Mobius & Rajesh Sehgal backed Equanimity Ventures Fund, Facebook’s director Anand Chandrasekaran and OYO’s Chief Strategy Officer Maninder Gulati. The funds so raised will be utilized in strengthening the company’s region and vernacular segment. Other existing investors that participated in the round include Arihant Patni, Artha Ventures and Bharat Rawla. BabyChakra had earlier secured series-A funding from RoundGlass Partners and seed funding from Mumbai Angels, Patni Family Office, and Singapore Angel Network. “The fresh capital will be used to further strengthen BabyChakra’s regional and language-specific content and communit...

Ratan Tata Gains Double for Investment in Ampere Vehicles

6Sep By Gauri SinghNo Comments

News

Ratan Tata Gains Double for Investment in Ampere Vehicles

It was last week that the chairman of Tata Trusts sold his entire equity holding in Ampere Vehicles to an engine manufacturer Greaves Cotton which is based in Mumbai. Following this move, the former Tata Sons Chairman Ratan Tata is believed to have gained more than twice his investment. The investment of Tata amounted to about Rs 3 crore in Coimbatore-based electric vehicle start-up in his personal capacity in mid-2015. This also marked his first ever investment in an auto company. “Tata sold his stake in Ampere, earning more than two times. Most investors made similar returns. Kris (Gopalakrishnan) came into the company later, so his returns could have been lower than Tata’s,” a source said. Greaves Cotton stated that the company will take over Ampere for Rs 77 crore. This will valu...

Google & Xiaomi Eyeing Investment in ‘Where is my Train’ App

31Aug By Gauri SinghNo Comments

FUNDING

Google & Xiaomi Eyeing Investment in ‘Where is my Train’ App

Technology giant Google and Chinese smartphone maker Xiaomi are eying an investment in an app called ‘Where Is My Train’ that provides live updates on trains without the use of internet and GPS. Google is in talks to acquire the two-year-old startup, whereas Xiaomi has held discussions for an investment. It is expected that Google will acquire the company for $30-40 million in the near future. However, the transaction has not yet been finalized. "The talks with Google are more advanced and they are likely to buy the company as a part of their Next Billion Users initiative," a person familiar to the matter stated. Where Is My Train is owned and operated by Sigmoid Labs, and is one of the most downloaded train-based apps in the country. It was was founded by five former executives of Ti...

30Aug By Gauri SinghNo Comments

FUNDING

Chicago-based Tempus Raises $110 Million in Series E Funding Round

Chicago-based data analytics startup Tempus has raised funds amounting to $110 million in its Series E funding round. The funding round was led by a new backer Baillie Gifford, a U.K. investment management firm. The other investors who participated in the round included existing investors T. Rowe Price, Revolution Growth and New Enterprise Associates. With the funds raised through this round, the company plans to grow operations outside of the U.S. and also expand into new therapeutic areas other than cancer. This particular round has valued the company to over $2 billion. Following this round, the total funds raised by the company as of now has reached $320 million since its launch. Founded in 2015 by serial entrepreneur Eric Lefkofsky, Tempus is a data analytics company that ...

LIC to Pick Up a Stake in State-owned IDBI Stake

29Aug By Gauri SinghNo Comments

ACQUISITION

LIC to Pick Up a Stake in State-owned IDBI Stake

Indian state-owned insurance group and investment company LIC (Life Insurance Corporation) has decided to pick up a further 7% stake in the government lender IDBI Bank through a preferential issue. LIC already holds a stake in the bank which is equal to 7.98% and it is moving towards acquiring more of it. Lately, IDBI Bank’s capital adequacy ratio fell largely to 8.18% as on June end, below the regulatory requirement of 9%. This move, however, will help the lender to improve its capital adequacy ratio. “It is advised that the bank has received a letter dated August 28, 2018 from Life Insurance Corporation of India giving their in- principle approval for subscription of the equity shares on preferential basis subject to their total exposure not exceeding 14.90% of post-issue capital of ...

Qatar Will Invest $500 Million in Indonesia Tourism

6Aug By AnkitaNo Comments

MIDDLE EAST

Qatar Will Invest $500 Million in Indonesia Tourism

Qatar based Qatar Investment Authority, or QIA, signed a memorandum of understanding with the Indonesian government for a $500 million investment in Indonesia tourism. Under this agreement, QIA will invest the amount on 10 tourist destinations in Indonesia, also known as "10 New Balis." The destinations include Lake Toba in North Sumatra, Wakatobi in Southeast Sulawesi and Morotai in North Maluku, are projected to make a significant contribution to Indonesia's annual gross domestic product (GDP) by 2030. The agreement was signed by Coordinating Maritime Affairs Minister Luhut Pandjaitan and QIA's chief executive Sheikh Abdulla bin Mohammed bin Saud al-Thani. "I am sure this partnership, along with commitments from both parties, will benefit not only our two governments but also...

US-Based Y Combinator Backs Indian Rental Startup ZiffyHomes

4Aug By Gauri SinghNo Comments

FUNDING

US-Based Y Combinator Backs Indian Rental Startup ZiffyHomes

Home rental service startup ZiffyHomes which is based in Gurugram has secured an amount of $120,000 from a US-based startup incubator Y Combinator. This investment by Y Combinator has been made for its summer cohort 2018. It had earlier made an investment in one more Indian startup for the same. It was last month that the US incubator invested $120,000 in a blockchain-focussed startup known as Kyte.ai. The company is gearing up for its Demo day scheduled in August in the valley in which these companies will be publicly displayed. “Demo Day at YC is the most effective way of raising funds to fuel the future growth of a company and we look forward to the same for ZiffyHomes,” said Sanchal Ranjan, co-founder of ZiffyHomes. Founded in 2015 by Saurabh Sinha, Sanchal Ranjan, and Salil Aga...

Gaja Capital invests $25M in Educational Initiatives

27Jul By AnkitaNo Comments

FUNDING

Gaja Capital invests $25M in Educational Initiatives

One of the Mid-market private equity firm Gaja Capital has invested $25 million (about ₹172 crore) in Ahmedabad- and Bengaluru-based educational technology company Educational Initiatives, it has marked its eighth investment from its third fund. managing partner of Gaja Capital, Gopal Jain informed about the transaction but did not share further investment details. 2018 has been an active year for The Gaja Capital. The PE firm manages assets of about $500 million across its three investment vehicles, having already recorded two strong exits — TeamLease and RBL Bank — in April and June, respectively. Both investments were made from its second fund — the $180 million Gaja-II. Mr Jian said, “Education is core to our investment strategy and we are long-term believers in the K-12 opportunit...

This Indian Bank Becomes First to Use Facebook Messenger For Mutual Fund Transactions

11Jul By NitishNo Comments

Market

This Indian Bank Becomes First to Use Facebook Messenger For Mutual Fund Transactions

India's largest private sector bank HDFC becomes the first Indian bank which offer mutual fund transactions through Facebook Messenger. HDFC securities, a subsidiary of HDFC Bank launch a theme called "The Pace of Innovation" which is structured to innovate and provide intuitive and relevant digital solutions to customers and this effort, is in line with the vision. This particular feature, apart from mutual fund investments, facilitates a quick overview of total portfolio holding, getting the latest stock quotes and opening an account. ALSO READ: After Tata Group, HDFC Crosses Market Cap of Rs 10 Trillion Here's a guide to how this works: -Go to Facebook Messenger and search for hdfcsec.Arya -Can open a trading account -Post login, one can complete MF transactio...