#WEXTSaturday – Initiative by WEXT.in Community in which WEXT.in will cover all Indian Startup News, Funding Alerts, Acquisition Deal Alerts.
Amid the pandemic situation of COVID19, this week was another astounding week for most of the startups. Most of the businesses are going through a very tough time due to the coronavirus pandemic condition. The clear fact is that we are in a state of emergency, where the economy of not only our country but the whole world is shrinking. In this case, most of the companies have initiated a plan B strategy to maintain their foremost position in the industry. Still, there are lots of buzzes in the businesses and startup industry, which you must be excited to hear about.
We bring to you the latest Indian startup news for this week- ‘a complete snapshot of Indian startup news, funding alerts or acquisition alerts’. Let’s hop on.
Oncoseek Bio Pvt. Ltd., a startup that has been incubated at the University of Hyderabad is selected for COVID19 funding by BIRAC (Biotechnology Industry Research Assistance Council). The startup has won its proposal to get financial support from BIRAC to develop an in-vitro lung organoid model for COVID19.
Microsoft is planning to make an investment in India’s payment giant Paytm. Paytm has been in talks with Microsoft to raise $100Mn (Rs.760 crore). Paytm raised $1Bn last year in November 2019 in its funding round, which is to be extended now, where Microsoft will take part to invest $100Mn.
One of the biggest Indian startup funding alerts for this week is that AsknBid, a Bangalore based investment tech startup, has raised a certain amount of funds in its recent funding round by Mumbai Angels Network and other angel investors. Funds will be used for growing its research platforms and bracing its existing technology systems.
There was a funding alert last week about Dailyhunt, a Bangalore based news platform raising $23.5 million (Rs.180 crore approx.) in its Series G round of funding. Dailyhunt has now topped the same series with a fresh infusion of Rs.38.27 crore approx. from Belgium based Sofina Group. This takes the total amount raised to Rs.228 crore.
According to a recent funding alert, India’s leading eCommerce giant Flipkart, which has been acquired by Walmart, has pumped $28 million into PhonePe which takes the total infusion to $928 million till date. PhonePe Singapore is a fully-owned entity of Flipkart Internet.
Vedant Goel, the founder of IPO Corner has announced its official launch on 1 May 2020. IPO Corner is a one-stop platform for all kinds of investors who wish to invest in the IPO markets of India. The company mainly focuses on providing all investment-related information and solutions to investors.
Fittr, an online Pune based fitness community startup has successfully raised $2 million (Rs.15 crore approx.) from Sequoia Capital India’s Surge Program. The funding was raised in pre-series A funding round program for scaling up the early staged startups in Southeast Asia and India.
Bangalore based Wagonfly, a contactless shopping and delivery startup have successfully raised $500K from ITI (Investment Trust of India) and other angel investors. The investments have been done keeping the COVID19 pandemic situation in mind to provide the shoppers with a contact-free shopping experience after the end of lockdown.
Aker Foods, which is a Pune based AI-ML driven supply chain platform, raises an undisclosed amount of funding from the Mumbai Angels Network. The company looks forward to building the largest supply chain technology for the restaurants and delivery kitchens in India with an esteemed client list including Subway, Swiggy, Zomato, Farzi Café, and many others.
This is one of the top acquisition alerts of this week. ShareChat, a Bangalore based regional language social media platform has now acquired Memer, which is a meme discovering and sharing app. Member’s product suite will now have integration with ShareChat. The deal size and transaction involved have not been disclosed yet.
Convosight, which is a Hyderabad, based data analytics startup has recently raised $4 million in its Pre-Series-A funding round, which was led by Sequoia Capital and IvyCap Ventures. The raised funds are to be used in enhancing the product development process, marketing purposes, and improving its technology and data science capabilities.
To tide through the lull of lockdown in India, Flipkart has received a financial boost from its parent company based in Singapore. This infusion is done in order to help Flipkart staying afloat amid the pandemic situation of COVID19 The funding can help this eCommerce giant in avoiding layoffs and salary cuts.
NewsBytes, a Gurugram based AI digital media startup has raised $1.5 million in its Series A funding round, led by North Base Media, which is a global venture capital firm having specialization in media. The fresh funds which have been raised will be used in augmenting its technology.
India’s fastest growing yoga chain studio, Sarva has raised an undisclosed amount of funds from the US-based venture capital firm, Mantra Capital for speeding up its digital footprint. Mantra Capital did its first strategic investment and will now continue to re-explore venture capital by investing in tech startups.
Amazon Indian sets up a new relief subsidize, Partner Support Fund, to help its partner SMB’s in Logistics in the pandemic condition of COVID19. Recently, Amazon India had also set up a relief fund of $25Mn to help the positively tested coronavirus patients in the country.
Bangalore based Fintech startup, NIRA has successfully raised $2.1Mn from existing and new angel investors in India, UK and Europe, in its Pre-Series-A finding round. This fund will be used in hiring new talent, developing its product and technology to scale up its lending business.
Bangalore based B2B eCommerce startup has raised $1.4Mn (Rs.10.67 crore approx.) from its existing investor and shareholder, Li and Fung. The former chairman of Crompton Greaves, Kewal Krishnan Nohria also participated in the funding round for ShopX.
Venture Catalysts, India’s first and largest incubator and accelerator platform have invested an undisclosed amount in Edtech startup Qin1, a digital learning platform for the kids. With the onset of the COVID19 pandemic, Qn1 sees an increased opportunity for the Edtech market of India.
With the high demand for remote working and video conferencing apps amid the COVID19 pandemic situation, Reliance Jio has launched its first HD Video Conferencing App ‘JioMeet’, a video conferencing tool for mobiles and tablets. With this, the net profits of Reliance Jio increased up by 72 percent.
Pedagogy, an Ahmedabad based Edtech startup has raised $400K in its funding round, which was led by IPV (Inflection Point Ventures). Pedagogy works on Netflix like a single subscription model for the students to allow access to most popular digital courses and books.
Bangalore based Indian Language storytelling startup Pratilipi, has raised Rs.76 crore in its Series C funding round which was led by Tencent. Pratilipi is a self-publishing platform for audio and text storytelling in various Indian regional languages. Last year, the company raised a total of Rs.115 crore from a Chinese Venture Capital Firm.
That’s all for this week!
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