#WEXTSaturday – Initiative by WEXT.in Ventures in which WEXT.in will cover all Indian Startup News, Funding Alerts, Acquisition Deal Alerts.
Most of the businesses are now running with the aim to recover their past losses that occurred due to COVID19. Amid the Unlock 1.0 in India, the graph of coronavirus cases is still rising with. Now, on an average daily more than 10k cases are coming positive in the nation. According to healthcare experts, the peak point will come soon, and this can be again a high challenging moment for businesses and industries. Different startups and businesses are planning different strategies to deal with the challenging situation which can increase its level anytime.
There are funding alerts, Indian startup news, acquisition alerts, and much more happening in the corporate sector. Initiating plans are different, but most of the companies as well as the investors are aiming towards building and improving their profit and gains in the market, for the coming time. This is the time when we can also see that most of the businesses are changing their business models, or we can say ‘improving the business models’ to fight the current situation and stand still!
Not wasting a single time, we come again with the latest updates and exhilarated happenings in the startup and business industry for this week. Let’s start!
Mumbai based Edtech startup Toppr has received additional funding of Rs.14.9 crore from Kaizen, which is its existing investor. After this funding alert, Kaizen has become the fourth largest investor in Toppr with a stake of 7.07%.
The global hospitality giant Marriott International has made an agreement with food aggregator Zomato in order to deliver its food to more cities. With Zomato, Marriott can now expand its own home delivery service to thousands of Zomato customers.
Since 22 April 2020, Reliance Jio has grabbed huge investments from international marquee investors starting with Facebook. The latest additions to the investors are L Catterton and TPG making the total number to nine investors. L Catterton is planning to invest Rs.1895.50 crore for 0.39% stake and TPG’s investment will be of Rs. 4546.80 crore for a 0.93% stake.
Bangalore based logistics startup LetsTransport raises an amount of Rs. 10 crores from Stride Ventures. LetsTransport will be using these funds to grow and expand its operations and network of urban logistics for enterprises.
As per the latest reports, Saudi Arabia’s sovereign wealth fund PIF (Public Investment Fund) has plans to invest $1.5 Bn, equal to approx. Rs. 11,367 crore in Reliance Jio. If the deal succeeds, Saudi Arabia’s PIF will grab a 2.32% stake in Reliance Jio.
In an attempt to stabilize and boost the local economy, the Maharashtra Government has signed a memorandum of understanding (MoU) with 12 companies in order to attract investments of Rs.16000 crore. The funds will are to be invested in e-mobility and logistics companies.
Singapore based venture capital firm BEENEXT has announced that it has closed a $110 Mn fund in order to invest in new tech startups in India and Southeast Asia. BEENEXT will be focussing on sectors such as AI, Agritech, health tech, eCommerce, Fintech, etc.
SARVA, which is a yoga-based wellness startup, has raised an undisclosed amount of funds from Indian cricketer and entrepreneur Shikhar Dhawan. Apart from this particular funding alert, SARVA has already raised more than $8 Mn in funding from some prominent investors.
The cloud computing unit of Alibaba, i.e. Alibaba Cloud is planning to invest $283 Mn( RMB 2 Bn) in the present fiscal year in order to empower global partner innovations after the present pandemic situation. The investment will also create products and solutions for almost all sectors.
Noida based Edtech startup Classplus has plans to turn offline coaching centers in the nation to online. To initiate this, the company has acquired Merak.ai, a Bangalore based data-entry automation solution.
Airtel gets a 10% stake in the Edtech startup, Lattu Media Pvt. Ltd., which operates as Lattu Kids. Lattu Kids, which is a Mumbai based startup, is the fourth company that has joined the Startup Accelerator Program by Airtel. Airtel will now be adding Lattu Kids to its portfolio of premium digital content.
Industrial robotics startup incubated by IIT-Bombay, Peppermint has raised an undisclosed amount of seed funding from Venture Catalysts and Naveen Kshatriya, the former head of ANX and Castrol Asia. Peppermint will scale up the manufacturing process and grow the after-sales support with the fund.
Now onwards, CodeChef will be a part of Unacademy Group as the renowned Bangalore based Edtech startup has acquired Mumbai based CodeChef, a competitive programming platform. The associating will now boost the coding platform with high-quality free programming courses.
That’s all for this week!
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