Indian Startup and Business News [Funding, Acquisition, Technology and more]
mPaani picked for Google’s Flagship Studio Program
Mumbai based loyalty and data solution app mPaani Solutions Pvt. Ltd has been picked for the flagship Google Developers Launchpad Studio programme, which will embark from September 6, according to sources. It’s a four-month programme and will take place at the Google Headquarters in Silicon Valley, San Francisco. mPaani is one of the ten companies to be selected globally for the flagship program of Google. mPaani was founded by Akanksha Hazari in the year 2014. It’s the youngest company to be selected in a category of substantially global unicorns. mPaani’s investors include IDG Ventures India, Blume Ventures, Serial Tech Investors and Saha Fund.
Twitter India Director Quits
Taranjeet Singh, director of Twitter India has decided in calling its quit on his official twitter handle. He has led Twitter operations in India for 4 years before stepping down. Prior to his stint as the country director of Twitter, he worked for 10 years in BBC as a head of advertising and sales director of South Asia and has over two decades of experience in sales and business development. In the meantime, Twitter’s global head of operations and revenue strategy, Balaji Krish will take over as an interim leader.
Amazon joins the 1 Trillion Club
Online shopping giant, Amazon becomes second US Company, less than one month after Silicon Valley-based mammoth company Apple, to hit 1 Trillion in stock market value. Amazon was founded in 1994, about 18 years after the Apple was launched, but has managed to surpass the latter in terms of growth achieved. Amazon’s valuation dropped to $973 billion on Wednesday with the stock declining but is confident to achieve the feet once again through a persistent push to grow and expand.
Apple Pay hits a roadblock in India
The tech giant has learned from the mistakes of WhatsApp and Amazon and has decided to suspend the launch of UPI- Unified Payment Interface based payment platform in India. The company was looking to bring Apple Pay in India. According to reports, the tech giant has put the operations on hold even after talks and discussions with few leading banks and the National Payment Corporation of India(NPCI). This emerges after the similar payments of the global e-commerce company, Amazon and Facebook-owned chat messaging app WhatsApp is failed to grow to a big height due to a scuffle with the Indian Authorities.
Lighthouse Funds Rs.113 crores to Nykaa, leading TVS Funds exit
Lighthouse India Fund III Ltd, an affiliate of consumer-focused private equity manager Lighthouse Advisor invests a whopping Rs.113 crore in beauty retailer Nykaa to acquire the secondary stake. Earlier this year, Nykaa also managed to raise Rs.16 crore through primary and secondary share sale where its existing investors had participated. Although, the secondary share transaction by Lighthouse Advisors made a clear exit for TVS Capital Funds which had earlier invested INR30 crores in Nykaa in 2015 and 2016. Nykaa now seeks to branch out and expand its portfolio with its launch of exclusive brand partnerships and multiplying its offline presence to 90 stores across India by 2020.
CloudCherry establishes $9million in the 2nd round of Series A by Pelion Ventures
CloudCherry, a Cisco-backed India and US-based Customer Experience Management (CEM) was able to raise $9million in the second round of Series A funding led by Pelion Ventures. Moreover, it also plans on utilizing the fresh round of funds on expanding its North American business and data science potential. Founded by Vinod Muthukrishnan in 2014, the firm secured its first round of Series A funds of $6million in September 2016. The existing investors such as Cisco Investments, Vertex Ventures, and IDG Ventures India will be providing the additional funds in the coming round.
SEBI approves Indian Startup Factory’s Venture Capital Funds
The Indian Startup Factory was given a nod of approval by SEBI, the market regulator to launch its Rs.200 crore maiden India Venture Capital fund which will back the startups as well as small and medium enterprises. This move will make funds more accessible as well as give pace to the startups and various other similar SMEs. ISF’s Special Opportunity Fund, founder Kapil Kaul urged that the fund’s mantra is Profitability.
Mad Street Den receives an undisclosed funding from KDDI
Mad Street Den Systems Pvt. Ltd, an Artificial and Computer Vision Technology startup, has acquired a fresh round of funds from KDDI, a Japanese Telecom Operator. However, the amount of funds has not been disclosed yet. However, the investment has been processed through KDDI Open Innovation Fund 2, managed by the Global brain ( a Tokyo headquartered independent venture capital fund). The flagship product of the Chennai based Mad Street Den, “Vue.a” caters to both departmental stores as well as online marketplaces
ThinCl raises $65 million in Series C funding
ThinCl, a California based AI hardware startup closed its $65 million Series C funding round. the round consisted of the returning investor DENSO and its subordinate NESITEXE Inc, the developer of semiconductor components, as well as Temasek, GGV Capital, Wavemaker Partners, SG Innovate, and Mirai Creation Fund. The firm plans on using the funds in expanding its team and operations. Founded by CEO Dinakar Munagala, ThinCI is an Artificial Intelligence computing architecture startup. It focuses on curating products and services in AI across India, US and UK offices.
SRJNA raises funding from Gray Matters Capital
Jaipur Based SRJNA, an experimental learning startup, and brand of Elation Edtech were able to raise funds from the US-based impact investor Gray Matters Capital under its edsLABS initiative. In the previous month, it invested $180,000 to Kidovaters, a skill learning platform based on ADD-on-GYAN service Pvt. Ltd in Bengaluru. Its portfolio focuses on committing $8million in the next three years for helping visionary entrepreneurs create means and ways to address various aspects of the Indian Mass Market. Gray Matters Capital mainly focuses on investing in lower income groups.
SignCatch raises an undisclosed funding from Singaporean VC
SignCatch, a Delhi NCR based startup has raised a fresh round of an undisclosed amount of funds from a Singapore-based early-stage venture capital called ThinKuvate. This venture capital focuses mainly on tech startups in Singapore, India and Southeast Asia. Meanwhile with the fresh funds in hand, SignCatch will resort to expanding and accessing the market in Southeast Asia. Previously SignCatch raised funds from a prominent group of angel investors and venture capitalist Nikhil R Kilachand.
Flyrobe raises Rs 26 crore in Series B funding
Flyrobe, a Mumbai-based fashion rental startup has raised around Rs.26 crore in a Series B fresh round of funding. The investors on board were Sequoia Capital India, IDG Ventures India among others. Flyrobe founders Pranay Surana and Shreya Mishra also participated in the round. Founded by IIT Bombay alumni Pranay Surana, Shreya Mishra, and Tushar Saxena in 2015, it has around $2 million annual revenue. In series A funding, it raised $5 million which was backed by IDG Ventures India, Sequoia Capital India, GREE Ventures, Leon Synave, among others.
Above was a list of startup news in India which are the latest happenings in the startup ecosystem and in entrepreneurial life. Stay connected and check daily for latest stories about startup news – India brought to you by your very own Startup Talky.