Latest News from Indian Startup Ecosystem [Funding, Technology, Launch, Collaboration]
CIO Angel Network raises fund for dating app Aisle
Aisle is a match making app run by Bangalore-Based startup Aisle Network Pvt. Ltd. It is an online dating singles community that is strictly for members and follows a balance between traditional matrimony services and casual dating sites. It has raised an undisclosed amount of funding from CIO Angel Network. Konglo Ventures, White Unicorn Ventures and LetsVenture were also among the other participants in the round.
CleverTap appoints new Head of Marketing; Global Growth
CleverTap is a leading platform for behavioral analytics and user engagement that provides an extensive analysis of the users which helps the brands to identify, engage and monetize users across mobile and the web world. CleverTap has appointed Almitra Karnik as Head of Marketing & Global Growth as a part of company’s plan to focus on global development. To oversee the growth across global markets, actively manage brand strategy & marketing along with public relations are few among many of her other roles.
Expense management platform Fyle Technologies raises Rs 2.7 cr from Pravega
Fyle Technologies was founded in February 2016 by Sivaramakrishnan Narayanan and Yashwanth Madhusudan who previously worked at big data company Qubole. Fyle provides employees a common platform to file expenses through a plugin that spontaneously extracts and categorizes data from bills mentioned in emails and paper receipts. Fyle’s algorithm does a thorough check of every transaction with company policy across the entire database to prevent any fraud or duplication. This expense management company has raised $400,000 (Rs. 2.67 crore) in its seed round led by firm Pravega Ventures. Venture fund Beenext, redBus co-founder Phanindra Sama, Zivame co-founder Richa Kar, and Qubole co-founder Joydeep Sen Sharma were amongst the other participants.
Fintech start-up MaxMyWealth to invest $5 million
Recently launched fintech platform MaxMyWealth’s founders have so far invested close to 1.5 million in their venture and are in discussion to raise $5million more in order to expand its business across the globe including India. MaxMyWealth launched its operations in India last week and was founded by Vinay Chauhan, a UK-based former fintech investor, and Narayan Naik, professor of finance and joint chair, at London Business School. MaxMyWealth guides individuals to make smart savings, investments and also in saving tax.
Online payment startup Razorpay earns profit as sales rise 10-fold
Razorpay Software Pvt. Ltd is a Jaipur-registered online payment gateway startup which was founded by IIT-Roorkee alumni Shashank Kumar and Harshil Mathur. The company posted a profit of Rs 28.7 lakh for the year, net sales being Rs 79 lakh, almost ten times the Rs 8.5 lakh posted in the previous year. The company helps businesses accept online payments via credit/debit card, mobile wallets and netbanking and from their customers, has over 20,000 merchants, including Papa John’s, Chai Point, Knowlarity and Nestaway among others.
Amazon to deliver packages via parachutes
Amazon has been granted a patent for a method in which packages will be dropped by drones with the help of parachutes. For several years the company has been exploring various less time-consuming ways in which the orders can be delivered safely. Amazon plans to keep a safe distance between the drones and the houses for customer protection purpose. Deliveries have been carried out in a few controlled locations though there are many practical, technical & legal challenges.
E-commerce-focused logistics firm Ecom Express opens warehouses in three Indian cities
Logistics firm Ecom Express has opened three new warehouse facilities in Gurgaon, Bengaluru and Lucknow. The fully automated facility in Gurgaon is the largest, covering 500,000 sq. ft while the other two are 40,000 sq. ft each. The fulfillment centres aim to give complete solutions to e-commerce customers by offering inventory management, order processing, packaging and dispatch services.
Sumant Sinha in talks to raise $100m funding to hike ReNew Power stake
Sumant Sinha, founder and chief executive officer of green energy producer ReNew Power Ventures Pvt. Ltd, is in talks to raise up to $100 million in promoter financing to increase his stake in the company just before the proposed share sale. The company is looking to go public in the near future and as per Securities and Exchange Board of India ICDR norms, a low promoter stake could result in the investors having to offer part of their stake for the mandatory three-year lock-in period. Sinha has a 6-7% stake in the company presently, the investors in the company, especially Goldman Sachs, want the least amount of stake to be subjected to this norm hence efforts are put to increase Sinha’s stake in the company.
BrowserStack opens centre in Ireland
Mumbai-based firm Bootstrapped was initiated by IIT graduates Ritesh Arora and Nakul Aggarwal in 2011. BrowserStack web-and-mobile testing platform which helps web developers to visualize how their code will look like and how it will perform across various operating systems and browsers. With ever increasing demand for smart devices and availability of wireless internet connectivity, BrowserStack is rapidly growing and have opened offices in Dublin and San Francisco last year and are in talks to expand in Ireland this year.
IFC contemplates Rs 100 cr investment in Clean Max Enviro Energy Solutions
International Finance Corp, one of the largest private sector investors in the country is seriously thinking about investing about Rs 100 crores in renewable energy company Clean Max Enviro Energy Solutions which is one of the biggest solar solutions providers in India. According to the disclosure on the investor’s website, the proceedings are expected to be given for funding more than 250 MW of solar projects over the next three years and primarily for construction of the proposed green field solar projects.
Treebo appoints former Opinio COO Abhishek Sharma
India’s top rated hotel chain Treebo has appointed Abhishek Sharma for a vital role as part of its Founders’ Office. The founder’s office is a set up to control all the crucial decision-making for the business. Sharma’s key responsibility will be working on important cross-functional initiatives for the company. The new appointment is an indication of further strengthening its business position by building a strong leadership team.
Hexaware Technologies hire Krishna Kumar as CTO
Hexaware Technologies Limited (HTL) founded in 1990 is an IT and BPO service provider company based in Navi Mumbai. The company which specializes in an array of areas such as Banking and Financial services, Health care and Insurance, Travel and Transportation and Manufacturing has appointed Krishna Kumar as the Chief Technology Officer. Kumar who has an engineering degree from IIT Madras has worked with Tata Consultancy Services and Yahoo and has over 25 years of experience.
Manohar Parrikar to gather fund to encourage defence startups
While inaugurating the 11th Aero India show on Tuesday defence minister Manohar Parrikar has announced that the government will be creating a technology innovation fund for defence aerospace to encourage a culture of innovation. The initial contributions have been made by Hindustan Aeronautics Limited and the Bharat Electronics Limited. The fund will aid development in technology and innovation and will be open to both Indian & foreign firms.
Queue management firm Sminq takes over UX-focused startup CodePandora
Sminq India Solutions Pvt. Ltd based in Pune runs a queue management app Sminq and has taken over Codepandora, a UX-focused software service provider, a deal which is partly cash and partly equity. Sminq app provides exact information on queues such as doctor’s clinic so that the person doesn’t have to be physically present to hold their spot and CodePandora provides exquisitely designed UX-focussed software services. They have been in alliance for over a year and this acquisition is a win-win situation for both.
Nazara Technologies to set up eSports league in India
Mobile games publisher Nazara Technologies made an announcement on Tuesday that it plans to fund $20 million (approximately Rs 136 crore) to build the Indian eSports ecosystem over the span of next five years. ESports league is a series of organized multi-player video game tournaments which will be held twice a year. Sports enthusiasts can apply online for the qualifying tournaments that further will be divided into 6 teams. Nazara has a consumer base in India and worldwide. Currently operating in 41 countries across the globe Nazara reaches out to more than two billion population.
Lending startup Indifi Technologies raises Rs 66.5 crore
Gurgaon-based Data-driven fintech startup Indifi Technologies has raised $10 million in a round of Series B funding which was led by Omidyar Network. Indifi was cofounded by Alok Mittal a former head of Canaan Partners India, while Omidyar Network is the charitable investment firm founded by eBay founder Pierre Omidyar and his wife, Pam. Existing investors Accel Partners and Elevar Equity also participated in the funding.