Grofers raises Rs 400 Cr from SoftBank, Tiger Global; Spotify says to land on Indian shores soon
Online grocery store Grofers raised Rs 400 crore ($61.6 million) in Series E funding, led by Japan's SoftBank Group. Existing investors Tiger Global and Apolette Asia also participated. Total funding raised by Grofers now stands at $226.5 million. Previously, the 2013-founded company had raised $166.5 million from SoftBank, Sequoia Capital and Tiger Global.
Global music-streaming giant Spotify has confirmed its impending India launch. During its ‘Investor Day’ presentation, Spotify Co-founder and CEO Daniel Ek revealed it was “working on launching in some of the biggest markets in the world”. These include India, Russia, countries in Africa, and others. Spotify’s recent IPO filing had revealed that it has already leased office space in Mumbai.
Uber’s leasing subsidiary in India, Xchange Leasing India Private Limited, posted a revenue of Rs 69.7 crore for FY17, compared with Rs 25.4 lakh in FY16, filings with Registrar of Companies (RoC) showed. The company is yet to file its full annual financial documents.
A month ago, news reports said Uber had announced it would look to sell the existing lease portfolio of its US-based auto-leasing business, Xchange Leasing, to digital car marketplace Fair. However, it is yet unclear what the company is planning for the Indian arm of Xchange Leasing.
After three months of intensive product development, mentoring and networking, the first cohort of fintech startups recently unveiled their innovations at Fintech Valley’s flagship Accelerator Programme. Through the Accelerator Programme, Fintech Valley’s aim was to nurture the startups and speed up the process of scaling their businesses by providing access to technology resources, mentoring on fundraising, legal guidance and market access.
Bengaluru-based Betterhalf.AI believes anyone going through a serious partner search journey and guided by friends and families gains information that is mostly biased, unstructured and limited. Betterhalf.AI, on the other hand, uses machine learning and artificial intelligence to let professionals find each other through true compatibility scores based on relationship dimensions and their interactions on the product.
Started by Ananda Verma and Shailendra Tiwari, Fasal, an Artificial Intelligence (AI) powered IoT platform, removes the guesswork and manual methods used by most farmers today, who are working in isolation, to make critical crop-related decisions by providing them with data and analytics to grow better.
Started in 2017, Credy is on a mission to expand credit access in India. It facilitates small-ticket, online personal loans and school-fee financing loans by partnering with NBFCs for the lending. The entire customer journey is on Credy mobile and web applications. The average ticket size is less than Rs 50,000 and the process is primarily online.