#WEXTSaturday – Initiative by WEXT.in Ventures in which WEXT.in will cover all Indian Startup News, Funding Alerts, Acquisition Deal Alerts.
Almost half of the year has passed with the onset of coronavirus pandemic slashing almost all the nations around the globe. In India, after the imposing of unlocking 1.0 in the states, most of the businesses are trying to get back to the race of the corporate world. But still, the growth in the cases of coronavirus across the nation is leaving an extremely tough time for the businesses and startups in India. Most of the businesses are already setting up plans to make themselves prepare for any upcoming challenges in operating their businesses because the time is still tough!
Last week, we saw many funding alerts and acquisition alerts for many new and existing startups. The business world is full of challenges, but also there are ideas, which can let the businesses tackle the tough time and raise their level in the market, above the competitors. With a positive outlook, there are investors, funding agencies, or venture capitalists, who are investing huge amounts on the players of the Indian startup industry. The reason is one and only, these are not just startups, but a multi-billionaire idea.
And, as usual, we are here to cover all the major startup industry happenings in the nation, exclusively, for you.
We present you the latest startup news for this week, which is not just informative, but also exciting to know who acquired whom or who invested where. Below are the most crispy startup and business news for the past week. Let’s begin!
The founder of Indian Payment firm, Paytm, is all set to acquire Mumbai-based private sector general insurance company Raheja QBE for INR 568 crore. At present, the general insurance company is owned by Prism Johnson at 51% stake and QBE Australia with a 49% stake. Paytm will acquire both stakes.
Softbank Vision Fund has bought additional stakes in EtechAces Marketing and Consulting firms, which is the owner of PolicyBazaar and PaisaBazaar. The investment deal has been closed at $130Mn for an additional 15% stake.
Bangalore based Edtech giant BYJU’S is in talks to acquire two prominent startups in India, WhiteHat Jr, and Doubtnut. BYJU’s may acquire WhiteHat Jr for $300Mn deal and Doubtnut for $150Mn deal of all-cash transaction. The company is said to be in the final negotiation stages.
Sequoia Capital got additional funds as a $1.35 Bn Indian Venture and growth fund, which is a huge collection being committed to the Sequoia Surge early-stage investments. The deal has been closed at the time when the risk capital world is experiencing major shifts in valuation and funding due to Covid19.
Blue Ashva Capital, an investment firm that primarily focuses on SMEs and startups funding, has now raised INR 454 Cr ($60 Mn) led by family offices and HNI clients. The fund will be used in investment purposes for various sectors in the country, including but not limited to healthcare, technology, consumer and manufacturing, or finance, etc.
Bharti Airtel plans to launch its own video conferencing app to compete with the likes of Zoom, Microsoft Team, and Google Hangouts. The self-developed product will be basically focusing on user localization and security as the key differentiators from the existing products.
See, what happens last to last week in Indin Startup Ecosystem, at Indian Startup News from 27 June to 03 July 2020
Bangalore based Edtech startup Unacademy has now acquired PrepLadder, which is Chandigarh based post-graduate medical entrance exam preparation platform. The acquisition has been closed for a $50Mn cash and stock deal. This is Unacademy’s fourth acquisition after it acquired Wifistudy, Kreatryx, and CodeChef.
As a part of its multi-pronged initiative called Sahayata Initiative, Wadhwani Foundation has committed INR 200 Cr to help the distressed SMEs which have been affected by the economic crisis due to Covid19. The NGO will also help in improving Covid19 knowledge and skills of the related public health workers.
Walmart owned Flipkart has invested INR 260 Cr in Arvind Fashions’ (AFL) subsidiary Arvind Youth Brands, which owns the Flying Machine brand, for a stake of 27%. Flipkart is reportedly planning to strengthen and grow its mid-market fashion portfolio after the successful deal.
The SAAS giant firm Freshworks Inc. has acquired Flint, which is an IT setup and cloud management company. The company will now strengthen its IT support service portfolio. This is Freshwork Inc.’s second acquisition after it acquired AnsweriQ, an AI solution provider.
That’s all for this week!
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