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Big Basket Seeks Govt’s Approval For Rs 100 Crore FDI

25Oct By Press Trust of IndiaNo Comments

FUNDING

Big Basket Seeks Govt’s Approval For Rs 100 Crore FDI

Online grocery store Big Basket has sought government's approval to infuse Rs 100 crore foreign direct investment to further expand its business. The company, which sells fruits, vegetables and other food products online, plans to use the funds to strengthen back end infrastructure, increasing collection centers and processing units, sources said. According to a company official, foreign investment of Rs 100 crore is sought to be put in by existing investors, including an overseas venture capital fund. As per the current policy, 100 per cent foreign direct investment is allowed in trading of food products, including through e-commerce. But the proposals require approval from the Foreign Investment Promotion Board (FIPB), under the Finance Ministry. The government is making effo...

Property Consultant JLL Invests in Tech Startup Foyr.com

24Oct By NitishNo Comments

FUNDING

Property Consultant JLL Invests in Tech Startup Foyr.com

Property consultant JLL India today launched a new vertical to invest in technology start-ups in the real estate sector, making first such investment in Foyr.com. JLL did not disclose the amount invested in Foyr.com -- a technology platform for visualising real estate space. But it expects three more investments this year and 10-15 in the next 12-18 months. Foyr's technology allows developers to market their developments and also customisation of interiors on the fly. The new independent real estate technology investment vertical will see infusion in start-ups or growth-stage companies developing innovative and disruptive technology solutions specific to the real estate sector, JLL said in a statement. "The purpose of this vertical is to invest into early-stage companies - or s...

24Oct By AnkitaNo Comments

FUNDING

Food Delivery Startup Box8 Raises Rs 50 Cr Funding From IIFL, Mayfield

Food delivery start-up Box8 today said it has raised Rs 50 crore in funding from IIFL Seed Ventures Fund & Mayfield. Box8 is a full stack online food delivery player that specializes in preparing and delivering Indian food. Its diverse menu consists of over 100 dishes in all-in-1 Indian meals, biryanis, wraps, sandwiches and salads. Started by two IIT graduates, Amit Raj and Anshul Gupta, Box8 now serves 12,000 meals a day to its consumers through a network of 60 stores across three cities -- Mumbai, Pune and Bengaluru. The funds helps strengthening the supply chain eco system, building superior technology, enhancing product development and expanding to new geographies, Amit Raj said. "Our strategy of establishing ourselves in certain key markets, instead of spreading wide and ...

Softbank Looking To Invest 2000 Crores in OLA

24Oct By NitishNo Comments

FUNDING

Softbank Looking To Invest 2000 Crores in OLA

As per Economic Times report, Japan's leading telecom giant Softbank looking to invest Rs 1,700-2,000 crore in India's leading Taxi aggregator Ola. This is the first funding investment from Softbank after Nikesh Arora Exit. According to the sources, " SoftBank is looking to commit more capital but Ola wants to control dilution". Ola was valued at about $5 billion when it closed $500 million funding from China’s Didi Chuxing and Scottish investment firm Baillie Gifford in November last year. The new investment will not increase the value. So far, Ola has raised about $1.2 billion and counts Soft-Bank, New Yorkbased investment firm Tiger Global Management, Russian billionaire Yuri Milner’s DST Global and venture capital firm Matrix Partners India as its largest shareholders. Las...

23Oct By PriyankaNo Comments

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Skills Alpha a Digital Learning Platform Raises $450K Angel Funding

Mumbai-based Skills Alpha is one of the newest start-ups in the entrepreneurial ecosystem which helps the corporate employees to learn and develop their skills has raised $450K in Angel funding round from Mr. Ganesh Natarajan. Ganesh Natarajan an IT veteran and former CEO of Zensar Technologies has a stake of 60-65% in the company. The company which was founded in 2016 and run by Jaideep Kewalramani CEO of Skills Alpha, offers a dashboard where employees can see where they stand in their career and what they need to do if they want to climb up the skills levels. Skills Alpha provides three-dimensional skills through bite-sized content and curated learning path. Jaideep Kewalramani ,CEO,Skills Alpha said, "The whole premise of Skills Alpha is how we start by infusing aspiration an...

Wal-Mart to Invest $50 Million in China’s Online Grocery Platform New Dada

22Oct By NitishNo Comments

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Wal-Mart to Invest $50 Million in China’s Online Grocery Platform New Dada

Walmart today announced a $50 million strategic investment in New Dada, China’s largest local on-demand logistics and grocery O2O ecommerce platform. The investment is an extension of Walmart’s broader agreement with JD.com and cooperation with New Dada, which includes using New Dada’s network to offer customers two-hour delivery on groceries ordered from Walmart stores through the JD Daojia Dada app.Wal-Mart shifted its China strategy earlier this year when it sold its own online platform Yihaodian in exchange for a stake in local e-commerce giant JD.com Inc. New Dada is a joint venture part-owned by JD.com. The two-hour delivery service is available to customers within a 3km radius of more than 20 Walmart stores that are currently part of the program. The number of Walmart stores offe...

Former HCL Tech CEO Sets up Rs 100-cr Fund For New Venture Techcelx

21Oct By Press Trust of IndiaNo Comments

FUNDING

Former HCL Tech CEO Sets up Rs 100-cr Fund For New Venture Techcelx

Following in the footsteps of many of his industry peers like Nandan Nilekani and Azim Premji, former HCL Technologies chief executive Anant Gupta has now set up a Rs 100-crore fund to support ventures developing cutting-edge technology products. Gupta, whose departure from HCL Technologies was announced today, has founded a new investment firm 'Techcelx' that will focus on developing next-gen digital technology products and platforms. "With Techcelx, I am pursuing my long-term goals and passion towards promoting our country's entrepreneurship and innovation potential in the technology space," Techcelx Founder Chairman and CEO Anant Gupta said. The Rs 100-crore fund will focus on ventures with specialisation in technologies like machine learning, IoT (Internet of Things), artifici...

21Oct By PriyankaNo Comments

FUNDING

Bengaluru Based Cloud Telephony Startup Solutions Infini Raises Funding From Italian Firm

With an eye on key emerging markets like India, leading Italian mobile services provider, Ubiquity, today announced that it has acquired a 51% majority stake in Solutions Infini, a Bengaluru-based enterprise communication and cloud telephony services startup. This strategic acquisition will broaden Ubiquity’s offerings and business solutions, including the addition of an innovative voice services platform by expanding its range of services to the enterprise and developer segments. The investment is part of Ubiquity’s drive to build and diversify its revenues and expand its international presence beyond Europe, particularly in the emerging markets, whilst also providing Solutions Infini with a global platform to scale up in other international markets. The combination of the two compa...

Online Furniture Rental Company Furlenco Raises 200 Crores

19Oct By NitishNo Comments

FUNDING

Online Furniture Rental Company Furlenco Raises 200 Crores

Online furniture rental company Furlenco today said it has raised Rs 200 crore (USD 30 million) in funding through a mix of equity and debt. The fresh round of funding includes USD 15 million of equity and USD 15 million of debt, according to Ajith Mohan Karimpana, Founder and CEO of Furlenco. The equity portion of the investment is led by Lightbox along with Axis Capital (no relation to Axis Bank), a Hong Kong based VC fund and a clutch of prominent high networth individuals or HNIs, the company said in a statement. The debt was raised from banks, NBFCs (Non-Banking Financial Company), HNIs and Indian family offices. "The funds raised will be used for expansion to newer categories, product ranges and more cities in the next one year," it added. In March 2015, Furlen...

Venture Capital Firm Next Orbit Ventures Received Commitment of $750 Million From UAE Investors

19Oct By NitishNo Comments

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Venture Capital Firm Next Orbit Ventures Received Commitment of $750 Million From UAE Investors

Venture capital firm Next Orbit Ventures (NOV) has received commitment from UAE-based investors, including DP World, Emmar and Etisalat, for its over USD 750 million or Rs 5,000 crore fund. The company plans to invest the proceeds of the over Rs 5,000 crore (USD 750 million) fund in digital, analog and solar fabrication (fabs) projects along with semiconductor design, electronics, led and solar products to feed those fabs, a statement said today. "The investors from UAE International Investors Council which includes 18 UAE entities like Mubadala, DP World, Etisalat, Emmar, among others have shown keen interest in investing in this fund and the project," company's founder and Managing Partner Ajay Jalan said. Nearly 49 per cent of the commitment towards the fund is expected from the C...

Bollywood Actor Boman Irani Invested in Rooter a Sports Based Social Platform

17Oct By AdityaNo Comments

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Bollywood Actor Boman Irani Invested in Rooter a Sports Based Social Platform

Rooter, the world's first social platform that connects sports fans and engages them during live sporting events, has announced the successful completion of a part of its angel investment round. Enabled by Kwan Entertainment Pvt. Ltd, the round was led by renowned Bollywood star Boman Irani and saw participation from Dhruv Chitgopekar and Prantik Dasgupta. The funds secured will be used to strengthen the technology team at Rooter as well as to create strategic partnerships with various sports platforms, teams, fan clubs and associations. Offering a chance for sports fans to connect with one another across real and virtual worlds, mobile-based platform that helps users engage with others sharing their passion. With its focus on smart technology, Rooter takes sporting interaction...

16Oct By NitishNo Comments

FUNDING

Good Parents Raises $2M Seed Funding to Reimagine the Way Parents and Care Providers Approach Children’s Health and Wellness

Hong Kong – Good Parents Inc., a one-year-old startup focused on children’s health and wellness, today announced a $2 million seed investment round. The latest seed round was led by senior partners at Jungle Ventures with participation from Fireside Ventures, Bio Sensors International, Gaja Ventures and several marquee angel investors across Asia and the U.S. Good Parents is on a mission to improve child development and growth metrics by creating a new ecosystem that engages parents, health insurance companies, corporate benefit programs and schools. Its first product line is the Kiddo, the world's first health and wellness wearable for children aged 4-10 years. The Kiddo tracks key biometrics for children and provides real time health, wellbeing, stress and development insights to a mo...