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

22Oct By NitishNo Comments

FUNDING

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...

$3 Billion Out of $6.25 Billion – The Online Investment From Chinese Investors in India

20Oct By NitishNo Comments

News

$3 Billion Out of $6.25 Billion – The Online Investment From Chinese Investors in India

India has become an "action zone" for Chinese investors like e-commerce giant Alibaba as its market attracted second highest Chinese funding in IT products next to the US, state media reported today. Citing the fast growth of Indias e-commerce website Paytm which provides services to 130 million people in India, a write-up in state-run China Daily said, "India is not just another developing country - it is the worlds fastest-growing economy". "A huge internet population, rapid growth of mobile internet users, political stability, established institutions like judiciary, a thriving start-up ecosystem, renowned IT expertise and the promising market potential... all these factors have made India an attractive, almost irresistible proposition for Chinese investors," the report said. A...

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

FUNDING

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

FUNDING

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...

14Oct By NitishNo Comments

FUNDING

B2B Marketplace For Leather Products ShoeKonnect Raises Funding From IAN

ShoeKonnect is a B2B commerce mobile application designed specifically to cater to the needs of the footwear industry. It has raised an undisclosed amount of angel funding from Indian Angel Network. The round of investment was led by Sahil Kejriwal on behalf of IAN. He will be joining the company board to monitor the team. Siddharth Vij, CEO & co-founder of ShoeKonnect said, “We understand that there lies a huge gap among producers and buyers in the market. A gap that restricts the manufacturers from increasing their customer base and sales volumes and retailers from getting better variety and quality of products. With ShoeKonnect, we aim to bridge this existing gap by simplifying and enhancing trade possibilities for these players in different industries.” The company is a produ...

14Oct By NitishNo Comments

FUNDING

Indian Parenting Website “Kidsstoppress.com” Raises Undisclosed Angel Funding

Mumbai-based parenting startup Kidsstoppress has raised an undisclosed funding amount from angel investors. Founder chief executive of IIFL Wealth Karan Bhagat also participated in the investment. The company was founded by Mansi Zaveri in 2012. Currently, it offers its services across Mumbai, Delhi, Bengaluru, Chennai, Hyderabad and Pune. Mansi Zaveri, founder, KidsStopPress, said, “The parenting and baby care segment in India is a very large opportunity and is worth close to $25 billion. At the same time, it is also fragmented and very local in terms of language, culture and geography. At Kidsstoppress.com, we have built the groundwork to address this large opportunity across segments including content and market place." KidsStopPress produces both proprietary and secondary con...

Saudi Arabia, SoftBank Plan $100 Billion Tech Fund

14Oct By reutersNo Comments

FUNDING

Saudi Arabia, SoftBank Plan $100 Billion Tech Fund

Saudi Arabia and Japan's SoftBank Group said they will create a technology investment fund that could grow as large as $100 billion, aiming to create one of the world's largest private equity funds. The plan is part of a series of dramatic business initiatives launched by Riyadh this year as Saudi Arabia, its economy hurt by low oil prices, deploys huge financial reserves in an effort to move into non-oil industries. SoftBank's founder and chairman Masayoshi Son, who has built his company into a $68 billion telecommunications and tech investment behemoth from a $50,000 start-up, has been seeking to expand in new areas. The Public Investment Fund (PIF), Saudi Arabia's top sovereign wealth fund, is set to be the lead investment partner and may invest up to $45 billion over the next ...

14Oct By NitishNo Comments

FUNDING

Bengaluru Based IndianMoney.com Raises Funding From Media Conglomerate BCCL

IndianMoney.com, India's largest financial education company promoted by Suvision Holdings Pvt Ltd has raised fresh round of funding from media conglomerate Bennett, Coleman & Co Ltd (BCCL). Commenting on the investment Mr. C S Sudheer, Founder & CEO of IndianMoney.com quoted, "Investment of BCCL is catalytic to make inroads into the unchartered territory. It strengthens our consumer base led by the 360-degree presence of BCCL across the media spectrum. This association will add new wings to the ambition of IndianMoney.com to make India a financially literate country." The company plans to utilize these funds to enhance its reach and acquire new consumers, and launch new personal finance education series to become synonymous with financial education for common man in India. ...