Funding Startups in India - An update, April 21
April 21, 2019
1. Flipkart cofounder Sachin Bansal is expected to pick up as much as 75% stake in Chaitanya Rural Intermediation Development Services which runs a microfinance institution, Chaitanya India Fin Credit (CIFCPL), reports ET. Bansal could take up the role of the company’s CEO once the transaction goes through.
2. PayU has announced the acquisition of Cupertino California based payments security and mobile payments technology company Wibmo for $ 70 million.
3. Vivo will invest more in India to bring its design and research and development (R&D) centres to support its ‘make in India’ strategy, having already announced Rs 4,000 crore investment
4. Angel tax free: 277 startups have got an all clear certificate from income tax department
5. Healthcare platform Curefit has launched an incubator that will invest $5 million to back emerging brands under its Eatfit business. The company plans to incubate 10 brands across snacks, beverages, spa food, supplements and meal replacement categories.
6. Reliance Jio has consolidated its portfolio of news and magazine apps under JioNews, which will be available as a mobile app and also as a website.
7. Online pharmacy Medlife has raised about $17 million in an equity financing round from founder Tushar Kumar’s family trust, Prasid Uno Family Trust, reports Inc42.
8. Consumer lending company Credy has raised an undisclosed amount in a pre-Series A round of funding. reports Inc42.
9. Online global travel community for travellers, Tripoto has raised $3.6 Mn (INR 25 Cr) in a fresh funding round from Orchid India, Hornbill Orchid India Fund, Chiratae Ventures, 3one4 Capital and Lasmer NV.
10. Ola stops ride-sharing facility between 11 PM to 6 AM in Bengaluru and Chennai
11. US-based retail-focused VC Silicon Road has launched an accelerator for foodtech and retail startups in Mysuru, Karnataka, in association with NUMA, an international innovation hub from France.
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