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Ola Money raises $27 million from Matrix Partners, others

27May By PriyankaNo Comments

FUNDING

Ola Money raises $27 million from Matrix Partners, others

New Delhi, May 27, 2020: Ola Financial Services (OFS), which operates Ola Money, has raised $27 million (about Rs 205 crore) in funding from Matrix Partners and others as part of its maiden institutional financing round, as per regulatory documents. Gemini Investments LP, Arun Sarin's family office, and Alpha Wave Holdings also participated in the round, according to the documents. While Ola did not comment on the fund raise, sources close to the development said the transaction valued the company at about USD 250 million (about Rs 1,875 crore). The development comes even as OFS head Nitin Gupta has decided to move on from his active role at Ola. In an email to employees, Ola CEO Bhavish Aggarwal said, Harish Abhichandani will take over the role as the interim CEO of OFS. "N...

Matrix Partners India Backs Bengaluru-based DailyNinja

20Sep By Gauri SinghNo Comments

FUNDING

Matrix Partners India Backs Bengaluru-based DailyNinja

A startup that delivers milk and grocery called DailyNinja has reportedly raised an undisclosed amount in a funding round led by Matrix Partners India. The particular round also saw participation from existing investors including Sequoia India and Saama Capital. The funds raised will be used to accelerate growth, expand its footprint and hire professional talent. Also, the company aims to achieve a target of 1,00,000 daily transactions in the next six months, almost tripling its current daily volumes of 35,000. “We want to grow as fast as we can and have the maximum number of customers on our platform,” said Sagar Yarnalkar, chief executive of DailyNinja. “We also want to expand our team and hire talent for operations and tech.” DailyNinja is a Bengaluru-based company that was founded...

Bengaluru’s Lending Platform Raises 17.2 Mn From Matrix Partners

14Mar By Sheldan RungasamyNo Comments

FUNDING

Bengaluru’s Lending Platform Raises 17.2 Mn From Matrix Partners

Avail finance, an online lending platform based in Bengaluru recently raised $17.2 Mn in a Series A funding round led by Matrix Partners which comprises of both debt and equity. This round of funding also saw the participation of Bhavish Aggarwal and Ankit Bhati, Ola’s co-founders; Binny Bansal, co-founder & CEO of Flipkart; Kunal Shah, founder of Freecharge; and Manish Patel, founder, and CEO of Mswipe. “Consumer lending to the blue-collared workforce is a large, untapped and hard to solve opportunity. We are impressed by Avail’s differentiated sourcing and underwriting strategy and are privileged to partner with Ankush and Tushar on their journey. We believe it’s still early days of the India Fintech story and will continue to invest in the space”, said Vikram Vaidyanathan, Man...

28Nov By PriyankaNo Comments

FUNDING

Lifestyle Brand Chumbak Raises Fresh Funding

Lifestyle brand Chumbak Design Private Ltd has raised around $13 million in a fresh round of funding led by mid-market private equity firm Gaja Capital, as per the reports by a financial daily. The round also saw participation from its existing investors Matrix Partners India and Seedfund who invested a sum of Rs 22 crore and Rs 6 crore respectively, with Gaja Capital investing Rs 52 crore alone. Besides the institutional investors, Narayan Ramachandran, operating partner at Gaja Capital, also invested in his personal capacity, the report added. This round will take the total funding raised by the company to $24 millions, in both equity and debt. Founded by husband-wife Vivek Prabhakar and Shubhra Chadda, Chumbak aims at top 5-6 metro cities and will showcase its products through ...

14May By PriyankaNo Comments

FUNDING

Saas Startup Zarget Raised $1.5 million Seed Funding

Founded in 2015 by three ex-Zoho employees Arvind Parthiban, Naveen Venkat, and Santhosh Kumar, Zarget has raised $1.5 million in seed funding from global venture capital firms Accel Partners and Matrix Partners, and angel investors such as Girish Mathrubootham, CEO of Freshdesk. The company launched its Zarget platform, a conversion rate optimization tool built as a Chrome plugin and intended for use by marketers, product managers and web designers. The new platform is a much needed solution for firms that previously used multiple software products to complete A/B testing, funnel analysis, and heatmaps. Zarget provides all of these tools in one platform with the added simplicity of a Chrome plugin, so users no longer need to waste time and valuable resources loading websites into an...

13May By PriyankaNo Comments

FUNDING

Online Hotels Aggregator Startup Stayzilla Raises $13 Million Funding

As per the mint report, Stayzilla has raised $13 million Series C funding from existing investors Matrix Partners and Nexus Ventures, according to documents filed with the Registrar of Companies. In report the funding round of online aggregator of budget hotels split into three tranches of $8.8 million (Rs.58.5 crore), $1.9 million (Rs.13 crore) and $2.4 million (Rs.16.3 crore), between November 2015 and March 2016. About Stayzilla - Stayzilla was founded by Yogendra Vasupal, Sachit Singhi and Rupal Yogendra. The company which started off by offering travelers stay options in budget hotels, last year forayed into home stays, connecting travellers with homeowners with spare accommodation in their houses. Earlier, Stayzilla raised close to $20 million from Nexus Venture Partners...